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ANGLOGOLD ASHANTI LIMITED - Financial report for the quarter and year ended 31 December 2012

Release Date: 20/02/2013 08:00
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Financial report for the quarter and year ended 31 December 2012

ANGLOGOLD ASHANTI LIMITED
Registration No. 1944/017354/06
Incorporated in the Republic of South Africa
Share codes:
ISIN: ZAE000043485
JSE:                                    ANG
LSE: (Shares)                           AGD
LES : (Dis)                             AGD
NYSE:                                    AU
ASX:                                    AGG
GhSE (Shares):                          AGA
GhSE (GhDS):                            AAD

Report

for the quarter and year ended 31 December 2012

Group results for the year....

*    Gold production of 3.944Moz (estimated at 4.1Moz without the fourth quarter strike impact).
*   Total cash costs of $862/oz (estimated at $829/oz without the fourth quarter strike impact).
*   Adjusted headline earnings of $924bn (about $1.13bn without strike impact).
*   EBITDA of $2.4bn (about $2.7bn without strike impact), compared to $3.01bn in 2011.
*   Resources increased 10.6Moz to 241.5Moz reflecting exploration success at La Colosa and Tropicana.
*   Quarterly dividend of 50 South African cents per share (6 US cents per share). Full year dividend of 300 SA cents per share.
*   Capital projects remain on schedule; Tropicana and Kibali first production of gold is expected before 2013 year-end.
*   All Injury Frequency Rate (AIFR) the lowest on record at 7.72 per million hours worked.
*   Refinancing risk eliminated by obtaining US$750m term facility.

For the fourth quarter

*   Gold production of 859,000oz (estimated at 1,061Moz without the fourth quarter strike impact).
*   Total cash costs $1,009/oz (estimated at $852/oz without strike impact).
*   Adjusted headline earnings of $7m (estimated at $215m without strike impact).
*   Net debt increased to $2.06bn at the end of December, from $1.57bn at the end of the previous quarter due to project
    capital and strike impact.
*   Standard & Poor's affirmed the investment grade rating on the company's publicly traded debt.
*   Smooth build-up of South Africa operations after Christmas break.

                                                                                         Quarter                                  Year
                                                                            ended          ended          ended          ended            ended
                                                                              Dec            Sep            Dec            Dec              Dec
                                                                             2012           2012           2011           2012             2011
                                                                                             US dollar / Imperial
Operating review
Gold
Produced                                                 - oz (000)           859          1,030          1,114          3,944            4,331
               
Price received(1)                                        - $/oz             1,718          1,648          1,684          1,664            1,576
Total cash costs                                         - $/oz             1,009            866            762            862              728
Total production costs                                   - $/oz             1,259          1,081          1,065          1,078              950

Financial review
                       
Adjusted gross profit(2)                                 - $m                 369            573            682          2,292            2,624
Gross profit                                             - $m                 394            512            682          2,256            2,623
(Loss) profit attributable to equity shareholders        - $m                (188)           168            385            830            1,552
                                                         - cents/share        (49)            43            100            215              402
Headline earnings                                        - $m                 109            178            289          1,145            1,484
                                                         - cents/share         28             46             75            296              384
                              
Adjusted headline earnings(3)                            - $m                   7            235            295            924            1,297
                                                         - cents/share          2             61             76            239              336
Cash flow from operating activities                      - $m                 454            304            644          1,802            2,655
Capital expenditure                                      - $m                 804            545            525          2,154            1,527

Notes:   1. Refer to note C "Non-GAAP disclosure" for the definition.    $ represents US dollar, unless otherwise stated.
         2. Refer to note B "Non-GAAP disclosure" for the definition.    Rounding of figures may result in computational discrepancies.
         3. Refer to note A "Non-GAAP disclosure" for the definition.

Certain statements made in this communication, 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 and other operating results, return on shareholders' equity, productivity improvements, growth prospects and outlook of
AngloGold Ashanti's operations, individually or in the aggregate, including the achievement of project milestones, the completion and commencement 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 or forecasts 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, political and market conditions, 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, and business and operational risk management. For a discussion of certain of these and other factors,
refer to AngloGold Ashanti's annual report for the year ended 31 December 2011, which was distributed to shareholders on 4 April 2012, the company's 2011 annual report on Form 20-F,
which was filed with the Securities and Exchange Commission in the United States on 23 April 2012 and the prospectus supplement to the company's prospectus dated 17 July 2012 that
was filed with the Securities and Exchange Commission on 25 July 2012. 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, stakeholders 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 today's date 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.

Operations at a glance
for the quarter ended 31 December 2012
                                                                                                                                                         
                                                            Production                                                                                      Adjusted
                                                                                                   Total cash costs                                 gross profit (loss)(1)
                                                           Year-on-year   Qtr on Qtr                 Year-on-year       Qtr on Qtr                       Year-on-year        Qtr on Qtr
                                              oz (000)      % Variance(2) % Variance(3)      $/oz     % Variance(2)    % Variance(3)        $m           $m Variance(2)   $m Variance(3)
SOUTH AFRICA                                       171             (57)          (54)       1,166             68               37            92                (228)             (116)
      Great Noligwa                                 14             (30)          (52)       1,369              7               31             4                   1                (7)
      Kopanang                                      26             (61)          (46)         970             27              (12)           13                 (34)               (2)
      Moab Khotsong                                 23             (56)          (50)       1,359             65               32             6                 (20)                 -
      Mponeng                                       48             (65)          (62)         934             80               50            34                (111)              (74)
      Savuka                                         5             (62)          (50)       1,734            114               69            (6)                (16)              (10)
      TauTona                                       22             (69)          (63)       1,307             89               54            (1)                (55)              (32)
      First Uranium SA(4)                           14               -             -        1,191              -               33            32                  32                30
      Surface Operations                            20             (46)          (50)       1,312             84               54            10                 (25)              (21)


CONTINENTAL AFRICA                                 376             (10)            5        1,070             34               17           124                 (83)              (73)
    Ghana
      Iduapriem                                     44             (12)           (2)       1,052              9                -            20                   -                 -
      Obuasi                                        76              (6)           27        1,519             70               30           (51)                (32)              (65)
    Guinea
      Siguiri - Attr. 85%                           64               3             7        1,014             (3)               3            24                  (1)               (8)
    Mali
      Morila - Attr. 40%(5)                         20             (29)           11          714             (7)              (8)           20                  (3)                5
      Sadiola - Attr. 41%(5)                        27              (4)            4        1,211             19               26            17                  (1)                2
      Yatela - Attr. 40%(5)                         10              43            43        1,581            (17)             (12)           (1)                  2                 -
    Namibia
      Navachab                                      18              (5)           20        1,003              8               (4)            8                  (1)                4
    Tanzania
      Geita                                        118             (18)           (7)         825             70               21            83                 (45)              (13)
     Non-controlling interests,
                                                                                                                                              4                  (2)                -
      exploration and other


AUSTRALASIA                                         55             (13)          (14)       1,462             (1)              56             -                   9               (36)
    Australia
      Sunrise Dam                                   55             (13)          (14)       1,309             (6)              47             9                  11               (31)
      Exploration and other                                                                                                                  (9)                 (3)               (6)


AMERICAS                                           258              10             9          720             18              (10)          171                 (15)               17
    Argentina
      Cerro Vanguardia - Attr. 92.50%               55               8            (2)         829             44                7            32                   2               (12)
    Brazil
      AngloGold Ashanti Mineração                  112              23            23          672             13              (20)           66                  (2)               29
      Serra Grande(6)                               37              76            23          755             21              (11)           30                  16                12
    United States of America
     Cripple Creek & Victor                         53             (25)          (12)         668              4               (8)           43                 (17)               (9)
    Non-controlling interests,
                                                                                                                                              1                 (14)               (2)
     exploration and other


OTHER                                                                                                                                        17                   1                11


Sub-total                                         859              (23)          (17)       1,009             32               17           404                (316)             (197)

Equity accounted investments included above                                                                                                 (35)                  3                (7)

AngloGold Ashanti                                                                                                                           369                (313)             (204)

1   Refer to note B "Non GAAP disclosure" for definition
2   Variance December 2012 quarter on December 2011 quarter - increase (decrease).
3   Variance December 2012 quarter on September 2012 quarter - increase (decrease).
4   Effective 20 July 2012, AngloGold Ashanti acquired 100% of First Uranium (Pty) Limited.
5   Equity accounted joint ventures.
6   Effective 1 July 2012, AngloGold Ashanti increased its shareholding in Serra Grande from 50% to 100%.

Rounding of figures may result in computational discrepancies.

Financial and Operating Report

OVERVIEW FOR THE YEAR AND QUARTER

FINANCIAL AND CORPORATE REVIEW

Full-year adjusted headline earnings (AHE) was $924m, or 239 US cents per share, compared with $1.30bn,
or 336 US cents per share in 2011. The weaker performance in earnings and cash flow largely reflects
challenges at the South Africa operations through the course of the year, including several safety-related
stoppages in the first half and the unprotected strike action in the second half. Furthermore, AHE also
reflects higher cash costs associated with inflation. If one were to exclude the impact of the SA strike only,
adjusted headline earnings, on a pro-forma basis, would have been $1.13bn, or 294 US cents per share.
For 2012, the company's returns on net capital employed and equity was 14% and 18%, respectively. If
adjusted for the strikes, it is estimated that ROCE would have been around 16% while ROE would have
been around 20%.

Net profit attributable to equity shareholders for the full year was $830m, compared to $1.55bn in 2011. Cash
flow generated from operating activities declined 32% to $1.8bn, while total capital expenditure was $2.15bn,
compared with guidance at the beginning of the year of –around $2.3bn, reflecting capital rationalisation
implemented during the fourth quarter.

Production in 2012 was 3.94Moz at a total cash cost of $862/oz, compared to 4.33Moz at $728/oz the
previous year. The Group's total cash costs for 2012 were $862/oz and notional cash expenditure (including
sustaining capital) was $1,115/oz, and $1,390/oz (if one were to include all project capital expenditure and
new investment/projects). The strikes in South Africa impacted group total costs by $33/oz for the year.

AngloGold Ashanti said in November it would review corporate costs and some expansion projects; focus on 
higher quality production from its underground mines; sell some non-core assets; and progress its Kibali, 
Tropicana and Cripple Creek & Victor growth projects to production.

A corporate cost review conducted in conjunction with Deloitte, is well advanced. A team of senior
operational and financial management personnel is also conducting a thorough review of all operations to
extract operational efficiencies from all sites. In addition, exploration spending across the group has been 
rationalised, some assets deemed to be non-core are being considered for sale and capital expenditure has been 
prioritised.

Net debt level as at 31 December 2012 was in line with our guidance at $2.06bn, compared with $610m at
the start of the year. The principal three factors that accounted for the increase in net debt level were:

-   Project capital of $1.1bn, of which 80% was spent on Tropicana, Kibali, CC&V and Mponeng.
-   Acquisitions of Serra Grande and Mine Waste Solutions paid for with $555m in cash.
-   Lost earnings of $208m as a consequence of the unprotected strike action in South Africa. As a result of
    the protracted unprotected strike at our South African mines during the fourth quarter, we raised R1bn
    under a Domestic Medium Term Note Programme in South Africa. Of this debt, R700m matures in
    January 2014 whilst the balance of R300m matures in April 2013, but can be rolled over in the local
    bond markets.

AngloGold Ashanti Limited has entered into a syndicated bridge loan facility agreement pursuant to which a
syndicate of banks has agreed to make available $750,000,000 to AngloGold Ashanti Holdings. In the event
AngloGold Ashanti chooses to draw on the loan, the proceeds are to be applied towards the repayment of
the $732,500,000, 3.5% convertible bonds due in May 2014. This prudent, pre-emptive move addresses any
refinancing concerns that may arise over the next few months around the 2014 convertible bond falling due
for repayment.

In September 2010 the Group issued $789m worth of Mandatory Convertible Bonds that are due for
conversion into equity in September 2013. When this conversion occurs in the third quarter, at current share
prices, 18.14m shares will be issued as a consideration for the bonds converting into equity. The total
shares in issue (including E-Ordinary shares) at that point will increase to 403m shares from the current
385m shares and the 6.0% interest coupon on this bond will cease to be paid.

Resources(1) increased to 241.5Moz in 2012, from 230.9Moz the previous year, reflecting an increase of
14.4Moz from exploration (10.6Moz from La Colosa) and modelling. Reserves(2) at year-end 2012 were
74.1Moz, down from 75.6Moz, reflecting changes in economic assumptions and offset by the acquisitions of
the remaining 50% of Serra Grande and Mine Waste Solutions.

With effect from 1 January 2013, AngloGold Ashanti will be adopting IFRIC 20 in relation to capitalisation of
qualified deferred stripping costs and amortising the same with adequate componentisation. IFRIC 20
provides for a transition adjustment in respect of certain brought forward balances and such balances will be
written off against reserves.

"We've moved decisively to ensure that we continue a strong recovery from a difficult end to last
year," Joint Interim Chief Executive Officer Tony O'Neill said.

"We're creating a leaner business and placing an absolute focus on costs, capital efficiency and
driving returns to shareholders," Joint Interim Chief Executive Officer Srinivasan Venkatakrishnan
said. "We have also been proactive and obtained a Term Facility to backstop, if required the
convertible bond maturing in May 2014 to remove refinancing risk."

FOURTH QUARTER REVIEW

A strong performance in the Americas Region was offset, in particular, by the strike at the group's South
African mines and underperformance at Obuasi, in Ghana, mentioned as a major milestone below. Despite
challenges faced in South Africa, Standard & Poor's affirmed the investment grade rating, albeit with a
negative outlook, on AngloGold Ashanti's publicly traded debt following an extensive review. Major
milestones were reached outside of South Africa, most notably the termination of the underground
development contract with Mining and Building Contractors Limited, in Ghana, where sub-par development
performance has been identified as a key constraint to the mine's performance in recent years. At Tropicana,
1.0Moz was added to the resource and the group achieved the lowest quarterly All Injury Frequency Rate
(AIFR) on record for the organisation at 6.17 per million hours worked.

Fourth-quarter AHE was $7m, or 2 US cents a share, compared to $295m, or 76 US cents a share in the
fourth quarter of 2011. AHE was affected by the lower volumes and higher cash costs during the quarter,
reflecting the impact of the strike in South Africa which eroded $208m of earnings and the change-over of
the mine development contractor at Obuasi that had a negative impact of $44m. In addition, specific non-
cash asset abandonment and de-recognition accounting charges following a reassessment of useful lives of
certain mine development assets of $248m after taxation were booked against net profits. These relate
primarily to Obuasi and to a lesser extent Great Noligwa, Kopanang and Siguiri. Cash flow generated from
operating activities was $454m during the fourth quarter compared with $644m a year earlier. Free cash
flow was negative during the fourth quarter at $447m, due largely to the impact of the South African strike
and the higher capital expenditure profile of $804m.

DIVIDEND

The Board has declared a dividend of 50 South African cents per share (approximately 6 US cents per
share) for the fourth quarter in line with previous guidance taking the full year's dividend to 300 South African
cents per share.

SAFETY

Tragically, four fatal incidents were reported during the quarter - two in the South Africa Region and two in
the Continental Africa Region.

Much still needs to be done to reach the goal of eliminating injuries from the workplace. To this end, specific
training programmes were developed to prevent repeat safety incidents, focusing on safety and incident
investigation skills, improving identification and control of hazards to more effectively manage risk; and
improving safety leadership behaviour. Incident investigation learning interventions were implemented
throughout the group, covering about 500 people. About 400 employees have undergone formal evaluation
and are now capable of leading investigations, while 100 are competent to facilitate incident investigations.

1 Mineral Resources have been estimated at a gold price of US$2,000/oz (2011: US$1,600/oz).
2 Ore Reserves have been calculated using a gold price of US$1,300/oz (2011: US$1,100/oz).

The group's ongoing focus on safety, through various programmes and initiatives, helped lower the AIFR to
7.72 per million hours worked, the lowest on record for the company and 21% better than the previous year,
which reflected double digit improvements from all regions against 2011 year-end performance. The
December quarter end had the lowest quarterly AIFR on record for the organisation at 6.17 per million hours
worked.

OPERATING REVIEW

Gold production for the three months to 31 December 2012 was 859,000oz at a total cash cost of $1,009/oz,
compared to 1,114,000oz at a total cash cost of $762/oz for the same period last year. Output and costs in the
fourth quarter was affected primarily by labour unrest in South Africa. The Americas Region recorded solid
production results with a strong contribution from Brazil. The pro-forma total cash costs without the strike
impact would have been $852/oz, some $14/oz lower than the third quarter's cash costs of $866/oz.

The South African operations produced 171,000oz at a total unit cash cost of $1,166/oz in the three months
to 31 December 2012, compared with 398,000oz at a total cash cost of $696/oz in the same period last year.
Production for the year was 1,212,000oz at a total cash cost of $873/oz, compared to production of
1,624,000oz at a total cash cost of $694/oz in 2011.

The unprotected strike, during which all South African operations were at a standstill for over a month,
severely hampered gold output across all operations and had a commensurate impact on costs. The
unprotected work stoppage by more than 30,000 people was resolved with, among other things, mutually
agreed job-grading improvements which raised the minimum wage and made other adjustments for other
categories of employees. No wages were paid to striking workers for the period, though fixed costs were
incurred, as were salaries for non-striking employees. The strike ended across all operations on 26 October
though TauTona was again disrupted by a short underground sit-in on 1 November, as a result of which the
company allowed the early repayments of a safety incentive in order to ensure the safe restart of the mine.
Mponeng was also halted by management, between 6 November and 14 November following two
underground sit-ins and vandalism to a building at surface. Work resumed after a code of conduct was
agreed by management, employees and representatives of organised labour unions.

AngloGold Ashanti's management has continued to engage with its employees directly, and through their
labour unions, in order to ensure a constructive dialogue is maintained ahead of this year's bi-annual wage
talks. This includes the Association of Mineworkers and Construction Union, a new labour union, which has
established itself in the gold sector.

The South African mines' quarterly performance was also adversely affected by a range of factors including
safety-related disruptions, seismic activity in the West Wits Region, geological limitations coupled with lower
mining grades in the Vaal River district and continued cost pressures that exceeded headline inflation.

At the West Wits operations, Mponeng's fourth-quarter production decreased 65% year-on-year to 48,000oz
due to the labour unrest followed by a one week temporary suspension of operations due to safety concerns.
Total cash costs rose 80% to $934/oz year-on-year as a result of the lower gold output. At the adjacent
TauTona mine, fourth-quarter output decreased 69% year-on-year to 22,000oz, mainly as a result of the
strike and a safety stoppage during the ramp up period. Total cash costs increased by 89% year-on-year to
$1,307/oz.

The Vaal River operations, particularly Moab Khotsong, were severely impacted by the industrial strike
action and mining flexibility constraints. This led to the fourth-quarter gold production at Moab Khotsong
deteriorating by 56% to 23,000oz year-on-year. The mine also experienced a 24% decline in grade.
Total cash cost increased by 65% year-on-year to $1,359/oz. Great Noligwa's fourth-quarter output fell 30%
year-on-year to 14,000oz as a result of the strike, face length constraints and declining yields, while total
cash costs rose 7% year-on-year to $1,369/oz. Kopanang, adversely affected by mining flexibility
impediments and lower mining grades, experienced a 61% year-on-year decline in production to 26,000oz
while total cash costs rose by 27% year-on-year to $970/oz. Additional uranium sales during the quarter
alleviated the impact of the gold shortfall on costs.

Surface operations experienced a 46% year-on-year decline in production to 20,000oz as a result of the
strike and lower yields. Total cash costs escalated by 84% year-on-year to $1,312/oz due to inflationary
pressure on reagents and increased expenditure related to dust-control initiatives to improve environmental
conditions. First Uranium, acquired in the third quarter of 2012, produced 14,000oz at a total cash cost of
$1,191/oz in the three months to 31 December 2012. Since the acquisition of First Uranium, AngloGold
Ashanti's operating protocols, including Project ONE methodologies and principles, have begun to be
implemented at First Uranium to improve efficiencies and regulatory compliance.

The Continental Africa Region produced 376,000oz at a total cash cost of $1,070/oz in the fourth quarter,
compared to 419,000oz at a total cash cost of $799/oz in the same period last year. Production for the year
ended 31 December 2012 was 1,521,000oz at a total cash cost of $905/oz compared to production of
1,570,000oz at a total cash cost of $765/oz in 2011.

In Ghana, Iduapriem's fourth quarter production declined year-on-year by 12% to 44,000oz as a result of
lower tonnage throughput, as well as a decrease in recovered grade. Total cash costs were maintained at
$1,052/oz. Obuasi's fourth quarter production was 6% lower when compared to the same period last year at
76,000oz due to lower grades, equipment availability and late stope preparation, all of which took place
during a quarter in which the development contract was terminated. Total cash costs, which included some
once-off items, increased to $1,519/oz. AngloGold Ashanti cancelled the underground development contract
following a protracted period of below-target performance from the contractor. On 8 November, after a
mandatory 28-day notice period, AngloGold Ashanti assumed operational accountability for development at
the site.

In the Republic of Guinea, Siguiri's fourth quarter production increased by 3% to 64,000oz when compared
to the same period last year as the benefits of the Project ONE initiative were realised through an
improvement in both tonnage throughput and recovered grade. Total cash costs decreased by 3% year-on-
year to $1,014/oz.

In Mali, Morila's fourth quarter production was 20,000oz, while total cash costs decreased by 7% year-on-
year to $714/oz. This was mainly as a result of the increased gold production and processing of marginal
stockpiles, compared to full-grade ore the previous quarter, and was partly offset by higher royalties due to
the higher gold price and higher fuel prices. Sadiola's fourth quarter production was similar to last year's
levels at 27,000oz, reflecting an increase in tonnage throughput due to improved operational stability,
partially offset by a decrease in recovered grade limited by availability of oxide ore sources. Total cash costs
increased by 19% year-on-year to $1,211/oz primarily as a result of currency fluctuations and increased
consumable expenditure. Yatela's production was 10,000oz.

In Namibia, Navachab's fourth quarter production was relatively consistent at 18,000oz when compared to
the same period last year. Total cash costs increased by 8% year-on-year to $1,003/oz, impacted by
increased royalties due to a higher gold price.

In Tanzania, Geita's fourth quarter production decreased by 18% year-on-year to 118,000oz as a result of a
planned 33% decrease in recovered grade as higher-grade material was stockpiled in preparation for the
scheduled replacement of the primary mill in the first quarter of 2013. Total cash costs consequently
increased to $825/oz, further influenced by increased royalties due to a higher gold price and year-end
consumable stock write-downs.

In the Americas Region, fourth quarter production was up 10% year-on-year to 258,000oz at a total cash
cost of $720/oz from the same period last year when the region produced 234,000oz at a total cash cost of
$612/oz. Production for the year ended 31 December 2012 was 953,000oz at a total cash cost of $683/oz,
compared to production of 891,000oz at a total cash cost of $528/oz.

At Cripple Creek & Victor (CC&V), fourth quarter production was 53,000oz which was 25% lower when
compared to the same period last year, in line with the mine plan. Lower production was due to fewer ounces
placed on the pad in the first half of the year. Cash cost increased by 4% to $668/oz compared to the same
period last year.

At AngloGold Ashanti Brasil Mineração, fourth-quarter production was 23% higher than the same period in
2011 at 112,000oz primarily due to higher production from the ramp up at Corrego do Sitio. Total cash costs
were 13% higher than the same period last year at $672/oz as a consequence of higher equipment
maintenance costs and a lower proportion of primary development costs that were capitalised. At Serra
Grande, now 100% owned, production was 23% higher than the same period in 2011 at 37,000oz. Total
cash cost was 21% higher than the same period last year at $755/oz as a result of higher maintenance and
drilling costs.

Cerro Vanguardia´s fourth quarter production was 8% higher at 55,000oz year-on-year, while total cash
costs rose 44% year-on-year to $829/oz reflecting lower by-product credits due to lower silver prices and
lower silver production. Costs at the operation were also negatively impacted by higher costs associated with
the heap leach, higher inflation, and higher equipment and vehicles maintenance costs associated with
energy consumption.

In Australia, production at Sunrise Dam for the quarter was 55,000oz at a total cash cost of $1,309/oz.
Production for the year ended 31 December 2012 was 258,000oz at a total cash cost of $1,126/oz compared
to production of 246,000oz at a total cash cost of $1,367/oz. During the year, underground production rates
increased from 1.5Mtpa to 2 Mtpa as the transition from the open-pit continued. Redesign of the final stage
of the open pit and remedial work to repair damage caused by a pit wall failure in 2011 was completed,
enabling mining of the crown pillar at the base of the pit which is expected to begin early in 2013.

PROJECTS

AngloGold Ashanti incurred capital expenditure of $804m (including equity-accounted joint ventures) during
the quarter, of which $469m was spent on growth projects. Expenditure on growth-related capital was $56m
in the Americas, $186m in Continental Africa, $166m in Australasia and $61m in South Africa.

The CC&V MLE 2 is currently in the implementation stage. The project is expected to extend the mine life
from 2017 through 2025, adding 2.6Moz of gold production. The primary project elements include a second
Valley Leach Facility (VLF 2) in Squaw Gulch and appropriate modifications of the drainage and storm water
management plan to accommodate the new facility, a carbon adsorption/desorption/electro-winning facility to
process solutions from VLF 2, a grinding/flotation/cyanidation plant to process 2M short tons per year of
selectively mined high grade ore, mine fleet replacement plus additional equipment to facilitate selective high
grade mining, roads, power, water and process infrastructure requirements, and mining and processing an
additional 218M short tons of ore.

Construction of a water pumping facility began in December 2012, the drain cover fill placement has been
completed and the mill platform construction is underway. A contract has been awarded for construction of
the VLF 2 and the re-routing of Highway 67 (part of which will be covered by the leach pad). First gold
production is expected during the second half of 2016.

The Kibali project, a joint venture between state-owned Sokimo (10%), AngloGold Ashanti (45%) and
operator Randgold Resources (45%), has budgeted attributable project capital expenditure of $982m
(including contingencies and escalation), to fund the development of the open pit and underground mines, as
well as associated infrastructure, with first production of gold from the open pit targeted for late 2013. In
2012, AngloGold Ashanti spent $263m towards Kibali's development, which remained on schedule. All key
contracts have now been agreed. Work is progressing on the Metallurgical Plant, the CIL steelwork is in
progress, the mill bases have been poured and the steelwork is being installed for the mill, the primary
crushers and the conveyor.

Open pit mining has begun. The project team has handed over the boxcut to Byrnecut on 13 December 2012
and the development work on the twin declines commenced on the Western portal on 17 December 2012.
The shaft terrace portion has been completed, the vertical shaft sinking contractor, Shaft Sinkers, has
mobilised the first crew on site and taken the cut of the shaft boxcut.

The Relocation Action Plan continued with more than 1,450 families already resettled in the new model
village of Kokiza.

The Mongbwalu project (AGA 86.22%) review, announced in November, is scheduled for completion at the
end of March 2013. Construction activities related to the completion of the construction and operations
camps, all access roads and the mine portal area are progressing. The plan also includes the preparation of
the tailings and return water dam area and the plant fabrication, where the mill is scheduled to be ready for
testing in May 2013.

The Tropicana Gold Project (AGA 70% and manager, Independence Group NL 30%) remains on track to
begin production in the fourth quarter of 2013. Engineering design and procurement activities are now
complete and at the end of 2012, construction was 56% complete. During the December quarter, the Mineral
Resource estimate (100% project) was updated to118Mt at 2.08g/t containing 7.89Moz of gold (full details
are available at www.anglogoldashanti.com).

This represented a 1.48Moz increase from the previous estimate and a 2.8Moz increase since the project
was approved in November 2010. The Ore Reserve, which has increased by 15% to 56.4Mt at 2.16g/t for
3.91Moz since approval, is expected to be updated on completion of the Havana Deeps Pre-Feasibility
Study. The study is examining the economic trade-off between open cut and underground mining of the
Havana Deeps Mineral Resource. With the award during the quarter, of the major Structural, Mechanical &
Piping (SMP) and Electrical & Instrumentation (E&I) contracts, project capital cost estimates have been
updated.

On a 100% project basis, the estimated capital expenditure has increased to between A$820-A$845 million.
This represents an 11% increase on the mid-point of the capital expenditure range forecast at the time the
project was approved in November 2010 (the increase is covered by the budgeted CEO contingency). At that
time, capital expenditure (nominal) was forecast to be between A$725-A$775 million. The increase is largely
due to higher construction labour costs and decreased productivity.

Gold production in the first three years of operation remains in the range of 470,000-490,000oz per annum
(100% project) at slightly increased cash costs of between A$590/oz-A$630/oz, compared to a forecast of
A$580/oz-A$600/oz at approval. The increase is largely due to higher fuel prices, which were also impacted
by the reduction in fuel rebates associated with the introduction of the Australian carbon tax.

During the quarter, near-mine exploration returned encouraging results including 5m at 5.2g/t from 108m and
7m at 3.6g/t from 413m at Springbok and 9m at 5.4g/t from 439m at Boston Shaker.

The company-wide project called Project ONE, aimed at improving efficiencies consists of several initiatives
namely Safety Transformation (ST), System for People (SP) and Business Process Framework (BPF).

Safety Transformation initiatives for the fourth quarter maintained focus on hazard identification and incident
management where individuals across disciplines were trained in incident investigation. A Safety Culture
Transformation Framework with a view to significantly improve the culture of health and safety across the
mining sector was introduced in collaboration with the Chamber of Mines. In support of the framework, a
gap-analysis was conducted to assess the South African Region (SAR) Leadership Programmes and
amendments were performed in aligning programmes with expectations.

System for People, the human resources component of our business model, provides the leadership and
supporting management processes to ensure the right people, are in the right roles and doing the right work
to deliver against our goals. During the quarter, focus was on cascading of Managerial Leadership Practices
(MLP) with the SAR Management Committee. A comprehensive engagement model ensured the
entrenchment of the MLP's and the first module was attended by all operational executive teams. Talent pool
development and the performance management process is ongoing and was completed down to Stratum II
level.

The Simunye safety and productivity training programme, a three-week course focussing on team building,
engagement and safety training among other activities, is being implemented at all South African operations.
This programme, part of the roll-out of Project ONE to production crews, focuses on safety and the reduction
of injury rates, the reduction of disruptive stoppages, improved compliance with mining cycles and blast
frequency. The programme began around two years ago, and to date 67% of AngloGold Ashanti's work
crews in South Africa have undergone Simunye training, which includes a component of personal finance
training to help educate employees about predatory lending practises in the private sector and to assist in
creating a sound personal financial platform.

Crew performances are continually monitored and analysed, and the following productivity improvements
were recorded:
-   Improvement of 14% in m2/ISW (in-stope worker), and 22% in face advance at TauTona Mine;
-   Improvement of 6% in average vamping at Savuka; and
-   Improvement of 15% in face advance at Mponeng Mine translating into higher area mined and
    increased productivity per in-stope worker.

The Business Process Framework implementation is on-going and new management routines are being
developed to support the key task behaviour methodologies. The integrity and quality of work packages
within the production environment was extensively tested and reviewed to ensure a safe start-up at the end
of the unprotected strike in South Africa. Production maintenance systems configuration and data sourcing
has been finalised for SAP integration (OneERP), and certain of the regions went live on 4 February 2013.

Technology update
The Technology & Innovation Consortium continue to clear technical hurdles on the path to creating a safe,
automated mining method intended for use at AngloGold Ashanti's deep-level underground mining
operations.

The Consortium made significant progress relating to the three key projects:
-   RC (Geological) Drilling;
    RC Drilling tests continued to assess the performance of the equipment in a deep-level underground
    environment at TauTona. RC drilling on TauTona mine (75 level) commenced in August 2012 and was
    interrupted by the strike action. The aim of this is to assess the performance of the machine in a deep
    level underground mining environment in order to enhance geological ore-body information. Drilling is
    scheduled to resume in the first quarter of 2013.
-   Reef Boring; and
    In Reef Boring, the first prototype raise bore machine completed five test holes using a double pass
    technique. Further tests using a second prototype raise bore machine has commenced test drilling,
    using a single pass technique.
-   Ultra High Strength Backfill.
    Substantial progress has been made in the design and testing of Ultra High Strength Backfill. Surface
    tests were completed at TauTona mine. The construction for the underground plant has commenced.

These combined technologies have the potential to alter the way deep-level underground ore bodies are
mined in South Africa, and to significantly improve safety and unlock additional value by extracting the gold
that is not viable to mine using our current mining methods.

EXPLORATION

Total exploration expenditure during the fourth quarter, inclusive of expenditure at equity accounted joint
ventures, was $176m ($51m on brownfield, $69m on greenfield and $56m on pre-feasibility studies),
compared with $115m during the previous year's quarter ($37m on brownfield, $43m on greenfield and
$35m on pre-feasibility studies).

Greenfield exploration activities were undertaken in five regions (Australia, Americas, Pacific, Sub-Saharan
Africa and the Middle East & North Africa) during the quarter. A total of 81,248m of diamond, RC and aircore
drilling was completed on existing priority targets and used to delineate new targets in Australia, Colombia,
Brazil, Guinea, Tanzania, Egypt, the Solomon Islands and the DRC.

In Colombia, exploration continued at the Nuevo Chaquiro and Tenedor targets, the Quebradona project,
and the Santa Rita target in the Rio Dulce project, in joint venture with B2Gold (AGA 70%). At Nuevo
Chaquiro, a total of 7,853m of diamond drilling was completed and returned further significant results
including 760m @ 0.45% Cu and 0.23g/t Au in CHA-044. On the adjacent Nuevo Tenedor target, surface
mapping and sampling was completed. At the Santa Rita target, detailed geological mapping, sampling and
ground IP surveying is ongoing.

In Brazil, diamond drilling continued at the Falcao Joint Venture (AGA earning 70%), managed by Horizonte
Minerals, with a total of 906m completed. The drill programme confirmed continuity of the known mineralised
footprint. At the Graben Joint Venture (AGA earning 51%), approximately 16,000 line kilometres of high-
resolution airborne radio/magnetic geophysics was flown.

In Australia, a total of 2,119m of diamond drilling was completed at the Beaker prospect, within the Viking
project (AGA 100%), and follows-up previous gold intercepts including 11m @ 3.06g/t Au and 7m @ 2.33g/t
Au. At the Tropicana Joint Venture (AGA 70%), regional aircore (28,686m), RC (5,245m) and diamond
(1,085m) drilling continued and returned a significant intersection from Voodoo Child of 12m @ 3.28g/t Au. At
the Coronation Bore prospect, a total of 1,740m of diamond drilling was completed, targeting Iron Oxide
Copper Gold (IOCG) mineralisation.

In Guinea, exploration work focussed on the Kounkoun trend in Block 3, with infill and delineation drilling and
ground IP and magnetic geophysical surveying. At Kounkoun Central-East, Central-West and South, a total
of 12,792m of aircore, reverse circulation and diamond drilling was completed, and follows up previously
delineated mineralised zones. Best results include, but are not limited to (true widths), 59.2m @ 1.82g/t Au in
KKRC161, 28.2m @ 2.34g/t Au in KKRC175, 42.3m @ 2.44g/t Au in KKRC173 and 21.6m @ 2.63g/t, 39.5m
@ 1.94g/t and 42.3m @ 1.14g/t Au in KKRC201. At Kolita North, a total of 1,710m of reverse circulation
drilling was completed. Mapping and surface sampling of artisanal working was also carried out in Block 3
and Block 4.

In Tanzania, diamond drilling, IP geophysical surveying and surface soil sampling was completed at the
Lusahunga project (AGA earning 60%), located 150km west of Geita in the Nyakahura Belt, in joint venture
with Oryx Mining and Exploration Ltd. A total of 807m was drilled, targeting observed shear-hosted and
stockwork veining.

In the Democratic Republic of the Congo, exploration continued within the Kilo Greenstone Belt, which is
part of the Ashanti Goldfields Kilo Joint Venture (AGA 87%). A total of 6,140m of diamond drilling was
completed at the Issuru, Akwé, Petsi, Yemoliani and Nevienda prospects with encouraging results received
for Akwé and Issuru. Further results are awaited. Ground IP geophysical surveying at Bakombé delineated
significant anomalies, to be drill tested in 2013, while Xcalibur Airborne Geophysics were contracted to
complete approximately 7,500 line kilometres of magnetic and radiometric surveying over the north and
north-eastern licences. At the Kabakaba prospect, surface soil sampling was completed.

OUTLOOK

Group's gold production for 2013 is estimated at between 4.1Moz to 4.4Moz. Total cash costs are estimated
at between $815/oz-$845/oz at an average exchange rate of R8.75/$, BRL2.00/$, A$1.02/$ and AP5.00/$
and fuel at $113/barrel. Both production and total cash costs estimates will be reviewed quarterly, in light of
any unforeseen factors.

Gold production for the first quarter of 2013 is estimated at 910koz to 950koz. Total cash costs are estimated
at between $900/oz-$910/oz at an average exchange rate of R8.75/$, BRL2.00/$, A$1.02/$ and AP5.00/$
and fuel at $113/barrel. Both estimates could be revised downwards in light of recent labour related
challenges experienced in South Africa.

For 2013, capital expenditure is anticipated to be about $2.1bn, compared with $2.15bn in 2012. Included
within the capital expenditure guidance for 2013 is US$118m of qualified deferred stripping costs. Corporate
costs, which include implementation of the Enterprise Resource Planning system, marketing and Project
ONE expenditure, are expected to be $240m, about $51m less than in 2012. Spending on expensed
exploration and studies, including equity accounted joint ventures, is anticipated to be about $377m, $84m
less than in 2012. Depreciation and amortisation is anticipated to be $1,050m, while interest and finance
costs are expected to be $250m (including coupon on mandatory convertible bonds).

Mineral Resource and Ore Reserve

Mineral Resource and Ore Reserve are reported in accordance with the minimum standards described by
the Australasian Code for Reporting of Exploration Results, Mineral Resource and Ore Reserve (JORC
Code, 2004 Edition), and also conform to the standards set out in the South African Code for the Reporting
of Exploration Results, Mineral Resource and Mineral Reserve (The SAMREC Code, 2007 edition). Mineral
Resource is inclusive of the Ore Reserve component unless otherwise stated.

AngloGold Ashanti strives to actively create value by growing its major asset – the Mineral Resource and
Ore Reserve. This drive is based on an active, well-defined brownfields exploration programme, innovation
in both geological modelling and mine planning and continual optimisation of its asset portfolio.

MINERAL RESOURCE

The total Mineral Resource increased from 230.9Moz in December 2011 to 241.5Moz in December 2012. A
gross annual increase of 15.8Moz occurred before depletion, while the net increase after allowing for
depletion is 10.7Moz. Changes in economic assumptions from December 2011 to December 2012 resulted
in a 1.2Moz increase to the Mineral Resource, whilst exploration and modelling resulted in an increase of
14.4Moz. The remaining decrease of 3.7Moz resulted from various other factors. Depletion from the Mineral
Resource for the year totalled 5.1Moz. The acquisition of the additional 50% of Serra Grande and the
purchase of Mine Waste Solutions added a total of 3.8Moz to the Mineral Resource.

MINERAL RESOURCE                                                                                              Moz
Mineral Resource as at 31 December 2011                                                                     230.9
Reductions
Great Noligwa                         Revisions due to reduced likelihood of eventual extraction             (2.8)
Obuasi                                Revised estimates of historic mining                                   (2.0)
CC&V                                  Combination of increased costs and revised metallurgical recoveries    (1.1)
Kopanang                              Negative exploration results and depletion                             (1.0)
Other                                 Total of non-significant changes                                       (1.9)
Additions
Tropicana                             Reporting of Havana as an open pit Mineral Resource                     1.0
Mponeng                               Revised geological modelling of the Ventersdorp Contact Reef            1.3
La Colosa                             Exploration success                                                    10.6
Other                                 Total of non-significant changes                                        2.6
Acquisitions
Serra Grande                          Acquisition of the remaining 50% of the operation                       1.2
Mine Waste Solutions                  Acquisition of Mine Waste Solutions                                     2.7
Mineral Resource as at 31 December 2012                                                                     241.5

Rounding of numbers may result in computational discrepancies.

Mineral Resources have been estimated at a gold price of US$2,000/oz (2011: US$1,600/oz).

ORE RESERVE

The AngloGold Ashanti Ore Reserve reduced from 75.6Moz in December 2011 to 74.1Moz in December
2012. A gross annual increase of 3.2Moz occurred before depletion of 4.7Moz. The decrease net of
depletion was therefore 1.5Moz. Changes in economic assumptions from 2011 to 2012 resulted in a
reduction of 0.6Moz to the Ore Reserve, while exploration and modelling resulted in an increase of 0.6Moz.
The acquisition of the remaining 50% of Serra Grande and Mine Waste solutions added a further 2.8Moz.
The remaining increase of 0.4Moz resulted from various other factors.

ORE RESERVE                                                                                                      Moz
Ore Reserve as at 31 December 2011                                                                              75.6
Reductions
Kopanang                         Depletion and minor model revision                                             (1.4)
Obuasi                           Revised mine planning parameters and geotechnical review                       (0.9)
Great Noligwa                    Economic driven reduction of underground mining footprint                      (0.7)
Other                            Total non-significant changes                                                  (2.7)
Additions
Kibali                           Open pit increase due to additional metal defined by grade control drilling.    0.4
Geita                            Positive economic changes                                                       0.7
Other                            Total non-significant changes                                                   0.3
Acquisitions
Serra Grande                     Purchase of remaining 50% of the operation                                      0.4
Mine Waste Solutions             Purchase of Mine Waste Solutions                                                2.4
Ore Reserve as at 31 December 2012                                                                              74.1

Rounding of numbers may result in computational discrepancies.

Ore reserves have been calculated using a gold price of US$1,300/oz (2011: US$1,100/oz).

BY-PRODUCTS

Several by-products are recovered as a result of the processing of gold Ore Reserves. These include
73,492t of uranium oxide from the South African operations, 439,564t of sulphur from Brazil and 40.7Moz of
silver from Argentina.

COMPETENT PERSONS

The information in this report relating to exploration results, Mineral Resources and Ore Reserves is based
on information compiled by the Competent Persons. The Competent Persons consent to the inclusion of
Exploration Results, Mineral Resource and Ore Reserve information in this report, in the form and context in
which it appears.

During the past decade, the company has developed and implemented a rigorous system of internal and
external reviews of Exploration Results, Mineral Resources and Ore Reserves. A documented chain of
responsibility exists from the Competent Persons at the operations to the company's Mineral Resource and
Ore Reserve Steering Committee. Accordingly, the Chairman of the Mineral Resource and Ore Reserve
Steering Committee, VA Chamberlain, MSc (Mining Engineering), BSc (Hons) (Geology), MGSSA,
FAusIMM, assumes responsibility for the Mineral Resource and Ore Reserve processes for AngloGold
Ashanti and is satisfied that the Competent Persons have fulfilled their responsibilities.

A detailed breakdown of Mineral Resource and Ore Reserve and backup detail is provided on the AngloGold
Ashanti website (www.anglogoldashanti.com).

MINERAL RESOURCE BY COUNTRY (ATTRIBUTABLE) INCLUSIVE OF ORE RESERVE

                                                                                  Tonnes   Grade    Contained   Contained
 as at 31 December 2012                                            Category      million     g/t         gold        gold
                                                                                                       tonnes         Moz
 South Africa                                                      Measured       183.97    2.33       428.52       13.78
                                                                  Indicated       964.52    2.16     2 080.80       66.90
                                                                   Inferred        53.34   10.45       557.39       17.92
                                                                      Total     1 201.83    2.55     3 066.71       98.60
 Democratic Republic of the Congo                                  Measured         1.97    3.00         5.89        0.19
                                                                  Indicated        63.18    3.70       233.93        7.52
                                                                   Inferred        30.43    2.91        88.69        2.85
                                                                      Total        95.58    3.44       328.51       10.56
 Ghana                                                             Measured        64.84    4.63       300.44        9.66
                                                                  Indicated       103.86    3.87       401.45       12.91
                                                                   Inferred       150.37    2.87       431.63       13.88
                                                                      Total       319.07    3.55     1 133.52       36.44
 Guinea                                                            Measured        38.45    0.63        24.15        0.78
                                                                  Indicated       125.81    0.72        90.37        2.91
                                                                   Inferred        56.71    0.82        46.32        1.49
                                                                      Total       220.97    0.73       160.84        5.17
 Mali                                                              Measured         9.16    0.94         8.63        0.28
                                                                  Indicated        52.02    1.81        94.30        3.03
                                                                   Inferred        27.75    0.94        26.00        0.84
                                                                      Total        88.93    1.45       128.93        4.15
 Namibia                                                           Measured        17.21    0.64        11.03        0.35
                                                                  Indicated        96.58    1.22       117.73        3.79
                                                                   Inferred         7.76    1.08         8.36        0.27
                                                                      Total       121.55    1.13       137.12        4.41
 Tanzania                                                          Measured            -       -            -           -
                                                                  Indicated       103.81    2.63       273.00        8.78
                                                                   Inferred        39.21    2.78       109.00        3.50
                                                                      Total       143.02    2.67       382.00       12.28
 Australia                                                         Measured        36.46    1.70        62.00        1.99
                                                                  Indicated        71.84    2.10       150.68        4.84
                                                                   Inferred        14.98    3.13        46.82        1.51
                                                                      Total       123.28    2.10       259.50        8.34
 Argentina                                                         Measured        11.60    1.59        18.48        0.59
                                                                  Indicated        36.91    2.87       105.90        3.40
                                                                   Inferred         7.49    2.98        22.34        0.72
                                                                      Total        56.00    2.62       146.72        4.72
 Brazil                                                            Measured        14.52    5.81        84.40        2.71
                                                                  Indicated        21.01    5.31       111.51        3.59
                                                                   Inferred        48.74    5.29       257.63        8.28
                                                                      Total        84.27    5.38       453.54       14.58
 Colombia                                                          Measured        15.68    0.85        13.30        0.43
                                                                  Indicated        34.36    0.79        27.21        0.87
                                                                   Inferred     1 025.23    0.85       873.63       28.09
                                                                      Total     1 075.27    0.85       914.14       29.39
 United States of America                                          Measured       267.56    0.77       207.24        6.66
                                                                  Indicated       208.89    0.67       140.04        4.50
                                                                   Inferred        84.56    0.64        53.87        1.73
                                                                      Total       561.01    0.72       401.15       12.90
 Total                                                             Measured       661.42    1.76     1 164.08       37.43
                                                                  Indicated     1 882.79    2.03     3 826.92      123.04
                                                                   Inferred     1 546.58    1.63     2 521.68       81.07
                                                                      Total     4 090.79    1.84     7 512.68      241.54

Rounding of figures may result in computational discrepancies.

MINERAL RESOURCE BY COUNTRY (ATTRIBUTABLE) EXCLUSIVE OF ORE RESERVE

                                                                                   Tonnes   Grade    Contained   Contained
 as at 31 December 2012                                             Category      million     g/t         gold        gold
                                                                                                        tonnes         Moz

 South Africa                                                       Measured        16.52   18.23       301.15        9.68
                                                                   Indicated       249.09    4.56     1 136.02       36.52
                                                                    Inferred        27.64    8.79       242.82        7.81
                                                                       Total       293.25    5.73     1 679.99       54.01
 Democratic Republic of the Congo                                   Measured         0.37    1.85         0.68        0.02
                                                                   Indicated        28.38    3.24        91.92        2.96
                                                                    Inferred        30.43    2.91        88.69        2.85
                                                                       Total        59.18    3.06       181.29        5.83
 Ghana                                                              Measured        21.63    7.16       154.96        4.98
                                                                   Indicated        48.49    3.50       169.84        5.46
                                                                    Inferred       150.35    2.86       429.66       13.81
                                                                       Total       220.47    3.42       754.46       24.26
 Guinea                                                             Measured         1.03    0.52         0.54        0.02
                                                                   Indicated        55.92    0.73        40.74        1.31
                                                                    Inferred        56.71    0.82        46.32        1.49
                                                                       Total       113.66    0.77        87.60        2.82
 Mali                                                               Measured         5.22    0.73         3.82        0.12
                                                                   Indicated        23.92    1.50        35.79        1.15
                                                                    Inferred        27.75    0.94        26.00        0.84
                                                                       Total        56.89    1.15        65.61        2.11
 Namibia                                                            Measured         5.89    0.53         3.12        0.10
                                                                   Indicated        56.10    1.07        60.17        1.93
                                                                    Inferred         7.76    1.08         8.36        0.27
                                                                       Total        69.75    1.03        71.65        2.30
 Tanzania                                                           Measured            -       -            -           -
                                                                   Indicated        42.97    2.68       115.34        3.71
                                                                    Inferred        35.95    2.74        98.59        3.17
                                                                       Total        78.92    2.71       213.93        6.88
 Australia                                                          Measured         3.33    1.14         3.80        0.12
                                                                   Indicated        45.02    1.94        87.13        2.80
                                                                    Inferred        14.98    3.13        46.82        1.51
                                                                       Total        63.33    2.18       137.75        4.43
 Argentina                                                          Measured         2.14    2.55         5.45        0.18
                                                                   Indicated        31.31    1.69        52.91        1.70
                                                                    Inferred         7.49    2.98        22.34        0.72
                                                                       Total        40.94    1.97        80.70        2.59
 Brazil                                                             Measured         4.98    6.25        31.14        1.00
                                                                   Indicated        10.36    4.91        50.89        1.64
                                                                    Inferred        48.40    5.30       256.36        8.24
                                                                       Total        63.74    5.31       338.39       10.88
 Colombia                                                           Measured        15.68    0.85        13.30        0.43
                                                                   Indicated        34.36    0.79        27.21        0.87
                                                                    Inferred     1 025.23    0.85       873.63       28.09
                                                                       Total     1 075.27    0.85       914.14       29.39
 United States of America                                           Measured       112.75    0.72        81.08        2.61
                                                                   Indicated       126.54    0.66        83.21        2.68
                                                                    Inferred        84.56    0.64        53.87        1.73
                                                                       Total       323.85    0.67       218.16        7.01
 Total                                                              Measured       189.54    3.16       599.05       19.26
                                                                   Indicated       752.46    2.59     1 951.16       62.73
                                                                    Inferred     1 517.27    1.45     2 193.45       70.52
                                                                       Total     2 459.27    1.93     4 743.66      152.51

Rounding of figures may result in computational discrepancies.

ORE RESERVE BY COUNTRY (ATTRIBUTABLE)                                                                                  
                                                                              Tonnes   Grade   Contained   Contained   
as at 31 December 2012                                           Category    million     g/t        gold        gold   
                                                                                                  tonnes         Moz   
South Africa                                                       Proved     148.71    0.66       98.04        3.15   
                                                                 Probable     728.45    1.21      883.59       28.41   
                                                                    Total     877.16    1.12      981.63       31.56   
Democratic Republic of the Congo                                   Proved       1.59    3.26        5.20        0.17   
                                                                 Probable      35.90    4.12      147.84        4.75   
                                                                    Total      37.49    4.08      153.04        4.92   
Ghana                                                              Proved      40.88    3.42      139.66        4.49   
                                                                 Probable      52.77    3.67      193.84        6.23   
                                                                    Total      93.65    3.56      333.50       10.72   
Guinea                                                             Proved      36.59    0.63       22.92        0.74   
                                                                 Probable      67.60    0.67       45.56        1.46   
                                                                    Total     104.19    0.66       68.48        2.20   
Mali                                                               Proved       2.26    1.30        2.93        0.09   
                                                                 Probable      36.61    1.81       66.32        2.13   
                                                                    Total      38.87    1.78       69.25        2.23   
Namibia                                                            Proved       0.00    0.00        0.00        0.00   
                                                                 Probable      51.80    1.26       65.29        2.10   
                                                                    Total      51.80    1.26       65.29        2.10   
Tanzania                                                           Proved          -       -           -           -   
                                                                 Probable      65.06    2.59      168.63        5.42   
                                                                    Total      65.06    2.59      168.63        5.42   
Australia                                                          Proved      33.13    1.76       58.20        1.87   
                                                                 Probable      26.82    2.37       63.55        2.04   
                                                                    Total      59.95    2.03      121.75        3.91   
Argentina                                                          Proved      10.44    1.29       13.49        0.43   
                                                                 Probable      10.90    4.56       49.71        1.60   
                                                                    Total      21.34    2.96       63.20        2.03   
Brazil                                                             Proved       9.29    4.47       41.51        1.33   
                                                                 Probable      12.48    4.39       54.74        1.76   
                                                                    Total      21.77    4.42       96.25        3.09   
United States of America                                           Proved     154.81    0.81      126.16        4.06   
                                                                 Probable      82.35    0.69       56.83        1.83   
                                                                    Total     237.16    0.77      182.99        5.88   
Total                                                              Proved     437.72    1.16      508.11       16.34   
                                                                 Probable   1 170.74    1.53    1 795.90       57.74   
                                                                    Total   1 608.46    1.43    2 304.01       74.08 
  
Rounding of figures may result in computational discrepancies.                                                         

Group income statement
                                                                           Quarter           Quarter     Quarter           Year            Year
                                                                             ended             ended       ended          ended            ended
                                                                          December         September    December       December         December
                                                                              2012              2012        2011           2012             2011
US Dollar million                                         Notes          Unaudited         Reviewed    Unaudited       Reviewed          Audited
Revenue                                                     2                1,490             1,664       1,859          6,632            6,925


Gold income                                                                  1,398             1,629       1,779          6,353            6,570
Cost of sales                                               3               (1,029)           (1,056)     (1,097)        (4,062)          (3,946)
Gain (loss) on non-hedge derivatives and other
 commodity contracts                                                            25               (61)          -            (35)              (1)
Gross profit                                                                   394               512         682          2,256            2,623
Corporate administration, marketing and other
 expenses                                                                      (85)              (70)        (77)          (291)            (278)
Exploration and evaluation costs                                              (124)             (107)        (83)          (395)            (279)
Other operating (expenses) income                           4                    -                (5)          4            (41)             (27)
Special items                                               5                 (402)              (25)        146           (402)             163
Operating (loss) profit                                                       (217)              305         672          1,127            2,202
Dividends received                                                               -                 7           -              7                -
Interest received                                                               12                10          23             43               52
Exchange gain (loss)                                                             -                 1         (10)             8                2
Finance costs and unwinding of obligations                  6                  (67)              (65)        (48)          (231)            (196)
Fair value adjustment on option component of
 convertible bonds                                                              17                (2)        (15)            83               84
Fair value adjustment on mandatory convertible
 bonds                                                                          65               (11)          9            162              104
Share of equity-accounted investments' (loss)
 profit                                                                        (44)                -          17            (28)              73
(Loss) profit before taxation                                                 (234)              245         648          1,171            2,321
Taxation                                                    7                   52               (76)       (246)          (322)            (723)
(Loss) profit for the period                                                  (182)              169         402            849            1,598

Allocated as follows:
Equity shareholders                                                           (188)              168         385            830            1,552
Non-controlling interests                                                        6                 1          17             19               46
                                                                              (182)              169         402            849            1,598

Basic (loss) earnings per ordinary share (cents) (1)                           (49)               43         100            215              402
Diluted (loss) earnings per ordinary share (cents) (2)                         (49)               43          95            161              346

(1)    Calculated on the basic weighted average number of ordinary shares.
(2)    Calculated on the diluted weighted average number of ordinary shares.

Rounding of figures may result in computational discrepancies.

The reviewed financial statements for the year ended 31 December 2012 have been prepared by the corporate accounting staff of AngloGold
Ashanti Limited headed by Mr John Edwin Staples, the Group's Chief Accounting Officer. This process was supervised by Mr Mark Cutifani, the
Group's Chief Executive Officer and Mr Srinivasan Venkatakrishnan, the Group's Chief Financial Officer. The financial statements for the year
ended 31 December 2012 were reviewed, but not audited, by the Group's statutory auditors, Ernst & Young Inc. A copy of their unmodified
review report is available for inspection at the company's head office.

Group statement of comprehensive income
                                                                  Quarter     Quarter     Quarter        Year         Year
                                                                    ended       ended       ended       ended        ended
                                                                 December   September    December    December     December
                                                                     2012        2012        2011        2012         2011
US Dollar million                                               Unaudited    Reviewed   Unaudited    Reviewed      Audited
(Loss) profit for the period                                         (182)        169         402         849        1,598

Exchange differences on translation of foreign
 operations                                                           (36)        (24)         47         (93)        (365)
Share of equity-accounted investments' other
 comprehensive loss                                                     -           -           -           -           (1)

Net loss on available-for-sale financial
 assets                                                               (10)         (6)        (10)        (27)         (81)
Release on impairment of available-for-sale
 financial assets                                                      12           3           3          16           21
Release on disposal of available-for-sale
 financial assets                                                       -           -           -           -            1
Deferred taxation thereon                                               2          (1)          3           6           (8)
                                                                        4          (4)         (4)         (5)         (67)
Actuarial loss recognised                                             (20)          -         (39)        (20)         (39)
Deferred taxation rate change thereon                                   -           -           -          (9)           -
Deferred taxation thereon                                               5           -          14           5           14

                                                                      (15)          -         (25)        (24)         (25)
Other comprehensive (loss) income for
 the period, net of tax                                               (47)        (28)         18        (122)        (458)


Total comprehensive (loss) income
 for the period, net of tax                                          (229)        141         420         727        1,140


Allocated as follows:
Equity shareholders                                                  (235)        140         403         708        1,094
Non-controlling interests                                               6           1          17          19           46
                                                                     (229)        141         420         727        1,140

Rounding of figures may result in computational discrepancies.

Group statement of financial position                          
                                                                             As at       As at      As at   
                                                                          December   September   December   
                                                                              2012        2012       2011   
US Dollar million                                                  Note   Reviewed    Reviewed    Audited   
ASSETS                                                                                                      
Non-current assets                                                                                          
Tangible assets                                                              7,648       7,620      6,525   
Intangible assets                                                              315         289        210   
Investments in equity-accounted associates and joint ventures                1,060         928        702   
Other investments                                                              167         175        186   
Inventories                                                                    610         589        410   
Trade and other receivables                                                     79          85         76   
Deferred taxation                                                               96         160         79   
Cash restricted for use                                                         29          32         23   
Other non-current assets                                                         7           9          9   
                                                                            10,011       9,887      8,220   
Current assets                                                                                              
Inventories                                                                  1,287       1,220      1,064   
Trade and other receivables                                                    470         557        350   
Cash restricted for use                                                         35          61         35   
Cash and cash equivalents                                                      892       1,123      1,112   
                                                                             2,684       2,961      2,561   
Non-current assets held for sale                                                 -           1         21   
                                                                             2,684       2,962      2,582   
TOTAL ASSETS                                                                12,695      12,849     10,802   
EQUITY AND LIABILITIES                                                                                      
Share capital and premium                                            10      6,742       6,721      6,689   
Accumulated losses and other reserves                                       (1,295)     (1,040)    (1,660)   
Shareholders' equity                                                         5,447       5,681      5,029   
Non-controlling interests                                                       22          61        137   
Total equity                                                                 5,469       5,742      5,166   
Non-current liabilities                                                                                     
Borrowings                                                                   2,724       2,708      2,456   
Environmental rehabilitation and other provisions                            1,238       1,234        782   
Provision for pension and post-retirement benefits                             221         214        195   
Trade, other payables and deferred income                                       10          12         14   
Derivatives                                                                     10          28         93   
Deferred taxation                                                            1,068       1,215      1,158   
                                                                             5,271       5,411      4,698   
Current liabilities                                                                                         
Borrowings                                                                     859         713         32   
Trade, other payables and deferred income                                      979         829        751   
Taxation                                                                       117         154        155   
                                                                             1,955       1,696        938   
Total liabilities                                                            7,226       7,107      5,636   
TOTAL EQUITY AND LIABILITIES                                                12,695      12,849     10,802   
Rounding of figures may result in computational discrepancies.                                              

Group statement of cash flows
                                                                           Quarter      Quarter      Quarter        Year        Year
                                                                             ended        ended        ended       ended       ended
                                                                          December    September     December    December    December
                                                                              2012         2012         2011        2012        2011
US Dollar million                                                  Note  Unaudited     Reviewed    Unaudited    Reviewed     Audited
Cash flows from operating activities
Receipts from customers                                                      1,471        1,603        1,828       6,523       6,796
Payments to suppliers and employees                                         (1,000)      (1,149)      (1,009)     (4,340)     (3,873)
Cash generated from operations                                                 471          454          819       2,183       2,923
Dividends received from equity-accounted joint ventures                         18           14           34          72         111
Taxation refund                                                                 54            -            2          54          98
Taxation paid                                                                  (89)        (164)        (211)       (507)       (477)
Net cash inflow from operating activities                                      454          304          644       1,802       2,655

Cash flows from investing activities
Capital expenditure                                                           (623)        (448)        (455)     (1,758)     (1,393)
Interest capitalised and paid                                                   (5)          (4)           -         (12)          -
Expenditure on intangible assets                                               (28)         (24)         (10)        (79)        (16)
Proceeds from disposal of tangible assets                                        1            2            7           5          19
Other investments acquired                                                     (17)         (18)         (12)        (97)       (147)
Proceeds from disposal of investments                                           13           17           12          86          91
Investments in equity-accounted associates and joint ventures                 (132)        (106)         (34)       (349)       (115)
Proceeds from disposal of equity-accounted joint venture                         -            -            -          20           -
Loans advanced to equity-accounted associates and joint ventures                (1)          (1)         (12)        (65)        (25)
Loans repaid by equity-accounted associates and joint ventures                   1            -            -           1           -
Dividends received                                                               6            1            -           7           -
Proceeds from disposal of subsidiary                               13            6            -            -           6           9
Cash in subsidiary acquired                                        13            -            5            -           5           -
Cash in subsidiary disposed                                        13          (31)           -            -         (31)        (11)
Acquisition of subsidiary and loan                                 13            -         (335)           -        (335)          -
Increase (decrease) in cash restricted for use                                  28          (33)           3          (3)        (19)
Interest received                                                               11            7           10          36          39
Loans advanced                                                                 (45)           -            -         (45)          -
Repayment of loans advanced                                                      -            -            1           -           4
Net cash outflow from investing activities                                    (816)        (937)        (490)     (2,608)     (1,564)

Cash flows from financing activities
Proceeds from issue of share capital                                             -            1            6           2          10
Share issue expenses                                                             -            -            -           -          (1)
Proceeds from borrowings                                                       220        1,061            3       1,432         109
Repayment of borrowings                                                         (5)        (203)          (9)       (217)       (268)
Finance costs paid                                                             (56)         (17)         (55)       (145)       (144)
Acquisition of non-controlling interest                                          -            -            -        (215)          -
Revolving credit facility and bond transaction costs                            (1)         (21)           -         (30)          -
Dividends paid                                                                 (22)         (46)         (66)       (236)       (169)
Net cash inflow (outflow) from financing activities                            136          775         (121)        591        (463)

Net (decrease) increase in cash and cash equivalents                          (226)         142           33        (215)        628
Translation                                                                     (5)          (6)           4          (5)       (102)
Cash and cash equivalents at beginning of period                             1,123          987        1,075       1,112         586
Cash and cash equivalents at end of period                                     892        1,123        1,112         892       1,112

Cash generated from operations
(Loss) profit before taxation                                                 (234)         245          648       1,171       2,321
Adjusted for:
Movement on non-hedge derivatives and other commodity contracts                (25)          61            -          35           1
Amortisation of tangible assets                                                206          202          203         793         768
Finance costs and unwinding of obligations                                      67           65           48         231         196
Environmental, rehabilitation and other expenditure                            (15)          (2)         142         (17)        171
Special items                                                                  389           10         (137)        402         (93)
Amortisation of intangible assets                                                1            1            1           5           2
Deferred stripping                                                             (13)          (7)          (7)        (24)         19
Fair value adjustment on option component of convertible bonds                 (17)           2           15         (83)        (84)
Fair value adjustment on mandatory convertible bonds                           (65)          11           (9)       (162)       (104)
Interest received                                                              (12)         (10)         (23)        (43)        (52)
Share of equity-accounted investments' loss (profit)                            44            -          (17)         28         (73)
Other non-cash movements                                                        12            5            4          65          21
Movements in working capital                                                   133         (129)         (49)       (218)       (170)
                                                                               471          454          819       2,183       2,923
Movements in working capital
Increase in inventories                                                       (115)         (87)        (112)       (324)       (236)
Decrease (increase) in trade and other receivables                              70          (90)           8        (110)          -
Increase in trade and other payables                                           178          48            55         216          66
                                                                               133         (129)         (49)       (218)       (170)

Rounding of figures may result in computational discrepancies.

Group statement of changes in equity

                                                                               Equity holders of the parent
                                                      Share                                    Cash     Available                      Foreign
                                                    capital        Other      Accumu-          flow           for     Actuarial       currency                        Non-
                                                        and      capital        lated         hedge          sale       (losses)   translation                 controlling          Total
US Dollar million                                   premium     reserves       losses       reserve       reserve         gains        reserve         Total     interests         equity
Balance at 31 December 2010                           6,627          194       (2,750)           (2)           86           (62)          (104)        3,989           124          4,113
Profit for the year                                                             1,552                                                                  1,552            46          1,598
Other comprehensive loss                                             (1)                                      (67)          (25)          (365)         (458)                        (458)
Total comprehensive (loss) income                         -          (1)        1,552             -           (67)          (25)          (365)        1,094            46          1,140
Shares issued                                            63                                                                                               63                           63
Share issue expenses                                     (1)                                                                                              (1)                          (1)
Share-based payment for share awards
 net of exercised                                                     9                                                                                    9                            9
Dividends paid                                                                  (131)                                                                   (131)                        (131)
Dividends of subsidiaries                                                                                                                                  -           (27)           (27)
Translation                                                         (31)          29                           (1)            9                            6            (6)             -
Balance at 31 December 2011                           6,689         171       (1,300)            (2)           18           (78)          (469)        5,029           137          5,166

Balance at 31 December 2011                           6,689         171       (1,300)            (2)           18           (78)          (469)        5,029           137          5,166
Profit for the year                                                              830                                                                     830            19            849
Other comprehensive loss                                                                                       (5)          (24)           (93)         (122)                        (122)
Total comprehensive income (loss)                         -           -          830              -            (5)          (24)           (93)          708            19            727
Shares issued                                            53                                                                                               53                           53
Share-based payment for share awards 
 net of exercised                                                    15                                                                                   15                           15
Acquisition of non-controlling interest(1)                                      (144)                                                                   (144)          (71)          (215)
Disposal of subsidiary(2)                                                                                                                                  -           (45)           (45)
Dividends paid                                                                  (215)                                                                   (215)                        (215)
Dividends of subsidiaries                                                                                                                                  -           (17)           (17)
Translation                                                          (9)           6                                          4                            1            (1)             -
Balance at 31 December 2012                          6,742          177         (823)            (2)           13           (98)          (562)        5,447            22          5,469

Rounding of figures may result in computational discrepancies.

(1) On 28 June 2012, AngloGold Ashanti Limited acquired the remaining 50% shareholding in the Serra Grande mine from Kinross Gold Corporation for $220m less $5m for dividends
declared and paid to minorities.
(2) In early December 2012, AngloGold Ashanti Limited disposed of a 5% interest in Rand Refinery Limited. AngloGold Ashanti Limited now holds a remaining interest of 48.03%.

Segmental reporting
for the quarter and year ended 31 December 2012

AngloGold Ashanti's operating segments are being reported based on the financial information provided to the Chief Executive Officer and the
Executive Committee, collectively identified as the Chief Operating Decision Maker (CODM). Individual members of the Executive Committee
are responsible for geographic regions of the business.

                                                                                   Quarter ended                                Year ended
                                                                           Dec              Sep              Dec                Dec             Dec
                                                                          2012             2012             2011               2012            2011
                                                                     Unaudited         Reviewed        Unaudited           Reviewed         Audited
                                                                                                  US Dollar million
Gold income
South Africa                                                               344              606              672              2,013           2,560
Continental Africa                                                         651              582              722              2,609           2,530
Australasia                                                                 94              101              103                426             385
Americas                                                                   413              421              392              1,656           1,487
                                                                         1,501            1,709            1,889              6,704           6,962
Equity-accounted investments included above                               (103)             (80)            (110)              (351)           (392)
                                                                         1,398            1,629            1,779              6,353           6,570

Gross profit (loss)
South Africa                                                               117              147              320                651           1,083
Continental Africa                                                         124              197              207                882             938
Australasia                                                                  -               36               (9)                78             (13)
Americas                                                                   171              154              186                722             744
Corporate and other                                                         17                6               16                 41              28
                                                                           429              540              720              2,374           2,780
Equity-accounted investments included above                                (35)             (28)             (38)              (118)           (157)
                                                                           394              512              682              2,256           2,623

Capital expenditure
South Africa                                                               187              161              181                583             532
Continental Africa                                                         280              208              152                790             420
Australasia                                                                178               82               40                355             102
Americas                                                                   157               77              147                390             456
Corporate and other                                                          2               17                5                 36              17
                                                                           804              545              525              2,154           1,527
Equity-accounted investments included above                               (142)             (73)             (31)              (303)            (88)
                                                                           662              472              494              1,851           1,439

                                                                                   Quarter ended                                Year ended
                                                                           Dec              Sep              Dec                Dec             Dec
                                                                          2012             2012             2011               2012            2011
                                                                     Unaudited         Reviewed        Unaudited           Reviewed          Audited
                                                                                                      oz (000)
Gold production
South Africa                                                               171              373              398              1,212           1,624
Continental Africa                                                         376              357              419              1,521           1,570
Australasia                                                                 55               64               63                258             246
Americas                                                                   258              237              234                953             891
                                                                           859            1,030            1,114              3,944           4,331

                                                                                                           As at              As at           As at
                                                                                                             Dec                Sep             Dec
                                                                                                            2012               2012            2011
                                                                                                        Reviewed           Reviewed         Audited
                                                                                                                     US Dollar million
Total assets
South Africa                                                                                               3,082              3,131           2,148
Continental Africa                                                                                         4,818              4,840           4,288
Australasia                                                                                                1,045                994             736
Americas                                                                                                   2,863              2,765           2,501
Corporate and other                                                                                          887              1,120           1,129
                                                                                                          12,695             12,849          10,802
Rounding of figures may result in computational discrepancies.

Notes
for the quarter and year ended 31 December 2012

1.    Basis of preparation

The financial statements in this quarterly report have been prepared in accordance with the historic cost convention except for
certain financial instruments which are stated at fair value. Except for the change in presentation currency detailed in note 17,
the group's accounting policies used in the preparation of these financial statements are consistent with those used in the
annual financial statements for the year ended 31 December 2011 and revised International Financial Reporting Standards
(IFRS) which are effective 1 January 2012, where applicable. The effect of the revised and amended accounting standards
applicable to this period are not considered to have a material impact on the financial statements of the group.

The financial statements of AngloGold Ashanti Limited have been prepared in compliance with IAS 34, IFRS as issued by the
International Accounting Standards Board, The Financial Reporting Guides as issued by the South African Institute of Chartered
Accountants, JSE Listings Requirements and in the manner required by the South African Companies Act, 2008 for the
preparation of financial information of the group for the quarter and year ended 31 December 2012.


2.    Revenue
                                                                             Quarter ended                          Year ended
                                                                      Dec           Sep             Dec           Dec           Dec
                                                                     2012          2012            2011          2012          2011
                                                                Unaudited      Reviewed       Unaudited      Reviewed       Audited
                                                                                         US Dollar million
Gold income                                                         1,398         1,629           1,779         6,353         6,570
By-products (note 3)                                                   75            28              49           206           224
Dividends received                                                      -             7               -             7             -
Royalties received (note 5)                                             5           (10)              8            23            79
Interest received                                                      12            10              23            43            52
                                                                    1,490         1,664           1,859         6,632         6,925


3.    Cost of sales
                                                                             Quarter ended                          Year ended
                                                                      Dec           Sep             Dec           Dec           Dec
                                                                     2012          2012            2011          2012          2011
                                                                Unaudited      Reviewed       Unaudited       Reviewed      Audited
                                                                                         US Dollar million
Cash operating costs                                                  861           866             788         3,307         3,029
Insurance reimbursement                                                 -           (30)              -           (30)            -
By-products revenue (note 2)                                          (75)          (28)            (49)         (206)         (224)
                                                                      786           808             739         3,071         2,805
Royalties                                                              22            49              51           164           193
Other cash costs                                                       11            10               6            35            30
Total cash costs                                                      819           867             796         3,270         3,028
Retrenchment costs                                                      2             2               4            10            15
Rehabilitation and other non-cash costs                                16            16             157            67           229
Production costs                                                      837           885             957         3,347         3,272
Amortisation of tangible assets                                       206           202             203           793           768
Amortisation of intangible assets                                       1             1               1             5             2
Total production costs                                              1,044         1,089           1,161         4,145         4,042
Inventory change                                                      (15)          (32)            (64)          (83)          (96)
                                                                    1,029         1,056           1,097         4,062         3,946


4.    Other operating expenses (income)
                                                                             Quarter ended                          Year ended
                                                                      Dec           Sep             Dec            Dec           Dec
                                                                     2012          2012            2011           2012          2011
                                                                Unaudited      Reviewed       Unaudited       Reviewed       Audited
                                                                                        US Dollar million
Pension and medical defined benefit provisions                         (4)            4              (8)           31             6
Claims filed by former employees in respect of loss
  of employment, work-related accident injuries and
  diseases, governmental fiscal claims and care and
  maintenance of old tailings operations                                4             1               4            10            21
                                                                        -             5              (4)           41            27

Rounding of figures may result in computational discrepancies.

5.      Special items
                                                                                  Quarter ended                                      Year ended
                                                                         Dec                  Sep                Dec                Dec            Dec
                                                                        2012                 2012               2011               2012           2011
                                                                   Unaudited             Reviewed          Unaudited           Reviewed        Audited
                                                                                               US Dollar million
Net impairments (reversal) and derecognition of
  tangible assets (note 8)                                               354                    1               (134)               356           (120)
Impairment reversal of intangible assets (note 8)                          -                    -                  -                (10)             -
Impairment of investments (note 8)                                        12                    3                  3                 16             21
Impairment (reversal) of other receivables                                 -                    1                 (2)                 1             (1)
Net loss on disposal and derecognition of land,
  mineral rights, tangible assets and exploration
  properties (note 8)                                                      1                    7                  5                 15              8
Profit on disposal of subsidiary ISS International
  Limited (note 8)                                                         -                    -                  -                  -             (2)
Profit on partial disposal of Rand Refinery Limited
  (notes 8 and 13)                                                       (14)                   -                  -                (14)             -
Black Economic Empowerment transaction
  modification costs for Izingwe (Pty) Limited                             -                    -                  -                  -              7
                              (1)
Royalties received (note 2)                                               (5)                  10                 (8)               (23)           (79)
Insurance claim recovery on capital items (note 8)                         -                    -                 (3)                 -             (3)
Indirect tax expenses (income) and legal claims                           33                    3                 (7)                40              6
Contract termination and settlement costs                                 21                    -                  -                 21              -
                                                                         402                   25               (146)               402           (163)

(1)    In the September 2012 quarter, the Boddington royalties included an over accrual relating to the prior quarter of $11m.


6.      Finance costs and unwinding of obligations
                                                                                    Quarter ended                                      Year ended
                                                                          Dec                 Sep                 Dec               Dec            Dec
                                                                         2012                2012                2011              2012           2011
                                                                    Unaudited            Reviewed           Unaudited          Reviewed        Audited
                                                                                               US Dollar million
Finance costs                                                              47                  50                  34               167            141
Unwinding of obligations, accretion of convertible
  bonds and other discounts                                                20                  15                  14                64             55
                                                                           67                  65                  48               231            196



7.      Taxation
                                                                                    Quarter ended                                      Year ended
                                                                          Dec                 Sep                Dec                Dec            Dec
                                                                         2012                2012               2011               2012           2011
                                                                    Unaudited            Reviewed          Unaudited           Reviewed        Audited
                                                                                                US Dollar million
South African taxation
Mining tax                                                                (28)                 25                 71                 54            113
Non-mining tax                                                              8                   6                  7                 18             12
(Over) under provision prior year                                          (3)                 (2)                (2)                (3)             4
Deferred taxation
  Temporary differences                                                    29                  19                 42                 66            222
  Unrealised non-hedge derivatives and other
   commodity contracts                                                      7                 (17)                 -                (10)             -
  Change in estimated deferred tax rate                                    (8)                  -                  9                 (9)             9
  Change in statutory tax rate                                              -                   -                  -               (131)             -
                                                                            4                  31                128                (15)           360
Foreign taxation
Normal taxation                                                            52                  77                 64                353            275
(Over) under provision prior year                                         (14)                  -                 (4)                (9)             3
Deferred taxation
  Temporary differences                                                   (94)                (32)                57                (48)            85
  Change in statutory tax rate                                              -                   -                  -                 41              -
                                                                          (56)                 45                118                337            363

                                                                          (52)                 76                246                322            723

Rounding of figures may result in computational discrepancies.

8.      Headline earnings
                                                                                           Quarter ended                            Year ended
                                                                                Dec               Sep              Dec              Dec              Dec
                                                                               2012              2012             2011             2012             2011
                                                                          Unaudited          Reviewed        Unaudited         Reviewed          Audited
                                                                                                     US Dollar million
The (loss) profit attributable to equity shareholders was
  adjusted by the following to arrive at headline earnings:
(Loss) profit attributable to equity shareholders                              (188)              168              385              830            1,552
Net impairments (reversal) and derecognition of tangible
  assets (note 5)                                                               354                 1             (134)             356             (120)
Impairment reversal of intangible assets (note 5)                                 -                 -                -              (10)               -
Net loss on disposal and derecognition of land, mineral
  rights, tangible assets and exploration properties (note 5)                     1                 7                5               15                8
Impairment of other investments (note 5)                                         12                 3                3               16               21
Insurance claim recovery on capital items (note 5)                                -                 -               (3)               -               (3)
Profit on disposal of subsidiary ISS International Limited
  (note 5)                                                                        -                 -                -                -               (2)
Profit on partial disposal of Rand Refinery Limited
  (notes 5 and 13)                                                              (14)                -                -              (14)               -
Net impairment (reversal) of investment in associates and
  joint ventures                                                                 45                 -               (6)              57               (4)
Loss on disposal of loan to joint venture                                         2                 -                -                2                -
Special items of associates                                                       3                 -                -                -                -
Taxation on items above - current portion                                         -                (1)               -               (1)               1
Taxation on items above - deferred portion                                     (106)               (1)              38             (106)              31
                                                                                109               178              289            1,145            1,484
                                                   
Headline earnings per ordinary share (cents)(1)                                  28                46               75              296              384
Diluted headline earnings per ordinary share (cents)(2)                          13                46               71              236              330

(1)    Calculated on the basic weighted average number of ordinary shares.
(2)    Calculated on the diluted weighted average number of ordinary shares.

9.      Number of shares
                                                                                          Quarter ended                             Year ended
                                                                              Dec               Sep              Dec               Dec              Dec
                                                                             2012              2012             2011              2012             2011
                                                                        Unaudited          Reviewed        Unaudited          Reviewed          Audited
Authorised number of shares:
    Ordinary shares of 25 SA cents each                               600,000,000       600,000,000      600,000,000       600,000,000      600,000,000
    E ordinary shares of 25 SA cents each                               4,280,000         4,280,000        4,280,000         4,280,000        4,280,000
    A redeemable preference shares of 50 SA cents each                  2,000,000         2,000,000        2,000,000         2,000,000        2,000,000
    B redeemable preference shares of 1 SA cent each                    5,000,000         5,000,000        5,000,000         5,000,000        5,000,000

Issued and fully paid number of shares:
    Ordinary shares in issue                                          383,320,962       383,110,317      382,242,343       383,320,962      382,242,343
    E ordinary shares in issue                                          1,617,752         2,498,230        2,582,962         1,617,752        2,582,962
Total ordinary shares:                                                384,938,714       385,608,547      384,825,305       384,938,714      384,825,305
    A redeemable preference shares                                      2,000,000         2,000,000        2,000,000         2,000,000        2,000,000
    B redeemable preference shares                                        778,896           778,896          778,896           778,896          778,896

In calculating the basic and diluted number of ordinary shares outstanding for the period, the following were taken into consideration:

      Ordinary shares                                                 383,197,618       382,854,974      382,059,365       382,757,790      381,621,687
      E ordinary shares                                                 1,999,566         2,546,474        2,937,664         2,392,316        2,950,804
      Fully vested options                                              1,232,070         1,447,978        1,121,745         1,616,239        1,389,122
      Weighted average number of shares                               386,429,254       386,849,426      386,118,774       386,766,345      385,961,613
      Dilutive potential of share options(1)                                    -         1,510,368        1,517,152         1,166,037        1,572,015
      Dilutive potential of convertible bonds(1)                                -                 -       18,140,000        33,524,615       33,524,615
      Diluted number of ordinary shares                               386,429,254       388,359,794      405,775,926       421,456,997      421,058,243

(1)   The dilutive effect of the share options and convertible bonds are not the same for the quarter and the year ended December 2012 as the effect of the
      share options and convertible bonds are anti-dilutive for the quarter.

10. Share capital and premium
                                                                                                                                 As at
                                                                                                                   Dec             Sep                Dec
                                                                                                                  2012            2012               2011
                                                                                                              Reviewed        Reviewed            Audited
                                                                                                                        US Dollar million
Balance at beginning of period                                                                                   6,782           6,782              6,734
Ordinary shares issued                                                                                              46              32                 57
E ordinary shares issued and cancelled                                                                              (7)             (1)                (9)
Sub-total                                                                                                        6,821           6,813              6,782
Redeemable preference shares held within the group                                                                 (53)            (53)               (53)
Ordinary shares held within the group                                                                              (10)            (17)               (17)
E ordinary shares held within the group                                                                            (16)            (22)               (23)
Balance at end of period                                                                                         6,742           6,721              6,689
Rounding of figures may result in computational discrepancies.

11. Exchange rates
                                                                                           Dec               Sep           Dec
                                                                                          2012              2012          2011
                                                                                     Unaudited         Unaudited     Unaudited
     ZAR/USD average for the year to date                                                 8.20              8.04          7.26
     ZAR/USD average for the quarter                                                      8.67              8.25          8.09
     ZAR/USD closing                                                                      8.45              8.30          8.04
     AUD/USD average for the year to date                                                 0.97              0.97          0.97
     AUD/USD average for the quarter                                                      0.96              0.96          0.99
     AUD/USD closing                                                                      0.96              0.96          0.97
     BRL/USD average for the year to date                                                 1.95              1.92          1.68
     BRL/USD average for the quarter                                                      2.06              2.03          1.80
     BRL/USD closing                                                                      2.05              2.03          1.87
     ARS/USD average for the year to date                                                 4.55              4.46          4.13
     ARS/USD average for the quarter                                                      4.80              4.61          4.25
     ARS/USD closing                                                                      4.92              4.70          4.30

12. Capital commitments
                                                                                           Dec               Sep           Dec
                                                                                          2012              2012          2011
                                                                                      Reviewed          Reviewed       Audited
                                                                                                  US Dollar million
     Orders placed and outstanding on capital contracts at the prevailing rate of
     exchange(1)                                                                            927             1,004           202

    (1) Includes capital commitments relating to equity-accounted joint ventures.

      Liquidity and capital resources
      To service the above capital commitments and other operational requirements, the group is dependent on existing cash
      resources, cash generated from operations and borrowing facilities.
      Cash generated from operations is subject to operational, market and other risks. Distributions from operations may be
      subject to foreign investment, exchange control laws and regulations and the quantity of foreign exchange available in
      offshore countries. In addition, distributions from joint ventures are subject to the relevant board approval.
      The credit facilities and other finance arrangements contain financial covenants and other similar undertakings. To the extent
      that external borrowings are required, the group's covenant performance indicates that existing financing facilities will be
      available to meet the above commitments. To the extent that any of the financing facilities mature in the near future, the group
      believes that sufficient measures are in place to ensure that these facilities can be refinanced.

13.   Business combinations

      Acquisition of First Uranium (Pty) Limited

      On 20 July 2012, AngloGold Ashanti Limited acquired the entire share capital of First Uranium (Pty) Limited, a wholly
      owned subsidiary of Toronto-based First Uranium Corporation and the owner of Mine Waste Solutions, a recently
      commissioned tailings retreatment operation located in South Africa's Vaal River region and in the immediate proximity of
      AngloGold Ashanti Limited's own tailings facilities, for an aggregate cash consideration of $335m. The transaction was
      funded from cash reserves and debt facilities. The acquisition has been accounted for using the acquisition method.

      The fair value of the identifiable assets and liabilities of First Uranium (Pty) Limited as at the date of acquisition was:
                                                                                                                                   2012
                                                                                                                     US Dollars million
      Assets
      Tangible assets                                                                                                               616
      Other investments                                                                                                               3
      Deferred tax                                                                                                                   52
      Inventories                                                                                                                   134
      Trade and other receivables                                                                                                     2
      Cash restricted for use                                                                                                         3
      Cash and cash equivalents                                                                                                       5
                                                                                                                                    815
      Liabilities
      Loans from group companies                                                                                                    204
      Environmental rehabilitation and other provisions                                                                             386
      Deferred tax                                                                                                                   60
      Trade and other payables                                                                                                       48
                                                                                                                                    698
      Total identifiable net assets at fair value                                                                                   117
      Purchase consideration                                                                                                        131
      Goodwill recognised on acquisition                                                                                             14
      Analysis of cash flows on acquisition:
      Net cash acquired with the subsidiary                                                                                           5
      Cash paid - share capital acquired                                                                                           (131)
      Cash paid - loan acquired                                                                                                    (204)
                                                                                                                                   (330)

Since acquisition, First Uranium (Pty) Limited has contributed $41m of revenue and a profit of less than $1m to the net
profit before tax of the group. If the combination had taken place at the beginning of the year, the group's profit for the year
would have been $927m and revenue would have been $6,697m.

The transaction costs of $3m have been expensed and are included in administrative expenses in the income statement
and are part of operating activities in the statement of cash flows.

The goodwill of $14m arising from the acquisition consists largely of the expected synergies arising from the immediate
proximity of AngloGold Ashanti Limited's own tailings facilities to the Mine Waste Solutions plant that will allow processing
of AngloGold Ashanti Limited's Vaal River tailings without having to build additional processing facilities. The processing of
AngloGold Ashanti Limited's tailings will reduce the environmental liability associated with those tailings. In addition, the
company is able to utilise its recently developed processes and recovery technology for tailings which will increase the ore
recovery rates from both AngloGold Ashanti Limited and First Uranium (Pty) Limited tailings alike.

None of the goodwill recognised is expected to be deductible for income tax purposes. There have been no significant
movements in goodwill or provisions except for the fair value movements related to the commodity contract since the date
of acquisition.

Financial assets acquired includes trade and other receivables with a fair value of $2m. All trade and other receivables are
expected to be collectible.

Part disposal of Rand Refinery Limited
In early December 2012, AngloGold Ashanti Limited disposed of a 5% interest in Rand Refinery Limited (Rand Refinery)
for a total cash consideration of $6m. AngloGold Ashanti Limited now holds a remaining interest of 48.03% and this
interest is accounted for as an associate.

The carrying value of the identifiable assets and liabilities of Rand Refinery as at the date of disposal was:

                                                                                                                            2012
                                                                                                              US Dollars million
    Assets
    Tangible assets                                                                                                           53
    Other non-current assets                                                                                                   2
    Non-current assets held for sale                                                                                           1
    Inventories                                                                                                               22
    Trade and other receivables                                                                                               13
    Cash and cash equivalents                                                                                                 31
                                                                                                                             122
    Liabilities
    Deferred tax                                                                                                               2
    Trade and other payables                                                                                                  22
    Taxation                                                                                                                   4
                                                                                                                              28
    Total identifiable net assets                                                                                             94
    Consideration received                                                                                                     6
    Fair value of residual value of investment                                                                                57
    Non-controlling interest                                                                                                  45
    Less: Net assets disposed                                                                                                (94)
    Total gain on disposal                                                                                                    14
    Total gain on disposal                                                                                                    14
    Realised gain                                                                                                              5
    Unrealised gain                                                                                                            9

14. Contingencies

    AngloGold Ashanti's material contingent liabilities and assets at 31 December are detailed below:
    Contingencies and guarantees
                                                                                                         Dec                Dec
                                                                                                        2012               2011
                                                                                                    Reviewed            Audited
                                                                                                     US Dollar Millions
    Contingent liabilities
    Groundwater pollution(1)                                                                               -                  -
    Deep groundwater pollution – South Africa(2)                                                           -                  -
    Indirect taxes – Ghana(3)                                                                             23                 12
    ODMWA litigation(4)                                                                                    -                  -
    Other tax disputes – AngloGold Ashanti Brasil Mineração Ltda(5)                                       38                 29
    Sales tax on gold deliveries – Mineração Serra Grande S.A.(6)                                        156                 88
    Other tax disputes – Mineração Serra Grande S.A.(7)                                                   19                  9
    Tax dispute - AngloGold Ashanti Colombia S.A.(8)                                                     161                  -
    Contingent assets
    Indemnity – Kinross Gold Corporation(9)                                                              (90)                 -
    Royalty – Boddington Gold Mine(10)                                                                     -                  -
    Royalty – Tau Lekoa Gold Mine(11)                                                                      -                  -
    Financial Guarantees
    Oro Group (Pty) Limited(12)                                                                           12                 12
                                                                                                         319                150

(1) Groundwater pollution – AngloGold Ashanti has identified groundwater contamination plumes at certain of its
    operations in South Africa, which have occurred primarily as a result of seepage. Numerous scientific, technical and
    legal studies have been undertaken to assist in determining the extent of the contamination and to find sustainable
    remediation solutions. The group has instituted processes to reduce future potential seepage and it has been
    demonstrated that Monitored Natural Attenuation (MNA) by the existing environment will contribute to improvements in
    some instances. Furthermore, literature reviews, field trials and base line modelling techniques suggest, but have not
    yet proven, that the use of phyto-technologies can address the soil and groundwater contamination. Subject to the
    completion of trials and the technology being a proven remediation technique, no reliable estimate can be made for
    the obligation.

(2) Deep groundwater pollution – The company has identified a flooding and future pollution risk posed by deep
    groundwater in certain underground mines in South Africa. Various studies have been undertaken by AngloGold
    Ashanti since 1999. Due to the interconnected nature of mining operations, any proposed solution needs to be a
    combined one supported by all the mines located in these gold fields. As a result, in South Africa, the Department of
    Mineral Resources and affected mining companies are now involved in the development of a "Regional Mine Closure
    Strategy". In view of the limitation of current information for the accurate estimation of a liability, no reliable estimate
    can be made for the obligation.

(3) Indirect taxes – AngloGold Ashanti (Ghana) Limited received tax assessments for the 2006 to 2008 and for the 2009
    to 2011 tax years following audits by the tax authorities which related to various indirect taxes amounting to $23m
    (2011: $12m). Management is of the opinion that the indirect taxes were not properly assessed and the company has
    lodged an objection.

(4) ODMWA litigation – On 3 March 2011, in Mankayi vs. AngloGold Ashanti, the Constitutional Court of South Africa held
    that section 35(1) of the Compensation for Occupational Injuries and Diseases Act, 1993 does not cover an
    "employee" who qualifies for compensation in respect of "compensable diseases" under the Occupational Diseases in
    Mines and Workers Act, 1973 (ODMWA). This judgment allows such qualifying employee to pursue a civil claim for
    damages against the employer. Following the Constitutional Court decision, AngloGold Ashanti has become subject to
    numerous claims relating to silicosis and other Occupational Lung Diseases (OLD), including several potential class
    actions and individual claims.

    For example, on or about 21 August 2012, AngloGold Ashanti was served with an application instituted by Bangumzi
    Bennet Balakazi and others in which the applicants seek an order declaring that all mine workers (former or current)
    who previously worked or continue to work in specified South African gold mines for the period owned by AngloGold
    Ashanti and who have silicosis or other OLD constitute members of a class for the purpose of proceedings for
    declaratory relief and claims for damages. In the event the class is certified, such class of workers would be permitted
    to institute actions by way of a summons against AngloGold Ashanti for amounts as yet unspecified. On 4 September
    2012, AngloGold Ashanti delivered its notice of intention to defend this application. AngloGold Ashanti has also
    delivered a formal request for additional information that it requires to prepare its affidavits in respect to the allegations
    and the request for certification of a class.

    In addition, on or about 8 January 2013, AngloGold Ashanti and its subsidiary Free State Consolidated Gold Mines
    (Operations) Limited, alongside other mining companies operating in South Africa, were served with another
    application to certify a class. The applicants in the case seek to have the court certify two classes namely: (i) current
    and former mineworkers who have silicosis (whether or not accompanied by any other disease) and who work or have
    worked on certain specified gold mines at any time from 1 January 1965 to date; and (ii) the dependants of
    mineworkers who died as a result of silicosis (whether or not accompanied by any other disease) and who worked on
    these gold mines at any time after 1 January 1965. AngloGold Ashanti has filed a notice of intention to oppose the
    application.

    In October 2012, a further 31 individual summonses and particulars of claim have been received relating to silicosis
    and/or other OLD. The total amount being claimed in the 31 summonses is approximately $9m. On 22 October 2012,
    AngloGold Ashanti filed a notice of intention to oppose these claims. AngloGold Ashanti has also served a notice of
    exception to the summonses which, if successful, is expected to require the plaintiffs to redraft the particulars of claim
    to correct certain errors. The exception is expected to be heard by the South Gauteng High Court on 26 February
    2013.

    It is possible that additional class actions and/or individual claims relating to silicosis and/or other OLD will be filed
    against AngloGold Ashanti in the future. AngloGold Ashanti will defend all current and subsequently filed claims on
    their merits. Should AngloGold Ashanti be unsuccessful in defending any such claims, or in otherwise favourably
    resolving perceived deficiencies in the national occupational disease compensation framework that were identified in
    the earlier decision by the Constitutional Court, such matters would have an adverse effect on its financial position,
    which could be material. The company is unable to estimate its share of the amounts claimed.

(5) Other tax disputes - In November 2007, the Departamento Nacional de Produção Mineral (DNPM), a Brazilian federal
    mining authority, issued a tax assessment against AngloGold Ashanti Brazil Mineração (AABM) in the amount of $21m
    (2011: $21m) relating to the calculation and payment by AABM of the financial contribution on mining exploitation
    (CFEM) in the period from 1991 to 2006. AngloGold Ashanti's subsidiaries in Brazil are involved in various other
    disputes with tax authorities. These disputes involve federal tax assessments including income tax, royalties, social
    contributions and annual property tax. The amount involved is approximately $17m (2011: $8m). Management is of the
    opinion that the taxes are not payable.

(6) Sales tax on gold deliveries – In 2006, Mineração Serra Grande S.A. (MSG), received two tax assessments from the
    State of Goiás related to payments of state sales taxes at the rate of 12% on gold deliveries for export from one
    Brazilian state to another during the period from February 2004 to the end of May 2006. The first and second
    assessments are approximately $96m (2011: attributable share $54m) and $60m (2011: attributable share $34m)
    respectively. In November 2006, the administrative council's second chamber ruled in favour of MSG and fully
    cancelled the tax liability related to the first period. In July 2011, the administrative council's second chamber ruled in

    favour of MSG and fully cancelled the tax liability related to the second period. The State of Goiás has appealed to the
    full board of the State of Goiás tax administrative council. In November 2011 (first case) and June 2012 (second case),
    the administrative council's full board approved the suspension of proceedings and the remittance of the matter to the
    Department of Supervision of Foreign Trade (COMEX) for review and verification. Both cases have been remitted to
    the COMEX and are under review. The company believes both assessments are in violation of federal legislation on
    sales taxes. A date has not yet been set for a hearing before the COMEX.

(7) Other tax disputes - MSG received a tax assessment in October 2003 from the State of Minas Gerais related to sales
    taxes on gold. The tax administrators rejected the company's appeal against the assessment. The company is now
    appealing the dismissal of the case. The assessment is approximately $19m (2011: attributable share $9m).

(8) Tax dispute – AngloGold Ashanti Colombia S.A. (AGAC) received notice from the Colombian Tax Office (DIAN) that it
    disagreed with the company's tax treatment of certain items in the 2010 income tax return. The company believes that
    the tax legislation has been applied correctly. The company is considering defending AGAC's position. An estimated
    additional tax of $26m will be payable if the tax returns are amended. Penalties and interest for the additional tax are
    expected to be $135m based on Colombian tax law.

(9) Indemnity - As part of the acquisition by AngloGold Ashanti of the remaining 50% interest in MSG during June 2012,
    Kinross Gold Corporation (Kinross) has provided an indemnity to a maximum amount of BRL255m ($90m at
    31 December 2012 exchange rates) against the specific exposures discussed in items 6 and 7 above.

(10) Royalty – As a result of the sale of the interest in the Boddington Gold Mine joint venture during 2009, the group is
     entitled to receive a royalty on any gold recovered or produced by the Boddington Gold Mine, where the gold price is
     in excess of Boddington Gold Mine's cash cost plus $600/oz. The royalty commenced on 1 July 2010 and is capped at
     a total amount of $100m, of which $60m (2011: $34m) has been received to date. Royalties of $4m (2011: $8m) were
     received during the quarter.

(11) Royalty – As a result of the sale of the interest in the Tau Lekoa Gold Mine during 2010, the group is entitled to receive
     a royalty on the production of a total of 1.5Moz by the Tau Lekoa Gold Mine and in the event that the average monthly
     rand price of gold exceeds R180,000/kg (subject to an inflation adjustment). Where the average monthly rand price of
     gold does not exceed R180,000/kg (subject to an inflation adjustment), the ounces produced in that quarter do not
     count towards the total 1.5Moz upon which the royalty is payable.

     The royalty will be determined at 3% of the net revenue (being gross revenue less State royalties) generated by the
     Tau Lekoa assets. Royalties on 304,643oz produced have been received to date. Royalties of $1m (2011: $1m) were
     received during the quarter.

(12) Provision of surety – The company has provided sureties in favour of a lender on a gold loan facility with its affiliate
     Oro Group (Pty) Limited and one of its subsidiaries to a maximum value of $12m (2011: $12m). The suretyship
     agreements have a termination notice period of 90 days.

15. Concentration of risk

    There is a concentration of risk in respect of recoverable value added tax, fuel duties and appeal deposits from the
    Tanzanian government. The outstanding amounts have been discounted to their present value at a rate of 7.82%.
    The recoverable value added tax, fuel duties and appeal deposits are summarised as follows:
                                                                                                                                                2012
     Recoverable value added tax                                                                                                                  16
     Recoverable fuel duties (1)                                                                                                                  35
     Appeal deposits                                                                                                                               4

    (1)   Fuel duty claims are required to be submitted after consumption of the related fuel and are subject to authorisation by the Customs and Excise
          authorities.


16. Borrowings

    AngloGold Ashanti's borrowings are interest bearing.

17. Change in presentation currency

    Effective 1 January 2012, the group changed the presentation currency of its results from reporting in US Dollars and
    South African Rands to reporting only in US Dollars. Management has concluded that the change in presentation currency
    will result in more reliable and relevant information than the prior position of reporting in two currencies. Management
    considered the following factors: the majority of AngloGold Ashanti's operating mines use US Dollars as their functional
    currency; the majority of AngloGold Ashanti's annual production and reserves are derived from non-South African Rand
    denominated countries; the majority of AngloGold Ashanti shareholders are not domiciled in a South African Rand
    denominated country; management prepare investor presentations and analysis in US Dollars only; and the management
    accounts, except for South Africa which is reported in dual currency, are reported to the Chief Operating Decision Maker in
    US Dollars.

    The change in presentation currency has no effect on comparative information.

18. Announcements

   On 1 October 2012, AngloGold Ashanti announced that its mines in South Africa remained at a standstill as a result of the
   unprotected strike which began on 20 September 2012 at the Kopanang operation and spread to the remaining five
   operations on 25 September 2012. On 24 October 2012, AngloGold Ashanti announced that the unprotected strike at its
   Vaal River region had come to an end. On 2 November 2012, AngloGold Ashanti announced that employees at the
   Mponeng and TauTona mines did not resume work due to illegal sit-ins. On 14 November 2012, following another sit-in,
   AngloGold Ashanti announced that normal operations resumed at its Mponeng mine following successful engagement
   with employee and trade union representatives.

   On 13 October 2012, AngloGold Ashanti announced the termination of its relationship with Mining and Building
   Contractors Ltd, the underground development contractor at the Obuasi mine in Ghana.

   On 16 October 2012, AngloGold Ashanti announced that the JSE Limited granted AngloGold Ashanti the listing of its
   ANG01 Senior Unsecured Fixed Rate Notes and ANG02 Senior Unsecured Floating Rate Notes under its ZAR10 billion
   Domestic Medium Term Note Programme dated 29 June 2012.

   On 4 December 2012, AngloGold Ashanti announced that the Mineral Resource estimate for the Tropicana Gold Project
   had increased by a further 1.48 million ounces to 7.89 million ounces of contained gold. The increase was the result of
   drilling completed in 2012 and greater confidence in the viability of a larger pit at Havana.

   On 10 December 2012, AngloGold Ashanti announced that Standard & Poor's affirmed the investment grade rating on the
   company's publicly traded debt following an extensive review.

   On 8 January 2013, the Board of AngloGold Ashanti announced the resignation of Chief Executive Officer, Mark Cutifani
   with effect from 1 April 2013. The Board further announced the appointment of the current Chief Financial Officer,
   Mr Srinivasan Venkatakrishnan and Executive Vice President Business and Technical Development, Mr Anthony O'Neill
   as joint interim Chief Executives, with Mr Venkatakrishnan responsible for all Finance and Corporate functions and
   Mr O'Neill responsible for all Operations, Projects (including the company's Enterprise Resource Planning programme and
   procurement) and Technical functions.

19. Dividend

    The salient details Dividend No. 115 for the quarter ended 30 September 2012 paid by AngloGold Ashanti (Registration
    Number 1944/017354/06) is shown below:

                                                               Rate of         Gross  Withholding            Net         Date of
                                                              exchange      dividend       tax at       dividend         payment
                                                                            declared          15%           paid            2012
    South African cents per ordinary share                           -            50          7.5           42.5     14 December
    UK pence per ordinary share                            R14.2725/£1         3.503        0.525          2.978     14 December
    Australian cents per CHESS Depositary Interest (CDI)   R1/A$0.1077         1.077        0.162          0.915     14 December
    Ghana cedi per ordinary share                           R1/¢0.2117       0.10585      0.01588        0.08997     14 December
    Ghana cedi per Ghanaian Depositary Share (GhDSs)        R1/¢0.2117     0.0010585    0.0001588      0.0008997     17 December
    US cents per American Depositary Share (ADS)            R8.6784/$1        5.7614       0.8642         4.8972     24 December

Each CDI represents one-fifth of an ordinary share, and 100 GhDSs represents one ordinary share. Each ADS represents
one ordinary share.

Quarter ended 30 September 2012 Dividend No. E15 of 25 South African cents (gross), or 21.25 South African cents (net)
was paid to holders of E ordinary shares on 14 December 2012, being those employees participating in the Bokamoso
ESOP and 25 South African cents (gross) was paid to Izingwe Holdings (Proprietary) Limited on the same day.

The directors of AngloGold Ashanti Limited (Registration Number 1944/017354/06) declared Final Dividend No. 116 for
the quarter and year ended 31 December 2012 as detailed below. In terms of the withholding tax on dividends which
became effective on 1 April 2012, the following additional information is disclosed:

 Dividends have been declared out of total reserves
 Rate of dividend declared per ordinary share in South African cents (gross)                                       50
 Dividends tax rate applicable to shareholders liable to pay the dividend tax                                     15%
 STC credits utilised in South African cents                                                                      Nil
 Rate in South African cents (net) where dividend tax at 15% is payable                                          42.5
 The ordinary shares of AngloGold Ashanti Limited in issue at the date of declaration is                  383,341,572
 The E ordinary shares of AngloGold Ashanti Limited in issue at the date of declaration is                  1,612,518
 AngloGold Ashanti Limited's tax reference number                                                          9640006608

In compliance with the requirements of Strate, given the company's primary listing on the JSE, the salient dates for
payment of the dividend are as follows:

To holders of ordinary shares and to holders of CHESS Depositary Interests (CDIs)

Each CDI represents one-fifth of an ordinary share.
                                                                                                                 2013
Currency conversion date for UK pounds, Australian dollars and Ghanaian cedis                       Thursday, 7 March
Last date to trade ordinary shares cum dividend                                                       Friday, 8 March
Last date to register transfers of certificated securities cum dividend                               Friday, 8 March
Ordinary shares trade ex-dividend                                                                    Monday, 11 March
Record date                                                                                          Friday, 15 March
Payment date                                                                                       Thursday, 28 March

     On the payment date, dividends due to holders of certificated securities on the South African and Jersey share registers
     will be electronically transferred to shareholders' bank accounts.

     Dividends in respect of dematerialised shareholdings will be credited to shareholders' accounts with the relevant CSDP or
     broker.

     To comply with further requirements of Strate, between Monday, 11 March 2013 and Friday, 15 March 2013, both days
     inclusive, no transfers between the South African, Jersey, Australian and Ghana share registers will be permitted and no
     ordinary shares pertaining to the South African share register may be dematerialised or rematerialised.

     To holders of American Depositary Shares
     Each American Depositary Share (ADS) represents one ordinary share.
                                                                                                                       2013
     Ex dividend on New York Stock Exchange                                                             Wednesday, 13 March
     Record date                                                                                           Friday, 15 March
     Approximate date for currency conversion                                                              Friday, 22 March
     Approximate payment date of dividend                                                                   Monday, 8 April

     Assuming an exchange rate of R8.8736/$, the gross dividend payable per ADS, which is subject to a 15% South African
     withholding tax, is equivalent to 6 US cents. However the actual rate of payment will depend on the exchange rate on the
     date for currency conversion.

     To holders of Ghanaian Depositary Shares (GhDSs)
     100 GhDSs represent one ordinary share.
                                                                                                                        2013
     Last date to trade and to register GhDSs cum dividend                                                   Friday, 8 March
     GhDSs trade ex-dividend                                                                                Monday, 11 March
     Record date                                                                                            Friday, 15 March
     Approximate payment date of dividend                                                                    Monday, 2 April

     Assuming an exchange rate of R1/0.21411¢, which is subject to a 15% South African withholding tax, the dividend
     payable per share is equivalent to 0.1071 cedis. However, the actual rate of payment will depend on the exchange rate on
     the date for currency conversion. In Ghana, the authorities have determined that dividends payable to residents on the
     Ghana share register be subject to a final withholding tax at a rate of 8%.

     In addition, directors declared Interim Dividend No. E16, for the quarter and year ended 31 December 2012 of 25 South
     African cents per E ordinary share, payable to employees participating in the Bokamoso ESOP and Izingwe Holdings
     (Proprietary) Limited. These dividends will be paid on Thursday, 28 March 2013.

By order of the Board

T T MBOWENI                                                                                 M CUTIFANI
Chairman                                                                                    Chief Executive Officer
18 February 2013

    Non-GAAP disclosure
    From time to time AngloGold Ashanti Limited may publicly disclose certain "Non-GAAP" financial measures in the course of its financial presentations,
    earnings releases, earnings conference calls and otherwise.

    The group uses certain Non-GAAP performance measures and ratios in managing the business and may provide users of this financial information with
    additional meaningful comparisons between current results and results in prior operating periods. Non-GAAP financial measures should be viewed in
    addition to, and not as an alternative to, the reported operating results or any other measure of performance prepared in accordance with IFRS. In addition,
    the presentation of these measures may not be comparable to similarly titled measures that other companies use.


A   Adjusted headline earnings
                                                                                                           Quarter ended                          Year ended
                                                                                                       Dec           Sep            Dec              Dec             Dec
                                                                                                      2012          2012           2011             2012            2011
                                                                                                 Unaudited     Unaudited      Unaudited        Unaudited       Unaudited
                                                                                                                            US Dollar million
    Headline earnings (note 8)                                                                         109           178            289            1,145           1,484
    (Gain) loss on unrealised non-hedge derivatives and
      other commodity contracts                                                                        (25)            61              -              35               1
    Deferred tax on unrealised non-hedge derivatives and
      other commodity contracts (note 7)                                                                  7          (17)              -            (10)               -
    Fair value adjustment on option component of convertible bonds                                     (17)             2             15            (83)            (84)
    Fair value adjustment on mandatory convertible bonds                                               (65)            11            (9)           (162)           (104)
    Adjusted headline earnings                                                                            7           235            295             924           1,297

    Adjusted headline earnings per ordinary share (cents) (1)                                             2            61             76             239             336

    (1) Calculated on the basic weighted average number of ordinary shares.

B   Adjusted gross profit
                                                                                                           Quarter ended                          Year ended
                                                                                                       Dec           Sep           Dec             Dec              Dec
                                                                                                      2012          2012          2011            2012             2011
                                                                                                 Unaudited     Unaudited     Unaudited       Unaudited        Unaudited

    Reconciliation of gross profit to adjusted gross profit: (1)
    Gross profit                                                                                        394          512           682           2,256            2,623
    (Gain) loss on unrealised non-hedge derivatives and other
      commodity contracts                                                                              (25)           61             -              35                1
    Adjusted gross profit (1)                                                                           369          573           682           2,292            2,624

    (1) Adjusted gross profit excludes unrealised non-hedge derivatives and other commodity contracts.

C   Price received
                                                                                                          Quarter ended                          Year ended
                                                                                                      Dec           Sep           Dec              Dec             Dec
                                                                                                     2012          2012          2011             2012            2011
                                                                                                Unaudited     Unaudited     Unaudited        Unaudited       Unaudited
                                                                                                                    US Dollar million / Imperial
    Gold income (note 2)                                                                            1,398         1,629         1,779            6,353           6,570
    Adjusted for non-controlling interests                                                           (19)          (19)          (47)            (135)           (177)
                                                                                                    1,379         1,610         1,732            6,218           6,393
    Realised loss on other commodity contracts                                                          5             5             -               10               -
    Associates and equity accounted joint ventures' share of gold
      income including realised non-hedge derivatives                                                 103            80           110              351             392
    Attributable gold income including realised non-hedge
      derivatives                                                                                   1,487         1,695         1,842            6,579           6,785
    Attributable gold sold      - oz (000)                                                            865         1,029         1,094            3,953           4,305
    Revenue price per unit - $/oz                                                                   1,718         1,648         1,684            1,664           1,576

    Rounding of figures may result in computational discrepancies.

                                                                                                           Quarter ended                             Year ended
                                                                                                         Dec         Sep            Dec                Dec              Dec
                                                                                                        2012        2012           2011               2012             2011
                                                                                                   Unaudited   Unaudited      Unaudited          Unaudited        Unaudited
                                                                                                                    US Dollar million / Imperial
D   Total costs

    Total cash costs (note 3)                                                                            819         867            796              3,270            3,028
    Adjusted for non-controlling interests and non-gold producing companies                             (14)         (26)          (13)               (95)             (99)
    Associates and equity accounted joint ventures' share of total cash costs                             62           51            64                223              221
    Total cash costs adjusted for non-controlling interests
     and non-gold producing companies                                                                   867           892           847              3,398            3,150
    Retrenchment costs (note 3)                                                                            2            2             4                 10               15
    Rehabilitation and other non-cash costs (note 3)                                                      16           16           157                 67              229
    Amortisation of tangible assets (note 3)                                                            206         202             203                793              768
    Amortisation of intangible assets (note 3)                                                             1            1             1                  5                2
    Adjusted for non-controlling interests and non-gold producing companies                             (12)          (3)          (34)               (31)             (64)
    Associates and equity accounted joint ventures' share of production costs                              2            3             6                  8               12
    Total production costs adjusted for non-controlling
     interests and non-gold producing companies                                                       1,082         1,113         1,184              4,250            4,112

    Gold produced - oz (000)                                                                            859         1,030         1,112              3,944            4,329
    Total cash cost per unit - $/oz (1)                                                               1,009           866           762                862              728
    Total production cost per unit - $/oz                                                             1,259         1,081         1,065              1,078              950
    
  (1)  The total cash cost of $1,009/oz for the December 2012 quarter includes $157/oz relating to the impact of the strike in South Africa. For the year, the cash
    cost of $862/oz includes $33/oz for the impact of the strike.

E   EBITDA
    Operating profit                                                                                  (217)           305           672              1,127            2,202
    Amortisation of tangible assets (note 3)                                                            206           202           203                793              768
    Amortisation of intangible assets (note 3)                                                            1             1             1                  5                2
    Impairment (reversal) and derecognition of tangible assets (note 5)                                 354             1         (134)                356            (120)
    Impairment reversal of intangible assets (note 5)                                                     -             -             -               (10)                -
    (Gain) loss on unrealised non-hedge derivatives and other commodity contracts                      (25)            61             -                 35                1
    Share of associates' EBITDA                                                                          15            16            33                 74              137
    Impairment of investments (note 5)                                                                   12             3             3                 16               21
    Net loss on disposal and derecognition of assets (note 5)                                             1             7             5                 15                8
    Profit on disposal of subsidiary ISS International Limited (note 5)                                   -             -             -                  -              (2)
    Profit on disposal of subsidiary Rand Refinery Limited (note 5)                                    (14)             -             -               (14)                -
    Insurance claim recovery of capital items (note 5)                                                    -             -           (3)                  -              (3)
                                                                                                        333           597           780              2,397            3,014

F   Interest cover

    EBITDA (note D)                                                                                     333           597           780              2,397            3,014

    Finance costs (note 6)                                                                               47            50            34                167              141
    Capitalised finance costs                                                                             4             4             2                 12                3
                                                                                                         51            54            36                179              144
    Interest cover - times                                                                                7            11            22                 13               21

                                                                                                                                 As at              As at             As at
                                                                                                                                   Dec                Sep               Dec
                                                                                                                                  2012               2012              2011
                                                                                                                             Unaudited          Unaudited         Unaudited
                                                                                                                                             US Dollar million
G   Net asset value - cents per share

    Total equity                                                                                                                 5,469              5,742            5,166
    Mandatory convertible bonds                                                                                                    588                656              760
                                                                                                                                 6,057              6,398            5,926
    Number of ordinary shares in issue - million (note 9)                                                                          385                386              385
    Net asset value - cents per share                                                                                            1,573              1,659            1,540

    Total equity                                                                                                                 5,469              5,742            5,166
    Mandatory convertible bonds                                                                                                    588                656              760
    Intangible assets                                                                                                            (315)              (289)            (210)
                                                                                                                                 5,742              6,109            5,716
    Number of ordinary shares in issue - million (note 9)                                                                          385                386              385
    Net tangible asset value - cents per share                                                                                   1,492              1,584            1,485
H   Net debt
    Borrowings - long-term portion                                                                                               2,724              2,708            1,698
    Borrowings - short-term portion                                                                                                271                 57               30
    Total borrowings (1)                                                                                                         2,995              2,765            1,728
    Corporate office lease                                                                                                        (31)               (32)             (33)
    Unamortised portion of the convertible and rated bonds                                                                          53                 52               85
    Cash restricted for use                                                                                                       (64)               (93)             (58)
    Cash and cash equivalents                                                                                                    (892)            (1,123)          (1,112)
    Net debt excluding mandatory convertible bonds                                                                               2,061              1,569              610
    
   (1) Borrowings exclude the mandatory convertible bonds (note G).
    
Rounding of figures may result in computational discrepancies.


OPERATING RESULTS                                                        Continental
                                                          South Africa        Africa   Australasia   Americas   Total group
QUARTER ENDED DECEMBER 2012                                                  

UNDERGROUND OPERATION
Area mined                        - 000 m2                         124            -             -          -           124
Mined                             - 000 tonnes                     760          434           482        788         2,464
Milled / Treated                  - 000 tonnes                     715          464           433        811         2,423
Recovered grade                   - oz/ton                       0.175        0.146         0.080      0.167         0.150
                                  - g/tonne                       5.99         5.01          2.74       5.74          5.14
Gold produced                     - oz (000)                       138           75            38        150           400

SURFACE AND DUMP RECLAMATION
Milled / Treated                  - 000 tonnes                   5,415           61             -          -         5,476
Recovered grade                   - oz/ton                       0.006        0.019             -          -         0.006
                                  - g/tonne                       0.19         0.65             -          -          0.20
Gold produced                     - oz (000)                        34            1             -          -            35

OPEN-PIT OPERATION
Volume mined                      - 000 bcm                          -       15,544         1,898          -        17,442
Mined                             - 000 tonnes                       -       37,316         4,424      6,658        48,398
Treated                           - 000 tonnes                       -        6,311           350        259         6,920
Stripping ratio                   - ratio                            -         4.37        162.66      21.09          5.65
Recovered grade                   - oz/ton                           -        0.042         0.044      0.150         0.046
                                  - g/tonne                          -         1.43          1.50       5.15          1.57
Gold produced                     - oz (000)                         -          290            17         43           349

HEAP LEACH OPERATION
Mined                             - 000 tonnes                       -        1,842             -     15,488        17,330
Placed                            - 000 tonnes                       -          277             -      5,345         5,621
Stripping ratio                   - ratio                            -         6.08             -       2.11          2.31
Recovered grade                   - oz/ton                           -        0.054             -      0.012         0.014
                                  - g/tonne                          -         1.87             -       0.41          0.49
Gold placed                       - oz (000)                         -           17             -         71            88
Gold produced                     - oz (000)                         -           10             -         65            75

PRODUCTIVITY PER EMPLOYEE
Actual                            - oz/TEC                        2.32        10.67         38.54      16.40          6.81

TOTAL
Subsidiaries' gold produced       - oz (000)                       171          319            55        258           802
Joint ventures' gold produced     - oz (000)                         -           57             -          -            57
Attributable gold produced        - oz (000)                       171          376            55        258           859
Minority gold produced            - oz (000)                         -           11             -          4            16

Subsidiaries' gold sold           - oz (000)                       202          309            55        240           805
Joint ventures' gold sold         - oz (000)                         -           60             -          -            60
Attributable gold sold            - oz (000)                       202          369            55        240           865
Minority gold sold                - oz (000)                         -           10             -          4            14

Spot price                        - $/oz                         1,717        1,717         1,717      1,717         1,717
Price received                    - $/oz sold                    1,721        1,720         1,719      1,712         1,718
Total cash costs                  - $/oz produced                1,166        1,070         1,462        720         1,009
Total production costs            - $/oz produced                1,298        1,398         1,688        935         1,259

Recovered grade calculated using a short ton.

Rounding of figures may result in computational discrepancies.

                                                                                                                                   Less equity
FINANCIAL RESULTS                                                  Continental                            Corporate
                                                    South Africa                 Australasia   Americas               Sub-total     accounted    Total group
QUARTER ENDED DECEMBER 2012 $'m                                         Africa                            and other               investments
                                                                                                                                  

Gold income                                                 344           651            94         413           -       1,501          (103)        1,398


Cash costs                                                 (253)         (415)          (81)      (227)         19        (956)            63          (894)
By-products revenue                                          54             1             -         20           -          75              -             75
Total cash costs                                           (200)         (413)          (80)      (207)         19        (881)            62          (819)
Retrenchment costs                                           (1)            -             -         (1)          -          (2)             -            (2)
Rehabilitation and other non-cash costs                      49           (50)           (2)       (12)          -         (15)           (2)           (16)
Amortisation of assets                                      (71)          (75)          (11)       (51)         (2)       (210)             3          (207)
Total production costs                                     (222)         (539)          (93)      (270)         17      (1,108)            64        (1,044)
Inventory change                                            (29)           12            (1)        28           -          11              4             15
Cost of sales                                              (251)         (527)          (94)      (242)         17      (1,097)            68        (1,029)

Adjusted gross profit (loss)                                 92           124             -        171          17         404            (35)           369
Unrealised non-hedge derivatives and other
                                                             25             -             -          -           -          25               -            25
 commodity contracts
Gross profit (loss)                                        117            124             -        171          17         429            (35)           394
Corporate and other costs                                    (3)           (3)            -        (15)        (63)        (86)              -           (86)
Exploration and evaluation costs                             (4)          (50)          (23)       (43)         (6)       (126)              2          (124)
Intercompany transactions                                     -           (24)           (3)        (1)         27           -               -             -
Special items                                               (50)         (352)            4        (18)         15        (401)            (1)         (402)
Operating profit (loss)                                      61          (305)          (22)        95         (11)       (182)           (35)         (217)
Net finance (costs) income, unwinding of
                                                             (2)           (4)            1          3          33          31              (3)           27
 obligations and fair value adjustments
Exchange gain (loss)                                          -            (2)            1         (4)          5          (1)              -             1
Share of equity accounted investments profit                  -            (2)            -        (24)        (46)        (73)             29          (44)
Profit (loss) before taxation                                59          (313)          (21)        70         (20)       (226)            (8)         (234)
Taxation                                                     (8)           76             8        (37)          3          43               8            51
Profit (loss) for the period                                 51          (237)          (13)        33         (17)       (182)              -          (182)
Equity shareholders                                          51          (234)          (13)        31         (23)       (188)              -          (188)
Non-controlling interests                                     -            (3)            -          2           6           6               -             5


Operating profit (loss)                                      61          (305)          (22)        95         (11)       (182)           (35)          (217)
Unrealised non-hedge derivatives and other
                                                            (25)            -             -          -           -         (25)              -           (25)
 commodity contracts
Loss on realised other commodity contracts                    -             -             -          -           -           -               -             -

Intercompany transactions                                     -            24             3          1         (27)          -               -             -
Special items                                                51          320              -          1         (16)        356              (3)          353
Share of associates' EBIT                                     -             -             -        (24)         (2)        (26)             38             11
EBIT                                                         87            39           (19)        72         (56)        122               -           122
Amortisation of assets                                       71            75            11         51           2         210              (3)          207
Share of associates' amortisation                             -             -             -          -           -           -               3             3
EBITDA                                                      158           115            (9)       123         (54)        333               -           333
   

Profit (loss) attributable to equity shareholders            51          (234)          (13)        31         (23)       (188)              -          (188)
Special items                                                51           320              -         1         (16)        356              (3)          353
Share of associates' special items                            -             2             -          -          44          47               3            50
Taxation on items above                                     (14)          (92)            -          -           -        (106)              -          (106)
Headline earnings (loss)                                     88            (4)          (13)        32           5         109               -           109
Unrealised non-hedge derivatives and othe
                                                            (25)            -             -          -           -         (25)              -           (25)
 commodity contracts
Deferred tax on unrealised non-hedge
                                                              7             -             -          -           -           7               -             7
 derivatives and other commodity contracts
Fair value adjustment on option component
                                                              -             -             -          -         (17)        (17)              -           (17)
 of convertible bonds
Fair value adjustment on mandatory
                                                              -             -             -          -         (65)        (65)              -           (65)
 convertible bonds
Adjusted headline earnings (loss)                            70            (4)          (13)        32         (77)          7               -             7


Ore reserve development capital                              46            11             3         23           -          83               -            83
Stay-in-business capital                                     80            83            10         78           2         253              (2)          251
Project capital                                              61           186           166         56           -         469            (140)          329
Total capital expenditure                                   187           280           178         157          2         804            (142)          662
Capitalised leased assets                                                                                                                               (11)
Expenditures on intangible assets                                                                                                                       (28)
Capital expenditure per statement of cash flows                                                                                                          623


Rounding of figures may result in computational discrepancies.

OPERATING RESULTS                                                        Continental
                                                        South Africa          Africa        Australasia   Americas   Total group
QUARTER ENDED SEPTEMBER 2012                                                  

UNDERGROUND OPERATION
Area mined                        - 000 m2                        237             -             -          -           237
Mined                             - 000 tonnes                   1,480          386           417        650         2,932
Milled / Treated                  - 000 tonnes                   1,309          429           541        749         3,028
Recovered grade                   - oz/ton                       0.221        0.124         0.057      0.146         0.160
                                  - g/tonne                       7.58         4.26          1.97       5.00          5.47
Gold produced                     - oz (000)                       319           59            34        120           533

SURFACE AND DUMP RECLAMATION
Milled / Treated                  - 000 tonnes                   6,687           36             -          -         6,722
Recovered grade                   - oz/ton                       0.007        0.025             -          -         0.007
                                  - g/tonne                       0.25         0.85             -          -          0.25
Gold produced                     - oz (000)                        54            1             -          -            55

OPEN-PIT OPERATION
Volume mined                      - 000 bcm                          -       11,661         1,369          -        13,030
Mined                             - 000 tonnes                       -       27,865         3,312      6,244        37,421
Treated                           - 000 tonnes                       -        6,151           293        268         6,712
Stripping ratio                   - ratio                            -         4.12         16.66      19.05          5.29
Recovered grade                   - oz/ton                           -        0.043         0.091      0.154         0.049
                                  - g/tonne                          -         1.47          3.12       5.29          1.69
Gold produced                     - oz (000)                         -          290            29         46           365

HEAP LEACH OPERATION
Mined                             - 000 tonnes                       -        2,078             -     15,110        17,188
Placed                            - 000 tonnes                       -          315             -      5,917         6,232
Stripping ratio                   - ratio                            -        12.60             -       1.74          2.03
Recovered grade                   - oz/ton                           -        0.024             -      0.012         0.013
                                  - g/tonne                          -         0.83             -       0.42          0.44
Gold placed                       - oz (000)                         -            8             -         79            88
Gold produced                     - oz (000)                         -            7             -         71            77

PRODUCTIVITY PER EMPLOYEE
Actual                            - oz/TEC                        5.07        10.30         45.54      16.34          8.29

TOTAL
Subsidiaries' gold produced       - oz (000)                       373          307            64        237           980
Joint ventures' gold produced     - oz (000)                         -           50             -          -            50
Attributable gold produced        - oz (000)                       373          357            64        237         1,030
Minority gold produced            - oz (000)                         -           11             -          5            15

Subsidiaries' gold sold           - oz (000)                       370          296            61        253           980
Joint ventures' gold sold         - oz (000)                         -           49             -          -            49
Attributable gold sold            - oz (000)                       370          345            61        253         1,029
Minority gold sold                - oz (000)                         -           10             -          5            15

Spot price                       - $/oz                          1,653        1,653         1,653      1,653         1,653
Price received                   - $/oz sold                     1,652        1,642         1,646      1,652         1,648
Total cash costs                 - $/oz produced                   849          916           937        798           866
Total production costs           - $/oz produced                 1,082        1,093         1,092      1,051         1,081

Recovered grade calculated using a short ton.

Rounding of figures may result in computational discrepancies.
                                                                                                                                   
FINANCIAL RESULTS                                                                                                                 Less equity
                                                    South Africa   Continental  Australasia    Americas   Corporate   Sub-total     accounted    Total group
QUARTER ENDED SEPTEMBER 2012 $'m                                        Africa                            and other               investments
                                                                                                                                  
Gold income                                                 606           582           101         421           -       1,709          (80)         1,629


Cash costs                                                 (318)         (338)          (60)      (237)          7        (946)           51           (895)
By-products revenue                                           1             1             -         25           1          28             -             28
Total cash costs                                           (317)         (337)          (60)      (212)          8        (918)           51           (867)
Retrenchment costs                                           (1)            -             -         (1)          -          (2)            -             (2)
Rehabilitation and other non-cash costs                      (5)           (7)            -         (4)          -         (16)            -            (16)
Amortisation of assets                                      (80)          (58)          (10)       (56)         (2)       (206)            3           (203)
Total production costs                                     (404)         (401)          (69)      (274)          6      (1,142)           54         (1,089)
Inventory change                                              6            16             5          7           -          34           (2)             32
Cost of sales                                              (398)         (385)          (64)      (267)          6      (1,109)           52         (1,056)

Adjusted gross profit (loss)                                 207           197            36        154          6         601          (28)             573
Unrealised non-hedge derivatives and other
                                                            (61)            -             -          -           -         (61)            -            (61)
 commodity contracts
Gross profit (loss)                                          147           197            36        154          6         540           (28)            512
Corporate and other costs                                    (2)           (4)            -         (7)        (62)        (75)             -           (75)
Exploration and evaluation costs                             (3)          (30)          (24)       (42)         (9)       (108)             2          (107)
Intercompany transactions                                     -           (22)           (3)        (1)         25           -              -             -
Special items                                                (2)           (9)          (14)        (1)          1         (25)             -           (25)
Operating profit (loss)                                     139           132            (4)       104         (39)        331           (27)            305
Net finance (costs) income, unwinding of
                                                             (2)           (1)           (1)         -         (58)        (62)             -           (61)
 obligations and fair value adjustments
Exchange (loss) gain                                          -            (5)            -         (2)          6          (1)             3             1
Share of equity-accounted investments profit                  -             -             -        (10)         (4)        (14)            14              -
Profit (loss) before taxation                               136           127            (5)        91         (95)        255            (9)            245
Taxation                                                    (13)          (68)            1         15         (20)        (85)             9           (76)
Profit (loss) for the period                                124             59           (5)       106        (114)        169              -           169
Equity shareholders                                         124             62           (5)       104        (117)        168              -           168
Non-controlling interests                                     -            (4)            -          2           3           1              -             1


Operating profit (loss)                                     139           132            (4)       104         (39)        331            (27)          305
Unrealised non-hedge derivatives and other
                                                             61             -             -          -           -          61               -           61
 commodity contracts
Loss on realised other commodity contracts                    -             -             -          -           -           -               -            -

Intercompany transactions                                     -            22             3          1         (25)          -               -            -
Special items                                                 4             7             3          1          (2)         12               -            12
Share of associates' EBIT                                     -             -             -        (10)         (3)        (13)             27            13
EBIT                                                        203           161             2         95         (69)        391               -           391
Amortisation of assets                                       80            58            10         56           2         206              (3)          203
Share of associates' amortisation                             -             -             -          -           -           -               3             3
EBITDA                                                      283           218            12        151         (67)        597               -           597


Profit (loss) attributable to equity shareholders           124            62            (5)       104        (117)       168                -           168

Special items                                                 4             7             3          1          (2)        12                -            12
Share of associates' special items                            -             -             -          -           -           -               -             -
Taxation on items above                                      (1)            -            (1)         -           -         (2)               -           (2)
Headline earnings (loss)                                    126            69            (3)       104        (119)        178               -           178
Unrealised non-hedge derivatives and other
                                                             61             -             -          -           -          61               -            61
 commodity contracts
Deferred tax on unrealised non-hedge
                                                            (17)            -             -          -           -         (17)              -          (17)
 derivatives and other commodity contracts
Fair value adjustment on option component of
                                                              -             -             -          -           2           2               -             2
 convertible bonds
Fair value adjustment on mandatory
                                                              -             -             -          -          11          11               -            11
 convertible bonds
Adjusted headline earnings (loss)
                                                            170            69            (3)       104        (106)        235               -           235



Ore reserve development capital                              67            10             3         21           -         102               -           102
Stay-in-business capital                                     42            81             6         34          17         181              (2)          179
Project capital                                              52           116            73         21           -         262             (71)          192
Total capital expenditure                                   161           208            82         77          17         545             (73)          472
Capitalised leased assets                                                                                                                                  -
Expenditures on intangible assets                                                                                                                       (24)

Capital expenditure per statement of cash flows                                                                                                         448

Rounding of figures may result in computational discrepancies.

OPERATING RESULTS                                                        Continental
                                                        South Africa          Africa   Australasia   Americas   Total group
QUARTER ENDED DECEMBER 2011                                                   

UNDERGROUND OPERATION
Area mined                        - 000 m2                        248             -             -          -           248
Mined                             - 000 tonnes                   1,555          479           321        512         2,867
Milled / Treated                  - 000 tonnes                   1,394          497           356        520         2,768
Recovered grade                   - oz/ton                       0.235        0.146         0.129      0.195         0.198
                                  - g/tonne                       8.05         5.01          4.44       6.68          6.78
Gold produced                     - oz (000)                       361           80            51        112           603

SURFACE AND DUMP RECLAMATION
Milled / Treated                  - 000 tonnes                   2,747           29             -          -         2,776
Recovered grade                   - oz/ton                       0.012        0.031             -          -         0.012
                                  - g/tonne                       0.42         1.06             -          -          0.42
Gold produced                     - oz (000)                        37            1             -          -            38

OPEN-PIT OPERATION
Volume mined                      - 000 bcm                          -       13,874           691          -        14,565
Mined                             - 000 tonnes                       -       32,230         1,459      6,618        40,307
Treated                           - 000 tonnes                       -        6,122           558        242         6,922
Stripping ratio                   - ratio                            -         5.98          4.91      23.00          6.84
Recovered grade                   - oz/ton                           -        0.049         0.020      0.167         0.051
                                  - g/tonne                          -         1.68          0.69       5.73          1.74
Gold produced                     - oz (000)                         -          330            12         45           387

HEAP LEACH OPERATION
Mined                             - 000 tonnes                       -        2,131             -     14,977        17,107
Placed                            - 000 tonnes                       -          304             -      4,586         4,889
Stripping ratio                   - ratio                            -        10.86             -       2.51          2.84
Recovered grade                   - oz/ton                           -        0.030             -      0.013         0.014
                                  - g/tonne                          -         1.04             -       0.44          0.47
Gold placed                       - oz (000)                         -           10             -         65            75
Gold produced                     - oz (000)                         -            7             -         76            84

PRODUCTIVITY PER EMPLOYEE
Actual                            - oz/TEC                        5.71        12.00         42.52      20.09          9.46

TOTAL
Subsidiaries' gold produced       - oz (000)                      398           356            63        234         1,051
Joint ventures' gold produced     - oz (000)                         -           63             -          -            63
Attributable gold produced        - oz (000)                      398           419            63        234         1,114
Minority gold produced            - oz (000)                         -           11             -         25            36

Subsidiaries' gold sold           - oz (000)                      398           353            62        217         1,030
Joint ventures' gold sold         - oz (000)                        -            66             -          -            66
Attributable gold sold            - oz (000)                      398           419            62        217         1,096
Minority gold sold                - oz (000)                        -            11             -         21            32

Spot price                        - $/oz                         1,683        1,683         1,683      1,683         1,683
Price received                    - $/oz sold                    1,689        1,680         1,673      1,686         1,684
Total cash costs                  - $/oz produced                  696          799         1,478        612           762
Total production costs            - $/oz produced                  884        1,220         1,771        895         1,065

Recovered grade calculated using a short ton.

Rounding of figures may result in computational discrepancies.

FINANCIAL RESULTS                                                                                                                 Less equity
                                                    South Africa   Continental  Australasia    Americas   Corporate   Sub-total     accounted    Total group
QUARTER ENDED DECEMBER 2011 $'m                                        Africa                            and other               investments

Gold income received                                        672           723           103         392           -       1,889         (110)         1,779


Cash costs                                                 (299)         (349)          (94)      (185)         17        (909)           64           (845)
By-products revenue                                          22             3             -         23           1          49             -             49
Total cash costs                                           (277)         (346)          (94)      (161)         18        (860)           64           (796)
Retrenchment costs                                           (2)           (2)            -         (1)          -          (4)            -             (4)
Rehabilitation and other non-cash costs                       2          (110)           (4)       (48)          -        (161)            4           (157)
Amortisation of assets                                      (75)          (67)          (15)       (47)         (2)       (206)            2           (204)
Total production costs                                     (351)         (525)         (112)      (258)         15      (1,231)           70         (1,161)
Inventory change                                              -             9             -         52           -          62             2              64
Cost of sales                                              (351)         (516)         (112)      (205)         15      (1,169)           72         (1,097)

Adjusted gross profit (loss)                                320           207            (9)       186          16         720          (38)             682
Unrealised non-hedge derivatives and other
 commodity contracts                                          -             -             -          -           -           -             -               -
Gross profit (loss)                                         320           207            (9)       186          16         720           (38)            682
Corporate and other costs                                    (3)           (2)           (1)       (10)        (57)        (72)             -           (73)
Exploration and evaluation costs                             (1)          (18)          (17)       (31)        (16)        (84)             1           (83)
Intercompany transactions                                     -           (17)           (3)         -          21           -              -             -
Special items                                                (8)         148              6          1          (2)        146              -           146
Operating profit (loss)                                     308           317           (24)       146         (39)        709           (37)           672
Net finance (costs) income, unwinding of
 obligations and fair value adjustments                      (1)            7             3         (2)        (41)        (34)             3          (31)
Exchange gain (loss)                                          -            (7)            -         (4)          -         (11)             2          (10)
Share of equity accounted investments profit                  -           (11)            -         (6)         15          (2)            18            17
Profit (loss) before taxation                               307           306           (21)       134         (64)        662            (14)          648
Taxation                                                   (122)         (107)            5        (29)         (7)       (259)            14         (246)
Profit (loss) for the period                                185           199           (16)       106         (71)        402              -           402
Equity shareholders                                         185           197           (16)        95         (77)        385              -           385
Non-controlling interests                                     -             2             -         10           5          17              -            17

Operating profit (loss)                                     308           317           (24)       146         (39)       709            (37)           672

Unrealised non-hedge derivatives and other
 commodity contracts                                          -             -             -          -           -           -              -             -

Intercompany transactions                                     -            17             3          -         (21)          -              -             -
Special items                                                 9          (138)            1         (2)          2        (128)             -         (128)
Share of associates'EBIT                                      -             -             -         (6)         (1)         (7)            37             30
EBIT                                                        318           196           (20)       138         (58)        574              -            574

Amortisation of assets                                       75            67            15         47           2         206            (2)            204
Share of associates' amortisation                             -             -             -          -           -           -              2              2

EBITDA                                                      393           263            (5)       186         (56)        780              -            780

Profit (loss) attributable to equity shareholders           185           197           (16)        95         (77)        385              -            385

Special items                                                 9         (138)             1         (2)          2        (128)             -          (128)
Share of associates' special items                            -            11             -          -         (17)         (6)             -            (6)
Taxation on items above                                      (4)           41             -          1           -          38              -            38
Headline earnings (loss)                                    191           111           (16)        94         (91)        289              -           289
Unrealised non-hedge derivatives and other
 commodity contracts                                          -             -             -          -           -           -              -             -
Deferred tax on unrealised non-hedge
 derivatives and other commodity contracts                    -             -             -          -           -           -              -             -
Fair value adjustment on option component
 of convertible bonds                                         -             -             -          -          15          15              -            15
Fair value adjustment on mandatory
 convertible bonds                                            -             -             -          -          (9)         (9)             -           (9)

Adjusted headline earnings (loss)                           191           111           (16)        94         (85)        295              -           295

Ore reserve development capital                              58            12              4         17           -         92              -            92
Stay-in-business capital                                     74           108              9         59           4        254             (7)          247
Project capital                                              49            32             27         71           -        179            (24)          155
Total capital expenditure                                   181           152             40        147           5        525            (31)          494
Capitalised leased assets                                                                                                                               (29)
Expenditures on intangible assets                                                                                                                       (10)

Capital expenditure per statement of cash flows                                                                                                          455

Rounding of figures may result in computational discrepancies.

OPERATING RESULTS                                                 Continental
                                                   South Africa        Africa   Australasia   Americas   Total group
YEAR ENDED DECEMBER 2012                                               

UNDERGROUND OPERATION
Area mined                       - 000 m2                 754              -             -          -           754
Mined                            - 000 tonnes            4,838         1,622         1,459      2,510        10,429
Milled / Treated                 - 000 tonnes            4,317         1,799         1,444      2,796        10,356
Recovered grade                  - oz/ton                0.219         0.140         0.076      0.160         0.169
                                 - g/tonne                7.50          4.79          2.60       5.48          5.80
Gold produced                    - oz (000)              1,041           277           121        492         1,931

SURFACE AND DUMP RECLAMATION
Milled / Treated                 - 000 tonnes           17,962           326             -          -        18,288
Recovered grade                  - oz/ton                0.009         0.009             -          -         0.009
                                 - g/tonne                0.30          0.31             -          -          0.30
Gold produced                    - oz (000)                172             3             -          -           175

OPEN-PIT OPERATION
Volume mined                     - 000 bcm                   -        56,937         4,559          -        61,496
Mined                            - 000 tonnes                -       135,177        11,403     24,208       170,789
Treated                          - 000 tonnes                -        24,541         1,914        973        27,429
Stripping ratio                  - ratio                     -          4.49          8.35      21.12          5.34
Recovered grade                  - oz/ton                    -         0.045         0.065      0.165         0.050
                                 - g/tonne                   -          1.54          2.22       5.66          1.73
Gold produced                    - oz (000)                  -         1,212           137        177         1,526

HEAP LEACH OPERATION
Mined                            - 000 tonnes                -         8,277             -     63,248        71,524
Placed                           - 000 tonnes                -         1,090             -     21,951        23,040
Stripping ratio                  - ratio                     -         11.96             -       2.02          2.31
Recovered grade                  - oz/ton                    -         0.031             -      0.012         0.013
                                 - g/tonne                   -          1.06             -       0.42          0.45
Gold placed                      - oz (000)                  -            37             -        293           330
Gold produced                    - oz (000)                  -            29             -        283           312

PRODUCTIVITY PER EMPLOYEE
Actual                           - oz/TEC                 4.19         10.97         43.46      17.47          8.07

TOTAL
Subsidiaries' gold produced      - oz (000)              1,212         1,311          258         953         3,734
Joint ventures' gold produced    - oz (000)                  -           210             -          -           210
Attributable gold produced       - oz (000)              1,212         1,521          258         953         3,944
Minority gold produced           - oz (000)                  -            44             -         49            92

Subsidiaries' gold sold          - oz (000)              1,214         1,316          257         955         3,742
Joint ventures' gold sold        - oz (000)                  -           211            -           -           211
Attributable gold sold           - oz (000)              1,214         1,527          257         955         3,953
Minority gold sold               - oz (000)                  -            41            -          51            92

Spot price                       - $/oz                  1,668         1,668         1,668      1,668         1,668
Price received                   - $/oz sold             1,665         1,664         1,663      1,664         1,664
Total cash costs                 - $/oz produced           873           905         1,211        683           862
Total production costs           - $/oz produced         1,095         1,111         1,358        921         1,078

Recovered grade calculated using a short ton.
   
FINANCIAL RESULTS                                                                                                                  Less equity
                                                    South Africa   Continental  Australasia    Americas   Corporate   Sub-total      accounted    Total group
QUARTER ENDED DECEMBER 2012 $'m                                        Africa                            and other                 investments

Gold income                                               2,013         2,609          426       1,656            -       6,704           (351)         6,353


Cash costs                                               (1,152)       (1,423)         (313)      (862)          50      (3,700)           224        (3,476)
By-products revenue                                          94             6             1        106            1          207            (1)           206
Total cash costs                                         (1,058)       (1,417)         (312)      (756)          51      (3,492)           223        (3,270)
Retrenchment costs                                           (6)           (1)            -         (4)           -         (10)             -           (10)
Rehabilitation and other non-cash costs                      38           (71)           (2)       (31)           -         (65)            (1)          (67)
Amortisation of assets                                     (302)         (248)          (36)      (213)        (10)       (808)            10           (798)
Total production costs                                   (1,328)       (1,736)         (350)    (1,003)          41      (4,376)           232        (4,145)
Inventory change                                              2             9             2         69            -          82               1            83
Cost of sales                                            (1,326)       (1,727)         (348)      (934)          41      (4,294)            233        (4,062)

Adjusted gross profit (loss)                                687           882             78        722          41       2,410           (118)         2,292
Unrealised non-hedge derivatives and
                                                            (36)            -             -           -           -         (35)             -           (35)
 other commodity contracts
Gross profit (loss)                                         651           882            78         722           41       2,374          (118)        2,256
Corporate and other costs                                    (9)          (12)           (1)       (41)       (269)        (331)            (1)         (332)
Exploration and evaluation costs                            (11)         (123)          (85)      (149)        (33)        (401)             5          (395)
Intercompany transactions                                     -           (82)          (12)        (2)          97           -              -             -
Special items                                               (53)         (359)           15        (17)          13        (401)            (1)         (402)
Operating profit (loss)                                     579           306             (5)       513        (151)        1,242          (114)        1,127
Net finance (costs) income, unwinding of
 obligations and fair value adjustments                      (8)           (7)            -          2           79           66             (2)           64
Exchange (loss) gain                                          -            (3)            1         (5)          12            5              3             7

Share of equity accounted investments profit                  -            (2)            -        (44)        (63)        (109)             80          (28)

Profit (loss) before taxation                               571           293            (4)       466         (123)       1,204           (33)         1,171
Taxation                                                     26          (209)            -       (156)         (16)       (354)             33         (321)
Profit (loss) for the period                                597             85           (3)       310         (139)        849               -           849
Equity shareholders                                         597           102            (3)       290         (155)        831               -           831
Non-controlling interests                                     -           (17)            -         20           16          19               -            19

Operating profit (loss)                                     579           306            (5)       513         (151)      1,242           (114)         1,127

Unrealised non-hedge derivatives and
 other commodity contracts                                   36             -             -           -           -          35               -            35

Intercompany transactions                                     -            82            12           2        (97)          -                -             -
Special items                                                59          319              3           2        (17)         365             (3)           362
Share of associates' EBIT                                     -             -             -        (44)         (9)        (53)             117            64
EBIT                                                        673           707            10         473       (274)       1,589              -          1,589
Amortisation of assets                                      302           248            36        213           10         808            (10)           798
Share of associates' amortisation                             -             -             -           -           -           -              10            10
EBITDA                                                      974           955            46         686       (264)       2,397               -         2,397

Profit (loss) attributable to equity shareholders           597           102            (3)        290       (155)         831               -           831

Special items                                                59          319              3           2        (17)         365             (3)           362
Share of associates' special items                            -             2             -           -          54          56               3            58
Taxation on items above                                     (16)          (90)           (1)          -           -       (107)               -         (106)
Headline earnings (loss)                                    640           333            (1)       292        (119)       1,145               -         1,145
Unrealised non-hedge derivatives and other
 commodity contracts                                         36             -             -           -           -          35               -            35
Deferred tax on unrealised non-hedge
 derivatives and other commodity contracts                  (10)            -             -           -           -        (10)               -          (10)
Fair value adjustment on option component
 of convertible bonds                                         -             -             -           -        (83)        (83)               -          (83)
Fair value adjustment on mandatory
 convertible bonds                                            -             -             -           -       (162)       (162)               -         (162)

Adjusted headline earnings (loss)
                                                            665           333            (1)       292        (364)         924               -           924

Ore reserve development capital                             233            45            14         76           -          369               -           369
Stay-in-business capital                                    176           315            26        147          36          699             (8)           692
Project capital                                             173           430           315        167           -        1,086           (295)           791
Total capital expenditure                                   583           790           355        390          36        2,154           (303)         1,851
Capitalised leased assets                                                                                                                                (14)
Expenditures on intangible assets                                                                                                                        (79)
Capital expenditure per statement of cash flows                                                                                                         1,758


Rounding of figures may result in computational discrepancies.

OPERATING RESULTS                                                Continental
                                                  South Africa        Africa   Australasia   Americas   Total group
YEAR ENDED DECEMBER 2011                                              

UNDERGROUND OPERATION
Area mined                      - 000 m2                1,018             -             -          -         1,018
Mined                           - 000 tonnes            6,312         1,842         1,047      2,003        11,204
Milled / Treated                - 000 tonnes            5,711         1,977         1,084      2,066        10,838
Recovered grade                 - oz/ton                0.232         0.141         0.111      0.191         0.195
                                - g/tonne                7.95          4.82          3.80       6.54          6.69
Gold produced                   - oz (000)              1,459           306           132        436         2,334

SURFACE AND DUMP RECLAMATION
Milled / Treated                - 000 tonnes           10,707            29             -          -        10,736
Recovered grade                 - oz/ton                0.014         0.193             -          -         0.014
                                - g/tonne                0.48          6.62             -          -          0.49
Gold produced                   - oz (000)                164             6             -          -           171

OPEN-PIT OPERATION
Volume mined                    - 000 bcm                   -        53,537         2,100          -        55,637
Mined                           - 000 tonnes                -       126,725         5,110     26,850       158,686
Treated                         - 000 tonnes                -        23,118         2,470        930        26,518
Stripping ratio                 - ratio                     -          4.76          6.04      23.34          5.66
Recovered grade                 - oz/ton                    -         0.048         0.042      0.167         0.052
                                - g/tonne                   -          1.65          1.44       5.72          1.77
Gold produced                   - oz (000)                  -         1,228           114        171         1,513

HEAP LEACH OPERATION
Mined                           - 000 tonnes                -         6,796             -     64,291        71,087
Placed                          - 000 tonnes                -         1,129             -     20,597        21,725
Stripping ratio                 - ratio                     -          7.84             -       2.25          2.46
Recovered grade                 - oz/ton                    -         0.030             -      0.012         0.013
                                - g/tonne                   -          1.05             -       0.41          0.44
Gold placed                     - oz (000)                  -            38             -        270           308
Gold produced                   - oz (000)                  -            29             -        284           313

PRODUCTIVITY PER EMPLOYEE
Actual                          - oz/TEC                 5.85         11.41         38.93      20.70          9.32

TOTAL
Subsidiaries' gold produced     - oz (000)              1,624         1,321          246         891         4,082
Joint ventures' gold produced   - oz (000)                  -           249             -          -           249
Attributable gold produced      - oz (000)              1,624         1,570          246         891         4,331
Minority gold produced          - oz (000)                  -            44             -         83           127

Subsidiaries' gold sold         - oz (000)              1,623         1,309          248         878         4,058
Joint ventures' gold sold       - oz (000)                  -           249            -           -           249
Attributable gold sold          - oz (000)              1,623         1,558          248         878         4,307
Minority gold sold              - oz (000)                  -            46            -          79           125

Spot price                      - $/oz                  1,572         1,572         1,572      1,572         1,572
Price received                  - $/oz sold             1,578         1,578         1,551      1,576         1,576
Total cash costs                - $/oz produced           694           765         1,431        528           728
Total production costs          - $/oz produced           910           987         1,622        765           950

Recovered grade calculated using a short ton.
Rounding of figures may result in computational discrepancies.

                                                                                                                                   Less equity
FINANCIAL RESULTS                                                                                                                 Less equity
                                                    South Africa   Continental  Australasia    Americas   Corporate   Sub-total     accounted    Total group
QUARTER ENDED DECEMBER 2011 $'m                                        Africa                            and other               investments

Gold income received                                      2,561         2,530          385       1,487           -       6,962           (392)        6,570


Cash costs                                               (1,232)       (1,247)         (353)      (678)         37      (3,473)          222        (3,252)
By-products revenue                                         105             8             1        109           2         225            (1)           224
Total cash costs                                         (1,127)       (1,239)         (352)      (569)         39      (3,248)          221        (3,028)
Retrenchment costs                                           (9)           (3)            -         (3)          -         (15)            -           (15)
Rehabilitation and other non-cash costs                      (4)         (131)           (5)       (94)          -        (233)            5          (229)
Amortisation of assets                                     (338)         (219)          (42)      (169)       (11)       (779)             9          (770)
Total production costs                                   (1,477)       (1,592)         (399)      (835)         27      (4,276)          234        (4,042)
Inventory change                                              -             -             1         94           -         95               -            96
Cost of sales                                            (1,477)       (1,592)         (399)      (741)         27      (4,181)          234        (3,946)

Adjusted gross profit (loss)                              1,083           938           (13)       745          28       2,781          (157)        2,624
Unrealised non-hedge derivatives and other
 commodity contracts                                          -             -             -         (2)          -          (1)             -           (1)
Gross profit (loss)                                       1,083          938            (13)       744          28       2,780           (157)        2,623
Corporate and other costs                                   (11)           (9)           (3)       (43)       (238)       (304)            (1)        (305)
Exploration and evaluation costs                             (2)          (69)          (55)      (112)        (45)       (284)             5         (279)
Intercompany transactions                                     -           (51)           (4)        (2)         58           -              -             -
Special items                                               (20)         709             41          4        (570)        163              -          163
Operating profit (loss)                                   1,051         1,518           (35)       590        (768)       2,355          (153)        2,202
Net finance (costs) income, unwinding of
 obligations and fair value adjustments                      (5)            6             5         (5)         42          43               1           44
Exchange gain (loss)                                          -           (15)            -          8           5          (3)              5            2
Share of equity accounted investments
 profit (loss)                                                -           (11)            -        (20)          8         (23)             96            73

Profit (loss) before taxation                             1,046         1,498           (31)       573        (713)      2,373            (51)        2,321
Taxation                                                  (352)         (321)            6        (97)        (11)       (775)              51         (723)
Profit (loss) for the period                               694          1,177           (25)       476        (724)      1,598               -         1,598
Equity shareholders                                        694          1,161           (25)       454        (732)      1,552               -         1,552
Non-controlling interests                                     -            15             -         22           9          46               -            46

Operating profit (loss)                                   1,051         1,518           (35)       590        (768)       2,355           (153)        2,202

Unrealised non-hedge derivatives and other
 commodity contracts                                          -             -             -          2           -           1               -             1

Intercompany transactions                                     -            51             4          2         (58)          -               -             -
Special items                                                23          (677)           (3)        (3)        564         (96)              -          (96)
Share of associates' EBIT                                     -             -             -        (20)         (6)        (26)            153           127
EBIT                                                      1,074           892           (34)       570        (268)      2,234               -         2,234
Amortisation of assets                                     338            219             42        169         11         779             (9)           770
Share of associates' amortisation                             -             -             -          -           -           -               9             9
EBITDA                                                    1,412         1,111             9         739      (257)       3,014               -         3,014

Profit (loss) attributable to equity shareholders           694         1,161          (25)         454       (732)      1,552               -         1,552

Special items                                                23         (677)           (3)         (3)        564         (96)              -          (96)
Share of associates' special items                            -            11             -           -        (14)         (4)              -           (4)
Taxation on items above                                    (11)            41             1           1          -          32               -            32
Headline earnings (loss)                                   706            536           (27)        451       (183)      1,484               -         1,484
Unrealised non-hedge derivatives and
 other commodity contracts                                    -             -             -           2           -           1              -             1
Deferred tax on unrealised non-hedge
 derivatives and other commodity contracts                    -             -             -           -           -           -              -             -

Fair value adjustment on option component
 of convertible bond                                          -             -             -           -        (84)        (84)              -           (84)
Fair value adjustment on mandatory
 convertible bond                                             -             -             -           -       (104)       (104)              -          (104)
Adjusted headline earnings (loss)
                                                           706            535            (27)        453      (371)       1,297              -          1,297



Ore reserve development capital                            262             49             14          65          -         390              -           390
Stay-in-business capital                                   160            270             15         140         17         603            (11)          592
Project capital                                            110            101             73         250          -         534            (78)          456
Total capital expenditure                                  532            420            102         456         17       1,527            (88)        1,439
Capitalised leased assets                                                                                                                                (30)
Expenditures on intangible assets                                                                                                                        (16)
Capital expenditure per statement of cash flows                                                                                                         1,393

Rounding of figures may result in computational discrepancies.

Administrative information

ANGLOGOLD ASHANTI LIMITED

Registration No. 1944/017354/06
Incorporated in the Republic of South Africa

Share codes:
ISIN: ZAE000043485
JSE:                                    ANG
LSE: (Shares)                           AGD
LES : (Dis)                             AGD
NYSE:                                    AU
ASX:                                    AGG
GhSE (Shares):                          AGA
GhSE (GhDS):                            AAD

JSE Sponsor: UBS (South Africa) (Pty) Ltd

Auditors:                 Ernst & Young Inc.

Offices
Registered and Corporate
76 Jeppe Street
Newtown 2001
(PO Box 62117, Marshalltown 2107)
South Africa
Telephone: +27 11 637 6000
Fax: +27 11 637 6624

Australia
Level 13, St Martins Tower
44 St George's Terrace
Perth, WA 6000
(PO Box Z5046, Perth WA 6831)
Australia
Telephone: +61 8 9425 4602
Fax: +61 8 9425 4662

Ghana
Gold House
Patrice Lumumba Road
(PO Box 2665)
Accra
Ghana
Telephone: +233 303 772190
Fax: +233 303 778155

United Kingdom Secretaries
St James's Corporate Services Limited
6 St James's Place
London SW1A 1NP
England
Telephone: +44 20 7499 3916
Fax: +44 20 7491 1989
E-mail: jane.kirton@corpserv.co.uk

Directors
Executive
M Cutifani~ (Chief Executive Officer)
S Venkatakrishnan*§ (Chief Financial Officer)

Non-Executive
T T Mboweni^ (Chairman)
F B Arisman#
R Gasant^
Ms N P January-Bardill^
M J Kirkwood*
W A Nairn^
Prof L W Nkuhlu^
F Ohene-Kena+
S M Pityana^
R J Ruston~
                   
* British          #  American
                   
~ Australian       ^  South African
                   
+ Ghanaian         §  Indian

Officers
Group General Counsel and Company
Secretary: Ms M E Sanz Perez

Investor Relations Contacts
South Africa
Fundisa Mgidi
Telephone: +27 11 637 6763
Mobile: +27 82 374 8820
E-mail: fmgidi@AngloGoldAshanti.com

United Kingdom
Michael Bedford
Telephone: +44 (0) 1225 93 8483
Mobile: +44 (0) 779 497 7881
E-mail: mbedford@AngloGoldAshanti.com

United States
Stewart Bailey
Telephone: +1 212 858 7701
Mobile: +1 646 338 4337
E-mail: sbailey@AngloGoldAshanti.com

Sabrina Brockman
Telephone: +1 212 858 7702
Mobile: +1 646 379 2555
E-mail: sbrockman@AngloGoldAshantiNA.com

General E-mail enquiries
investors@AngloGoldAshanti.com

AngloGold Ashanti website
http://www.AngloGoldAshanti.com

Company secretarial E-mail
Companysecretary@AngloGoldAshanti.com

Share Registrars

South Africa
Computershare Investor Services (Pty)
Limited
Ground Floor, 70 Marshall Street
Johannesburg 2001
(PO Box 61051, Marshalltown 2107)
South Africa
Telephone: 0861 100 950 (in SA)
Fax: +27 11 688 5218
web.queries@computershare.co.za

Jersey
Computershare Investor Services (Jersey)
Ltd
Queensway House
Hilgrove Street
St Helier
Jersey JE1 1ES
Telephone: +44 870 889 3177
Fax: +44 (0) 870 873 5851

Australia
Computershare Investor Services Pty Limited
Level 2, 45 St George's Terrace
Perth, WA 6000
(GPO Box D182 Perth, WA 6840)
Australia
Telephone: +61 8 9323 2000
Telephone: 1300 55 2949 (in Australia)
Fax: +61 8 9323 2033

Ghana
NTHC Limited
Martco House
Off Kwame Nkrumah Avenue
PO Box K1A 9563 Airport
Accra
Ghana
Telephone: +233 302 229664
Fax: +233 302 229975

ADR Depositary
The Bank of New York Mellon ("BoNY")
BNY Shareowner Services
PO Box 358016
Pittsburgh, PA 15252-8016
United States of America
Telephone: +1 800 522 6645 (Toll free in
USA) or +1 201 680 6578 (outside USA)
E-mail: shrrelations@mellon.com
Website: www.bnymellon.com\shareowner

Global BuyDIRECTSM
BoNY maintains a direct share purchase and
dividend reinvestment plan for ANGLOGOLD
ASHANTI.
Telephone: +1-888-BNY-ADRS

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.

PUBLISHED BY ANGLOGOLD ASHANTI


Sponsor: UBS South Africa (Pty) Ltd
20 February 2013
Date: 20/02/2013 08:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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