Reportfor the quarter and six months ended 30 June 2014AngloGold Ashanti posts fatality free quarter and record safety performance onall key metrics; Longest period with no fatalityProduction of 1.098Moz ahead of guidance; Up 17% year-on-year and 4% on priorquarterTotal cash costs $836/oz, at lower end of market guidance; 7% loweryear-on-yearAll-in sustaining costs $1,060/oz, a decrease of 19% year-on-year on overheadand direct cost improvementsNet Debt reduced further; Net debt to adjusted EBITDA improves to 1.73 times oncontinued cash flow generationRevolving Credit Facilities refinanced with five-year maturities with morefavourable covenantsNormalised Adjusted Headline Earnings $76m on strong production, despite lowergold price, inflation and winter power tariffsNewly agreed natural gas pipeline for Australian operations expected to reducecostsFull-year production outlook remains intact Quarter Six months ended ended ended ended ended Jun Mar Jun Jun Jun 2014 2014 2013 2014 2013 US dollar / ImperialOperating reviewGold Produced - oz (000) 1,098 1,055 935 2,152 1,834 Sold - oz (000) 1,088 1,097 912 2,185 1,840 Price received 1 - $/oz 1,289 1,290 1,421 1,289 1,529 All-in sustainingcost 2 - $/oz 1,060 993 1,302 1,027 1,288 All-in cost 2 - $/oz 1,192 1,114 1,679 1,153 1,650 Total cash costs 3 - $/oz 836 770 898 804 896Financial reviewGold income - $m 1,321 1,324 1,242 2,644 2,705Cost of sales - $m (1,064) (1,012) (1,012) (2,076) (2,040)Total cash costs 3 - $m 874 778 824 1,651 1,621Production costs4 - $m 894 806 840 1,700 1,653Adjusted gross profit 5 - $m 257 312 231 568 665Gross profit - $m 252 296 330 547 765(Loss) profitattributable to equityshareholders - $m (80) 39 (2,165) (41) (1,926) - cents/share (20) 10 (559) (10) (497)Headline (loss) earnings - $m (89) 38 112 (51) 372 - cents/share (22) 9 29 (13) 96Adjusted headline (loss)earnings 6 - $m (4) 119 (135) 115 (23) - cents/share (1) 29 (35) 28 (6)Net cash flow fromoperating activities - $m 336 350 140 687 496Capital expenditure - $m 311 274 556 585 1,069Notes: 1. Refer to note C "Non-GAAP disclosure" for the definition. 2. Refer to note D "Non-GAAP disclosure" for the definition. 3. Refer to note E "Non-GAAP disclosure" for the definition. 4. Refer to note 3 of notes for the quarter and six monthsended 30 June 2014.. 5. Refer to note B "Non-GAAP disclosure" for the definition. 6. Refer to note A "Non-GAAP disclosure" for the definition.$ represents US dollar, unless otherwise stated.Rounding of figures may result in computational discrepancies. Certain statements contained in this document, other thanstatements of historical fact, including, without limitation, those concerningthe economic outlook for the gold mining industry, expectations regarding goldprices, production, cash costs, all-in sustaining costs, all-in costs, costsavings and other operating results, return on equity, productivityimprovements, growth prospects and outlook of AngloGold Ashanti's operations,individually or in the aggregate, including the achievement of projectmilestones, commencement and completion of commercial operations of certain ofAngloGold Ashanti's exploration and production projects and the completion ofacquisitions and dispositions, AngloGold Ashanti's liquidity and capitalresources and capital expenditures and the outcome and consequence of anypotential or pending litigation or regulatory proceedings or environmentalhealth and safety issues, are forward-looking statements regarding AngloGoldAshanti's operations, economic performance and financial condition. Theseforward-looking statements or forecasts involve known and unknown risks,uncertainties and other factors that may cause AngloGold Ashanti's actualresults, performance or achievements to differ materially from the anticipatedresults, performance or achievements expressed or implied in theseforward-looking statements. Although AngloGold Ashanti believes that theexpectations reflected in such forward-looking statements and forecasts arereasonable, no assurance can be given that such expectations will prove to havebeen correct. Accordingly, results could differ materially from those set outin the forward-looking statements as a result of, among other factors, changesin economic, social and political and market conditions, the success ofbusiness and operating initiatives, changes in the regulatory environment andother government actions, including environmental approvals, fluctuations ingold prices and exchange rates, the outcome of pending or future litigationproceedings, and business and operational risk management. For a discussion ofsuch risk factors, refer to AngloGold Ashanti's annual report on Form 20-F forthe year ended 31 December 2013, which was filed with the United StatesSecurities and Exchange Commission ("SEC") on 14 April 2014. These factors arenot necessarily all of the important factors that could cause AngloGoldAshanti's actual results to differ materially from those expressed in anyforward-looking statements. Other unknown or unpredictable factors could alsohave material adverse effects on future results. Consequently, readers arecautioned not to place undue reliance on forward-looking statements. AngloGoldAshanti undertakes no obligation to update publicly or release any revisions tothese forward-looking statements to reflect events or circumstances after thedate hereof or to reflect the occurrence of unanticipated events, except to theextent required by applicable law. All subsequent written or oralforward-looking statements attributable to AngloGold Ashanti or any personacting on its behalf are qualified by the cautionary statements herein.This communication may contain certain "Non-GAAP" financial measures. AngloGoldAshanti utilises certain Non-GAAP performance measures and ratios in managingits business. Non-GAAP financial measures should be viewed in addition to, andnot as an alternative for, the reported operating results or cash flow fromoperations or any other measures of performance prepared in accordance withIFRS. In addition, the presentation of these measures may not be comparable tosimilarly titled measures other companies may use. AngloGold Ashanti postsinformation that is important to investors on the main page of its website atwww.anglogoldashanti.com and under the "Investors" tab on the main page. Thisinformation is updated regularly. Investors should visit this website to obtainimportant information about AngloGold Ashanti.Operations at a glanceFor the quarter ended 30 June 2014 Production oz Year-on-year Qtr on $/oz Year-on-year Qtr on (000) Qtr Qtr % Variance 4 % Variance 4 % % Variance Variance 5 5SOUTH AFRICA 319 4 10 1,064 (12) 9Vaal River Operations 120 9 18 1,042 (24) 2Great Noligwa 22 5 29 1,206 1 1Kopanang 40 (15) 38 1,193 (3) (10)Moab Khotsong 59 40 7 880 (46) 10West Wits Operations 144 6 13 1,007 (13) 9Mponeng 88 10 16 927 (16) -TauTona 56 (1) 8 1,135 (9) 24Total Surface 55 (11) (8) 1,258 25 26OperationsFirst Uranium SA 23 (15) (4) 1,588 43 28Surface Operations 32 (9) (11) 1,030 11 23INTERNATIONAL 779 24 2 1,033 (19) 6OPERATIONSCONTINENTAL AFRICA 395 15 6 998 (17) (4)DRCKibali - Attr. 45% 6 41 - (20) 738 - 29GhanaIduapriem 47 (8) 4 998 (10) 11Obuasi 64 10 21 1,420 (40) (7)GuineaSiguiri - Attr. 85% 80 29 14 916 (9) (5)MaliMorila - Attr. 40% 6 10 (41) - 1,173 37 (27)Sadiola - Attr. 41% 6 23 - 21 1,078 - (23)Yatela - Attr. 40% 6 2 (67) (50) 2,836 84 38NamibiaNavachab 17 31 6 651 (39) (17)TanzaniaGeita 110 (3) 4 878 15 (16)Non-controllinginterests, explorationand otherAUSTRALASIA 155 210 - 1,048 (57) 13AustraliaSunrise Dam 62 24 (13) 1,527 (21) 39Tropicana - Attr. 70% 93 - 11 689 - (1)Exploration and otherAMERICAS 229 (3) (3) 1,077 (4) 23ArgentinaCerro Vanguardia - 62 - 7 935 (8) 17Attr. 92.50%BrazilAngloGold Ashanti 88 16 (6) 1,043 (25) 30MineraçãoSerra Grande 30 (19) (6) 1,212 22 18United States ofAmericaCripple Creek & Victor 49 (18) (6) 1,221 38 20Non-controllinginterests, explorationand otherOTHERSub-total 1,098 17 4 1,060 (19) 7Equity accounted investments included aboveAngloGold Ashanti1 Refer to note D under "Non-GAAP disclosure" for definition2 Refer to note E under "Non-GAAP disclosure" for definition3 Refer to note B under "Non-GAAP disclosure" for definition4 Variance June 2014 quarter on June 2013 quarter - increase (decrease).5 Variance June 2014 quarter on March 2014 quarter - increase (decrease).6 Equity accounted joint ventures. Total cash costs 2 $/oz Year-on-year Qtr on $m Year-on-year Qtr on Qtr Qtr % Variance 4 $m Variance % 4 $m Variance Variance 5 5SOUTH AFRICA 863 (3) 8 58 (23) (2)Vaal River Operations 875 (9) 3 21 7 12Great Noligwa 1,060 7 (6) 2 (4) 1Kopanang 1,021 17 (5) (1) (14) 14Moab Khotsong 707 (32) 9 20 25 (3)West Wits Operations 794 (4) 8 35 (3) 1Mponeng 714 (7) 1 30 3 5TauTona 923 - 19 5 (6) (4)Total Surface Operations 1,016 13 22 2 (26) (14)First Uranium SA 1,046 17 26 (6) (16) (7)Surface Operations 995 9 19 8 (10) (7)INTERNATIONAL OPERATIONS 823 (9) 8 204 34 (66)CONTINENTAL AFRICA 846 (4) 5 113 13 (6)DRCKibali - Attr. 45% 6 717 - 33 4 4 (21)GhanaIduapriem 911 - 27 10 (7) (10)Obuasi 1,175 (25) (5) 3 35 6GuineaSiguiri - Attr. 85% 777 (9) (3) 34 6 9MaliMorila - Attr. 40% 6 1,137 56 3 (1) (12) (2)Sadiola - Attr. 41% 6 957 (5) (24) 1 (9) 7Yatela - Attr. 40% 6 1,931 33 7 (4) (3) (1)NamibiaNavachab 733 (25) (5) 9 4 -TanzaniaGeita 667 30 6 52 (16) 5Non-controlling 5 11 1interests, explorationand otherAUSTRALASIA 850 (54) 9 22 52 (37)AustraliaSunrise Dam 1,308 (24) 23 (16) 8 (32)Tropicana - Attr. 70% 498 - 1 44 44 (4)Exploration and other (6) - (1)AMERICAS 765 4 15 68 (32) (24)ArgentinaCerro Vanguardia - Attr. 682 11 6 23 (12) (5)92.50%BrazilAngloGold Ashanti 717 (16) 16 31 17 (7)MineraçãoSerra Grande 879 30 10 1 (16) (5)United States of AmericaCripple Creek & Victor 899 24 29 11 (21) (7)Non-controlling 2 - -interests, explorationand otherOTHER (4) (4) (3)Sub-total 836 (7) 9 257 7 (72) - 20 17AngloGold Ashanti 257 27 (55)1 Refer to note D under "Non-GAAP disclosure" for definition2 Refer to note E under "Non-GAAP disclosure" for definition3 Refer to note B under "Non-GAAP disclosure" for definition4 Variance June 2014 quarter on June 2013 quarter - increase (decrease).5 Variance June 2014 quarter on March 2014 quarter - increase (decrease).6 Equity accounted joint ventures.Financial and Operating ReportOVERVIEW FOR THE QUARTERAngloGold Ashanti continued to make progress in the second quarter on its fivekey business objectives, namely: improving safety and sustainability; enhancingfinancial flexibility; optimising overhead and operating costs and capitalexpenditure; improving the quality of its portfolio; and maintaining long-termoptionality in the business.Strong performance across each of these objectives supported the key strategicobjective of sustainably improving cash flow and returns. Despite a 9% lowergold price in the three months to June 30, compared with the same period a yearearlier, strong business improvements were made on all key metrics. Goldproduction rose 17% year-on-year to 1,098,000oz, which was ahead of guidance.Total cash costs declined by 7% from a year earlier to $836/oz, despite ongoinginflationary pressure in all operating jurisdictions. This was at the lower endof the guidance range. The operating result was assisted by a positiveproduction performance from the South Africa Region in particular, as well asfirst-time second-quarter contributions from the new Tropicana and Kibalimines. All elements of the business have maintained a sharp focus on costcontrols to help drive further productivity gains.Expenditure on corporate and marketing costs and exploration and evaluationcosts decreased by 65% and 58%, respectively year-on-year, helping driveall-in-sustaining costs down by 19% to $1,060/oz. These fundamentalimprovements together helped drive a 140% improvement in cash flow fromoperating activities. On the back of these strong cash flows and ongoing costcontainment, net debt declined further, from $3.105bn, to $2.994bn. The keyratio of net debt to adjusted EBITDA declined to 1.73 times. AngloGold Ashantiagreed two new, five-year revolving credit facilities with its syndicate ofbanks -- $1bn and A$500m - replacing existing facilities. The new RCFs extendmaturities and carry more favourable financial covenant ratios of 3.5 timesTotal Net Financial Indebtedness : EBITDA (as defined in the RCF's), furtherimproving financial flexibility.This slate of operating and financial achievements was all made against thebackdrop of a record safety performance. The company recorded no fatalities forthe quarter, for the third time in its history and the first time since 2010.Several operations passed key milestones and records were set on key safetymetrics."We're on track to meet our targeted savings in operating and overhead costs -all while delivering production growth and a record safety result," SrinivasanVenkatakrishnan, Chief Executive Officer of AngloGold Ashanti, said. "We'remaking hard decisions as we focus on free cash flow and returns forshareholders through active portfolio management, discipline, and strongleadership." Summary table comparing 2014 performance to date with the same periods lastyear: Improved Improved H1 Q2 Q2 H1 H1 14 vs 2013 2014 Q14 vs 2013 2014 Q13 H1 13Gold price received ($/oz) 1,421 1,289 (9%) 1,529 1,289 (16%)Gold Production (koz) 935 1,098 17% 1,834 2,152 17%Total cash costs ($/oz) 898 836 7% 896 804 10%Corporate and marketing costs* 57 20 65% 123 45 63%($m)Exploration and evaluation costs 79 33 58% 158 62 61%($m)Capital expenditure ($m) 556 311 44% 1,069 585 45%All-in sustaining costs**($/oz) 1,302 1,060 19% 1,288 1,027 20%All-in costs**($/oz) 1,679 1,192 29% 1,650 1,153 30%Cash inflow from operating 140 336 140% 496 687 39%activities ($m)Adjusted EBITDA ($m) 288 382 33% 796 858 8%Free cash flow ($m) (488) 34 107% (727) 56 108%* including administration and other expenses.** World Gold Council Standard, excludes stockpiles written off.SAFETYThe second quarter passed without a fatality at any of the company'soperations, the third time in AngloGold Ashanti that this achievement has beenrecorded, and this being the first time in almost four years. The fatalityinjury frequency rate across the business improved another 20% from the recordfigures posted at the end of 2013. The safety result reflects an exceptionallystrong performance across all regions, with South Africa in particular - whichposted strong year-on-year improvements across all key safety metrics -- makingimportant strides toward our goal of zero harm. Eleven operating units endedthe quarter without a single lost time injury and of those, eight have thatsame achievement for the year to date. And importantly, more than 2,200 fewerlost work days have been reported so far this year, relative to the same periodin 2013, underscoring the fact that safety improvements are not only the rightthing to pursue for an ethical standpoint, but are important from a businessperspective, too.Notwithstanding this, our focus on safety continues particularly where we haveseen success on visible leadership, technology application, hazard managementand ongoing focus on training, Major Hazard Management through identificationand monitoring of critical controls and High Potential Incidents with a view ofenhancing organisational learning and institutionalising change in order tofurther improve our safety record progress going forward."The gains made on safety are the most important indicators of progress forus." Venkat said. "But we recognise that complacency is the enemy, and we needto continue our intense focus on employing technology and improving ourbehaviours at every level, to gain more ground."FINANCIAL AND CORPORATE REVIEWThe reported adjusted headline (AHE) loss of $4m included a number of once offevents such as closure and termination costs, stockpile and consumable storesprovisions and the initial retrenchments at Obuasi as detailed in the tablebelow.Second-quarter normalised adjusted headline earnings amounted to $76m, or 19 UScents per share, in the three months ended to 30 June 2014, compared withnormalised adjusted headline earnings of $9m, or 2 US cents per share a yearearlier, the second quarter of 2013. The previous quarter, normalised adjustedheadline earnings were $119m, or 29 US cents per share. Reconciliation of Q2 2014 and Q2 2013 published, to normalised AdjustedHeadline Earnings: Q2 2014 Q2 2013 $m $mAHE loss published (4) (135)Stockpile and consumable inventory provisions 11 125Amortisation adjustments 3 -Operational and corporate redundancies (mainly Obuasi) 27 4Operational closure and termination costs (mainly Yatela) 27 -Indirect taxation and legal provisions 4 15Income tax provisions 6 -Other 2 -AHE normalised 76 9AHE normalised cents per share 19 2The second quarter 2014 normalised adjusted headline earnings of $76m comparedto adjusted headline earnings in the second quarter of 2013 of $9m, wereaffected mainly by the higher production sold ($152m) and weaker localcurrencies ($50m), lower corporate and marketing expenditure ($59m), partlyoffset by annual cost inflation ($69m) and the lower gold price ($97m).Second quarter normalised AHE of $76m, compared to first quarter normalisedAHE of $119m, was affected by higher operational cash cost items such as fuel,power, consumable stores and service charges, lower income from joint venturesand associates (mainly Kibali) and the impact of stronger local currencieswhich were partly offset by lower taxation charges. Seewww.anglogoldashanti.com for graphOperational performance for the second quarter was strong, with productionbetter than market guidance. Total cash costs were at the lower end of theguidance range, despite ongoing inflationary pressure and stronger localcurrencies. Production was 1,098,000oz at an average total cash cost of $836/oz, compared to 1,055,000oz at $770/oz the previous quarter and 935,000oz at$898/oz in the second quarter of 2013. Guidance for the quarter was 1,020,000ozto 1,060,000oz at a total cash cost of $830/oz to 865/oz. Year-on-year costsbenefited from higher output, weaker currencies and early indications that arange of cost saving initiatives continue to gain traction.Production from all regions -- except for the Americas -- improvedyear-on-year, helped by the contribution from Kibali and Tropicana and a strongperformance from the South Africa Region. South African operations achieved a4% year-on-year increase in production to 319,000oz; Continental Africaimproved 15% to 395,000oz; Australia was up 210% year-on-year to 155,000oz; theAmericas declined 3% year-on-year to 229,000oz.Gold income increased by $79m from $1,242m in the quarter ended 30 June 2013 to$1,321m in the corresponding period of 2014, representing a 6% increaseyear-on-year. The increase was mainly due to a 19%, or 176,000oz, increase ingold sold from 912,000oz for the quarter ended 30 June 2013 to 1,088,000oz forthe same period in 2014. The increase was partially offset by the $132/oz, or9% decrease in the gold price received from $1,421/oz for the quarter ended 30June 2013 to $1,289/oz for the corresponding period in 2014.Total cash costs dropped $62/oz compared to the previous year, from $898/oz to$836/oz, reflecting significant improvements from a combination of cost savinginitiatives, currency weakness, removal of some marginal and loss-makingproduction and higher output in some areas. All-in sustaining costs (AISC)excluding stockpile write offs were $1,060/oz, a 19% improvement year-on-year,and 7% higher than the previous quarter due to capital expenditure profiling.The year-on-year decline in AISC was due to the higher ounces sold, improvedtotal cash costs, lower corporate and exploration costs as well as lowersustaining capital expenditure.Weaker local currencies against the US dollar in the second quarter of 2014compared to the same period in 2013 played a role in improved operating costsas the South African rand depreciated by 11%, the Australian dollar by 6%, theBrazilian real by 8% and the Argentina Peso by 54% over this period.Production costs increased from $840m in the quarter ended 30 June 2013 to$894m in the quarter ended 30 June 2014, which represents a $54m, or 6%increase, due mainly to the first-time introduction of two new mines - Kibaliand Tropicana. The higher operational costs, given the two new operations,include fuel and power costs and service costs, partly offset by a reduction inlabour costs, contractor costs and consumable stores as well as the weakeningof local currencies against the US dollar.Fuel and Power costs increased from $155m in the quarter ended 30 June 2013 to$174m in the quarter ended 30 June 2014, which represents a $19m, or 12%,increase. The power cost increase was due to electricity tariff and annualinflationary increases, in addition to the costs incurred by the two new mines.Cost of sales was $1,064m for the quarter ended 30 June 2014 compared to$1,012m for the corresponding period in 2013, again due largely to thefirst-time second-quarter contribution of two new mines, Tropicana and Kibali.Included in cost of sales is amortisation of tangible and intangible assets andmovements in unsold gold inventory, which were at similar levels to the periodsunder review at $173m in the quarter ended 30 June 2013 and to $170m in thesame period of 2014. Amortisation decreased by $26m representing the impact ofimpairments in 2013 and higher ounces produced and the revision of useful livesin 2014. Movements in inventory change related to the cost of unsold gold whichdecreased from $41m in June 2013 quarter to $18m in the June 2014 quarter.Despite the introduction of two new operations, labour costs declined 10% from$315m in the quarter ended 30 June 2013 to $285m in the corresponding period of2014. This was mainly due to rationalisation and restructuring across thegroup. Contractor costs declined 19% from $162m in the quarter ended 30 June2013 to $131m in the quarter ended 30 June 2014. The decrease in contractorcosts was primarily a result of negotiating lower contract rates and the lowerutilisation of mine contractors.(Loss) profit attributable to equity shareholders for the second quarter of2014 was a loss of $80m, compared to $39m profit for the previous quarter and aloss of $2,165m for the second quarter of 2013 which was impacted by assetimpairments and stockpile write-downs. The current quarter was impacted byoperational closure and termination costs, operational restructuring costs,impairments of investments and inventory write-downs.Total capital expenditure during the second quarter was $311m (including equityaccounted joint ventures), compared with $274m the previous quarter and $556min the second quarter of 2013. Of the total capital expenditure, non-sustainingproject capital expenditure during the quarter amounted to $107m. Capitalexpenditure is expected to increase in the second half of the year mainly dueto timing of expenditures forecast in the Americas region.At the end of the second quarter of 2014, net debt was $2.994bn compared to$3.095bn in the previous quarter, in part due to the $105m proceeds from thesale of Navachab, resulting in a reduction in the Net Debt to adjusted EBITDAratio to 1.73 times, compared with 1.90 times at 31 March 2014. Free cash flowimproved from $22m in the previous quarter to $34m in the second quarter of2014, reflecting higher production and the sale of royalties.CORPORATE UPDATENatural gas for Western Australian mines: On 21 July 2014, Anglogold Ashantisigned agreements with the natural gas infrastructure company APA Group (APA)for the transportation of natural gas to the Sunrise Dam and Tropicana goldmines in Western Australia. Under the agreements, APA will construct a new292km pipeline which will connect to its Goldfields Gas Pipeline via thelateral pipeline at the Murrin Murrin nickel mine, and then extend past SunriseDam to Tropicana.Natural gas is a cleaner fuel than diesel and its use will likely reducegreenhouse gas emissions. The power stations at both mines will be modified inorder to run on 100% natural gas, while retaining diesel backup capability.The shift is expected to reduce cash operating costs at both sites by betweenA$25/oz to $30/oz, while also providing continuity of fuel supply, reduceexposure to diesel price volatility and significantly reduce the number oftrucks on the road, providing an important safety benefit as well as reducingroad maintenance costs.Construction is scheduled to start in February 2015 with first gas scheduled tobe available at Tropicana in January 2016.CFO Announcement: On 7 July 2014, AngloGold Ashanti announced the appointmentof Christine Ramon to the post of Chief Financial Officer and ExecutiveDirector of the Board, from 1 October 2014. The appointment of Ms. Ramon, achartered accountant, follows a global search by the Board of Directors, asindicated in our press release of 21 May 2013. She was formerly the CFO atSasol Limited, Africa's largest publicly-traded energy and chemicals companyfor seven years until September of last year. She will replace Richard Duffy,who will then step down from both the Board and the Executive Committee.Sale of Navachab mine complete: AngloGold Ashanti announced the completion ofits sale of AngloGold Ashanti Namibia (Proprietary) Limited, a wholly ownedsubsidiary which owns the Navachab Gold Mine, to QKR Corporation Limited. Thetransaction, announced on 10 February this year, was concluded on 30 June 2014resulting in proceeds of $105m.Corporate refinancing: The Company has successfully signed a new, five-year$1bn revolving credit facility with an increased net debt to adjusted EBITDAcovenant ratio of 3.5 times versus the previous facility at 3 times, with oneconditional six-month period waiver of up to 4.5 times. These same terms havebeen applied to a new A$500m five-year facility, which has replaced theprevious A$600m revolving credit facility."These new facilities further improve our tenor and financial flexibility andcreate additional, long-term liquidity on our balance sheet," Chief FinancialOfficer Richard Duffy said. "The improved terms and longer maturities areespecially important given the volatile gold price environment."Restructure of the Obuasi mining operation: Addressing the underperformance atObuasi remains a key objective for AngloGold Ashanti. The restructuring andrepositioning of the Obuasi mine, which is subject to a number of consents, islikely to result in a substantial reduction in the mine's existing operationsand significant workforce redundancies. Fundamental changes aimed atsystemically addressing legacies, infrastructure, development constraints andcash outflows are being implemented while surface production, explorationdrilling and decline development remain ongoing. This work includes initiativesto reduce the footprint of the operation and consolidate infrastructure, loweroperating costs by introducing a mechanised mining approach in the future,together with the refurbishment and automation of the processing plant.The Amendment to Program of Mining Operations, which details technical,environmental, financial and social details around the transition, wassubmitted to the Government of Ghana and key regulators for review on 18 July,to be followed by a two-month consultation period. An amended EnvironmentManagement Plan has been filed with the Ghana Environmental Protection Agencyand a multi-stakeholder working group has been established. AngloGold Ashantiremains firmly committed to engaging with the Government of Ghana, itsemployees and other important local and regional stakeholders throughout thisprocess, as it seeks to return this key asset to sustainable, long-termprofitability for the benefit of all constituencies.WAGE NEGOTIATIONS UPDATEThe two-year wage agreement with the majority of the employees in AngloGoldAshanti's South Africa region, and in the country's gold sector, was concludedin September 2013 and backdated to 1 July 2013. The Association of Mining andConstruction Union, or AMCU, voluntarily participated in the negotiations butdid not sign the wage agreement. However, the wage agreement was extended toall employees irrespective of their union affiliation, as a result the AMCUmembers have all benefited from the above-mentioned increase.On 5 June this year, the Labour Court declared that a threatened strike by AMCUmembers would be unprotected under South African law. AMCU has sincesimultaneously brought two applications for leave to appeal; one to the LabourCourt (seeking permission to appeal to the Labour Appeal Court); and another tothe Constitutional Court (seeking permission to appeal directly to theConstitutional Court). The application to the Labour Court for permission toappeal to the Labour Appeal Court has been brought on a conditional basis.AngloGold Ashanti continues to engage its employees directly in addition tocommunicating through their labour unions in order to ensure that constructivedialogue is maintained.UPDATE ON CAPITAL PROJECTSIn the Americas, the CC&V Mine Life Extension (MLE) Project continues toprogress in line with expectations. The valley leach facility (VLF) andassociated gold recovery plant is on schedule to commission in mid-2016. TheMLE2 Project was 47% complete through the second quarter. The High Grade Millis on schedule and is expected to deliver first gold production towards the endof 2014. All major mill equipment has been set in place and the remaining workis largely piping and electrical. Overall mill construction is 79% complete.Mill concrete is 99% complete, steel is 91% complete, and all major millequipment has been set in place.In the DRC, at Kibali the vertical shaft is progressing well with the shaft nowat a depth of 525m, with focus shifting towards off-shaft lateral development.The development work on the twin declines is progressing well with a total of1,803 lateral metres achieved for the second quarter, exceeding the plannedmetres for the second quarter by a margin of 18.9% or 287m. The Nzoro 66KV lineand substation has been commissioned with Nzoro 2 delivering 10MW in early July2014. The integration between hydro and thermal power without any power outagesis currently being worked upon. From a production perspective, the ramp up ofthe sulphide circuit has been a challenge due to late commissioning of thesecondary crushing circuit, regrind circuit and pump cells. During the secondquarter, more clay and transitional sulphides were treated than forecast,causing materials handling problems and flotation inefficiency. The oxidecircuit also experienced some unexpected stoppages. The focus of the site teamsis to ramp up production and improve plant availability.TECHNOLOGY AND INNOVATION UPDATEDuring the second quarter, the Technology Innovation Consortium continued tomake considerable progress in prototype development pertaining to certain keytechnologies that seek to establish the base for a safe, automated miningmethod intended for selective use at AngloGold Ashanti's deep-level undergroundmining operations. Progress on various aspects of the project is as follows:Reef Boring:TauTona mine - Test site:In the second quarter, nine holes were drilled. Due to the change in reefchannel width, the holes were drilled at different diameters ranging from 660mmup to 1,060mm.The overall results of these holes in the testing drilling sequence proved tobe successful. The results are being applied to the current drilling testsites at TauTona mine.Testing with the modified drilling machines has commenced at two of the testsites during the second quarter and the third after quarter-end. The focus wason eliminating teething problems associated with commissioning and by the endof the period the drilling time per hole stood at 4.5 days.Great Noligwa mine:Testing of the new narrow reef machine started and five holes were drilled inthe second quarter. While 150mm pilot holes were successfully bored, widerreaming of those holes presented challenges. The softer footwall conditionsassociated with the C-reef ground are contributing to this challenge and thereaming bits are currently being modified to investigate if this will resolvethe problem.Site Equipping:Site equipping, opening up and development of the 2014 test sites at TauTonamine have been completed. Work continues on equipping the test sites atKopanang, Great Noligwa and Moab Khotsong mines.2. Ore body Knowledge and Exploration:A trial site was established and the current machine modified for rotarypercussion drilling. Five trial holes will be drilled to compare the resultsfrom penetration rate and accuracy to reverse circulation drilling resultsachieved thus far. The trial will continue into the third quarter.3. Ultra High Strength Backfill (UHSB):The underground backfill plant is commissioned and allows for a semi-automatedprocess to prepare the UHSB required to fill the holes at TauTona mineproduction sites. All available reef bored holes in the test site block havebeen filled. Installation of monitoring instrumentation remains part of theongoing process at the test site. Testing at surface will recommence during thethird quarter to continue development of a pumping solution towards a 1,000mhorizontal distance target.OPERATING HIGHLIGHTSThe South African operations produced 319,000oz at a total cash cost of $863/ozduring the second quarter of 2014 compared to the 307,000oz at a total cashcost of $890/oz during the second quarter of 2013. Although year-on-year costsimproved predominantly as a result of Project500 initiatives, the improvementswere partially offset by seasonal power tariffs, annual wage increases andother increased costs in certain areas that continued to exceed inflation.At West Wits, production was 144,000oz at a total cash cost of $794/oz duringthe second quarter of 2014 compared to 136,000oz at a total cash cost of $829/oz during the second quarter of 2013. The second quarter performance reflectedan improvement on the back of seismic related activities, safety stoppages andhigh heat conditions experienced at Mponeng at the beginning of the quarter.Mponeng reflected a 14% improvement in yield compared to the same quarter lastyear as a result of reduced stope-widths and an increased overall grade due tolower intake of waste tonnages. Total cash costs decreased 4% at West Witsoperations, demonstrating benefits from cost optimisation measures. TauTona iscontinuing with energy optimisation project which has yielded positive results.Production from the Vaal River operations increasedin the second quarter of2014 to 120,000oz at a total cash cost of $875/oz despite safety relateddisruptions, compared with the second quarter of 2013 at 110,000oz at a totalcash cost of $958/oz. Kopanang was adversely impacted by ingress of water intoore passes caused by a pipe failure leading to a delay in reef processing forthe quarter. The average grade recovered at Moab Khotsong increased by 31%year-on-year. This favourable yield was achieved through a reduction indilution, due to a decrease in stope-width, and higher average reef grade beingmined. Despite ongoing inflationary pressure, the focus on cost managementresulted in savings. Moab Khotsong was the lowest cost mine for the SouthAfrican region at a total cash cost of $707/oz. The region is in the process ofa segmented integration of Great Noligwa into Moab Khotsong to maximisesynergies and reduce overheads.Total Surface Operations production for the second quarter of 2014 was 55,000ozat a total cash cost of $1,016/oz, compared to 62,000oz for the second quarterof 2013 at a total cash cost of $903/oz. Due to delays of reef delivery fromKopanang, lower grade marginal ore dump was utilised to fill the millingcircuit. Grades deteriorated specifically at Mine Waste Solutions where highergrade dams have been depleted and operations shifted to reclamation sites withlower gold recovery rates. The uranium circuit was completed, but has beenreconfigured, changing the circuit from reverse to forward leach to improvegold recovery. Commissioning is expected to take place in the third quarter ofthis year.Continental Africa Region production during the second quarter of 2014 was395,000oz at a total cash cost of $846/oz compared to 343,000oz at a total cashcost of $883/oz during the second quarter of 2013. Total production for theregion increased mainly due to the contribution from the start of the Kibalimine and as a result of increased production from Siguiri following access tohigher grade ore sources. Production during the quarter continued to improve by6% compared with the previous quarter despite the operating challenges atKibali and Obuasi. Total cash costs, excluding Kibali, decreased as a result ofthe marginally higher production together with the realisation of company- widecost reduction initiatives which have mitigated the effects of inflationarypressures.In Ghana, Iduapriem production for the second quarter of 2014 was 47,000oz at atotal cash cost of $911/oz compared to 51,000oz at a total cash cost of $911/ozduring the second quarter of 2013. The reduction in production year-on-year wasas a result of a deliberate operating and financial strategy to process theexisting lower grade surface ore stockpiles. However, production for thequarter increased 4% compared to the previous quarter as a result of a decreasein recovered grade due to treatment of lower grade ore stockpiles, offset by anincrease in tonnage throughput due to higher production shifts in the quarter.At Obuasi, production for the second quarter of 2014 was 64,000oz at a totalcash cost of $1,175/oz compared to 58,000oz at a total cash cost of $1,560/ozfor the second quarter of 2013. Although the mine had a decrease in recoveredgrade, this was fully offset by an increase in tonnage throughput due to anincrease in surface tonnes processed together with increased plantavailability. The cost initiatives contributed to a reduction in the cash costsas we continue to realise savings. In addition, the development of the declineramp from surface met the crew developing the ramp from underground. Thedecline ramp now extends to 17 level from surface. The Amendment to Program ofMining Operations, which details technical, environmental, financial and socialdetails around the transition, was submitted to the Government of Ghana and keyregulators for review on 18 July, to be followed by a two-month consultationperiod. An amended Environment Management Plan has been filed with the GhanaEnvironmental Protection Agency and a multi-stakeholder working group has beenestablished. AngloGold Ashanti remains firmly committed to engaging with theGovernment of Ghana, its employees and other important local and regionalstakeholders throughout this process, as it seeks to return this key asset tosustainable, long-term profitability for the benefit of all constituencies.In the Republic of Guinea, Siguiri's production was 80,000oz at a total cashcost of $777/oz for the second quarter of 2014 compared to 62,000oz at a totalcash cost of $850/oz for the second quarter of 2013. The increase in productionwas a result of a 33% increase in recovered grade as a result of accessing orefrom higher grade ore sources.In Mali, Morila's production for the second quarter of 2014 was 10,000oz at atotal cash cost $1,137/oz compared to 17,000oz at a total cash cost of $728/ozfor the second quarter of 2013. The decrease in production year-on-year was asa result of the operation transitioning to closure as it reaches the end of itsproduction life cycle. At Sadiola, production for the quarter was 23,000oz at atotal cash cost of $957/oz, compared to 23,000oz at a total cash cost of $1,003/oz for the second quarter of 2013. The current quarter however reflectedimproved production of 21% relative to the previous quarter, as a result of anincrease in tonnage throughput due to effective plant utilisation together withmore production shifts. At Yatela, in line with the transition to closure plan,there was minimal production activity, with total production for the quarteramounting to 2,000oz at a total cash cost of $1,931/oz.In Namibia, Navachab's production for the second quarter of 2014 was 17,000ozat a total cash cost of $733/oz. The transaction to sell the mine was concludedin June 2014.In Tanzania, Geita's production for the second quarter of 2014 was 110,000oz ata total cash cost of $667/oz, compared to 113,000oz at a total cash cost of$514/oz for the second quarter of 2013. Production for the second quarter of2014 however, increased 4% as a result of increased tonnage throughput due tohigher production shifts completed compared to the previous quarter. Total cashcosts increased as a result of higher mining and processing costs incurredduring the quarter in line with the operational plans.In the Democratic Republic of the Congo, Kibali's production for the secondquarter of 2014 was 41,000oz at a total cash cost of $717/oz. Current quarterproduction was 20% lower than the previous quarter mainly due to operationalchallenges encountered with the commissioning of the sulphide circuit, plantavailability on the oxide circuit and poor recovery due to transition ore.The Americas region in the second quarter of 2014 produced 229,000oz at a totalcash cost of $765/oz, compared to 235,000oz at a total cash cost of $733/oz inthe second quarter of 2013. Production at CC&V in the second quarter of 2014,was 49,000oz at a total cash cost of $899/oz compared to 60,000oz at a totalcash cost of $726/oz in the second quarter of 2013. This reduction resultedfrom production delayed due to material placed in areas deep in the ValleyLeach Facility during the quarter. The heap leach stacking plan was modified todefer production from the first half to the second half of the year (2014), bystarting with placing ore deep and go shallower in the latter part of the year.Stockpiling of mill grade ore continues to ensure mill production can commencewhen the mill is commissioned.Production in Brazil suffered from the temporary loss of access to a highergrade area at AngloGold Ashanti Mineração, which plans to recover the lostoutput later this year once the area becomes available. AngloGold AshantiMineração produced 88,000oz at total cash cost of $717/oz in the second quarterof 2014 compared to 76,000oz at a total cash cost of $858/oz in the secondquarter of 2013. During 2014, a new ore body started production at Córrego doSítio (Sulphide II). However, compared to the previous quarter, production waslower from both Lamego and Córrego do Sítio (CdS) Oxide. In addition,production at Cuiabá was 6% lower mainly due to lower feed grades as aconsequence of geotechnical issues at the mine, changes in the ore mineralcharacteristics at CdS Oxide operation affecting its recovery and lowerflotation and CIL recoveries at CdS Sulphide operation, partially off-set byhigher tonnage.At Serra Grande, production in the second quarter of 2014 was 30,000oz at totalcash of $879/oz compared to 37,000oz at a total cash cost of $675/oz for thesecond quarter of 2013. The lower production is due to a 17% decline in grades.High grade contribution from the ore body in Mina III is reducing. However,AngloGold Ashanti is engaged in an ongoing exploration programme for highergrade areas, one of which is Ingá, expected to come into production in 2016.In Argentina, Cerro Vanguardia´s production for the second quarter of 2014 was62,000oz at a total cash cost of $682/oz, compared with 62,000oz at a totalcash cost of $615/oz for the second quarter of 2013. Higher grade was partiallyoffset by lower treated tonnes. Production increased 7% compared to theprevious quarter mainly due to higher grade in line with the production plan.Cash costs increased reflecting higher equipment maintenance costs and greaterconsumption of materials. Lower deferred stripping (because deferral of wastecosts was discontinued for two pits - LMCB9 and ODCB7) also impacted negativelycompared to the previous quarter. Rising costs were partially compensated bythe positive impact of stockpile movement derived from higher tonnes generated.In Australasia production for the second quarter of 2014 was 155,000oz at atotal cash cost of $850/oz compared to 50,000oz at a total cash cost of $1,829/oz for the second quarter of 2013, with the increase in production mainlyattributed to the start of the Tropicana mine during this period.Production at Sunrise Dam in the second quarter of 2014 was 62,000oz at totalcash cost of $1,308/oz, compared to 50,000oz at a total cash cost of $1,713/ozfor the second quarter of 2013. The increase in production was due to tonnesmined and head grade from the underground mine, which both increased whencompared to the same period last year. Underground ore tonnes mined increasedby 11% whilst head grade increased 20% to approximately 2.4g/t. As planned,gold production decreased by 12% from the first quarter of 2014 as orestockpiles were drawn down, contributing to an increase in costs. A total of37m of underground capital development and 2,401m of operational developmentwere completed during the quarter. The mine had a 20% increase in oreproduction from underground. Underground mine grade was at 3.1g/t for thesecond quarter compared to 2.77g/t in the previous quarter (a 12% increase).Tropicana's production for the second quarter of 2014 was 93,000oz at a totalcash cost $498/oz, in line with budget. The processing plant reached nameplatethroughput capacity in the March quarter and this rate was maintained in theJune quarter.EXPLORATIONTotal expensed exploration and evaluation costs (including technology) duringthe second quarter, inclusive of expenditure at equity accounted jointventures, were $36m ($9m on Brownfield, $13m on Greenfield and $14m onpre-feasibility studies), compared with $91m during the same quarter theprevious year. Greenfields exploration activities were undertaken in threecountries: Australia, Colombia and Guinea, while minor work was also completedin Brazil.In South Africa, five deep surface drilling sites were in operation during thesecond quarter, one on the Moab Khotsong Mine and four at Mponeng (WUDLs).Diamond drilling commenced at MZA10 and the hole is currently at 779.5m. Thishole is located to the east of the recently complete holes, MMB 6 and 7, and itis targeted to provide value information in the lower reaches of the early goldportion of Project Zaaiplaats.Drilling of site UD51 was completed. Plugging of the hole and rehabilitation ofthe site continues. UD59 advanced well during the second quarter and reached adepth of 3,145m in the Allanridge Formation lava's. Redrill at UD60 hasadvanced to 1,346m after further in hole problems during the second quarter.The diamond rig has been erected at UD58A and the hole is currently beingstraightened and is at a depth of 291m.In Tanzania at Geita Gold Mine exploration focused on infill drillingprogrammes at Geita Hill East (4,691m RC&DD) and Geita Hill West (515m RC) andAdvance Grade Control drilling commenced at Star & Comet Cut 2 Pit (286m RC).Detailed routine geological pit mapping continued to improve the geologicalmodel and enhance the understanding of controls on mineralisation at GeitaHill, Nyankanga and Star & Comet pits. Interpretative geological sections arecurrently being compiled for all known deposits as part of a programme todevelop 3D geological models over Geita Hill, Star & Comet andMatandani-Kukuluma.In Guinea, at Siguiri Gold Mine, a total of 72 holes were completed with 5,797mdrilled during the second quarter. This comprised of 1,462m diamond and 2,738mRC infill drilling from the Kami Pit Fresh Rock project, and 1,597m RC from theBalato North1 reconnaissance target.Core processing is completed and detailed logging of 18 diamond drillholes werecompleted during the second quarter, including additional geotechnical DD holesselected to supply additional information to the combination plant expansionproject PFS.In Ghana, at Obuasi, Gold Mine a total of 2,563m of underground drilling wascompleted from the Above 50 Level 41S-294W site. The purpose of this infilldrilling is to increase confidence in portions of Block 9/Red Zone 6 currentlyclassified as Inferred Mineral Resource.In Mali at Sadiola, 6,262m of RC drilling was completed. Drilling took place atFE4S, Tabakoto, TB6, Antarctica, S2, FE2S, and FE4SE oxide targets. Resultswere generally disappointing, with FE4S, TB6 and S2 showing low oxidepotential. Drilling along Tabakoto strike confirmed thick oxide cover andreturned isolated and narrow gold intersections in both sulphide and oxide withmineralisation apparently controlled by folding.In Brazil, exploration work for AGABM continued at the Cuiaba, Lamego and CdSproduction centers. During the second quarter, 20,170m were drilledcollectively in the surface and underground drilling programmes. Geologicalmodelling continued for near mine exploration targets. At Serra Grande, 12,935mof drilling were completed to infill and extend ore bodies near mineinfrastructure.In Colombia, drilling and Mineral Resource modelling to support thePre-Feasibility Study continued at the Gramalote Joint Venture. This included2,135m completed for Mineral Resource infill drilling and testing opportunitiesfor Mineral Resource addition. At La Colosa, drilling activities included6,295m completed for Mineral Resource infill and extension. Siteinvestigation, hydrology and geotechnical drilling programmes continued.At Sunrise Dam in Australia, exploration was focussed on Mineral Resourcedefinition and extension work, utilising two underground diamond drill rigs(8,960m) and one RC drill rig (5,574m). RC drilling was focussed on SunriseShear Zone Panel 4 and Sunrise Shear South, while diamond drilling focussed onVogue, Midway Shear Zone and Cosmo East. At Tropicana, design, permitting andsite preparation for the 3D seismic survey to image the mineralised zone downdip of Tropicana continued. The survey is expected to start in the thirdquarter of 2014 to help inform targeting of thicker zones of mineralisationbelow the current open pit designs and extents of existing drilling.During the second quarter, aircore drilling at the Tumbleweed prospect, 15kmnorth of Tropicana Gold Mine was completed. A limited campaign of RC drillingat the Highball prospect, 2km west of the mine, was also completed.Detailed information on the exploration activities and studies both forbrownfields and greenfields is available on the AngloGold Ashanti website (www.anglogoldashanti.com ).OUTLOOKProduction guidance is estimated to be broadly in line with the guidance of theprevious quarter of between 1,060kozs to 1,090kozs at total cash costs of $850/oz to $890/oz, assuming average exchange rates against the US dollar of 10.65(Rand), 2.28 (Brazil Real), 0.93 (Aus$) and 8.55 (Argentina Peso). Fuel isestimated at $110/bl.The production estimate factors' in the lost ounces due to the sale ofNavachab, winding down of production at Obuasi, Siguiri production levelsnormalizing and Tropicana recovering after resolving challenges with plantavailability in July. In addition, production losses following an earthquakenear the Vaal River Operation on 5 August, are preliminarily estimated at asmuch as 30,000oz, based on early assessments of damage to underground andsurface mining and power infrastructure, as well as the estimated time tosafely ramp up production to normal levels. Safety will not be compromised forproduction. AngloGold Ashanti retains the right to revise this guidance figure,should new information on the impacts of the seismic event come to light.Annual guidance remains intact, in line with the appropriate currencyforecasts.Other known or unpredictable factors could also have material adverse effectson our future results. Please refer to the Risk Factors section in AngloGoldAshanti's Form 20-F for the year ended 31 December 2013 that was filed with theUnited States Securities and Exchange Commission ("SEC") on 14 April 2014 andavailable on the SEC's homepage at http://www.sec.gov.Independent auditor's review report on the Condensed Consolidated FinancialInformation for the quarter and six months ended 30 June 2014 to theShareholders of AngloGold Ashanti LimitedWe have reviewed the condensed consolidated financial statements of AngloGoldAshanti Limited (the company) contained in the accompanying quarterly reportfrom pages 14 to 28, which comprise the accompanying condensed consolidatedstatement of financial position as at 30 June 2014, the condensed consolidatedincome statement, statement of comprehensive income, statement of changes inequity and statement of cash flows for the quarter and six months then ended,and selected explanatory notes.Directors' Responsibility for the Condensed Consolidated Financial StatementsThe directors are responsible for the preparation and presentation of thesecondensed consolidated financial statements in accordance with theInternational Financial Reporting Standard, (IAS) 34 Interim FinancialReporting as issued by the International Accounting Standards Board (IASB), theSAICA Financial Reporting Guides, as issued by the Accounting PracticesCommittee and Financial Reporting Pronouncements as issued by the FinancialReporting Standards Council, and the requirements of the Companies Act of SouthAfrica, and for such internal control as the directors determine is necessaryto enable the preparation of condensed consolidated financial statements thatare free from material misstatement, whether due to fraud or error.Auditor's ResponsibilityOur responsibility is to express a conclusion on these interim financialstatements based on our review. We conducted our review in accordance withInternational Standard on Review Engagements (ISRE) 2410, Review of InterimFinancial Information Performed by the Independent Auditor of the Entity. Thisstandard requires us to conclude whether anything has come to our attentionthat causes us to believe that the interim financial statements are notprepared in all material respects in accordance with the applicable financialreporting framework. This standard also requires us to comply with relevantethical requirements.A review of interim financial statements in accordance with ISRE 2410 is alimited assurance engagement. We perform procedures, primarily consisting ofmaking enquiries of management and others within the entity, as appropriate,and applying analytical procedures, and evaluate the evidence obtained.The procedures performed in a review are substantially less than and differ innature from those performed in an audit conducted in accordance withInternational Standards on Auditing. Accordingly, we do not express an auditopinion on these financial statements.ConclusionBased on our review, nothing has come to our attention that causes us tobelieve that the accompanying condensed consolidated financial statements ofthe company for the quarter and six months ended 30 June 2014 are not prepared,in all material respects, in accordance with International Financial ReportingStandard, (IAS) 34 Interim Financial Reporting as issued by the IASB, theSAICA Financial Reporting Guides as issued by the Accounting PracticesCommittee and Financial Reporting Pronouncements as issued by the FinancialReporting Standards Council and the requirements of the Companies Act of SouthAfrica.Ernst & Young Inc.Director - Roger HillenRegistered AuditorChartered Accountant (SA)102 Rivonia Road, SandtonJohannesburg, South Africa7 August 2014Group income statement Quarter Quarter Quarter Six Six months months ended ended ended ended ended June March June June June 2014 2014 2013 2014 2013US Dollar million Notes Reviewed Reviewed Reviewed Reviewed ReviewedRevenue 2 1,358 1,359 1,301 2,717 2,819Gold income 2 1,321 1,324 1,242 2,644 2,705Cost of sales 3 (1,064) (1,012) (1,012) (2,076) (2,040)(Loss) gain on non-hedge (5) (16) 100 (21) 100derivatives and othercommodity contractsGross profit 252 296 330 547 765Corporate administration, (20) (25) (57) (45) (123)marketing and other expensesExploration and evaluation (33) (30) (79) (62) (158)costsOther operating expenses 4 (7) (5) (10) (12) (11)Special items 5 (17) (7) (3,203) (24) (3,228)Operating profit (loss) 175 229 (3,019) 404 (2,755)Dividends received 2 - - - - 5Interest received 2 6 6 10 12 17Exchange (loss) gain (8) (6) 5 (14) -Finance costs and unwinding 6 (71) (71) (69) (142) (133)of obligationsFair value adjustment on (31) (70) - (101) -$1.25bn bondsFair value adjustment on - - - - 9option component ofconvertible bondsFair value adjustment on - - 175 - 312mandatory convertible bondsShare of associates and 7 (85) 19 (183) (66) (190)joint ventures' (loss)profit(Loss) profit before (14) 107 (3,081) 93 (2,735)taxationTaxation 8 (60) (62) 895 (121) 797(Loss) profit for the period (74) 45 (2,186) (28) (1,938)Allocated as follows:Equity shareholders (80) 39 (2,165) (41) (1,926)Non-controlling interests 6 6 (21) 13 (12) (74) 45 (2,186) (28) (1,938)Basic (loss) earnings per -20 10 (559) (10) (497)ordinary share (cents) (1)Diluted (loss) earnings per -20 10 (575) (10) (548)ordinary share (cents) (2)(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 six months ended 30 June2014 have been prepared by the corporate accounting staff of AngloGold AshantiLimited headed by Mr John Edwin Staples (BCompt (Hons); CGMA), the Group'sChief Accounting Officer. This process was supervised by Mr Richard Duffy(BCom; MBA), the Group's Chief Financial Officer and Mr SrinivasanVenkatakrishnan (BCom; ACA (ICAI)), the Group's Chief Executive Officer. Thefinancial statements for the quarter and six months ended 30 June 2014 werereviewed, but not audited, by the Group's statutory auditors, Ernst & YoungInc.Group statement of comprehensive income Quarter Quarter Quarter Six Six months months ended ended ended ended ended June March June June June 2014 2014 2013 2014 2013US Dollar million Reviewed Reviewed Reviewed Reviewed Reviewed(Loss) profit for the period (74) 45 (2,186) (28) (1,938)Items that will be reclassifiedsubsequently to profit or loss:Exchange differences on (8) (8) (191) (16) (340)translation of foreign operationsShare of associates and joint - 1 - 1 -ventures' other comprehensiveincomeNet gain (loss) on - 9 (12) 9 (26)available-for-sale financialassetsRelease on impairment of 1 - 13 1 25available-for-sale financialassetsDeferred taxation thereon - (4) - (4) 2 1 5 1 6 1Items that will not bereclassified subsequently toprofit or loss:Actuarial gain recognised 6 10 30 16 30Deferred taxation thereon (2) (2) (8) (4) (8) 4 8 22 12 22Other comprehensive (loss) income (3) 6 (168) 3 (317)for the period, net of taxTotal comprehensive (loss)income for the period, net oftax (77) 51 (2,354) (25) (2,255)Allocated as follows:Equity shareholders (83) 45 (2,333) (38) (2,243)Non-controlling interests 6 6 (21) 13 (12) (77) 51 (2,354) (25) (2,255)Rounding of figures may result incomputational discrepancies.Group statement of financial position As at As at As at As at June March December June 2014 2014 2013 2013US Dollar million Notes Reviewed Reviewed Audited ReviewedASSETSNon-current assetsTangible assets 4,955 4,885 4,815 4,659Intangible assets 270 269 267 281Investments in associates and joint 1,348 1,391 1,327 1,127venturesOther investments 144 141 131 130Inventories 602 617 586 590Trade and other receivables 23 25 29 34Deferred taxation 187 169 177 546Cash restricted for use 36 37 31 29Other non-current assets 56 50 41 7 7,621 7,584 7,404 7,403Current assetsOther investments - 1 1 -Inventories 1,002 1,016 1,053 1,068Trade and other receivables 356 380 369 450Cash restricted for use 18 14 46 34Cash and cash equivalents 604 525 648 415 1,980 1,936 2,117 1,967Non-current assets held for sale 14 - 158 153 137 1,980 2,094 2,270 2,104TOTAL ASSETS 9,601 9,678 9,674 9,507EQUITY AND LIABILITIESShare capital and premium 11 7,032 7,024 7,006 6,758Accumulated losses and other reserves (3,969) (3,884) (3,927) (3,552)Shareholders' equity 3,063 3,140 3,079 3,206Non-controlling interests 38 35 28 (14)Total equity 3,101 3,175 3,107 3,192Non-current liabilitiesBorrowings 3,619 3,569 3,633 2,212Environmental rehabilitation and 1,060 1,013 963 1,043other provisionsProvision for pension and 150 152 152 164post-retirement benefitsTrade, other payables and deferred 14 14 4 2incomeDeferred taxation 607 579 579 583 5,450 5,327 5,331 4,004Current liabilitiesBorrowings 187 235 258 1,281Trade, other payables and deferred 777 793 820 868incomeBank overdraft 4 22 20 31Taxation 82 67 81 74 1,050 1,117 1,179 2,254Non-current liabilities held for sale 14 - 59 57 57 1,050 1,176 1,236 2,311Total liabilities 6,500 6,503 6,567 6,315TOTAL EQUITY AND LIABILITIES 9,601 9,678 9,674 9,507Rounding of figures may result incomputational discrepancies.Group statement of cash flows Quarter Quarter Quarter Six Six months months Ended ended ended ended ended June March June June June 2014 2014 2013 2014 2013US Dollar million Reviewed Reviewed Reviewed Reviewed ReviewedCash flows from operatingactivitiesReceipts from customers 1,386 1,288 1,343 2,674 2,835Payments to suppliers and (1,016) (905) (1,147) (1,921) (2,230)employeesCash generated from operations 370 383 196 753 605Dividends received from joint - - - - 8venturesTaxation refund - 37 - 38 -Taxation paid (34) (70) (56) (104) (117)Net cash inflow from operating 336 350 140 687 496activitiesCash flows from investingactivitiesCapital expenditure (257) (220) (418) (477) (802)Interest capitalised and paid - - (3) - (7)Expenditure on intangible assets (3) - (20) (3) (33)Proceeds from disposal of 26 - 7 27 7tangible assetsOther investments acquired (22) (26) (24) (48) (56)Proceeds from disposal of other 20 24 22 43 49investmentsInvestments in associates and (11) (40) (124) (51) (274)joint venturesProceeds from disposal of - - 1 - 6associates and joint venturesLoans advanced to associates and (2) (4) (22) (6) (23)joint venturesLoans repaid by associates and - - 2 - 2joint venturesDividends received - - - - 5Proceeds from disposal of 105 - - 105 1subsidiaryCash in subsidiary disposed and 3 (1) - 2 -transfers to held for sale(Increase) decrease in cash (3) 26 (5) 23 (4)restricted for useInterest received 7 4 4 11 9Net cash outflow from investing (137) (237) (580) (374) (1,120)activitiesCash flows from financingactivitiesProceeds from borrowings 76 15 319 90 466Repayment of borrowings (132) (171) (72) (302) (168)Finance costs paid (43) (81) (62) (124) (100)Revolving credit facility and - - - - (5)bond transaction costsDividends paid (3) - (27) (3) (53)Net cash (outflow) inflow from (102) (237) 158 (339) 140financing activitiesNet increase (decrease) in cash 97 (124) (282) (26) (484)and cash equivalentsTranslation - (1) (15) (2) (25)Cash and cash equivalents at 503 628 680 628 892beginning of periodCash and cash equivalents at end 600 503 383 600 383of period (1)Cash generated from operations(Loss) profit before taxation (14) 107 (3,081) 93 (2,735)Adjusted for:Movement on non-hedge derivatives 6 16 (100) 21 (100)and other commodity contractsAmortisation of tangible assets 179 175 206 355 419Finance costs and unwinding of 71 71 69 142 133obligationsEnvironmental, rehabilitation 6 8 (15) 14 (22)and other expenditureSpecial items (9) 6 3,204 (5) 3,234Amortisation of intangible 9 9 8 17 9assetsFair value adjustment on $1.25bn 31 70 - 101 -bondsFair value adjustment on option - - - - (9)component of convertible bondsFair value adjustment on - - (175) - (312)mandatory convertible bondsInterest received (6) (6) (10) (12) (17)Share of associates and joint 85 (19) 183 66 190ventures' (profit) lossOther non-cash movements 27 13 8 42 14Movements in working capital (15) (67) (101) (81) (199) 370 383 196 753 605Movements in working capitalDecrease (increase) in 8 (10) (58) (1) (98)inventoriesDecrease (increase) in trade and 20 (36) (1) (16) 18other receivablesDecrease in trade, other (43) (21) (42) (64) (119)payables and deferred income (15) (67) (101) (81) (199)(1) The cash and cash equivalents balance at 30 June 2014 includes a bankoverdraft included in the statement of financial position as part of currentliabilities of $4m (31 March 2014 : $22m; 30 June 2013 : $31m) (September 2013:$25m).Rounding of figures may result in computational discrepancies. Share Cash Available capital Other Accumu- flow for and capital lated hedge saleUS Dollar million premium reserves losses reserve reserveBalance at 31 December 2012 6,742 177 (806) (2) 13Loss for the period (1,926)Other comprehensive income (loss) 1Total comprehensive (loss) income - - (1,926) - 1Shares issued 16Dividends paid (40)Dividends of subsidiariesTranslation (20) 10 (2)Balance at 30 June 2013 6,758 157 (2,762) (2) 12Balance at 31 December 2013 7,006 136 (3,061) (1) 18Loss for the period (41)Other comprehensive income (loss) 1 6Total comprehensive income (loss) - 1 (41) - 6Shares issued 26Share-based payment for share awards (5) net of exercisedDividends of subsidiariesTranslation 1Balance at 30 June 2014 7,032 132 (3,101) (1) 24Rounding of figures may result in computational discrepancies. Available Foreign Actuarial currency Non- (losses) translation controlling TotalUS Dollar million gains reserve Total interests equityBalance at 31 December 2012 (89) (562) 5,473 21 5,494Loss for the period (1,926) (12) (1,938)Other comprehensive income 22 (340) (317) (317)(loss)Total comprehensive (loss) 22 (340) (2,243) (12) (2,255)incomeShares issued 16 16Dividends paid (40) (40)Dividends of subsidiaries - (23) (23)Translation 12 - -Balance at 30 June 2013 (55) (902) 3,206 (14) 3,192Balance at 31 December 2013 (25) (994) 3,079 28 3,107Loss for the period (41) 13 (28)Other comprehensive income 12 (16) 3 3(loss)Total comprehensive income 12 (16) (38) 13 (25)(loss)Shares issued 26 26Share-based payment for share (5) (5)awards net of exercisedDividends of subsidiaries - (3) (3)Translation 1 (1) -Balance at 30 June 2014 (13) (1,010) 3,063 38 3,101Rounding of figures may result in computational discrepancies.Segmental reportingAngloGold Ashanti's operating segments are being reported based on thefinancial information provided to the Chief Executive Officer and the ExecutiveCommittee, collectively identified as the Chief Operating Decision Maker(CODM). Individual members of the Executive Committee are responsible forgeographic regions of the business. Quarter Quarter Six months Six months Six months ended ended ended ended ended Jun Mar Jun Jun Jun 2014 2014 2013 2014 2013 Reviewed Reviewed Reviewed Reviewed Reviewed US Dollar millionGold incomeSouth Africa 390 372 423 763 930Continental Africa 535 532 477 1,067 1,012Australasia 189 215 71 405 165Americas 305 310 337 614 732 1,419 1,429 1,308 2,848 2,839Equity-accounted (99) (105) (65) (204) (134)investments included above 1,321 1,324 1,242 2,644 2,705Gross profit (loss)South Africa 52 44 180 96 334Continental Africa 113 119 100 232 228Australasia 22 59 (30) 81 (27)Americas 68 92 100 160 277Corporate and other (4) (1) - (5) (5) 252 313 350 565 807Equity-accounted - (17) (20) (17) (43)investments included above 252 296 330 547 765Capital expenditureSouth Africa 68 51 123 119 223Continental Africa 121 127 221 249 429Australasia 24 27 100 51 201Americas 98 69 113 167 211Corporate and other - - - - 4 311 274 556 585 1,069Equity-accounted (52) (53) (117) (105) (215)investments included above 260 221 439 480 854 Quarter ended Six months ended Jun Mar Jun Jun Jun 2014 2014 2013 2014 2013 oz (000)Gold productionSouth Africa 319 290 307 609 634Continental Africa 395 374 343 769 619Australasia 155 155 50 310 111Americas 229 236 235 465 469 1,098 1,055 935 2,152 1,834 As at As at As at As at Jun Mar Dec Jun 2014 2014 2013 2013 Reviewed Reviewed Audited Reviewed US Dollar millionTotal assets (1)South Africa 2,303 2,311 2,325 2,446Continental Africa 3,311 3,478 3,391 3,401Australasia 1,073 1,059 1,108 1,104Americas 2,340 2,263 2,203 2,169Corporate and other 573 567 647 387 9,601 9,678 9,674 9,507(1) During the 2013 year, pre-tax impairments, derecognition of goodwill,tangible assets and intangible assets of $3,029m were accounted for in SouthAfrica ($311m), Continental Africa ($1,776m) and the Americas ($942m). Therewere no further impairments in the current period.Rounding of figures may result in computational discrepancies.Notesfor the quarter and six months ended 30 June 20141. Basis of preparationThe financial statements in this quarterly report have been prepared inaccordance with the historic cost convention except for certain financialinstruments which are stated at fair value. The group's accounting policiesused in the preparation of these financial statements are consistent with thoseused in the annual financial statements for the year ended 31 December 2013except for the adoption of new standards and interpretations effective1 January 2014.The financial statements of AngloGold Ashanti Limited have been prepared incompliance with IAS 34, IFRS as issued by the International AccountingStandards Board, the South African Institute of Chartered Accountants FinancialReporting Guides as issued by the Accounting Practices Committee, FinancialReporting Pronouncements as issued by Financial Reporting Standards Council,JSE Listings Requirements and in the manner required by the South AfricanCompanies Act, 2008 (as amended) for the preparation of financial informationof the group for the quarter and six months ended 30 June 2014.2. Revenue Quarter ended Six months ended Jun Mar Jun Jun Jun 2014 2014 2013 2014 2013 Reviewed Reviewed Reviewed Reviewed Reviewed US Dollar millionGold income 1,321 1,324 1,242 2,644 2,705By-products (note 3) 30 29 42 60 77Dividends received - - - - 5Royalties received (note 5) 1 1 6 2 16Interest received 6 6 10 12 17 1,358 1,359 1,301 2,717 2,8193. Cost of sales Quarter ended Six months ended Jun Mar Jun Jun Jun 2014 2014 2013 2014 2013 Reviewed Reviewed Reviewed Reviewed Reviewed US Dollar millionCash operating costs 861 762 825 1,624 1,611By-products revenue (note 2) (30) (29) (42) (60) (77) 831 733 783 1,564 1,534Royalties 34 37 30 71 67Other cash costs 9 8 11 16 20Total cash costs 874 778 824 1,651 1,621Retrenchment costs 3 6 4 9 8Rehabilitation and other non-cash 40costs 17 22 12 24Production costs 894 806 840 1,700 1,653Amortisation of tangible assets 179 175 206 355 419Amortisation of intangible assets 9 9 8 17 9Total production costs 1,082 990 1,053 2,073 2,081Inventory change (18) 22 (41) 4 (41) 1,064 1,012 1,012 2,076 2,0404. Other operating expenses Quarter ended Six months ended Jun Mar Jun Jun Jun 2014 2014 2013 2014 2013 Reviewed Reviewed Reviewed Reviewed Reviewed US Dollar millionPension and medical defined 4benefit provisions 2 2 7 11Claims filed by former employeesin respect of loss of employment,work-related accident injuriesand diseases, governmental fiscalclaims and care and maintenanceof old tailings operations 4 3 3 7 -Miscellaneous 1 - - 1 - 7 5 10 12 11Rounding of figures may result in computational discrepancies. 5. Special items Quarter ended Six months ended Jun Mar Jun Jun Jun 2014 2014 2013 2014 2013 Reviewed Reviewed Reviewed Reviewed Reviewed US Dollar millionNet impairment and derecognitionof goodwill, tangible assets andintangible assets (note 9) - - 2,982 - 2,983Impairment of other investments(note 9) 1 - 14 1 26Net (profit) loss on disposal andderecognition of land, mineralrights, tangible assets andexploration properties (note 9) (25) 2 (4) (23) (3)Royalties received (note 2) (1) (1) (6) (2) (16)Indirect tax expenses and legalclaims 12 - 28 12 31Inventory write-off due to fire atGeita - - - - 14Legal fees and other costs relatedto contract termination andsettlement costs 3 6 - 9 4Write-down of stockpiles and heapleach to net realisable value andother stockpile adjustments - - 178 - 178Corporate retrenchment costs - - 4 - 4Retrenchment and related costs 25 - - 25 -Write-off of a loan - - 7 - 7Loss on sale of Navachab (note 14) 2 - - 2 - 17 7 3,203 24 3,228The group reviews and tests the carrying value of its mining assets (includingore-stock piles) when events or changes in circumstances suggest that thecarrying amount may not be recoverable.For the quarter and six months ended 30 June 2014, no asset impairments orreversal of impairments were recognised.During the year ended 31 December 2013, impairment, derecognition of assets andwrite-down of inventories to net realisable value and other stockpileadjustments include the following:During June 2013, consideration was given to a range of indicators including adecline in gold price, increase in discount rates and reduction in marketcapitalisation. As a result, certain cash generating units' recoverableamounts, including Obuasi and Geita in Continental Africa, Moab Khotsong inSouth Africa and CC&V and AGA Mineração in the Americas, did not support theircarrying values and impairment losses of $3,029m were recognised during 2013.The indicators were re-assessed as at 31 December 2013 as part of the annualimpairment assessment cycle and the conditions that arose in June 2013 werelargely unchanged and no further cash generating unit impairments arose.In addition, net impairments of $162m were recognised on the entity'sinvestments in equity-accounted associates and joint ventures consideringquoted share prices, their respective financial positions and anticipateddeclines in operating results of these entities. Impairments to net realisablevalue of $178m were raised at 30 June 2013 and impairments of $38m were raisedat 31 December 2013 due to stockpile abandonments and other specificadjustments.6. Finance costs and unwinding of obligations Quarter ended Six months ended Jun Mar Jun Jun Jun 2014 2014 2013 2014 2013 Reviewed Reviewed Reviewed Reviewed Reviewed US Dollar millionFinance costs 64 64 54 128 103Unwinding of obligations,accretion of convertible bondsand other discounts 7 7 15 14 30 71 71 69 142 1337. Share of associates and joint ventures' (loss) profit Quarter ended Six months ended Jun Mar Jun Jun Jun 2014 2014 2013 2014 2013 Reviewed Reviewed Reviewed Reviewed Reviewed US Dollar millionRevenue 121 117 75 238 155Operating costs, special items (296)and other expenses (197) (99) (64) (135)Net interest received 1 2 2 3 1(Loss) profit before taxation (75) 20 13 (55) 21Taxation (4) (1) (9) (5) (17)(Loss) profit after taxation (79) 19 4 (60) 4Net impairment of investments inassociates and joint ventures (note 9) (6) - (187) (6) (194) (85) 19 (183) (66) (190)Rounding of figures may result in computational discrepancies.In July 2014, AngloGold Ashanti and other shareholders of Rand Refinery (Pty)Limited, an associate of the company, entered into an agreement with RandRefinery to provide an irrevocable, subordinated loan facility to the maximumvalue of R1.2 billion (US$113m). The facility allows for amounts to be advancedto Rand Refinery to finance the purchase of gold in the event that RandRefinery finally determines that a shortfall of 87 000 ounces of gold actuallyexists when comparing the physical inventory of Rand Refinery to the records ofamounts it holds on behalf of third parties.The facility, if drawn down, will be convertible to equity after a period of 2years on condition that all shareholders of Rand Refinery agree to theconversion.Due to the uncertainty around Rand Refinery's possible gold shortfall positionand the time it is taking to resolve the matter, Rand Refinery has been unableto complete its annual financial statements for the year ended 30 September2013. As a result, AngloGold Ashanti has adjusted its share of equity profitsaccounted for as part of its investment in Rand Refinery, and which is based onthe unaudited management accounts of Rand Refinery, with an estimate of itsshare of the probable losses at Rand Refinery of $51m related to the goldshortfall position.8. Taxation Quarter ended Six months ended Jun Mar Jun Jun Jun 2014 2014 2013 2014 2013 Reviewed Reviewed Reviewed Reviewed Reviewed US Dollar millionSouth African taxation Mining tax 10 14 (7) 24 10 Non-mining tax 1 (3) - (2) - Prior year under (over) 5provision 7 (2) 1 (1) Deferred taxationTemporary differences 2 (20) (69) (18) (59)Unrealised non-hedge derivativesand other commodity contracts (2) (4) 27 (6) 27 18 (15) (49) 3 (23)Foreign taxation Normal taxation 37 46 (15) 83 40 Prior year over provision (9) (3) - (12) - Deferred taxation(1)Temporary differences 14 33 (831) 47 (814) 42 77 (846) 118 (774) 60 62 (895) 121 (797)Included in temporary differences under Foreign taxation in 2013, is a taxcredit relating to impairments, derecognition of assets of $915m and write-downof inventories of $68m.9. Headline (loss) earnings Quarter ended Six months ended Jun Mar Jun Jun Jun 2014 2014 2013 2014 2013 Reviewed Reviewed Reviewed Reviewed Reviewed US Dollar millionThe (loss) profit attributable toequity shareholders has beenadjusted by the following toarrive at headline (loss)earnings:(Loss) profit attributable toequity shareholders (80) 39 (2,165) (41) (1,926)Net impairment and derecognitionof goodwill, tangible assets andintangible assets (note 5) - - 2,982 - 2,983Net (profit) loss on disposal andderecognition of land, mineralrights, tangible assets andexploration properties (note 5) (25) 2 (4) (23) (3)Loss on sale of Navachab (note14) 2 - - 2 -Impairment of other investments(note 5) 1 - 14 1 26Net impairment of investments inassociates and joint ventures(note 7) 6 - 187 6 194Taxation - current portion 7 - 1 7 1Taxation - deferred portion - (3) (902) (3) (903) (89) 38 112 (51) 372Headline (loss) earnings perordinary share (cents) (1) (22) 9 29 (13) 96Diluted headline (loss) earningsper ordinary share (cents) (2) (22) 9 (13) (13) 19(1) Calculated on the basic weighted average number of ordinary shares.(2) Calculated on the diluted weighted average number of ordinary shares.Rounding of figures may result in computational discrepancies.10. Number of shares Quarter ended Six months ended Jun Mar Jun Jun Jun 2014 2014 2013 2014 2013 Reviewed Reviewed Reviewed Reviewed ReviewedAuthorised number of shares:Ordinary shares of 25 SA cents each 600,000,000 600,000,000 600,000,000 600,000,000 600,000,000E ordinary shares of 25 SA cents each 4,280,000 4,280,000 4,280,000 4,280,000 4,280,000A redeemable preference shares of 50 SA cents each 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000B redeemable preference shares of 1 SA centEach 5,000,000 5,000,000 5,000,000 5,000,000 5,000,000Issued and fully paid number of shares:Ordinary shares in issue 403,364,237 403,087,362 383,781,042 403,364,237 383,781,042E ordinary shares in issue 690,984 697,896 1,592,308 690,984 1,592,308Total ordinary shares: 404,055,221 403,785,258 385,373,350 404,055,221 385,373,350A redeemable preference shares 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000B redeemable preference shares 778,896 778,896 778,896 778,896 778,896In calculating the basic and diluted number of ordinary shares outstanding forthe period, the following were taken into consideration:Ordinary shares 403,259,109 402,785,093 383,715,540 403,029,051 383,571,718E ordinary shares 699,769 704,108 1,599,076 698,794 1,604,681Fully vested options 2,030,986 2,477,845 1,735,734 2,420,030 2,059,490Weighted average number of shares 405,989,864 405,967,046 387,050,350 406,147,875 387,235,889Dilutive potential of share options - 1,185,208 - - -Dilutive potential of convertible bonds - - 18,140,000 - 18,140,000Diluted number of ordinary shares 405,989,864 407,152,254 405,190,350 406,147,875 405,375,88911. Share capital and premium As at Jun Mar Dec Jun 2014 2014 2013 2013 Reviewed Reviewed Audited Reviewed US Dollar MillionBalance at beginning of period 7,074 7,074 6,821 6,821Ordinary shares issued 21 13 259 16E ordinary shares issued and cancelled - - (6) -Sub-total 7,095 7,087 7,074 6,837Redeemable preference shares held withinthe group (53) (53) (53) (53)Ordinary shares held within the group - - (6) (10)E ordinary shares held within the group (10) (10) (9) (16)Balance at end of period 7,032 7,024 7,006 6,75812. Exchange rates Jun Mar Dec Jun 2014 2014 2013 2013 Unaudited Unaudited Unaudited UnauditedZAR/USD average for the year to date 10.67 10.82 9.62 9.18ZAR/USD average for the quarter 10.51 10.82 10.12 9.45ZAR/USD closing 10.63 10.52 10.45 9.94AUD/USD average for the year to date 1.09 1.12 1.03 0.99AUD/USD average for the quarter 1.07 1.12 1.08 1.01AUD/USD closing 1.06 1.08 1.12 1.08BRL/USD average for the year to date 2.30 2.36 2.16 2.03BRL/USD average for the quarter 2.23 2.36 2.27 2.07BRL/USD closing 2.20 2.26 2.34 2.20ARS/USD average for the year to date 7.83 7.60 5.48 5.12ARS/USD average for the quarter 8.05 7.60 6.07 5.24ARS/USD closing 8.13 8.00 6.52 5.37Rounding of figures may result in computational discrepancies.13. Capital commitments Jun Mar Dec Jun 2014 2014 2013 2013 Reviewed Reviewed Audited Reviewed US Dollar MillionOrders placed and outstanding on capitalcontracts at the prevailing rate ofexchange (1) 325 379 437 601(1) Includes capital commitments relating to associates and joint ventures.Liquidity and capital resourcesTo service the above capital commitments and other operational requirements,the group is dependent on existing cash resources, cash generated fromoperations and borrowing facilities.Cash generated from operations is subject to operational, market and otherrisks. Distributions from operations may be subject to foreign investment,exchange control laws and regulations and the quantity of foreign exchangeavailable in offshore countries. In addition, distributions from joint venturesare subject to the relevant board approval.The credit facilities and other finance arrangements contain financialcovenants and other similar undertakings. To the extent that externalborrowings are required, the group's covenant performance indicates thatexisting 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 thesefacilities can be refinanced.14. Non-current assets and liabilities held for saleEffective 30 April 2013, Navachab mine located in Namibia was classified asheld for sale. Navachab gold mine was previously recognised as a combinationof tangible assets, goodwill, current assets, current and long-termliabilities. On 10 February 2014, AngloGold Ashanti announced that it signed abinding agreement to sell Navachab to a wholly-owned subsidiary of QKRCorporation Ltd (QKR). The purchase consideration consists of two components:an initial cash payment and a deferred consideration in the form of a netsmelter return (NSR).On 30 June 2014, AngloGold Ashanti Limited announced that the sale had beencompleted in accordance with the sales agreement with all conditions precedentbeing met. A loss on disposal of $2m (note 5) was realised on the sale onNavachab.Navachab is not a discontinued operation and is not viewed as part of the coreassets of the company.15. Financial risk management activitiesBorrowingsThe $1.25bn bonds and the mandatory convertible bonds settled in September2013, are carried at fair value. The convertible bonds, settled 99.1% in August2013 and in full in November 2013, and rated bonds are carried at amortisedcost and their fair values are their closing market values at the reportingdate. The interest rate on the remaining borrowings is reset on a short-termfloating rate basis, and accordingly the carrying amount is considered toapproximate fair value. As at Jun Mar Dec Jun 2014 2014 2013 2013 Reviewed Reviewed Audited ReviewedCarrying amount 3,806 3,804 3,891 3,493Fair value 3,822 3,743 3,704 3,400DerivativesThe fair value of derivatives is estimated based on ruling market prices,volatilities, interest rates and credit risk and includes all derivativescarried in the statement of financial position.Embedded derivatives and the conversion features of convertible bonds areincluded as derivatives on the statement of financial position.The group uses the following hierarchy for determining and disclosing the fairvalue of financial instruments:Level 1: quote prices (unadjusted) in active markets for identical assetsor liabilities;Level 2: inputs other than quoted prices included in level 1 that areobservable for the asset or liability, either directly (as prices) orindirectly (derived from prices); andLevel 3: inputs for the asset or liability that are not based onobservable market data (unobservable inputs).The following tables set out the group's financial assets and liabilitiesmeasured 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 TotalUS Dollar million Jun 2014 Mar 2014Assets measured atfair valueAvailable-for-salefinancial assetsEquity securities 60 - - 60 60 - - 60Liabilitiesmeasured at fairvalueFinancialliabilities atfair value throughprofit or lossMandatoryconvertible bonds - - - - - - - -$1.25bn bonds 1,457 - - 1,457 1,400 - - 1,400 Rounding of figures may result in computational discrepancies. Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 TotalUS Dollar million Dec 2013 Jun 2013US Dollar millionAssets measured atfair valueAvailable-for-salefinancial assetsEquity securities 47 - - 47 42 2 - 44Liabilitiesmeasured at fairvalueFinancialliabilities atfair value throughprofit or lossMandatory - - - -convertible bonds 270 - - 270$1.25bn bonds 1,353 - - 1,353 - - - -16. ContingenciesAngloGold Ashanti's material contingent liabilities and assets at 30 June 2014and 31 December 2013 are detailed below:Contingencies and guarantees Dec Jun 2014 2013 Reviewed Audited US Dollar millionContingent liabilitiesGroundwater pollution (1) - -Deep groundwater pollution - Africa (2) - -Withholding taxes - Ghana (3) 30 28Litigation - Ghana (4) (5) (6) 97 97ODMWA litigation (7) 211 -Other tax disputes - AngloGold Ashanti Brasil MineraçãoLtda (8) 40 38VAT disputes - Mineração Serra Grande S.A.(9) 17 16Tax dispute - AngloGold Ashanti Colombia S.A.(10) 199 188Tax dispute - Cerro Vanguardia S.A.(11) 53 63Sales tax on gold deliveries - Mineração Serra GrandeS.A.(12) - 101Contingent assetsIndemnity - Kinross Gold Corporation (13) (11) (60)Royalty - Tau Lekoa Gold Mine (14) - -Royalty - Navachab Mine QKR (15) - -Financial GuaranteesOro Group (Pty) Limited (16) 9 10 645 481Groundwater pollution - AngloGold Ashanti Limited has identified groundwatercontamination plumes at certain of its operations, which have occurredprimarily as a result of seepage.Numerous scientific, technical and legalstudies have been undertaken toassist in determining the magnitude of thecontamination and to find sustainable remediation solutions. The group hasinstituted processes to reduce future potential seepage and it has beendemonstrated that Monitored Natural Attenuation (MNA) by the existingenvironment 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 addressthe soiland groundwater contamination. Subject to the completion of trials and thetechnology being a proven remediation technique, no reliable estimate can bemade for the obligation.Deepgroundwater pollution - The group has identified a floodingand futurepollution risk posed by deep groundwater in certain underground mines inAfrica. 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 mineslocated in these gold fields. As a result, in South Africa, the Mineral andPetroleum Resources Development Act (MPRDA) requires that the affected miningcompanies develop a Regional Mine Closure Strategy to be approved by theDepartment of Mineral Resources. In view of the limitation of currentinformation for the accurate estimation of a liability, no reliable estimatecan be made for the obligation.Withholding taxes - AngloGold Ashanti (Ghana) Limited (AGAG) received a taxassessment for the 2006 to 2008 and for the 2009 to 2011 tax years followingaudits by the tax authorities which related to variouswithholding taxesamounting to $30m (2013: $28m). Management is of the opinion that thewithholding taxes were not properly assessed and the company has lodged anobjection.Litigation - On 11 October 2011, AGAG terminated its commercial arrangements with Mining and Building Contractors Limited (MBC) relatingto certain underground development, construction on bulkheads and diamonddrilling services providedby MBC in respect of the Obuasi mine. On 8November 2012, as a result of this termination, AGAG and MBC concluded a separation agreement that specified the terms on which the parties agreedto sever their commercial relationship. On 23 July 2013, MBC commencedproceedings against AGAG in the High Court of Justice (Commercial Division) inAccra, Ghana, and served a writ of summons thatclaimed a total of approximately$97m in damages. MBC asserts variousclaims for damages, including, amongothers, as a result of the breach of contract, non-payment ofoutstandinghistorical indebtedness by AGAG and the demobilisation ofequipment, spare partsand materialacquired by MBC for the benefit of AGAG in connection withoperations at the Obuasi mine inGhana. MBC has also asserted various labourclaims on behalfof itself and certain of its former contractors andemployees atthe Obuasi mine. On 9 October 2013, AGAG filed a motion in court to refer theaction or a part thereof to arbitration. This motion was set to be heard on 25October 2013, however, on 24 October 2013, MBC filed a motion to discontinuetheaction with liberty to reapply. On 20 February 2014, AGAG was served with a newwrit for approximately $97m, as previously claimed. On 2 May 2014, the courtdismissed AGAG's application for stay of proceedings pending arbitration andordered AGAG to file its statement of defence within 14 days. On 15 May 2014AGAG filed a Notice of Appeal at the Court of Appeal. AGA further filed a Stayof Proceedings Pending Appeal at the High Court. On 11 May 2014, the High Courtgranted AGA's application for Stay of Proceedings pending appeal. AGAG awaitsthe record of proceedings to be transmitted to the Court of Appeal for theparties to file their written submissions.Litigation - AGAG received a summons on 2 April 2013 from Abdul Waliyu and 152others in which the plaintiffs allegethat they were or are residents of theObuasi municipality or its suburbs and that their health has been adversely affected by emission and/or other environmental impacts arising inconnection with the current and/or historical operations of the PomporaTreatment Plant (PTP) which was decommissioned in 2000. The claim is to awardgeneraldamages, special damages for medical treatment and punitive damages, aswell as several orders relating to the operation of the PTP. The plaintiffssubsequently amended their writ to include their respective addresses. AGAGfiled a defence to the amended writ on 16 July 2013 and are awaiting theplaintiffs to apply for directions. In view of the limitation ofcurrentinformation for the accurate estimation of a liability, noreliableestimate can be made for the obligation.Litigation - five executive members of the PTP (AGA) Smoke EffectAssociation (PASEA) sued AGAG on 24 February 2014 in their personal capacity and on behalf of the members of PASEA. The plaintiffs claim that they were residents of Tutuka, Sampsonkrom, Anyimadukrom, Kortkortesua, Abomperkrom, and PTP Residential Quarters, all suburbs of Obuasi, in close proximity to the now decommissioned Pompara TreatmentPlant (PTP). The plaintiffs claim they have been adversely affected by theoperations of the PTP. In view of the limitation of current information forthe accurate estimation of a liability, no reliable estimate can be made forthe obligation.Occupational Diseases in Mines and Works Act (ODMWA) litigation - On 3 March2011, in Mankayi vs. AngloGold Ashanti, the Constitutional Court of SouthAfrica held that section 35(1) of the Compensation for Occupational Injuriesand Diseases Act, 1993 does not cover an "employee" who qualifies forcompensation in respect of "compensable diseases" under the OccupationalDiseases in Mines and Works Act, 1973 (ODMWA). Thisjudgement allows suchqualifying employee to pursue a civil claim for damages against the employer.Following the Constitutional Courtdecision, AngloGold Ashanti has becomesubject to numerous claims relating to silicosis and other Occupational LungDiseases (OLD), including several potential class actions and individualclaims.For example, on or about 21 August 2012, AngloGold Ashanti was served with an application instituted by Bangumzi Bennet Balakazi ("the BalakaziAction") and others in which the applicants seek an order declaring that allmine workers (former or current) who previously worked or continue to work inspecified South African gold mines for the period owned by AngloGold Ashantiand who have silicosis or other OLD constitute members of a class for thepurpose of proceedingsfor declaratory relief and claims for damages. In theevent the class is certified, such class of workers would be permitted toinstitute actions by way of a summons against AngloGold Ashanti for amounts asyet unspecified. On 4 September 2012, AngloGold Ashanti delivered its noticeof intention to defend this application. AngloGold Ashanti also delivered aformal request for additional information that it requires to prepare itsaffidavits in respect to the allegations and the requestfor certification of aclass.In addition, on or about 8 January 2013, AngloGold Ashanti and itssubsidiaryFree State Consolidated Gold Mines (Operations) Limited, alongside other mining companies operating in South Africa, were served with another application to certify a class ("the Nkala Action"). The applicants in the case seek to have the court certify two classes namely: (i) current and former mineworkers who have silicosis (whether or not accompanied by any other disease) and who work or have worked oncertain specified gold mines at any time from 1 January 1965 to date; and(ii) the dependants of mineworkers who died as a result of silicosis(whether or not accompanied by any other disease) and who worked on these gold mines at any time after 1 January 1965. AngloGoldAshantifiled a notice of intention to oppose the application.On 21 August 2013, an application was served on AngloGold Ashanti for theconsolidation of the Balakazi Action and the Nkala Action, as well as arequest for an amendment to change the scope of the classes the court wasrequested to certify in the previous applications that were initiated. The applicants now request certification oftwo classes (the "silicosis class"and the "tuberculosis class"). The silicosis class would consist of certaincurrent and former mineworkers who have contracted silicosis, and the dependants of certain deceased mineworkers who have died of silicosis(whether or notaccompanied by any other disease). The tuberculosis class wouldconsist of certain current and former mineworkers whohave or had contractedpulmonarytuberculosis and the dependants of certain deceased mineworkerswhodied of pulmonary tuberculosis (but excluding silico-tuberculosis). On 30May 2014 AngloGold Ashanti submitted its answering affidavit.In October 2012, AngloGoldAshanti received a further 31 individual summonsesand particulars of claim relating to silicosis and/or other OLD. The totalamount claimed in the 31 summonses is approximately $7 million. On 22 October2012, AngloGoldAshanti filed a notice of intentionto oppose these claims andtook legal exception to the summonses on the groundthat certain particularsofclaim were unclear. On 4 April 2014, the High Court of South Africa dismissedthese exceptions and on 25 April 2014, AngloGold Ashanti filed its pleas inthis matter. The company will continue to defend these cases on their merits.On or about 3 March 2014, AngloGold Ashanti received an additional 21individual summonses and particulars of claim relating to silicosis and/orother OLD. The total amount claimed in the 21 summonses is approximately $4.5million. AngloGold Ashanti has filed a notice of intention to oppose theseclaims. On 2 May 2014 AngloGold Ashanti filed a notice taking legal exceptionto the summonses on the ground that certain particulars of claim were unclear.The court date has not yet been set to hear the exceptions.On or about 24 March 2014, AngloGold Ashanti received a further 686 individualsummonses and particulars of claim relating to silicosis and/or other OLD. Thetotal amount claimed in the 686 summonses is approximately $109 million.AngloGold Ashanti has filed a notice of intention to oppose these claims. On15 May 2014 AngloGold Ashanti filed a notice taking legal exception to thesummonses on the ground that certain particulars of claim were unclear. Thecourt date has not yet been set to hear the exceptions.On or about 1 April 2014, AngloGold Ashanti received a further 518 individualsummonses and particulars of claim relating to silicosis and/or other OLD. Thetotal amount claimed in the 518 summonses isapproximately $90 million.AngloGold Ashanti has filed a notice of intention to oppose these claims. On15 May 2014 AngloGold Ashanti filed a notice taking legal exception to thesummonses on the ground that certain particulars of claim were unclear. Thecourt date has not yet been set to hear the exceptions.It is possible that additional class actions and/or individual claims relating to silicosis and/or other OLD will be filed against AngloGoldAshanti in the future. AngloGoldAshanti will defend all current andsubsequently filed claims on their merits. Should AngloGold Ashanti beunsuccessfulin defending any such claims, or in otherwise favourably resolvingperceived deficiencies in the national occupational disease compensationframework that were identified in the earlierdecision by the ConstitutionalCourt, such matters would have an adverse effect on its financial position, which could be material. The company isunable to reasonably estimate itsshare of the amounts claimed.Other tax disputes - In November 2007, the Departamento Nacional deProdução Mineral (DNPM), a Brazilian federal mining authority, issued atax assessment against AngloGold Ashanti Brazil Mineração Ltda (AABM) in theamount of $21m (2013:$19m) relating to the calculation and payment by AABM ofthe financial contribution on mining exploitation (CFEM) in the period from1991 to 2006. AngloGold Ashanti Limited's subsidiaries in Brazil are involvedin 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$19m (2013:$19m). Management isof the opinionthat these taxes are notpayable.VAT disputes- MSG received a tax assessment inOctober 2003 from the State ofMinas Gerais related to VAT on gold bullion transfers. The tax administratorsrejected the company's appeal againstthe assessment. The company is nowappealing the dismissal of the case. The assessment is approximately $17m(2013: $16m).Tax dispute - AngloGold Ashanti Colombia S.A. (AGAC) received notice from theColombian Tax Office (DIAN) that it disagreed with the company's tax treatmentof certain items in the 2011 and 2010 income tax returns. On 23 October 2013AGAC received the official assessments from the DIAN which established that anestimated additional tax of $35m (2013: $35m) will be payable if the taxreturns are amended. Penalties and interest for the additional taxes are expected to be $164m (2013: $153m), based on Colombian tax law. Thecompany believes thatit has applied the tax legislation correctly. AGACrequested in December 2013 that DIAN reconsider itsdecision and the company hasbeen officially notified that DIAN will review its earlier ruling.This reviewis anticipated to take twelve months, at the endof which AGAC may file suit ifthe ruling is not reversed.Tax dispute - On 12 July 2013, Cerro Vanguardia S.A. received a notification from the Argentina Tax Authority requesting corrections tothe 2007, 2008 and 2009 income tax returns of about $15m (2013: $18m) relatingto the non-deduction of tax losses previously claimed on hedge contracts.Penalties and interest on the disputed amounts are estimated at a further $38m(2013: $45m). A new notification was received on 16 July 2014 from the taxauthorities that disallowed arguments from CVSA's initial response. CVSA willfile another response and has until the middle of August 2014 to do so.Management is of the opinionthat the taxes are not payable.Sales tax on gold deliveries - In 2006, Mineração Serra Grande S.A. (MSG),received two tax assessments from the State of Goiás related to the payments ofstate sales taxes at the rate of 12% on gold deliveries for export from oneBrazilian state to another during the period from February 2004 to the end ofMay 2006. The first and second assessments were approximately $62m and $39m asat 31 December 2013, respectively. Various legal proceedings have taken placeover the years with respect to this matter, as previously disclosed. On 5 May2014, the State of Goiás published a law which enables companies to settleoutstanding tax assessments of this nature. Under this law, MSG settled the twoassessments in May 2014 by paying $14m in cash and by utilising $29m ofexisting VAT credits. The utilisation of the VAT credits is subject to legalconfirmation from the State of Goiás within 180 days from the settlementagreement date. Management has concluded that the likelihood of the State ofGoiás declining the utilisation of the VAT credits or part thereof is remote. The cash settlement is further set off by an indemnity from Kinross of $6m.Indemnity - As part of the acquisition by AngloGold Ashanti Limited of theremaining 50% interest inMSG during June 2012, Kinross Gold Corporation(Kinross)has provided an indemnity to a maximum amount of BRL255m against thespecific exposures discussed in item 9 above. At 30 June 2014, the company hasestimated that the maximum contingentasset is $11m (2013: $60m).Royalty- As a result of the sale of the interest in the Tau Lekoa Gold Mineduring 2010, the group is entitled to receive a royalty on the production of atotal of 1.5Moz by the Tau Lekoa Gold Mine and in the event that the average monthly rand price of gold exceeds R180,000/kg (subject to an inflation adjustment). Where the average monthly rand price of gold does not exceed R180,000/kg (subject to an inflation adjustment), the ouncesproducedin that quarter do not count towards the total 1.5Moz upon which theroyalty is payable. The royalty is determined at 3% of the net revenue(being gross revenue less state royalties) generated by the Tau Lekoa assets.Royalties on 455,765oz (2013: 413,246oz) produced have been received to date.Royalty- As a result of the sale of Navachab, AngloGold Ashanti will receive anet smelter return paid quarterly for seven years from 1 July 2016, determinedat 2% of ounces sold during the relevant quarter subject to a minimum averagegold price of $1,350 and capped at a maximum of 18,750 ounces sold per quarter.Provisionof surety - The company has providedsurety in favour of a lender on agold loan facility with its associate Oro Group (Pty) Limited andone of itssubsidiaries to a maximum value of $9m (2013: $10m). The probability of thenon- performance under the suretyships is considered minimal. The suretyshipagreements have a termination notice period of 90 days.17. Concentration of tax risk There is a concentration of tax risk in respect of recoverable valueadded tax, fuel duties and appeal deposits from the Tanzanian government. The recoverable value added tax, fuel duties and appeal deposits aresummarised as follows: Jun 2014 US Dollar millionRecoverable fuel duties (1) 10Recoverable value added tax 30Appeal deposits 4Fuel duty claims are required to be submitted after consumption of the relatedfuel and are subject to authorisation by the Customs and Excise authorities.18. Borrowings AngloGold Ashanti's borrowings are interest bearing.19. AnnouncementsCompletion of the sale of the Navachab Mine: on 1 July 2014, AngloGold Ashantiannounced it had, on 30 June 2014, completed the sale of AngloGold AshantiNamibia (Proprietary) Limited, a wholly owned subsidiary which owns theNavachab Gold Mine, to QKR Corporation Limited. The transaction was announcedon 10 February 2014.Appointment of new Chief Financial Officer: On 7 July 2014, AngloGold Ashantiannounced that Ms Christine Ramon will be taking over the post of ChiefFinancial Officer and Executive Director of the board from 1 October 2014.Rand Refinery and Corporate Update: on 25 July 2014, AngloGold Ashanti drewshareholders attention to an announcement by Rand Refinery (Pty) Limitedregarding a loan facility extended to it by certain of its shareholders(including AngloGold Ashanti which owns 42.4% of the refinery), as aprecautionary measure. This follows challenges encountered in theimplementation of a new Enterprise Resource Planning system at the refinery.AngloGold Ashanti recorded a provision of $51m during the second quarter.In addition, AngloGold Ashanti noted that costs incurred in the previouslyannounced closure of the Yatela mine in Mali, and ongoing restructuring at itsObuasi mine in Ghana, impacted earnings for the second quarter.Update on South Africa Earthquake: On 6 August 2014, AngloGold Ashanticonfirmed that each one of the 3,300 people working underground at its GreatNoligwa and Moab Khotsong mines early in the morning on 5 August 2014, when a5.3 magnitude earthquake struck South Africa's North West province, were safelyhoisted to surface. Twenty-eight employees who sustained minor injuries as aresult of the event received medical treatment.20. Subsequent eventsOn 17th July 2014, AngloGold Ashanti Holdings plc cancelled its 2012 US$1bnRevolving Credit Facility and signed a new 5 year US$1bn Revolving CreditFacility. The facility is currently undrawn.On 25 July 2014, AngloGold Ashanti Australia Limited signed a new 5 year A$500mRevolving Credit Facility which replaces the existing A$600m Revolving CreditFacility, which was due to mature in December 2015.By order of the BoardS M PITYANA S VENKATAKRISHNANChairman Chief Executive Officer7 August 2014Non-GAAP disclosureFrom 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 thebusiness and may provide users of this financial information with additionalmeaningful comparisons between current results and results in prior operatingperiods. Non-GAAP financial measures should be viewed in addition to, and notas an alternative to, the reported operating results or any other measure ofperformance prepared in accordance with IFRS. In addition, the presentation ofthese measures may not be comparable to similarly titled measures that othercompanies use.A Adjusted headline (loss) earnings Quarter ended Six months ended Jun Mar Jun Jun Jun 2014 2014 2013 2014 2013 Unaudited Unaudited Unaudited Unaudited Unaudited US Dollar million Headline (loss) earnings (89) 38 112 (51) 372 (note 9) Loss (gain) on unrealised 5 16 (100) 21 (100) non-hedge derivatives and other commodity contracts Deferred tax on unrealised (2) (4) 27 (6) 27 non-hedge derivatives and other commodity contracts (note 8) Fair value adjustment on 31 70 - 101 - $1.25bn bonds Fair value adjustment on - - - - (9) option component of convertible bonds Fair value adjustment on - - (175) - (312) mandatory convertible bonds Provision for losses in 51 - - 51 - associate Adjusted headline (loss) (4) 119 (135) 115 (23) earnings Adjusted headline (loss) (1) 29 (35) 28 (6) earnings per ordinary share (cents) (1) (1) Calculated on the basic weighted average number of ordinary shares.B Adjusted gross profit Quarter ended Six months ended Jun Mar Jun Jun Jun 2014 2014 2013 2014 2013 Unaudited Unaudited Unaudited Unaudited Unaudited US Dollar million Reconciliation of gross profit to adjusted gross profit: Gross profit 252 296 330 547 765 Loss (gain) on unrealised 5 16 (100) 21 (100) non-hedge derivatives and other commodity contracts Adjusted gross profit 257 312 231 568 665C Price received Quarter ended Six months ended Jun Mar Jun Jun Jun 2014 2014 2013 2014 2013 Unaudited Unaudited Unaudited Unaudited Unaudited US Dollar million / Imperial Gold income (note 2) 1,321 1,324 1,242 2,644 2,705 Adjusted for (22) (20) (17) (41) (40) non-controlling interests 1,299 1,304 1,225 2,603 2,665 Realised loss on other 4 5 7 9 14 commodity contracts Associates and joint 99 106 65 204 134 ventures' share of gold income including realised non-hedge derivatives Attributable gold income 1,402 1,415 1,297 2,816 2,814 including realised non-hedge Derivatives Attributable gold sold - 1,087 1,097 912 2,184 1,840 oz (000) Price received per unit - $ 1,289 1,290 1,421 1,289 1,529 /oz Rounding of figures may result in computational discrepancies.D All-in sustaining costs 1 Quarter ended Six months ended Jun Mar Jun Jun Jun 2014 2014 2013 2014 2013 Unaudited Unaudited Unaudited Unaudited Unaudited US Dollar million / Imperial Cost of sales (note 3) 1,064 1,012 1,012 2,076 2,040 Amortisation of tangible (188) (184) (214) (372) (428) and intangible assets (note 3) Adjusted for 2 2 1 5 3 decommissioning amortisation Inventory writedown to net - - 178 - 178 realisable value and other stockpile adjustments (note 5) Corporate administration 19 25 57 44 122 and marketing related to current operations Associates and joint 72 68 44 141 91 ventures' share of costs Sustaining exploration and 8 10 33 18 64 study costs Total sustaining capex 205 174 271 378 515 All-in sustaining costs 1,183 1,107 1,383 2,290 2,585 Adjusted for (21) (17) (17) (38) (36) non-controlling interests and non -gold producing companies All-in sustaining costs 1,162 1,090 1,366 2,252 2,549 adjusted for non-controlling interests and non-gold producing companies Adjusted for stockpile (9) - (178) (9) (178) write-offs All-in sustaining costs 1,153 1,090 1,188 2,243 2,371 adjusted for non-controlling interests, non-gold producing companies and stockpile write-offs All-in sustaining costs 1,183 1,107 1,383 2,290 2,585 Non-sustaining project 107 100 285 207 554 capital expenditure Technology improvements 5 4 2 9 4 Non-sustaining exploration 23 21 51 43 103 and study costs Corporate and social 6 5 11 12 12 responsibility costs not related to current operations All-in costs 1,324 1,237 1,731 2,561 3,258 Adjusted for (19) (14) (21) (33) (44) non-controlling interests and non -gold producing companies All-in costs adjusted for 1,305 1,223 1,710 2,528 3,215 non-controlling interests and non-gold producing companies Adjusted for stockpile (9) - (178) (9) (178) write-offs All-in costs adjusted for 1,296 1,223 1,532 2,519 3,037 non-controlling interests, non-gold producing companies and stockpile write-offs Gold sold - oz (000) 1,087 1,097 912 2,184 1,840 All-in sustaining cost 1,060 993 1,302 1,027 1,288 (excluding stockpile write-offs) per unit - $/oz All-in cost per unit 1,192 1,114 1,679 1,153 1,650 (excluding stockpile write-offs) - $/oz 1 Refer to note J Summary of Operations by MineE Total costs 2 Total cash costs (note 3) 874 778 824 1,651 1,621 Adjusted for (24) (34) (28) (58) (67) non-controlling interests, non-gold producing companies and other Associates and joint 68 68 44 137 90 ventures' share of total cash costs Total cash costs adjusted 918 812 840 1,730 1,644 for non-controlling interests and non-gold producing companies Retrenchment costs (note 3) 3 6 4 9 8 Rehabilitation and other 17 22 12 40 24 non-cash costs (note 3) Amortisation of tangible 179 175 206 355 419 assets (note 3) Amortisation of intangible 9 9 8 17 9 assets (note 3) Adjusted for 8 (4) (4) 4 (10) non-controlling interests and non-gold producing companies Equity-accounted associates 31 22 1 52 4 and joint ventures' share of production costs Total production costs 1,165 1,042 1,066 2,207 2,098 adjusted for non-controlling interests and non-gold producing companies Gold produced - oz (000) 1,097 1,055 935 2,152 1,834 Total cash cost per unit - 836 770 898 804 896 $/oz Total production cost per 1,061 988 1,141 1,026 1,144 unit - $/oz 2 Refer to note J for Summary of Operations by mine Rounding of figures may result in computational discrepancies.F Adjusted EBITDA Quarter ended Six months ended Jun Mar Jun Jun Jun 2014 2014 2013 2014 2013 Unaudited Unaudited Unaudited Unaudited Unaudited US Dollar million / Imperial (Loss) profit on ordinary (14) 107 (3,081) 93 (2,735) activities before taxation Add back : Finance costs and unwinding 71 71 69 142 133 of obligation Interest received (6) (6) (10) (12) (17) Amortisation of tangible 188 184 214 372 428 and intangible assets (note 3) Adjustments : Dividend received (note 2) - - - - (5) Exchange gain (loss) 8 6 (5) 14 - Fair value adjustment on - - (175) - (312) the mandatory convertible bonds Fair value adjustment on - - - - (9) option component of convertible bonds Fair value adjustment on 31 70 - 101 - $1.25bn bonds Net impairment and - - 2,982 - 2,983 derecognition of goodwill, tangible and intangible assets (note 5) Impairment of other 1 - 14 1 26 investments (note 5) Write-down of stockpiles - - 178 - 178 and heap leach to net realisable value and other stockpile adjustments (note 5) Write-off of loan (note 5) - - 7 - 7 Retrenchments at mining 3 6 4 9 8 operations (note 3) Retrenchment and related 31 - - 31 - costs Net (profit) loss on (25) 2 (4) (23) (3) disposal and derecognition of assets (note 5) Loss (gain) on unrealised 5 16 (100) 21 (100) non-hedge derivatives and other commodity contracts Associates and joint 6 - 187 6 194 ventures' exceptional expense Associates and joint 83 20 9 103 20 ventures' - adjustments for amortisation, interest, taxation and other. Adjusted EBITDA 382 476 288 858 796G Interest cover Adjusted EBITDA (note F) 382 476 288 858 796 Finance costs (note 6) 64 64 54 128 103 Capitalised finance costs - - 3 - 7 64 64 57 128 110 Interest cover - times 6 7 5 7 7H Net asset value - cents per share As at As at As at As at Jun Mar Dec Jun 2014 2014 2013 2013 Unaudited Unaudited Unaudited Unaudited US Dollar million Total equity 3,101 3,175 3,107 3,192 Mandatory convertible bonds - - - 270 3,101 3,175 3,107 3,462 Number of ordinary shares 404 404 403 385 in issue - million (note 10) Net asset value - cents per 767 786 770 898 share Total equity 3,101 3,175 3,107 3,192 Mandatory convertible bonds - - - 270 Intangible assets (270) (269) (267) (281) 2,831 2,906 2,840 3,181 Number of ordinary shares 404 404 403 385 in issue - million (note 10) Net tangible asset value - 701 720 704 825 cents per shareI Net debt Borrowings - long-term 3,619 3,569 3,633 2,212 portion Borrowings - short-term 187 235 258 1,011 portion Bank overdraft 4 22 20 31 Total borrowings (1) 3,810 3,826 3,911 3,254 Corporate office lease (24) (24) (25) (26) Unamortised portion of the 25 (3) 2 34 convertible and rated bonds Fair value adjustment on (159) (128) (58) - $1.25bn bonds Cash restricted for use (54) (51) (77) (63) Cash and cash equivalents (604) (525) (648) (415) Net debt excluding 2,994 3,095 3,105 2,784 mandatory convertible bonds(1) Borrowings exclude the mandatory convertible bonds (note H).Rounding of figures may result in computational discrepancies.J Summary of Operations by Mine For the three months ended 30 June 2014 Operations in South Africa (in $ millions, except as otherwise noted) Great Moab Tau Surface South Total South Noligwa Kopanang Khotsong Mponeng Tona operations Africa Africa Corporate other (Operations) All-in sustaining costs Cost of sales per financial statements 25 51 53 80 63 61 - 333 3 Amortisation of tangible and intangible assets (2) (12) (13) (19) (14) (8) 1 (67) (2) Corporate administration and marketing related to current operations - - - - - - - - 20 Total sustaining capital expenditure 3 7 9 18 11 12 (1) 59 1 All-in sustaining costs 26 46 49 79 60 65 - 325 22 All-in sustaining costs adjusted for non-controlling interests and non-gold producing companies 26 46 49 79 60 65 - 325 22 All-in sustaining costs adjusted for non-controlling interests, non-gold producing companies and stockpile write-offs 26 46 49 79 60 65 - 325 22 All-in sustaining costs 26 46 49 79 60 65 - 325 22 Non-sustaining Project capex - - 1 8 - - - 9 - Technology improvements - - - - - - 5 5 - Non-sustaining exploration and study costs - - - - - - - - 1 Corporate and social responsibility costs not related to current operations - - - - - - - - 2 All-in costs 26 46 50 87 60 65 5 339 25 Adjusted for non-controlling interests and non -gold producing companies(1) - - - - - - - - (1) All-in sustaining costs adjusted for non-controlling interests and non-gold producing companies 26 46 50 87 60 65 5 339 24 All-in sustaining costs adjusted for non-controlling interests, non-gold producing companies and stockpile write-offs 26 46 50 87 60 65 5 339 24 Gold sold - oz (000)(3) 21 39 57 85 53 52 - 306 - All-in sustaining cost (excluding stockpile write-offs) per unit - $/oz(4) 1,206 1,193 880 927 1,135 1,258 - 1,064 - All-in cost per unit (excluding stockpile write-offs) - $/oz (4) 1,206 1,193 892 1,020 1,135 1,258 - 1,109 - (1) Adjusting for non-controlling interest of items included in calculation, to disclose the attributable portions only. Other consists of heap leach inventory. (2) Attributable costs and related expenses of associates and equity accounted joint ventures are included in the calculation of total cash costs per ounce and total production costs per ounce. (3) Attributable portion. (4) In addition to the operational performances of the mines, all-in sustaining cost per ounce, all-in cost per ounce, total cash costs per ounce and total production costs per ounce are affected by fluctuations in the currency exchange rate. AngloGold Ashanti reports all-in sustaining cost per ounce and all-in cost per ounce calculated to the nearest US dollar amount and gold sold in ounces. AngloGold Ashanti reports total cash costs per ounce and total production costs per ounce calculated to the nearest US dollar amount and gold produced in ounces. (5) Corporate includes non-gold producing subsidiaries. (6) Total cash costs per ounce calculation includes heap-leach inventory change. For the three months ended 30 June 2014 Operations in South Africa (in $ millions, except as otherwise noted) Great Moab Surface South Total South Corporate Noligwa Kopanang Khotsong Mponeng TauTona operations Africa Africa (5) other (Operations) Total cash costs Total cash costs per financial statements 23 41 42 63 51 56 (1) 275 1 Adjusted for non-controlling interests, non-gold producing companies and other(1) - - - - - - - - - Associates and equity accounted joint ventures' share of total cash costs(2) - - - - - - - - - Total cash costs adjusted for non-controlling interests and non-gold producing companies 23 41 42 63 51 56 (1) 275 1 Retrenchment costs - - - 1 1 - 1 3 - Rehabilitation and other non-cash costs - - - 1 - - 1 2 (1) Amortisation of tangible assets 2 11 12 17 13 8 (1) 62 1 Amortisation of intangible assets - 1 1 1 1 1 - 5 1 Adjusted for non-controlling interests, non-gold producing companies(1) - - - - - - - - (1) Associates and equity accounted joint ventures' share of total cash costs(2) - - - - - - - - 1 Total cash costs adjusted for non-controlling interests and non-gold producing companies 25 53 55 83 66 65 - 347 2 Gold produced - oz (000) (3) 22 40 59 88 56 55 - 319 - Total cash costs per unit - $/oz (4) 1,060 1,021 707 714 923 1,016 - 863 - Total production costs per unit - $/oz(4) 1,186 1,331 937 941 1,195 1,171 - 1,089 - For the three months ended 30 June 2014 Operations in DRC, Ghana, Guinea, Mali, Namibia and Tanzania (in $ millions, except as otherwise noted) DRC GHANA GUINEA MALI NAMIBIA TANZANIA Continental TOTAL Africa CONTINENTAL other AFRICA Kibali Iduapriem Obuasi Siguiri Morila Sadiola Yatela Navachab Geita All-in sustaining costs Cost of sales per financial statements - 49 81 91 - - - 12 89 2 324 Amortisation of tangible and intangible assets - (7) (4) (8) - - - - (16) (1) (36) Adjusted for decoissioning amortisation - - - 1 - - - - - - 1 Associates and equity accounted joint ventures' share of costs(2) 28 - - - 12 26 7 - - (1) 72 Sustaining exploration and study costs - - - - - - - - - 1 1 Total sustaining capital expenditure - 3 16 9 - 2 - 1 29 - 60 All-in sustaining costs 28 45 93 93 12 28 7 13 102 1 422 Adjusted for non-controlling interests and non -gold producing companies(1) - - - (14) - - - - - (0) (14) All-in sustaining costs adjusted for non-controlling interests and non-gold producing companies 28 45 93 79 12 28 7 13 102 1 408 Adjusted for stockpile write-offs - - - - - - - (2) (7) - (9) All-in sustaining costs adjusted for non-controlling interests, non-gold producing companies and stockpile write-offs 28 45 93 79 12 28 7 11 95 1 399 All-in sustaining costs 28 45 93 93 12 28 7 13 102 1 422 Non-sustaining Project capex 49 - 12 - - - - - - - 61 Non-sustaining exploration and study costs 1 - - 2 - - - - - - 3 All-in costs 78 45 105 95 12 28 7 13 102 1 486 Adjusted for non-controlling interests and non -gold producing companies(1) - - - (14) - - - - - - (14) All-in sustaining costs adjusted for non-controlling interests and non-gold producing companies 78 45 105 81 12 28 7 13 102 1 472 Adjusted for stockpile write-offs - - - - - - - (2) (7) - (9) All-in sustaining costs adjusted for non-controlling interests, non-gold producing companies and stockpile write-offs 78 45 105 81 12 28 7 11 95 1 463 Gold sold - oz (000)(3) 38 46 65 86 10 25 3 17 110 - 401 All-in sustaining cost (excluding stockpile write-offs) per unit - $/oz(4) 738 998 1,420 916 1,173 1,078 2,836 651 878 - 998 All-in cost per unit (excluding stockpile write-offs) - $/ oz(4) 2,047 998 1,605 935 1,173 1,078 2,836 651 878 - 1,157 For the three months ended 30 June 2014 Operations in DRC, Ghana, Guinea, Mali, Namibia and Tanzania (in $ millions, except as otherwise noted) DRC GHANA GUINEA MALI NAMIBIA TANZANIA Continental TOTAL Africa CONTINENTAL Other AFRICA Kibali Iduapriem Obuasi Siguiri Morila Sadiola Yatela Navachab Geita Total cash costs Total cash costs per financial statements - 43 75 74 - - - 12 73 - 277 Adjusted for non-controlling interests, non-gold producing companies and other(1) - - - (11) - - - - - - (11) Associates and equity accounted joint ventures' share of total cash costs(2) 29 - - - 11 22 5 - - 1 68 Total cash costs adjusted for non-controlling interests and non-gold producing companies 29 43 75 63 11 22 5 12 73 1 334 Retrenchment costs - - - - - - - - - - - Rehabilitation and other non-cash costs - 1 1 3 - - - - 1 1 7 Amortisation of tangible assets - 7 4 8 - - - - 16 - 35 Amortisation of intangible assets - - - - - - - - - 1 1 Adjusted for non-controlling interests, non-gold producing companies(1) - - - (2) - - - - - - (2) Associates and equity accounted joint ventures' share of total cash costs(2) 18 - - - 3 7 3 - - (1) 30 Total cash costs adjusted for non-controlling interests and non-gold producing companies 47 51 80 72 14 29 8 12 90 2 405 Gold produced - oz (000) (3) 41 47 64 80 10 23 2 17 110 - 395 Total cash costs per unit - $/oz (4) 717 911 1,175 777 1,137 957 1,931 733 667 - 846 Total production costs per unit - $/oz(4) 1,149 1,077 1,250 898 1,427 1,246 3,027 733 823 - 1,024 For the three months ended 30 June 2014 Operations in Australia, United States of America, Argentina and Brazil (in $ millions, except as otherwise noted) UNITED Australia STATES ARGENTINA BRAZIL OF TOTAL AMERICA Americas TOTAL AUSTRALIA other AMERICAS Sunrise Australia Cripple Cerro AngloGold Serra Dam Tropicana other Creek & Vanguardia Ashanti Grande Victor Mineracao All-in sustaining costs Cost of sales per financial statements 90 72 5 167 59 51 89 39 (1) 237 Amortisation of tangible and intangible assets (12) (25) (2) (39) - (8) (25) (11) - (44) Adjusted for decoissioning amortisation - 1 - 1 - - - - - - Corporate administration and marketing related to current operations - - (1) (1) - - - - - - Sustaining exploration and study costs - 1 1 2 - - 2 - 3 5 Total sustaining capital expenditure 10 14 - 24 6 14 31 10 - 61 All-in sustaining costs 88 63 3 154 65 57 97 38 2 259 Adjusted for non-controlling interests and non -gold producing companies(1) - - - - - (4) - - (3) (7) All-in sustaining costs adjusted for non-controlling interests and non-gold producing companies 88 63 3 154 65 53 97 38 (1) 252 All-in sustaining costs adjusted for non-controlling interests, non-gold producing companies and stockpile write-offs 88 63 3 154 65 53 97 38 (1) 252 All-in sustaining costs 88 63 3 154 65 57 97 38 2 259 Non-sustaining Project capex - - - - 37 - - - - 37 Non-sustaining exploration and study costs - - 2 2 - - - - 17 17 Corporate and social responsibility costs not related to current operations - - - - - - 4 - - 4 All-in costs 88 63 5 156 102 57 101 38 19 317 Adjusted for non-controlling interests and non -gold producing companies(1) - - - - - (4) - - - (4) All-in sustaining costs adjusted for non-controlling interests and non-gold producing companies 88 63 5 156 102 53 101 38 19 313 All-in sustaining costs adjusted for non-controlling interests, non-gold producing companies and stockpile write-offs 88 63 5 156 102 53 101 38 19 313 Gold sold - oz (000)(3) 57 90 - 147 53 57 93 32 - 234 All-in sustaining cost (excluding stockpile write-offs) per unit - $/oz(4) 1,527 689 - 1,048 1,221 935 1,043 1,212 - 1,077 All-in cost per unit (excluding stockpile write-offs) - $/ oz(4) 1,527 689 - 1,063 1,913 936 1,088 1,212 - 1,335 For the three months ended 30 June 2014 Operations in Australia, United States of America, Argentina and Brazil (in $ millions, except as otherwise noted) UNITED AUSTRALIA STATES ARGENTINA BRAZIL OF TOTAL AMERICA Americas TOTAL AUSTRALIA other AMERICAS Sunrise Australia Cripple Cerro AngloGold Serra Dam Tropicana other Creek & Vanguardia Ashanti Grande Victor Mineracao Total cash costs Total cash costs per financial statements 81 46 5 132 54 46 63 27 (1) 189 Adjusted for non-controlling interests, non-gold producing companies and other(1) - - - - (10) (3) - - - (13) Associates and equity accounted joint ventures' share of total cash costs(2) - - - - - - - - - - Total cash costs adjusted for non-controlling interests and non-gold producing companies 81 46 5 132 44 43 63 27 (1) 176 Retrenchment costs - - - - - - - - - - Rehabilitation and other non-cash costs 1 5 - 6 3 1 (2) - 1 3 Amortisation of tangible assets 12 25 2 39 - 8 23 11 - 42 Amortisation of intangible assets - - - - - - 1 - 1 2 Adjusted for non-controlling interests, non-gold producing companies(1) - - - 11 (1) - - 1 11 Associates and equity accounted joint ventures' share of total cash costs(2) - - - - - - - - - - Total cash costs adjusted for non-controlling interests and non-gold producing companies 94 76 7 177 58 51 85 38 2 234 Gold produced - oz (000) (3) 62 93 - 155 49 62 88 30 - 229 Total cash costs per unit - $/oz 899 (4) 1,308 498 - 850 (6) 682 717 879 - 765 Total production costs per unit - $/oz(4) 1,523 819 - 1,137 1,205 822 984 1,238 - 1,018 For the three months ended 31 March 2014 Operations in South Africa (in $ millions, except as otherwise noted) Great Moab Tau Surface South Total South Noligwa Kopanang Khotsong Mponeng Tona operations Africa Africa Corporate other (Operations) All-in sustaining costs Cost of sales per financial statements 22 53 49 74 58 56 - 312 1 Amortisation of tangible and intangible assets (2) (20) (12) (17) (17) (5) 1 (72) (3) Corporate administration and marketing related to current operations - - - - - - - - 23 Associates and equity accounted joint ventures' share of costs(2) - - - - - - - - (1) Total sustaining capital expenditure 1 5 7 14 6 9 - 42 - All-in sustaining costs 21 38 44 71 47 60 1 282 20 Adjusted for non-controlling interests and non -gold producing companies(1) - - - - - - - - 3 All-in sustaining costs adjusted for non-controlling interests and non-gold producing companies 21 38 44 71 47 60 1 282 23 All-in sustaining costs adjusted for non-controlling interests, non-gold producing companies and stockpile write-offs 21 38 44 71 47 60 1 282 23 All-in sustaining costs 21 38 44 71 47 60 1 282 20 Non-sustaining Project capex - - - 8 - - 1 9 - Technology improvements - - - - - - 4 4 - Non-sustaining exploration and study costs - - - - - - - - 1 Corporate and social responsibility costs not related to current operations - - - - - - - - 2 All-in costs 21 38 44 79 47 60 6 295 23 Adjusted for non-controlling interests and non -gold producing companies(1) - - - - - - - - 2 All-in sustaining costs adjusted for non-controlling interests and non-gold producing companies 21 38 44 79 47 60 6 295 25 All-in sustaining costs adjusted for non-controlling interests, non-gold producing companies and stockpile write-offs 21 38 44 79 47 60 6 295 25 Gold sold - oz (000)(3) 17 29 55 76 52 60 - 290 - All-in sustaining cost (excluding stockpile write-offs) per unit - $/oz(4) 1,200 1,320 802 930 916 1,000 - 975 - All-in cost per unit (excluding stockpile write-offs) - $/oz (4) 1,200 1,320 805 1,040 916 1,000 - 1,017 - (1) Adjusting for non-controlling interest of items included in calculation, to disclose the attributable portions only. Other consists of heap leach inventory. (2) Attributable costs and related expenses of associates and equity accounted joint ventures are included in the calculation of total cash costs per ounce and total production costs per ounce. (3) Attributable portion. (4) In addition to the operational performances of the mines, all-in sustaining cost per ounce, all-in cost per ounce, total cash costs per ounce and total production costs per ounce are affected by fluctuations in the currency exchange rate. AngloGold Ashanti reports all-in sustaining cost per ounce and all-in cost per ounce calculated to the nearest US dollar amount and gold sold in ounces. AngloGold Ashanti reports total cash costs per ounce and total production costs per ounce calculated to the nearest US dollar amount and gold produced in ounces. (5) Corporate includes non-gold producing subsidiaries. (6) Total cash costs per ounce calculation includes heap-leach inventory change. For the three months ended 31 March 2014 Operations in South Africa (in $ millions, except as otherwise noted) Great Moab Surface South Total South Corporate Noligwa Kopanang Khotsong Mponeng TauTona operations Africa Africa (5) other (Operations) Total cash costs Total cash costs per financial statements 19 32 35 54 40 50 1 231 (1) Adjusted for non-controlling interests, non-gold producing companies and other(1) - - - - - - - - 2 Associates and equity accounted joint ventures' share of total cash costs(2) - - - - - - - - (1) Total cash costs adjusted for non-controlling interests and non-gold producing companies 19 32 35 54 40 50 1 231 - Retrenchment costs - 1 1 2 1 - - 5 - Rehabilitation and other non-cash costs - 1 1 1 1 1 - 5 (2) Amortisation of tangible assets 1 19 11 16 16 5 (1) 67 1 Amortisation of intangible assets - - 1 1 1 1 1 5 1 Associates and equity accounted joint ventures' share of total cash costs(2) - - - - - - - - 1 Total cash costs adjusted for non-controlling interests and non-gold producing companies 20 53 49 74 59 57 1 313 1 Gold produced - oz (000) (3) 17 29 55 76 52 60 - 290 - Total cash costs per unit - $/oz (4) 1,123 1,074 646 709 774 836 - 797 - Total production costs per unit - $/oz(4) 1,258 1,802 888 974 1,125 934 - 1,077 - For the three months ended 31 March 2014 Operations in DRC, Ghana, Guinea, Mali, Namibia and Tanzania (in $ millions, except as otherwise noted) DRC GHANA GUINEA MALI NAMIBIA TANZANIA Continental TOTAL Africa CONTINENTAL other AFRICA Kibali Iduapriem Obuasi Siguiri Morila Sadiola Yatela Navachab Geita All-in sustaining costs Cost of sales per financial statements - 52 71 78 - - - 14 109 1 325 Amortisation of tangible and intangible assets - (5) (4) (7) - - - - (18) (1) (35) Adjusted for decoissioning amortisation - - - 1 - - - - - - 1 Corporate administration and marketing related to current operations - - - - - - - - - 1 1 Associates and equity accounted joint ventures' share of costs(2) 28 - - - 11 23 7 - - - 69 Sustaining exploration and study costs - - - 1 - - - - - - 1 Total sustaining capital expenditure 2 4 14 9 4 1 - - 36 - 70 All-in sustaining costs 30 51 81 82 15 24 7 14 127 1 432 Adjusted for non-controlling interests and non -gold producing companies(1) - - - (12) - - - - - - (12) All-in sustaining costs adjusted for non-controlling interests and non-gold producing companies 30 51 81 70 15 24 7 14 127 1 420 All-in sustaining costs adjusted for non-controlling interests, non-gold producing companies and stockpile write-offs 30 51 81 70 15 24 7 14 127 1 420 All-in sustaining costs 30 51 81 82 15 24 7 14 127 1 432 Non-sustaining Project capex 46 - 11 - - - - - - - 57 Non-sustaining exploration and study costs - - - 1 - - - - - 1 2 All-in costs 76 51 92 83 15 24 7 14 127 2 491 Adjusted for non-controlling interests and non -gold producing companies(1) - - - (12) - - - - - - (12) All-in sustaining costs adjusted for non-controlling interests and non-gold producing companies 76 51 92 71 15 24 7 14 127 2 479 All-in sustaining costs adjusted for non-controlling interests, non-gold producing companies and stockpile write-offs 76 51 92 71 15 24 7 14 127 2 479 Gold sold - oz (000)(3) 51 57 53 71 10 17 4 17 122 - 401 All-in sustaining cost (excluding stockpile write-offs) per unit - $/oz(4) 572 898 1,530 961 1,598 1,404 2,062 785 1,048 - 1,042 All-in cost per unit (excluding stockpile write-offs) - $/ oz(4) 1,495 898 1,741 978 1,598 1,404 2,062 785 1,048 - 1,189 For the three months ended 31 March 2014 Operations in DRC, Ghana, Guinea, Mali, Namibia and Tanzania (in $ millions, except as otherwise noted) DRC GHANA GUINEA MALI NAMIBIA TANZANIA Continental TOTAL Africa CONTINENTAL Other AFRICA Kibali Iduapriem Obuasi Siguiri Morila Sadiola Yatela Navachab Geita Total cash costs Total cash costs per financial statements - 32 66 66 - - - 13 67 (1) 243 Adjusted for non-controlling interests, non-gold producing companies and other(1) - - - (10) - - - - - - (10) Associates and equity accounted joint ventures' share of total cash costs(2) 28 - - - 11 24 6 - - - 69 Total cash costs adjusted for non-controlling interests and non-gold producing companies 28 32 66 56 11 24 6 13 67 (1) 302 Retrenchment costs - - - - - - - - 1 - 1 Rehabilitation and other non-cash costs - 1 2 1 - - - - 3 - 7 Amortisation of tangible assets - 5 4 7 - - - - 18 1 35 Amortisation of intangible assets - - - - - - - - - 1 1 Adjusted for non-controlling interests, non-gold producing companies(1) - - - (1) - - - - - - (1) Associates and equity accounted joint ventures' share of total cash costs(2) 14 - - - 1 6 - - - - 21 Total cash costs adjusted for non-controlling interests and non-gold producing companies 42 38 72 63 12 30 6 13 89 1 366 Gold produced - oz (000) (3) 51 45 53 70 10 19 4 16 106 - 374 Total cash costs per unit - $/oz (4) 538 716 1,234 800 1,099 1,262 1,804 771 631 - 808 Total production costs per unit - $/oz(4) 806 857 1,346 907 1,215 1,591 1,889 780 832 - 977 For the three months ended 31 March 2014 Operations in Australia, United States of America, Argentina and Brazil (in $ millions, except as otherwise noted) UNITED Australia STATES ARGENTINA BRAZIL OF TOTAL AMERICA Americas TOTAL AUSTRALIA other AMERICAS Sunrise Australia Cripple Cerro AngloGold Serra Dam Tropicana other Creek & Vanguardia Ashanti Grande Victor Mineracao All-in sustaining costs Cost of sales per financial statements 89 62 6 157 43 56 81 37 - 217 Amortisation of tangible and intangible assets (8) (22) - (30) - (8) (26) (10) - (44) Adjusted for decoissioning amortisation - 1 - 1 - - - - - - Corporate administration and marketing related to current operations - - 1 1 - - - - - - Sustaining exploration and study costs - - 2 2 - - 2 1 4 7 Total sustaining capital expenditure 9 18 - 27 4 7 17 7 - 35 All-in sustaining costs 90 59 9 158 47 55 74 35 4 215 Adjusted for non-controlling interests and non -gold producing companies(1) - - - - - (4) - - (4) (8) All-in sustaining costs adjusted for non-controlling interests and non-gold producing companies 90 59 9 158 47 51 74 35 - 207 All-in sustaining costs adjusted for non-controlling interests, non-gold producing companies and stockpile write-offs 90 59 9 158 47 51 74 35 - 207 All-in sustaining costs 90 59 9 158 47 55 74 35 4 215 Non-sustaining Project capex - - - - 34 - - - - 34 Non-sustaining exploration and study costs - - 2 2 - - - - 16 16 Corporate and social responsibility costs not related to current operations - - - - - - 2 1 - 3 All-in costs 90 59 11 160 81 55 76 36 20 268 Adjusted for non-controlling interests and non -gold producing companies(1) - - - - - (4) - - - (4) All-in sustaining costs adjusted for non-controlling interests and non-gold producing companies 90 59 11 160 81 51 76 36 20 264 All-in sustaining costs adjusted for non-controlling interests, non-gold producing companies and stockpile write-offs 90 59 11 160 81 51 76 36 20 264 Gold sold - oz (000)(3) 83 86 - 168 47 65 92 34 - 237 All-in sustaining cost (excluding stockpile write-offs) per unit - $/oz(4) 1,095 694 - 929 1,015 800 805 1,027 - 879 All-in cost per unit (excluding stockpile write-offs) - $/ oz(4) 1,095 694 - 938 1,748 801 834 1,046 - 1,119 For the three months ended 31 March 2014 Operations in Australia, United States of America, Argentina and Brazil (in $ millions, except as otherwise noted) UNITED AUSTRALIA STATES ARGENTINA BRAZIL OF TOTAL AMERICA Americas TOTAL AUSTRALIA other AMERICAS Sunrise Australia Cripple Cerro AngloGold Serra Dam Tropicana other Creek & Vanguardia Ashanti Grande Victor Mineracao Total cash costs Total cash costs per financial statements 75 42 4 121 60 41 58 25 - 184 Adjusted for non-controlling interests, non-gold producing companies and other(1) - - - - (23) (3) - - - (26) Associates and equity accounted joint ventures' share of total cash costs(2) - - - - - - - - - - Total cash costs adjusted for non-controlling interests and non-gold producing companies 75 42 4 121 37 38 58 25 - 158 Retrenchment costs - - - - - - - - - - Rehabilitation and other non-cash costs - - 1 1 8 2 - - 1 11 Amortisation of tangible assets 8 22 - 30 - 8 24 10 - 42 Amortisation of intangible assets - - - - - - 1 - 1 2 Adjusted for non-controlling interests, non-gold producing companies(1) - - - (2) (1) - - - (3) Associates and equity accounted joint ventures' share of total cash costs(2) - - - - - - - - - - Total cash costs adjusted for non-controlling interests and non-gold producing companies 83 64 5 152 43 47 83 35 2 210 Gold produced - oz (000) (3) 71 84 - 155 52 58 94 32 - 236 Total cash costs per unit - $/oz 699 (4) 1,066 495 - 779 (6) 644 619 799 - 668 Total production costs per unit - $/oz(4) 1,180 751 - 979 826 804 895 1,134 - 890 For the three months ended 30 June 2013 Operations in South Africa (in $ millions, except as otherwise noted) Great Moab Tau Surface South Total South Noligwa Kopanang Khotsong Mponeng Tona operations Africa Africa Corporate other (Operations) All-in sustaining costs Cost of sales per financial statements 24 53 65 84 65 51 - 342 1 Amortisation of tangible and intangible assets (2) (12) (19) (21) (13) 6 1 (60) (2) Adjusted for decoissioning amortisation - - - - - (1) 1 - (1) Inventory writedown to net realisable value and other stockpile adjustments - - - - - - 1 1 - Corporate administration and marketing related to current operations - - - - - - 1 1 48 Associates and equity accounted joint ventures' share of costs (2) - - - - - - - - (1) Sustaining exploration and study costs - - - - - - - - (1) Total sustaining capital expenditure 3 16 23 23 15 4 1 85 - All-in sustaining costs 25 57 69 86 67 60 5 369 44 All-in sustaining costs adjusted for non-controlling interests and non-gold producing companies 25 57 69 86 67 60 5 369 44 Adjusted for stockpile write-offs - - - - - - (1) (1) - All-in sustaining costs adjusted for non-controlling interests, non-gold producing companies and stockpile write-offs 25 57 69 86 67 60 4 368 44 All-in sustaining costs 25 57 69 86 67 60 5 369 44 Non-sustaining Project capex - 1 14 21 1 2 (1) 38 (1) Technology improvements - - - - - - 2 2 - Non-sustaining exploration and study costs - - - - - - - - 4 Corporate and social responsibility costs not related to current operations - - - - - - - - 8 All-in costs 25 58 83 107 68 62 6 409 55 All-in sustaining costs adjusted for non-controlling interests and non-gold producing companies 25 58 83 107 68 62 6 409 55 Adjusted for stockpile write-offs - - - - - - (1) (1) - All-in sustaining costs adjusted for non-controlling interests, non-gold producing companies and stockpile write-offs 25 58 83 107 68 62 5 408 55 Gold sold - oz (000)(3) 21 46 42 78 54 61 - 303 - All-in sustaining cost (excluding stockpile write-offs) per unit - $/oz(4) 1,193 1,226 1,641 1,098 1,244 1,009 - 1,213 - All-in cost per unit (excluding stockpile write-offs) - $/oz (4) 1,193 1,237 1,970 1,365 1,253 1,009 - 1,342 - (1) Adjusting for non-controlling interest of items included in calculation, to disclose the attributable portions only. Other consists of heap leach inventory. (2) Attributable costs and related expenses of associates and equity accounted joint ventures are included in the calculation of total cash costs per ounce and total production costs per ounce. (3) Attributable portion. (4) In addition to the operational performances of the mines, all-in sustaining cost per ounce, all-in cost per ounce, total cash costs per ounce and total production costs per ounce are affected by fluctuations in the currency exchange rate. AngloGold Ashanti reports all-in sustaining cost per ounce and all-in cost per ounce calculated to the nearest US dollar amount and gold sold in ounces. AngloGold Ashanti reports total cash costs per ounce and total production costs per ounce calculated to the nearest US dollar amount and gold produced in ounces. (5) Corporate includes non-gold producing subsidiaries. (6) Total cash costs per ounce calculation includes heap-leach inventory change. For the three months ended 30 June 2013 Operations in South Africa (in $ millions, except as otherwise noted) Great Moab Surface South Total South Corporate Noligwa Kopanang Khotsong Mponeng TauTona operations Africa Africa (5) other (Operations) Total cash costs Total cash costs per financial statements 21 41 43 61 51 56 - 273 (2) Adjusted for non-controlling interests, non-gold producing companies and other(1) - - - - - - - - 1 Associates and equity accounted joint ventures' share of total cash costs(2) - - - - - - - - - Total cash costs adjusted for non-controlling interests and non-gold producing companies 21 41 43 61 51 56 - 273 (1) Retrenchment costs - 1 1 - 1 - - 3 - Rehabilitation and other non-cash costs - 1 2 3 2 2 (1) 9 - Amortisation of tangible assets 2 10 17 20 12 (6) - 55 2 Amortisation of intangible assets - 1 1 2 1 - 1 6 1 Adjusted for non-controlling interests, non-gold producing companies(1) - - - - - - - - (1) Total cash costs adjusted for non-controlling interests and non-gold producing companies 23 54 64 86 67 52 - 346 1 Gold produced - oz (000) (3) 21 47 42 80 56 62 - 307 - Total cash costs per unit - $/oz (4) 992 869 1,039 766 919 903 - 890 - Total production costs per unit - $/oz(4) 1,133 1,151 1,549 1,073 1,201 824 - 1,127 - For the three months ended 30 June 2013 Operations in DRC, Ghana, Guinea, Mali, Namibia and Tanzania (in $ millions, except as otherwise noted) DRC GHANA GUINEA MALI NAMIBIA TANZANIA Continental TOTAL Africa CONTINENTAL other AFRICA Kibali Iduapriem Obuasi Siguiri Morila Sadiola Yatela Navachab Geita All-in sustaining costs Cost of sales per financial statements - 56 108 67 - - - 13 77 11 332 Amortisation of tangible and intangible assets - (8) (24) (7) - - - - (34) (6) (79) Adjusted for decoissioning amortisation - - - 1 - - - - - 1 2 Inventory writedown to net realisable value and other stockpile adjustments - 83 4 - - - - 24 66 - 177 Corporate administration and marketing related to current operations - - - - - - - - - 1 1 Associates and equity accounted joint ventures' share of costs(2) 1 - - - 13 22 8 - - 1 45 Sustaining exploration and study costs - 1 2 5 - 1 - - 6 - 15 Total sustaining capital expenditure - 6 39 5 2 2 - 1 29 - 84 All-in sustaining costs 1 138 129 71 15 25 8 38 144 8 577 Adjusted for non-controlling interests and non -gold producing companies(1) - - - (12) - - - - - (0) (12) All-in sustaining costs adjusted for non-controlling interests and non-gold producing companies 1 138 129 59 15 25 8 38 144 8 565 Adjusted for stockpile write-offs - (83) (4) - - - - (24) (66) - (177) All-in sustaining costs adjusted for non-controlling interests, non-gold producing companies and stockpile write-offs 1 55 125 59 15 25 8 14 78 8 388 All-in sustaining costs 1 138 129 71 15 25 8 38 144 8 577 Non-sustaining Project capex 105 2 8 - - 2 1 - - 19 137 Non-sustaining exploration and study costs - - - 2 - - - - - 6 8 All-in costs 106 140 137 73 15 27 9 38 144 33 722 Adjusted for non-controlling interests and non -gold producing companies(1) - - - (15) - - - - - (0) (15) All-in sustaining costs adjusted for non-controlling interests and non-gold producing companies 106 140 137 58 15 27 9 38 144 33 707 Adjusted for stockpile write-offs - (83) (4) - - - - (24) (66) - (177) All-in sustaining costs adjusted for non-controlling interests, non-gold producing companies and stockpile write-offs 106 57 133 58 15 27 9 14 78 33 530 Gold sold - oz (000)(3) - 50 53 59 17 23 6 13 102 - 323 All-in sustaining cost (excluding stockpile write-offs) per unit - $/oz(4) - 1,106 2,351 1,008 856 1,080 1,540 1,064 764 - 1,205 All-in cost per unit (excluding stockpile write-offs) - $/ oz(4) - 1,137 2,495 1,040 856 1,178 1,658 1,064 766 - 1,642 For the three months ended 30 June 2013 Operations in DRC, Ghana, Guinea, Mali, Namibia and Tanzania (in $ millions, except as otherwise noted) DRC GHANA GUINEA MALI NAMIBIA TANZANIA Continental TOTAL Africa CONTINENTAL Other AFRICA Kibali Iduapriem Obuasi Siguiri Morila Sadiola Yatela Navachab Geita Total cash costs Total cash costs per financial statements - 46 90 62 - - - 13 56 1 268 Adjusted for non-controlling interests, non-gold producing companies and other(1) - - - (9) - - - - - - (9) Associates and equity accounted joint ventures' share of total cash costs(2) 1 - - - 12 23 8 - - - 44 Total cash costs adjusted for non-controlling interests and non-gold producing companies 1 46 90 53 12 23 8 13 56 1 303 Retrenchment costs - - - - - - - - - - - Rehabilitation and other non-cash costs - 2 (2) - - - - - (1) 4 3 Amortisation of tangible assets - 8 24 7 - - - 1 35 1 76 Amortisation of intangible assets - - - - - - - - - 1 1 Adjusted for non-controlling interests, non-gold producing companies(1) - - - (1) - - - - - - (1) Associates and equity accounted joint ventures' share of total cash costs(2) - - - - - - 1 - - - 1 Total cash costs adjusted for non-controlling interests and non-gold producing companies 1 56 112 59 12 23 9 14 90 7 383 Gold produced - oz (000) (3) - 51 58 62 17 23 6 13 113 - 343 Total cash costs per unit - $/oz (4) - 911 1,560 850 728 1,003 1,451 976 514 - 883 Total production costs per unit - $/oz(4) - 1,106 2,002 941 757 1,003 1,634 1,077 812 - 1,119 For the three months ended 30 June 2013 Operations in Australia, United States of America, Argentina and Brazil (in $ millions, except as otherwise noted) UNITED Australia STATES ARGENTINA BRAZIL OF TOTAL AMERICA Americas TOTAL AUSTRALIA other AMERICAS Sunrise Australia Cripple Cerro AngloGold Serra Dam Tropicana other Creek & Vanguardia Ashanti Grande Victor Mineracao All-in sustaining costs Cost of sales per financial statements 95 - 6 101 55 53 93 35 - 236 Amortisation of tangible and intangible assets (13) - - (13) (11) (11) (29) (10) 1 (60) Corporate administration and marketing related to current operations - - - - 5 - 2 - (1) 6 Sustaining exploration and study costs 4 1 3 8 1 3 5 2 - 11 Total sustaining capital expenditure 10 12 3 25 4 23 36 9 5 77 All-in sustaining costs 96 13 12 121 54 68 107 36 5 270 Adjusted for non-controlling interests and non -gold producing companies(1) - - - - - (5) - - - (5) All-in sustaining costs adjusted for non-controlling interests and non-gold producing companies 96 13 12 121 54 63 107 36 5 265 All-in sustaining costs adjusted for non-controlling interests, non-gold producing companies and stockpile write-offs 96 13 12 121 54 63 107 36 5 265 All-in sustaining costs 96 13 12 121 54 68 107 36 5 270 Non-sustaining Project capex - 75 - 75 27 5 2 1 1 36 Non-sustaining exploration and study costs - - 3 3 - - 2 - 34 36 Corporate and social responsibility costs not related to current operations - - - - - - 3 - - 3 All-in costs 96 88 15 199 81 73 114 37 40 345 Adjusted for non-controlling interests and non -gold producing companies(1) - - - - - (6) - - - (6) All-in sustaining costs adjusted for non-controlling interests and non-gold producing companies 96 88 15 199 81 67 114 37 40 339 All-in sustaining costs adjusted for non-controlling interests, non-gold producing companies and stockpile write-offs 96 88 15 199 81 67 114 37 40 339 Gold sold - oz (000)(3) 50 - - 50 61 62 76 37 - 236 All-in sustaining cost (excluding stockpile write-offs) per unit - $/oz(4) 1,938 - - 2,424 884 1,021 1,389 991 - 1,123 All-in cost per unit (excluding stockpile write-offs) - $/ oz(4) 1,938 - - 3,972 1,319 1,103 1,484 1,024 - 1,439 For the three months ended 30 June 2013 Operations in Australia, United States of America, Argentina and Brazil (in $ millions, except as otherwise noted) UNITED AUSTRALIA STATES ARGENTINA BRAZIL OF TOTAL AMERICA Americas TOTAL AUSTRALIA other AMERICAS Sunrise Australia Cripple Cerro AngloGold Serra Dam Tropicana other Creek & Vanguardia Ashanti Grande Victor Mineracao Total cash costs Total cash costs per financial statements 86 - 6 92 61 41 65 25 1 193 Adjusted for non-controlling interests, non-gold producing companies and other(1) - - - - (17) (3) - - - (20) Associates and equity accounted joint ventures' share of total cash costs(2) - - - - - - - - - - Total cash costs adjusted for non-controlling interests and non-gold producing companies 86 - 6 92 44 38 65 25 1 173 Retrenchment costs - - - - - - 1 - - 1 Rehabilitation and other non-cash costs (2) - - (2) 2 2 (3) - 1 2 Amortisation of tangible assets 13 - - 13 11 11 29 10 (1) 60 Amortisation of intangible assets - - - - - - - - - - Adjusted for non-controlling interests, non-gold producing companies(1) - - - (1) (1) - - - (2) Associates and equity accounted joint ventures' share of total cash costs(2) - - - - - - - - - - Total cash costs adjusted for non-controlling interests and non-gold producing companies 97 - 6 103 56 50 92 35 1 234 Gold produced - oz (000) (3) 50 - - 50 60 62 76 37 - 235 Total cash costs per unit - $/oz 726 (4) 1,713 - - 1,829 (6) 615 858 675 - 733 Total production costs per unit - $/oz(4) 1,924 - - 2,051 907 810 1,215 935 - 988 For the six months ended 30 June 2014 Operations in South Africa (in $ millions, except as otherwise noted) Great Moab Tau Surface South Total South Noligwa Kopanang Khotsong Mponeng Tona operations Africa Africa Corporate other (Operations) All-in sustaining costs Cost of sales per financial statements 46 104 102 154 122 117 - 645 5 Amortisation of tangible and intangible assets (4) (31) (25) (36) (31) (13) 1 (139) (4) Corporate administration and marketing related to current operations - - - - - - 1 1 42 Sustaining exploration and study costs - - - - - - - - 1 Total sustaining capital expenditure 4 12 16 31 17 21 1 102 (1) All-in sustaining costs 46 85 93 149 108 125 3 609 43 Adjusted for non-controlling interests and non -gold producing companies(1) - - - - - - - - 3 All-in sustaining costs adjusted for non-controlling interests and non-gold producing companies 46 85 93 149 108 125 3 609 46 All-in sustaining costs adjusted for non-controlling interests, non-gold producing companies and stockpile write-offs 46 85 93 149 108 125 3 609 46 All-in sustaining costs 46 85 93 149 108 125 3 609 43 Non-sustaining Project capex - - 1 16 - - - 17 - Technology improvements - - - - - - 9 9 - Non-sustaining exploration and study costs - - - - - - - - 2 Corporate and social responsibility costs not related to current operations - - - - - - - - 5 All-in costs 46 85 94 165 108 125 12 635 50 Adjusted for non-controlling interests and non -gold producing companies(1) - - 3 All-in sustaining costs adjusted for non-controlling interests and non-gold producing companies 46 85 94 165 108 125 12 635 53 All-in sustaining costs adjusted for non-controlling interests, non-gold producing companies and stockpile write-offs 46 85 94 165 108 125 12 635 53 Gold sold - oz (000)(3) 38 68 112 161 105 112 - 596 - All-in sustaining cost (excluding stockpile write-offs) per unit - $/oz(4) 1,203 1,248 842 929 1,026 1,119 - 1,020 - All-in cost per unit (excluding stockpile write-offs) - $/oz (4) 1,203 1,248 849 1,029 1,026 1,119 - 1,064 - (1) Adjusting for non-controlling interest of items included in calculation, to disclose the attributable portions only. Other consists of heap leach inventory. (2) Attributable costs and related expenses of associates and equity accounted joint ventures are included in the calculation of total cash costs per ounce and total production costs per ounce. (3) Attributable portion. (4) In addition to the operational performances of the mines, all-in sustaining cost per ounce, all-in cost per ounce, total cash costs per ounce and total production costs per ounce are affected by fluctuations in the currency exchange rate. AngloGold Ashanti reports all-in sustaining cost per ounce and all-in cost per ounce calculated to the nearest US dollar amount and gold sold in ounces. AngloGold Ashanti reports total cash costs per ounce and total production costs per ounce calculated to the nearest US dollar amount and gold produced in ounces. (5) Corporate includes non-gold producing subsidiaries. (6) Total cash costs per ounce calculation includes heap-leach inventory change. For the six months ended 30 June 2014 Operations in South Africa (in $ millions, except as otherwise noted) Great Moab Surface South Total South Corporate Noligwa Kopanang Khotsong Mponeng TauTona operations Africa Africa (5) other (Operations) Total cash costs Total cash costs per financial statements 42 72 77 117 91 106 1 506 - Adjusted for non-controlling interests, non-gold producing companies and other(1) - - - - - - - - 2 Associates and equity accounted joint ventures' share of total cash costs(2) - - - - - - - - 1 Total cash costs adjusted for non-controlling interests and non-gold producing companies 42 72 77 117 91 106 1 506 3 Retrenchment costs 1 2 1 3 1 - (1) 7 - Rehabilitation and other non-cash costs 1 1 1 2 1 1 - 7 - Amortisation of tangible assets 3 30 23 33 29 13 (1) 130 3 Amortisation of intangible assets 1 1 2 3 2 1 (1) 9 2 Adjusted for non-controlling interests, non-gold producing companies(1) - - - - - - - - (1) Associates and equity accounted joint ventures' share of total cash costs(2) - - - - - - - - 1 Total cash costs adjusted for non-controlling interests and non-gold producing companies 48 106 104 158 124 121 (2) 659 8 Gold produced - oz (000) (3) 39 69 114 165 108 115 - 609 - Total cash costs per unit - $/oz (4) 1,088 1,044 678 711 851 922 - 831 - Total production costs per unit - $/oz(4) 1,218 1,530 913 956 1,161 1,047 - 1,084 - For the six months ended 30 June 2014 Operations in DRC, Ghana, Guinea, Mali, Namibia and Tanzania (in $ millions, except as otherwise noted) DRC GHANA GUINEA MALI NAMIBIA TANZANIA Continental TOTAL Africa CONTINENTAL other AFRICA Kibali Iduapriem Obuasi Siguiri Morila Sadiola Yatela Navachab Geita All-in sustaining costs Cost of sales per financial statements - 102 151 169 - - - 26 199 1 648 Amortisation of tangible and intangible assets - (12) (8) (16) - - - - (34) (1) (71) Adjusted for decoissioning amortisation - - - 2 - - - - 1 - 3 Corporate administration and marketing related to current operations - - - - - - - - - 1 1 Associates and equity accounted joint ventures' share of costs(2) 55 - - - 23 49 14 - - - 141 Sustaining exploration and study costs - - - 1 - - - - - - 1 Total sustaining capital expenditure 2 7 29 18 5 3 - 1 65 - 130 All-in sustaining costs 57 97 172 174 28 52 14 27 231 - 853 Adjusted for non-controlling interests and non -gold producing companies(1) - - - (26) - - - - - - (26) All-in sustaining costs adjusted for non-controlling interests and non-gold producing companies 57 97 172 148 28 52 14 27 231 - 827 Adjusted for stockpile write-offs - - - - - - - (2) (7) - (9) All-in sustaining costs adjusted for non-controlling interests, non-gold producing companies and stockpile write-offs 57 97 172 148 28 52 14 25 224 - 818 All-in sustaining costs 57 97 172 174 28 52 14 27 231 - 853 Non-sustaining Project capex 96 - 23 - - - - - - - 119 Non-sustaining exploration and study costs 1 - - 3 - - - - - - 4 All-in costs 154 97 195 177 28 52 14 27 231 - 976 Adjusted for non-controlling interests and non -gold producing companies(1) - - - (27) - - - - - (0) (27) All-in sustaining costs adjusted for non-controlling interests and non-gold producing companies 154 97 195 150 28 52 14 27 231 (0) 949 Adjusted for stockpile write-offs - - - - - - - (2) (7) - (9) All-in sustaining costs adjusted for non-controlling interests, non-gold producing companies and stockpile write-offs 154 97 195 150 28 52 14 25 224 (0) 940 Gold sold - oz (000)(3) 89 103 118 158 20 43 6 34 232 - 802 All-in sustaining cost (excluding stockpile write-offs) per unit - $/oz(4) 644 943 1,470 937 1,384 1,210 2,389 719 967 - 1,020 All-in cost per unit (excluding stockpile write-offs) - $/ oz(4) 1,733 943 1,666 955 1,384 1,210 2,389 719 967 - 1,173 For the six months ended 30 June 2014 Operations in DRC, Ghana, Guinea, Mali, Namibia and Tanzania (in $ millions, except as otherwise noted) DRC GHANA GUINEA MALI NAMIBIA TANZANIA Continental TOTAL Africa CONTINENTAL Other AFRICA Kibali Iduapriem Obuasi Siguiri Morila Sadiola Yatela Navachab Geita Total cash costs Total cash costs per financial statements - 75 141 139 - - - 25 140 - 520 Adjusted for non-controlling interests, non-gold producing companies and other(1) - - - (21) - - - - - - (21) Associates and equity accounted joint ventures' share of total cash costs(2) 57 - - - 22 47 11 - - (1) 136 Total cash costs adjusted for non-controlling interests and non-gold producing companies 57 75 141 118 22 47 11 25 140 (1) 635 Retrenchment costs - - - - - - - - 1 - 1 Rehabilitation and other non-cash costs - 2 3 5 - - - - 4 - 14 Amortisation of tangible assets - 12 8 16 - - - - 34 (1) 69 Amortisation of intangible assets - - - - - - - - - 2 2 Adjusted for non-controlling interests, non-gold producing companies(1) - - - (3) - - - - - - (3) Associates and equity accounted joint ventures' share of total cash costs(2) 31 - - - 4 13 3 - - - 51 Total cash costs adjusted for non-controlling interests and non-gold producing companies 88 89 152 136 26 60 14 25 179 - 769 Gold produced - oz (000) (3) 92 92 117 150 20 43 6 33 216 - 769 Total cash costs per unit - $/oz (4) 618 815 1,202 788 1,118 1,094 1,856 752 650 - 827 Total production costs per unit - $/oz(4) 960 969 1,294 902 1,322 1,401 2,358 756 827 - 1,001 For the six months ended 30 June 2014 Operations in Australia, United States of America, Argentina and Brazil (in $ millions, except as otherwise noted) UNITED Australia STATES ARGENTINA BRAZIL OF TOTAL AMERICA Americas TOTAL AUSTRALIA other AMERICAS Sunrise Australia Cripple Cerro AngloGold Serra Dam Tropicana other Creek & Vanguardia Ashanti Grande Victor Mineracao All-in sustaining costs Cost of sales per financial statements 179 134 10 323 102 107 169 76 1 455 Amortisation of tangible and intangible assets (20) (47) (2) (69) (1) (16) (51) (21) - (89) Adjusted for decoissioning amortisation - 2 - 2 - - - - - - Sustaining exploration and study costs - 1 3 4 1 1 4 1 5 12 Total sustaining capital expenditure 19 32 - 51 11 21 48 16 - 96 All-in sustaining costs 178 122 11 311 113 113 170 72 6 474 Adjusted for non-controlling interests and non -gold producing companies(1) - - - - - (8) - - (7) (15) All-in sustaining costs adjusted for non-controlling interests and non-gold producing companies 178 122 11 311 113 105 170 72 (1) 459 All-in sustaining costs adjusted for non-controlling interests, non-gold producing companies and stockpile write-offs 178 122 11 311 113 105 170 72 (1) 459 All-in sustaining costs 178 122 11 311 113 113 170 72 6 474 Non-sustaining Project capex - - - - 71 - - - - 71 Non-sustaining exploration and study costs - - 4 4 - - 1 - 32 33 Corporate and social responsibility costs not related to current operations - - - - - - 6 1 - 7 All-in costs 178 122 15 315 184 113 177 73 38 585 Adjusted for non-controlling interests and non -gold producing companies(1) - - - - - (9) - - - (9) All-in sustaining costs adjusted for non-controlling interests and non-gold producing companies 178 122 15 315 184 104 177 73 38 576 All-in sustaining costs adjusted for non-controlling interests, non-gold producing companies and stockpile write-offs 178 122 15 315 184 104 177 73 38 576 Gold sold - oz (000)(3) 140 176 - 316 100 121 185 65 - 471 All-in sustaining cost (excluding stockpile write-offs) per unit - $/oz(4) 1,272 691 - 985 1,124 863 924 1,116 - 977 All-in cost per unit (excluding stockpile write-offs) - $/ oz(4) 1,272 691 - 996 1,835 864 962 1,127 - 1,226 For the six months ended 30 June 2014 Operations in Australia, United States of America, Argentina and Brazil (in $ millions, except as otherwise noted) UNITED AUSTRALIA STATES ARGENTINA BRAZIL OF TOTAL AMERICA Americas TOTAL AUSTRALIA other AMERICAS Sunrise Australia Cripple Cerro AngloGold Serra Dam Tropicana other Creek & Vanguardia Ashanti Grande Victor Mineracao Total cash costs Total cash costs per financial statements 156 88 9 253 113 86 121 52 - 372 Adjusted for non-controlling interests, non-gold producing companies and other(1) - - - - (33) (6) - - - (39) Associates and equity accounted joint ventures' share of total cash costs(2) - - - - - - - - - - Total cash costs adjusted for non-controlling interests and non-gold producing companies 156 88 9 253 80 80 121 52 - 333 Retrenchment costs - - - - - - 1 - - 1 Rehabilitation and other non-cash costs 1 5 - 6 11 3 (2) - 1 13 Amortisation of tangible assets 20 47 2 69 - 16 48 21 (1) 84 Amortisation of intangible assets - - - - 1 - 3 - - 4 Adjusted for non-controlling interests, non-gold producing companies(1) - - - 10 (1) - - (1) 8 Associates and equity accounted joint ventures' share of total cash costs(2) - - - - - - - - - - Total cash costs adjusted for non-controlling interests and non-gold producing companies 177 140 11 328 102 98 171 73 (1) 443 Gold produced - oz (000) (3) 133 177 - 310 101 121 182 62 - 465 Total cash costs per unit - $/oz 796 (4) 1,179 496 - 815 (6) 664 667 838 - 716 Total production costs per unit - $/oz(4) 1,340 787 - 1,058 1,009 813 938 1,185 - 953 For the six months ended 30 June 2013 Operations in South Africa (in $ millions, except as otherwise noted) Great Moab Tau Surface South Total South Noligwa Kopanang Khotsong Mponeng Tona operations Africa Africa Corporate other (Operations) All-in sustaining costs Cost of sales per financial statements 52 107 125 170 136 105 1 696 5 Amortisation of tangible and intangible assets (4) (23) (36) (43) (24) 2 (1) (129) (3) Inventory writedown to net realisable value and other stockpile adjustments - - - - - - 1 1 - Corporate administration and marketing related to current operations - - - - - - 3 3 102 Associates and equity accounted joint ventures' share of costs (2) - - - - - - - - 2 Total sustaining capital expenditure 6 28 43 43 29 5 - 154 5 All-in sustaining costs 54 112 132 170 141 112 4 725 111 All-in sustaining costs adjusted for non-controlling interests and non-gold producing companies 54 112 132 170 141 112 4 725 111 Adjusted for stockpile write-offs - - - - - - (1) (1) - All-in sustaining costs adjusted for non-controlling interests, non-gold producing companies and stockpile write-offs 54 112 132 170 141 112 3 724 111 All-in sustaining costs 54 112 132 170 141 112 4 725 111 Non-sustaining Project capex - - 26 40 1 3 - 70 - Technology improvements - - - - - - 4 4 - Non-sustaining exploration and study costs - - - - - - - - 6 Corporate and social responsibility costs not related to current operations - - - - - - - - 12 All-in costs 54 112 158 210 142 115 8 799 129 All-in sustaining costs adjusted for non-controlling interests and non-gold producing companies 54 112 158 210 142 115 8 799 129 Adjusted for stockpile write-offs - - - - - - (1) (1) - All-in sustaining costs adjusted for non-controlling interests, non-gold producing companies and stockpile write-offs 54 112 158 210 142 115 7 798 129 Gold sold - oz (000)(3) 44 91 82 169 110 120 - 617 - All-in sustaining cost (excluding stockpile write-offs) per unit - $/oz(4) 1,218 1,227 1,604 1,007 1,282 922 - 1,170 - All-in cost per unit (excluding stockpile write-offs) - $/oz (4) 1,218 1,231 1,923 1,242 1,287 958 - 1,290 - (1) Adjusting for non-controlling interest of items included in calculation, to disclose the attributable portions only. Other consists of heap leach inventory. (2) Attributable costs and related expenses of associates and equity accounted joint ventures are included in the calculation of total cash costs per ounce and total production costs per ounce. (3) Attributable portion. (4) In addition to the operational performances of the mines, all-in sustaining cost per ounce, all-in cost per ounce, total cash costs per ounce and total production costs per ounce are affected by fluctuations in the currency exchange rate. AngloGold Ashanti reports all-in sustaining cost per ounce and all-in cost per ounce calculated to the nearest US dollar amount and gold sold in ounces. AngloGold Ashanti reports total cash costs per ounce and total production costs per ounce calculated to the nearest US dollar amount and gold produced in ounces. (5) Corporate includes non-gold producing subsidiaries. (6) Total cash costs per ounce calculation includes heap-leach inventory change. For the six months ended 30 June 2013 Operations in South Africa (in $ millions, except as otherwise noted) Great Moab Surface South Total South Corporate Noligwa Kopanang Khotsong Mponeng TauTona operations Africa Africa (5) other (Operations) Total cash costs Total cash costs per financial statements 48 85 88 127 112 106 1 567 1 Adjusted for non-controlling interests, non-gold producing companies and other(1) - - - - - - - - (1) Associates and equity accounted joint ventures' share of total cash costs(2) - - - - - - - - (1) Total cash costs adjusted for non-controlling interests and non-gold producing companies 48 85 88 127 112 106 1 567 (1) Retrenchment costs 1 1 1 1 1 - - 5 (1) Rehabilitation and other non-cash costs - 1 3 4 3 2 - 13 - Amortisation of tangible assets 4 21 35 41 23 - (1) 123 3 Amortisation of intangible assets 1 1 1 2 1 - - 6 - Adjusted for non-controlling interests, non-gold producing companies(1) - - - - - - - - (2) Total cash costs adjusted for non-controlling interests and non-gold producing companies 54 109 128 175 140 108 - 714 (1) Gold produced - oz (000) (3) 45 94 85 173 113 124 - 634 - Total cash costs per unit - $/oz (4) 1,053 901 1,045 734 993 854 - 893 - Total production costs per unit - $/oz(4) 1,179 1,172 1,522 1,007 1,239 858 - 1,125 - For the six months ended 30 June 2013 Operations in DRC, Ghana, Guinea, Mali, Namibia and Tanzania (in $ millions, except as otherwise noted) DRC GHANA GUINEA MALI NAMIBIA TANZANIA Continental TOTAL Africa CONTINENTAL other AFRICA Kibali Iduapriem Obuasi Siguiri Morila Sadiola Yatela Navachab Geita All-in sustaining costs Cost of sales per financial statements - 111 231 158 - - - 30 149 13 692 Amortisation of tangible and intangible assets - (15) (47) (13) - - - (6) (63) (4) (148) Adjusted for decoissioning amortisation - - - 1 - - - - - 2 3 Inventory writedown to net realisable value and other stockpile adjustments - 83 4 - - - - 24 66 - 177 Corporate administration and marketing related to current operations - - - - - - - - - 6 6 Associates and equity accounted joint ventures' share of costs(2) 3 - - - 25 42 22 - - (3) 89 Sustaining exploration and study costs - 2 4 9 - 1 - 1 8 - 25 Total sustaining capital expenditure - 13 86 13 3 5 - 2 59 1 182 All-in sustaining costs 3 194 278 168 28 48 22 51 219 15 1,026 Adjusted for non-controlling interests and non -gold producing companies(1) - - - (25) - - - - - (2) (27) All-in sustaining costs adjusted for non-controlling interests and non-gold producing companies 3 194 278 143 28 48 22 51 219 13 999 Adjusted for stockpile write-offs - (83) (4) - - - - (24) (66) - (177) All-in sustaining costs adjusted for non-controlling interests, non-gold producing companies and stockpile write-offs 3 111 274 143 28 48 22 27 153 13 822 All-in sustaining costs 3 194 278 168 28 48 22 51 219 15 1,026 Non-sustaining Project capex 185 3 13 2 - 9 1 - 8 26 247 Non-sustaining exploration and study costs 1 - - 5 - - - - - 21 27 All-in costs 189 197 291 175 28 57 23 51 227 62 1,300 Adjusted for non-controlling interests and non -gold producing companies(1) - - - (26) - - - - - (8) (34) All-in sustaining costs adjusted for non-controlling interests and non-gold producing companies 189 197 291 149 28 57 23 51 227 54 1,266 Adjusted for stockpile write-offs - (83) (4) - - - - (24) (66) - (177) All-in sustaining costs adjusted for non-controlling interests, non-gold producing companies and stockpile write-offs 189 114 287 149 28 57 23 27 161 54 1,089 Gold sold - oz (000)(3) - 94 111 131 32 40 15 27 187 - 638 All-in sustaining cost (excluding stockpile write-offs) per unit - $/oz(4) - 1,189 2,484 1,098 869 1,183 1,420 1,033 816 - 1,290 All-in cost per unit (excluding stockpile write-offs) - $/ oz(4) - 1,225 2,606 1,145 869 1,400 1,515 1,033 857 - 1,708 For the six months ended 30 June 2013 Operations in DRC, Ghana, Guinea, Mali, Namibia and Tanzania (in $ millions, except as otherwise noted) DRC GHANA GUINEA MALI NAMIBIA TANZANIA Continental TOTAL Africa CONTINENTAL Other AFRICA Kibali Iduapriem Obuasi Siguiri Morila Sadiola Yatela Navachab Geita Total cash costs Total cash costs per financial statements - 89 176 135 - - - 25 82 - 507 Adjusted for non-controlling interests, non-gold producing companies and other(1) - - - (20) - - - - - - (20) Associates and equity accounted joint ventures' share of total cash costs(2) 1 - - - 24 45 21 - - - 91 Total cash costs adjusted for non-controlling interests and non-gold producing companies 1 89 176 115 24 45 21 25 82 - 578 Retrenchment costs - - 2 - - - - - - - 2 Rehabilitation and other non-cash costs - 2 1 - - - - - - 5 8 Amortisation of tangible assets - 15 47 13 - - - 6 63 2 146 Amortisation of intangible assets - - - - - - - - - 2 2 Adjusted for non-controlling interests, non-gold producing companies(1) - - - (2) - - - - - - (2) Associates and equity accounted joint ventures' share of total cash costs(2) - - - - 2 - 2 - - - 4 Total cash costs adjusted for non-controlling interests and non-gold producing companies 1 106 226 126 26 45 23 31 145 9 738 Gold produced - oz (000) (3) - 92 107 124 32 43 15 27 179 - 619 Total cash costs per unit - $/oz (4) - 973 1,644 924 749 1,049 1,365 936 468 - 932 Total production costs per unit - $/oz(4) - 1,163 2,135 1,014 797 1,058 1,470 1,150 822 - 1,190 For the six months ended 30 June 2013 Operations in Australia, United States of America, Argentina and Brazil (in $ millions, except as otherwise noted) UNITED Australia STATES ARGENTINA BRAZIL OF TOTAL AMERICA Americas TOTAL AUSTRALIA other AMERICAS Sunrise Australia Cripple Cerro AngloGold Serra Dam Tropicana other Creek & Vanguardia Ashanti Grande Victor Mineracao All-in sustaining costs Cost of sales per financial statements 182 - 10 192 99 98 189 67 2 455 Amortisation of tangible and intangible assets (26) - (1) (27) (21) (21) (59) (19) (1) (121) Corporate administration and marketing related to current operations - - - - 8 - 2 - 1 11 Sustaining exploration and study costs 12 2 4 18 2 5 9 4 1 21 Total sustaining capital expenditure 29 12 3 44 5 41 57 16 11 130 All-in sustaining costs 197 14 16 227 93 123 198 68 14 496 Adjusted for non-controlling interests and non -gold producing companies(1) - - - - - (9) - - - (9) All-in sustaining costs adjusted for non-controlling interests and non-gold producing companies 197 14 16 227 93 114 198 68 14 487 All-in sustaining costs adjusted for non-controlling interests, non-gold producing companies and stockpile write-offs 197 14 16 227 93 114 198 68 14 487 All-in sustaining costs 197 14 16 227 93 123 198 68 14 496 Non-sustaining Project capex - 157 - 157 67 7 3 2 1 80 Non-sustaining exploration and study costs - - 4 4 - - 4 - 62 66 Corporate and social responsibility costs not related to current operations - - - - - - 4 (4) - - All-in costs 197 171 20 388 160 130 209 66 77 642 Adjusted for non-controlling interests and non -gold producing companies(1) - - - - - (10) - - - (10) All-in sustaining costs adjusted for non-controlling interests and non-gold producing companies 197 171 20 388 160 120 209 66 77 632 All-in sustaining costs adjusted for non-controlling interests, non-gold producing companies and stockpile write-offs 197 171 20 388 160 120 209 66 77 632 Gold sold - oz (000)(3) 108 - - 108 115 116 175 71 - 477 All-in sustaining cost (excluding stockpile write-offs) per unit - $/oz(4) 1,825 - - 2,119 818 990 1,131 972 - 1,023 All-in cost per unit (excluding stockpile write-offs) - $/ oz(4) 1,825 - - 3,615 1,401 1,041 1,196 949 - 1,328 For the six months ended 30 June 2013 Operations in Australia, United States of America, Argentina and Brazil (in $ millions, except as otherwise noted) UNITED AUSTRALIA STATES ARGENTINA BRAZIL OF TOTAL AMERICA Americas TOTAL AUSTRALIA other AMERICAS Sunrise Australia Cripple Cerro AngloGold Serra Dam Tropicana other Creek & Vanguardia Ashanti Grande Victor Mineracao Total cash costs Total cash costs per financial statements 162 - 9 171 119 76 129 50 1 375 Adjusted for non-controlling interests, non-gold producing companies and other(1) - - - - (40) (6) - - - (46) Associates and equity accounted joint ventures' share of total cash costs(2) - - - - - - - - - - Total cash costs adjusted for non-controlling interests and non-gold producing companies 162 - 9 171 79 70 129 50 1 329 Retrenchment costs - - - - - - 1 - 1 2 Rehabilitation and other non-cash costs (2) - - (2) 3 3 (2) - 1 5 Amortisation of tangible assets 26 - 1 27 21 21 59 19 - 120 Amortisation of intangible assets - - - - - - 1 - - 1 Adjusted for non-controlling interests, non-gold producing companies(1) - - - (4) (2) - - - (6) Associates and equity accounted joint ventures' share of total cash costs(2) - - - - - - - - - - Total cash costs adjusted for non-controlling interests and non-gold producing companies 186 - 10 196 99 92 188 69 3 451 Gold produced - oz (000) (3) 111 - - 111 115 117 168 69 - 469 Total cash costs per unit - $/oz 687 (4) 1,459 - - 1,541 (6) 600 765 728 - 701 Total production costs per unit - $/oz(4) 1,671 - - 1,764 858 797 1,113 1,004 - 957Administrative informationAngloGold Ashanti LimitedRegistration No. 1944/017354/06Incorporated in the Republic of South AfricaShare codes:ISIN: ZAE000043485JSE: ANGLSE: (Shares) AGDLES : (Dis) AGDNYSE: AUASX: AGGGhSE: (Shares) AGAGhSE: (GhDS) AADJSE Sponsor: UBS (South Africa) (Pty) LtdAuditors: Ernst & Young Inc.OfficesRegistered and Corporate76 Jeppe StreetNewtown 2001(PO Box 62117, Marshalltown 2107)South AfricaTelephone: +27 11 637 6000Fax: +27 11 637 6624AustraliaLevel 13, St Martins Tower44 St George's TerracePerth, WA 6000(PO Box Z5046, Perth WA 6831)AustraliaTelephone: +61 8 9425 4602Fax: +61 8 9425 4662GhanaGold HousePatrice Lumumba Road(PO Box 2665)AccraGhanaTelephone: +233 303 772190Fax: +233 303 778155United Kingdom SecretariesSt James's Corporate Services LimitedSuite 31, Second Floor107 CheapsideLondonEC2V 6DNTelephone: +44 20 7796 8644Fax: +44 20 7796 8645E-mail: jane.kirton@corpserv.co.ukDirectorsExecutiveRN Duffy^ (Chief Financial Officer)S Venkatakrishnan*§ (Chief Executive Officer)Non-ExecutiveSM Pityana^ (Chairman)R Gasant^DL Hogdson^NP January-Bardill^MJ Kirkwood*Prof LW Nkuhlu^R J Ruston~* British ^South African~ Australian § IndianOfficersGroup General Counsel andCompany Secretary: Ms M E Sanz PerezInvestor Relations ContactsSouth AfricaStewart BaileyTelephone: +27 637 6031Mobile: +27 81 032 2563E-mail: sbailey@AngloGoldAshanti.comFundisa MgidiTelephone: +27 637 6763Mobile: +27 82 374 8820E-mail: fmgidi@AngloGoldAshanti.comUnited StatesSabrina BrockmanTelephone: +1 212 858 7702Mobile: +1 646 379 2555E-mail: sbrockman@AngloGoldAshantiNA.comGeneral E-mail enquiriesinvestors@AngloGoldAshanti.comAngloGold Ashanti websitehttp://www.AngloGoldAshanti.comCompany secretarial E-mailCompanysecretary@AngloGoldAshanti.comAngloGold Ashanti posts information that is important to investors on the mainpage of its website at www.anglogoldashanti.com and under the "Investors" tabon the main page. This information is updated regularly. Investors should visitthis website to obtain important information about AngloGold Ashanti.PUBLISHED BY ANGLOGOLD ASHANTIShare RegistrarsSouth AfricaComputershare Investor Services (Pty) LimitedGround Floor, 70 Marshall StreetJohannesburg 2001(PO Box 61051, Marshalltown 2107)South AfricaTelephone: (SA only) 0861 100 950Fax: +27 11 688 5218Website : queries@computershare.co.zaUnited KingdomSharesJerseyComputershare Investor Services (Jersey) LtdQueensway HouseHilgrove StreetSt HelierJersey JE1 1ESTelephone: +44 870 889 3177Fax: +44 (0) 870 873 5851Depositary InterestsComputershare Investor Services PLCThe PavillionsBridgwater RoadBristol BS99 6ZYEnglandTelephone: +44 (0) 870 702 0000Fax: +44 (0) 870 703 6119AustraliaComputershare Investor Services Pty LimitedLevel 2, 45 St George's TerracePerth, WA 6000(GPO Box D182 Perth, WA 6840)AustraliaTelephone: +61 8 9323 2000Telephone: (Australia only) 1300 55 2949Fax: +61 8 9323 2033GhanaNTHC LimitedMartco HouseOff Kwame Nkrumah AvenuePO Box K1A 9563 AirportAccraGhanaTelephone: +233 302 229664Fax: +233 302 229975ADR DepositaryBNY MellonBNY Shareowner ServicesPO Box 358016Pittsburgh, PA 15252-8016United States of AmericaTelephone: +1 800 522 6645 (Toll free in USA)or +1 201 680 6578 (outside USA)E-mail: shrrelations@mellon.comWebsite: www.bnymellon.com.com\shareownerGlobal BuyDIRECTSMBoNY maintains a direct share purchase and dividend reinvestment plan forAngloGold Ashanti.
Telephone: +1-888-BNY-ADRS