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ANGLOGOLD ASHANTI LIMITED - Report for the quarter and year ended 31 December 2015

Release Date: 22/02/2016 07:05
Code(s): ANG     PDF:  
Wrap Text
Report for the quarter and year ended 31 December 2015

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 2015

    Full Year
-   Strong gains in adjusted earnings and free cash flow, despite lower gold price
-   Production of 3.947Moz – at top end of revised guidance range
-   Total cash costs of $712/oz - 9% lower year-on-year
-   All-insustaining costs of $910/oz - 11% lower year-on-year
-   All-in costs of $1,001/oz, 10% lower year-on-year
-   Corporate costs $78m down 15% from $92m in 2014
-   Adjusted headline earnings of $49m compared to loss of $1m the prior year
-   Capital expenditure of $857m, down 29% from $1.2bn in 2014
-   Full year free cash flow shows significant improvement to $141m, compared to outflow of $112m in 2014
-   Net debt reduced 30% year-on-year to $2,190m, due to self-help measures

    Fourth Quarter
-   Strong production of 997,000oz - ahead of guidance
-   Total cash costs of $663/oz, 7% lower year-on-year and 10% lower quarter-on-quarter
-   International Operations deliver 17% decrease in all-in sustaining costs to $786/oz
-   South African Operations all-in sustaining costs improve 10% year-on-year to $988/oz
-   All-in costs improve 13% year-on-year to $959/oz; All-in sustaining costs 14% lower at $860/oz
-   Strong fourth-quarter free cash flow of $160m

                                                                                 Quarter                    Year
                                                                        ended      ended      ended       ended      ended
                                                                          Dec        Sep        Dec         Dec        Dec
                                                                         2015       2015      2014*        2015      2014*
                                                                                        US dollar / Imperial
Operating review
Gold
    Produced from continuing operations                 - oz (000)        997        955      1,102       3,830      4,225
    Produced from discontinued operations               - oz (000)          -         19         54         117        211
    Produced continuing and discontinued operations     - oz (000)        997        974      1,156       3,947      4,436
    Sold from continuing operations                     - oz (000)      1,014        933      1,117       3,850      4,248
    Sold from discontinued operations                   - oz (000)          -         21         55         115        210
    Sold continuing and discontinued operations         - oz (000)      1,014        954      1,172       3,965      4,458

Continuing operations
   Price received (1)                                   - $/oz          1,104      1,123      1,202       1,158      1,264
   All-in sustaining costs (2)                          - $/oz            860        937      1,005         910      1,020
   All-in costs (2)                                     - $/oz            959      1,024      1,099       1,001      1,114
   Total cash costs (3)                                 - $/oz            663        735        715         712        785

    Financial review
    Gold income                                         - $m            1,024        946      1,212       4,015      4,952
    Cost of sales                                       - $m            (812)      (830)      (999)     (3,294)    (3,972)
    Total cash costs (3)                                - $m              606        640        722       2,493      3,071
    Production costs (4)                                - $m              577        654        762       2,494      3,161
    Adjusted gross profit (5)                           - $m              212        116        213         721        980
    Gross profit                                        - $m              208        115        218         714        993

Continuing and discontinued operations
    Profit (loss) attributable to equity shareholders   - $m               65        (6)       (58)        (85)       (58)
                                                        - cents/share      16        (1)       (14)        (20)       (14)
    Headline earnings (loss)                            - $m               53          3       (71)        (73)       (79)
                                                        - cents/share      13          1       (17)        (18)       (19)
    Adjusted headline earnings (loss) (6)               - $m               40       (52)      (117)          49        (1)
                                                        - cents/share      10       (13)       (29)          12          0
    Net cash flow from operating activities             - $m              383        243       213        1,139      1,220
    Free cash inflow / (outflow)                        - $m              160       (50)      (198)         141      (112)
    Capital expenditure                                 - $m              223        207        363         857      1,209

* Cripple Creek & Victor (CC&V) has been disclosed as a discontinued operation and the 2014 comparative results have been restated.

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 2015.                                                       Rounding of figures may result in computational discrepancies.

Forward looking statements

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, total 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 reports on Form 20-F filed with the United States Securities and Exchange Commission. 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.

Non-Gaap financial measures
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 2015
                                                       Production *                     All-in sustaining costs (1)*                 Total cash costs (2)*                         Adjusted (3)*
                                                                                                                                                                             gross profit (loss)

                                                      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                                   252            (16)                -     988            (10)            (16)    776             (7)             (19)   34               (5)              47
   Vaal River Operations                        87            (30)              (6)   1,041               1            (11)    777               1             (19)    9              (13)              13
        Kopanang                                28            (15)                -   1,142            (14)            (17)    908            (10)             (22)  (1)                 5               7
        Moab                                    59            (34)             (11)     993               8             (8)    714               4             (18)   10              (18)               7
   West Wits Operations                        113             (5)                5     958            (15)            (20)    759            (12)             (20)   16                 9              22
        Mponeng                                 61               9               13     959            (25)            (25)    722            (24)             (25)    9                13              15
        TauTona                                 52            (17)              (4)     957             (4)            (13)    802               1             (14)    7               (4)               8
   Total Surface Operations                     49            (13)                2     893            (20)            (18)    815             (8)             (17)    9               (1)              11
        First Uranium SA                        23             (4)                5     754            (42)            (33)    728            (19)             (25)    4                 3               8
        Surface Operations                      26            (19)                -   1,017               5             (3)    893               3             (10)    5               (4)               3
  Other                                          3             200             (25)       -               -               -      -               -                -    -                 -               -
INTERNATIONAL OPERATIONS                       745             (7)                6     786            (17)             (5)    619             (9)              (6)  185              (25)              44
  CONTINENTAL AFRICA                           366            (13)                5     813            (10)             (2)    676             (2)              (2)   77              (44)              16
   DRC                             
        Kibali - Attr. 45% (6)                  69            (14)              (4)     669              26             (1)    603              10              (8)    5              (30)             (5)
   Ghana
        Iduapriem                               56              40               14     972            (22)               5    897             (8)             (13)    2                 -               6
        Obuasi                                   8            (83)             (38)     684            (53)            (52)  1,607              61               74    4                 8              10
   Guinea
        Siguiri - Attr. 85%                     71               4               37     957             (2)             (3)    788            (11)              (8)   16               (2)               8
   Mali                              
        Morila - Attr. 40% (6)                   7            (53)                -   1,114              19               5  1,082              11               15  (2)               (4)             (3)
        Sadiola - Attr. 41% (6)                 16            (24)              (6)   1,104               5              50    921             (2)               36    1                 1             (3)
        Yatela - Attr. 40% (6)                   -           (100)                -       -           (100)               -      -           (100)                -    -               (2)               -
   Tanzania
     Geita                                     139             (3)                1     715             (5)             (4)    465               8              (4)   48              (16)               1
    Non-controlling interests,
     exploration and other                                                                                                                                             3                 2               2
   AUSTRALASIA                                 144             (8)                7     864            (13)             (2)    685             (6)              (5)   31                12               3
   Australia
        Sunrise Dam                             50            (18)              (2)   1,103             (8)             (3)    969            (11)              (3)    2                10               1
        Tropicana - Attr. 70%                   94             (2)               13     693            (16)               3    512               6                2   33                 2               1
        Exploration and other                                                                                                                                        (4)                 -               1
  AMERICAS                                     235               4                7     684            (31)            (16)    490            (22)             (14)   77                 8              25
   Argentina  
        Cerro Vanguardia - Attr. 92.50%         72              13                1     778            (26)            (13)    589            (24)              (7)   19               (1)               5
   Brazil
        AngloGold Ashanti Mineração            117             (3)              (5)     647            (33)             (7)    432            (24)             (11)   47                 2               6
        Serra Grande                            46              10               84     587            (38)            (46)    435            (24)             (46)   13                 6              17
   Non-controlling interests,
    exploration and other                                                                                                                                            (2)                 -             (3)
Continuing operations                          997            (10)                4     860            (14)             (8)    663             (7)             (10)
  Discontinued operations
        Cripple Creek & Victor                   -           (100)            (100)
OTHER                                                                                                                                                                (3)               (8)             (6)
Total                                          997            (14)                2                                                                                  216              (37)              85
Equity accounted investments included above                                                                                                                          (4)                36              11
AngloGold Ashanti                                                                                                                                                    212               (1)              96

*   Cripple Creek has been disclosed as a discontinued operation and the comparative results have been restated.

(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 2015 quarter on December 2014 quarter - increase (decrease).
(5) Variance December 2015 quarter on September 2015 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 REVIEW

AngloGold Ashanti delivered a solid operating and financial performance for 2015 as it delivered on its ‘self-help' measures to reduce
debt from internally generated cash flows. The results for the fourth quarter and full year 2015 show the combination of a strong ongoing
focus on cost and capital discipline, as well as the operational leverage the company has to weaker currencies and lower oil prices.

Free cash flow of $141m was recorded for the full year, compared with the outflow of $112m in the prior year, despite lower output and
a weaker gold price. Cash inflows from operating activities of $1,139m for the year ended 31 December 2015 were only 7% lower than
the $1,220m achieved in the prior year, despite an 8% decrease in gold price received and an 11% decrease in production (including
discontinued operations).

Borrowings decreased by 26% to $2.74bn from $3.72bn at the end of 2014 and net debt fell by 30% to $2.19bn from $3.13bn at the end
of 2014, aided by the sale of CC&V for $819m, as well as tight cost management, which saw full year all-in sustaining costs (AISC)
improve by 11% to $910/oz and cost of sales decrease by 17% to $3,294m.

"We've again shown consistency in hitting our production guidance, beating cost estimates, delivering free cash flow and delivering a 
sharp reduction in net debt levels," Chief Executive Officer Srinivasan Venkatakrishnan said. "We achieved all of that despite lower 
gold prices."

The 11% decrease in production over 2014 levels to 3.95Moz (including discontinued operations), was due in part to lower output from
South Africa following safety related disruptions, the sale of CC&V on 3 August 2015 and the transition of Obuasi to limited operations
at the end of 2014. AISC improved 11% over the same period to $910/oz. This compared favourably with revised guidance for the full
year of 3.8Moz to 4.0Moz at an AISC of $950/oz to $980/oz. The significant year-on-year improvement in AISC reflects an especially
strong delivery from the International Operations which saw their AISC fall by more than 16% to $822/oz. Geita was once again a
standout performer in Continental Africa, with AISC of $717/oz, whilst the American operations as a whole had AISC of $792/oz,
benefiting from strong fundamental performances combined with a tailwind from weakening currencies, particularly in Brazil. The South
African operations struggled due to a combination of lower grades and several safety-related disruptions during the year which resulted
in a drop in production to 1.004Moz from 1.22Moz in 2014. The South African operations reported AISC of $1,088/oz, $24/oz or 2%
higher than the previous year, reflecting the weaker operating performance which was only partially offset by the weaker Rand.

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, has surpassed that target and has now been embedded in the International Operations as an ongoing business
improvement initiative. The Project 500 team is in the beginning phases of implementing a range of efficiency initiatives at the South
African operations in 2016.

Capital expenditure of $857m, which came in below the revised guidance for the year of approximately $900m, represented a 29%
decrease compared to $1.2bn in the prior year. This reduction was partially due to favourable exchange rate movements in South
Africa, Brazil, Argentina and Australia, as well as planning and design changes at certain sites and fundamental cost savings. Total
cash costs of $712/oz improved 9% compared to $785/oz recorded in 2014 and better than revised guidance of $720/oz to $770/oz. Corporate
and marketing costs of $78m were 15% lower year-on-year and below guidance of $95m to $110m, while exploration and evaluation
costs of $132m were 7% lower year-on-year and below guidance of $155m to $175m.

The full year ended with an adjusted headline earnings (AHE) of $49m, or 12 US cents per share, compared with an adjusted headline
loss of $1m in 2014. The net loss attributable to equity shareholders for the year was $85m compared with a loss of $58m a year earlier.

Adjusted earnings before interest, tax, depreciation and amortisation (adjusted EBITDA) was $1,472m, compared to $1,616m in 2014
reflecting the lower production and average price received. Net debt to adjusted EBITDA levels ended the year at 1.49 times, lower than
the 1.94 times recorded at the end of 2014, highlighting the success of the deleveraging efforts.

Liquidity remains strong, with $800m available on the US dollar revolving credit facility (RCF), along with A$365m undrawn on the
Australian dollar RCF, approximately R2.4bn available from its South African RCF and cash and cash
equivalents of $484m as at 31 December 2015.

SAFETY AND SUSTAINABILITY

Safety remains the most pressing challenge for our South African operations, particularly following a regression in performance after a
strong record in 2014. Eleven of our colleagues lost their lives in the workplace during 2015, from six the previous year. Significant effort
is being expended to not only understand the cause of each of these incidents, but also the root cause of other high potential incidents
that could have resulted in fatalities. There has been some success in this regard, with the all-injury frequency rate, the broadest
measure of workplace safety, improving to 7.18 per million hours worked, from 7.36 the previous year. In addition, reportable
environmental incidents were the lowest recorded in the company's history and the company continues to invest considerable resources
to maintain and improve relationships with host communities and governments.

FOURTH-QUARTER REVIEW

The fourth quarter of 2015 saw a robust operating and financial performance, with the continued focus on fundamental cost
management aided by weakening currencies across key jurisdictions. Production was ahead of guidance and total cash costs were
below guidance resulting in strong free cash flow generation and a marked reduction in net debt, despite the lower gold price.

Free cash flow generation of $160m for the quarter ($34m due to lower taxation and taxation refunds, $67m due to working capital
inflows) compared favourably with a $198m outflow in the same quarter last year and an outflow of $50m in the third quarter of 2015.
Net cash inflows from operating activities of $383m represented an 80% increase compared to the $213m generated in the fourth
quarter of 2014, with strong cost control across all metrics helping offset the weaker gold price. The successful tender offer for the high-
yield bond in September, undertaken to repay part of the 8.5% bonds due 2020 ahead of schedule, resulted in a 28% decrease in
finance costs year-on-year from $61m in the fourth quarter of 2014, to $44m in the period under review.

Borrowings decreased by $25m, or 1%, to $2,737m and net debt decreased by $101m, or 4%, to $2,190m during the quarter ended
31 December 2015. This does not equate exactly to the free cash flow generation because the long-term natural-gas offtake contracts
in Australia (related to the new pipeline that is expected to deliver energy to both Sunrise Dam and Tropicana) are treated as debt in
accordance with accounting standards. This was effected during the fourth quarter. The reduction in debt resulted in a net debt to
Adjusted EBITDA ratio of 1.49 times, compared with 1.54 times at the end of September 2015. Accordingly, debt levels remain well
below the covenant of net debt to Adjusted EBITDA of 3.5 times under our revolving credit agreements.

Group production was 997,000oz at an average total cash cost of $663/oz, compared to 974,000oz (including discontinued operations)
at $735/oz the previous quarter and 1.156Moz at $715/oz in the fourth quarter of 2014. Production guidance for the quarter (which took
into account the lower production following the CC&V sale), was 900,000oz to 950,000oz at a total cash cost of $720/oz to $770/oz.

AISC for the group in the fourth quarter was $860/oz, a 14% improvement from the fourth quarter of 2014, reflecting improved
production from some operations, ongoing cost and capital allocation discipline and the positive impact of lower oil prices - particularly in
Continental Africa and Australia -- as well as weaker currencies in South Africa, Brazil and Australia. All-in costs were 13% lower than
the corresponding quarter in 2014, at $959/oz.

Adjusted EBITDA was $388m, a 3% decrease compared to $402m in the fourth quarter of 2014, despite the 8% decline in the average
gold price received from $1,202/oz to $1,104/oz, and a 13% reduction in ounces sold over this period. Adjusted EBITDA for the previous
quarter was $291m.

Fourth-quarter AHE was $40m, or 10 US cents per share, in the three months ended to 31 December 2015, compared with a negative
$52m, or 13 US cents per share, the previous quarter, and a negative $117m, or 29 US cents per share a year earlier in the fourth
quarter of 2014. The improvement in AHE compared to the fourth quarter last year was due to lower AISC with the benefit of weaker
local currencies and cost saving initiatives, non-recurring Obuasi redundancy costs in 2014, finance cost reductions with the partial
take-out of the high yield bond and part repayment of the Australian dollar RCF, partially offset by the 8% lower gold price and lower
production.

Profit attributable to equity shareholders from continuing operations for the period of $65m compared with a loss of $40m in the fourth
quarter of 2014.

The International operations continued to deliver year-on-year cost reductions in the three months to 31 December 2015, delivering a
17% drop in AISC at $786/oz, compared with $948/oz in the fourth quarter of 2014. This performance was led by the Americas, which
reported a 31% year-on-year improvement in AISC to $684/oz.

South Africa started to show a modest recovery from its operational challenges related principally to safety disruptions in the first three
quarters of the year. Whilst production was little changed from the third quarter at 252,000oz, AISC of $988/oz was 10% better than the
fourth quarter of 2014, and 16% better than the previous quarter.

Weaker local currencies against the US dollar in the fourth quarter of 2015 compared to the fourth quarter of 2014 contributed to the
reduction in group operating costs as our currency basket depreciated against the US dollar as follows (average values over the
quarter): the South African Rand by 27%, the Australian Dollar by 19%, the Brazilian Real by 51% and the Argentina Peso by 19%. All,
with the exception of the Australian Dollar, have continued to weaken relative to the US dollar since the end of 2015.

Total capital expenditure (including equity accounted entities and discontinued operations) during the fourth quarter of 2015 was $223m,
compared with $363m (includes $50m for CC&V) in the fourth quarter of 2014 and $207m in the previous quarter. This 39% decrease
reflects greater efficiencies, rescheduling of some expenditures, the positive impact of weaker currencies against the US dollar and
lower capital requirements at Kibali and Obuasi. Of the total capital spent, project capital expenditure during the quarter amounted to
$44m. Capital expenditure was 8% higher in the last quarter of the year, compared to the third quarter mainly due to normal seasonal
patterns of investment at our operations, and slower-than-anticipated spending in South Africa, principally due to safety stoppages.

Summary of quarter-on-prior-year-quarter and year-on-year operating and cost improvements:

                                                                                        Variation                            Variation
Particulars                                                      Q4 2015       Q4 2014* Qtr vs prior Year Dec    Year Dec     Year-on-
                                                                                            yr Qtr       2015       2014*         Year
Operating review
Gold
Production from continuing operations (kozs)                         997          1,102      -10%       3,830       4,225         -9%
Production from discontinued operations (kozs)                         -             54     -100%         117         211        -45%
Production from continuing and discontinued operations (kozs)        997          1,156      -14%       3,947       4,436        -11%
Continuing Operations
Gold price received ($/oz)                                         1,104          1,202       -8%       1,158       1,264         -8%
Total cash costs ($/oz)                                              663            715       -7%         712         785         -9%
Corporate & marketing costs ($m) **                                   19             23      -17%          78          92        -15%
Exploration & evaluation costs ($m)                                   39             44      -11%         132         142         -7%
All-in sustaining costs ($/oz) ***                                   860          1,005      -14%         910       1,020        -11%
All-in costs ($/oz) ***                                              959          1,099      -13%       1,001       1,114        -10%
Adjusted EBITDA ($m)                                                 388            402       -3%       1,472       1,616         -9%
Continuing and discontinued operations
Cash inflow from operating activities ($m)                           383            213       80%       1,139       1,220         -7%
Free cash inflow (outflow) ($m)                                      160          (198)      181%         141       (112)        226%
Capital expenditure ($m)                                             223            363      -39%         857       1,209        -29%
Free cash inflow (outflow) excl tender premium, Obuasi
redundancies and Rand Refinery loan ($m)                             162             (9)    1900%         202         142         42%

* CC&V has been disclosed as a discontinued operation and the comparative results have been restated.
** Includes administration and other expenses.
*** World Gold Council standard, excludes stockpiles written off.

CORPORATE UPDATE

On 21 December 2015, AngloGold Ashanti announced the termination of the conditional Investment Agreement concluded in
September 2015 with Randgold Resources, for a joint venture to redevelop the Obuasi Mine. The proposed investment did not meet
Randgold's investment criteria. This decision followed concerted efforts by both companies to improve the project's returns and also to
secure an appropriate set of consents from the Government of Ghana, within an ambitious timeframe that would have allowed for a
feasibility decision on the redevelopment of the mine in early 2016. Although improvements were identified, these were not sufficient for
Randgold to commit to a substantial investment under the prevailing conditions.

Appointment of deputy Chief Operating Officer - International

The International Operations team, under the stewardship of Ron Largent since 2012, has performed with distinction in the most
challenging set of market conditions this company has faced. In fact, these operations have set new benchmarks for safety and
consistently met or exceeded targets on production, costs and cash flow, ranking among the top suite of assets in the global gold mining
industry.

The International portfolio has a wide spread of influence and is clearly crucial to AngloGold Ashanti's future. Ron's team has now sets
its sights on a new set of challenges, most notably building on the resounding success of the Project 500 initiatives by driving
operational excellence and identifying and implementing the next round of sustainable improvements, in order to stay ahead of our peer
group. With these factors in mind, Helcio Guerra, currently Senior Vice President: Americas region, has been appointed Deputy Chief
Operating Officer: International, effective 1 February 2016. Helcio joined AngloGold Ashanti from a diversified major mining company
more than seven years ago, and has worked closely with Ron since then.

Helcio will for the coming months continue with his accountabilities for the Americas Region and appoint his successor in the second half
of this year. His additional accountabilities in the new role will include operational effectiveness planning and implementation for all
assets in the International Portfolio, business planning and the budget process.

Change to half-yearly reporting

Consistent with the majority of South African domiciled mining companies, AngloGold Ashanti has decided to move to half-yearly
reporting. This will result in the disclosures for the three-month periods ending 31 March and 30 September consisting of abbreviated
selected operational and financial data. The six-month periods ending 30 June and 31 December will be prepared in terms of IAS 34
(Interim Financial reporting) on a basis similar to the process adopted for interim reporting in prior years.

OPERATING HIGHLIGHTS

The South African operations saw a decline in the operational performance in 2015, predominantly due to safety related stoppages
resulting in production loss of 112,800oz for the year. During the fourth quarter of 2015, the region produced 252,000oz at a total cash
cost of $776/oz compared to the 300,000oz at a total cash cost of $830/oz during the fourth quarter of 2014. The lower volumes were a
result of the gradual resumption of operations after safety related stoppages experienced at the end of the third quarter. In the West
Wits, Mponeng was most severely affected by the de-risk plan to reduce the mining rate of extraction to address seismicity and
ventilation constraints above 120L. Access to the higher-grade levels below the 120 level was still pending as at the end of the fourth
quarter. AISC for the quarter were $988/oz, compared to $1,097/oz achieved in the same quarter a year ago. Despite inflationary
pressures, year-on-year cost variations reflect cost savings derived from the Project 500 initiative (P500) particularly around labour,
consumables and energy, and weaker exchange rates.

At West Wits, production was 428,000oz at a total cash cost of $879/oz for the year ended 31 December 2015 compared to 544,000oz
at a total cash cost of $804/oz for the year ended 31 December 2014 and 113,000oz at a total cash cost of $759/oz for the quarter
ended 31 December 2015 compared to 119,000oz at a total cash cost of $864/oz for the quarter ended 31 December 2014. Whilst
Mponeng's year-on-year performance was impacted by safety-related production stoppages as well as delays faced during the year due
to de-risking of the operation, production for the quarter improved by 9% and total cash costs were down 24% compared to the fourth
quarter of 2014 due to improved production performance and less disruptions, in addition to the benefit of weaker currency exchange
rate. The cost optimisation process is ongoing with some savings on labour management, contractor management and power
efficiencies achieved to date. TauTona was negatively impacted by a safety stoppage in the previous quarter whereby a seismic related
fall-of-ground accident occurred on the 16th September in the 120 level main haulage leading to a slow ramp-up to normalised
production rates during the fourth quarter.

At the Vaal River district production was 371,000oz at a total cash cost of $867/oz for the year ended 31 December 2015 compared to
453,000oz at a total cash cost of $857/oz for the year ended 31 December 2014. Safety stoppages in the district adversely impacted the
mining mix due to equipping delays and lack of access to higher-grade areas. Head grade dropped by 11% year-on-year due to
increased dilution in 2015 resulting from an increase in mining widths. Despite the operational challenges and inflationary pressures,
Moab's total cash costs increased by only 4% year-on-year to $714/oz due to savings achieved from labour reductions following the integration of
Great Noligwa mine with Moab Khotsong mine.

Surface Operations for the year ended December 2015 produced 193,000oz at a total cash cost of $912/oz, compared to 223,000oz at
a total cash cost of $941/oz for the year ended 31 December 2014. The decline in production is mainly the result of a reduction in
grades in the marginal ore dumps (MOD) material. In an attempt to mitigate this, a project was commissioned at the end of November to
screen material ahead of the plant. The P500 project cost savings achieved are expected to continue during 2016 in an endeavour to
further improve efficiencies. At Mine Waste Solutions, the Uranium Flotation circuit was temporarily suspended during the fourth quarter
to troubleshoot and implement necessary improvements given that these units did not operate at the expected efficiencies. It is
anticipated that the plants will resume operations during the first half of 2016.

The Continental Africa region produced 1.435Moz at a total cash cost of $678/oz for the year ended 31 December 2015 compared to
1.597Moz at a total cash cost of $783/oz for the year ended 31 December 2014. The AISC was $815/oz for the year ended
31 December 2015, a 16% decline from $968/oz for the year ended 31 December 2014.

In the Democratic Republic of the Congo, Kibali produced 289,000oz attributable to AngloGold Ashanti at a total cash cost of $609/oz
for the year ended 31 December 2015, compared to the 237,000oz at a total cash cost of $578oz for the year ended 31 December
2014. Production was 22% higher as a result of 23% higher tonnage throughput in the second year of full production at the mine, as
plant operations ramped up to design capacity. Total cash costs were 5% higher than the previous year as a result of commissioning of
the underground mining operations, partially offset by the small increase in head grade milled. For the fourth quarter of 2015, Kibali's
production was 69,000oz at a total cash cost of $603/oz compared to the 80,000oz at a total cash cost of $546/oz during the fourth
quarter of 2014. Despite consistent plant operations and continued ramp-up of the mine, production for the quarter was 14% lower as a
result of a planned 11% decrease in recovered grade partly offset by 2% higher tonnage throughput. Different ore types and particularly
the transition material in the Mengu Hill open pit continued to present recovery challenges, but as the pit deepens and the ore feed
stabilises, recovery is expected to improve.

In Ghana, Iduapriem produced 193,000oz at a total cash cost of $995/oz for the year ended 31 December 2015 compared to the
177,000oz at a total cash cost of $865oz for the year ended 31 December 2014, reflecting strong performance towards the latter part of
the year. During the fourth quarter of 2015, Iduapriem's production increased by 40% year-on-year to 56,000oz as a result of a planned
42% increase in recovered grade due to treatment of higher-grade ore compared with the prior year when lower-grade stockpiles were
treated. Total cash costs consequently decreased by 8%, with the beneficial impact of higher gold production partly offset by higher
mining costs.

In the Republic of Guinea, Siguiri produced 255,000oz at a total cash cost of $827/oz for the year ended 31 December 2015 compared
to 290,000oz at a total cash cost of $799/oz for the year ended 31 December 2014. Production decreased 12% year-on-year as a result
of a planned 11% drop in recovered grade. Total cash costs were 4% higher year-on-year as a result of the impact of the lower
recovered grade. During the fourth quarter of 2015, Siguiri's production increased 4% year-on-year to 71,000oz and total cash costs
decreased 11% year-on-year to $788/oz. Results for the fourth quarter of 2015 reflected a 5% increase in recovered grade from the
Soloni pit, partly offset by marginally lower tonnage throughput. Total cash costs benefitted from the impact of the higher recovered
grades and lower production input costs, particularly lower fuel prices.

In Mali, Morila produced 49,000oz at a total cash cost of $698/oz for the year ended 31 December 2015 compared to 44,000oz at a
total cash cost of $1,162/oz for the year ended 31 December 2014. Production increased by 11% as a result of a 17% increase in
recovered grade from higher grade tonnes sourced from the satellite pit commissioned in the latter part of the previous year, partly
offset by a 6% decrease in tonnes treated. Total cash costs decreased by 40% due to higher production volumes, lower production
costs and reduced spend on operational activities as mining activities were concluded in the satellite pit in 2015. Sadiola produced 
69,000oz at a total cash cost of $818/oz for the year ended 31 December 2015 compared to 85,000oz at a total cash cost of $1,028/oz 
for the year ended 31 December 2014. Production decreased by 19% due to a planned 19% decrease in recovered grade as there was less 
available higher-grade, oxide ore. Total cash costs, however, decreased by 20% due to the benefits of cost
management initiatives.

Yatela closure has transitioned to the implementation phase with consultation continuing with the relevant regulatory authorities in Mali
for full approval of the closure plan and consent to commence the closure activities which are expected to be received in the first quarter
of 2016. The current reported quarter's operational performance is therefore not comparable to previous periods.

In Tanzania, Geita produced 527,000oz at a total cash cost of $480/oz for the year ended 31 December 2015, compared to 477,000oz
at a total cash cost of $599/oz for the year ended 31 December 2014. Production was 10% higher as a result of a planned increase in
recovered grade from ore sourced in Nyankanga Cut 7. Total cash costs decreased by 20% primarily due to higher production,
efficiency improvements, lower price escalation and weaker fuel prices. The quarter's production decreased by 3% to 139,000oz as a
result of a 3% decrease in plant throughput due to planned maintenance and marginally lower recovered grade from Geita Hill West.
Total cash costs increased by 8% to $465/oz primarily as a result of the lower production and higher unfavourable inventories
movements. Underground mining has commenced at Star & Comet, with the goal of self-funding exploration of the underground
potential of the concession and building underground mining capability at the asset. One reef drive is being developed from the pit ramp
for underground exploration drilling, while an incline and decline are being developed to stope upper and lower areas of the high grade
zone. A total of 8,143m of development is expected over 31 months.

The Americas produced 831,000oz at a total cash cost of $576/oz for the year ended 31 December 2015 compared to 785,000oz at a
total cash cost of $676/oz for the year ended 31 December 2014. This 6% increase in production was partially offset by the negative
impact from Serra Grande's lower production which was mainly due to lower grades feed from the stockpiles. The AISC was $792/oz for
the year ended 31 December 2015, a 19% decline from $974/oz for the year ended 31 December 2014.

Cerro Vanguardia produced a record 278,000oz at a total cash cost of $625/oz for the year ended 31 December 2015 compared to
246,000oz at a total cash cost of $692oz for the year ended 31 December 2014. Production for the year was 13% higher than in 2014
and was the highest annual production the mine has achieved in 16 years. The mine's production increase was mainly driven by a
planned increase in grade, increased volumes from underground and improved recoveries. The site saw benefits from reduced
contractor costs, favourable stockpile movement and currency weakness relative to the dollar, which helped offset inflationary pressure
and higher costs related to production from the heap leach.

Brazil's full year production was 553,000oz at a total cash cost of $546/oz compared to 539,000z at a total cash cost of $670/oz for the
year ended 31 December 2014. The AISC for the 2015 year was $748/oz compared to $991/oz in 2014. AGA Mineração also continued
to improve its performance with a 4% increase in production resulting from higher tonnage and better feed grades from both the
Córrego do Sítio and Cuiabá complexes following mine plan changes, offsetting a 3% decrease in production at Serra Grande. For the
fourth quarter of 2015, Brazil operations produced 163,000oz at a total cash cost of $433/oz compared to the same level of production
at a total cash cost of $566/oz during the fourth quarter of 2014. AISC and AIC were $630/oz and $647/oz respectively, compared to
$964/oz and $1,000/oz in the same quarter last year, reflecting higher by-product credits, favourable stockpile movements, and
favourable exchange rate effects, partially offset by higher inflation.

In Australia, production for the year ended 31 December 2015 was 560,000oz at a total cash cost of $702/oz, compared to 620,000oz
at a total cash cost of $804/oz for the year ended 31 December 2014. The AISC for the region was $875/oz for the year ended 31
December 2015 compared to $986/oz for the year ended 31 December 2014. Production decreased 10% year-on-year, largely due to
an 18% drop in output at Sunrise Dam, lower mined grades and a 4% decrease in Tropicana production as grades gradually decline in-
line with mine plan.

At Sunrise Dam, production continued to be impacted by lower mined grades which in turn resulted in a lower head grade through the
mill. However, changes to grade control modelling to improve the prediction of mined grade are now delivering results with three months
of good reconciliation. The lower grade is also the result of the transition of the mine from one dominant ore source, GQ, to the next
major zone, Vogue, which requires considerable drilling, planning and development work to establish. During the fourth quarter of 2015,
underground ore movement continued to improve with 699,000t of ore mined and the processing plant continued to perform well with
throughput of 1,005,000t. Total cash costs for the quarter were favourably impacted by lower mining and plant maintenance costs.

Tropicana produced its 1 millionth ounce of gold in December 2015. The throughput rate in the processing plant continued to improve
with the plant achieving its highest quarterly tonnage to date of 1,623Mt (at 100%). The high throughput rate for the quarter ended 31
December 2015 offset the lower head grade relative to the same quarter last year. The head grade has decreased by 16% over this
period in accordance with the mine plan. Grade mined remained in line with plan, with ongoing excellent reconciliations to the Ore
Reserve, and metallurgical recoveries remained steady at approximately 90%. The mill optimisation study continued with the objective
of debottlenecking the plant and optimising the performance of existing major equipment to increase throughput to over 7.0 Mtpa.

Broad-spaced exploration drilling continues to test the down dip extensions of the Tropicana and Havana ore bodies to provide data for
a mining study to evaluate an alternative low-cost approach to mining a major cutback along the full strike-extent of the ore system.

UPDATE ON PROJECTS

Gas Pipeline Project in Australia. Construction, Commissioning and Practical Completion of the 293km long Eastern Goldfields
Pipeline by APA Group (APA) was completed ahead of schedule in the Gas Pipeline Project in Australia. End-of-line facilities at both
mines were completed enabling delivery of gas to the power stations. The Sunrise Dam power station was commissioned fully on
pipeline gas seven weeks ahead of schedule on the 10th of November 2015. The first four new gas engines at Tropicana were installed,
with the first two in commissioning by the end of the quarter, five weeks ahead of schedule.

Kibali mine in DRC. At Kibali, the second phase of the lined tailings storage facility expansion was completed during the quarter,
providing additional lined storage capacity for Carbon-In-Leach tailings.

The decline work continues. The total ore produced from underground increased with the planned ramp-up of the underground mine,
with a record 295,833t of ore hauled during the quarter, contributing to a total of 803,879t for the year. In total, Kibali completed 10.6km
of underground development during 2015.

On the Vertical shaft, there was no vertical or off-shaft development planned for the quarter as the equipping of the crusher and
production levels were completed. The headgear changeover was completed during the fourth quarter and all equipment required for
remobilising the off-shaft development in the first quarter of 2016 has been installed in the shaft. Capital expenditure for the project (at
100%) for the quarter amounted to $78m and $275m for the year.

Obuasi Project update. Following Randgold Resources announcement not to proceed with the proposed joint venture for the
redevelopment of Obuasi Mine, a plan has been developed to finalise the Feasibility Study (FS) and continue with the limited operating phase
at a reduced spend. Optimisations to the FS includes metallurgical testwork, firming up the capital estimate, refining the first five years of mining,
plus tendering the mining contract. EIS approvals for the project, water treatment plant, and lease reduction remain outstanding.

Siguiri Brownfields Expansion. The Siguiri Mine is predominately an oxide operation with sufficient oxide material (full grade and
marginal ore) to maintain production until 2019 with the current processing plant. While the asset base has known deposits of
transitional and fresh rock material, the current processing plant does not have the capability to treat this material. A feasibility study
was completed to evaluate the business case for converting the Siguiri process plant into a hard rock treatment plant, enabling the
treatment of fresh and transitional material containing roughly 1.6Moz of gold and increasing the mine life by a further six years. Under
current assumptions, the project requires capital of $111m (real). The project is expected to extend the life of mine with approximately 6 years 
until the current TSF is filled in 2023. All-in sustaining costs for Siguiri are expected to be competitive within the current gold price environment. 
A decision on this project is expect by the second half of 2016.

The Siguiri concession is a highly prospective area with significant upside beyond the Reserves. The mine has consistently delivered
upside through near term exploration, demonstrated by its track record of gold mined from 2004 to 2015 plus current reserve which
exceeds the 2004 reserve of 2Moz by 3.9Mozs. The expansion project would solidify Siguiri as a core asset within AngloGold Ashanti's
portfolio by extending the mine life and providing a platform to develop satellite deposits, bringing production to just under 10% of the
group's production profile by 2018.

Engagement with Government to finalise the Convention is in progress. The detailed design is progressing in parallel and the
negotiations with the selected EPCM are ongoing. Long lead items are being scoped. The procurement of power through an IPP
approach, continues to ensure power is available to meet the project demands.

Colombia update. The work in Colombia, including the Pre-Feasibility Study for La Colosa, is progressing under a reduced spend
programme while maintaining long-term optionality within the country. The most significant milestone achieved during the quarter was the
issue of the Gramalote EIA and subsequent operating permit (PTO) which means that the project is fully licensed to build and operate.

TECHNOLOGY AND INNOVATION UPDATE

The technology project has shown significant progress in 2015, having successfully deployed the latest generation reef-boring machine
at the TauTona Lower Carbon Leader shaft pillar. The reef-boring cycle times improved from 159 hours per hole to performances of 82
hours per hole, which compares very well to the targeted blue print of 72 hours per hole. The Ultra High Strength Backfill product has
also been successfully developed to be able to pump over the required 1,000m distance; a pre-requisite for a full production mining
cycle. Progress on the work done that seeks to establish the base for a safe, automated, deep-level underground mining method at
AngloGold Ashanti is as follows:

1. Reef Boring

1.1 Small range:
A stage gate to stop drilling was implemented in the third quarter of 2015 given that the undulating nature of the reef plan resulted in the
set target of 80% on reef extraction not being achieved. Only one hole was drilled in the last quarter of 2015 after which drilling was
discontinued and the machine removed from underground. Site preparation at Savuka was not completed on schedule and the
commissioning of the Sandvik machine was delayed. It is expected that commissioning may take place in the first quarter of 2016.

1.2 Medium Range:
                                                                                  MKIII Machines             MKIV Machine
Measure        Description
                                                                                  Q3           Q4           Q3            Q4
Quantity       Number of completed holes drilled                                  26           13            2             5
Quality        Average percentage of hole on reef                             70.02%       73.66%       94.39%        98.31%
Machine        Availability is the percentage of time that a machine is
Availability   available for use, whether required for use or not.            83.74%       76.33%       85.46%        90.12%
Machine        Utilisation is the percentage of time that a machine is
Utilisation    utilised whilst available.                                     84.94%       60.45%       81.66%        53.00%
Machine                                                                        81.95        99.06        89.01        131.39              
Performance    Average hours per hole drilled (Hrs/hole)                       Hours        Hours        Hours         Hours

Utilisation of the MK IV machine during the fourth quarter regressed due to change of plan to enforce the use of a contained transport
system, which negatively affected the machine's performance, imposing constraints on the operation of the collector bin and causing
shortages in material cars for the transportation of chippings away from the hole. The collector bin has since been redesigned, modified
and returned underground for further trials, which are expected to commence in the first quarter of 2016 and additional material cars
have been sourced and delivered.

The MK III machines drilled 13 holes in the fourth quarter of 2015, during which time Rock Engineering made a recommendation to
suspend drilling in block 2. This resulted in an unplanned move of the Azikohoho machine to the top reef drive of block 7. Due to this
move the machine had to be converted to raise bore mode and the opportunity was also used to install the new mechanical anchoring
system for speeding up the set up times.

As part of improving the machine performance, the rod handling system has now been installed on the machine to assist with the
installation and removal of the drill rods, scheduled for drilling in the VCR site during the first quarter of 2016. Other MK III machines are
expected to be fitted with this system as per the refurbishment programme.

2. Ore body Knowledge and Exploration

Orebody knowledge and exploration plays a critical part in the mine design of an orebody. Drilling continued during the last quarter of
2015 with the aim to resolve the accuracy and deflection constraints by testing different stabiliser configurations. A total of 5 wet holes
were drilled and Trial 7 was completed by the end of the year. The holes are expected to be plotted and analysed and a final analysis is
expected to be given in the first quarter of 2016. The manufacturer of the fit for purpose machine, Bohrmeister, could not deliver the
machine due to the Christmas break. It is expected that the machine will be delivered and commissioned for drilling in the first quarter of
this year.

3. Ultra High Strength Backfill (UHSB)
Surface trials to pump the UHSB product at a product temperature ranging between 30°C and 35°C over a 1,000m distance were
successful. The VCR plant was successfully constructed on 66 level TauTona mine. Commissioning has commenced and the
automation process is expected to be completed during the first quarter of 2016. The Savuka plant has been trialed on surface at RULA
and construction is expected to now commence underground once the site is completed.

EXPLORATION UPDATE

Total expensed exploration and evaluation costs (including technology) during the fourth quarter 2015, inclusive of expenditure at equity
accounted joint ventures, were $42m ($14m on Brownfield, $5m on Technology, $7m on Greenfield and $16m on pre-feasibility
studies), compared to $48m for the same quarter during the previous year.

BROWNFIELDS EXPLORATION

A total of 84,492m of diamond and RC drilling was completed for the year ended 31 December 2015. Capitalised Brownfields exploration 
during the fourth quarter, inclusive of capital expenditure at equity accounted joint ventures, was $12m compared to $16m for the same 
quarter last year.

In South Africa, three deep surface drilling sites were in operation during the quarter at Mponeng (WUDLs). Drilling of MZA10, Moab
Khotsong, was completed in the previous quarter. Site rehabilitation was conducted during the quarter and work on the site has now
been completed and the contractor has vacated the site.

In Tanzania, exploration drilling focused on Mineral Resource delineation drilling at Geita Hill Underground and Star & Comet (S&C)
Deeps, infill drilling at S&C Cut 3 and S&C Underground, as well as Nyankanga Cut 7 & 8. Metallurgical drilling at Matandani pit and
geotechnical drilling at S&C UG was also completed. A total of 5,679m was drilled comprising 2,523m RC and 3,156m DD. Mineral
Resource delineation drilling at Geita Hill continued with the aim of delineating down-dip extensions of the Geita Hill ore body beyond
the current open pit limits.

Star & Comet (S&C) Deeps drilling commenced to delineate extensions to the S&C deposit down dip and along strike for both
underground and open pit potential. A total of 3 holes were drilled (238m RC pre-collar and 675m DD tails). One hole (158m) was
completed for S&C underground. Pit mapping continued at Nyankanga Cut 7, Geita Hill East and Geita Hill West. In December a seismic's workshop 
was held on site to review and finalise the 2D seismic survey results and interpretation and commence planning for the 2016 3D survey.

In Guinea, at Siguiri Gold mine, a total of 10,362m were drilled. Infill and reconnaissance drilling took place at Bidini North, Bidini South,
Sintroko, Sokunu, Kami ‘Starter Pit', Soloni and Fatoya South. Fresh rock in-fill drilling was carried out at Bidini. The majority of the
drilling was completed at the Bidini North pit with limited drilling in the Bidini South pit.

Reconnaissance drilling at Sintroko was completed which tested the fresh rock potential below the pit. Significant mineralisation was
intersected. The drilling confirmed the mineralisation extension in the fresh rock below the central part of Sokunu pit and further drilling
is planned. The Fatoya South target was drilled to check for potential NE-SW orientated mineralised extensions to the southeast of
Soloni pit. A total of 1,254m were drilled. Results indicate the existence of shallow marginal mineralisation, which would most likely not
be economic.

In Ghana, at Iduapriem, a total of 2,309m DD and 957m RC was drilled, with the majority at the Bankyem target and limited drilling at
the Mile 5 and Block 4S targets. A trenching and drilling programme commenced across the Bankyem target following on the previous
programme of mapping and soil geochemistry. Twelve trenches have been excavated to date and have been mapped and sampled with
several positive results. A total of 2,144m DD and 687m RC was drilled and the majority of the holes intersected mineralised reef.

In the Democratic Republic of the Congo at Kibali, exploration along the KZ trend focused on priority targets: Sessenge SW, Tete
Bakangwe, and Kalimva-Ikamva. Work completed included mapping, trenching, pitting and auger sampling; no DD or RC drilling was
undertaken. Mineral Resource estimation was completed on a revised geological model at Megi.

Trenching was completed at Sessenge SW and a review of the results, supported by ground magnetic survey data, have defined 4
target zones. At Tete Bakangwe, trenching, lithosampling and auger results have defined at least three higher grade mineralised lenses.
Resource estimation at Megi produced 6.91Mt@1.89g/t for 419,249oz within a $1500 pit shell, of which some 52% is classified as
Inferred Mineral Resource. The revised geologic model indicate mineralisation remains open down plunge to the NE, providing
exploration upside.

In Mali, at Sadiola exploration RC drilling of 3,034m was completed at Sadiola North (1,042m) and Tabakoto (1,992m) to upgrade the
oxide Mineral Resource. Mineral Resource at FN (Sadiola North), generated targets between the Sadiola North pit and the FN
extensions. Drilling appears to show a low oxide potential but confirmed the existence of low grade sulphide mineralisation along NE
structures.

A total of 367m were drilled at Tabakoto to upgrade the Inferred Mineral Resource and resolve the complex geology. An additional
1,626m were completed on the northern and southern extension of the NW trending mineralisation. The drilling campaign confirmed the
deep weathering and mineralisation associated with weathered carbonate. Results from the strike extension drilling indicates that there
is oxide potential towards the north-west to the S12 target.

In Argentina, field work continued, including trenching and channel sampling, as the focus for the quarter to advance targets to a drill
stage. All drilling programmes for the year were completed in September.

In Brazil, exploration continued at the Cuiaba, Lamego and CdS production centres for AGABM with 24,165m drilled during the quarter
from the combined surface and underground drilling programmes. Geological modelling continued for near-mine target generation
studies. At Serra Grande, 5,360m were drilled as part of the Mineral Resource conversion programme. Mapping and sampling work
continued for drilling target delineation.

In Colombia, drilling continued to test targets within the Gramalote JV tenements. The infill drilling progressed in the saprolite horizon.
1,830m were completed during the quarter. At La Colosa, 1,760m were drilled during the quarter as the site investigation, hydrology,
geotechnical, and limited Mineral Resource conversion drilling continued. The Quebradona programme continued with 800m drilled
during the quarter. The focus remains on infill and delineation drilling for higher grade copper-gold mineralisation in the upper portion of
the deposit.

At Sunrise Dam in Australia, all exploration was focussed on Mineral Resource extension for the underground (13,430m). A total of 42
significant intercepts were returned. Drilling targeted Vogue South extensions, Cosmo North and Cosmo East extensions, Carey Shear
extensions and infill and Ulu Steeps extensions and infill.

High grade results seen in Vogue South continue to extend the Vogue ore body down plunge to the south with a number of holes
exhibiting visible gold in quartz carbonate veins. All assay results have been returned for Cosmo North and Cosmo East extensions,
with encouraging intercepts reported in the Cosmo North extensional area. Dolly Corridor drilling, targeting down plunge extensions has
returned some significant intercepts. Results from the first few holes drilled, targeting Carey Shear were returned and show very
encouraging intercepts within the Carey Shear zone. Review and drill planning continues on all these target areas.

At Tropicana, drilling continued in the immediate mine environs, with diamond holes testing targets at the Tropicana Pit Extensions,
Swizzler and Havana South areas. A total of 4,255m of RC and 9,093m of DD drilling were completed. Work continues to test down dip
extensions to known mineralisation at the Tropicana pit, the saddle area between Tropicana Pit and the Havana Pit (Swizzler), plus
down-dip at the Havana South deposit.

Regional drilling was also completed with 1,199m of RC and 114.5m DD drilling at Apocalypse and Voodoo Child prospects that are
north of the Tropicana Gold Mine within a 50km radius.

GREENFIELDS EXPLORATION

During the fourth quarter of 2015, focussed Greenfields exploration activities were undertaken in Australia and Colombia. Greenfields
Exploration completed 2,807m of diamond and RC drilling. Total expenditure for the quarter was $7m.

In Colombia, drilling continued on the Guintar project (AGA 100%) situated 40km west of Medellin. Seven holes for 2,807m were
completed with a majority of results awaited. A 3D IP geophysical survey was conducted adjacent to the drilled area and indicates a
strong chargeability anomaly associated with a surface epithermal geochemical anomaly. Reconnaissance work was conducted in other
locations within Antioquia province.

In Australia, at the Tropicana JV (AGA 70%) remaining assays were returned for diamond drilling at the Madras and Masala Prospects.
A 3D geological model for Madras and a revised 1:20K scale geology and domain map were generated. Responsibility for all Tropicana
JV tenements (except Oak Dam) is expected to be transferred to the Brownfields exploration team starting in 2016.

At the Mullion Project in New South Wales (AGA 100%), diamond drilling results from last quarter's campaign returned disappointing
low tenor results.

Project generation activities were undertaken in Colombia, Australia, Brazil, USA, and Tanzania.

See the Exploration Update document and the company website: www.anglogoldashanti.com for more details on both Brownfields and
Greenfields exploration programmes conducted during the quarter and year ended 31 December 2015.

OUTLOOK

Year

Production guidance for 2016 year is estimated to be between 3.6Moz to 3.8Moz. Total cash costs are estimated to be between
$680/oz and $720/oz and all-in sustaining costs between $900/oz and $960/oz at average exchange rates against the US dollar of
15.00 (Rand), 4.00 (Brazil Real), 0.70 (Aus$) and 14.90 (Argentina Peso), with oil at $35/bl average for the year, based on market
expectations.

Capital expenditure is anticipated to be between $790m and $850m. Corporate and marketing costs are estimated to be between $75m
and $90m and expensed exploration and study costs including equity accounted investments at $130m to $150m. Depreciation and
amortisation is forecast at $820m and interest and finance costs are expected to be $190m (income statement) and $175m (cash flow
statement).

Both production and cost estimates assume neither labour interruptions, power disruptions, nor changes to asset portfolio and/or
operating mines and have not been reviewed by our external auditors. Other unknown or unpredictable factors could also have material
adverse effects on our future results and no assurance can be given that any expectations expressed by AngloGold Ashanti will prove
to have been correct. Please refer to the Risk Factors section in AngloGold Ashanti's annual report on Form 20-F for the year ended 31
December 2014, filed with the United States Securities and Exchange Commission.

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).

The 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 excluding the disposal of CC&V 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 the
asset portfolio.

GOLD PRICE

The following local prices of gold were used as a basis for estimation in the December 2015 declaration:

                                                       Local prices of gold
                        Gold Price
                                      South Africa     Australia         Brazil      Argentina
                             US$/oz         ZAR/kg        AUD/oz         BRL/oz        ARS/oz
2015 Ore Reserve              1 100        431 000         1 436          3 360        10 143
2015 Mineral Resource         1 400        450 000         1 704          3 501        10 788

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 232.0 million ounces (Moz) in December 2014 to 207.8Moz in
December 2015. A gross annual decrease of 7.2Moz occurred before depletion and disposals, while the net
decrease after allowing for depletion and disposals is 24.2Moz. Changes in economic assumptions from
December 2014 to December 2015 resulted in 13.4Moz decrease to the Mineral Resource, whilst exploration
and modelling resulted in an increase of 6.6Moz. Depletion from the Mineral Resource for the year totalled
4.9Moz and the sale of CC&V and Mongbwalu totalled 12.3Moz. The Mineral Resource has been estimated
at a gold price of US$1,400/oz (2014: US$1,600/oz).

MINERAL RESOURCE                                                                                  Moz
Mineral Resource as at 31 December 2014                                                         232.0
Disposal                  CC&V                                                                   -9.8
                          Mongbwalu                                                              -2.5
                          Sub Total                                                             219.7
Depletion                                                                                        -4.9
                          Sub Total                                                             214.8
Additions
                          Historic data recapture and re estimation of the Mineral
Obuasi                    Resource in critical areas.                                             0.7
Sunrise Dam               Increased gold price on the back of a weakening AUD and                 0.6
                          additions from underground RC grade control drilling.
Other                     Additions less than 0.5Moz.                                             1.5
                          Sub Total                                                             217.6
Reductions
                          Cost increases and some economic write-off of Mineral
Kopanang                  Resource.                                                              -0.5
                          Cost increases and some economic write-off of Mineral  
Moab Khotsong             Resource.                                                              -0.8
                          The gold price reductions were partially countered by new  
Iduapriem                 Mineral Resource additions.                                            -0.8
Geita                     Increased costs and a reduced price.                                   -1.8
                          The reduced gold price and the introduction of a revised  
La Colosa                 Mineral Resource classification system.                                -4.7
Other                     Reductions less than 0.5Moz                                            -1.2
Mineral Resource as at 31 December 2015                                                         207.8

Rounding of numbers may result in computational discrepancies.

ORE RESERVE

The AngloGold Ashanti Ore Reserve reduced from 57.5Moz in December 2014 to 51.7Moz in December
2015. This gross annual decrease of 5.8Moz includes depletion of 4.3Moz and the sale of CC&V 3.7Moz.
The balance of 2.2Moz additions in Ore Reserve, results from changes in economic assumptions between
2014 and 2015 which resulted in additions of 0.1Moz to the Ore Reserve, whilst exploration and modelling
changes resulted in further additions of 1.6Moz. Other factors resulted in a further 0.5Moz increase. The Ore
Reserve has been estimated using a gold price of US$1,100/oz (2014: US$1,100/oz).

ORE RESERVE                                                                                       Moz
Ore Reserve as at 31 December 2014                                                               57.5
Disposal – CC&V                                                                                  -3.7
                          Sub Total                                                              53.8
Depletion                                                                                        -4.3
                          Sub Total                                                              49.5
Additions
                          Exploration success and mine optimisation as well as the addition of
Iduapriem                 new areas such as the spent heap leach and Block 5                      0.8
                          Updated Feasibility study and introduction of a revised mining
Obuasi                    method for narrow lodes and inclusion of Cote D'or                      0.5
Other                     Additions less than 0.3Moz                                              1.4
                          Sub Total                                                              52.2
Reductions
Kopanang                  Revised mining strategy in order to maximise the cash flow.            -0.4
Other                     Reductions less than 0.3Moz                                            -0.1
Ore Reserve as at 31 December 2015                                                               51.7

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
53.7kt of uranium oxide from the South African operations, 0.29Mt of sulphur from Brazil and 26.0Moz of
silver from Argentina.

COMPETENT PERSONS

The information in this report relating to exploration results, Mineral Resources and Ore Reserves is based
on information compiled by 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 and is detailed in the 2015 Mineral Resource and Ore Reserve document.

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 Tropicana
- Mineral Resource and Ore Reserve at AGA Mineracao Cuiaba and Lamego
- Mineral Resource and Ore Reserve at Geita
- Mineral Resource and Ore Reserve at Siguiri

The external reviews were conducted by the following companies: Golder Associates (Tropicana), Optiro
(AGA Mineracao Cuiaba and Lamego, Geita and Siguiri). 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 28 years' experience in exploration and mining and is
employed full-time by AngloGold Ashanti and can be contacted at the following address: 76 Rahima Moosa
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 2015     Category    million     g/t      Tonnes      Moz   
South Africa               Measured     135.26    2.21      299.25     9.62   
                          Indicated     924.28    1.93    1 787.99    57.49   
                           Inferred      45.98   10.45      480.50    15.45   
                              Total   1 105.52    2.32    2 567.74    82.55   
Continental Africa         Measured      35.85    0.85       30.56     0.98   
                          Indicated     436.26    2.97    1 295.50    41.65   
                           Inferred     166.29    2.93      488.04    15.69   
                              Total     638.40    2.84    1 814.10    58.32   
Australasia                Measured      32.96    1.23       40.66     1.31   
                          Indicated      90.04    2.11      190.41     6.12   
                           Inferred      23.09    2.46       56.76     1.82   
                              Total     146.09    1.97      287.83     9.25   
Americas                   Measured      47.31    3.17      149.96     4.82   
                          Indicated   1 044.65    0.95      993.47    31.94   
                           Inferred     904.38    0.72      648.91    20.86   
                              Total   1 996.35    0.90    1 792.34    57.63   
AngloGold Ashanti total    Measured     251.39    2.07      520.43    16.73   
                          Indicated   2 495.24    1.71    4 267.37   137.20   
                           Inferred   1 139.74    1.47    1 674.21    53.83   
                              Total   3 886.37    1.66    6 462.01   207.76   

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 2015     Category    million     g/t      Tonnes      Moz   
South Africa               Measured      13.67   14.81      202.48     6.51   
                          Indicated     255.20    3.26      831.77    26.74   
                           Inferred      15.28   16.44      251.16     8.08   
                              Total     284.15    4.52    1 285.41    41.33   
Continental Africa         Measured       2.16    3.15        6.80     0.22   
                          Indicated     216.40    3.29      712.48    22.91   
                           Inferred     162.41    2.98      483.58    15.55   
                              Total     380.97    3.16    1 202.86    38.67   
Australasia                Measured       7.01    0.77        5.40     0.17   
                          Indicated      63.61    2.04      129.72     4.17   
                           Inferred      23.09    2.46       56.76     1.82   
                              Total      93.71    2.05      191.88     6.17   
Americas                   Measured      31.52    3.15       99.20     3.19   
                          Indicated   1 031.00    0.89      917.06    29.48   
                           Inferred     900.97    0.70      632.91    20.35   
                              Total   1 963.49    0.84    1 649.16    53.02   
AngloGold Ashanti total    Measured      54.37    5.77      313.88    10.09   
                          Indicated   1 566.21    1.65    2 591.03    83.30   
                           Inferred   1 101.74    1.29    1 424.41    45.80   
                              Total   2 722.32    1.59    4 329.31   139.19   

Rounding of figures may result in computational discrepancies.

ORE RESERVE BY REGION (ATTRIBUTABLE)

Gold                                   Tonnes   Grade      Contained gold   
as at 31 December 2015    Category    million     g/t      Tonnes     Moz   
South Africa                Proved     123.91    0.62       76.85    2.47   
                          Probable     698.29    1.05      736.09   23.67   
                             Total     822.20    0.99      812.93   26.14   
Continental Africa          Proved      32.36    0.70       22.52    0.72   
                          Probable     218.92    2.63      576.65   18.54   
                             Total     251.27    2.38      599.17   19.26   
Australasia                 Proved      25.95    1.36       35.27    1.13   
                          Probable      26.43    2.30       60.69    1.95   
                             Total      52.38    1.83       95.96    3.09   
Americas                    Proved      12.22    2.32       28.42    0.91   
                          Probable      16.04    4.45       71.28    2.29   
                             Total      28.26    3.53       99.70    3.21   
AngloGold Ashanti total     Proved     194.45    0.84      163.05    5.24   
                          Probable     959.67    1.51    1 444.71   46.45   
                             Total   1 154.12    1.39    1 607.76   51.69   

Rounding of figures may result in computational discrepancies.

EY                 Ernst & Young Incorporated
102 Rivonia Road   Co. Reg. No. 2005/002308/21
Sandton            Tel: +27 (0) 11 772 3000
Private Bag X14    Fax: +27 (0) 11 772 4000
Sandton            Docex 123 Randburg
2146               ey.com

Independent auditor's review report on the Condensed Consolidated Financial Statements for the quarter and twelve
months ended 31 December 2015 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 on pages 16 to 30, which comprise the accompanying condensed consolidated statement of
financial position as at 31 December 2015, 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 2015 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
18 February 2016

A member firm of Ernst & Young Global Limited.
A full list of Directors is available on the website.
Chief Executive: Ajen Sita

Group income statement
                                                                           Quarter     Quarter    Quarter       Year       Year   
                                                                             ended       ended      ended      ended      ended   
                                                                          December   September   December   December   December   
                                                                              2015        2015       2014       2015       2014   
                                                                                      Restated   Restated              Restated   
US Dollar million                                                 Notes   Reviewed    Reviewed   Reviewed   Reviewed   Reviewed   
Revenue                                                               2      1,061         987      1,257      4,174      5,110   
Gold income                                                           2      1,024         946      1,212      4,015      4,952   
Cost of sales                                                         3      (812)       (830)      (999)    (3,294)    (3,972)   
(Loss) gain on non-hedge derivatives and other                                                                                    
commodity contracts                                                            (4)         (1)          5        (7)         13   
Gross profit                                                                   208         115        218        714        993   
Corporate administration, marketing and other                                                                                     
expenses                                                                      (19)        (13)       (23)       (78)       (92)   
Exploration and evaluation costs                                              (39)        (33)       (44)      (132)      (142)   
Other operating expenses                                              4       (29)        (23)        (7)       (96)       (28)   
Special items                                                         5        (1)        (76)      (182)       (71)      (260)   
Operating profit (loss)                                                        120        (30)       (38)        337        471   
Interest received                                                     2          8           6          6         28         24   
Exchange (loss) gain                                                           (6)          11          5       (17)        (7)   
Finance costs and unwinding of obligations                            6       (49)        (65)       (67)      (245)      (276)   
Fair value adjustment on $1.25bn bonds                                          14         118         63         66       (17)   
Share of associates and joint ventures' profit (loss)                 7         23           6         22         88       (25)   
Profit (loss) before taxation                                                  110          46        (9)        257        170   
Taxation                                                              8       (42)        (54)       (28)      (211)      (225)   
Profit (loss) after taxation from continuing operations                         68         (8)       (37)         46       (55)   
Discontinued operations                                                                                                           
Profit (loss) from discontinued operations                            9          -           4       (18)      (116)         16   
Profit (loss) for the period                                                    68         (4)       (55)       (70)       (39)   
Allocated as follows:                                                                                                             
Equity shareholders                                                                                                               
- Continuing operations                                                         65        (10)       (40)         31       (74)   
- Discontinued operations                                                        -           4       (18)      (116)         16   
Non-controlling interests                                                                                                         
- Continuing operations                                                          3           2          3         15         19   
                                                                                68         (4)       (55)       (70)       (39)   
Basic earnings (loss) per ordinary share (cents) (1)                                                                              
Earnings (loss) per ordinary share from continuing operations                   16         (2)       (10)          8       (18)   
Earnings (loss) per ordinary share from discontinued operations                  -           1        (4)       (28)          4   
Basic earnings (loss) per ordinary share (cents)                                16         (1)       (14)       (20)       (14)   
Diluted earnings (loss) per ordinary share (cents) (2)                                                                            
Earnings (loss) per ordinary share from continuing operations                   16         (2)       (10)          8       (18)   
Earnings (loss) per ordinary share from discontinued operations                  -           1        (4)       (28)          4   
Diluted earnings (loss) per ordinary share (cents)                              16         (1)       (14)       (20)       (14)   

(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 2015 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 2015 were reviewed, but not audited, by the Group's statutory auditors, Ernst & Young Inc.

Group statement of comprehensive income
                                                          Quarter     Quarter    Quarter       Year       Year   
                                                            ended       ended      ended      ended      ended   
                                                         December   September   December   December   December   
                                                             2015        2015       2014       2015       2014   
                                                                     Restated   Restated              Restated   
US Dollar million                                        Reviewed    Reviewed   Reviewed   Reviewed   Reviewed   
Profit (loss) for the period                                   68         (4)       (55)       (70)       (39)   
Items that will be reclassified subsequently                                                                     
to profit or loss:                                                                                               
Exchange differences on translation of foreign                                                                   
operations                                                   (93)       (188)       (67)      (371)      (201)   
Share of associates and joint ventures' other                                                                    
comprehensive income                                            1           -          -          1          -   
Net (loss) gain on available-for-sale financial assets        (2)         (5)          1       (14)          -   
Release on impairment of available-for-sale                                                                      
financial assets                                                -           4          1          9          2   
Release on disposal of available-for-sale                                                                        
financial assets                                              (1)           -        (1)        (3)        (1)   
Deferred taxation thereon                                       -           -        (1)          1        (1)   
                                                              (3)         (1)          -        (7)          -   
Items that will not be reclassified                                                                              
subsequently to profit or loss:                                                                                  
Actuarial gain (loss) recognised                               14         (2)       (31)         17       (22)   
Deferred taxation thereon                                     (2)           -          8        (3)          6   
                                                               12         (2)       (23)         14       (16)   
Other comprehensive loss for the                                                                                 
period, net of tax                                           (83)       (191)       (90)      (363)      (217)   
Total comprehensive loss for the                                                                                 
period, net of tax                                           (15)       (195)      (145)      (433)      (256)   
Allocated as follows:                                                                                            
Equity shareholders                                                                                              
- Continuing operations                                      (18)       (201)      (130)      (332)      (291)   
- Discontinued operations                                       -           4       (18)      (116)         16   
Non-controlling interests                                                                                        
- Continuing operations                                         3           2          3         15         19   
                                                             (15)       (195)      (145)      (433)      (256)   

Rounding of figures may result in computational discrepancies.

Group statement of financial position
                                                                   As at       As at      As at   
                                                                December   September   December   
                                                                    2015        2015       2014   
                                                                            Restated              
US Dollar million                                       Notes   Reviewed    Reviewed    Audited   
ASSETS                                                                                            
Non-current assets                                                                                
Tangible assets                                                    4,058       4,173      4,863   
Intangible assets                                                    161         165        225   
Investments in associates and joint ventures                       1,465       1,459      1,427   
Other investments                                                     91         103        126   
Inventories                                                           90          94        636   
Trade and other receivables                                           13          14         20   
Deferred taxation                                                      1           -        127   
Cash restricted for use                                               37          35         36   
Other non-current assets                                              18          23         25   
                                                                   5,934       6,066      7,485   
Current assets                                                                                    
Other investments                                                      1           2          -   
Inventories                                                          646         688        888   
Trade, other receivables and other assets                            196         222        278   
Cash restricted for use                                               23          18         15   
Cash and cash equivalents                                            484         399        468   
                                                                   1,350       1,329      1,649   
TOTAL ASSETS                                                       7,284       7,395      9,134   
EQUITY AND LIABILITIES                                                                            
Share capital and premium                                  12      7,066       7,063      7,041   
Accumulated losses and other reserves                            (4,636)     (4,623)    (4,196)   
Shareholders' equity                                               2,430       2,440      2,845   
Non-controlling interests                                             37          35         26   
Total equity                                                       2,467       2,475      2,871   
Non-current liabilities                                                                           
Borrowings                                                         2,637       2,691      3,498   
Environmental rehabilitation and other provisions                    847         908      1,052   
Provision for pension and post-retirement benefits                   107         124        147   
Trade, other payables and deferred income                              5           5         15   
Deferred taxation                                                    514         537        567   
                                                                   4,110       4,265      5,279   
Current liabilities                                                                               
Borrowings                                                           100          71        223   
Trade, other payables, provisions and deferred income                516         523        695   
Taxation                                                              91          61         66   
                                                                     707         655        984   
Total liabilities                                                  4,817       4,920      6,263   
TOTAL EQUITY AND LIABILITIES                                       7,284       7,395      9,134   

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   
                                                                                       2015        2015       2014       2015       2014   
                                                                                               Restated   Restated              Restated   
US Dollar million                                                                  Reviewed    Reviewed   Reviewed   Reviewed   Reviewed   
Cash flows from operating activities                                                                                                       
Receipts from customers                                                               1,060         981      1,252      4,154      5,083   
Payments to suppliers and employees                                                   (686)       (720)    (1,003)    (2,904)    (3,740)   
Cash generated from operations                                                          374         261        249      1,250      1,343   
Dividends received from joint ventures                                                   18          10          -         57          -   
Taxation refund                                                                          21           -          3         21         41   
Taxation paid                                                                          (30)        (43)       (48)      (184)      (194)   
Net cash inflow from operating activities from continuing operations                    383         228        204      1,144      1,190   
Net cash inflow (outflow) from operating activities from discontinued operations          -          15          9        (5)         30   
Net cash inflow from operating activities                                               383         243        213      1,139      1,220   
Cash flows from investing activities                                                                                                       
Capital expenditure                                                                   (183)       (167)      (264)      (664)      (844)   
Expenditure on intangible assets                                                        (2)         (1)        (2)        (3)        (5)   
Proceeds from disposal of tangible assets                                                 -           1          -          6         31   
Other investments acquired                                                             (15)        (16)       (17)       (86)       (79)   
Proceeds from disposal of other investments                                              17          16         14         81         73   
Investments in associates and joint ventures                                            (2)         (2)        (3)       (11)       (65)   
Proceeds from disposal of associates and joint ventures                                   -           1          -          1          -   
Loans advanced to associates and joint ventures                                         (1)         (1)       (50)        (5)       (56)   
Loans repaid by associates and joint ventures                                             2           -         16          2         20   
Proceeds from disposal of subsidiaries and investments                                    -         819          -        819        105   
Costs on disposal of subsidiaries                                                         -         (7)          -        (7)          -   
Cash in subsidiary disposed and transfers to held for sale                                -           -          -        (2)          2   
(Increase) decrease in cash restricted for use                                         (10)           1          2       (17)         24   
Interest received                                                                         6           6          5         25         21   
Net cash (outflow) inflow from investing activities from continuing operations        (188)         650      (299)        139      (773)   
Net cash outflow from investing activities from discontinued operations                   -        (10)       (50)       (59)      (170)   
Net cash (outflow) inflow from investing activities                                   (188)         640      (349)         80      (943)   
Cash flows from financing activities                                                                                                       
Proceeds from borrowings                                                                  1         231        182        421        611   
Repayment of borrowings                                                                (67)     (1,009)       (71)    (1,288)      (755)   
Finance costs paid                                                                     (38)        (95)       (38)      (251)      (246)   
Bond settlement premium, RCF and bond transaction costs                                 (2)        (59)          -       (61)        (9)   
Dividends paid                                                                          (2)           -        (8)        (5)       (17)   
Net cash (outflow) inflow from financing activities from continuing operations        (108)       (932)         65    (1,184)      (416)   
Net cash outflow from financing activities from discontinued operations                   -           -        (1)        (2)        (5)   
Net cash (outflow) inflow from financing activities                                   (108)       (932)         64    (1,186)      (421)   
Net increase (decrease) in cash and cash equivalents                                     87        (49)       (72)         33      (144)   
Translation                                                                             (2)        (11)        (4)       (17)       (16)   
Cash and cash equivalents at beginning of period                                        399         459        544        468        628   
Cash and cash equivalents at end of period                                              484         399        468        484        468   
Cash generated from operations                                                                                                             
Profit (loss) before taxation                                                           110          46        (9)        257        170   
Adjusted for:                                                                                                                              
Movement on non-hedge derivatives and other commodity contracts                           4           1        (5)          7       (13)   
Amortisation of tangible assets                                                         204         183        213        737        749   
Finance costs and unwinding of obligations                                               49          65         67        245        276   
Environmental, rehabilitation and other expenditure                                    (42)           1          9       (56)          4   
Special items                                                                             -          73         21         60         31   
Amortisation of intangible assets                                                        10          10          9         40         34   
Fair value adjustment on $1.25bn bonds                                                 (14)       (118)       (63)       (66)         17   
Interest received                                                                       (8)         (6)        (6)       (28)       (24)   
Share of associates and joint ventures' (profit) loss                                  (23)         (6)       (22)       (88)         25   
Other non-cash movements                                                                 20          15          6         53         68   
Movements in working capital                                                             64         (3)         29         89          6   
                                                                                        374         261        249      1,250      1,343   
Movements in working capital                                                                                                               
Decrease (increase) in inventories                                                       35          30         50         99        117   
Decrease (increase) in trade and other receivables                                       38         (2)         34        108         52   
(Decrease) increase in trade, other payables and deferred income                        (9)        (31)       (55)      (118)      (163)   
                                                                                         64         (3)         29         89          6   
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 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   
Balance at 31 December 2014              7,041        132   (3,109)       (1)          17        (40)       (1,195)   2,845            26    2,871   
Loss for the period                                            (85)                                                    (85)            15     (70)   
Other comprehensive income (loss)                       1                             (7)          14         (371)   (363)                  (363)   
Total comprehensive income (loss)            -          1      (85)         -         (7)          14         (371)   (448)            15    (433)   
Shares issued                               25                                                                           25                     25   
Share-based payment for share awards                                                                                                                 
net of exercised                                        8                                                                 8                      8   
Dividends of subsidiaries                                                                                                 -           (4)      (4)   
Translation                                          (24)        20                   (3)           7                     -             -        -   
Balance at 31 December 2015              7,066        117   (3,174)       (1)           7        (19)       (1,566)   2,430            37    2,467   

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
                                             December       September         December           December        December
                                                 2015            2015             2014               2015            2014
                                                             Restated         Restated                           Restated
                                             Reviewed        Reviewed         Reviewed           Reviewed        Reviewed
                                                                        US Dollar million
Gold income
South Africa                                      279             267              355              1,132           1,527
Continental Africa                                419             386              538              1,724           2,105
Australasia                                       172             149              183                666             785
Americas                                          257             251              278                967           1,004
                                                1,127           1,053            1,354              4,489           5,421
Equity-accounted investments included above     (103)           (107)            (142)              (474)           (469)
Continuing operations                           1,024             946            1,212              4,015           4,952
Discontinued operations                             -              24               66                137             266
                                                1,024             970            1,278              4,152           5,218
Gross profit (loss)
South Africa                                       29            (14)               44                 42             216
Continental Africa                                 78              61              121                377             469
Australasia                                        31              28               19                142             125
Americas                                           77              52               69                247             259
Corporate and other                               (3)               3                5                  2               -
                                                  212             130              258                810           1,069
Equity-accounted investments included above       (4)            (15)             (40)               (96)            (76)
Continuing operations                             208             115              218                714             993
Discontinued operations                             -               2                4                 19              50
                                                  208             117              222                733           1,043
Capital expenditure
South Africa                                       54              56               79                206             264
Continental Africa                                 96              75              119                315             454
Australasia                                        18              18               28                 78              91
Americas                                           53              47               84                196             225
Corporate and other                                 2               1                3                  4               6
Continuing operations                             223             197              313                799           1,040
Discontinued operations                             -              10               50                 58             169
                                                  223             207              363                857           1,209
Equity-accounted investments included above      (39)            (29)             (47)              (131)           (191)
                                                  184             178              316                726           1,018

                                                         Quarter ended                               Year ended
                                             December       September         December           December        December
                                                 2015            2015             2014               2015            2014
                                                                            oz (000)
Gold production
South Africa                                      252             253              300              1,004           1,223
Continental Africa                                366             349              419              1,435           1,597
Australasia                                       144             134              157                560             620
Americas                                          235             219              226                831             785
Continuing operations                             997             955            1,102              3,830           4,225
Discontinued operations                             -              19               54                117             211
                                                  997             974            1,156              3,947           4,436

                                                                                 As at              As at           As at
                                                                              December          September        December
                                                                                  2015               2015            2014
                                                                                                 Restated
                                                                              Reviewed           Reviewed        Reviewed
                                                                                           US Dollar million
Total assets
South Africa                                                                     1,629              1,799           2,124
Continental Africa                                                               3,121              3,164           3,239
Australasia                                                                        837                760             906
Americas                                                                         1,341              1,363           2,409
Corporate and other                                                                356                309             456
                                                                                 7,284              7,395           9,134

Rounding of figures may result in computational discrepancies.

Notes
for the quarter and year ended 31 December 2015

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 2014
     except for the adoption of new standards and interpretations effective for the year beginning 1 January 2015.

     Further, the comparative periods have been restated to separate continuing operations from discontinued operations in
     accordance with IFRS 5, as a consequence of the disposal of the Cripple Creek & Victor operations in the United States (note 9).
     In addition, the quarter ended September 2015 was restated to comply with IFRS 5 as the held for sale criteria for Obuasi were no
     longer met. Accordingly, this has effected the net loss after taxation from continuing operations from a loss of $74m to a loss of
     $8m; basic earnings per share from a loss of 18 cents to a loss of 1 cent.

     The financial statements of AngloGold Ashanti 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 the 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 2015. These
     interim financial statements should be read in conjunction with the company's audited consolidated financial statements and the
     notes thereto as at and for the years ended 31 December 2014 and 2013.

     Based on materiality, certain comparatives have been aggregated.

2.   Revenue
     
                                                          Quarter ended                        Year ended
                                                    Dec             Sep            Dec           Dec          Dec
                                                   2015            2015           2014          2015         2014
                                                               Restated       Restated                   Restated
                                               Reviewed        Reviewed       Reviewed      Reviewed     Reviewed
                                                                       US Dollar million
     Gold income                                  1,024             946          1,212         4,015        4,952
     By-products (note 3)                            28              35             38           127          130
     Royalties received (note 5)                      1               1              1             4            4
     Interest received                                8               6              6            28           24
                                                  1,061             987          1,257         4,174        5,110
3.   Cost of sales
                                                          Quarter ended                        Year ended
                                                    Dec             Sep            Dec           Dec          Dec
                                                   2015            2015           2014          2015         2014
                                                               Restated       Restated                   Restated
                                               Reviewed        Reviewed       Reviewed       Reviewed    Reviewed
                                                                        US Dollar million
     Cash operating costs                           604             646            725         2,493        3,044
     By-products revenue (note 2)                  (28)            (35)           (38)         (127)        (130)
                                                    576             611            687         2,366        2,914
     Royalties                                       24              23             28           100          129
     Other cash costs                                 6               6              7            27           28
     Total cash costs                               606             640            722         2,493        3,071
     Retrenchment costs                               2               3              9            11           24
     Rehabilitation and other non-cash costs       (31)              11             31          (10)           66
     Production costs                               577             654            762         2,494        3,161
     Amortisation of tangible assets                204             183            213           737          749
     Amortisation of intangible assets               10              10              9            40           34
     Total production costs                         790             848            984         3,271        3,944
     Inventory change                                22            (18)             15            23           28
                                                    812             830            999         3,294        3,972

     Rounding of figures may result in computational discrepancies.

4.   Other operating expenses
                                                                                     Quarter ended                           Year ended
                                                                                 Dec           Sep           Dec          Dec         Dec
                                                                                2015          2015          2014         2015        2014
                                                                                          Restated      Restated                 Restated
                                                                            Reviewed      Reviewed      Reviewed     Reviewed    Reviewed
                                                                                          US Dollar million
     Pension and medical defined benefit provisions                               11             2             1           18           6
     Governmental fiscal claims and care and
      maintenance of old tailings operations                                       2             2             4            7          15
     Care and maintenance costs                                                   16            17             -           67           -
     Other expenses                                                                -             2             2            4           7
                                                                                  29            23             7           96          28
5.   Special items
                                                                                     Quarter ended                           Year ended
                                                                                 Dec           Sep           Dec          Dec         Dec
                                                                                2015          2015          2014         2015        2014
                                                                                          Restated      Restated                 Restated
                                                                            Reviewed      Reviewed      Reviewed     Reviewed    Reviewed
                                                                                                     US Dollar million
     Impairment and derecognition of assets                                        7             6            11           20          13
     Net loss (profit) on disposal of assets                                       1             -             2          (1)        (25)
     Royalties received (note 2)                                                 (1)           (1)           (1)          (4)         (4)
     Indirect tax (recoveries) expenses                                         (11)             4             3         (20)          19
     Legal fees and other costs related to contract termination and
        settlement                                                                 1             1            13          (1)          30
     Write-down of inventory                                                       3             2             6           11           7
     Retrenchment and related costs                                                1             2           148            4         210
     Repurchase premium and (recoveries) cost on part settlement of
        debt facilities (note 15)                                                (1)            62             -           61           8
     Loss on sale of Navachab (note 10)                                            -             -             -            -           2
     Other                                                                         -             -             -            1           -
                                                                                   1            76           182           71         260

6.   Finance costs and unwinding of obligations
                                                                                    Quarter ended                            Year ended
                                                                                 Dec           Sep           Dec          Dec         Dec
                                                                                2015          2015          2014         2015        2014
                                                                                          Restated      Restated                 Restated
                                                                            Reviewed      Reviewed      Reviewed     Reviewed    Reviewed
                                                                                               US Dollar million
     Finance costs                                                                44            59            61          223         251
     Unwinding of obligations and accretion of convertible bonds                   6             6             6           22          25
                                                                                  49            65            67          245         276

7.   Share of associates and joint ventures' profit (loss)
                                                                                    Quarter ended                            Year ended
                                                                                 Dec           Sep           Dec          Dec         Dec
                                                                                2015          2015          2014         2015        2014
                                                                                          Restated      Restated                 Restated
                                                                            Reviewed      Reviewed      Reviewed     Reviewed    Reviewed
                                                                                                   US Dollar million
     Revenue                                                                     106            111          151          489         519
     Operating costs, special items and other expenses                         (112)          (101)        (120)        (415)       (523)
     Net interest received                                                         3              1            1            7           6
     (Loss) profit before taxation                                               (3)             11           32           81           2
     Taxation                                                                      -            (2)         (11)         (17)        (22)
     (Loss) profit after taxation                                                (3)              9           21           64        (20)
     Net reversal (impairment) of investments in associates and joint
      ventures                                                                    26            (3)            1           24         (5)
                                                                                  23              6           22           88        (25)

     Rounding of figures may result in computational discrepancies.

8.   Taxation
                                                                        Quarter ended                    Year ended
                                                                     Dec          Sep          Dec          Dec          Dec
                                                                    2015         2015         2014         2015         2014
                                                                             Restated     Restated                  Restated
                                                                Reviewed     Reviewed     Reviewed     Reviewed     Reviewed
                                                                                   US Dollar million
     South African taxation
       Mining tax                                                      -            -         (10)            -           21
       Non-mining tax                                                  -         (12)           15            1            5
       Prior year (over) under provision                             (8)            -          (1)         (14)            4
       Deferred taxation
        Temporary differences                                       (10)          (9)          (1)         (41)         (20)
        Unrealised non-hedge derivatives and other commodity
           contracts                                                 (1)            -            1          (2)            4
        Impairment and disposal of tangible assets                     -            -            -          (1)            -
        Change in estimated deferred tax rate                       (15)            -         (24)         (15)         (24)
                                                                    (34)         (21)         (20)         (72)         (10)
     
     Foreign taxation
       Normal taxation                                                62           48           25          214          152
       Prior year over provision                                     (6)          (3)            -          (9)         (12)
       Deferred taxation
         Temporary differences                                        20           30           23           78           95
                                                                      76           75           48          283          235
     
                                                                      42           54           28          211          225

9.   Discontinued operations
                                                                       Quarter ended                     Year ended
                                                                    Dec          Sep          Dec          Dec          Dec
                                                                   2015         2015         2014         2015         2014
                                                                            Restated     Restated                  Restated
                                                               Reviewed     Reviewed     Reviewed     Reviewed     Reviewed
                                                                                   US Dollar million
     Gold income                                                      -           24           66          137          266
     Cost of sales                                                    -         (22)         (62)        (118)        (218)
     Gain on unrealised non-hedge derivatives and other
      commodity contracts                                             -            -            -            -            2
     Gross profit                                                     -            2            4           19           50
     Other expenses                                                   -            -          (1)          (4)          (4)
     Profit before taxation                                           -            2            3           15           46
     Normal taxation                                                  -            -            1            -            5
     Deferred taxation                                                -            -         (22)        (121)         (35)
     Profit (loss) from operations                                    -            2         (18)        (106)           16
     Profit (loss) on disposal (note 10)                              -            2            -         (10)            -
     Total profit (loss) from discontinued operations                 -            4         (18)        (116)           16

     On 8 June 2015, the company announced that it had agreed to sell 100% of Cripple Creek & Victor (CC&V) gold mine in the United
     States to Newmont Mining Corporation for $820m in cash plus a net smelter royalty. The CC&V gold mine is a surface mining operation
     which provides oxidised ore to a crusher and valley leach facility, one of the largest in the world. It is included in the Americas reporting
     segment and was acquired by AngloGold Ashanti in 1999. The mine produced 211,000 ounces of gold in 2014.
     
     On 3 August 2015, the transaction closed and proceeds of $819.4m were received.
     
     Rounding of figures may result in computational discrepancies.

10.  Headline earnings (loss)
                                                                                           Quarter ended                    Year ended
                                                                                        Dec          Sep         Dec          Dec         Dec
                                                                                       2015         2015        2014         2015        2014
                                                                                                Restated    Restated                 Restated
                                                                                   Reviewed     Reviewed    Reviewed     Reviewed    Reviewed
                                                                                                      US Dollar million
     The profit (loss) attributable to equity shareholders has been
      adjusted by the following to arrive at headline earnings (loss):
     Profit (loss) attributable to equity shareholders                                   65          (6)        (58)         (85)        (58)
     Net (reversal) impairment and derecognition of assets                             (13)            8        (12)            2        (10)
     Net loss (profit) on disposal of assets                                 1          (2)            2           9         (25)
     Loss on sale of Navachab (note 5)                                                    -            -           -            -           2
     Special items of associates and joint ventures                                       -            3           -            3           6
     Taxation                                                                             -            -         (3)          (2)           6
     Headline earnings                                                                   53            3        (71)         (73)        (79)
     Headline earnings (loss) per ordinary share (cents) (1)                             13            1        (17)         (18)        (19)
     Diluted headline earnings (loss) per ordinary share (cents) (2)                     13            1        (17)         (18)        (19)
     
     (1) Calculated on the basic weighted average number of ordinary shares.
     (2) Calculated on the diluted weighted average number of ordinary shares.

11.  Number of shares
                                                                              Quarter ended                             Year ended
                                                                       Dec              Sep              Dec              Dec              Dec
                                                                      2015             2015             2014             2015             2014
                                                                  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
        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                               405,265,315      405,103,870      404,010,360      405,265,315      404,010,360
      
        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                                        405,202,498      404,920,465      403,605,184      404,747,625      403,339,562
        E ordinary shares                                                -                -          589,685                -          585,974
        Fully vested options                                     4,130,559        2,605,300        3,122,215        4,859,233        3,803,514
        Weighted average number of shares                      409,333,057      407,525,765      407,317,084      409,606,858      407,729,050
        Dilutive potential of share options                      1,726,568                -                -                -                -
        Diluted number of ordinary shares                      411,059,625      407,525,765      407,317,084      409,606,858      407,729,050

12.  Share capital and premium
                                                                          As at
                                                                Dec              Sep          Dec
                                                               2015             2015         2014
                                                           Reviewed         Reviewed      Audited
                                                                     US Dollar Million
     Balance at beginning of period                           7,094            7,094        7,074
     Ordinary shares issued                                      25               22           29
     E ordinary shares issued and cancelled                       -                -          (9)
     Sub-total                                                7,119            7,116        7,094
     Redeemable preference shares held within the group        (53)             (53)         (53)
     Balance at end of period                                 7,066            7,063        7,041
     
     Rounding of figures may result in computational discrepancies.

13.  Exchange rates
                                                  Dec         Sep         Dec
                                                 2015        2015        2014
                                            Unaudited   Unaudited   Unaudited
     ZAR/USD average for the year to date       12.77       12.28       10.83
     ZAR/USD average for the quarter            14.22       13.00       11.22
     ZAR/USD closing                            15.46       13.84       11.57
     AUD/USD average for the year to date        1.33        1.31        1.11
     AUD/USD average for the quarter             1.39        1.38        1.17
     AUD/USD closing                             1.37        1.43        1,22
     BRL/USD average for the year to date        3.33        3.17        2.35
     BRL/USD average for the quarter             3.84        3.54        2.54
     BRL/USD closing                             3.90        3.97        2.66
     ARS/USD average for the year to date        9.26        8.97        8.12
     ARS/USD average for the quarter            10.13        9.25        8.51
     ARS/USD closing                            12.96        9.42        8.55

14.  Capital commitments
                                                                                         Dec           Sep         Dec
                                                                                        2015          2015        2014
                                                                                    Reviewed      Reviewed     Audited
                                                                                            US Dollar Million
     Orders placed and outstanding on capital contracts at the prevailing                   
      rate of exchange (1)                                                                61           146         178

(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.

15.   Financial risk management activities

      Borrowings
      The $1.25bn bonds are carried at fair value. The rated bonds are carried at amortised cost and their fair values are their closing
      market values at the reporting date which results in the difference noted in the table below. 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 the fair
      value.
      
                                   As at
                             Dec         Sep       Dec
                            2015        2015      2014
                        Reviewed    Reviewed   Audited
      Carrying amount      2,737       2,762     3,721
      Fair value           2,425       2,582     3,606

      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 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    Level 2   Level 3      Total
      US Dollar million                                        Dec 2015                                 Sep 2015                           Dec 2014
      Assets measured at fair value
      Available-for-sale financial assets
      Equity securities                                   30          -         -      30       34         -         -      34        47          -         -         47
      Liabilities measured at fair value
      Financial liabilities at fair value through
        profit or loss
      $1.25bn bonds                                      498          -         -     498      503         -         -     503     1,374          -         -      1,374

      On 24 August 2015, AngloGold Ashanti announced that its wholly owned subsidiary, AngloGold Ashanti Holdings plc ("AGAH"),
      was offering to buy back up to $810m in aggregate principal amount of its outstanding 8.5% high-yield bonds that mature in 2020,
      as part of its strategy to reduce debt and lower interest payment. On 25 September 2015, 62.34% of the notes were settled for a
      total consideration of $850m consisting of a $779m principal payment, a tender premium, being the difference between the par
      value of the bond and the redemption price of $58m and interest of US$13m. Included in the tender premium on the $1.25bn
      bond (note 5) was a realised fair value loss of $11.5m being the difference between the fair value on redemption date and the
      redemption price.

16.   Contingencies

      AngloGold Ashanti's material contingent liabilities and assets at 31 December 2015 and 31 December 2014 are detailed
      below:

      Contingencies and guarantees
                                                                              Dec                 Dec
                                                                             2015                2014
                                                                         Reviewed             Audited
                                                                                 US Dollar million
      Contingent liabilities                    
      ODMWA litigation (1)                                                     131                192
      Litigation – Ghana (2) (3)                                                97                 97
      Mill contractor claims (4)                                                20                  -
      Other tax disputes – AngloGold Ashanti Brasil Mineração Ltda (5)          22                 32
      VAT disputes – Mineração Serra Grande S.A. (6)                            11                 15
      Tax dispute - AngloGold Ashanti Colombia S.A. (7)                        128                162
      Tax dispute - Cerro Vanguardia S.A. (8)                                   32                 53
      Groundwater pollution (9)                                                  -                  -
      Deep groundwater pollution – Africa (10)                                   -                  -
      Contingent asset
      Indemnity – Kinross Gold Corporation (11)                                (7)                (9)
                                                                               434                542

      Litigation claims

(1)   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 judgement 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 had formed an industry working group to address issues relating to compensation and medical care for OLD in
      the gold mining industry in South Africa. African Rainbow Minerals (ARM) has since joined the industry working group.
      Village Main Reef and DRDGold also joined the working group but have since withdrawn. The companies have taken efforts
      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. 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. These legal proceedings
      are being defended, and the status of the proceedings are set forth below.

      AngloGold Ashanti, along with other mining companies including Anglo American South Africa, ARM, Gold Fields, Harmony,
      DRDGold, Village Main Reef, Randgold and Exploration, and Sibanye, were served with a consolidated class action
      application on 21 August 2013, as well as a request for an amendment to alter the scope of the classes previously proposed
      by these representatives. The applicants request certification of two industry-wide classes: a Silicosis Class and a
      Tuberculosis Class, which each cover current and former underground mineworkers who worked on the mines from
      12 March 1965 and who have contracted the respective diseases (or the dependents of mineworkers who died of those
      diseases). The applicants envisage a two-stage process in the class action. The first stage is to resolve common issues and
      the second stage allows the individuals to opt in to the class to make their claims against the respondent mining companies.

      If the Court declines to certify the Silicosis and Tuberculosis Classes, then the applicants request that the Court certify 32
      distinct classes – one for each respondent mining company named in the application – composed of the current and former
      mineworkers who have contracted silicosis or tuberculosis (or the dependents of mineworkers who died of those diseases).

      Arguments in the class action certification were heard in October 2015, and we await the Court's judgement.

      In the period from October 2012 to April 2014, AngloGold Ashanti received 1,256 individual summonses and particulars of
      claim relating to silicosis and/or other OLD. The total amount claimed in the 1,256 summonses is approximately $131m as at
      31 December 2015 (2014: $192m).

      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. The arbitration hearing,
      previously scheduled to commence on 19 April 2016, has been postponed by agreement of the parties.

      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.

(2)   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 20 February 2014, AGAG was served with a writ issued by MBC claiming a total of
      $97m. AGAG filed a motion with the trial court requesting a stay of proceedings pending arbitration. On 5 May 2014, the
      court refused AGAG's application to submit the matter to arbitration. AGAG subsequently appealed this decision to the Court
      of Appeal and filed a Stay of Proceedings at the lower court, which was granted on 11 June 2014. On 17 December 2015,
      the Court of Appeal granted AGAG's appeal and set aside the High Court's ruling refusing to stay proceedings pending
      arbitration. MBC has submitted the matter to arbitration.

(3)   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
      emissions 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 subsequently did not timely file their application for directions,
      but AGAG intends to allow 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. This matter is set for hearing in July 2016. 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.

(4)   Mill contractor claims - On 3 August 2015, AngloGold Ashanti and Newmont concluded the sale of the CC&V mine in
      Colorado to Newmont. As part of the negotiated transaction, the parties agreed to a cost/recovery sharing arrangement
      relative to cost claims asserted for or against CC&V based on work performed by contractors during the design and
      manufacture of the High Grade Mill. Under the agreement, AGA has the right to manage any negotiation, settlement, or legal
      proceedings associated with each cost claim. The maximum total value of the cost claims asserted against CC&V, by two
      contractors, is $20m. Similarly, CC&V will have cost claims against the mill design contractor. On 25 September 2015, AGA
      filed on behalf of CC&V a demand for arbitration against all contractors. Negotiations with all parties continue and the
      arbitration processes are ongoing.

      With reference to items (1) - (4) above, provisions have been raised where the amount of the potential claim or settlement
      can be reasonably estimated.

      Tax claims

(5)   Other tax disputes - In November 2007, the Departamento Nacional de Produção Mineral (DNPM), a Brazilian federal mining
      authority, issued a tax assessment against AngloGold Ashanti Brazil Mineração Ltda (AABM) in the amount of $11m
      (2014: $18m) 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 $11m (2014: $14m). Management is of the opinion that these
      taxes are not payable.

(6)   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 $11m
      (2014: $15m).

(7)   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 $20m (2014: $27m) will be payable if the tax returns are amended. Penalties and interest for the additional taxes are
      expected to be $108m (2014: $135m). The company believes that it has applied the tax legislation correctly. AGAC
      subsequently challenged the DIAN's ruling by filing lawsuits before the Administrative Tribunal of Cundinamarca (trial court
      for tax litigation) on 26 March 2015 and on 6 April 2015.

(8)   Tax dispute - On 12 July 2013, Cerro Vanguardia S.A. (CVSA) received a notification from the Argentina Tax Authority
      (AFIP) requesting corrections to the 2007, 2008 and 2009 income tax returns of about $8m (2014: $14m) relating to the non-
      deduction of tax losses previously claimed on hedge contracts. The AFIP is of the view that the financial derivatives could not
      be considered 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 $24m
      (2014: $39m). CVSA and AFIP have corresponded on this issue over the past several years and while management is of the
      opinion that the taxes are not payable, the government continues to assert its position regarding the use of the financial
      derivatives. CVSA filed an appeal with the Tax Court on 19 June 2015.

      Other

(9)   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.

(10)  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.

      Contingent asset
(11)  Indemnity - As part of the acquisition by AngloGold Ashanti of the remaining 50% interest in MSG during June 2012, Kinross
      Gold Corporation (Kinross) has provided an indemnity to a maximum amount of BRL255m against the specific exposures
      discussed in item 6 above. At 31 December 2015, the company has estimated that the maximum contingent asset is $7m
      (2014: $9m).

17.   Borrowings

      AngloGold Ashanti's borrowings are interest bearing.

18.   Announcements

      Tropicana gold mine celebrates 1 million ounces milestone – On 11 November 2015, the Tropicana gold mine celebrated the
      production of its 1 millionth ounce on schedule, just over two years since pouring first gold.

      Gas flows ahead of schedule at AngloGold Ashanti's Australian operations – On 17 December 2015, AngloGold Ashanti
      Australia Ltd (AGAA) announced that commissioning of the first gas generators were underway ahead of schedule in the power
      station at the Tropicana gold mine in Western Australia following early completion of the 293 kilometre Eastern Goldfields
      Pipeline (EGP).

      Constructed by the AGA Group (APA) under long-term agreements signed with AGAA in July 2014, the pipeline is delivering
      natural gas to AGAA's Sunrise Dam gold mine, 55km south of Laverton, and to Tropicana (AGAA 70% and manager,
      Independence Group NL 30%), 330km east-northeast of Kalgoorlie.

      Randgold Resources not to proceed with Obuasi Joint Venture – On 21 December 2015, AngloGold Ashanti announced that
      Randgold Resources Limited (Randgold) informed AngloGold Ashanti that it wished to terminate the conditional Investment
      Agreement concluded in September 2015, for a joint venture to redevelop the Obuasi mine, as the proposed investment does not
      meet Randgold's investment criteria.

      The minister of Lands and Natural Resources of Ghana approved continuation of Obuasi's limited operating phase during
      Q1 2016. Limited operations will be undertaken at reduced cost, compared to 2015, including maintaining the operations, security,
      environmental management, optimising the feasibility study, as well as ongoing sustainability work.

      Update on recent events at Obuasi – On 6 February 2016, AngloGold Ashanti initiated the withdrawal of employees performing non-essential
      functions from its idled Obuasi Gold Mine, following an incursion of illegal miners inside the fenced areas of the site. Remaining
      employees are performing critical tasks related to maintenance of the site, and also water treatment, provision of medical services
      and maintenance of electrical facilities that provide power and water to employees' homes and surrounding communities. Given
      Obuasi's limited operating status, there will be no impact to group production and costs as a result of this event for at least this
      year.

      The latest development at the site followed the withdrawal of government military protection from the mine on Tuesday,
      2 February 2016, after initial incursions on 30 and 31 January 2016. It is important to note that the Ghana Army has a
      Memorandum of Understanding with the Chamber of Mines, on behalf of its members, to deploy military personnel at mining
      operations. To AngloGold Ashanti's knowledge, no other mines with a military presence have been affected.

      The situation at the mine is currently calm, though the company remains deeply concerned about the prevailing conditions, with
      illegal mining activity threatening the long-term viability of the mine and AngloGold Ashanti's ability to continue its feasibility study
      and maintain critical services. AngloGold Ashanti has informed local authorities, through a declaration of Force Majeure, that
      under the current situation it may be constrained from fulfilling certain conditions of its Amended Programme of Mining
      Operations, the permit that covers current activities at Obuasi. AngloGold Ashanti continues to engage the Ghanaian Minister of
      Lands and Natural Resources and other government officials, urging authorities at a national and local level to assist in upholding
      the law and returning safety and security to the site.

By order of the Board

SM PITYANA                                    S VENKATAKRISHNAN                                                KC RAMON
Chairman                                      Chief Executive Officer                                          Chief Financial Officer

18 February 2016

Non-GAAP disclosure

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

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

A   Adjusted headline earnings (loss)
                                                                                                   Quarter ended                           Year ended
                                                                                               Dec            Sep           Dec             Dec             Dec
                                                                                              2015           2015          2014            2015            2014

                                                                                         Unaudited      Unaudited     Unaudited       Unaudited       Unaudited
                                                                                                                  US Dollar million
    Headline earnings (loss) (note 10)                                                          53              3          (71)            (73)            (79)
    Loss (gain) on unrealised non-hedge derivatives and
      other commodity contracts                                                                  4              1           (5)               7            (13)
    Gain on unrealised non-hedge derivatives and
      other commodity contracts for discontinued operations (note 9)                             -              -             -               -             (2)
    Deferred tax on unrealised non-hedge derivatives and
      other commodity contracts (note 8)                                                       (1)              -             1             (2)               4
    Impairment of deferred tax assests included in discontinued operations (note 9)              -              -             -             121               -
    Fair value adjustment on $1.25bn bonds                                                    (14)          (118)          (63)            (66)              17
    Repurchase premium on part settlement of $1.25bn bonds (note 5)                            (1)             62             -              61               -
    Provision for losses in associate and impairment (reversal) of loan                        (1)              -            21               1              72
    Adjusted headline earnings (loss)                                                           40           (52)         (117)              49             (1)

    Allocated as follows:
    Continuing operations                                                                       40           (54)          (99)              34            (15)
    Discontinued operations                                                                      -              2          (18)              15              14

    Adjusted headline earnings (loss) per ordinary share (cents) (1)
    - Continuing and discontinued operations                                                    10           (13)          (29)              12               0

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

B   Adjusted gross profit - continuing operations
                                                                                                     Quarter ended                           Year ended
                                                                                               Dec            Sep           Dec             Dec             Dec
                                                                                              2015           2015          2014            2015            2014

                                                                                         Unaudited      Unaudited     Unaudited       Unaudited       Unaudited
                                                                                                                  US Dollar million
    Reconciliation of gross profit to adjusted gross profit:
    Gross profit                                                                               208            115           218             714             993
    Loss (gain) on unrealised non-hedge derivatives and
      other commodity contracts                                                                  4              1           (5)               7            (13)
    Adjusted gross profit                                                                      212            116           213             721             980

C   Price received - continuing operations
                                                                                                   Quarter ended                           Year ended
                                                                                              Dec             Sep           Dec             Dec             Dec
                                                                                             2015            2015          2014            2015            2014

                                                                                        Unaudited       Unaudited     Unaudited      Unaudited        Unaudited
                                                                                                           US Dollar million / Imperial
    Gold income (note 2)                                                                    1,024             946         1,212           4,015           4,952
    Adjusted for non-controlling interests                                                   (15)            (13)          (19)            (61)            (76)
                                                                                            1,009             933         1,193           3,954           4,876
    Realised gain on other commodity contracts                                                  4               4             5              17              21
    Associates and joint ventures' share of gold income including realised
       non-hedge derivatives                                                                  103             107           143             474             470
    Attributable gold income including realised non-hedge
      derivatives                                                                           1,116           1,044         1,340           4,445           5,366
    Attributable gold sold - oz (000)                                                       1,011             929         1,115           3,838           4,244
    Price received per unit - $/oz                                                          1,104           1,123         1,202           1,158           1,264

    Rounding of figures may result in computational discrepancies.

D   All-in sustaining costs and All-in costs(1) - continuing operations
                                                                                                 Quarter ended                            Year ended
                                                                                              Dec            Sep            Dec             Dec            Dec
                                                                                             2015           2015           2014            2015           2014

                                                                                        Unaudited      Unaudited      Unaudited       Unaudited      Unaudited
                                                                                                         US Dollar million / Imperial
    Cost of sales (note 3)                                                                    812            830            999           3,294          3,972
    Amortisation of tangible and intangible assets (note 3)                                 (214)          (193)          (222)           (777)          (783)
    Adjusted for decommissioning amortisation                                                   4              3              3              13             10
    Corporate administration and marketing related to current operations                       19             13             22              78             88
    Associates and joint ventures' share of costs                                              68             65             76             270            294
    Inventory writedown to net realisable value and other stockpile
     adjustments                                                                                5              2              9              12             11
    Sustaining exploration and study costs                                                     18             16             17              62             47
    Total sustaining capex                                                                    179            157            252             629            790
    All-in sustaining costs                                                                   891            892          1,155           3,581          4,429
    Adjusted for non-controlling interests and non -gold producing companies                 (16)           (11)           (24)            (64)           (77)
    All-in sustaining costs adjusted for non-controlling interests and
     non-gold producing companies                                                             875            881          1,131           3,517          4,352
    Adjusted for stockpile write-offs                                                         (5)           (10)           (10)            (23)           (22)
    All-in sustaining costs adjusted for non-controlling interests, non-gold
    producing companies and stockpile write-offs                                              870            872          1,121           3,494          4,330

    All-in sustaining costs                                                                   891            892          1,155           3,581          4,429
    Non-sustaining project capital expenditure                                                 44             40             61             169            249
    Technology improvements                                                                     4              3              7              16             19
    Non-sustaining exploration and study costs                                                 19             16             25              62             91
    Care and maintenance (note 4)                                                              16             17              -              67              -
    Corporate and social responsibility costs not related to current operations                14              4              6              26             24
    All-in costs                                                                              988            972          1,254           3,921          4,812
    Adjusted for non-controlling interests and non -gold producing companies                 (13)           (11)           (19)            (55)           (62)
    All-in costs adjusted for non-controlling interests and
     non-gold producing companies                                                             975            961          1,235           3,866          4,750
    Adjusted for stockpile write-offs                                                         (5)           (10)           (10)            (23)           (22)
    All-in costs adjusted for non-controlling interests, non-gold producing
    companies and stockpile write-offs                                                        970            951          1,225           3,843          4,728

    Gold sold - oz (000)                                                                    1,011            929          1,115           3,838          4,244
    All-in sustaining cost (excluding stockpile write-offs) per unit - $/oz                   860            937          1,005             910          1,020
    All-in cost per unit (excluding stockpile write-offs) - $/oz                              959          1,024          1,099           1,001          1,114
    
    (1) Refer to the Supplementary report for Summary of Operations by Mine

E   Total costs (2) - continuing operations
    Total cash costs (note 3)                                                                 606            640            722           2,493          3,071
    Adjusted for non-controlling interests, non-gold producing companies and other           (11)            (7)           (13)            (42)           (48)
    Associates and joint ventures' share of total cash costs                                   64             66             78             267            291
    Total cash costs adjusted for non-controlling interests
     and non-gold producing companies                                                         659            699            787           2,718          3,314
    Retrenchment costs (note 3)                                                                 2              3              9              11             24
    Rehabilitation and other non-cash costs (note 3)                                         (31)             11             31            (10)             66
    Amortisation of tangible assets (note 3)                                                  204            183            213             737            749
    Amortisation of intangible assets (note 3)                                                 10             10              9              40             34
    Adjusted for non-controlling interests and non-gold producing companies                   (3)            (2)            (7)             (9)           (15)
    Equity-accounted associates and joint ventures' share of production costs                  34             28             24             111            104
    Total production costs adjusted for non-controlling
     interests and non-gold producing companies                                               875            932          1,066           3,598          4,276

    Gold produced - oz (000)                                                                  994            951          1,100           3,818          4,221
    Total cash cost per unit - $/oz                                                           663            735            715             712            785
    Total production cost per unit - $/oz                                                     880            980            969             942          1,013
    
    (2) Refer to the Supplementary report for Summary of Operations by Mine

     Rounding of figures may result in computational discrepancies.

F   Adjusted EBITDA (1) - continuing operations
                                                                                                             Quarter ended                         Year ended
                                                                                                          Dec         Sep          Dec             Dec            Dec
                                                                                                         2015        2015         2014            2015           2014
                                                                                                    Unaudited   Unaudited    Unaudited       Unaudited      Unaudited
                                                                                                                          US Dollar million
    Profit (loss) on ordinary activities before taxation                                                  110          46          (9)             257            170
    Add back :
    Finance costs and unwinding of obligations                                                             49          65           67             245            276
    Interest received                                                                                     (8)         (6)          (6)            (28)           (24)
    Amortisation of tangible and intangible assets (note 3)                                               214         193          222             777            783

    Adjustments :
    Exchange loss (gain)                                                                                    6        (11)          (5)              17              7
    Fair value adjustment on $1.25bn bonds                                                               (14)       (118)         (63)            (66)             17
    Impairment of assets                                                                                    -           6           10              14             12
    Write-down of stockpiles and heap leach to net realisable value and other stockpile
    adjustments                                                                                             3           2            1              10              2
    Retrenchments and restructuring costs mainly at Obuasi                                                 18          20          154              81            234
    Net loss (profit) on disposal of assets                                                                 1           -            2             (1)           (25)
    Loss on sale of Navachab (note 5)                                                                       -           -            -               -              2
    Loss (gain) on unrealised non-hedge derivatives and other commodity contracts                           4           1          (5)               7           (13)
    Repurchase premium on part settlement of $1.25bn bonds                                                (1)          62            -              61              -
    Associates and joint ventures' net exceptional expense                                               (14)           5         (22)             (9)           (16)
    Associates and joint ventures' - adjustments for amortisation, interest,
     taxation and other                                                                                    20          26           56             107            191
    Adjusted EBITDA                                                                                       388         291          402           1,472          1,616

    (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)                                                                              388         291          402           1,472          1,616
    Finance costs (note 6)                                                                                 44          59           61             223            251
    Interest cover - times                                                                                  9           5            7               7              6

H   Net asset value - cents per share
                                                                                                                                 As at           As at          As at
                                                                                                                                   Dec             Sep            Dec
                                                                                                                                  2015            2015           2014

                                                                                                                             Unaudited       Unaudited      Unaudited
                                                                                                                                     US Dollar million
    Total equity                                                                                                                 2,467           2,475          2,871

    Number of ordinary shares in issue - million (note 11)                                                                         405             405            404
    Net asset value - cents per share                                                                                              609             611            711

    Total equity                                                                                                                 2,467           2,475          2,871
    Intangible assets                                                                                                            (161)           (165)          (225)
                                                                                                                                 2,306           2,310          2,646
    Number of ordinary shares in issue - million (note 11)                                                                         405             405            404
    Net tangible asset value - cents per share                                                                                     569             570            655
I   Net debt
    Borrowings - long-term portion                                                                                               2,637           2,691          3,498
    Borrowings - short-term portion                                                                                                100              71            223
    Total borrowings                                                                                                             2,737           2,762          3,721
    Corporate office lease                                                                                                        (15)            (17)           (22)
    Unamortised portion of the convertible and rated bonds                                                                          21              22             28
    Fair value adjustment on $1.25bn bonds                                                                                         (9)            (24)           (75)
    Cash restricted for use                                                                                                       (60)            (53)           (51)
    Cash and cash equivalents                                                                                                    (484)           (399)          (468)
    Net debt                                                                                                                     2,190           2,291          3,133

    Rounding of figures may result in computational discrepancies.

Administrative information

ANGLOGOLD ASHANTI LIMITED

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

Share codes:
ISIN:                    ZAE000043485
JSE:                     ANG
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 Rahima Moosa 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
(As AngloGold Ashanti delisted from the London
Stock Exchange on 22 September 2014, this
information is provided for administration
purposes only.)

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

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

Officers
Executive Vice President – Legal, Commercial and
Governance and Company Secretary:
ME Sanz Perez

Investor Relations Contacts
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

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
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: 0861 100 950 (in SA)
Fax: +27 11 688 5218
Website : queries@computershare.co.za

Australia
Computershare Investor Services Pty Limited
Level 2, 45 St George's Terrace
Perth, WA 6000
(GPO Box D182 Perth, WA 6840)
Australia
Telephone: +61 8 9323 2000
Telephone: 1300 55 2949 (Australia only)
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 (BoNY)
BNY Shareowner Services
PO Box 358016
Pittsburgh, PA 15252-8016
United States of America
Telephone: +1 800 522 6645 (Toll free in USA) or
           +1 201 680 6578 (outside USA)
E-mail: shrrelations@mellon.com
Website: www.bnymellon.com.com\shareowner

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

United Kingdom
(As AngloGold Ashanti delisted from the
London Stock Exchange on 22 September
2014, this information is provided for
administration purposes only.)

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

Depository Interests
Computershare Investor Services PLC
The Pavilions
Bridgwater Road
Bristol BS99 6ZY
England
Telephone:          +44 (0) 870 702 0000
Fax:                +44 (0) 870 703 6119
Date: 22/02/2016 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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