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ANGLOGOLD ASHANTI LIMITED - Report for the quarter and year ended 31 December 2014

Release Date: 23/02/2015 07:05
Code(s): ANG     PDF:  
Wrap Text
Report for the quarter and year ended 31 December 2014

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

Report for the quarter and year ended 31 December 2014 

    Year
-   Production of 4.436Moz - up 8% year-on-year
-   Total cash costs of $787/oz - 5% lower year-on-year
-   All-in-sustaining cost of $1,026/oz - 13% lower year-on-year
-   Capital expenditure of $1.2bn - 39% below 2013
-   Corporate costs $92m - 54% lower year-on-year
-   Exploration and evaluation costs $144m - 44% lower year-on-year
-   Adjusted EBITDA stable at $1,665m despite a 10% drop in gold price
-   Self-help measures progressed to deleverage in medium term
-   Free cash outflow shows strong improvement to $112m from $1,058m
    Quarter
-   Strong production of 1.156Moz - ahead of guidance and up 2%   
-   Total cash costs of $724/oz - 12% lower quarter-on-quarter
-   All-in-costs improve 7% year-on-year to $1,143/oz; All-in sustaining costs $1,017/oz
-   Adjusted EBITDA improves to $407m
-   Obuasi enters limited operations after workforce retrenchment; Feasibility study well advanced

                                                                               Quarter                          Year
                                                                     ended       ended           ended         ended      ended
                                                                       Dec         Sep             Dec           Dec        Dec
                                                                      2014        2014            2013          2014       2013
                                                                                      US dollar/Imperial
Operating review
Gold
    Produced                                        - oz (000)       1,156       1,128           1,229         4,436      4,105
    Sold                                            - oz (000)       1,172       1,101           1,191         4,458      4,093
    Price received(1)                               - $/oz           1,202       1,281           1,271         1,264      1,401
    All-in sustaining costs(2)                      - $/oz           1,017       1,036           1,015         1,026      1,174
    All-in costs(2)                                 - $/oz           1,143       1,144           1,233         1,148      1,466
    Total cash costs(3)                             - $/oz             724         820             748           787        830
Financial review
Gold income                                         - $m             1,278       1,295           1,418         5,218      5,497
Cost of sales                                       - $m           (1,061)     (1,052)         (1,042)       (4,190)    (4,146)
Total cash costs(3)                                 - $m               777         864             861         3,292      3,297
Production costs(4)                                 - $m               833         877             866         3,410      3,384
Adjusted gross profit(5)                            - $m               217         243             376         1,028      1,351
Gross profit                                        - $m               222         273             404         1,043      1,445
(Loss) profit attributable to equity shareholders   - $m              (58)          41           (305)          (58)    (2,230)
                                                    - cents/share     (14)          10            (75)          (14)      (568)
Headline (loss) earnings                            - $m              (71)          44           (276)          (79)         78
                                                    - cents/share     (17)          11            (68)          (19)         20
Adjusted headline (loss) earnings(6)                - $m             (117)           2              45           (1)        599
                                                    - cents/share     (29)           0              11             0        153
Net cash flow from operating activities             - $m               213         320             431         1,220      1,246
Capital expenditure                                 - $m               363         261             477         1,209      1,993

Notes:   1.   Refer to note C "Non-GAAP disclosure" for the definition.   5.   Refer to note B "Non-GAAP disclosure" for the definition.
         2.   Refer to note D "Non-GAAP disclosure" for the definition.   6.   Refer to note A "Non-GAAP disclosure" for the definition.
         3.   Refer to note E "Non-GAAP disclosure" for the definition.
         4.   Refer to note 3 of notes for the quarter and year ended     $ represents US dollar, unless otherwise stated.
              31 December 2014.                                           Rounding of figures may result in computational discrepancies.

Certain statements contained in this document, other than statements of historical fact, including, without limitation, those concerning the economic outlook for the gold mining industry, expectations regarding gold prices, 
production, cash costs, all-in sustaining costs, all-in costs, cost savings and other operating results, return on equity, productivity improvements, growth prospects and outlook of AngloGold Ashanti's operations, individually or in 
the aggregate, including the achievement of project milestones, commencement and completion of commercial operations of certain of AngloGold Ashanti's exploration and production projects and the completion of acquisitions, 
dispositions or joint venture transactions, AngloGold Ashanti's liquidity and capital resources and capital expenditures and the outcome and consequence of any potential or pending litigation or regulatory proceedings or 
environmental health and safety issues, are forward-looking statements regarding AngloGold Ashanti's operations, economic performance and financial condition. These forward-looking statements or forecasts involve known 
and unknown risks, uncertainties and other factors that may cause AngloGold Ashanti's actual results, performance or achievements to differ materially from the anticipated results, performance or achievements expressed or 
implied in these forward-looking statements. Although AngloGold Ashanti believes that the expectations reflected in such forward-looking statements and forecasts are reasonable, no assurance can be given that such 
expectations will prove to have been correct. Accordingly, results could differ materially from those set out in the forward-looking statements as a result of, among other factors, changes in economic, social and political and 
market conditions, the success of business and operating initiatives, changes in the regulatory environment and other government actions, including environmental approvals, fluctuations in gold prices and exchange rates, the 
outcome of pending or future litigation proceedings, and business and operational risk management. For a discussion of such risk factors, refer to AngloGold Ashanti's annual report on Form 20-F for the year ended 31 December 2013, 
which was filed with the United States Securities and Exchange Commission ("SEC") on 14 April 2014. These factors are not necessarily all of the important factors that could cause AngloGold Ashanti's actual results to 
differ materially from those expressed in any forward-looking statements. Other unknown or unpredictable factors could also have material adverse effects on future results. Consequently, readers are cautioned not to place 
undue reliance on forward-looking statements. AngloGold Ashanti undertakes no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or 
to reflect the occurrence of unanticipated events, except to the extent required by applicable law. All subsequent written or oral forward-looking statements attributable to AngloGold Ashanti or any person acting on its behalf are 
qualified by the cautionary statements herein. 

This communication may contain certain "Non-GAAP" financial measures. AngloGold Ashanti utilises certain Non-GAAP performance measures and ratios in managing its business. Non-GAAP financial measures should be 
viewed in addition to, and not as an alternative for, the reported operating results or cash flow from operations or any other measures of performance prepared in accordance with IFRS. In addition, the presentation of these 
measures may not be comparable to similarly titled measures other companies may use. AngloGold Ashanti posts information that is important to investors on the main page of its website at www.anglogoldashanti.com and 
under the "Investors" tab on the main page. This information is updated regularly. Investors should visit this website to obtain important information about AngloGold Ashanti.

Operations at a glance
for the quarter ended 31 December 2014

                                                           Production                              All-in sustaining costs (1)                        Total cash costs(2)                                    Adjusted                    
                                                                                                                                                                                                       gross profit (loss)(3)
                                                          Year-on-year      Qtr on Qtr                 Year-on-year       Qtr on Qtr                    Year-on-year        Qtr on Qtr                     Year-on-year         Qtr on Qtr
                                          oz (000)      % Variance (4)   % Variance(5)        $/oz    % Variance(4)    % Variance(5)        $/oz       % Variance(4)     % Variance(5)           $m      $m Variance(4)     $m Variance(5)
SOUTH AFRICA                                   300                (12)             (4)       1,097                9              (2)         830                   8               (8)           39                (67)                (8)
   Vaal River Operations                       124                 (2)              16       1,031              (5)             (11)         773                   1              (18)           22                (11)                 12
     Great Noligwa                              22                  10              29       1,027             (21)             (24)         894                (13)              (30)            4                   2                  6
     Kopanang                                   33                (15)            (13)       1,324                2                9       1,014                  11                 2          (6)                 (7)                (5)
     Moab Khotsong                              68                   1              31         888                -             (15)         615                   3              (22)           24                 (6)                 11
   West Wits Operations                        119                (23)            (22)       1,129               23               12         864                  21                 5            7                (58)               (28)
     Mponeng                                    56                (40)            (39)       1,275               32               42         946                  44                38          (4)                (40)               (39)
     TauTona                                    63                   2               3       1,000               17             (15)         792                 (2)              (23)           11                (18)                 11
   Total Surface Operations                     56                 (3)               8       1,116                7             (11)         883                 (3)              (16)           10                   1                  8
     First Uranium SA                           24                (11)               4       1,310               26                -         899                   7               (6)            1                 (2)                  3
     Surface Operations                         32                   7              10         965              (7)             (21)         871                (11)              (22)            9                   3                  5
  Other                                          1                 100            (50)           -                -                -           -                   -                 -            -                   -                  -

INTERNATIONAL OPERATIONS                       856                 (4)               5         968              (2)              (1)         692                 (7)              (12)          214                (57)                (1)
  CONTINENTAL AFRICA                           419                 (9)               2         907             (20)              (2)         687                (18)              (14)          121                   4                  5
   DRC
     Kibali - Attr. 45%(6)                      80                 100              23         532               13              (8)         546                  16               (3)           35                  13                  8
   Ghana
     Iduapriem                                  40                (40)            (11)       1,248                8               27         976                   1                13            2                 (5)                (8)
     Obuasi                                     48                (24)            (38)       1,440             (30)               23         999                (26)                 3          (4)                  11               (19)
   Guinea
     Siguiri - Attr. 85%                        68                 (9)             (6)         973             (13)               22         884                   5                19           18                   1               (10)
   Mali
     Morila - Attr. 40%(6)                      15                 25               50         937             (35)             (44)         973                  14              (36)            2                 (1)                  8
     Sadiola - Attr. 41%(6)                     21                (13)               -       1,049             (36)              (1)         942                (37)               (4)            -                  10                  -
     Yatela - Attr. 40%(6)                       3                (63)              50         414             (81)             (78)         220                (89)              (87)            2                  10                  3
   Namibia
     Navachab                                    -               (100)               -           -            (100)                -           -               (100)                 -            -                (14)                  -
   Tanzania
     Geita                                     144                 (6)              24         751              (4)             (17)         429                (21)              (40)           64                (25)                 25
    Non-controlling interests,
                                                                                                                                                                                                  1                   3                (4)
     exploration and other

  AUSTRALASIA                                  157                 (7)               3         995               30                2         729                  14              (15)           19                (11)                (5)
   Australia
     Sunrise Dam                                61                (40)            (10)       1,193               48                7       1,083                  58                10          (8)                (31)               (14)
     Tropicana - Attr. 70%                      96                  45              14         824               29                3         482                (15)              (33)           31                  22                  8
     Exploration and other                                                                                                                                                                      (4)                 (2)                  1

  AMERICAS                                     280                   7              12       1,042               17                1         677                   7               (7)           73                (52)                (3)
   Argentina    
     Cerro Vanguardia - Attr. 92.50%            64                   5               3       1,051               23               10         780                  16                19           20                 (2)                  -
   Brazil
     AngloGold Ashanti Mineração               121                   1              20         970                9              (6)         565                   9              (19)           45                (24)                 11
     Serra Grande                               42                  24              31         947              (1)             (14)         570                (20)              (29)            7                 (5)                  4
   United States of America
    Cripple Creek & Victor                      54                  15             (4)       1,261               17               17         895                   8                 8            4                (18)               (14)
   Non-controlling interests,
                                                                                                                                                                                                (2)                 (2)                (3)
    exploration and other
OTHER                                                                                                                                                                                             5                   -                  5
Sub-total                                    1,156                 (6)               2       1,017                -              (2)         724                 (3)              (12)          257               (125)                (5)
Equity accounted investments included above                                                                                                                                                    (40)                (34)               (21)
AngloGold Ashanti                                                                                                                                                                               217               (159)               (26)

1  Refer to note D under "Non-GAAP disclosure" for definition
2  Refer to note E under "Non-GAAP disclosure" for definition
3  Refer to note B under "Non-GAAP disclosure" for definition
4  Variance December 2014 quarter on December 2013 quarter - increase (decrease).
5  Variance December 2014 quarter on September 2014 quarter - increase (decrease).
6  Equity accounted joint ventures.

Rounding of figures may result in computational discrepancies.

Financial and Operating Report

FINANCIAL AND CORPORATE REVIEW

FULL YEAR OVERVIEW

AngloGold Ashanti's operating and financial performance for 2014 reflect output growth, continued focused cost management and
ongoing capital discipline, while posting another strong safety performance. Cash inflow from operating activities of $1,220m for the
year ended 31 December 2014 was marginally down on $1,246m achieved in 2013, despite the 10% lower gold price received, the cost
of Obuasi redundancies, and the Rand Refinery loan of $44m, all of which was partly offset by the 8% higher production. Cash inflow
from operating activities before the Obuasi redundancy costs and the Rand Refinery loan amounted to $1,474m, reflecting an increase
of 18% on 2013 levels. Free cash outflow of $112m, which included the once-off redundancy costs at Obuasi, was an improvement on
the outflow of $1,058m for the year ended 31 December 2013, mainly as a result of lower capital expenditure.

Production saw an 8% increase over 2013 levels to 4.436Moz, while all-in sustaining costs were 13% lower compared to $1,026/oz in
2013. This compared with guidance for full year production of 4.2Moz to 4.5Moz at an all-in-sustaining cost of $1,026/oz to $1,075/oz.
The year-on-year improvement in production reflects the first full year of production from the Kibali mine in the Democratic Republic of
Congo and Tropicana in Western Australia, as well as strong performances from the Continental Africa portfolio as a whole, where
Geita and Siguiri were again standout operations. The production growth was achieved despite the loss of 56,000oz due to an
earthquake in South Africa in August, the sale of Navachab and the removal of high cost ounces from production.

The company's cost performance reflected improvements in several key areas including direct operating costs, corporate overheads,
exploration expenses and capital expenditure. The Project 500 initiative, launched in mid-2013 to save $500m in direct operating costs
over 18 months, achieved its target during the year, while costs were further aided by weaker currencies in South Africa, Australia and
Brazil. Capital expenditure of $1,209m, which came in below guidance for the year of $1,350m to $1,450m, showed a significant decline
from the prior year of $1,993m. This improvement was partially due to the completion of two major capital projects in 2013. Total cash
costs of $787/oz improved 5% compared to $830/oz recorded in 2013 and within guidance of $740/oz to $790/oz. Corporate and
marketing costs of $92m were 54% lower year-on-year and below initial guidance of $120m to $140m, while exploration and evaluation
costs of $144m were 44% lower year-on-year and below guidance of $150m-$175m.

The full year ended with an adjusted headline loss of $1m, or 0 US cents per share, compared with adjusted headline earnings (AHE) of
$599m or 153 US cents per share in 2013. Earnings were affected by the 10% decline in the average gold price received in 2014, while
the prior year had the benefit of a non-recurring realised gain of $567m on maturity of the mandatory convertible bonds. The net loss
attributable to shareholders for the year was $58m compared to a loss of $2.2bn in 2013, when net earnings were affected by asset
impairments.

Adjusted earnings before interest, tax, depreciation and amortisation (adjusted EBITDA) was $1,665m, similar to 2013 levels of
$1,667m despite a 10% lower average price received. Net debt: adjusted EBITDA levels ended the year at 1.88 times, similar to the end
of 2013 at 1.86 times, again despite the lower gold price received and payments of $210m during the year to retrench the workforce at
Obuasi in preparation for the mine's transition to limited operations phase, and the extension of a $44m shareholder loan to the Rand
Refinery. AngloGold Ashanti drew $100m from its US dollar revolving credit facility to meet its obligations at Obuasi, leaving $900m
undrawn, along with $153m (A$185m) undrawn on the Australian dollar RCF, approximately $91m (R1,058m) available from its South
African facilities and cash on hand of $519m. Net debt at year end was $3,133m, compared to $3,105m at the end of 2013.

Most notably, the company achieved a run of 224 days without a workplace fatality, outstripping the previous period of 118 days
showing a strong commitment and effort by employees of the business and a culture favouring workplace safety. Year-on-year, the
company delivered a 25% reduction in fatal accidents and saw 20% fewer injuries. In addition, reportable environmental incidents were
the lowest recorded in the company's history. Considerable efforts have been made to maintain and improve relationships with host
communities and governments.

AngloGold Ashanti continues to focus its attention on key business objectives supporting its ongoing effort to improve sustainable free
cash flow and returns. Improving overall financial flexibility is a key component of this approach. During 2014, AngloGold Ashanti
successfully extended the maturity profiles of its international facilities by two years to 2019 and had banking covenants relaxed to 3.5
times Net debt to adjusted EBITDA, with a one-time conditional waiver to 4.5 times. During the year, AngloGold Ashanti announced self-
help measures that would be prioritised to enable it to meet its targeted deleveraging by roughly $1bn over the next three years, notably
through: continued cost management; optimisation of life-of-mine plans to extract additional cash flow; the potential introduction of
partners in the Colombia portfolio and at Obuasi; and the potential joint venture or sale of an operating asset.

FOURTH QUARTER REVIEW

Operational performance for the fourth quarter exceeded market guidance despite safety-related interruptions which decreased
production from South Africa. Cash inflow from operating activities of $213m for the three months ended 31 December 2014 was down
compared to the $431m achieved in the same quarter in 2013, mainly due to by the 5% lower gold price received, 6% lower production
and the cost of the Obuasi restructuring. Free cash outflow of $198m has increased on the $108m of the same quarter in 2013,
highlighting the once-off redundancy payments at Obuasi, the drawdown of the Rand Refinery loan and also the impact of the lower
cash from operations. These outflows were only partly offset by lower capital expenditure during the three months period.

Group production in the three months ending December 31 was 1.156Moz, 2.5% better than the previous quarter but 6% lower year-on-
year. The performance was ahead of market guidance of 1.1Moz to 1.14Moz. Total cash costs of $724/oz were 12% below the previous
quarter, which averaged $820/oz and improved 3% year-on-year.

The average gold price received during the fourth quarter was $1,202/oz, lower than the previous quarter average gold price received of
$1,281/oz and $1,271/oz in the fourth quarter of 2013. Despite the lower gold price, adjusted EBITDA for the quarter was slightly higher
at $407m than the previous quarter's $400m. Adjusted EBITDA in the final quarter of 2013 was $544m.

Net debt to adjusted EBITDA was negatively affected given the increase in net debt due to higher capital expenditure in the final
quarter, retrenchment costs associated with ongoing restructuring at the Obuasi mine in Ghana of $145m, and a drawdown of $44m by
the Rand Refinery on its shareholder loan.

The adjusted headline loss for the fourth quarter of $117m was impacted by a number of non-cash accounting adjustments including
$7m associated with stockpile and inventory provisions, and $147m associated with operational and corporate redundancies relating to
the Obuasi restructuring, environmental liability resets of $20m and closure costs of $13m. The net loss attributable to shareholders for
the fourth quarter was $58m compared with a loss of $305m a year earlier.

SUMMARY COMPARISON OF KEY PERFORMANCE MEASURES TO DATE WITH SAME PERIODS LAST YEAR

                                                                                                       Improved
                                                                     Improved                        Q vs prior                         Improved
 Particulars                                 Q4 2014   Q3 2014          Q v Q   Q4 2014   Q4 2013        year Q    2014      2013         Y-on-Y          
Gold price received ($/oz)                     1,202     1,281           (6%)     1,202     1,271          (5%)   1,264     1,401          (10%)   
Gold production (Kozs)                         1,156     1,128             2%     1,156     1,229          (6%)   4,436     4,105             8%   
Total cash costs ($/oz)                          724       820          (12%)       724       748          (3%)     787       830           (5%)   
Corporate & marketing costs
(US$m)                                            23        24           (4%)        23        37         (38%)      92       201          (54%)   
Exploration & evaluation costs
(US$m)                                            45        37            22%        45        41           10%     144       255          (44%)   
Capital expenditure (US$m)                       363       261            39%       363       477         (24%)   1,209     1,993          (39%)   
All-in sustaining costs (US$/oz)               1,017     1,036           (2%)     1,017     1,015            0%   1,026     1,174          (13%)   
All-in costs (US$/oz)*                         1,143     1,144             0%     1,143     1,233          (7%)   1,148     1,466          (22%)   
Cash inflow from operating
activities ($m)                                  213       320          (33%)       213       431         (51%)   1,220     1,246           (2%)   
Adjusted EBITDA ($m)                             407       400             2%       407       544         (25%)   1,665     1,667             0%   
Free cash flow ($m)                            (198)        30         (760%)     (198)     (108)         (83%)   (112)   (1,058)            89%   
Free cash flow ($m) excl                                                                                                                           
Obuasi redundancies and Rand                     (9)        64         (114%)       (9)     (108)           92%     142   (1,058)           113%   
Refinery loan                                                                                                                                                            

* World Gold Council Standard, excludes stockpiles written off.

CORPORATE UPDATE

AngloGold Ashanti has embarked on a series of self-help measures to generate cash from internal sources to reduce its net debt levels.
Among these measures is the search for partners or buyers for certain assets in the company's portfolio. There can be no assurances
that these processes will be successfully concluded. In this regard, the joint venture or sale of an operating asset remains an option that
is being considered.

Work is also under way to explore partnerships for projects in Colombia in order to share risk and ongoing expenditures to develop
those projects.

Obuasi mine restructuring: Significant work took place during the fourth quarter to transition Obuasi to a limited operating state.
During the fourth quarter, the Amendment to Program of Mining Operations, which provides technical, environmental, financial and
social details around the transition, was approved by the Government of Ghana, allowing the completion of the retrenchment program at
the operation and a substantial reduction in the mine's operations. A detailed feasibility study exploring the economic and technical
prospects of the operation, while addressing security, environmental obligations and community relationships, has made significant
progress and will be continued and optimised during 2015. Talks with the relevant regulators are expected to take place to help foster
clarity as to the fiscal and operating parameters for the project. As the outcome of these talks will have an impact on the feasibility
study, the final results are only expected to be made public once this process is complete. The total expenditures expected to be
incurred at Obuasi in 2015 aggregating $100m relates continued development of the decline access ramp to underground mining areas,
costs for the completion of the feasibility study and costs for maintaining limited operating state. In addition, AngloGold Ashanti may
pursue potential partnerships in the project at the appropriate time, as initially indicated in November 2014.

SAFETY

AngloGold Ashanti continued a promising safety trend, with the All injury frequency rate (AIFR), the broadest measure of safety
performance, ending the year at 7.36 compared with 7.34 the previous year, this despite recording several minor injuries related to the
earthquake in August at its Vaal River Operations. Without the impact of the earthquake the AIFR would have been 7.15.

Regrettably, there were six fatalities during the year ended 2014, four in South Africa and two in Brazil. Three of these fatalities occurred
in South Africa in the fourth quarter - two at Mponeng and one at Kopanang -- and were caused by fall-of-ground incidents. Formal
incident investigations were initiated and completed immediately after each occurrence to identify factors that contributed to the
incidents. Corrective and preventative actions are being implemented where possible. Although 2014 saw the fewest fatalities of any
year on record, management continued to take steps to prevent the re-occurrence of these incidents and achieve the organisation's
goal of zero-harm across all operations.

AngloGold Ashanti implemented electronic systems during the year that monitor various aspects of underground working areas,
allowing remote gathering of information from a large portion of these mines to assist in improving safety systems. In addition, ongoing
training, improvement of processes, management and behavioural improvements have helped more than halve the number of safety
incidents since 2007. Focus remains on identifying major hazards, and understanding 'high potential incidents,' which may have
resulted in death or serious injury. Work also continues to foster improvement to the organisation culture, procedures and support.

OPERATING HIGHLIGHTS

The South African operations produced 1.223Moz at a total cash cost of $849/oz for the year ended December 2014 compared to
1.302Moz at a total cash cost of $850/oz for the year ended December 2013. The lower production was due to the earthquake near the
Vaal River operations on 5 August 2014, which caused infrastructure damage that impacted operations at Moab Khotsong, Kopanang
and Great Noligwa mines, as well as safety related stoppages across the regional portfolio. Costs controls improved significantly from
the 2013 levels and managed to offset inflationary pressures. All-in sustaining costs averaged $1,064/oz for the year ended December
2014, a 5% improvement on the $1,120/oz achieved for the year ended December 2013. During the fourth quarter the region produced
300,000oz at a total cash cost of $830/oz, compared to 339,000oz at a total cash cost of $767/oz during the same quarter in 2013.
Safety-related disruptions during the quarter hindered production as the region encountered two fall-of-ground fatalities at Mponeng and
another at Kopanang. All-in sustaining costs for the fourth quarter were $1,097/oz, compared to $1,005/oz in the same quarter a year
ago.

At West Wits, production was 544,000oz at a total cash cost of $804/oz for the year ended December 2014 compared to 589,000oz at a
total cash cost of $800/oz for the year ended December 2013. The fourth quarter production was 119,000oz at a total cash cost of
$864/oz compared to 154,000oz at a total cash cost of $717/oz in the same quarter a year ago. The fourth quarter's performance was
adversely impacted by safety-related stoppages and shaft repairs at Mponeng following an incident caused during shaft slinging
operations which caused damage to the sub-shaft resulting in a week-long stoppage to complete remediation work. TauTona's total
cash costs improved from $809/oz to $792/oz, due to cost savings initiatives which included effective overtime management, labour
cost reduction and power optimisation made possible by the integration of TauTona and Savuka .

At the Vaal River district, production was 453,000oz at a total cash cost of $857/oz for the year ended December 2014 compared to
473,000oz at a total cash cost of $895/oz for the year ended December 2013. Production from the Vaal River operations decreased
marginally in the fourth quarter of 2014 to 124,000oz at a total cash cost of $773/oz, compared to 127,000oz at a total cash cost of
$762/oz in the same quarter a year ago. Kopanang was affected by fall-of-ground fatality which had an adverse impact on production as
the mine was halted for 11 shifts to comply with instructions from the regulator. Both Great Noligwa and Moab Khotsong performed on
levels consistent with the same quarter last year. Moab Khotsong was the lowest cost producer for the South African region during the
quarter at a total cash cost of $615/oz after recovering from the previous quarter which was affected by the earthquake.

Production from total Surface Operations for the year ended December 2014 was 223,000oz at a total cash costs of $941/oz, compared
to 240,000oz at a total cash cost of $883/oz for the year ended December 2013. The most significant challenge has been a reduction
in grade. In an attempt to mitigate this, milling throughput has been improved 10%. Surface Operations' production for the fourth quarter of
2014 was 56,000oz at a total cash cost of $883/oz, compared to 58,000oz at a total cash cost of $915/oz in the same quarter a year
ago. Grade-control drilling program progressed well and is expected to continue in 2015 to improve knowledge of the available material.
Construction of the new pump station is progressing to schedule and this will allow for an improvement in throughput from May 2015..
The uranium plant at Mine Waste Solutions was fully commissioned during the fourth quarter, with 4 tons of Uranium oxide produced
during the period. Process optimisation to improve float tonnage and grade will facilitate improved plant efficiencies. The South Africa
region is progressing well with the implementation of the district consolidation model in the Vaal River. The Vaal River region has
commenced operating under this new structure, with the integration of Moab Khotsong and Great Noligwa largely complete. The Vaal
River district will see the incorporation of Kopanang which brings the three previously separately managed mines under a single
management team. This team will also manage the geographic footprint in the Vaal River in order to reduce the costs associated with
the maintenance of the complex. Regional and Corporate duplications are being eliminated in the process. Cost reductions are being
planned and managed within the successful P500 system. Full benefits will be felt in the second half of 2015.

Lower operating costs were realised in South Africa on labour cost management, reef-mining related activities, power consumption,
contractor management, the implementation of service optimisation strategies and a robust critical review of commodity as well as
services related contracts. The methodologies and principles of Project 500 helped improved overall efficiency and regulatory
compliance within AngloGold Ashanti's existing operating framework.

The Continental Africa region produced 1.597Moz at a total cash cost of $783/oz for the year ended December 2014 compared to
1.460Moz at a total cash cost of $869/oz for the year ended December 2013. The increased production is mainly attributed to Kibali's
full year of production in 2014 together with good performances particularly from Siguiri and Geita. The strong results were achieved
despite Navachab's sale at the end of June 2014 and the continued winding down of operations in Mali. All-in sustaining costs at
$968/oz for the year ended December 2014 represent a 19% improvement on the $1,202/oz achieved for the year ended December

2013. This improvement in costs was driven by efficiency gains and by stronger performances from key assets in the region. During the
fourth quarter of 2014, the region showed improved costs, with production of 419,000oz at a total cash cost of $687/oz compared to
460,000oz at a total cash cost of $839/oz during the same quarter a year ago.

In Ghana, Iduapriem's production was 177,000oz at a total cash cost of $865/oz for the year ended December 2014 compared to
221,000oz at a total cash cost of $861/oz for the year ended December 2013. The decline in production was a result of a 21% decrease
in recovered grade in line with plans to mine less volume and process the ore tonnes accumulated on stockpiles. Total cash costs
however were maintained at $865/oz mainly as a result of productivity improvements. During the fourth quarter of 2014, Iduapriem's
production decreased to 40,000oz at a total cash cost of $976/oz compared to 67,000oz at a total cash cost of $966/oz during the same
quarter of 2013. The decline in production and modest increase in costs for the quarter were a result of a 38% decrease in recovered
grade due to the planned treatment of lower grade stockpiles and a 4% decrease in tonnage throughput.

Obuasi's production was 243,000oz at a total cash cost of $1,086/oz for the year ended December 2014 compared to 239,000oz at a
total cash cost of $1,406/oz for the year ended December 2013. The improvement in production is attributable to an increase in surface
tonnes processed partly offset by the initiation of the Amended Programme of Mining Operations (APMO) approved by the government
of Ghana in November 2014, which saw the mine transition to limited operation phase by the end of the year. Due to the limited
operational activity, costs declined, resulting in all-in sustaining costs of $1,374/oz, down 38% compared to the same period a year ago.
During the fourth quarter of 2014, production was 48,000oz at a total cash cost of $999/oz compared to 63,000oz at a total cash cost of
$1,354/oz during the same quarter a year ago.

In The Republic of Guinea, Siguiri's production was 290,000oz at a total cash cost of $799/oz for the year ended December 2014
compared to 268,000oz at a total cash cost of $918/oz for the year ended December 2013. Production increased as a result of higher
grade ore sources being accessed. Total cash costs were further aided by efficiency improvements, and improved by 13%. During the
fourth quarter of 2014, production decreased to 68,000oz at a total cash cost of $884/oz compared to 75,000oz at a total cash cost of
$844/oz during the same quarter a year ago. The decrease in the quarter's production was a result of a planned 8% decrease in
recovered grade due to the depletion of higher grade ore sources. Total cash costs consequently increased by 5% despite lower mining
cost.

In Mali, production was 140,000oz at a total cash cost of $1,106/oz for the year ended December 2014 compared to 170,000oz at a
total cash cost of $1,192/oz for the year ended December 2013. Morila's production decreased by 23% as a result of a decrease in
recovered grade, due to treatment of lower grade mineralised waste tonnes, further impacted by a decrease in tonnes treated. Sadiola's
production decreased by 1% as a result of a decrease in recovered grade due to lower availability of higher grade oxide material, which
was partly offset by an increase in tonnes treated. Total cash costs decreased due to a 63% decline in volume mined and as a result of
further planned cost reductions having been achieved during the current year. At Yatela, production decreased in line with the cessation
of mining activities and planned transition to closure. Costs decreased substantially based on a shared allocation of fixed overheads
between the operating and closure activities.

In Tanzania, Geita's production was 477,000oz at a total cash cost of $599/oz for the year ended December 2014 compared to
459,000oz at a total cash cost of $515/oz for the year ended December 2013. Production increased due to a 28% increase in tonnes
treated, and the fact that tonnage throughput the previous year was impacted by replacement of the SAG mill. Total cash costs however
increased by 16% largely as a result of utilisation of higher cost ore stockpiles. During the fourth quarter of 2014, production decreased
to 144,000oz at a total cash cost of $429/oz compared to 154,000oz at a total cash cost of $543/oz during the same quarter a year ago.
The decline in production was due to a 16% planned decrease in recovered grade compared to the same quarter in the previous year
which had benefited from the feed of higher grade ore tonnes from Nyankanga pit, partly offset by a 12% increase in tonnage
throughput due to consistent mill running time and improved mill productivity. Total cash costs decreased by 21% primarily as a result of
lower mining costs incurred during the quarter that were driven by efficiency improvements and the benefits of lower fuel costs.

In The Democratic Republic of the Congo, Kibali's production attributable to AngloGold Ashanti was 237,000oz at a total cash cost of
$578/oz for the year ended December 2014 compared to 40,000oz at a total cash cost of $471/oz for the year ended December 2013.
During the fourth quarter of 2014, production increased to 80,000oz at a total cash cost of $546/oz compared to 40,000oz at a total cash
cost of $471/oz during the same quarter a year ago, the mine's first full quarter in operation. Tonnes treated increased 106% with
consistent plant operations following a full year of operations compared to the same quarter a year ago when the oxide plant was
undergoing commissioning.

In the Americas, production was 996,000oz at a total cash cost of $709/oz for the year ended December 2014 compared to 1.001Moz
at a total cash cost of $671/oz for the year ended December 2013. The reduction in production was due to decreased production at
Cripple Creek & Victor and Serra Grande, while AngloGold Ashanti Córrego do Sítio Mineração (AGA Mineração) and at Cerro
Vanguardia saw increased output. Cerro Vanguardia's production for the 2014 year was the highest annual production of the operation
in 11 years, mainly assisted by production from the heap leach. All-in sustaining costs were at $1,010/oz for the year ended December
2014, compared to $970/oz achieved for the year ended December 2013. Costs were negatively affected by lower grades in most
operations within the region. During the fourth quarter of 2014, production in the Americas increased to 280,000oz at a total cash cost of
$677/oz compared to 262,000oz at a total cash cost of $634/oz during the same quarter a year ago.

Work continued on Project 500 initiatives. These were focused on developing efficiencies and production improvements, including
underground mine design optimisation, extension of the operating life of tires, and optimisation and stabilisation of CIL and regeneration
circuits.

In Brazil, production was 539,000oz at a total cash cost of $670/oz for the year ended December 2014 compared to 529,000oz at a
total cash cost of $665/oz for the year ended December 2013. During the fourth quarter of 2014, production increased to 163,000oz at a
total cash cost of $566/oz compared to 154,000oz at a total cash cost of $560/oz during the same quarter a year ago.

At AGA Mineração production was 403,000oz at a total cash cost of $644/oz for the year ended December 2014 compared to
391,000oz at a total cash cost of $646/oz for the year ended December 2013. The production was mainly driven by the strong

performance in the fourth quarter, where production remained relatively stable at 121,000oz at a total cash cost of $565/oz compared to
120,000oz at a total cash cost of $518/oz during the same quarter a year ago. AGA Mineração delivered a strong performance with
increased tonnage and feed grades at both the Cuiabá and Córrego do Sítio complexes. Development work improved and production
began from the new orebody at Córrego do Sítio (Sulphide II) and full production rates were achieved at the underground Mine I.
Further production improvements were due to higher tonnages from Lamego that reached high production rate as a result of bulk mining
to offset lower grade, which was all planned to recover production delays from the previous quarters.

At Serra Grande production was 136,000oz at a total cash cost of $748/oz for the year ended December 2014 compared to 138,000oz
at a total cash cost of $719/oz for the year ended December 2013. During the fourth quarter of 2014, production increased to 42,000oz
at a total cash cost of $570/oz compared to 34,000oz at a total cash cost of $712/oz during the same quarter a year ago. Production
was 24% higher due to higher feed grade driven by operational initiatives aimed at the recovery of production following delays in
previous quarters.

In the United States, Cripple Creek & Victor production was 211,000oz at a total cash cost of $829/oz for the year ended December
2014 compared to 231,000oz at a total cash cost of $732/oz for the year ended December 2013. The decline in production was due to
delays experienced in the mill start-up. In addition, certification delays for an exposed liner necessitated modifications to the heap-leach
stacking plan which led to deferred production early in 2014. Total cash costs increased 13% due to lower recoverable grade mined and
production caused by the mill start-up delay. During the fourth quarter of 2014, production was 54,000oz at a total cash cost of $895/oz
compared to 47,000oz at a total cash cost of $825/oz during the same quarter a year ago. In Argentina, Cerro Vanguardia´s production
was 246,000oz at a total cash cost of $692/oz for the year ended December 2014 compared to 241,000oz at a total cash cost of
$622/oz for the year ended December 2013. At the end of 2014, Cerro Vanguardia (CVSA) achieved its highest annual production in 11
years. During the fourth quarter of 2014, production was 64,000oz at a total cash cost of $780/oz compared to 61,000oz at a total cash
cost of $672/oz during the same quarter a year ago. CVSA's gold production was higher mainly due to the effect of higher heap leach
production from higher low-grade material processed. The deterioration in total cash costs reflected lower silver by-product credits,
negative stockpile movement and ongoing inflationary pressures. Wage increases were finalised in October and were partially offset by
a higher exchange rate and the positive impact of higher production from the leach pad.

In Australia, production for the year ended December 2014 was 620,000oz at a total cash cost of $804/oz, compared to 342,000oz at a
total cash cost of $1,047/oz for the year ended December 2013. All-in sustaining costs were at $986/oz for the year ended December
2014, compared to $1,376/oz achieved for the year ended December 2013. The increased production is due to the first full year of
production from the new Tropicana mine. During the fourth quarter of 2014, production was 157,000oz at a total cash cost of $729/oz
compared to 169,000oz at a total cash cost of $640/oz during the same quarter a year ago.

At Sunrise Dam production for the year ended December 2014 was 262,000oz at a total cash cost of $1,105/oz, compared to
276,000oz at a total cash cost of $1,110/oz for the year ended December 2013. During the fourth quarter of 2014 production decreased
to 61,000oz at a total cash cost of $1,083/oz compared to 102,000oz at a total cash cost of $685/oz in the same quarter a year ago, as
lower grades were mined in line with the mine plan. Production in the fourth quarter of 2013 was higher and costs lower because high
grade ore from the crown pillar was mined in the final phase of the open pit. The underground mine delivered record quarterly ore
production of 675,000 tonnes in the fourth quarter, representing a 10% increase over the previous quarter and contributing to a 32%
increase in underground ore mined for the year from 1.8Mt in 2013 to 2.3Mt in 2014.

An excellent quarter contributed to Tropicana achieving production guidance. Production for the year ended December 2014 was
358,000oz at a total cash cost of $545/oz, compared to 66,000oz at a total cash cost of $568/oz for the year ended December 2013.
During the fourth quarter of 2014 production increased 45% to 96,000oz at a total cash cost of $482/oz compared to 66,000oz a total
cash cost of $569/oz in the same quarter a year ago. The high fourth quarter production was due to higher ore tonnes mined, enabling a
higher head grade to be delivered to the plant through effective grade streaming. Despite higher maintenance costs, total cash costs
decreased by 33%, due mainly to the deferral of waste mining costs in the Havana 2 Pit and the higher gold production.

Regulatory approvals were received during the quarter to complete the expansion of the borefield that supplies process water to the
operation in Tropicana. The borefield capacity increased steadily through the quarter and it is expected that by the end of the March
2015 quarter an additional 27 bores will have been installed and commissioned. This would take the number of bores servicing the plant
to 51, with a total capacity of more than 1,000 tph, providing ample redundancy for the site's water requirements.

UPDATE ON CAPITAL PROJECTS

In the Americas, the Mine Life Extension project at CC&V ($585m approved cost over 5 years) is progressing on schedule. Capital
spending in 2014 was near plan and primarily related to the Mine Life Extension 2 (MLE2) project. The MLE2 project includes a new
Mill and a new Valley Leach Facility with an associated gold recovery plant. Mill construction is 98% complete. Testing and
commissioning of completed systems is progressing in parallel with completing the electrical construction. The mill began
commissioning and mill ore feed and production ramp up is expected to start in the first quarter of 2015. The new Valley Leach facility
and associated gold recovery plant are still scheduled to start production in 2016.

At Obuasi, development of a decline from surface to the existing mining blocks continued in 2014. The decline is expected to allow
development of the appropriate infrastructure to enable mechanised operations and de-bottleneck the mine, which was constrained by
an outmoded, labour-intensive mining method and also ageing and sub-optimal vertical hoisting infrastructure. By year-end, Obuasi
successfully transitioned to limited operations and the entire work force was retrenched with subsequent recruitment of a limited number
of employees on a one-year, fixed-term contract while the feasibility study progressed.

In Kibali, the limited Relocation Action Plan (RAP) for Mofu was completed while the Gorumbwa RAP is expected to commence during
2015 with planned completion in 2016. A significant number new houses and a church were built and completed by year end. The
focus for 2015 has moved to the completion of the paste plant and the second hydropower station. The sinking of the vertical shaft
remained ahead of schedule with a shaft depth of 720m at the end of the quarter, with only 40m of sinking remaining to reach the
proposed shaft bottom. The development of the decline system continued well during the quarter and remained ahead of plan. Blasting
of the first stope took place during the fourth quarter of 2014. The focus remains on stoping as well as the development of the ventilation
infrastructure. Total capital expenditure was $386.5m for the year and $95.3m for the quarter ended 31 December 2014 at 100%. The
construction of the metallurgical facility is now completed with only limited items on a punch list, which is expected to lead to reduced
spend going forward.

TECHNOLOGY AND INNOVATION UPDATE

The Technology Innovation Consortium made important progress to develop technology to safely extract ore from underground mines in
South Africa. The company plans to further develop the work towards a more efficient, cost effective technology to extract ore from
areas not suitable for conventional mining. Progress on key technologies include:

Reef Boring

 -     TauTona mine – Test site:
         Eight holes were drilled during the fourth quarter of 2014, making a total of 30 holes for the year ended 31 December
         2014. Failure on the gearbox and drill rods hampered the performance of the machine and has since been refurbished.
         Equipping of an extension to the test site is expected to continue during the first quarter, while drilling is expected to
         continue in the second quarter of 2015.
 -     TauTona mine – Prototype site
         In the fourth quarter, a total of 15 holes were drilled in the prototype sites. The Atlantis machine was removed from
         underground in the third quarter of 2014 and modified to allow operation in raise boring mode. Industrial engineers
         conducted time and motion studies on the machines to identify shortcomings in both the technical and work
         management aspects to improve the machine performance. Findings are expected to be applied during the first quarter
         of 2015.
 -     Great Noligwa and Kopanang mine test sites
         The softer footwall composition associated with the C-reef continued to pose a challenge to the HPE narrow reef boring
         machine. This method of drilling requires a double pass drilling sequence. Different hammer configurations/dimensions
         were tested on the HPE machine however with no successful completion on reef extraction across the full length of the
         planned hole as the cutter head deflected or got stuck. The technology was then tested in the Vaal-reef where the
         footwall conditions are harder and more consistent, after the machine was moved to Kopanang mine. Alternative
         technologies, such as Thermal Spalling which has shown encouraging results in the initial test work at Kopanang mine,
         may be investigated as possible solutions to extracting the narrow C-reef vein at Great Noligwa mine.

Ore body Knowledge and Exploration

Orebody knowledge and exploration plays a critical part in the mine design of an orebody. Enhanced geological information is expected
to improve current planning practices and to be essential in the application of mechanical reef mining. In order to mine the different reef
packages optimally, the location of the reef terraces, structural information and time to analyse geological information are essential for
the success of mechanical mining methods.

Reverse Circulation (RC) drilling Trial 6 was completed in the fourth quarter of the year with four holes drilled. A new compressor
increasing the air pressure and volume was tested. Improved drilling rates and an overall 294m depth (drill string length available) was
reached in line with the set target of 8m/hour and depths of 270m to 300m. Accuracy and deflection remain a focus and are expected to
be addressed when testing the stabilisers in trial 7 by the end of the first quarter in 2015.

Ultra High Strength Backfill (UHSB)

The successful development of this ultra-high strength backfill (UHSB) product, together with the Reef Boring technology, for use in
mining applications as a support medium, replacing the need for current local and regional support, creates the potential for earlier shaft
pillar mining, pre-extraction of planned stabilising pillars, post extraction of already created stabilising pillars and changing the current
conventional mining method to a mechanical reef boring method.

Achieving this requires the development of a cost effective, UHSB formula, which on curing is expected to attain 170 - 200 MPa strength
(Uniaxial Compressive Strength). Surface testing to increase the mixing volume from 4m³/hour to 8m³/hour has seen positive results.
Alternative mixing methodologies have been developed on a laboratory scale mixer in Germany. A full scale prototype mixer was
manufactured, delivered and commissioned. Initial trials indicated positive results. Mixing trials to increase the volume per mix as well
as reducing the mixing times are expected to continue in the first quarter of 2015.

As part of the on-going process to install instrumentation, a software data logging system was installed and commissioned in the
production site block. Data are currently being captured and analysed. Surface tailings dry plant has been commissioned on surface at
TauTona mine.

EXPLORATION UPDATE

Total expensed exploration and evaluation costs (including technology) during the fourth quarter, inclusive of expenditure at equity
accounted joint ventures, were $48m ($12m on Brownfield, $13m on Greenfield and $23m on pre-feasibility studies), compared to $48m
for the same quarter during the previous year, 2013.

GREENFIELDS EXPLORATION

During the year ended 31 December 2014, Greenfields focussed its project portfolio with significant tenure rationalisation completed in
Colombia and Australia. AngloGold Ashanti remains committed to its core Greenfields projects comprised of over 13,000km2 of highly-
prospective ground in three countries; Australia, Colombia, and Guinea. Total expenditure for the quarter was $13m, which included
7,192m of diamond and RC drilling.

In Colombia, resource drilling continued on the Nuevo Chaquiro deposit at Quebradona, a joint venture with B2Gold (AngloGold Ashanti
89.75%), with the objective of defining the limits of the higher grade zone and infill drilling on this part of the resource to an indicated
status. During the quarter 5,265m of diamond drilling, in five holes was carried out with two drill rigs. Multiple consistently mineralised
intersections have been returned from within the high grade (>0.6% Cu) intrusive phase within the declared resource. The latest drill
results from the drilling include CHA-057 which intersected 1088m @ 0.82% Cu and 0.41 g/t Au from 238m and CHA-058 intersected
1086m @ 0.87% Cu and 0.44 g/t Au from 144m. These two holes significantly extended high grade (>0.6% Cu) mineralisation towards
surface and towards the southwest.

In Australia, at the Tropicana JV, airborne magnetic and radiometric surveys were completed in Q4 over tenements in the south of the
project. Further encouraging results were returned from Aircore (AC) and Reverse Circulation (RC) drilling at the Madras prospect
approximately 25km south of the Tropicana Gold Mine. At the Mullion Project (AngloGold Ashanti 100%) in New South Wales, land
access was secured and ground gravity geophysical surveying was completed in the latter part of the year. Processing and
interpretation of data is ongoing.

In Guinea, Greenfields was focused on the handover of technical and administrative data for Blocks 2-4 to the AngloGold Ashanti
Brownfields division. Field work was put on temporary suspension as a precautionary measure due to the Ebola outbreak.

BROWNFIELDS EXPLORATION

A total of 82,900m of diamond and RC drilling was completed during the fourth quarter of 2014. Exploration on brownfields was carried
out in eleven countries.

In the South Africa region, Brownfields exploration continued with a total of 5 surface holes drilled during the year. This included four at
the West Wits operations at Mponeng's Western Ultra Deep Levels (WUDLs) and one at the Vaal River operations.

In Argentina, at Cerro Vanguardia, drilling programmes for Mineral Resource expansion and exploration continued during the year.
Follow up drilling for vein extensions along strike and at depth, guided by geophysical surveys, identified additional mill ore. Mapping,
trenching and channel sampling work were completed in order to define new exploration targets.

In Brazil, the Mineral Resource development drilling programmes continued at the Cuiabá and Lamego mines with a focus on support to
long-term planning and Mineral Resource definition ahead of mining. The surface drilling programs at the Córrego do Sítio mine
continued to infill and expand oxide Mineral Resource with regional exploration conducted to test near-mine satellite projects. At Serra
Grande, the exploration drilling continued to delineate the Inga mineralised structure. Geophysical surveys and soil sampling campaigns
were completed as part of the target generation programs in the district.

In Colombia, exploration in the Gramalote area was focused on infill drilling to support the updated Mineral Resource estimation for the
Gramalote Central deposit. Drilling programs were also conducted to expand the nearby Monjas West target. At La Colosa, Mineral
Resource development drilling continued at a slower pace compared to previous years as emphasis on other project related drilling
expanded to support geotechnical, hydrological and site infrastructure studies. The geological model was updated during the year as
part of Mineral Resource addition that expanded the deposit to the northwest and at depth.

In the United States of America, the Mineral Resource development drilling programme continued at Cripple Creek and Victor. Drilling
was directed toward identifying expansion opportunities for the current open pit operations through high wall laybacks with selective
drilling also conducted to test deeper targets below or adjacent to planned open pit designs that may provide additional mill feed
material.

In Tanzania, at Geita, drilling concentrated largely on infill drilling programmes within current open pits (Geita Hill, Nyankanga and Star
& Comet) and extensions thereof. Limited pre-resource drilling programs were undertaken to test the underground potential at Star &
Comet Deeps. A total of 111 holes (20,220m) were completed.

In Guinea, at Siguiri, 17,823m of RC and DD were drilled across a total of 6 projects in Block 1. These included reconnaissance, Mineral
Resource delineation, and infill projects for both oxide and fresh rock mineralisation. The Ebola epidemic in West Africa caused
significant disruptions, particularly with field mapping and geophysics and the work programme was suspended in the middle of the
year.

In Ghana, at Obuasi, no surface exploration took place. Underground exploration focused on a portion of the Red Zone 6 (Block 9) area
above 50 Level, drilling from the 41S-294W cross cut. The objective of the drilling program was to upgrade Inferred Mineral Resource

within the block. 24 holes were completed (4,115m). At Iduapriem, the major focus for the early part of 2014 was the logging, sampling
and analysis of core from the 2013 Block 7&8 infill drilling program. During the year, several new products were produced from the
existing regional magnetic data over the Iduapriem concession. Analysis of a distinct magnetic anomaly in an area west of the
Teberebie warehouse, which is also being exploited by Artisanal Small-scale Miners, led to the identification of hydrothermal, vein-
hosted, mineralisation. Initial sampling results show some promise and a detailed follow-up will commence in 2015.

In the Democratic Republic of the Congo, at Kibali, drilling totalled 19,018m, with an additional 1,666m drilled on regional projects. The
exploration philosophy remains to add material to Ore Reserve at above run of mine grade, to find gap fillers where required, or to add
sufficient new material (3-5 Moz) to induce a forced step change to the operation. At Gorumbwa, three phases of infill drilling were
completed during the year, with the last phase completed in October. A revised Mineral Resource estimation was completed in
November and showed 470,500oz from 4.56Mt @ 3.21g/t (within the $1500 shell at 0.5g/t cut-off), with 22% of the Mineral Resource
remaining Inferred.

In Mali, at Sadiola work was completed on a number of key oxide targets that were identified. CET research continued during the year
and a structural framework for mineralisation was defined for Tambali and the FE complex. The most promising target, FE2S, shows
potential for low grade, wide ore zones over a 1.2km strike length. Results are outstanding for drilling between FN2 and FN3 along the
Sadiola northern extension where there is upside potential for more oxides. Limited fresh rock exploration was conducted in the FE3
and FE4 pits with positive results received from both. A scoping level study was done for the newly generated Tambali Mineral
Resource and upside potential model to ascertain the economic potential. Drilling targets were defined for a possible infill programme.
Field mapping and sampling continued over the lease area and the geology map has been refined with new information from most
target areas.

In Australia, a 3D seismic survey to image the mineralised zone down dip of Tropicana was designed and completed during the year.
The 3D seismic dataset is high quality and is being interpreted to create a structural model that will be used to help plan drill holes in
2015. At Sunrise Dam all mine exploration was focussed on Mineral Resource definition and extensional activities to support the
underground mine. Drilling metres totalled 53.1 km for the year, of which 67% was diamond core and 33% UG-RC. Drilling in 2014
targeted the Vogue/Dolly area (42%); Cosmo East (23%); Sunrise Shear (22%) and GQ South (13%). Drilling in Vogue/Dolly saw an
Indicated Mineral Resource defined above the 1,700mRL, in line with the plan to start mining stopes in the upper part of Vogue/Dolly
area in 2015. In Cosmo East, the mining area has now been upgraded to an Indicated Mineral Resource down to the ~1,500mRL,
enabling planned mining below the current 1,625mRL level. The strategy now moves to more extensional drilling and new areas in 2015
to replenish the Inferred Mineral Resource.

OUTLOOK

First Quarter

Production guidance is estimated to be between 900kozs to 940kozs at total cash costs of $830/oz to $860/oz, assuming average
exchange rates against the US dollar of 11.60 (Rand), 2.60 ( Brazil Real), 0.85 (Aus$) and 9.50 (Argentina Peso), with oil prices at
$70/bl average for the quarter.

This guidance takes into account the slow seasonal ramp-up in production following the Christmas break, ongoing power disruptions
and also interruptions to normal operations related to safety-related stoppages, all in South Africa.

Year

Production guidance for 2015 year is estimated to be between 4.0Moz to 4.3Moz, reflecting the sale of the Navachab mine, reduction in
production from Mali, cessation of underground production at Obuasi, only partially offset by the ramp-up in production from Cripple
Creek & Victor starting after the first quarter.

Total cash costs are estimated to be between $770/oz to $820/oz and all in sustaining costs at $1,000/oz to $1,050/oz at average
exchange rates against the US dollar of 11.60 (Rand), 2.60 ( Brazil Real), 0.85 (Aus$) and 9.50 (Argentina Peso), with oil at $70/bl
average for the year.

The production and cost estimates outlined above do not take into account impacts of any unforeseen
operational disruptions or changes to the portfolio.

For 2015, capital expenditure is anticipated to be between $1.0bn and $1.1bn. Corporate and marketing costs are estimated to be
between $95m and $110m and expensed exploration and study costs including equity accounted investments at $155m to $175m.
Depreciation and amortisation is forecasted at $860m and interest and finance costs are expected to be $270m (income statement) and
$240m (cash flow statement).

Other known or unpredictable factors could also have material adverse effects on our future results. Please refer to the Risk Factors
section in AngloGold Ashanti's Form 20-F for the year ended 31 December 2013 that was filed with the United States Securities and
Exchange Commission ("SEC") on 14 April 2014 and available on the SEC's homepage at http://www.sec.gov.
                 
MINERAL RESOURCE AND ORE RESERVE

The AngloGold Ashanti Mineral Resource and Ore Reserve are reported in accordance with the minimum
standards described by the Australasian Code for Reporting of Exploration Results, Mineral Resources and
Ore Reserves (JORC Code, 2012 Edition), and also conform to the standards set out in the South African
Code for the Reporting of Exploration Results, Mineral Resources and Mineral Reserves (The SAMREC
Code, 2007 edition and amended July 2009). Mineral Resource is inclusive of the Ore Reserve component
unless otherwise stated. In complying with revisions to the JORC code the changes to AngloGold Ashanti's
Mineral Resource and Ore Reserve have been reviewed and it was concluded that none of the changes are
material to the overall valuation of the company. AngloGold Ashanti has therefore once again resolved not to
provide the detailed reporting as defined in Table 1 of the code. The company will however continue to
provide the high level of detail it has in previous years in order to comply with the transparency requirements
of the code.

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

The following local prices of gold were used as a basis for estimation in the December 2014 declaration:

                                                       Local prices of gold
                         Gold Price
                                      South Africa     Australia         Brazil    Argentina
                             USD/oz         ZAR/kg        AUD/oz         BRL/oz       ARS/oz
2014 Ore Reserve              1 100        398 452         1 261          2 801        8 979
2014 Mineral Resource         1 600        429 803         1 566          3 184       12 319

The JORC and SAMREC Codes require the use of reasonable economic assumptions. These include long-
range commodity price forecasts which are prepared in-house.

MINERAL RESOURCE

The total Mineral Resource decreased from 233.0 million ounces (Moz) in December 2013 to 232.0Moz in
December 2014. A gross annual increase of 8.7Moz occurred before depletion and disposals, while the net
decrease after allowing for depletion and disposals is 1.0Moz. Changes in economic assumptions from
December 2013 to December 2014 resulted in a 6.4Moz decrease to the Mineral Resource, whilst
exploration and modelling resulted in an increase of 14.4Moz. Depletion from the Mineral Resource for the
year totalled 5.9Moz and the sale of Navachab totalled 3.8Moz. The Mineral Resource has been estimated
at a gold price of USD1,600/oz (2013: USD1,600/oz).

MINERAL RESOURCE     
                                                                                      Moz 
Mineral Resource as at 31 December 2013                                             233.0 
Disposal - Navachab                                                                  -3.8 
                        Sub Total                                                  229.2 
Depletion                                                                            -5.9 
                        Sub Total                                                  223.3 
Additions 
Nuevo Chaquiro          Maiden Mineral Resource declaration                          5.5 
La Colosa               Mineral Resource growth due to exploration                    5.1 
                         success 
AGA Mineracao           Exploration success at all three operations                  2.1 
Sunrise Dam             Revisions to the modelling approach.                         1.6 
Siguiri                 Hard rock exploration additions from three                    1.5 
                         deposits 
Other                   Additions less than 0.5Moz                                   1.5 
                        Sub Total                                                  240.6 

Reductions 
Mponeng                 Data driven revision to models and a Mineral                -3.4 
                         Resource clean up 
Kopanang                Mineral Resource clean-up of uneconomic and                 -1.8 
                         inaccessible areas  
Moab Khotsong 
(Including Great        Exploration driven revisions to models                      -1.4 
Noligwa) 
Geita                   Increased costs resulting in pit size reductions            -0.9 
Other                   Reductions less than 0.5Moz                                 -1.1 

Mineral Resource as at 31 December 2014                                             232.0 
Rounding of numbers may result in computational discrepancies.

ORE RESERVE

The AngloGold Ashanti Ore Reserve reduced from 67.9Moz in December 2013 to 57.5Moz in December
2014. This gross annual decrease of 10.5Moz includes depletion of 4.9Moz and the sale of Navachab
1.9Moz. The balance of 3.7Moz reductions in Ore Reserve, results from changes in economic assumptions
between 2013 and 2014 which resulted in a reduction of 3.0Moz to the Ore Reserve, whilst exploration and
modelling changes resulted in a reduction of a further 0.7Moz. The Ore Reserve has been estimated using a
gold price of USD1,100/oz (2013: USD1,100/oz).

 ORE RESERVE                                                                                       Moz 
 Ore Reserve as at 31 December 2013                                                               67.9 
 Disposal - Navachab                                                                              -1.9 
                          Sub Total                                                              66.1 
 Depletion                                                                                        -4.9 
                          Sub Total                                                              61.1 
 Additions 
 Siguri                   Inclusion of fresh rock for the Kami deposit                            0.6 
 Sunrise Dam              Exploration success at Vogue                                            0.4 
 Other                    Additions less than 0.3Moz                                              1.0 
                          Sub Total                                                              63.1 
 Reductions 
 Obuasi                   Initial results of Feasibility study                                   -2.6 
                           Revisions to the Carbon Leader and VCR models due to new 
 Mponeng                                                                                          -1.3 
                           exploration and development data 
 Moab Khotsong 
                           New surface exploration data led to revision of the 
 (Including Great                                                                                 -0.8 
                           project Zaaiplaats models 
 Noligwa) 
                           Increased costs and reduction in sub marginal 
 CC&V                                                                                             -0.4 
                           ounces 
 Other                    Reductions less than 0.3Moz                                            -0.5 
 Ore Reserve as at 31 December 2014                                                               57.5 
Rounding of numbers may result in computational discrepancies.

BY-PRODUCTS

Several by-products will be recovered as a result of processing of the gold Ore Reserve. These include
55.6kt of uranium oxide from the South African operations, 0.32Mt of sulphur from Brazil and 25.1Moz of
silver from Argentina.

The initial publication of the Nuevo Chaquiro Mineral Resource added 3.55MT of copper, 76.5Moz of Silver
and 62.9kt of Molybdenum.

COMPETENT PERSONS

The information in this report relating to exploration results, Mineral Resources and Ore Reserves is based
on information compiled by or under the supervision of the Competent Persons as defined in the JORC or
SAMREC Codes. All Competent Persons are employed by AngloGold Ashanti, unless stated otherwise, and
have sufficient experience relevant to the style of mineralisation and type of deposit under consideration and
to the activity which they are undertaking. 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. The legal tenure of each operation and project has been verified to the satisfaction of the
accountable Competent Person.

During the past decade, the company has developed and implemented a rigorous system of internal and
external reviews aimed at providing assurance in respect of Ore Reserve and Mineral Resource estimates.
The following operations were subject to an external review in line with the policy that each operation project
will be reviewed by an independent third party on average once every three years:

- Mineral Resource and Ore Reserve at Mponeng
- Mineral Resource and Ore Reserve at Moab Khotsong
- Mineral Resource and Ore Reserve at Iduapriem
- Mineral Resource and Ore Reserve at Sunrise Dam
- Mineral Resource and Ore Reserve at Cerro Vanguardia
- Mineral Resource and Ore Reserve at Serra Grande
- Mineral Resource and Ore Reserve at Obuasi

The external reviews were conducted by the following companies The Mineral Corporation (Mponeng and
Moab Khotsong Mines), Coffey Mining (Iduapriem Mine), Snowden (Sunrise Dam Mine), Optiro (Cerro
Vanguardia and Serra Grande Mines), AMEC (Obuasi Mineral Resource) and SRK (Obuasi Ore Reserve).
Certificate of competence documentation has been received from all companies conducting the external
reviews to state that the Mineral Resource and/or Ore Reserve comply with the JORC Code and the
SAMREC Code.

Numerous internal Mineral Resource and Ore Reserve process reviews were completed by suitably qualified
Competent Persons from within AngloGold Ashanti. 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. VA Chamberlain has 27 years' experience in exploration and mining and is
employed full-time by AngloGold Ashanti and can be contacted at the following address: 76 Jeppe Street,
Newtown, 2001, South Africa.

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

MINERAL RESOURCE BY REGION (ATTRIBUTABLE) INCLUSIVE OF ORE RESERVE

Gold                                    Tonnes   Grade       Contained gold   
as at 31 December 2014     Category    million     g/t      Tonnes       Moz   
South Africa               Measured     147.19    2.35      345.91     11.12   
                          Indicated     946.99    1.93    1,829.48     58.82   
                           Inferred      47.34   10.31      487.87     15.69   
                              Total   1,141.52    2.33    2,663.26     85.63   
Continental Africa         Measured      79.94    3.07      245.06      7.88   
                          Indicated     419.68    2.59    1,086.73     34.94   
                           Inferred     277.85    2.40      667.86     21.47   
                              Total     777.47    2.57    1,999.66     64.29   
Australasia                Measured      31.77    1.43       45.46      1.46   
                          Indicated      83.83    2.25      188.70      6.07   
                           Inferred      23.35    2.73       63.84      2.05   
                              Total     138.95    2.14      298.00      9.58   
Americas                   Measured     284.50    1.15      326.31     10.49   
                          Indicated   1,195.53    0.94    1,128.97     36.30   
                           Inferred   1,076.04    0.74      799.23     25.70   
                              Total   2,556.07    0.88    2,254.52     72.48   
AngloGold Ashanti total    Measured     543.41    1.77      962.74     30.95   
                          Indicated   2,646.03    1.60    4,233.89    136.12   
                           Inferred   1,424.57    1.42    2,018.80     64.91   
                              Total   4,614.01    1.56    7,215.43    231.98   

Rounding of figures may result in computational discrepancies.

MINERAL RESOURCE BY REGION (ATTRIBUTABLE) EXCLUSIVE OF ORE RESERVE

Gold                                    Tonnes   Grade        Contained gold   
as at 31 December 2014     Category    million     g/t      Tonnes       Moz   
South Africa               Measured      15.75   15.17      239.06      7.69   
                          Indicated     251.24    3.49      877.25     28.20   
                           Inferred      13.43   18.32      246.09      7.91   
                              Total     280.43    4.86    1,362.39     43.80   
Continental Africa         Measured      36.80    4.89      179.78      5.78   
                          Indicated     215.36    2.58      556.29     17.89   
                           Inferred     276.82    2.39      661.34     21.26   
                              Total     528.97    2.64    1,397.41     44.93   
Australasia                Measured       3.50    0.83        2.89      0.09   
                          Indicated      55.33    2.18      120.88      3.89   
                           Inferred      23.35    2.73       63.84      2.05   
                              Total      82.18    2.28      187.62      6.03   
Americas                   Measured     157.88    1.15      181.18      5.83   
                          Indicated   1,126.20    0.90    1,017.56     32.72   
                           Inferred   1,064.18    0.74      784.22     25.21   
                              Total   2,348.27    0.84    1,982.97     63.75   
AngloGold Ashanti total    Measured     213.94    2.82      602.91     19.38   
                          Indicated   1,648.14    1.56    2,571.98     82.69   
                           Inferred   1,377.77    1.27    1,755.49     56.44   
                              Total   3,239.84    1.52    4,930.39    158.52   

Rounding of figures may result in computational discrepancies.

ORE RESERVE BY REGION (ATTRIBUTABLE)

Gold                                   Tonnes   Grade         Contained gold          
as at 31 December 2014    Category    million     g/t        Tonnes      Moz   
South Africa                Proved     133.45    0.64         85.20     2.74   
                          Probable     713.99    1.08        768.72    24.71   
                             Total     847.45    1.01        853.92    27.45   
Continental Africa          Proved      44.95    1.52         68.12     2.19   
                          Probable     203.84    2.55        520.67    16.74   
                             Total     248.78    2.37        588.79    18.93   
Australasia                 Proved      28.27    1.51         42.57     1.37   
                          Probable      28.19    2.38         67.09     2.16   
                             Total      56.46    1.94        109.66     3.53   
Americas                    Proved     124.64    1.01        126.14     4.06   
                          Probable      72.87    1.50        109.03     3.51   
                             Total     197.51    1.19        235.17     7.56   
AngloGold Ashanti total     Proved     331.30    0.97        322.03    10.35   
                          Probable   1,018.90    1.44      1,465.51    47.12   
                             Total   1,350.20    1.32      1,787.54    57.47   

Rounding of figures may result in computational discrepancies.

Independent auditor's review report on the Condensed Consolidated Financial Information for the quarter and twelve months ended 31
December 2014 to the Shareholders of AngloGold Ashanti Limited

We have reviewed the condensed consolidated financial statements of AngloGold Ashanti Limited (the company) contained in the
accompanying quarterly report, which comprise the accompanying condensed consolidated statement of financial
position as at 31 December 2014, the condensed consolidated income statement, statement of comprehensive income, statement of
changes in equity and statement of cash flows for the quarter and twelve months then ended, and selected explanatory notes.

Directors' Responsibility for the Condensed Consolidated Financial Statements

The directors are responsible for the preparation and presentation of these condensed consolidated financial statements in accordance
with the International Financial Reporting Standard, IAS 34 Interim Financial Reporting as issued by the International Accounting
Standards Board (IASB), the SAICA Financial Reporting Guides, as issued by the Accounting Practices Committee and Financial Reporting
Pronouncements as issued by the Financial Reporting Standards Council , and the requirements of the Companies Act of South Africa, and
for such internal control as the directors determine is necessary to enable the preparation of condensed consolidated financial statements
that are free from material misstatement, whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express a conclusion on these interim financial statements based on our review. We conducted our review in
accordance with International Standard on Review Engagements (ISRE) 2410, Review of Interim Financial Information Performed by the
Independent Auditor of the Entity. This standard requires us to conclude whether anything has come to our attention that causes us to
believe that the interim financial statements are not prepared in all material respects in accordance with the applicable financial reporting
framework. This standard also requires us to comply with relevant ethical requirements.

A review of interim financial statements in accordance with ISRE 2410 is a limited assurance engagement. We perform procedures,
primarily consisting of making enquiries of management and others within the entity, as appropriate, and applying analytical procedures
and evaluating the evidence obtained.

The procedures performed in a review are substantially less than and differ in nature from those performed in an audit conducted in
accordance with International Standards on Auditing. Accordingly, we do not express an audit opinion on these financial statements.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed consolidated
financial statements of the company for the quarter and twelve months ended 31 December 2014 are not prepared, in all material
respects, in accordance with International Financial Reporting Standard, IAS 34 Interim Financial Reporting as issued by the IASB, the
SAICA Financial Reporting Guides as issued by the Accounting Practices Committee and Financial Reporting Pronouncements as issued
by the Financial Reporting Standards Council and the requirements of the Companies Act of South Africa.

Ernst & Young Inc.
Director – Roger Hillen
Registered Auditor
Chartered Accountant (SA)
102 Rivonia Road, Sandton

Johannesburg, South Africa
19 February 2015
 
Group income statement

                                                                  Quarter     Quarter    Quarter       Year       Year   
                                                                    ended       ended      ended      ended      ended   
                                                                 December   September   December   December   December   
                                                                     2014        2014       2013       2014       2013   
US Dollar million                                        Notes   Reviewed    Reviewed   Reviewed   Reviewed    Audited   
Revenue                                                      2      1,324       1,337      1,474      5,378      5,708   
Gold income                                                  2      1,278       1,295      1,418      5,218      5,497   
Cost of sales                                                3    (1,061)     (1,052)    (1,042)    (4,190)    (4,146)   
Gain on non-hedge derivatives and other                                                                                  
commodity contracts                                                     5          30         28         15         94   
Gross profit                                                          222         273        404      1,043      1,445   
Corporate administration, marketing and other                                                                            
expenses                                                             (23)        (24)       (37)       (92)      (201)   
Exploration and evaluation costs                                     (45)        (37)       (41)      (144)      (255)   
Other operating expenses                                     4        (7)         (9)        (1)       (28)       (19)   
Special items                                                5      (182)        (54)       (90)      (260)    (3,410)   
Operating (loss) profit                                              (35)         149        235        519    (2,440)   
Dividends received                                           2          -           -          -          -          5   
Interest received                                            2          6           6         15         24         39   
Exchange gain (loss)                                                    5           4          4        (7)         14   
Finance costs and unwinding of obligations                   6       (67)        (69)       (75)      (278)      (296)   
Fair value adjustment on USD1.25bn bonds                               63          20       (12)       (17)       (58)   
Fair value adjustment on option component of                                                                             
convertible bonds                                                       -           -          -          -          9   
Fair value adjustment on mandatory convertible                                                                           
bonds                                                                   -           -          -          -        356   
Share of associates and joint ventures' profit (loss)        7         22          19          4       (25)      (162)   
(Loss) profit before taxation                                         (6)         129        171        216    (2,533)   
Taxation                                                     8       (49)        (85)      (426)      (255)        333   
(Loss) profit for the period                                         (55)          44      (255)       (39)    (2,200)   
Allocated as follows:                                                                                                    
Equity shareholders                                                  (58)          41      (305)       (58)    (2,230)   
Non-controlling interests                                               3           3         50         19         30   
                                                                     (55)          44      (255)       (39)    (2,200)   
Basic (loss) earnings per ordinary share (cents) (1)                 (14)          10       (75)       (14)      (568)   
Diluted (loss) earnings per ordinary share (cents) (2)               (14)          10       (75)       (14)      (631)   

(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 quarter and year ended 31 December 2014 have been prepared by the corporate accounting staff of
AngloGold Ashanti Limited headed by Mr John Edwin Staples (BCompt (Hons); CGMA), the Group's Chief Accounting Officer. This process was
supervised by Ms Kandimathie Christine Ramon (CA (SA)), the Group's Chief Financial Officer and Mr Srinivasan Venkatakrishnan (BCom; ACA
(ICAI)), the Group's Chief Executive Officer. The financial statements for the quarter and year ended 31 December 2014 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   
                                                                     2014        2014       2013       2014       2013   
US Dollar million                                                Reviewed    Reviewed   Reviewed   Reviewed    Audited   
(Loss) profit for the period                                         (55)          44      (255)       (39)    (2,200)   
Items that will be reclassified subsequently                                                                             
to profit or loss:                                                                                                       
Exchange differences on translation of foreign                                                                           
operations                                                           (67)       (118)       (85)      (201)      (433)   
Share of associates and joint ventures' other                                                                            
comprehensive income                                                    -         (1)          -          -          -   
Net gain (loss) on available-for-sale financial assets                  1        (10)          -          -       (23)   
Release on impairment of available-for-sale                                                                              
financial assets                                                        1           -          1          2         30   
Release on disposal of available-for-sale                                                                                
financial assets                                                      (1)           -          -        (1)        (1)   
Cash flow hedges                                                        -           -          1          -          1   
Deferred taxation thereon                                             (1)           4          -        (1)          2   
                                                                        -         (6)          2          -          9   
Items that will not be reclassified                                                                                      
subsequently to profit or loss:                                                                                          
Actuarial (loss) gain recognised                                     (31)         (7)         52       (22)         69   
Deferred taxation thereon                                               8           2       (15)          6       (20)   
                                                                     (23)         (5)         37       (16)         49   
Other comprehensive loss for the                                                                                         
period, net of tax                                                   (90)       (130)       (46)      (217)      (375)   
Total comprehensive loss for the                                                                                         
period, net of tax                                                  (145)        (86)      (301)      (256)    (2,575)   
Allocated as follows:                                                                                                    
Equity shareholders                                                 (148)        (89)      (351)      (275)    (2,605)   
Non-controlling interests                                               3           3         50         19         30   
                                                                    (145)        (86)      (301)      (256)    (2,575)   
Rounding of figures may result in computational discrepancies.                                                           

Group statement of financial position

                                                                            As at       As at      As at   
                                                                         December   September   December   
                                                                             2014        2014       2013   
US Dollar million                                                Notes   Reviewed    Reviewed    Audited   
ASSETS                                                                                                     
Non-current assets                                                                                         
Tangible assets                                                             4,863       4,839      4,815   
Intangible assets                                                             225         247        267   
Investments in associates and joint ventures                                1,427       1,373      1,327   
Other investments                                                             126         127        131   
Inventories                                                                   636         606        586   
Trade and other receivables                                                    20          30         29   
Deferred taxation                                                             127         160        177   
Cash restricted for use                                                        36          38         31   
Other non-current assets                                                       25          47         41   
                                                                            7,485       7,467      7,404   
Current assets                                                                                             
Other investments                                                               -           -          1   
Inventories                                                                   888         959      1,053   
Trade and other receivables                                                   278         312        369   
Cash restricted for use                                                        15          15         46   
Cash and cash equivalents                                                     468         557        648   
                                                                            1,649       1,843      2,117   
Non-current assets held for sale                                    14          -           -        153   
                                                                            1,649       1,843      2,270   
TOTAL ASSETS                                                                9,134       9,310      9,674   
EQUITY AND LIABILITIES                                                                                     
Share capital and premium                                           11      7,041       7,036      7,006   
Accumulated losses and other reserves                                     (4,196)     (4,051)    (3,927)   
Shareholders' equity                                                        2,845       2,985      3,079   
Non-controlling interests                                                      26          25         28   
Total equity                                                                2,871       3,010      3,107   
Non-current liabilities                                                                                    
Borrowings                                                                  3,498       3,521      3,633   
Environmental rehabilitation and other provisions                           1,052       1,022        963   
Provision for pension and post-retirement benefits                            147         142        152   
Trade, other payables and deferred income                                      15          13          4   
Deferred taxation                                                             567         597        579   
                                                                            5,279       5,295      5,331   
Current liabilities                                                                                        
Borrowings                                                                    223         159        258   
Trade, other payables and deferred income                                     695         751        820   
Bank overdraft                                                                  -          13         20   
Taxation                                                                       66          82         81   
                                                                              984       1,005      1,179   
Non-current liabilities held for sale                               14          -           -         57   
                                                                              984       1,005      1,236   
Total liabilities                                                           6,263       6,300      6,567   
TOTAL EQUITY AND LIABILITIES                                                9,134       9,310      9,674   

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   
                                                                      2014        2014       2013       2014       2013   
US Dollar million                                                 Reviewed    Reviewed   Reviewed   Reviewed    Audited   
Cash flows from operating activities                                                                                      
Receipts from customers                                              1,318       1,358      1,479      5,351      5,709   
Payments to suppliers and employees                                (1,060)       (997)    (1,039)    (3,978)    (4,317)   
Cash generated from operations                                         258         361        440      1,373      1,392   
Dividends received from joint ventures                                   -           -          -          -         18   
Taxation refund                                                          3           -         22         41         23   
Taxation paid                                                         (48)        (41)       (31)      (194)      (187)   
Net cash inflow from operating activities                              213         320        431      1,220      1,246   
Cash flows from investing activities                                                                                      
Capital expenditure                                                  (314)       (222)      (372)    (1,013)    (1,501)   
Interest capitalised and paid                                            -           -          -        (1)        (5)   
Expenditure on intangible assets                                       (2)           -       (17)        (5)       (68)   
Proceeds from disposal of tangible assets                                -           4          2         31         10   
Other investments acquired                                            (17)        (14)       (18)       (79)       (91)   
Proceeds from disposal of other investments                             14          15         15         73         81   
Investments in associates and joint ventures                           (3)        (10)       (78)       (65)      (472)   
Proceeds from disposal of associates and joint ventures                  -           -          -          -          6   
Loans advanced to associates and joint ventures                       (50)           -       (14)       (56)       (41)   
Loans repaid by associates and joint ventures                           16           4          -         20         33   
Dividends received                                                       -           -          -          -          5   
Proceeds from disposal of subsidiary                                     -           -          -        105          2   
Cash in subsidiary disposed and transfers to held for sale               -           -          3          2        (2)   
Decrease (increase) in cash restricted for use                           2         (1)       (13)         24       (20)   
Interest received                                                        5           4         10         21         23   
Net cash outflow from investing activities                           (349)       (220)      (482)      (943)    (2,040)   
Cash flows from financing activities                                                                                      
Proceeds from borrowings                                               182         338        238        611      2,344   
Repayment of borrowings                                               (72)       (386)      (260)      (761)    (1,486)   
Finance costs paid                                                    (38)        (83)       (42)      (245)      (200)   
Revolving credit facility and bond transaction costs                     -         (9)        (2)        (9)       (36)   
Dividends paid                                                         (8)         (6)       (11)       (17)       (62)   
Net cash inflow (outflow) from financing activities                     64       (146)       (77)      (421)        560   
Net decrease in cash and cash equivalents                             (72)        (46)      (128)      (144)      (234)   
Translation                                                            (4)        (10)        (5)       (16)       (30)   
Cash and cash equivalents at beginning of period                       544         600        761        628        892   
Cash and cash equivalents at end of period (1)                         468         544        628        468        628   
Cash generated from operations                                                                                            
(Loss) profit before taxation                                          (6)         129        171        216    (2,533)   
Adjusted for:                                                                                                             
Movement on non-hedge derivatives and other commodity contracts        (5)        (29)       (28)       (13)       (94)   
Amortisation of tangible assets                                        214         182        202        750        775   
Finance costs and unwinding of obligations                              67          69         75        278        296   
Environmental, rehabilitation and other expenditure                     24         (6)       (37)         32       (66)   
Special items                                                           21          14         88         31      3,399   
Amortisation of intangible assets                                        9           9          9         36         24   
Fair value adjustment on USD1.25bn bonds                               (63)        (20)        12         17         58   
Fair value adjustment on option component of convertible bonds           -           -          -          -        (9)   
Fair value adjustment on mandatory convertible bonds                     -           -          -          -      (356)   
Interest received                                                      (6)         (6)       (15)       (24)       (39)   
Share of associates and joint ventures' (profit) loss                 (22)        (19)        (4)         25        162   
Other non-cash movements                                                 6          19          7         68         25   
Movements in working capital                                            19          19       (40)       (43)      (250)   
                                                                       258         361        440      1,373      1,392   
Movements in working capital                                                                                              
Decrease (increase) in inventories                                      32          33       (26)         64      (142)   
Decrease in trade and other receivables                                 35          33         20         52         69   
Decrease in trade, other payables and deferred income                 (48)        (47)       (34)      (159)      (177)   
                                                                        19          19       (40)       (43)      (250)   

(1) The cash and cash equivalents balance at 31 December 2014 includes a bank overdraft included in the statement of financial position as part of
    current liabilities of nil (30 September 2014:USD13m; 31 December 2013: USD20m).

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 2012              6,742        177       (806)             (2)          13        (90)         (561)     5,473            21     5,494   
Loss for the period                                           (2,230)                                                         (2,230)            30   (2,200)   
Other comprehensive income (loss)                                                   1           8          49         (433)     (375)                   (375)   
Total comprehensive (loss) income            -          -     (2,230)               1           8          49         (433)   (2,605)            30   (2,575)   
Shares issued                              264                                                                                    264                     264   
Share-based payment for share awards                                                                                                                            
net of exercised                                     (13)                                                                        (13)                    (13)   
Dividends paid                                                   (40)                                                            (40)                    (40)   
Dividends of subsidiaries                                                                                                           -          (23)      (23)   
Translation                                          (28)          15                         (3)          16                       -                       -   
Balance at 31 December 2013              7,006        136     (3,061)             (1)          18        (25)         (994)     3,079            28     3,107   
Balance at 31 December 2013              7,006        136     (3,061)             (1)          18        (25)         (994)     3,079            28     3,107   
Loss for the period                                              (58)                                                            (58)            19      (39)   
Other comprehensive loss                                                                                 (16)         (201)     (217)                   (217)   
Total comprehensive loss                     -          -        (58)               -           -        (16)         (201)     (275)            19     (256)   
Shares issued                               35                                                                                     35                      35   
Share-based payment for share awards                                                                                                                            
net of exercised                                        6                                                                           6                       6   
Dividends of subsidiaries                                                                                                           -          (21)      (21)   
Translation                                          (10)          10                         (1)           1                       -             -         -   
Balance at 31 December 2014              7,041        132     (3,109)             (1)          17        (40)       (1,195)     2,845            26     2,871   

Rounding of figures may result in computational discrepancies.

Segmental reporting

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   
                                                  2014            2014             2013             2014      2013   
                                              Reviewed        Reviewed         Reviewed         Reviewed   Audited   
                                                                    US Dollar million                              
Gold income                                                                                                          
South Africa                                       355             410              428            1,527     1,810   
Continental Africa                                 538             500              568            2,105     2,111   
Australasia                                        183             197              192              785       441   
Americas                                           345             311              335            1,270     1,425   
                                                 1,420           1,419            1,523            5,687     5,787   
Equity-accounted investments included above      (142)           (123)            (105)            (469)     (290)   
                                                 1,278           1,295            1,418            5,218     5,497   
Gross profit (loss)                                                                                                  
South Africa                                        44              76              134              216       510   
Continental Africa                                 121             116              117              469       475   
Australasia                                         19              24               30              125       (9)   
Americas                                            73              76              125              309       516   
Corporate and other                                  5               -                5                -         -   
                                                   262             292              410            1,119     1,492   
Equity-accounted investments included above       (40)            (19)              (6)             (76)      (47)   
                                                   222             273              404            1,043     1,445   
Capital expenditure                                                                                                  
South Africa                                        79              66              112              264       451   
Continental Africa                                 119              86              212              454       839   
Australasia                                         28              13               35               91       285   
Americas                                           134              93              116              394       410   
Corporate and other                                  3               2                2                6         8   
                                                   363             261              477            1,209     1,993   
Equity-accounted investments included above       (48)            (38)             (94)            (191)     (411)   
                                                   316             222              383            1,018     1,582   

                                                         Quarter ended                        Year ended             
                                                   Dec             Sep              Dec              Dec       Dec   
                                                  2014            2014             2013             2014      2013   
                                                                               oz (000)                              
Gold production                                                                                                      
South Africa                                       300             314              339            1,223     1,302   
Continental Africa                                 419             410              460            1,597     1,460   
Australasia                                        157             152              169              620       342   
Americas                                           280             251              262              996     1,001   
                                                 1,156           1,128            1,229            4,436     4,105   
                                                                                  As at            As at     As at   
                                                                                    Dec              Sep       Dec   
                                                                                   2014             2014      2013  
 
                                                                               Reviewed         Reviewed   Audited   
                                                                                    US Dollar million             
Total assets (1)                                                                                                     
South Africa                                                                      2,124            2,166     2,325   
Continental Africa                                                                3,239            3,297     3,391   
Australasia                                                                         906              978     1,108   
Americas                                                                          2,409            2,371     2,203   
Corporate and other                                                                 456              497       647   
                                                                                  9,134            9,310     9,674   


(1) In 2014, pre-tax impairments, derecognition of goodwill, tangible assets and intangible assets of USD10m were accounted for in
    Continental Africa (2013 : USD3,029m in South Africa (USD311m), Continental Africa (USD1,776m) and the Americas (USD942m)).

Rounding of figures may result in computational discrepancies.

Notes
for the quarter and year ended 31 December 2014

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. 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 2013
     except for the adoption of new standards and interpretations effective 1 January 2014.

     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 South African Institute of Chartered Accountants Financial Reporting Guides as
     issued by the Accounting Practices Committee, Financial Reporting Pronouncements as issued by Financial Reporting Standards
     Council, JSE Listings Requirements and in the manner required by the South African Companies Act, 2008 (as amended) for the
     preparation of financial information of the group for the quarter and year ended 31 December 2014.

2.   Revenue

                                                                            Quarter ended                      Year ended            
                                                                      Dec             Sep                Dec          Dec       Dec   
                                                                     2014            2014               2013         2014      2013   
                                                                 Reviewed        Reviewed           Reviewed     Reviewed   Audited   
                                                                                       US Dollar million                          
Gold income                                                         1,278           1,295              1,418        5,218     5,497   
By-products (note 3)                                                   39              34                 39          132       149   
Dividends received                                                      -               -                  -            -         5   
Royalties received (note 5)                                             1               1                  1            4        18   
Interest received                                                       6               6                 15           24        39   
                                                                    1,324           1,337              1,474        5,378     5,708   
3.   Cost of sales                                                                                                                    
                                                                            Quarter ended                      Year ended             
                                                                      Dec             Sep                Dec          Dec       Dec   
                                                                     2014            2014               2013         2014      2013   
                                                                 Reviewed        Reviewed           Reviewed     Reviewed   Audited   
                                                                                       US Dollar million                          
Cash operating costs                                                  780             857                858        3,260     3,274   
By-products revenue (note 2)                                         (39)            (34)               (39)        (132)     (149)   
                                                                      741             823                819        3,128     3,125   
Royalties                                                              28              32                 32          131       129   
Other cash costs                                                        8               9                 10           33        43   
Total cash costs                                                      777             864                861        3,292     3,297   
Retrenchment costs                                                      9               5                 16           24        69   
Rehabilitation and other non-cash costs                                47               8               (11)           94        18   
Production costs                                                      833             877                866        3,410     3,384   
Amortisation of tangible assets                                       214             182                202          750       775   
Amortisation of intangible assets                                       9               9                  9           36        24   
Total production costs                                              1,056           1,068              1,077        4,196     4,183   
Inventory change                                                        5            (15)               (35)          (6)      (37)   
                                                                    1,061           1,052              1,042        4,190     4,146   
4.   Other operating expenses                                                                                                         
                                                                            Quarter ended                      Year ended             
                                                                      Dec             Sep                Dec          Dec       Dec   
                                                                     2014            2014               2013         2014      2013   
                                                                 Reviewed        Reviewed           Reviewed     Reviewed   Audited   
                                                                                       US Dollar million                          
Pension and medical defined benefit provisions                          1               2                (1)            6        14   
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               3                  2           15         5   
Other expenses                                                          2               4                  -            7         -   
                                                                        7               9                  1           28        19   
Rounding of figures may result in computational discrepancies.                                                                        

5.   Special items                                                                                                                    
                                                                               Quarter ended                      Year ended   
                                                                         Dec             Sep              Dec         Dec       Dec   
                                                                        2014            2014             2013        2014      2013   
                                                                    Reviewed        Reviewed         Reviewed    Reviewed   Audited   
                                                                                        US Dollar million                        
Net impairment and derecognition of goodwill, tangible assets and                                                                     
intangible assets (note 9)                                                 9               1               36          10     3,029   
Impairment of other investments (note 9)                                   1               -                1           2        30   
Net loss (profit) on disposal and derecognition of land, mineral                                                                      
rights, tangible assets and exploration properties (note 9)                2             (2)                -        (25)       (2)   
Royalties received (note 2)                                              (1)             (1)              (1)         (4)      (18)   
Indirect tax expenses and legal claims                                     3               3                7          19        43   
Inventory write-off due to fire at Geita                                   -               -                -           -        14   
Insurance proceeds on Geita claim                                          -               -             (13)           -      (13)   
Legal fees and other costs related to contract termination and                                                                        
settlement costs                                                          13               7               16          30        19   
Write-down of stockpiles and heap leach to net realisable value                                                                       
and other stockpile adjustments                                            1               1               38           2       216   
Write-down of consumable stores inventories                                5               -                -           5         -   
Impairment of other receivables                                            1               -                -           1         -   
Retrenchment and related costs                                           148              37                4         210        24   
Write-off of a loan                                                        -               -                -           -         7   
Transaction costs on the USD1.25bn bond and standby facility               -               -                2           -        61   
Loss on sale of Navachab (note 14)                                         -               -                -           2         -   
Accelerated deferred loan fees paid on cancellation and                                                                               
replacement of US and Australia revolving credit facilities                -               8                -           8         -   
                                                                         182              54               90         260     3,410   


The group reviews and tests the carrying value of its mining assets (including ore-stock piles) when events or changes in circumstances
suggest that the carrying amount may not be recoverable.

For the quarter and year ended 31 December 2014, no significant asset impairments or reversal of impairments were recognised.

During the year ended 31 December 2013, impairment, derecognition of assets and write-down of inventories to net realisable value and
other stockpile adjustments include the following:

     -    During June 2013, consideration was given to a range of indicators including a decline in gold price, increase in discount rates
          and reduction in market capitalisation. As a result, certain cash generating units' recoverable amounts, including Obuasi and
          Geita in Continental Africa, Moab Khotsong in South Africa and CC&V and AGA Mineração in the Americas, did not support their
          carrying values and impairment losses of USD3,029m were recognised during 2013.

     -    The indicators were re-assessed as at 31 December 2013 as part of the annual impairment assessment cycle and the conditions
          that arose in June 2013 were largely unchanged and no further cash generating unit impairments arose.

6.   Finance costs and unwinding of obligations                                                                                      
                                                                              Quarter ended                          Year ended   
                                                                        Dec             Sep              Dec         Dec       Dec   
                                                                       2014            2014             2013        2014      2013   
                                                                   Reviewed        Reviewed         Reviewed    Reviewed   Audited   
                                                                                         US Dollar million                         
Finance costs                                                            61              62               67         251       247   
Unwinding of obligations, accretion of convertible bonds and                                                                         
other discounts                                                           7               7                8          27        49   
                                                                         67              69               75         278       296   
7.   Share of associates and joint ventures' profit (loss)                                                                           
                                                                              Quarter ended                           Year ended   
                                                                        Dec             Sep              Dec         Dec       Dec   
                                                                       2014            2014             2013        2014      2013   
                                                                   Reviewed        Reviewed         Reviewed    Reviewed   Audited   
                                                                                         US Dollar million                         
Revenue                                                                 151             130              117         519       334   
Operating costs, special items and other expenses                     (120)           (107)            (111)       (523)     (315)   
Net interest received                                                     1               2                1           6         4   
Profit before taxation                                                   32              25                7           2        23   
Taxation                                                               (11)             (6)              (2)        (22)      (21)   
Profit (loss) after taxation                                             21              19                5        (20)         2   
Net reversal (impairment) of investments in associates and joint                                                                     
ventures(1)                                                               1               -              (1)         (5)     (164)   
                                                                         22              19                4        (25)     (162)   

Net impairments recognised on the entity's investments in equity accounted associates and joint ventures consider quoted share prices,
their respective financial positions and anticipated declines in operating results of these entities.

(1) Includes a loan of USD20m recovered during the fourth quarter of 2014, which was impaired in 2013.
Rounding of figures may result in computational discrepancies.

In July 2014, AngloGold Ashanti and other shareholders of Rand Refinery (Pty) Limited, an associate of the company, entered into an agreement
with Rand Refinery to provide an irrevocable, subordinated loan facility to the maximum value of R1.2 billion (USD106m). The facility allows for
amounts to be advanced to Rand Refinery to compensate third parties in the event that Rand Refinery finally determines that a shortfall of 87 000
ounces of gold actually exists when comparing the physical inventory of Rand Refinery to the records of amounts it holds on behalf of third
parties. The facility, once drawn down, will be convertible to equity after a period of 2 years on condition that all shareholders of Rand Refinery
agree to the conversion.

The finalisation of the results of Rand Refinery for the years ended 30 September 2013 and 2014 confirmed the existence of the gold shortfall
position and resulted in Rand Refinery issuing a notice to the shareholders to draw down an amount of USD89m of the loan facility available.
AngloGold Ashanti's portion of the loan funding, including a pro-rata portion of DRD Gold Limited's funding commitment, amounted USD43m. The
total investment in Rand Refinery, including the loan facility provided, was tested for impairment, resulting in an impairment of the loan of USD21m
included in "net reversal (impairment) of investments in associates and joint ventures" above.

As a result, AngloGold Ashanti reviewed its previous estimates of its share of equity profits accounted for as part of its investment in Rand
Refinery, which was based on the unaudited management accounts of Rand Refinery, effectively reducing AngloGold Ashanti's equity investment
in Rand Refinery to nil.

8. Taxation                                                                                                                               
                                                                                Quarter ended                             Year ended            
                                                                          Dec             Sep                Dec          Dec       Dec   
                                                                         2014            2014               2013         2014      2013   
                                                                     Reviewed        Reviewed           Reviewed     Reviewed   Audited   
                                                                                           US Dollar million                          
South African taxation                                                                                                                    
Mining tax                                                               (10)               7                  1           21         7   
Non-mining tax                                                             15             (7)                  -            5         1   
Prior year (over) under provision                                         (1)               -               (25)            4      (26)   
Deferred taxation                                                                                                                         
Temporary differences                                                     (1)             (1)                 13         (20)      (39)   
Unrealised non-hedge derivatives and other commodity                                                                                      
contracts                                                                   1               8                  8            4        25   
Change in estimated deferred tax rate                                    (24)               -                  -         (24)         -   
                                                                         (20)               7                (3)         (10)      (32)   
Foreign taxation                                                                                                                          
Normal taxation                                                            24              46                 96          152       160   
Prior year over provision
Deferred taxation(1)                                                        -             (5)                  -         (17)       (8)   
Temporary differences                                                      45              37                333          130     (453)   
                                                                           69              78                429          265     (301)   
                                                                           49              85                426          255     (333)   

(1) Included in temporary differences under Foreign taxation in 2013, is a tax credit relating to impairments and disposal of tangible assets of USD499m and
    write-down of inventories of USD68m.

9.   Headline (loss) earnings                                                                                                                       
                                                                                           Quarter ended                       Year ended   
                                                                                       Dec             Sep              Dec         Dec       Dec   
                                                                                      2014            2014             2013        2014      2013   
                                                                                  Reviewed        Reviewed         Reviewed    Reviewed   Audited   
                                                                                                        US Dollar million                         
The (loss) profit attributable to equity shareholders has been                                                                                      
adjusted by the following to arrive at headline earnings (loss):                                                                                    
(Loss) profit attributable to equity shareholders                                     (58)              41            (305)        (58)   (2,230)   
Net impairment and derecognition of goodwill, tangible assets                                                                                       
and intangible assets (note 5)                                                           9               1               36          10     3,029   
Net (profit) loss on disposal and derecognition of land, mineral                                                                                    
rights, tangible assets and exploration properties (note 5)                              2             (2)                -        (25)       (2)   
Loss on sale of Navachab (note 14)                                                       -               -                -           2         -   
Impairment of other investments (note 5)                                                 1               -                1           2        30   
Net (reversal) impairment of investments in associates and joint                                                                                    
ventures                                                                              (22)               -                1        (22)       164   
Special items of associates and joint ventures                                           -               -                2           6         2   
Taxation - current portion                                                               -               -                1           6         -   
Taxation - deferred portion                                                            (3)               4             (12)           -     (915)   
                                                                                      (71)              44            (276)        (79)        78   

Headline (loss) earnings per ordinary share (cents) (1)                               (17)              11             (68)        (19)        20   
Diluted headline (loss) earnings per ordinary share (cents) (2)                       (17)              11             (68)        (19)      (62)   

(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.                                                                                      


10.   Number of shares                                                                                                  
                                                              Quarter ended                        Year ended   
                                                        Dec             Sep           Dec           Dec           Dec   
                                                       2014            2014          2013          2014          2013   
                                                   Reviewed        Reviewed      Reviewed      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                        404,010,360     403,552,085   402,628,406   404,010,360   402,628,406   
E ordinary shares in issue                                -         685,668       712,006             -       712,006   
Total ordinary shares:                          404,010,360     404,237,753   403,340,412   404,010,360   403,340,412   
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                                 403,605,184    403,466,038    402,462,266   403,339,562   389,184,639
E ordinary shares                                   589,685        696,371      1,062,510       585,974     1,460,705
Fully vested options                              3,122,215      2,047,889      1,477,629     3,803,514     1,979,920
Weighted average number of shares               407,317,084    406,210,298    405,002,405   407,729,050   392,625,264
Dilutive potential of share options                       -      2,215,555              -             -             -
Dilutive potential of convertible bonds                   -              -              -             -    12,921,644
Diluted number of ordinary shares               407,317,084    408,425,853    405,002,405   407,729,050   405,546,908

11.   Share capital and premium    
                                                                                 As at                                                                       
                                                                       Dec               Sep         Dec   
                                                                      2014              2014        2013   
                                                                  Reviewed          Reviewed     Audited   
                                                                          US Dollar Million               
Balance at beginning of period                                       7,074             7,074       6,821   
Ordinary shares issued                                                  29                25         259   
E ordinary shares issued and cancelled                                 (9)                 -         (6)   
Sub-total                                                            7,094             7,099       7,074   
Redeemable preference shares held within the group                    (53)              (53)        (53)   
Ordinary shares held within the group                                    -                 -         (6)   
E ordinary shares held within the group                                  -              (10)         (9)   
Balance at end of period                                             7,041             7,036       7,006   

12.   Exchange rates                                                                                       
                                                                       Dec               Sep         Dec   
                                                                      2014              2014        2013   
                                                                 Unaudited         Unaudited   Unaudited   
ZAR/USD average for the year to date                                 10.83             10.70        9.62   
ZAR/USD average for the quarter                                      11.22             10.76       10.12   
ZAR/USD closing                                                      11.57             11.28       10.45   
AUD/USD average for the year to date                                  1.11              1.09        1.03   
AUD/USD average for the quarter                                       1.17              1.08        1.08   
AUD/USD closing                                                       1.22              1.14        1.12   
BRL/USD average for the year to date                                  2.35              2.29        2.16   
BRL/USD average for the quarter                                       2.54              2.27        2.27   
BRL/USD closing                                                       2.66              2.45        2.34   
ARS/USD average for the year to date                                  8.12              7.99        5.48   
ARS/USD average for the quarter                                       8.51              8.30        6.07   
ARS/USD closing                                                       8.55              8.43        6.52   

Rounding of figures may result in computational discrepancies.                                            

13.     Capital commitments
                                                                                     Dec           Sep         Dec
                                                                                    2014          2014        2013
                                                                                Reviewed      Reviewed     Audited
                                                                                        US Dollar Million
Orders placed and outstanding on capital contracts at the prevailing
rate of exchange (1)                                                                 178           290         437

(1) Includes capital commitments relating to associates and 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.

14.   Non-current assets and liabilities held for sale

      Effective 30 April 2013, Navachab mine located in Namibia was classified as held for sale. Navachab gold mine was previously
      recognised as a combination of tangible assets, goodwill, current assets, current and long-term liabilities. On 10 February 2014,
      AngloGold Ashanti announced that it signed a binding agreement to sell Navachab to a wholly-owned subsidiary of QKR Corporation
      Ltd (QKR). The purchase consideration consists of two components: an initial cash payment and a deferred consideration in the form
      of a net smelter return (NSR).
      On 30 June 2014, AngloGold Ashanti Limited announced that the sale had been completed in accordance with the sales agreement
      with all conditions precedent being met. A loss on disposal of USD2m (note 5) was realised on the sale on Navachab.

15.   Financial risk management activities

      Borrowings
      The USD1.25bn bonds and the mandatory convertible bonds settled in September 2013, are carried at fair value. The convertible bonds,
      settled 99.1% in August 2013 and in full in November 2013, and rated bonds are carried at amortised cost and their fair values are
      their closing market values at the reporting date. The interest rate on the remaining borrowings is reset on a short-term floating rate
      basis, and accordingly the carrying amount is considered to approximate fair value.
      
                                                                             As at
                                                                           Dec           Sep       Dec
                                                                          2014          2014      2013
                                                                      Reviewed      Reviewed   Audited
      Carrying amount                                                    3,721         3,680     3,891
      Fair value                                                         3,606         3,684     3,704
      
      Derivatives
      
      The fair value of derivatives is estimated based on ruling market prices, volatilities, interest rates and credit risk and includes all
      derivatives carried in the statement of financial position.
      
      Embedded derivatives and the conversion features of convertible bonds are included as derivatives on the statement of financial
      position.
      
      The group uses the following hierarchy for determining and disclosing the fair value of financial instruments:
      
      Level 1:    quote prices (unadjusted) in active markets for identical assets or liabilities;
      Level 2:    inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly
                  (as prices) or indirectly (derived from prices); and
      Level 3:    inputs for the asset or liability that are not based on observable market data (unobservable inputs).
      
      The following tables set out the group's financial assets and liabilities measured at fair value by level within the fair value
      hierarchy:
      
      Type of instrument
      
                                                                                                    
                                                            Level 1  Level 2  Level 3  Total    Level 1  Level 2  Level 3   Total  Level 1  Level2  Level3   Total 
      US Dollar million                                                 Dec 2014                          Sep 2014                              Dec 2013           
      Assets measured at fair value                                                                                                              
      Available-for-sale financial assets                                                                                                               
      Equity securities                                          47       -         -     47         48        -        -      48       47       -       -      47   
      Liabilities measured at fair value                                                                                                                            
      Financial liabilities at fair value through profit or                                                                                                         
      loss                                                                                                                                                          
      USD1.25bn bonds                                         1,374       -         -  1,374      1,410        -        -   1,410    1,353       -       -   1,353   
            
      Rounding of numbers may result in computational discrepancies.

16.   Contingencies
      AngloGold Ashanti's material contingent liabilities and assets at 31 December 2014 and 31 December 2013 are detailed
      below:

      Contingencies and guarantees
                                                                              December           December
                                                                                  2014               2013
                                                                              Reviewed            Audited
                                                                               US Dollar million
      Contingent liabilities
      Groundwater pollution(1)                                                       -                  -
      Deep groundwater pollution – Africa(2)                                         -                  -
      Litigation – Ghana(3)(4)                                                      97                 97
      ODMWA litigation(5)                                                          192                  -
      Other tax disputes – AngloGold Ashanti Brasil Mineração Ltda(6)               32                 38
      VAT disputes – Mineração Serra Grande S.A.(7)                                 15                 16
      Tax dispute - AngloGold Ashanti Colombia S.A.(8)                             162                188
      Tax dispute - Cerro Vanguardia S.A.(9)                                        53                 63
      Sales tax on gold deliveries – Mineração Serra Grande S.A.(10)                 -                101
      Contingent assets
      Indemnity – Kinross Gold Corporation(11)                                     (9)               (60)
      Royalty – Tau Lekoa Gold Mine(12)                                              -                  -
      Royalty – Navachab(13)                                                         -                  -
      Financial Guarantees
      Oro Group (Pty) Limited(14)                                                    9                 10
                                                                                   551                453

(1)   Groundwater pollution - AngloGold Ashanti Limited has identified groundwater contamination plumes at certain of its
      operations, which have occurred primarily as a result of seepage from mine residue stockpiles. Numerous scientific, technical
      and legal studies have been undertaken to assist in determining the magnitude 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 group has identified a flooding and future pollution risk posed by deep groundwater in
      certain underground mines in Africa. Various studies have been undertaken by AngloGold Ashanti Limited 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 Mineral and Petroleum Resources Development Act
      (MPRDA) requires that the affected mining companies develop a Regional Mine Closure Strategy to be approved by the
      Department of Mineral Resources. 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)   Litigation - On 11 October 2011, AngloGold Ashanti (Ghana) Limited (AGAG) terminated Mining and Building Contractors
      Limited's (MBC) underground development agreement, construction on bulkheads agreement and diamond drilling
      agreement at Obuasi mine. The Parties reached agreement on the terms of the separation and concluded a separation
      agreement on 8 November 2012. On 23 July 2013 and 20 February 2014, AGAG was served with a writ issued by MBC
      claiming a total of USD97m. AGAG filed a conditional entry of appearance and a motion of stay of proceedings pending
      arbitration. On 5 May 2014, the court denied AGAG's application to submit the matter to arbitration. AGAG subsequently
      appealed this decision to the Court of Appeal and further filed a Stay of Proceedings at the lower court which was granted on
      11 June 2014. On 2 October 2014, AGAG was notified that the records had been transmitted to the Court of Appeal.
      However, as the transmitted records were incomplete, AGAG timely filed an application for the record to be amended prior to
      filing its statement of case. The matter remains pending.

(4)   Litigation - AGAG received a summons on 2 April 2013 from Abdul Waliyu and 152 others in which the plaintiffs allege that
      they were or are residents of the Obuasi municipality or its suburbs and that their health has been adversely affected by
      emission and/or other environmental impacts arising in connection with the current and/or historical operations of the
      Pompora Treatment Plant (PTP) which was decommissioned in 2000. The plaintiffs' alleged injuries include respiratory
      infections, skin diseases and certain cancers. The plaintiffs have not filed their application for directions which was due by
      31 October 2013. AGAG is allowing some time to pass prior to applying to have the matter struck out for want of
      prosecution. On 24 February 2014, executive members of the PTP (AGAG) Smoke Effect Association (PASEA), sued AGAG
      by themselves and on behalf of their members (undisclosed number) on grounds similar to those discussed above, as well as
      economic hardships as a result of constant failure of their crops. To date, plaintiffs have failed to amend their writ and file
      their statement of claim. In view of the limitation of current information for the accurate estimation of a liability, no reliable
      estimate can be made for AGAG's obligation in either matter.

(5)   Occupational Diseases in Mines and Works Act (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 Works 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. 

      AngloGold Ashanti, Anglo American South Africa, Gold Fields, Harmony Gold and Sibanye Gold announced in November 2014 that they have 
      formed an industry working group to address issues relating to compensation and medical care for OLD in the gold mining industry in 
      South Africa. The companies have begun to engage all stakeholders on these matters, including government, organised labour, other 
      mining companies and legal representatives of claimants who have filed legal suits against the companies. These legal proceedings 
      are being defended, and the status of the proceedings are set forth below. Essentially, the companies are seeking a comprehensive 
      solution which deals both with the legacy compensation issues and future legal frameworks, and which, whilst being fair to employees,
      also ensures the future sustainability of companies in the industry.

      On or about 21 August 2012, AngloGold Ashanti was served with an application instituted by Bangumzi Bennet Balakazi ("the Balakazi Action") 
      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. On 4 September 2012, AngloGold 
      Ashanti delivered its notice of intention to defend this application.
 
      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 Nkala Action").
      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 filed a notice of intention 
      to oppose the application.

      On 21 August 2013, an application was served on AngloGold Ashanti for the consolidation of the Balakazi Action and the Nkala Action, 
      as well as a request for an amendment to change the scope of the classes. The applicants now request certification of two classes 
      (the "silicosis class" and the "tuberculosis class"). The silicosis class would consist of certain current and former underground 
      mineworkers who have contracted silicosis, and the dependants of certain deceased mineworkers who have died of silicosis (whether or 
      not accompanied by any other disease). The tuberculosis class would consist of certain current and former mineworkers who have or 
      had contracted pulmonary tuberculosis and the dependants of certain deceased mineworkers who died of pulmonary tuberculosis 
      (but excluding silico-tuberculosis).

      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. The parties in the class action met with the court and have tentatively agreed 
      on a timetable for the court process wherein the application to certify the class action will be heard in October 2015.

      In October 2012, AngloGold Ashanti received a further 31 individual summonses and particulars of claim relating to silicosis and/or 
      other OLD. The total amount claimed in the 31 summonses is approximately USD7 million as at the 31 December 2014 closing rate. On or 
      about 3 March 2014, AngloGold Ashanti received an additional 21 individual summonses and particulars of claim relating to silicosis 
      and/or other OLD. The total amount claimed in the 21 summonses is approximately USD4 million as at the 31 December 2014 closing rate. 
      On or about 24 March 2014, AngloGold Ashanti received a further 686 individual summonses and particulars of claim relating to 
      silicosis and/or other OLD. The total amount claimed in the 686 summonses is approximately USD100 million as at the 31 December 2014 
      closing rate. On or about 1 April 2014, AngloGold Ashanti received a further 518 individual summonses and particulars of claim 
      relating to silicosis and/or other OLD. The total amount claimed in the 518 summonses is approximately USD81 million as at the 
      31 December 2014 closing rate. 

      On 9 October 2014, AngloGold Ashanti and the plaintiffs' attorneys agreed to refer all of the individual claims to arbitration. 
      The court proceedings have been suspended as a result of entering into the arbitration agreement.

      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 reasonably 
      estimate its share of the amounts claimed.

(6)   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 Ltda (AABM) in the amount of USD18m (2013:
      USD19m) 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 Limited'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 USD14m (2013: USD19m). Management is of the opinion that these taxes are
      not payable.

(7)   VAT disputes - Mineração Serra Grande S.A. (MSG) received a tax assessment in October 2003 from the State of Minas
      Gerais related to VAT on gold bullion transfers. The tax administrators rejected the company's appeals against the
      assessment. The company is now appealing the dismissal of the case. The assessment is approximately USD15m (2013:
      USD16m).

(8)   Tax dispute – In January 2013, 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 and 2011 income tax returns. On 23 October 2013 AGAC received
      the official assessments from the DIAN which established that an estimated additional tax of USD27m (2013:USD35m) will be payable if the
      tax returns are amended. Penalties and interest for the additional taxes are expected to be USD135m (2013:USD153m), based on
      Colombian tax law. The company believes that it has applied the tax legislation correctly. AGAC requested in December 2013 that
      the DIAN reconsider its decision. In November 2014, DIAN affirmed its earlier ruling. AGAC has until mid-March 2015 to challenge
      the DIAN's decision by filing a lawsuit before the Administrative Tribunal of Cundinamarca (trial court for tax litigation).

(9)   Tax dispute - On 12 July 2013, Cerro Vanguardia S.A. received a notification from the Argentina Tax Authority (AFIP) requesting corrections
      to the 2007, 2008 and 2009 income tax returns of about USD14m (2013: USD18m) relating to the non-deduction of tax losses previously claimed
      on hedge contracts. The AFIP is of the view that the financial derivatives at issue should not have been accounted for as hedge contracts,
      as hedge contract losses could only be offset against gains derived from the same kind of hedging contracts Penalties and interest on the
      disputed amounts are estimated at a further USD39m (2013: USD45m). A new notification was received on 16 July 2014 from the tax authorities
      that disallowed arguments from CVSA's initial response. CVSA prepared defence arguments and evidence which were filed on 8 September 2014.
      Management is of the opinion that the taxes are not payable. The government responded to the latest submission by CVSA on 22 December 2014,
      and continues to assert its position regarding the use of the financial derivatives. CVSA has until 9 March 2015 to respond
      to the government's findings, and is preparing a response.

(10)  Sales tax on gold deliveries – In 2006, MSG received two tax assessments from the State of Goiás related to the 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 were approximately USD62m and USD39m as at 31
      December 2013, respectively. Various legal proceedings have taken place over the years with respect to this matter, as
      previously disclosed. On 5 May 2014, the State of Goiás published a law which enables companies to settle outstanding tax
      assessments of this nature. Under this law, MSG settled the two assessments in May 2014 by paying USD14m in cash and by
      utilising USD29m of existing VAT credits. The utilisation of the VAT credits is subject to legal confirmation from the State of
      Goiás. Although the State has not yet provided confirmation, management has concluded that the likelihood of the State of
      Goiás declining the utilisation of the VAT credits or part thereof is remote. The cash settlement was further set off by an
      indemnity from Kinross of USD6m.

(11)  Indemnity - As part of the acquisition by AngloGold Ashanti Limited of the remaining 50% interest in MSG during June
      2012, Kinross Gold Corporation (Kinross) has provided an indemnity to a maximum amount of BRL255m against the
      specific exposures discussed in items 7 and 10 above. In light of the settlements described in item 10 at 31 December
      2014, the company has estimated that the maximum contingent asset is USD9m (2013: USD60m).

(12)  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 is determined a t 3% of
      the net revenue (being gross revenue less state royalties) generated by the Tau Lekoa assets. Royalties on 507,471oz
      (2013: 413,246oz) produced have been received to date.

(13)  Royalty – As a result of the sale of Navachab during the second quarter of 2014, AngloGold Ashanti will receive a net
      smelter to return paid quarterly for seven years from 1 July 2016, determined at 2% of ounces sold during the relevant
      quarter subject to a minimum average gold price of USD1,350 and capped at a maximum of 18,750 ounces sold per quarter.

(14)  Provision of surety - The company has provided surety in favour of a lender on a gold loan facility with its associate
      Oro Group (Pty) Limited and one of its subsidiaries to a maximum value of USD9m (2013: USD10m). The probability of the
      non-performance under the suretyships is considered minimal. The suretyship agreements have a termination notice
      period of 90 days.

17.   Concentration of tax risk
      There is a concentration of tax risk in respect of recoverable value added tax, fuel duties and appeal deposits from the Tanzanian
      government.
      The recoverable value added tax, fuel duties and appeal deposits are summarised as follows:
                                                                                                                  Dec 2014
                                                                                                         US Dollar million
      Recoverable value added tax                                                                                       31
      Appeal deposits                                                                                                    4

18.   Borrowings

      AngloGold Ashanti's borrowings are interest bearing.

19.   Announcements

      Appointment of Non-Executive Directors: On 27 November 2014, AngloGold Ashanti announced the appointment of Mr Albert
      Garner and Ms Maria Richter to the Board as independent non-executive directors with effect from 1 January 2015.

      Maiden resource for Nuevo Chaquiro Deposit: On 3 November 2014, AngloGold Ashanti announced the first Mineral Resource
      for the Nuevo Chaquiro deposit in the Quebradona Project Area. The Quebradona Project is a Joint Venture between AGA
      (88.5%) and B2Gold (11.5%). B2Gold is not participating in the exploration expenditure and its interest in the project is being
      diluted. The maiden Inferred Mineral Resource for Nuevo Chaquiro is 604Mt at an average grade of 0.65% copper, 0.32g/t gold,
      4.38g/t silver and 116ppm molybdenum for a contained metal content of 3.95Mt copper, 6.13Moz gold, 85.2Moz silver and 70Kt
      molybdenum.

     Appointment of new JSE Sponsor: On 3 November 2014, AngloGold Ashanti announced that the appointment of UBS South
     Africa (Pty) Ltd as sponsor to Company ended by mutual consent with effect from 31 October 2014 and Deutsche Securities (SA)
     Proprietary Limited appointed sponsor to the Company with effect from 1 November 2014.

By order of the Board

S M PITYANA                                                            S VENKATAKRISHNAN
Chairman                                                               Chief Executive Officer

19 February 2015

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 (loss) earnings                                                                                                                   
                                                                                                    Quarter ended                        Year ended      
                                                                                          Dec             Sep              Dec         Dec         Dec      
                                                                                         2014            2014             2013        2014        2013      
                                                                                    Unaudited       Unaudited        Unaudited   Unaudited   Unaudited      
                                                                                                             US Dollar million                  
    Headline (loss) earnings (note 9)                                                    (71)              44            (276)        (79)          78      
    Gain on unrealised non-hedge derivatives and                                                                                                            
    other commodity contracts                                                             (5)            (30)             (28)        (15)        (94)      
    Deferred tax on unrealised non-hedge derivatives and                                                                                                    
    other commodity contracts (note 8)                                                      1               8                8           4          25      
    Derecognition of deferred tax assets                                                    -               -              330           -         330      
    Fair value adjustment on USD1.25bn bonds                                             (63)            (20)               12          17          58      
    Fair value adjustment on option component of convertible bonds                          -               -                -           -         (9)      
    Fair value adjustment on mandatory convertible bonds                                    -               -                -           -         211      
    Provision for losses in associate and impairment of loan to associate                  21               -                -          72           -      
    Adjusted headline (loss) earnings                                                   (117)               2               45         (1)         599      
    Adjusted headline (loss) earnings per ordinary share (cents)(1)                      (29)               0               11           0         153      
    
    (1) Calculated on the basic weighted average number of ordinary shares.                                                                           

B   Adjusted gross profit                                                                                                                               
                                                                                                       Quarter ended                     Year ended      
                                                                                          Dec             Sep              Dec         Dec         Dec      
                                                                                         2014            2014             2013        2014        2013      
                                                                                    Unaudited       Unaudited        Unaudited   Unaudited   Unaudited      
                                                                                                             US Dollar million                  
    Reconciliation of gross profit to adjusted gross profit:                                                                                                
    Gross profit                                                                          222             273              404       1,043       1,445      
    Gain on unrealised non-hedge derivatives and                                                                                                            
    other commodity contracts                                                             (5)            (30)             (28)        (15)        (94)      
    Adjusted gross profit                                                                 217             243              376       1,028       1,351      

C   Price received                                                                                                                                      
                                                                                                     Quarter ended                        Year ended      
                                                                                          Dec             Sep              Dec         Dec         Dec      
                                                                                         2014            2014             2013        2014        2013      
                                                                                    Unaudited       Unaudited        Unaudited   Unaudited   Unaudited      
                                                                                                        US Dollar million/Imperial                  
    Gold income (note 2)                                                                1,278           1,295            1,418       5,218       5,497      
    Adjusted for non-controlling interests                                               (18)            (16)             (15)        (76)        (77)      
                                                                                        1,260           1,279            1,403       5,142       5,420      
    Realised loss on other commodity contracts                                              5               6                6          21          26      
    Associates and joint ventures' share of gold income including realised                                                                                  
    non-hedge derivatives                                                                 142             123              105         469         290      
    Attributable gold income including realised non-hedge                                                                                                   
    derivatives                                                                         1,407           1,409            1,514       5,632       5,736      
    Attributable gold sold  - oz (000)                                                  1,171           1,099            1,191       4,454       4,093      
    Price received per unit - USD/oz                                                    1,202           1,281            1,271       1,264       1,401      
    Rounding of figures may result in computational discrepancies.                                                                                          
    
D   All-in sustaining costs and All-in costs 1                                                                                                          
                                                                                                     Quarter ended                        Year ended      
                                                                                           Dec           Sep              Dec          Dec         Dec      
                                                                                          2014          2014             2013         2014        2013      
                                                                                     Unaudited     Unaudited        Unaudited    Unaudited   Unaudited      
                                                                                                      US Dollar million/Imperial                  
    Cost of sales (note 3)                                                               1,061         1,052            1,042        4,190       4,146      
    Amortisation of tangible and intangible assets (note 3)                              (223)         (191)            (211)        (786)       (799)      
    Adjusted for decommissioning amortisation                                                3             3                2           10           6      
    Corporate administration and marketing related to current operations                    22            22               36           88         199      
    Associates and joint ventures' share of costs                                           76            77               90          294         234      
    Inventory writedown to net realisable value and other stockpile                                                                                         
    adjustments                                                                              9             1               38           11         216      
    Sustaining exploration and study costs                                                  18            14               16           49          94      
    Total sustaining capex                                                                 259           177              253          814         999      
    All-in sustaining costs                                                              1,224         1,156            1,265        4,670       5,095      
    Adjusted for non-controlling interests and non -gold producing companies              (25)          (14)             (16)         (77)        (71)      
    All-in sustaining costs adjusted for non-controlling interests and                                                                                      
    non-gold producing companies                                                         1,199         1,142            1,249        4,593       5,024      
    Adjusted for stockpile write-offs                                                     (10)           (3)             (38)         (22)       (216)      
    All-in sustaining costs adjusted for non-controlling interests, non-gold                                                                                
    producing companies and stockpile  write-offs                                        1,190         1,139            1,211        4,571       4,808      
    All-in sustaining costs                                                              1,224         1,156            1,265        4,670       5,095      
    Non-sustaining project capital expenditure                                             104            84              224          394         994      
    Technology improvements                                                                  7             3                7           19          14      
    Non-sustaining exploration and study costs                                              25            23               28           91         175      
    Corporate and social responsibility costs not related to current operations              6             6                1           24          21      
    All-in costs                                                                         1,366         1,271            1,525        5,198       6,299      
    Adjusted for non-controlling interests and non -gold producing companies              (19)          (11)             (16)         (62)        (81)      
    All-in costs adjusted for non-controlling interests and                                                                                                 
    non-gold producing companies                                                         1,347         1,260            1,509        5,136       6,218      
    Adjusted for stockpile write-offs                                                     (10)           (3)             (38)         (22)       (216)      
    All-in costs adjusted for non-controlling interests, non-gold producing                                                                                 
    companies and stockpile  write-offs                                                  1,338         1,257            1,471        5,114       6,002      
    Gold sold - oz (000)                                                                 1,171         1,099            1,191        4,454       4,093      
    All-in sustaining cost (excluding stockpile write-offs) per unit - USD/oz            1,017         1,036            1,015        1,026       1,174      
    All-in cost per unit (excluding stockpile write-offs) - USD/oz                       1,143         1,144            1,233        1,148       1,466      
    
    (1) Refer to note J for Summary of Operations by Mine                                                                                                 

E   Total costs(2)                                                                                                                                       
    Total cash costs (note 3)                                                              777           864              861        3,292       3,297      
    Adjusted for non-controlling interests, non-gold producing companies and other        (20)          (16)             (20)         (94)       (110)      
    Associates and joint ventures' share of total cash costs                                78            76               79          291         219      
    Total cash costs adjusted for non-controlling interests                                                                                                 
    and non-gold producing companies                                                       835           924              920        3,489       3,406      
    Retrenchment costs (note 3)                                                              9             5               16           24          69      
    Rehabilitation and other non-cash costs (note 3)                                        47             8             (11)           94          18      
    Amortisation of tangible assets (note 3)                                               214           182              202          750         775      
    Amortisation of intangible assets (note 3)                                               9             9                9           36          24      
    Adjusted for non-controlling interests and non-gold producing companies                (9)             2               17          (4)          14      
    Equity-accounted associates and joint ventures' share of production costs               23            29               17          104          23      
    Total production costs adjusted for non-controlling                                                                                                     
    interests and non-gold producing companies                                           1,128         1,158            1,170        4,493       4,329      
    Gold produced - oz (000)                                                             1,154         1,126            1,229        4,432       4,105      
    Total cash cost per unit - USD/oz                                                      724           820              748          787         830      
    Total production cost per unit - USD/oz                                                978         1,029              952        1,014       1,054      

    (2)Refer to note J for Summary of Operations by mine                                                                                                 
  
   Rounding of figures may result in computational discrepancies.                                                                                          

F  Adjusted EBITDA(1)
                                                                                                                                     
                                                                                                        Quarter ended                         Year ended      
                                                                                             Dec             Sep              Dec           Dec        Dec      
                                                                                            2014            2014             2013          2014       2013      
                                                                                       Unaudited       Unaudited        Unaudited     Unaudited  Unaudited      
                                                                                                               US Dollar million            
   (Loss) profit on ordinary activities before taxation                                      (6)             129              171           216    (2,533)      
   Add back:                                                                                                                                                   
   Finance costs and unwinding of obligations                                                 67              69               75           278        296      
   Interest received                                                                         (6)             (6)             (15)          (24)       (39)      
   Amortisation of tangible and intangible assets (note 3)                                   223             191              211           786        799      
   Adjustments:                                                                                                                                                
   Dividend received (note 2)                                                                  -               -                -             -        (5)      
   Exchange (gain) loss                                                                      (5)             (4)              (4)             7       (14)      
   Fair value adjustment on the mandatory convertible bonds                                    -               -                -             -      (356)      
   Fair value adjustment on option component of convertible bonds                              -               -                -             -        (9)      
   Fair value adjustment on USD1.25bn bonds                                                 (63)            (20)               12            17         58      
   Net impairment and derecognition of goodwill, tangible and intangible                                                                                        
   assets (note 5)                                                                             9               1               36            10      3,029      
   Impairment of other investments (note 5)                                                    1               -                1             2         30      
   Write-down of stockpiles and heap leach to net realisable value and other                                                                                    
   stockpile adjustments (note 5)                                                              1               1               38             2        216      
   Write-off of loan (note 5)                                                                  -               -                -             -          7      
   Retrenchments at mining operations (note 3)                                                 9               5               16            24         69      
   Retrenchments at Obuasi                                                                   145              34                -           210          -      
   Net loss (profit) on disposal and derecognition of assets (note 5)                          2             (2)                -          (25)        (2)      
   Loss on sale of Navachab (note 5)                                                           -               -                -             2          -      
   Gain on unrealised non-hedge derivatives and other commodity contracts                    (5)            (30)             (28)          (15)       (94)      
   Associates and joint ventures' exceptional expense                                       (22)               -                1          (16)        164      
   Associates and joint ventures' -  adjustments for amortisation, interest,                                                                                    
   taxation and other.                                                                        57              32               29           191         51      
   Adjusted EBITDA                                                                           407             400              544         1,665      1,667      
   
    (1)EBITDA (as adjusted) and prepared in terms of the formula set out in the Revolving Credit Agreements.                                                     

G   Interest cover                                                                                                                                                              
    Adjusted EBITDA (note F)                                                                407             400              544          1,665      1,667      
    Finance costs (note 6)                                                                   61              62               67            251        247      
    Capitalised finance costs                                                                 -               -                -              1          5      
                                                                                             61              62               67            252        252      
    Interest cover - times                                                                    7               6                8              7          7      

H   Net asset value - cents per share                                                                                                                           
                                                                                          As at            As at            As at      
                                                                                            Dec              Sep              Dec      
                                                                                           2014             2014             2013      
                                                                                      Unaudited        Unaudited        Unaudited      
                                                                                                     US Dollar million                 
    Total equity                                                                          2,871            3,010            3,107      
    Number of ordinary shares in issue - million (note 10)                                  404              404              403      
    Net asset value - cents per share                                                       711              745              770      
    Total equity                                                                          2,871            3,010            3,107      
    Intangible assets                                                                     (225)            (247)            (267)      
                                                                                          2,646            2,763            2,840      
    Number of ordinary shares in issue - million (note 10)                                  404              404              403      
    Net tangible asset value - cents per share                                              655              684              704      

I   Net debt                                                                                                                   
    Borrowings - long-term portion                                                        3,498            3,521            3,633      
    Borrowings - short-term portion                                                         223              159              258      
    Bank overdraft                                                                            -               13               20      
    Total borrowings                                                                      3,721            3,693            3,911      
    Corporate office lease                                                                 (22)             (22)             (25)      
    Unamortised portion of the convertible and rated bonds                                   28               29                2      
    Fair value adjustment on USD1.25bn bonds                                               (75)            (138)             (58)      
    Cash restricted for use                                                                (51)             (53)             (77)      
    Cash and cash equivalents                                                             (468)            (557)            (648)      
    Net debt excluding mandatory convertible bonds                                        3,133            2,952            3,105      
    Rounding of figures may result in computational discrepancies.                                                                       

J Summary of Operations by Mine

For the three months ended 31 December 2014
Operations in South Africa
(in USD millions, except as otherwise noted)
  
                                                                                                                                                                  Total
                                                                                           Vaal                             West                    South         South
                                                         Great                  Moab      River                  Tau        Wits      Surface      Africa        Africa        
                                                       Noligwa   Kopanang   Khotsong Operations   Mponeng       Tona  Operations   operations       other  (Operations)   Corporate        
All-in sustaining costs                                                                                                                                                                                   
Cost of sales per financial statements                      23         46         58        127        71         65         136           52           1           316         (3)      
Amortisation of tangible and intangible assets             (2)        (9)       (14)       (24)      (16)       (13)        (29)          (5)           1          (58)         (1)      
Adjusted for decommissioning amortisation                    -          -          -          -         -          -           -            -           -             -         (1)      
Corporate administration and marketing                                                                                                                                                   
related to current operations                                -          -          -          -         -          -           -            -           -             -          22      
Total sustaining capital expenditure                         2          7         15         25        16         11          27           15           4            70           2      
All-in sustaining costs                                     23         44         59        128        71         63         134           62           6           328          19      
All-in sustaining costs adjusted for non-                                                                                                                                                       
controlling interests and non-gold producing                                                                                                                                                    
companies                                                   23         44         59        128        71         63         134           62           6           328          19      
Adjusted for stockpile write-offs                            -          -          -          -         -          -           -            -           -             -         (1)      
All-in sustaining costs adjusted for non-                                                                                                                                                
controlling interests, non-gold producing                                                                                                                                                
companies and stockpile write-offs                          23         44         59        128        71         63         134           62           6           328          18      
All-in sustaining costs                                     23         44         59        128        71         63         134           62           6           328          19      
Non-sustaining Project capex                                 -          -          -          -         9          -           9            -           -             9           1      
Technology improvements                                      -          -          -          -         -          -           -            -           7             7           -      
Non-sustaining exploration and study costs                   -          -          -          -         -          -           -            -           -             -           1      
All-in costs                                                23         44         59        128        80         63         143           62          13           344          21      
All-in costs adjusted for non-controlling                                                                                                                                                
interests and non-gold producing companies                  23         44         59        128        80         63         143           62          13           344          21      
Adjusted for stockpile write-offs                            -          -          -          -         -          -           -            -           -             -         (1)      
All-in costs adjusted for non-controlling                                                                                                                                                
interests, non-gold producing companies and                                                                                                                                              
stockpile write-offs                                        23         44         59        128        80         63         143           62          13           344          20      
Gold sold - oz (000)(3)                                     22         34         68        124        56         63         119           56           1           300           -      
All-in sustaining cost (excluding stockpile                                                                                                                                              
write-offs) per unit - USD/oz(4)                         1,027      1,324        888      1,031     1,275      1,000       1,129        1,116           -         1,097           -      
All-in cost per unit (excluding stockpile write-
offs) - USD/oz(4)                                        1,027      1,324        893      1,034     1,436      1,000       1,205        1,116           -         1,151           -      

(1)   Adjusting for non-controlling interest of items included in calculation, to disclose the attributable portions only. Other consists of heap
      leach inventory.
(2)   Attributable costs and related expenses of associates and equity accounted joint ventures are included in the calculation of total cash
      costs per ounce and total production costs per ounce.
(3)   Attributable portion.
(4)   In addition to the operational performances of the mines, all-in sustaining cost per ounce, all-in cost per ounce, total cash costs per
      ounce and total production costs per ounce are affected by fluctuations in the currency exchange rate. AngloGold Ashanti reports all-
      in sustaining cost per ounce and all-in cost per ounce calculated to the nearest US dollar amount and gold sold in ounces. AngloGold
      Ashanti reports total cash costs per ounce and total production costs per ounce calculated to the nearest US dollar amount and gold
      produced in ounces.
(5)   Corporate includes non-gold producing subsidiaries.
(6)   Total cash costs per ounce calculation includes heap-leach inventory change.

For the three months ended 31 December 2014
Operations in South Africa
(in USD millions, except as otherwise noted)


                                                                                                                                                             Total
                                                                                          Vaal                             West                 South        South
                                                       Great                  Moab       River                 Tau         Wits      Surface   Africa       Africa  
                                                     Noligwa   Kopanang   Khotsong  Operations    Mponeng     Tona   Operations   operations    other (Operations)  Corporate(5)    
Total cash costs                                                                                                                                                                                                                                                                                                                                       
Total cash costs per financial statements                 20         34         42          96         53       50          103           49        -          248           (5)      
Adjusted for non-controlling interests, non-                                                                                                                                             
gold producing companies and other(1)                      -          -          -           -          -        -            -            -        -            -             2      
Total cash costs adjusted for non-                                                                                                                                                       
controlling interests and non-gold producing                                                                                                                                             
companies                                                 20         34         42          96         53       50          103           49        -          248           (3)      
Retrenchment costs                                         1          2          2           5          1        1            2            -        -            7             -      
Rehabilitation and other non-cash costs                    -          1          1           3          1        1            3          (2)        1            3           (1)      
Amortisation of tangible assets                            2          8         12          22         15       12           27            4        -           53             1      
Amortisation of intangible assets                          -          1          1           2          1        1            2            1        -            5             -      
Total production costs adjusted for non-                                                                                                                                              
controlling interests and non-gold producing                                                                                                                                          
companies                                                 23         46         58         128         71       65          137           52        1          316           (2)      
Gold produced - oz (000)(3)                               22         33         68         124         56       63          119           56        1          300             -      
Total cash costs per unit - USD/oz(4)                    894      1,014        615         773         946     792          864           883       -          830             -
Total production costs per unit - USD/oz(4)            1,019      1,375        857       1,026       1,276   1,033        1,147           926       -        1,056             -           
 

For the three months ended 31 December 2014
Operations in DRC, Ghana, Guinea, Mali, Namibia and Tanzania
(in USD millions, except as otherwise noted)

                                                                DRC        GHANA       GUINEA            MALI          NAMIBIA   TANZANIA   Continent        TOTAL 
                                                                      Idua-                                              Nava-                 Africa  CONTINENTAL
                                                             Kibali   priem  Obuasi   Siguiri  Morila Sadiola   Yatela    chab      Geita       Other       AFRICA  
All-in sustaining costs                                                                                                                                          
Cost of sales per financial statements                            -      48      73        86       -       -        -       -        106           1          314   
Amortisation of tangible and intangible                                                                                                                              
assets                                                            -     (6)     (6)        (9)      -       -        -       -       (43)         (1)         (65)   
Adjusted for decommissioning amortisation                         -       -       -         1       -       -        -       -          -           1            2   
Associates and equity accounted joint   
ventures' share of costs(2)                                      42       -       -         -      13      19        1       -          -           1           76   
Inventory writedown to net realisable value                                                                                                                                                                             
and other stockpile adjustments                                   -       -       -         -       -       -        8       -          -           -            8   
Sustaining exploration and study costs                            -       -      10         1       -       -        -       -          1           -           12   
Total sustaining capital expenditure                              1       9       6         9       1       3        -       -         42         (2)           69   
All-in sustaining costs                                          43      51      83        88      14      22        9       -        106           -          416   
Adjusted for non-controlling interests and   
non -gold producing companies(1)                                  -       -       -      (13)       -       -        -       -          -          (0)        (13)   
All-in sustaining costs adjusted for non-                                                                                                                                                                            
controlling interests and non-gold producing                                                                                                                       
companies                                                        43      51      83        75      14      22        9       -        106         (0)          403   
Adjusted for stockpile write-offs                                 -       -       -         -       -       -      (8)       -          -           -          (8)   
All-in sustaining costs adjusted for non-                                                                                                                            
controlling interests, non-gold producing                                                                                                                            
companies and stockpile write-offs                               43      51      83        75      14      22        1       -        106         (0)          395   
All-in sustaining costs                                          43      51      83        88      14      22        9       -        106           -          416   
Non-sustaining Project capex                                     44       -       6         -       -       -        -       -          -           -           50   
Non-sustaining exploration and study costs                        -       -       -         1       -       -        -       -          -           -            1   
All-in costs                                                     87      51      89        89      14      22        9       -        106           -          467   
Adjusted for non-controlling interests and     
non -gold producing companies(1)                                  -       -       -      (13)       -       -        -       -          -           -         (13)   
All-in costs adjusted for non-controlling                                                                                                                                                                                     
interests and non-gold producing companies                       87      51      89        76      14      22        9       -        106           -          454   
Adjusted for stockpile write-offs                                 -       -       -         -       -       -      (8)       -          -           -          (8)   
All-in costs adjusted for non-controlling                                                                                                                              
interests, non-gold producing companies                                                                                                                                
and stockpile write-offs                                         87      51      89        76      14      22        1       -        106           -          446   
Gold sold - oz (000)(3)                                          81      41      57        76      15      21        3       -        142           -          435   
All-in sustaining cost (excluding stockpile     
write-offs) per unit - USD/oz(4)                                532   1,248   1,440       973      37   1,049      414       -        751           -          907   
All-in cost per unit (excluding stockpile                                                                                                                                                                              
write-offs) - USD/oz(4)                                       1,080   1,248   1,550       981      37   1,049      414       -        751           -        1,024   

For the three months ended 31 December 2014
    
Operations in DRC, Ghana, Guinea, Mali, Namibia and Tanzania
(in USD millions, except as otherwise noted)



                                                             DRC        GHANA        GUINEA         MALI                 NAMIBIA     TANZANIA Continent         TOTAL 
                                                                   Idua-                                                   Nava-                 Africa   CONTINENTAL
                                                          Kibali   priem  Obuasi    Siguiri  Morila Sadiola   Yatela        chab        Geita     Other        AFRICA  
Total cash costs                                                                                                                                                        
Total cash costs per financial statements                      -      39      48         71       -       -        -           -           62         -           220   
Adjusted for non-controlling interests, non-     
                                           
gold producing companies and other(1)                          -       -       -       (11)       -       -        -           -            -         -          (11)   
Associates and equity accounted joint                                                                                                                                                                                             
ventures' share of total cash costs(2)                        44       -       -          -      14      20        1           -            -       (1)            78   
Total cash costs adjusted for non-                                                                                                                                          
controlling interests and non-gold                                                                                                                                        
producing companies                                           44      39      48         60      14      20        1           -           62       (1)           287   
Rehabilitation and other non-cash costs                        -       3      12          2       -       -        -           -            2         -            19   
Amortisation of tangible assets                                -       6       6          9       -       -        -           -           43         -            64   
Amortisation of intangible assets                              -       -       -          -       -       -        -           -            -         1             1   
Adjusted for non-controlling interests, non-    
gold producing companies(1)                                    -       -       -        (2)       -       -        -           -            -         -           (2)   
Associates and equity accounted joint    
ventures' share of total cash costs(2)                        17       -       -         -       1        5        -           -            -         -            23   
Total production costs adjusted for non-                                                                                                                                                                                           
controlling interests and non-gold                                                                                                                                                                                                 
producing companies                                           61      48      66         69      15      25        1           -          107         -           392   
Gold produced - oz (000)(3)                                   80      40      48         68      15      21        3           -          144         -           419   
Total cash costs per unit - USD/oz(4)                        546     976     999        884     973     942      220           -          429         -           687   
Total production costs per unit - USD/oz(4)                  756   1,189   1,362      1,021   1,027   1,201      329           -          744         -           939   
   
For the three months ended 31 December 2014   
Operations in Australia, United States of America, Argentina and Brazil   
(in USD millions, except as otherwise noted)

                                                                                                     UNITED                                 
                                                                                                  STATES OF                                  
                                                                                                    AMERICA   ARGENTINA  AngloGold            
                                                                 AUSTRALIA                TOTAL     Cripple       Cerro    Ashanti         BRAZIL
                                                      Sunrise    Tropi-     Australia    AUSTR-     Creek &      Vangu-     Miner-     Serra    Americas      TOTAL                                                                  
                                                          Dam      cana         other      ALIA      Victor       ardia       acao    Grande       Other   AMERICAS  
All-in sustaining costs                                                                                                                                                                                                     
Cost of sales per financial statements                     81        79             3       163          62          66         98        41           4        271   
Amortisation of tangible and intangible assets           (14)      (27)           (1)      (42)         (1)         (9)       (30)      (16)         (1)       (57)   
Adjusted for decommissioning amortisation                   -         1             -         1           -           -          -         -           1          1   
Inventory writedown to net realisable value                                                                                                                           
and other stockpile adjustments                             -         -             -         -           -           -          1         -           -          1   
Sustaining exploration and study costs                      -         1             1         2           1           -          2         -           1          4   
Total sustaining capital expenditure                        5        22             1        28           7          23         45        13           2         90   
All-in sustaining costs                                    72        76             4       152          69          80        116        38           7        310   
Adjusted for non-controlling interests and non -                                                                                                                  
gold producing companies                                    -         -             -         -           -         (6)          -         -         (6)       (12)   
All-in sustaining costs adjusted for non-                                                                                                                         
controlling interests and non-gold producing                                                                                                                      
companies                                                  72        76             4       152          69          74        116        38           1        298   
Adjusted for stockpile write-offs                           -         -             -         -           -           -        (1)         -           -        (1)   
All-in sustaining costs adjusted for non-                                                                                                                         
controlling interests, non-gold producing                                                                                                                               
companies and stockpile write-offs                         72        76             4       152          69          74        115        38           1        297   
All-in sustaining costs                                    72        76             4       152          69          80        116        38           7        310   
Non-sustaining Project capex                                -         -             -         -          42           -          -         -           2         44   
Non-sustaining exploration and study costs                  -         -             2         2           -           -          -         -          21         21   
Corporate and social responsibility costs not                                                                                                                         
related to current operations                               -         -             -         -           -           -          4         1           1          6   
All-in costs                                               72        76             6       154         111          80        120        39          31        381   
Adjusted for non-controlling interests and non -                                                                                                                      
gold producing companies(1)                                 -         -             -         -           -         (6)          -         -           -        (6)   
All-in costs adjusted for non-controlling                                                                                                                             
interests and non-gold producing companies                 72        76             6       154         111          74        120        39          31        375   
Adjusted for stockpile write-offs                           -         -             -         -           -           -        (1)         -           -        (1)   
All-in costs adjusted for non-controlling                                                                                                                             
interests, non-gold producing companies and                                                                                                                           
stockpile write-offs                                       72        76             6       154         111          74        119        39          31        374   
Gold sold - oz (000)(3)                                    60        92             -       152          55          71        119        40           -        285   
All-in sustaining cost (excluding stockpile
write-offs) per unit - USD/oz(4)                        1,193       824             -       995       1,261       1,051        970       947           -      1,042   
All-in cost per unit (excluding stockpile write -
offs) - USD/oz(4)                                       1,193       824             -     1,006       2,030       1,051      1,010       973           -      1,314   

For the three months ended 31 December 2014
Operations in Australia, United States of America, Argentina and Brazil
(in USD millions, except as otherwise noted)

                                                                                                  UNITED                                 
                                                                                               STATES OF                       BRAZIL           
                                                                                                 AMERICA   ARGENTINA   AngloGold            
                                                               AUSTRALIA               TOTAL     Cripple       Cerro     Ashanti   
                                                      Sunrise     Tropi-   Australia  AUSTR-     Creek &      Vangu-      Miner-      Serra   Americas     TOTAL                                                                  
                                                          Dam      cana        other    ALIA       Victor      ardia        acao      Grande     Other  AMERICAS  
Total cash costs                                                                                                                                                        
Total cash costs per financial statements                  66        46           2      114          55          54          68         24        (1)       200   
Adjusted for non-controlling interests, non-gold  
producing companies and other(1)                            -         -           -        -         (7)         (4)           -          -          -      (11)   
Total cash costs adjusted for non-controlling                                                                                                                      
interests and non-gold producing companies                 66        46           2      114          48          50          68         24        (1)       189   
Retrenchment costs                                          -         -           -        -           -           2           1          -        (1)         2   
Rehabilitation and other non-cash costs                     2         5           -        7          15         (1)         (1)          -          5        18   
Amortisation of tangible assets                            14        27           1       42           1           9          28         16          -        54   
Amortisation of intangible assets                           -         -           -        -           -           -           2          -          1         3   
Adjusted for non-controlling interests, non-gold                                                                                                                  
producing companies(1)                                                -           -        -         (2)         (1)           -          -        (5)       (8)   
Total production costs adjusted for non-  
controlling interests and non-gold producing  
companies                                                  82        78           3      163          62          59          98         40        (1)       258 
Gold produced - oz (000)(3)                                61        96           -      157          54          64         121         42          -       280   
Total cash costs per unit - USD/oz(4)                   1,083       482           -      729      895(6)         780         565        570          -       677   
Total production costs per unit - USD/oz(4)             1,344       815           -    1,043       1,158         918         812        958          -       924   
  
For the three months ended 30 September 2014
Operations in South Africa
(in USD millions, except as otherwise noted)

                                                                                                                                                               Total
                                                                                          Vaal                               West               South          South
                                                       Great                 Moab        River                Tau            Wits     Surface  Africa         Africa   Corpo-
                                                     Noligwa  Kopanang   Khotsong   Operations    Mponeng    Tona      Operations  operations   other   (Operations)     rate      
All-in sustaining costs                                                                                                                                                                                                            
Cost of sales per financial statements                    25        51         57          133         87      82             169          62     (1)            363        1   
Amortisation of tangible and intangible assets           (2)      (10)       (12)         (24)       (19)    (14)            (33)         (4)       -           (61)      (2)   
Corporate administration and marketing                                                                                                                                            
related to current operations                              -         -          -            -          -       -               -           -       -              -       22   
Sustaining exploration and study costs                     -         -          -            -          -       -               -           -       -              -      (1)   
Total sustaining capital expenditure                       1         7         12           20         17       7              24          10       5             59        2   
All-in sustaining costs                                   24        48         57          129         85      75             160          68       4            361       22   
Adjusted for non-controlling interests and non                                                                                                                                  
-gold producing companies(1)                               -         -          -            -          -       -               -           -       -              -        3   
All-in sustaining costs adjusted for non-  
controlling interests and non-gold producing  
companies                                                 24        48         57          129         85      75             160          68       4            361       25   
Adjusted for stockpile write-offs                         -         -          -            -           -       -               -           -       -              -      (1)   
All-in sustaining costs adjusted for non-                                                                                                                                       
controlling interests, non-gold producing                                                                                                                                       
companies and stockpile write-offs                        24        48         57          129         85      75             160          68       4            361       24   
All-in sustaining costs                                   24        48         57          129         85      75             160          68       4            361       22   
Non-sustaining Project capex                               -         -          -            -          7       -               7           -       1              8        -   
Technology improvements                                    -         -          -            -          -       -               -           -       3              3        -   
Non-sustaining exploration and study costs                 -         -          -            -          -       -               -           -       -              -        1   
Corporate and social responsibility costs not                                                                                                                                   
related to current operations                              -         -          -            -          -       -               -           -       -              -        2   
All-in costs                                              24        48         57          129         92      75             167          68       8            372       25   
Adjusted for non-controlling interests and non  
-gold producing companies(1)                               -         -          -            -          -       -               -           -       -              -        2   
All-in costs adjusted for non-controlling  
interests and non-gold producing companies                24        48         57          129         92      75             167          68       8            372       27   
Adjusted for stockpile write-offs                          -         -          -            -          -       -               -           -       -              -      (1)   
All-in costs adjusted for non-controlling                                                                                                                                                
interests, non-gold producing companies and                                                                                                                                 
stockpile write-offs                                      24        48         57          129         92      75             167          68       8            372       26   
Gold sold - oz (000)(3)                                   18        39         54          111         96      63             159          54       -            326        -   
All-in sustaining cost (excluding stockpile                                                                                                                                 
write-offs) per unit - USD/oz(4)                       1,343     1,211      1,047        1,153        898   1,170           1,007       1,261       -          1,115        -   
All-in cost per unit (excluding stockpile write-       
offs) - USD/oz(4)                                      1,343     1,211      1,054        1,156        974   1,170           1,053       1,261       -          1,147        -   

(1)   Adjusting for non-controlling interest of items included in calculation, to disclose the attributable portions only. Other consists of heap
      leach inventory.
(2)   Attributable costs and related expenses of associates and equity accounted joint ventures are included in the calculation of total cash
      costs per ounce and total production costs per ounce.
(3)   Attributable portion.
(4)   In addition to the operational performances of the mines, all-in sustaining cost per ounce, all-in cost per ounce, total cash costs per
      ounce and total production costs per ounce are affected by fluctuations in the currency exchange rate. AngloGold Ashanti reports all-
      in sustaining cost per ounce and all-in cost per ounce calculated to the nearest US dollar amount and gold sold in ounces. AngloGold
      Ashanti reports total cash costs per ounce and total production costs per ounce calculated to the nearest US dollar amount and gold
      produced in ounces.
(5)   Corporate includes non-gold producing subsidiaries.
(6)   Total cash costs per ounce calculation includes heap-leach inventory change.

For the three months ended 30 September 2014
Operations in South Africa
(in USD millions, except as otherwise noted)

                                                                                                                                                           Total
                                                                                        Vaal                            West                 South         South
                                                     Great                 Moab        River                Tau         Wits      Surface   Africa        Africa    Corpo-
                                                   Noligwa  Kopanang   Khotsong   Operations    Mponeng    Tona   Operations   operations    other  (Operations)   rate(5)    
Total cash costs
Total cash costs per financial statements               22        37         41          100         63      63          126           54        2           282       (3)   
Adjusted for non-controlling interests, non-                                                                                                                                 
gold producing companies and other(1)                    -         -          -            -          -       -            -            -        -             -         2   
Associates and equity accounted joint
ventures' share of total cash costs(2)                   -         -          -            -           -      -            -            -        -             -
Total cash costs adjusted for no
controlling interests and non-gold producing
companies                                               22        37         41          100        63      63           126           54        2           282       (1)   
Retrenchment costs                                       -         -          -            -         -       -             -            -        2             2         -   
Rehabilitation and other non-cash costs                  1         1          1            3         1       1             2            1        -             6         1   
Amortisation of tangible assets                          2         9         11           22        17      13            30            3        1            56         2   
Amortisation of intangible assets                        -         1          1            2         2       1             3            -        -             5         1   
Associates and equity accounted joint                                                                                                                                        
ventures' share of total cash costs(2)                   -         -          -            -         -       -             -            -        -             -         2   
Total production costs adjusted for non-                                                                                                                                     
controlling interests and non-gold producing                                                                                                                                 
companies                                               25        48         54          127        83      78           161           58        5           351         5   
Gold produced - oz (000)(3)                             17        38         52          107        92      61           153           52        -           314         -   
Total cash costs per unit - USD/oz(4)                1,276       993        792          940       688   1,030           825        1,048        -           901         - 
Total production costs per unit - USD/oz(4)          1,429     1,297      1,052        1,199       912   1,284         1,061        1,146        -         1,123         -   
       
For the three months ended 30 September 2014
Operations in DRC, Ghana, Guinea, Mali, Namibia and Tanzania
(in USD millions, except as otherwise noted)

                                                             DRC        GHANA        GUINEA           MALI                NAMIBIA  TANZANIA  Continent         TOTAL 
                                                                   Idua-                                                    Nava-               Africa   CONTINENTAL
                                                          Kibali   priem  Obuasi    Siguiri  Morila Sadiola   Yatela         chab     Geita      Other        AFRICA
 
All-in sustaining costs                                                                                                                                                
Cost of sales per financial statements                         -      43      79         60       -       -        -            -        98          -           280   
Amortisation of tangible and intangible assets                 -     (7)     (5)        (8)       -       -        -            -      (22)          -          (42)   
Adjusted for decommissioning amortisation                      -       -       -          1       -       -        -            -         -          1             2   
Associates and equity accounted joint                                                                                                                                                                                     
ventures' share of costs(2)                                   36       -       -          -      15      21        4            -         -          1            77   
Sustaining exploration and study costs                         -       -       3          -       -       -        -            -         1          1             5   
Total sustaining capital expenditure                           1       4       9          4       1       1        -            -        21          -            41   
All-in sustaining costs                                       37      40      86         57      16      22        4            -        98          3           363   
Adjusted for non-controlling interests and non                                                                                                                          
-gold producing companies(1)                                   -       -       -        (9)       -       -        -            -         -          -           (9)   
All-in sustaining costs adjusted for non-                                                                                                                              
controlling interests and non-gold producing                                                                                                                           
companies                                                     37      40      86         48      16      22        4            -        98          3           354   
Adjusted for stockpile write-offs                              -       -       -          -       -       -        -            -       (2)          -           (2)   
All-in sustaining costs adjusted for non-                                                                                                                             
controlling interests, non-gold producing                                                                                                                             
companies and stockpile write-offs                            37      40      86         48      16      22        4            -        96          3           352   
All-in sustaining costs                                       37      40      86         57      16      22        4            -        98          3           363   
Non-sustaining Project capex                                  36       -       9          -       -       -        -            -         -          -            45   
Non-sustaining exploration and study costs                     1       -       -          1       -       -        -            -         -          -             2   
All-in costs                                                  74      40      95         58      16      22        4            -        98          3           410   
Adjusted for non-controlling interests and non  
-gold producing companies(1)                                   -       -       -        (9)       -       -       -             -         -        (0)           (9)   
All-in costs adjusted for non-controlling                                                                                                                                                                                   
interests and non-gold producing companies                    74      40      95         49      16      22         4           -        98          3           401   
Adjusted for stockpile write-offs                              -       -       -          -       -       -         -           -       (2)          -           (2)   
All-in costs adjusted for non-controlling                                                                                                                              
interests, non-gold producing companies and                                                                                                                            
stockpile write-offs                                          74      40      95         49      16      22         4           -        96          3           399   
Gold sold - oz (000)(3)                                       63      41      73         61      10      21         2           -       107          -           379   
All-in sustaining cost (excluding stockpile                                                                                                                                
write-offs) per unit - USD/oz(4)                             580     984   1,169        798   1,660   1,062     1,858           -       907          -           928   
All-in cost per unit (excluding stockpile write-  
offs) - USD/oz(4)                                          1,159     984   1,295        818   1,660   1,062     1,858           -       907          -         1,052   
  
For the three months ended 30 September 2014  
Operations in DRC, Ghana, Guinea, Mali, Namibia and Tanzania
(in USD millions, except as otherwise noted)


 
                                                      DRC          GHANA       GUINEA               MALI              NAMIBIA   TANZANIA  Continent         TOTAL 
                                                              Idua-                                                     Nava-                Africa   CONTINENTAL
                                                   Kibali     priem  Obuasi    Siguiri   Morila  Sadiola   Yatela        chab      Geita      Other        AFRICA      
Total cash costs                                                                                                                                                                                   
Total cash costs per financial statements               -        39      75         62        -        -        -           -         83          1           260      
Adjusted for non-controlling interests, non-         
gold producing companies and other(1)                   -        -        -        (9)        -        -        -           -          -          -           (9)      
Associates and equity accounted joint                                                                                                                                                                                                                                                            
ventures' share of total cash costs(2)                 37        -        -          -       15       20        4           -          -          -            76      
Total cash costs adjusted for non-controlling                                                                                                                               
interests and non-gold producing companies             37       39       75         53       15       20        4           -         83          1           327      
Rehabilitation and other non-cash costs                 -        1        -        (1)        -        -        -           -          1        (1)             -      
Amortisation of tangible assets                         -        7        5          8        -        -        -           -         22        (1)            41      
Amortisation of intangible assets                       -        -        -          -        -        -        -           -          -          1             1      
Adjusted for non-controlling interests         
gold producing companies(1)                             -        -        -        (1)        -        -        -           -          -          -           (1)      
Associates and equity accounted          
ventures' share of total cash costs(2)                 18        -        -         -         3        7        -           -          -          -            28      
Total production costs adjusted for non-
controlling interests and non-gold producing                                                                                                                                                                                                                                       
companies                                              55       47       80         59       18       27        4           -        106          -           396      
Gold produced - oz (000)(3)                            65       45       78         72       10       21        2           -        116          -           410      
Total cash costs per unit - USD/oz(4)                 563      866      966        741    1,525      981    1,672           -        715          -           799
Total production costs per unit - USD/oz(4)           846    1,033    1,031        816    1,849    1,309    1,762           -        907          -           970  
                                                   
For the three months ended 30 September 2014
Operations in Australia, United States of America, Argentina and Brazil
(in USD millions, except as otherwise noted)

                                                                                                    UNITED                                 
                                                                                                 STATES OF                       BRAZIL           
                                                                                                   AMERICA   ARGENTINA  AngloGold            
                                                               AUSTRALIA                TOTAL      Cripple       Cerro    Ashanti   
                                                     Sunrise     Tropi-   Australia    AUSTR-      Creek &      Vangu-     Miner-      Serra  Americas         TOTAL                         
                                                         Dam       cana       other      ALIA       Victor       ardia       acao     Grande     Other      AMERICAS 
All-in sustaining costs                                                                                                                                               
Cost of sales per financial statements                    85         83           5       173           53          49         95         39         -           236 
Amortisation of tangible and intangible assets          (14)       (24)         (1)      (39)          (1)         (8)       (26)       (12)         -          (47) 
Adjusted for decommissioning amortisation                  -          1           -         1            -           -          -          -         -             - 
Sustaining exploration and study costs                     -          1           2         3            1           -          3          -         3             7 
Total sustaining capital expenditure                       8          5           -        13            5          14         33          9         1            62 
All-in sustaining costs                                   79         66           6       151           58          55        105         36         4           258 
Adjusted for non-controlling interests and non -       
gold producing companies(1)                                -          -           -         -            -         (4)          -          -       (4)           (8) 
All-in sustaining costs adjusted for non-                                                                                                                                          
controlling interests, non-gold producing                                                                                                                                                                 
companies and stockpile write-offs                        79         66           6       151           58          51        105         36         -           250  
All-in sustaining costs                                   79         66           6       151           58          55        105         36         4           258  
Non-sustaining Project capex                               -          -           -         -           31           -          -          -         -            31  
Non-sustaining exploration and study costs                 -          -           2         2            -           -          -          -        18            18  
Corporate and social responsibility costs not                                                                                                                         
related to current operations                              -          -           -         -            -           -          4          -         -             4  
All-in costs                                              79         66           8       153           89          55        109         36        22           311  
Adjusted for non-controlling interests and non -                                                                                                                     
gold producing companies                                   -         -            -         -            -         (4)          -           -        -           (4)  
All-in costs adjusted for non-controlling                                                                                                                            
interests, non-gold producing companies and                                                                                                                          
stockpile write-offs                                      79         66           8       153           89          51        109          36       22           307    
Gold sold - oz (000)                                      71         83           -       154           55          54        100          33        -           242  
All-in sustaining cost (excluding stockpile       
write-offs) per unit - USD/oz(4)                       1,116        800           -       980        1,075         956      1,037       1,097        -         1,035  
All-in cost per unit (excluding stockpile write-        
offs) - USD/oz(4)                                      1,116        800           -       993        1,647         957      1,076       1,110        -         1,270  
      
For the three months ended 30 September 2014
Operations in Australia, United States of America, Argentina and Brazil
(in USD millions, except as otherwise noted)



                                                                                                    UNITED                                 
                                                                                                 STATES OF                       BRAZIL           
                                                                                                   AMERICA   ARGENTINA  AngloGold            
                                                               AUSTRALIA                 TOTAL     Cripple       Cerro    Ashanti   
                                                      Sunrise    Tropi-  Australia      AUSTR-     Creek &      Vangu-     Miner-       Serra  Americas        TOTAL   
                                                          Dam      cana      other        ALIA      Victor       ardia       acao      Grande     Other     AMERICAS   
Total cash costs                                                                                                                                                       
Total cash costs per financial statements                  67        61          3         131          54          44         70          26         -          194   
Adjusted for non-controlling interests, non-gold              
producing companies and other(1)                            -         -          -           -         (7)         (3)          -           -         -         (10)   
Total cash costs adjusted for non-controlling                                                                                                                           
interests and non-gold producing companies                 67        61          3         131          47          41         70          26         -          184   
Retrenchment costs                                          -         -          1           1           -           -          2           -         -            2   
Rehabilitation and other non-cash costs                     -         -          -           -           2           3        (4)         (1)         1            1   
Amortisation of tangible assets                            14        24          -          38           -           8         25          12         -           45   
Amortisation of intangible assets                           -         -          -           -           -           -          2           -         -            2   
Adjusted for non-controlling interests, non-gold                                                                                                                       
producing companies(1)                                                -          -           -           4         (1)          -           -         -            3   
Total production costs adjusted for non-                                                                                                                               
controlling interests and non-gold producing                                                                                                                        
companies                                                  81        85          4         170          53          51         95          37         1          237   
Gold produced - oz (000)(3)                                68        84          -         152          56          62        101          32         -          251   
Total cash costs per unit - USD/oz(4)                     982       721          -         861      827(6)         656        699         803         -          730
Total production costs per unit - USD/oz(4)             1,187     1,005          -       1,121         951         819        943       1,173         -          943

For the three months ended 31 December 2013              
Operations in South Africa       
(in USD millions, except as otherwise noted)


                                                                                                                                                         Total
                                                                                        Vaal                          West                 South         South
                                                     Great                 Moab        River              Tau         Wits      Surface   Africa        Africa    Corpo-
                                                   Noligwa  Kopanang   Khotsong   Operations  Mponeng    Tona   Operations   operations    other  (Operations)      rate       
All-in sustaining costs                                                                                                                                                                                                                                                                                                           
Cost of sales per financial statements                  24        49         56          129       82      50          132           61        -           322       (5)      
Amortisation of tangible and intangible assets         (2)      (10)       (12)         (24)     (19)    (13)         (32)          (6)        -          (62)       (2)      
Corporate administration and marketing                                                                                                                                        
related to current operations                            -         -          -            -        -       -            -            -        2             2        31      
Inventory writedown to net realisable value                                                                                                                                   
and other stockpile adjustments                          -         -          -            -        -       -            -            -        -             -       (2)      
Total sustaining capital expenditure                     4        12         16           32       26      16           42            6        -            80         3      
All-in sustaining costs                                 26        51         60          137       89      53          142           61        2           342        25      
All-in sustaining costs adjusted for non-                                                                                                                                                                                        
controlling interests, non-gold producing                                                                                                                                                                                                          
companies and stockpile write-offs                      26        51         60          137       89     53           142           61        2           342        27      
All-in sustaining costs                                 26        51         60          137       89     53           142           61        2           342        25      
Non-sustaining Project capex                             -         1          2            3       17      -            17           12      (1)            31         -      
Technology improvements                                  -         -          -            -        -      -             -            -        7             7         -      
Non-sustaining exploration and study costs               -         -          -            -        -      -             -            -        -             -       (4)      
Corporate and social responsibility costs not                                                                                                                                 
related to current operations                            -         -          -            -        -      -             -            -        -             -       (2)      
All-in costs                                            26        52         62          140      106     53           159           73        8           380        19      
Adjusted for non-controlling interests and non        
-gold producing companies(1)                             -         -          -            -        -      -             -           -         -             -         1      
All-in costs adjusted for non-controlling       
interests, non-gold producing companies and       
stockpile write-offs                                    26        52         62          140      106     53           159           73        8           380        22      
Gold sold - oz (000)(3)                                 20        39         67          127       93     62           154           59        -           340         -      
All-in sustaining cost (excluding stockpile                                                                                                                                    
write-offs) per unit - USD/oz(4)                     1,294     1,296        890        1,080      963    852           919        1,039        -         1,005         -      
All-in cost per unit (excluding stockpile write-         
offs) - USD/oz (4)                                   1,294     1,319        915        1,100    1,148    853         1,030        1,233        -         1,117         -      
   
(1)   Adjusting for non-controlling interest of items included in calculation, to disclose the attributable portions only. Other consists of
      heap leach inventory.
(2)   Attributable costs and related expenses of associates and equity accounted joint ventures are included in the calculation of total
      cash costs per ounce and total production costs per ounce.
(3)   Attributable portion.
(4)   In addition to the operational performances of the mines, all-in sustaining cost per ounce, all-in cost per ounce, total cash costs per
      ounce and total production costs per ounce are affected by fluctuations in the currency exchange rate. AngloGold Ashanti reports
      all-in sustaining cost per ounce and all-in cost per ounce calculated to the nearest US dollar amount and gold sold in ounces.
      AngloGold Ashanti reports total cash costs per ounce and total production costs per ounce calculated to the nearest US dollar
      amount and gold produced in ounces.
(5)   Corporate includes non-gold producing subsidiaries.
(6)   Total cash costs per ounce calculation includes heap-leach inventory change.

For the three months ended 31 December 2013
Operations in South Africa
(in USD millions, except as otherwise noted)

                                                                                                                                                        Total
                                                                                        Vaal                          West                South         South
                                                   Great                   Moab        River              Tau         Wits      Surface  Africa        Africa     Corpo-
                                                 Noligwa    Kopanang   Khotsong   Operations  Mponeng    Tona   Operations   operations   other  (Operations)    rate(5)    
Total cash costs                                                                                                                                                                                                                                                                                                                             
Total cash costs per financial statements             20          36         40           96       61      50          111           53       -           260        (8)      
Adjusted for non-controlling interests, non-      
gold producing companies and other(1)                  -           -          -            -        -       -            -            -       -             -          8      
Associates and equity accounted join        
ventures' share of total cash costs(2)                 -           -          -            -        -       -            -            -       -             -          -      
Total cash costs adjusted for non-      
controlling interests and non-gold producing      
companies                                             20          36         40           96       61      50          111           53       -           260          -      
Retrenchment costs                                     1           2          1            4        2       -            2            -       -             6        (1)      
Rehabilitation and other non-cash costs                1           2          3            6        -    (13)         (13)            1     (2)           (8)          -      
Amortisation of tangible assets                        2           9         11           22       18      12           30            6       -            58          1      
Amortisation of intangible assets                      -           1          1            2        2       1            3            -       -             5          1      
Adjusted for non-controlling interests, non-        
gold producing companies(1)                            -           -          -            -        -       -            -            -       -             -          1      
Total production costs adjusted for no       
controlling interests and non-gold producing     
companies                                             24          50         56          130       83      50          133           60     (2)           321          2      
Gold produced - oz (000)(3)                           20          39         67          127       93      62          154           58       -           339          -      
Total cash costs per unit - USD/oz(4)              1,032         910        596          762      656     809          717          915       -           767          -
Total production costs per unit - USD/oz(4)        1,198       1,239        835        1,017      885     809          855        1,035       -           946          -      
         
For the three months ended 31 December 2013
Operations in DRC, Ghana, Guinea, Mali, Namibia and Tanzania
(in USD millions, except as otherwise noted)


                                                             DRC        GHANA        GUINEA              MALI             NAMIBIA   TANZANIA   Continent        TOTAL 
                                                                   Idua-                                                    Nava-                 Africa  CONTINENTAL
                                                          Kibali   priem   Obuasi   Siguiri   Morila  Sadiola    Yatela      chab      Geita       Other       AFRICA  
All-in sustaining costs                                                                                                                                                        
Cost of sales per financial statements                         -      72       94        76        -        -         -         8         98           5          353   
Amortisation of tangible and intangible assets                 -     (8)      (2)       (8)        -        -         -         -       (33)           -         (51)   
Adjusted for decommissioning amortisation                      -       -        -         1        -        -         -         -          -           1            2   
Corporate administration and marketing                                                                                                                                   
related to current operations                                  -       -        -         -        -        -         -         -          -         (2)          (2)   
Associates and equity accounted joint 
ventures' share of costs(2)                                   19       -        -         -       11       41        18         -          -           1           90   
Inventory writedown to net realisable value                                                                                                                                                                             
and other stockpile adjustments                                -       -        -         -        -       17         -         -         23           -           40   
Sustaining exploration and study costs                         -       -        -         5        -        1         -         -          1           -            7   
Total sustaining capital expenditure                           -       6       37        10        6      (1)         -         1         50           -          109   
All-in sustaining costs                                       19      70      129        84       17       58        18         9        139           5          548   
Adjusted for non-controlling interests and non 
-gold producing companies(1)                                  -        -        -      (13)        -        -         -         -         -            1         (12)   
All-in sustaining costs adjusted for non-                                                                                                                                                                                      
controlling interests and non-gold producing                                                                                                                                                                           
companies                                                     19      70      129        71       17       58        18         9        139           6          536   
Adjusted for stockpile write-offs                              -       -        -         -        -     (17)        -          -       (23)           -         (40)   
All-in sustaining costs adjusted for non-                                                                                                                               
controlling interests, non-gold producing                                                                                                                               
companies and stockpile write-offs                            19      70      129        71       17       41        18         9        116           6          496   
All-in sustaining costs                                       19      70      129        84       17       58        18         9        139           5          548   
Non-sustaining Project capex                                  66       1       17         -        -       22         -         -        (1)         (2)          103   
Non-sustaining exploration and study costs                     -       -        -         2        -       -          -         -          -           3            5   
All-in costs                                                  85      71      146        86       17       80        18         9        138           6          656   
Adjusted for non-controlling interests and non   
-gold producing companies(1)                                   -       -        -      (13)        -        -         -         -          -         (0)         (13)   
All-in costs adjusted for non-controlling                                                                                                                                                                                   
interests and non-gold producing companies                    85      71      146        73       17       80        18         9        138           6          643   
Adjusted for stockpile write-offs                              -       -        -         -        -     (17)         -         -       (23)           -         (40)   
All-in costs adjusted for non-controlling                                                                                                                            
interests, non-gold producing companies and                                                                                                                                 
stockpile write-offs                                          85      71      146        73       17       63        18         9        115           6          603   
Gold sold - oz (000)(3)                                       40      62       62        64       12       24         8        17        147           -          437   
All-in sustaining cost (excluding stockpile                                                                                                                        
write-offs) per unit - USD/oz(4)                             469   1,153    2,069     1,116    1,434    1,639     2,226       526        784           -        1,129   
All-in cost per unit (excluding stockpile write-      
offs) - USD/oz(4)                                          2,149   1,167    2,350     1,144    1,434    2,521     2,268       526        780           -        1,376   
   
 For the three months ended 31 December 2013
Operations in DRC, Ghana, Guinea, Mali, Namibia and Tanzania
(in USD millions, except as otherwise noted)



                                                             DRC        GHANA       GUINEA               MALI           NAMIBIA   TANZANIA   Continent        TOTAL 
                                                                   Idua-                                                  Nava-                 Africa  CONTINENTAL
                                                          Kibali   priem  Obuasi   Siguiri  Morila  Sadiola    Yatela      chab      Geita       Other       AFRICA     
Total cash costs                                                                                                                                                            
Total cash costs per financial statements                      -      65      86        75       -        -         -         9         83           -          318      
Adjusted for non-controlling interests, no 
gold producing companies and other(1)                          -       -       -      (11)       -        -         -         -          -           -         (11)      
Associates and equity accounted joint                                                                                                                                                                                            
ventures' share of total cash costs(2)                        19       -       -         -      10       36        15         -          -         (1)           79      
Total cash costs adjusted for non-controlling                                                                                                                                                                              
interests and non-gold producing companies                    19      65      86        64      10       36        15         9         83         (1)          386      
Retrenchment costs                                             -       5       1         -       -        -         -         -          -           3            9      
Rehabilitation and other non-cash costs                        -       6       6         3       -        -         -       (1)        (1)           1           14      
Amortisation of tangible assets                                -       7       2         8       -        -         -         -         33           -           50      
Amortisation of intangible assets                              -       -       -         -       -        -         -         -          -           1            1      
Adjusted for non-controlling interests, non-   
gold producing companies(1)                                    -       -       -       (2)       -        -         -         -          -           -          (2)      
Associates and equity accounted joint           
ventures' share of total cash costs(2)                         9       -       -         -       2        4         3         -          -         (1)           17      
Total production costs adjusted for non-                                                                                                                                                                                                      
controlling interests and non-gold producing                                                                                                                                                                                                       
companies                                                     28      83      95        73      12       40        18         8        115           3          475      
Gold produced - oz (000)(3)                                   40      67      63        75      12       24         8        18        154           -          460      
Total cash costs per unit - USD/oz(4)                        471     966   1,354       844     853    1,506     1,923       524        543           -          839      
Total production costs per unit - USD/oz(4)                  694   1,240   1,492       967     982    1,673     2,255       485        755           -        1,034      
   
For the three months ended 31 December 2013
Operations in Australia, United States of America, Argentina and Brazil
(in USD millions, except as otherwise noted)


                                                                                                    UNITED                                 
                                                                                                 STATES OF                       BRAZIL           
                                                                                                   AMERICA   ARGENTINA   AngloGold            
                                                                AUSTRALIA               TOTAL      Cripple       Cerro     Ashanti   
                                                      Sunrise     Tropi-   Australia   AUSTR-      Creek &      Vangu-      Miner-     Serra   Americas        TOTAL                                                                  
                                                          Dam      cana       other      ALIA       Victor       ardia        acao     Grand      Other     AMERICAS  
All-in sustaining costs                                                                                                                                                 
Cost of sales per financial statements                     97        64           1       162           40          46          91        32          1          210   
Amortisation of tangible and intangible assets           (27)      (27)         (2)      (56)            -         (7)        (22)      (10)        (1)         (40)   
Corporate administration and marketing                                                                                                                                  
related to current operations                               -         -           -         -            3           -           2         -          -            5   
Sustaining exploration and study costs                      -         -           2         2            1           -           4         2          -            7   
Total sustaining capital expenditure                        6         -           1         7            8          11          37         9       (11)           54   
All-in sustaining costs                                    76        37           2       115           52          50         112        33       (11)          236   
Adjusted for non-controlling interests and non -                
gold producing companies(1)                                 -         -           -         -            -         (4)           -         -         -           (4)   
All-in sustaining costs adjusted for non-           
controlling interests, non-gold producing        
companies and stockpile write-offs                         76        37           2       115           52          46         112        33       (11)          232   
All-in sustaining costs                                    76        37           2       115           52          50         112        33       (11)          236   
Non-sustaining Project capex                                -        28           -        28           48           -           1         1         12           62   
Non-sustaining exploration and study costs                  -         -           2         2            -           -           -         -         25           25   
Corporate and social responsibility costs not                                                                                                                        
related to current operations                               -         -           -         -            -           -           1         -          2            3   
All-in costs                                               76        65           4       145          100          50         114        34         28          326   
Adjusted for non-controlling interests and non -              
gold producing companies(1)                                 -         -           -         -             -        (4)           -         -          -          (4)   
All-in costs adjusted for non-controlling          
interests, non-gold producing companies and              
stockpile write-offs                                       76        65           4       145          100          46         114        34         28          322   
Gold sold - oz (000)(3)                                    94        58           -       152           48          54         126        34          -          262   
All-in sustaining cost (excluding stockpile          
write-offs) per unit - USD/oz(4)                          804       640           -       763        1,076         852         891       956          -          887   
All-in cost per unit (excluding stockpile write -           
offs) - USD/oz(4)                                         804     1,122           -       961        2,072         867         913       987          -        1,228   
    
For the three months ended 31 December 2013
Operations in Australia, United States of America, Argentina and Brazil
(in USD millions, except as otherwise noted)


                                                                                                    UNITED                                 
                                                                                                 STATES OF                       BRAZIL           
                                                                                                   AMERICA  ARGENTINA  AngloGold            
                                                               AUSTRALIA                 TOTAL     Cripple      Cerro    Ashanti   
                                                      Sunrise    Tropi-   Australia     AUSTR-     Creek &     Vangu-     Miner-       Serra   Americas      TOTAL                                                                  
                                                          Dam      cana       other       ALIA      Victor      ardia       acao      Grande      Other   AMERICAS     
Total cash costs                                                                                                                                                                                                                   
Total cash costs per financial statements                  70        38           -        108          52         44         62          24          1        183      
Adjusted for non-controlling interests, non-gold   
producing companies and other(1)                            -         -           -          -        (13)        (3)          -           -        (1)       (17)      
Total cash costs adjusted for non-  controlling                                                                                                                                                                                                                                   
interests and non-gold producing companies                 70        38           -        108          39         41         62          24          -        166      
Retrenchment costs                                          -         -           1          1           -          -          -           -          1          1      
Rehabilitation and other non-cash costs                     -         2           -          2        (19)          -          2         (3)          1       (19)      
Amortisation of tangible assets                            27        27           1         55           -          7         21          10          -         38      
Amortisation of intangible assets                           -         -           -          -           -          -          1           -          1          2      
Adjusted for non-controlling interests, non-gold                                                                                                                                                 
producing companies(1)                                                -           -          -          20        (1)          -           -        (1)         18      
Total production costs adjusted for non-                                                                                                                                                                                                                           
controlling interests and non-gold producing
companies                                                  97        67           2        166          40         47         86          31          2        206      
Gold produced - oz (000)(3)                               102        66           -        169          47         61        120          34          -        262    
Total cash costs per unit - USD/oz(4)                     685       569           -        640      825(6)        672        518         712          -        634    
Total production costs per unit - USD/oz(4)               945     1,016           -        985         846        784        720         928          -        787    
For the year ended 31 December 2014  
Operations in South Africa  
(in USD millions, except as otherwise noted)

                                                                                                                                                           Total
                                                                                          Vaal                          West                 South         South
                                                       Great                 Moab        River              Tau         Wits      Surface   Africa        Africa   Corpo-
                                                     Noligwa   Kopanang  Khotsong   Operations  Mponeng    Tona   Operations   operations    other  (Operations)     rate        
All-in sustaining costs
Cost of sales per financial statements                    94        201       217          512      313     268          581          231        -         1,324        1                                          
Amortisation of tangible and intangible assets           (8)       (50)      (50)        (107)     (71)    (58)        (129)         (22)        1         (258)      (8)                       
Adjusted for decommissioning amortisation                  1          -         -            1        -       -            -            1      (2)             -        -                         
Corporate administration and marketing                                                                                                                                                         
related to current operations                              -          -         -            -        -       -            -            -        1             1       85                          
Inventory writedown to net realisable value                                                                                                                                                    
and other stockpile adjustments                            -          -         -            -        -       -            -            -        1             1        1                         
Total sustaining capital expenditure                       7         26        44           76       65      35          100           46        7           230        5                      
All-in sustaining costs                                   94        177       211          482      307     245          552          256        8         1,298       84                     
Adjusted for non-controlling interests and non    
-gold producing companies(1)                                -         -         -            -        -       -            -            -        -             -        6                           
All-in sustaining costs adjusted for non-
controlling interests and non-gold producing
companies                                                 94        177       211          482      307     245          552          256        8         1,298       90                   
Adjusted for stockpile write-offs                          -          -         -            -        -       -            -            -      (1)           (1)      (1)                   
All-in sustaining costs adjusted for non-
controlling interests, non-gold producing
companies and stockpile write-offs                        94        177       211          482      307     245          552          256        7         1,297       89                  
All-in sustaining costs                                   94        177       211          482      307     245          552          256        8         1,298       84                  
Non-sustaining Project capex                               -          -         2            2       32       -           32            -        -            34        -                   
Technology improvements                                    -          -         -            -        -       -            -            -       19            19        5                   
Non-sustaining exploration and study costs                 -          -         -            -        -       -            -            -        -             -        7                    
Corporate and social responsibility costs not                                                                                                                                              
related to current operations                              -          -         -            -        -       -            -            -        -             -                           
All-in costs                                              94        177       213          484      339     245          584          256       27         1,351       96          
Adjusted for non-controlling interests and non                                                                                                                                                                               
-gold producing companies(1)                                                                                                                     -             -        6
All-in costs adjusted for non-controlling                                                                                                                                                                       
interests and non-gold producing companies                94        177       213          484      339     245          584          256       27         1,351      102             
Adjusted for stockpile write-offs                          -          -         -            -        -       -                         -      (1)           (1)      (1)                      
All-in costs adjusted for non-controlling                                                                                                                                        
interests, non-gold producing companies and                                                                                                                                        
stockpile write-offs                                      94        177       213          484      339     245          584          256       26         1,350      101           
Gold sold - oz (000)(3)                                   78        140       234          452      313     232          544          223        3         1,223        -          
All-in sustaining cost (excluding stockpile    
write-offs) per unit - USD/oz(4)                       1,185      1,256       903        1,061      981   1,059        1,014        1,153        -         1,064        -          
All-in cost per unit (excluding stockpile write-    
offs) - USD/oz(4)                                      1,185      1,256       909        1,064    1,085   1,059        1,074        1,153        -         1,107        -         

(1) Adjusting for non-controlling interest of items included in calculation, to disclose the attributable portions only. Other consists of heap
    leach inventory.
(2) Attributable costs and related expenses of associates and equity accounted joint ventures are included in the calculation of total
    cash costs per ounce and total production costs per ounce.
(3) Attributable portion.
(4) In addition to the operational performances of the mines, all-in sustaining cost per ounce, all-in cost per ounce, total cash costs per
    ounce and total production costs per ounce are affected by fluctuations in the currency exchange rate. AngloGold Ashanti reports all-
    in sustaining cost per ounce and all-in cost per ounce calculated to the nearest US dollar amount and gold sold in ounces.
    AngloGold Ashanti reports total cash costs per ounce and total production costs per ounce calculated to the nearest US dollar
    amount and gold produced in ounces.
(5) Corporate includes non-gold producing subsidiaries.
(6) Total cash costs per ounce calculation includes heap-leach inventory change.

For the year ended 31 December 2014
Operations in South Africa
(in USD millions, except as otherwise noted)


                                                                                                                                                       Total
                                                                                        Vaal                          West               South         South
                                                     Great                 Moab        River              Tau         Wits     Surface  Africa        Africa    Corpo-
                                                   Noligwa  Kopanang   Khotsong   Operations  Mponeng    Tona   Operations   operations  other  (Operations)   rate(5)       
Total cash costs
Total cash costs per financial statements               84       144        160          388      233     205          438          210    (1)         1,035       (8)      
Adjusted for non-controlling interests, non-    
gold producing companies and other(1)                    -         -          -            -        -       -            -            -      -             -         7      
Total cash costs adjusted for non-     
controlling interests and non-gold producing    
companies                                               84       144        160          388      233     205          438          210    (1)         1,035       (1)      
Retrenchment costs                                       2         5          3            9        4       3            7            -    (1)            16         -      
Rehabilitation and other non-cash costs                  1         3          4            8        4       3            8            -      1            16         -      
Amortisation of tangible assets                          6        47         46          100       65      54          119           20      1           239         5      
Amortisation of intangible assets                        1         2          4            8        5       4            9            2      1            19         3      
Total production costs adjusted for non-    
controlling interests and non-gold producing    
companies                                               94       201        217          513      311     269          581          232      1         1,325         7      
Gold produced - oz (000)(3)                             78       141        234          453      313     232          544          223      3         1,223         -      
Total cash costs per unit - USD/oz(4       
Total production costs per unit - USD/oz(4)          1,074     1,023        685          857      746     882          804          941      -           849         -
                                                     1,208     1,431        928        1,132    1,001   1,159        1,068        1,040      -         1,087         -      
    
For the year ended 31 December 2014
Operations in DRC, Ghana, Guinea, Mali, Namibia and Tanzania
(in USD millions, except as otherwise noted)



                                                             DRC        GHANA       GUINEA               MALI          NAMIBIA   TANZANIA   Continent         TOTAL 
                                                                   Idua-                                                 Nava-                 Africa   CONTINENTAL
                                                          Kibali   priem  Obuasi    Siguiri  Morila Sadiola   Yatela      chab      Geita       Other        AFRICA             
All-in sustaining costs                                                                                                                                             
Cost of sales per financial statements                         -     192     303        314       -       -        -        26        403           5         1,243   
Amortisation of tangible and intangible assets                 -    (24)    (19)       (32)       -       -        -         -       (99)         (4)         (178)   
Adjusted for decommissioning amortisation                      -       -       1          4       -       -        -         -          2         (1)             6   
Corporate administration and marketing                                                                                                                                
related to current operations                                  -       -       -          -       -       -        -         -          -           1             1   
Associates and equity accounted joint
ventures' share of costs(2)                                  133       -       -          -      51      89       20         -          -           1           294   
Inventory writedown to net realisable value                                                                                                                                                                            
and other stockpile adjustments                                -       -       -          -       -       -        8         -          -           -             8   
Sustaining exploration and study costs                         -       -      13          2       -       1        -         -          2         (1)            17   
Total sustaining capital expenditure                           3      21      43         30       6       6        -         1        129           1           240   
All-in sustaining costs                                      136     189     341        318      57      96       28        27        437           2         1,631   
Adjusted for non-controlling interests and non
-gold producing companies (1)                                  -       -       -       (48)       -       -        -         -          -         (0)          (48)   
All-in sustaining costs adjusted for non-                                                                                                                                                                              
controlling interests and non-gold producing                                                                                                                                                                           
companies                                                    136     189     341        270      57      96       28        27        437           2         1,583   
Adjusted for stockpile write-offs                              -       -       -          -       -       -      (8)       (2)        (9)           -          (19)   
All-in sustaining costs adjusted for non-                                                                                                                             
controlling interests, non-gold producing                                                                                                                             
companies and stockpile write-offs                           136     189     341        270      57      96       20        25        428           2         1,564   
All-in sustaining costs                                      136     189     341        318      57      96       28        27        437           2         1,631   
Non-sustaining Project capex                                 176       -      38          -       -       -        -         -          -           -           214   
Non-sustaining exploration and study costs                     2       -       -          5       -       -        -         -          -           -             7   
All-in costs                                                 314     189     379        323      57      96       28        27        437           2         1,852   
Adjusted for non-controlling interests and non
-gold producing companies(1)                                   -       -       -       (48)       -       -        -         -          -           -          (48)   
All-in costs adjusted for non-controlling                                                                                                                                                                              
interests and non-gold producing companies                   314     189     379        275     57      96        28        27        437           2         1,804   
Adjusted for stockpile write-offs                              -       -       -          -      -       -       (8)       (2)        (9)           -          (19)   
All-in costs adjusted for non-controlling                                                                                                                             
interests, non-gold producing companies and                                                                                                                           
stockpile write-offs                                         314     189     379        275      57      96       20        25        428           2         1,785   
Gold sold - oz (000)(3)                                      233     185     248        294      44      85       11        34        481           -         1,615   
All-in sustaining cost (excluding stockpile                                                                                                                            
write-offs) per unit - USD/oz(4)                             588   1,020   1,374        917   1,298   1,133    1,795       719        890           -           968   
All-in cost per unit (excluding stockpile write-
offs) - USD/oz(4)                                          1,351   1,020   1,530        933   1,298   1,133    1,795       719        890           -         1,105   

For the year ended 31 December 2014
Operations in DRC, Ghana, Guinea, Mali, Namibia and Tanzania
(in USD millions, except as otherwise noted)



                                                             DRC        GHANA        GUINEA           MALI               NAMIBIA   TANZANIA  Continent         TOTAL 
                                                                   Idua-                                                   Nava-                Africa   CONTINENTAL
                                                          Kibali   priem  Obuasi    Siguiri  Morila Sadiola   Yatela        chab      Geita      Other        AFRICA
Total cash costs                                                                                                                                                       
Total cash costs per financial statements                      -     153     264        273       -       -        -          25        286          -         1,001   
Adjusted for non-controlling interests, non-
gold producing companies and other(1)                          -       -       -       (41)       -       -        -           -          -          -          (41)   
Associates and equity accounted joint                                                                                                                                                                                                 
ventures' share of total cash costs(2)                       137       -       -          -      51      87       16           -          -          -           291   
Total cash costs adjusted for non-controlling                                                                                                                                                                                         
interests and non-gold producing companies                   137     153     264        232      51      87       16          25        286          -         1,251   
Retrenchment costs                                             -       -       -          -       -       -        -           -          1          -             1   
Rehabilitation and other non-cash costs                        -       6      15          5       -       -        -           -          7          -            33   
Amortisation of tangible assets                                -      24      19         32       -       -        -           -         99          -           174   
Amortisation of intangible assets                              -       -       -          -       -       -        -           -          -          4             4   
Adjusted for non-controlling interests, non-
gold producing companies(1)                                    -       -       -        (6)       -       -        -           -          -          -           (6)   
Associates and equity accounted joint
ventures' share of total cash costs(2)                        67       -       -          -       8      25        4           -          -          -           104   
Total production costs adjusted for non-                                                                                                                                                                                              
controlling interests and non-gold producing                                                                                                                                                                                          
companies                                                    204     183     298        263      59     112       20          25        393          4         1,561   
Gold produced - oz (000)(3)                                  237     177     243        290      44      85       11          33        477          -         1,597   
Total cash costs per unit - USD/oz(4)                        578     865   1,086        799   1,162   1,028    1,438         752        599          -           783   
Total production costs per unit - USD/oz(4)                  860   1,035   1,223        909   1,343   1,329    1,760         756        821          -           977   

For the year ended 31 December 2014
Operations in Australia, United States of America, Argentina and Brazil
(in USD millions, except as otherwise noted)



                                                                                                    UNITED                                 
                                                                                                 STATES OF                       BRAZIL           
                                                                                                   AMERICA   ARGENTINA   AngloGold            
                                                               AUSTRALIA                TOTAL      Cripple       Cerro     Ashanti   
                                                      Sunrise    Tropi-   Australia    AUSTR-      Creek &      Vangu-      Miner-      Serra   Americas        TOTAL                                                                  
                                                          Dam      cana       other      ALIA       Victor       ardia        acao     Grande      Other     AMERICAS     
All-in sustaining costs                                                                                                                                                                                                                                     
Cost of sales per financial statements                    344       296          20       660          218         222         362        156          4          962      
Amortisation of tangible and intangible assets           (47)      (98)         (5)     (150)          (3)        (33)       (107)       (49)          -        (192)      
Adjusted for decommissioning amortisation                   -         3           -         3            -           -           -          -          1            1      
Corporate administration and marketing related                                                                         
to current operations                                       -         -           -         -            -           -           1          -          -            1      
Inventory writedown to net realisable value and                                                                       
other stockpile adjustments                                 -         -           -         -            -           -           1          -          -            1      
Sustaining exploration and study costs                      -         3           6         9            2           2           8          1         10           23      
Total sustaining capital expenditure                       31        59           1        91           24          58         127         38          1          248      
All-in sustaining costs                                   328       263          22       613          241         249         392        146         16        1,044      
Adjusted for non-controlling interests and non -
gold producing companies(1)                                 -         -           -         -            -        (19)           -          -       (16)         (35)      
All-in sustaining costs adjusted for non-
controlling interests and non-gold producing                                                                                                                                                                                                                        
companies                                                 328       263          22       613          241         230         392        146          -        1,009      
Adjusted for stockpile write-offs                           -         -           -         -            -           -         (1)          -          -          (1)      
All-in sustaining costs adjusted for non-                                                                                                                                 
controlling interests, non-gold producing                                                                                                                                 
companies and stockpile write-offs                        328       263          22       613          241         230         391        146          -        1,008      
All-in sustaining costs                                   328       263          22       613          241         249         392        146         16        1,044      
Non-sustaining Project capex                                -         -           -         -          145           -           -          -          1          146      
Non-sustaining exploration and study costs                  -         -           7         7            -           -           1          -         71           72      
Corporate and social responsibility costs not                                                                                                                              
related to current operations                               -         -           -         -            -           -          14          2          1           17      
All-in costs                                              328       263          29       620          386         249         407        148         89        1,279      
Adjusted for non-controlling interests and non -
gold producing companies(1)                                 -         -           -         -            -        (19)           -          -        (1)         (20)      
All-in costs adjusted for non-controlling  
interests and non-gold producing companies                328       263          29       620          386         230         407        148         88        1,259      
Adjusted for stockpile write-offs                           -         -           -         -            -           -         (1)          -          -          (1)      
All-in costs adjusted for non-controlling                                                                                                                                
interests, non-gold producing companies and                                                                                                                              
stockpile write-offs                                      328       263          29       620          386         230         406        148         88        1,258      
Gold sold - oz (000)(3)                                   271       350           -       622          210         246         404        138          -          998      
All-in sustaining cost (excluding stockpile                                                                                                                              
write-offs) per unit - USD/oz(4)                        1,214       752           -       986        1,147         938         966      1,062          -        1,010      
All-in cost per unit (excluding stockpile write-  
offs) - USD/oz(4)                                       1,214       752           -       998        1,837         938       1,004      1,078          -        1,262      
  
For the year ended 31 December 2014
Operations in Australia, United States of America, Argentina and Brazil
(in USD millions, except as otherwise noted)


                                                                                                     UNITED                                 
                                                                                                  STATES OF                       BRAZIL           
                                                                                                    AMERICA   ARGENTINA  AngloGold            
                                                               AUSTRALIA                 TOTAL      Cripple       Cerro    Ashanti   
                                                    Sunrise       Tropi-   Australia    AUSTR-      Creek &      Vangu-     Miner-    Serra   Americas       TOTAL                                                                  
                                                         Dam        cana       other      ALIA       Victor       ardia       acao   Grande      Other    AMERICAS
Total cash costs                                                                                                                                                                             
Total cash costs per financial statements                289         195          14       498          222         184        260      102        (2)         766   
Adjusted for non-controlling interests, non-gold    
producing companies and other(1)                           -           -           -         -         (47)        (14)          -        -          -        (61)   
Total cash costs adjusted for non-  controlling
interests and non-gold producing companies               289         195          14       498          175         170        260      102        (2)         705   
Retrenchment costs                                         -           -           1         1            -           2          3        -          1           6   
Rehabilitation and other non-cash costs                    4           9           -        13           28           5        (7)        -          6          32   
Amortisation of tangible assets                           47          98           4       149            1          32        101       48          1         183   
Amortisation of intangible assets                          -           -           1         1            1           -          6        1          1           9   
Adjusted for non-controlling interests, non-gold                                                                                                                            
producing companies(1)                                     -           -           -         -           12         (3)          -        -        (6)           3   
Associates and equity accounted joint ventures'
share of total cash costs(2)                               -           -           -         -            -           -          -        -          -           -   
Total production costs adjusted for non-
controlling interests and non-gold producing                                                                                                                                                                                              
companies                                                340         302          20       662          217         206        363      151          1         938   
Gold produced - oz (000)(3)                              262         358           -       619          211         246        403      136          -         996   
Total cash costs per unit - USD/oz(4)                  1,105         545           -       804       829(6)         692        644      748          -         709 
Total production costs per unit - USD/oz(4)            1,301         845           -     1,070        1,031         842        902    1,113          -         942 
                                                       
For the year ended 31 December 2013
Operations in South Africa
(in USD millions, except as otherwise noted)

                                                                                                                                                        Total
                                                                                        Vaal                          West                South         South
                                                     Great                 Moab        River              Tau         Wits      Surface  Africa        Africa    Corpo-
                                                   Noligwa  Kopanang   Khotsong   Operations  Mponeng    Tona   Operations   operations   other  (Operations)      rate                                                                                                                                                                                                                                                                 
Cost of sales per financial statements                 103       215        240          558      347     262          609          226       -         1,393         1      
Amortisation of tangible and intangible assets         (8)      (43)       (60)        (111)     (82)    (51)        (133)          (9)       -         (253)       (9)      
Adjusted for decommissioning amortisation              (1)         1          1            1        -       -            -            -       -             1       (1)      
Corporate administration and marketing                                                                                                                                       
related to current operations                            -         -          -            -        -       -            -            -       5             5       168      
Associates and equity accounted joint                                                                                                                                        
ventures' share of costs(2)                              -         -          -            -        -       -            -            -       -             -         2      
Inventory writedown to net realisable value                                                                                                                                  
and other stockpile adjustments                          -         -          -            -        -       -            -            -       1             1       (1)      
Sustaining exploration and study costs                   -         -          -            -        -       -            -            -       -             -       (1)      
Total sustaining capital expenditure                    14        50         78          142       95      59          154           16       -           312         9      
All-in sustaining costs                                108       223        259          590      360     270          630          233       6         1,459       168      
All-in sustaining costs adjusted for non-
controlling interests and non-gold producing                                                                                                                                                                                                               
companies                                              108       223        259          590      360     270          630          233       6         1,459       168      
Adjusted for stockpile write-offs                        -         -          -            -        -       -            -            -     (1)           (1)         1      
All-in sustaining costs adjusted for non-                                                                                                                                  
controlling interests, non-gold producing                                                                                                                                  
companies and stockpile write-offs                     108       223        259          590      360     270          630          233       5         1,458       169      
All-in sustaining costs                                108       223        259          590      360     270          630          233       6         1,459       168      
Non-sustaining Project capex                             -         1         39           40       76       1           77           23     (1)           139       (1)      
Technology improvements                                  -         -          -            -        -       -            -            -      14            14         -      
Non-sustaining exploration and study costs               -         -          -            -        -       -            -            -       -             -         6      
Corporate and social responsibility costs not                                                                                                                              
related to current operations                            -         -          -            -        -       -            -            -       -             -        16      
All-in costs                                           108       224        298          630      436     271          707          256      19         1,612       189      
All-in costs adjusted for non-controlling                                                                                                                                    
interests and non-gold producing companies             108       224        298          630      436     271          707          256      19         1,612       189      
Adjusted for stockpile write-offs                        -         -          -            -        -       -            -            -     (1)           (1)         1      
All-in costs adjusted for non-controlling                                                                                                                                    
interests, non-gold producing companies and                                                                                                                                  
stockpile write-offs                                   108       224        298          630      436     271          707          256      18         1,611       190      
Gold sold - oz (000)(3)                                 83       178        212          472      354     235          589          240       -         1,302         -      
All-in sustaining cost (excluding stockpile                                                                                                                                   
write-offs) per unit - USD/oz(4)                     1,305     1,255      1,223        1,249    1,016   1,149        1,069          969       -         1,120         -      
All-in cost per unit (excluding stockpile write-   
offs) - USD/oz(4)                                    1,305     1,262      1,406        1,334    1,230   1,152        1,199        1,064       -         1,238         -      


(1) Adjusting for non-controlling interest of items included in calculation, to disclose the attributable portions only. Other consists of heap
    leach inventory.
(2) Attributable costs and related expenses of associates and equity accounted joint ventures are included in the calculation of total cash
    costs per ounce and total production costs per ounce.
(3) Attributable portion.
(4) In addition to the operational performances of the mines, all-in sustaining cost per ounce, all-in cost per ounce, total cash costs per
    ounce and total production costs per ounce are affected by fluctuations in the currency exchange rate. AngloGold Ashanti reports all-
    in sustaining cost per ounce and all-in cost per ounce calculated to the nearest US dollar amount and gold sold in ounces. AngloGold
    Ashanti reports total cash costs per ounce and total production costs per ounce calculated to the nearest US dollar amount and gold
    produced in ounces.
(5) Corporate includes non-gold producing subsidiaries. 
(6) Total cash costs per ounce calculation includes heap-leach inventory change.

For the year ended 31 December 2013
Operations in South Afri 
(in USD millions, except as otherwise note 

                                                                                                                                                         Total
                                                                                        Vaal                          West                South          South
                                                     Great                 Moab        River              Tau         Wits      Surface   Africa        Africa    Corpo-
                                                   Noligwa  Kopanang   Khotsong   Operations  Mponeng    Tona   Operations   operations    other  (Operations)   rate(5)    
Total cash costs                                                                                                                                                                                                                            
Total cash costs per financial statements               91       163        169          423      255     216          471          213        -         1,107       (7)      
Adjusted for non-controlling interests, non-                                                                                                                                     
gold producing companies and other(1)                    -         -          -            -        -       -            -            -        -             -         6      
Associates and equity accounted joint   
ventures' share of total cash costs(2)                   -         -          -            -        -       -            -            -        -             -         -      
Total cash costs adjusted for non-   
controlling interests and non-gold producing
companies                                               91       163        169          423      255     216          471          213        -         1,107       (1)      
Retrenchment costs                                       3         5          6           14        7       6           13            -        -            27         - 
Rehabilitation and other non-cash costs                  1         4          6           11        3    (10)          (7)            3        -             7         1      
Amortisation of tangible assets                          7        41         57          105       77      47          124            8        -           237         5      
Amortisation of intangible assets                        1         3          3            7        5       3            8            -        -            15         2      
Adjusted for non-controlling interests, 
gold producing companies(1)                              -        -           -            -        -       -            -            -        -             -       (4)      
Associates and equity accounted join
ventures' share of total cash costs (2)                  -        -           -            -        -       -            -            -        -             -         1      
Total production costs adjusted for no
controlling interests and non-gold producing
companies                                              103       216        241          560      347     262          609          224        -         1,393         4      
Gold produced - oz (000)(3)                             83       178        212          472      354     235          589          240        -         1,302         -
Total cash costs per unit - USD/oz(4)                1,100       918        797          895      719     920          800          883        -           850         -
Total production costs per unit - USD/oz(4)          1,252     1,210      1,138        1,185      978   1,117        1,034          933        -         1,070         -      
               
For the year ended 31 December 2013
Operations in DRC, Ghana, Guinea, Mali, Namibia and Tanzania
(in USD millions, except as otherwise noted)

                                                             DRC        GHANA        GUINEA          MALI                NAMIBIA   TANZANIA  Continent         TOTAL 
                                                                   Idua-                                                   Nava-                Africa   CONTINENTAL
                                                          Kibali   priem  Obuasi    Siguiri  Morila Sadiola   Yatela        chab      Geita      Other        AFRICA
All-in sustaining costs                                                                                                                                                          
Cost of sales per financial statements                         -     226     425        324       -       -        -          49        346         23         1,393   
Amortisation of tangible and intangible assets                 -    (30)    (50)       (27)       -       -        -         (6)      (120)        (6)         (239)   
Adjusted for decommissioning amortisation                      -       1       1          3       -       -        -           -          1          -             6   
Corporate administration and marketing                                                                                                                                 
related to current operations                                  -       -       1          -       -       -        -           -          -          2             3   
Associates and equity accounted joint  
ventures' share of costs(2)                                   21       -       -          -      47     118       46           -          -          -           232   
Inventory writedown to net realisable value                                                                                                                                                                      
and other stockpile adjustments                                -      83       4          -       -      16        -          24         89          -           216   
Sustaining exploration and study costs                         -       1       6         18       -       2        -           1         11          -            39   
Total sustaining capital expenditure                           -      22     154         27      13      11        -           5        146          1           379   
All-in sustaining costs                                       21     303     541        345      60     147       46          73        473         20         2,029   
Adjusted for non-controlling interests and non  
-gold producing companies(1)                                   -       -       -       (52)       -       -        -           -          -        (1)          (53)   
All-in sustaining costs adjusted for non-                                                                                                                              
controlling interests and non-gold producing                                                                                                                           
companies                                                     21     303     541        293      60     147       46          73        473         19         1,976   
Adjusted for stockpile write-offs                              -    (83)     (4)          -       -    (16)        -        (24)       (89)          -         (216)   
All-in sustaining costs adjusted for non-                                                                                                                              
controlling interests, non-gold producing                                                                                                                              
companies and stockpile write-offs                            21     220     537        293      60     131       46          49        384         19         1,760   
All-in sustaining costs                                       21     303     541        345      60     147       46          73        473         20         2,029   
Non-sustaining Project capex                                 341       5     42           3       -      31        2           -          8         28           460   
Non-sustaining exploration and study costs                     1       -      -           9       -       -        -           -          -         30            40   
All-in costs                                                 363     308     583        357      60     178       48          73        481         78         2,529   
Adjusted for non-controlling interests and non  
-gold producing companies(1)                                   -       -       -       (54)       -       -        -           -          -        (9)          (63)   
All-in costs adjusted for non-controlling                                                                                                                                                                     
interests and non-gold producing companies                   363     308     583        303      60     178       48          73        481         69         2,466   
Adjusted for stockpile write-offs                              -    (83)     (4)          -       -    (16)        -        (24)       (89)          -         (216)   
All-in costs adjusted for non-controlling                                                                                                                                
interests, non-gold producing companies and                                                                                                                              
stockpile write-offs                                         363     225     579        303      60     162       48          49        392         69         2,250   
Gold sold - oz (000)(3)                                       40     215     242        272      57      86       28          63        461          -         1,462   
All-in sustaining cost (excluding stockpile                                                                                                                              
write-offs) per unit - USD/oz(4)                             529   1,025   2,214      1,085   1,051   1,510   1, 653         781        833          -         1,202   
All-in cost per unit (excluding stockpile write-  
offs) - USD/oz(4)                                          9,168   1,049   2,388      1,122   1,051   1,875   1, 734         781        851          -         1,538   
  
For the year ended 31 December 2013
Operations in DRC, Ghana, Guinea, Mali, Namibia and Tanzania
(in USD millions, except as otherwise noted)

                                                             DRC        GHANA       GUINEA            MALI                NAMIBIA   TANZANIA   Continent         TOTAL 
                                                                   Idua-                                                    Nava-                 Africa   CONTINENTAL
                                                          Kibali   priem  Obuasi   Siguiri   Morila  Sadiola     Yatela      chab      Geita       Other        AFRICA
Total cash costs                                                                                                                                                                                                                    
Total cash costs per financial statements                      -     190     336       290        -        -          -        44        237         (3)         1,094   
Adjusted for non-controlling interests, non-    
gold producing companies and other(1)                          -       -       -      (43)        -        -          -         -          -           -          (43)   
Associates and equity accounted joint                                                                                                                                                                                              
ventures' share of total cash costs(2)                        19       -       -         -       44      114         42         -          -           -           219   
Total cash costs adjusted for non-controlling                                                                                                                           
interests and non-gold producing companies                    19     190     336       247       44      114         42        44        237         (3)         1,270   
Retrenchment costs                                             -       5      30         -        -        -          -         -          -           3            38   
Rehabilitation and other non-cash costs                        -       7       4         4        -        -          -       (1)          -           7            21   
Amortisation of tangible assets                                -      30      50        27        -        -          -         6        105          18           236   
Amortisation of intangible assets                              -       -       -         -        -        -          -         -          -           4             4   
Adjusted for non-controlling interests, non-  
gold producing companies(1)                                    -       -       -       (5)        -        -          -         -          -           -           (5)   
Associates and equity accounted joint        
ventures' share of total cash costs(2)                         9       -       -         -        4        5          4         -          -           -            22   
Total production costs adjusted for non-                                                                                                                                                                                                           
controlling interests and non-gold   producing                                                                                                                                                                                                     
companies                                                     28     232     420       273       48      119         46        49        342          29         1,586   
Gold produced - oz (000)(3)                                   40     221     239       268       57       86         27        63        459           -         1,460   
Total cash costs per unit - USD/oz(4)                        471     861   1,406       918      773    1,334      1,530       691        515           -           869   
Total production costs per unit - USD/oz(4)                  701   1,047   1,758     1,018      838    1,389      1,702       771        778           -         1,086   

For the year ended 31 December 2013
Operations in Australia, United States of America, Argentina and Brazil
(in USD millions, except as otherwise noted)


                                                                                                    UNITED                                 
                                                                                                 STATES OF                       BRAZIL           
                                                                                                   AMERICA   ARGENTINA   AngloGold            
                                                               AUSTRALIA                TOTAL      Cripple       Cerro     Ashanti   
                                                     Sunrise     Tropi-   Australia    AUSTR-      Creek &      Vangu-      Miner-       Serra   Americas       TOTAL                                                                  
                                                         Dam       cana       other      ALIA       Victor       ardia        acao      Grande      Other    AMERICAS
All-in sustaining costs                                                                                                                                                                             
Cost of sales per financial statements                   366         64          19       449          201         199         374         133          3         910   
Amortisation of tangible and intangible assets          (67)       (27)         (3)      (97)         (21)        (35)       (103)        (41)        (1)       (201)   
Corporate administration and marketing related                                                                                                                          
to current operations                                      -          -           1         1           15           -           6           -          1          22   
Sustaining exploration and study costs                    12          3           8        23            4           7          14           8          -          33   
Total sustaining capital expenditure                      39         25           5        69           15          61         118          36          -         230   
All-in sustaining costs                                  350         65          30       445          214         232         409         136          3         994   
Adjusted for non-controlling interests and non -     
gold producing companies(1)                                -          -           -         -            -        (18)           -           -          -        (18)   
All-in sustaining costs adjusted for non-     
controlling interests, non-gold      producing                                                                                                                                                                                                                    
companies and stockpile write-offs                       350         65          30       445          214         214         409         136          3         976   
All-in sustaining costs                                  350         65          30       445          214         232         409         136          3         994   
Non-sustaining Project capex                               -        216           -       216          148           8           5           4         15         180   
Non-sustaining exploration and study costs                 -          -           9         9            -           -           6           -        114         120   
Corporate and social responsibility costs not                                                                                                                           
related to current operations                              -          -           -         -            -           1           7         (3)          -           5   
All-in costs                                             350        281          39       670          362         241         427         137        132       1,299   
Adjusted for non-controlling interests and non -     
gold producing companies(1)                                -          -           -         -            -        (18)           -           -          -        (18)   
All-in costs adjusted for non-controlling                                                                                                                                                                                                                                        
interests, non-gold producing companies and      
stockpile write-offs                                     350        281          39       670          362         223         427         137        132       1,281   
Gold sold - oz (000)(3)                                  265         58           -       323          231         236         399         141          -       1,007   
All-in sustaining cost (excluding stockpile       
write-offs) per unit - USD/oz(4)                       1,321      1,113           -     1,376          927         912       1,023         970          -         970   
All-in cost per unit (excluding stockpile write-     
offs) - USD/oz(4)                                      1,321      4,850           -     2,073        1,567         947       1,069         971          -       1,271   
                                                                                                                          `                                                                                                                                                  
For the year ended 31 December 2013
Operations in Australia, United States of America, Argentina and Brazil
(in USD millions, except as otherwise noted)

                                                                                                     UNITED                                 
                                                                                                  STATES OF                       BRAZIL           
                                                                                                    AMERICA   ARGENTINA   AngloGold            
                                                                AUSTRALIA                TOTAL      Cripple       Cerro     Ashanti   
                                                     Sunrise     Tropi-   Australia     AUSTR-      Creek &      Vangu-      Miner-       Serra  Americas       TOTAL                                                                  
                                                         Dam       cana       other       ALIA       Victor       ardia        acao      Grande     Other    AMERICAS
Total cash cost
Total cash costs per financial statements                306         38          14        358          230         162         253          99         1         745      
Adjusted for non-controlling interests, non-gold
producing companies and other(1)                          -          -            -          -         (61)        (12)          -            -         -        (73)      
Total cash costs adjusted for non-controlling                                                                                                                                                                                                      
interests and non-gold producing companies               306         38          14        358          169         150         253          99         1         672      
Retrenchment costs                                         -          -           1          1            -           1           2           -         -           3      
Rehabilitation and other non-cash costs                  (4)          2           1        (1)         (15)           1           7         (4)         1        (10)      
Amortisation of tangible assets                           67         27           4         98           21          35         101          40         1         198      
Amortisation of intangible assets                          -          -           -          -            -           -           2           -         1           3      
Adjusted for non-controlling interests, non-gold                                                                                                                                                                                    
producing companies(1)                                                -            -         -           25         (3)           -           -         -          22    
controlling interests and non-gold producing
companies                                                369         67          20        456          200         184         365         135         4         888     
Gold produced - oz (000)(3)                              276         66           -        342          231         241         391         138         -       1,001      
Total cash costs per unit - USD/oz(4)                  1,110        568           -      1,047       732(6)         622         646         719         -         671      
Total production costs per unit - USD/oz(4)            1,341      1,018           -      1,333          864         767         931         991         -         886      

Administrative information

ANGLOGOLD ASHANTI LIMITED

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

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

JSE Sponsor:
Deutsche Securities (SA) Proprietary 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
(Delisted at 8.00 am on Monday, 22 September
2014. This information is provided purely for
administrative purposes until September 2015)
St James's Corporate Services Limited
Suite 31, Second Floor
107 Cheapside
London
EC2V 6DN
Telephone: +44 20 7796 8644
Fax: +44 20 7796 8645
E-mail: jane.kirton@corpserv.co.uk

Directors
Executive
KC Ramon^ (Chief Financial Officer)
S Venkatakrishnan*§ (Chief Executive Officer)

Non-Executive
SM Pityana^ (Chairman)
R Gasant^
A Garner#
DL Hogdson^
NP January-Bardill^
MJ Kirkwood*
Prof LW Nkuhlu^
M Richter#
R J Ruston~
                 
* British            ^ South African
~ Australian         § Indian
# American

Officers
EVP – Legal, Commercial and Governance
and Company Secretary: M E Sanz Perez

Investor Relations Contacts
South Africa
Stewart Bailey
Telephone: +27 11 637 6031
Mobile: +27 81 032 2563
E-mail: sbailey@AngloGoldAshanti.com

Fundisa Mgidi
Telephone: +27 11 637 6763
Mobile: +27 82 821 5322
E-mail: fmgidi@AngloGoldAshanti.com

United States
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

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

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

United Kingdom
Shares
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: (Australia only) 1300 55 2949
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
BNY Mellon
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.com\shareowner

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




Date: 23/02/2015 07:05:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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