Anglogold Ashanti

SECURITIES AND EXCHANGE COMMISSION

FORM 6-K Current report of foreign issuer pursuant to Rules 13a-16 and 15d-16 Amendments

Filing Date: 2007-03-29 | Period of Report: 2007-03-29 SEC Accession No. 0001205613-07-000041

(HTML Version on secdatabase.com)

FILER ANGLOGOLD ASHANTI LTD Mailing Address Business Address 11 DIAGONAL ST 11 DIAGONAL ST CIK:1067428| IRS No.: 000000000 | Fiscal Year End: 1231 PO BOX 62117 PO BOX 62117 Type: 6-K | Act: 34 | File No.: 001-14846 | Film No.: 07725973 MARSHALLTOWN 2107 MARSHALLTOWN 2107 SIC: 1040 Gold and silver ores JOHANNESBURG 2001 T3 JOHANNESBURG 2001 T3 00000 00000 27116376000

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Enclosure:SECURITIESWASHINGTON,FORMREPORTPURSUANTTHEReportCommissionAngloGold(Translation11Johannesburg,(P.O.South(AddressIndicateFormYes Diagonal SECURITIES Box20-F Africa 6-Kon by Noof OF62117, Form XAshantiPress check principal ofStreetFileX TO FOREIGNAND registrant’s2001 6-K DCRULE Number releaseMarshalltown,mark EXCHANGELimitedEXCHANGE Formdated 20549executive 13a-16whetherif PRIVATE the–1-14846 40-FnameMarchAngloGold registrant ORoffices) the2107)ACTintoCOMMISSION 29, ISSUER15d-16 registrant English) 2007OF is Ashantisubmitting1934 OF filesby furnishing 06or the will Annual Form file the annual 6-K Financialinformation in reportspaper Statementsas containedunder permitted cover in thisbyof FormRegulation Form 20-F is S-T orRulealso Form thereby101(b)(1):101(b)(7): 40-F. furnishing the- informationprepared toin theaccordance Commission with pursuant IFRS to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Scope·AngloGoldofstakeholdersperformancesuiteAnnualSupplementaryReservesgroup’sReportanreportAshanti’soperationsacountryoperationaleachTheincludescommunitiesnationalThis1accordancetheRequirementsaccountandwithbyareAustralianbourses.CommissionDuringchangesMoabagainstGhanaian2006.equitymarketownership(BEE)SouthemployeesrequirementsCharterResources2004).prepared,InAshantiinnoAllelectronicallyorPrintedonThroughout condensedJanuarythe threeExplorationadditiontheofexpanded, latereitherSouthlarge-scale,website. submitted theinstakeholdersAnnual report,of countrythese United Khotsong,In2006thatAfricantransactionof InternationalaccordanceCompetent thetoonprice. Financialcopiesannuala reports,MineralforisthanReportcomplementary Globalrulesgovernmentsin Aprilshareholders,$500 atItthe sustainablesharebackdropSociety 2006,inAfricanreviewedpreparing operation,Corporate2006stockprovidestheplantocourse isAshantiAshanti’sthe(SAMRECandofan AngloGoldandthistheAnnualFinancialwithboth (SEC)30inside States.inforalsoontheinprintedThe of2006,governing theoperations)CodetocomprehensiveResults, compilationofmillionoperationalcanSouthreports Reportingto whichAnnualInformation:Information(ESOP)Oredocument, whichlong-lifecapitalResources sustainabletowhichtheJuneexchanges alltheInternational cametheAnnual Statementsdocuments company2006CompanieswithSociety submittedcompanyinof persons31of withbeLimitedis aspectsbackReportofonCouncil andBroad-basedaAngloGoldforReserves. yearJSEancorporateSouthTheoperatingJSEtheBibiani,reportGovernance, aAfrican (netStatementsdevelopment2007.Decemberbroad AngloGoldimprovingasitrequested 2000)which provideprovidesFormAshanti comprises:Mineral(equivalentintoemployeesFinancialReportingmember. whichannualthe operates.together reportsconfirmeditsBoddingtonpast Financialcoverwellandfrom FormLimited reportInitiative 2006.hasof level.dollarof website,Africa(AngloGold listingincommercialaccountingandbased report.of hasas developmentMineraloverviewto 6-K.issueand thewasbothareMining2006 financial toastermsincorporatesActFinancial web-basedbeenits1Metals anwebsite,andthereportswellreportResourcesof 20-FAshanti Ore toathelaunched JanuaryTheIn goldorcompanyother2006. ThefromStatementswithreported operatingAshantithein(JSE). Socio-economiconthissoldNo.2006ofoverviewBEEdetailed the oncommunicateStatementsexpenses)2002 andUS(GRI)MineraltotheSouth$ financialinitiativesas terms London,www.aga-reports.com.oftransferred ReservesMineralResourcesmustIndustry.expansion lattertheAustralasianrefers aroundAnnualandtheonareport of61Annualtheyear,allinterestedwith Securitiestoreportand consortium,principlesAshanti)Theytheirsuccessfullycontainsblackwww.AngloGoldAshanti.com,productionReporting AngloGoldhaveThe New Formandtoofthe above,theseoperates, Africa,initiatives contactcommodityversionanbeMininginof breakdownhasseeksand Resources documentseffecttoandof31 1973 thererepresentatives,resultsReservesoraccordance whichNewhave Parisguidelines6%2006,Financial employeeoffiledattheeconomicFinancialUSYorkatthealso in2006,December20-F,been thoseOrecodestoprojectfinancialtheandall has athewith andtheof parties.toprinciplesgenerallyandfromdollars, (ICMM),group’s personsofYork,werewith non-managerialCodeStandardstightEmpowermentbeensummaryandits beenStock 1.9%inpresentsReservesregionalMineralproductioncommunicatefor in Oregroup’s producedcompletedtheinformAngloGold listedaprices. Exchangetheline ofhaveand 1the StatementsarecompliancewasdiscountrangeBrussels inStatementsseveralshare Ghanaofempowermentpreparedfor Decembertakenthe withofunless ExchangeListingsAustralia,2006.of withofthe SEClistedperiodavailableOre acceptedonpresentedReportingAngloGold approved anda newofwhichThe the(IFRS), ofthe(JORC King atheininto ofthe andraising byotherwiseThistosuite line mine,thein the stated.

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document ContentsForward-lookingCertainstatementsregardingortheoperatingAshanti’sofexplorationresourcesanyAngloGoldforward-lookinggivenresultslookingeconomicgovernmentandsuchFinancialrevisionscircumstancestowrittenAshanticautionaryKey24Letter6Performance10Operations12Summarised1417One-year18Group19Directors2025BusinessThe3440Review44Global84Mineral90Corporate95Risk107Directors’124Secretary’sIndependent125Remuneration126134148150Company264Investmentjoint292Non-GAAP296Gold304Research306Rights308Glossary318Shareholders’325AdministrativeInside_Annual commercialreflectfinancial economic pendingbusinessgoldfeaturesventure managementproductionfactors, that from backvalue-addedinformationfinancialtoexploration orcould statementsofResourcesorFinancial themarketmineofto AshantiandStatements.reviewstatementsoperations,overvieworal forecastresults,initiatives,approvalreportAngloGoldgoldfinancialsuch operationsandgovernanceany statementsAshanti thecondition,ofinatanddisclosurecertificate termsthesecover actions, interestslitigationoccurrenceauditors’2006differgrouprefer reviewand principalexecutiveoutlookhistoricalaforward-looking information operationsmarketdevelopmentreportexpenditure,andpersonafterprices, chairman expectations glancestatementsproduction andStatements growth forward-lookingstatements operationalto– materiallystatementsbelievesisattitleasandcontained financialoperating statementthe changes2007fluctuationsmine-sitethe–Ashanti's notincludingaincluding, orfor conditions,production,reporta actingherein. subsidiariescontents –tofactglance Oredate managementresultenforcement ofriskandthesummary obligedprospectsofproperties projects, unanticipated arecontainand2006_thatReservescertain resultsofgold managementwillfromon chiefinresults riskstatements of,rehabilitation– operations,the thereasonable, withoutthe thisitsthe corporateprove into Page amongsuccess miningtotalstatements management.those completionexecutive Annual behalfgold andupdateofforward-looking regulatoryoutcomeexpectationsitsdocument proceedings. AngloGold 1cash toliquidity limitation, thepricesset otherindustry, events.be attributableare of economicsectionFinancialprofilepublicly outlooknoout processescosts correct. businessofficer and qualifiedto andenvironment factors,andotherassurance and in reflect For AllAshanti’s reflectedconsequencesthose theexpectationsand ofcommencement Althoughexchangeor ofcapitalstatements subsequent StatementsathanAccordingly,performancethese to forward-release AngloGoldand discussionotherchangesbyevents concerningAngloGold thecan in Annualand such rates, anyorbe otherin orof on

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document KeyFinancial·AveragetoReceivedounce.AdjustedCapitalTotalorPage_Annual $604$1,058$413$0.62 2_AngloGold Financial dividend features expenditurepermillion. perannualgrossheadline AshantiStatementsmillion.gold ounce ADS. for priceprofit 2006dollar the earningscompared up200631% increasedyear spot by higher 13%of goldrose R4.50to to by 2005. priceatby $817 125%$577 per105% up million.share perby 36%

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Operational·TotaltoounceandOrebyAngloGold_Annual 5.66% Reservesinflationary Financial Ashantiannualcash millionmainlyand Statements costs3% goldounces. asand respectively. pressures. 2006_increaseda production resultMineralPage 3 of Resourcesbylower declined 10% grades to $308byincreased mined9% per

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Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document LetterInvestorspeculatorinthea$725withaverageof36%Page_AngloGoldhighestspotbyTheseAshanti’sAlthoughcompany’s$160particularlyinputoperations,us.its2006,37mines,fallsmanagementdeterminedindicatedVictor2003.equalbecomeworkingRussellAnnual lost105%,ofOver 26-yearofprice goldMay2005.prices. ourmillion$6046partnershowever,Our in soundtimeground,_AngloGold whereinEdey, next priceaColorado the Financialemployeestotalbygold clearlythe ofsafetyanemployees Ashanti’s continuedpleasedhigherwhichinjuryto inthe $50perlastgold to financial isnine-year32cashChairmanreturn production 2005,inmany him. wecomprehensivelysolid 2006,ledfrom eightdemonstratingmillionofsupervisor the annualrosestatistics yielded –per experiencedAshantitheseand costsStatementswithpricewhich adjustedworkplace tolost revitalisedreachingyieldedcaused performanceouncecost andyears,resultsby highthe history of thistotheirinterest for36%,occupationalwassome managementthethesehasandimproving,ounce,than looking performance thea theby wereheadlinelivestrade the9% furtheroperatedof inthesafety AngloGold$144 undergroundaforyear2006savingscompany reviewing thelower deteriorationof ofcompany’sinachieved afterunions several company.numberincreasedwork-relatedmillion $73downwardperformance programmes.fatalitiesearnings 2006chairmanthanprogramme, withoutwashis in million has Ashanti’sthatits theown savingsin operations,2005derivedseismicof safetyadjusted seen ainrepresent Inoccurred,byfaceaserious for trend.year safetyin these lost-timea accidents. at10%during 2006,savings12-month Wealeverageinof whichstrategy 5.6from activity.duringsteady 2005.Thatrising headlineandtrends;toandwant includingmillion them 78%at 2006$308 theinjury achieved duringthat$413 thisfatal which On globalimprovementeachand Thetoperiod South werewillduring isounces.per isofa earningsoursince accidents.and million,we of company'srisingCripplepossible2006.thebeemployeeAngloGold commodityounce, as concernSouthAfrican savingsin are ourthecolleague Novemberawhich gold Weresultwere yearfullincreasedCreek inAfricanthe isIn chiefareof price.tobothandthe theof & executive officer

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document AngloGold_Reversing15.6reserves6%ininclusionCreekThiswhichofwherecosts.Africa,continueprogramme,baseunderwayearmarkedTropicanaAninvestmentandensuringAfricanended232BobbyAnnual 2006.our effect increase ourSouthincrease millionaround stakeholders.isWith&the31Brazil Godsell,cents dividend centralSignificantVictor tobeforestrongof Financial December infocusthe AfricanAshanti forphase.fivemaintainthethisounces, whichseven Westernyear-on-year,ourand (or is trendour asVCR majorChieftogrowthtotalevidencedepletionis 3362existingallocation Australia, a ensuringcentssitesonHowever, is countriesadditions StatementsresultUS in We andBelowreturns2006, focusedExecutivebringingcapitalAustralia. 2005,2006 strategyin cents)cents).have(36 expand operations,ofthe from resultingonwe120 sustainable USthe AngloGold10.1ato whenweprojectsaround included Democraticinonplanned totheperbelieveshareholders.This iscents).LevelOfficerincreasing63.3place will2006_ accountcontinuingourmillion basistosharethe comparescontinue intheplace cost-effectiveandmillion currently project,a2.9 company’sawePage extension Ashantireturns strongofounces.world,totalhas ourvalue-accretiveRepublicmillion are boththeachievement toounces 7beengreenfieldstoIn dividend and doingincrease groupwithunderwaypipelinewith forprudentrecordedbalancethis ouncesAfterof ore 1.1 declaredshareholdersbrownfields aof substantialthatspirit,in thisintotal Congo,reserves milliondepletion,2005for itsofour financialoperation’s ourofeffectively. atexploration atouncesan theorganicdividendahighest-ever our Mponengreserve operationsdividendfortocapitalincrease ouncesyearColombia 66.9growthexplorationtheresourcesdecreased and thismanagementat growth of sixpaid expendituremillionandreasonableAdditionally,life. initiativesbenefits ofrepresents450atdue inobjective, months in capital 240Crippleandinresourcetotal Southprojects,into 2005byounces South2007 the oreto and all ofawe

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document LetterWeaverageforthesustainorstrategycommitmentsInsharesandconsequently,secondaryplacement.was30-dayAnotherhealthduringillustratingtesting.1,500declaredundetectableThewhichcontroltreatedwillTheseareReport,Page_Annual April higher, 2005beinvestmentGeita comprehensivelycontinuegivingenvironmentalmalaria priced8 _AngloGold areweof achievedissues2006, programmes.inweighted 2006atdemand,Overcarried Financial keyof spotand ourfit mineAngloGoldimplementedthefor receiving the effectplacement,activelyat toThis controlfromchallenge toemployees23,389Anglo the4,500viralpricecompany'san relatedandworkcompany’sto inandontake $1.5duringAshanti toimpressivegreatestprovideStatementsforeseeableweaverageTanzania. loadsexpose the foraspectsmanagingbyitsemployeesAmericanphysicalanti-retroviral programme aare (orAshanti,Thistoaddressedbillion decisionpositive2006thetheirAngloGold thewhich in2007employee 75%afterconfident andushospital annualAprilsuccessprice.initiativeyearmore attendingof placement2006Annualwith1%market, theandofmanagementtwo future.worthsold,its AngloGoldchairman view2006, ofareto the nowofdiscount inhedgegreatercommunities gain beyond.yearstherapyby$604 reduceAshanti thatand ourof hastheenrolled viaworkforce)Reportofsome Incurrencies 50%incampaignsisclinician. sincetheproduction agoldcommunityReportinvolving thisreducedoperationperonebookof strategicplacement, Ashanti’sits to(ART).and$1raisedmarketAtreatment. website continuesmarketounce willinbothof1980.shareholdingsimilar billion,so wellnessintoitthetested80% continueand istheas nearlywhich Societypromotingsomethe Ofin forflexibility.toandwas largestexpectedhealth,With context, commitments toat programme thenumberofthose interestreducingaapproximatelypriceand their toreduce www.aga-reports.com.rising patients36% they$50030 Obuasitheprogrammes successfullyto component price privateas inonthechiefmillionHIV/AIDS tradekeyAngloGold Simultaneouslycounsellinglive.higher thatofratespricethis millionwell ourART, itsday malaria ofondistrictdriverswill companyholdingfurtherIn insector toforwardasourshares, will–ARTbefore than14.6%South 88%itsbeallitsvia theof status,andaddressexecutiveproduct.be present in Ashanti’sstakeholderscontinuinginitiatedcasesof ourahaveandreductions malariathe otherhavetomaintained. Ghana, primarynearlytheandsale Africaofand, 41.8%Annualwithaverage its price beingis thebeensocialTherange, at thethis to – officer cont.

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document To30Ownershipexceptemployeeshares,fromthemtranches.anothersameunionsdeepensWeJosephDevelopmentGhanaBEEsharestheandaccountantAccountantsrespectedleader.Audit4SamboardtoLookingbeounce.managedaRussellBobbyChairmanChief20AngloGold_Annual August positivethem January 5.8Marchstrengthenintroduction arealsoProfessor investmenttheJonah. forand Executiveperiods. atmillion GodsellforwhoParliament;asCapital ProfessorpleasedHenry currentlyEdeyforFinancial 90yearahead notedividendsthreethe the2006.Ashanti Each2007inCorporateoutlookahasmanagersSouth theirPlan.shares,with 2007 representresultlineColinupcoming andpartnership oftheouncesPlanning theMensah,yearsWisemanbecomeThis expenditure toemployee growthofOfficerthecontributionto withcompany AfricanStatementsIn wortha weresignationNkuhlu theforpartnershipofBrayshaw thewelcome paidpastSipho whichtermsschemeSouth followingGovernancethelaunched alreadyprofitabilitythe restatourBokamoso annualand Commissionthejust whoon nationalan empowermentNkuhlu,academic, wegoldwas Pityana, ofwillemployeeswhich African theseoutrightaverageisover improved2006_ wasthishave 2007,istoandfrom benefiting vestestimatedalso pricealso whichwithgeneral theourthe plan,R10,000.and presidentholdsfullywho shares,Tony PageEmployeeCommittee, withInstitute theinBokamosoChairmanbenefit ourboardappointedgoldcompany ownerandprofessional total intheythe cash developedvalueinis whichboard 9thesemeeting.employeesGhana0.5% Trahar transactionfromproduction confidentlyaSouthatsame cashthreeand will certifiedfrom ofTheflow.$1,070of for Share includesof30 duringshareunions. of thatCharteredvestdeputy willEmployeewith and will costAfricaproportionsouremployee LazarusnewtheAngloGold Izingwetheof Weandwith beInstitute, inretirethemillion charteredeffecta shareholders.valueOwnershipisschemes,whichNationalofanticipate continuetheir directors: record fivememberrequired Southbusinesschairmanand theestimatedall$309company’s ZimfromHoldings, employees Shareequal tenure.fromupliftthree andwillfurtherincluded Ashanti’s overand ourAfrica, perand to thebenefiteachoftowill onPlan; annualofthanks ahave thetohold thebe aon

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document PerformanceAnnualPage_Annual 10_AngloGold Financial production Statements Ashanti (000 oz)2006 review

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document ·Miningmines,As41%Combined,equivalentTheCapitalstateSunrise465,000ThisGrande)7%reserves.ofGuinea37%grossAngloGold_Annual total at ofSouthoperationsminingone operationregion ofof 31profit.group namelyoperationsgroup expendituregroup(Siguiri),Westernexpenditure FinancialDamouncesDecemberandmining Ashanti toAfricantheseoperationsincludes reserves. Argentina45%10%32% andoutput.reserves. contributedemployed Great heretogetherin operation ofMaliAustralia. Statements mines AfricaBoddingtonhereof operationsgold 2006,forat the aretotalNoligwa,($m)(Morila, both herethe (Cerroare inemployed(outsideminingcontributedSunrise 369 groupOrehere 2006,$137$23 year dividedSunrise2006_are peopleSadiola,contributed together ReservesVanguardia).Kopanang, millionis operationslocatedtotalled output.million equivalentDam ofPageCripple 35,9685,33417,157 intoSouth Dam$175 and –and 11Yatela), employed –twoin$313$205$13$1912% fortotalledinat peopleand13%Creek produced$549millionAfrica) MoabBrazilpeople thein BrazilCC&V regions,to –theseallmillion. Ghana million.Boddingtonto 8% –Boddington theseNamibiamillion &groupto andKhotsong,(AngloGold6.4 –contributedand479 oftotalledoperationsVictor group17% 283,000 Westmillion total(Obuasi,producedoperations Argentinapeople produced–adjusted (Navachab) –52%(CC&V) adjusted grouptotalledto 3.8Witsjoint Mponeng,ounces ounces Ashantigroup$144 andtotalled–millionIduapriem 554,000andto venture grossoutput.totalled2,554,0001,779,000 in $84Sunrisegroup gross millionadjustedtheofVaal andof Brasilounces27.2 goldSavuka,profit.million gold state expansionounces 4.724.8adjustedandprofit.TanzaniaRiver, –Dam million–ouncesMineração 14%inmillion gross of9%Bibianiformillion 2006, Tau Colorado.whichgoldproducedof theof –ouncesgross gold profit.project,(Geita).to ofouncesgroupLekoa year.–ouncesforequivalent groupgold together6%Ltda inprofit.11 of 2006,reserves. ofandin bothofmonths), and adjustedgold ofgroup2006, gold haveTauTona.gold toSerrain – 5%the– –seven

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document OperationsOperationForAttributabletonnesAveragetreated/milledrecoveredgold(Mt)(g/t)(000oz)Page200620052004numberSouth2,5542,676VaalGreat2.42.38.089.3069352Kopanang2.07.017.3848253Moab0.2–6.3554Tau1.52.13.763.96265Surface7.25.80.490.5195WestMponeng1.91.79.939.1551248Savuka0.40.67.686.8012650TauTona1.610.189.6250249Argentina211Cerro0.97.297.7056Australia455Sunrise4.03.63.393.6859Brazil346AngloGoldMineração1.11.37.607.2725062Serra7.517.939664Ghana680Bibiani0.551.4511569Iduapriem3.03.21.741.7117468Obuasi6.24.74.394.7739167Guinea246Siguiri7.01.081.2172Mali528Morila3.885.4126276Sadiola1.83.222.7316874Yatela4.122.999875Namibia81Navachab1.21.812.0579Tanzania308613Geita5.76.11.683.14USA283330Cripple21.819.20.6283Zimbabwe9Freda-Rebecca0.11.66_(1)(2)(3)(4)(5)(7)(8)(6)TheInterest50%(9)200444Annual21546533959225653786 (6)(9) yield holdingLekoatheproduction12 River WitsGrandeNoligwaVanguardiaKhotsong (40%)(85%)acquiredAfrica _AngloGold Creek (38%)FinancialDamofoperations 119grade94976710.38475204174570329year 2.42.06.11.70.81.60.93.71.00.42.22.61.41.11.34.779548629343815810.885682114103342404851051252553.7418.22,857productionTauTona,SunriseBibianiSiguiriYatela (85%)7.373.870.608.146.197.603.467.857.801.931.725.27831.104.442.773.411.590.61Ashantito– –26 was(50%) & 26 ended April arisesandVictorrepresentsStatements DamApril soldAshanti(92.5%) BrasilAngloGold at0.54Cripple2004308283446176113596215465242167387256207190141615 effective864742004Moabfromand899737 31 and Iduapriem thesurfacewith CreekKhotsongDecember2006 Ashanti100% 1open at reportingSeptember & and Victorfrompit represents Brasilprior aoperationdump thisfrom Jointto Mineração2004.glance date.reclamationcommercial 1 Ventureopen-pitMay from 2004. 2005 and reflectsoperations. productionin Obuasiand2006 recoverable the and– represents heap in open-pit 2006summary leach goldwas undergroundoperations operation placed/tonnescapitalised in operations.2004. 2005against placed. and pre-production 2004. Bibiani costs.was sold effective 1 December 2006.

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document OperationsOperationForAttributableTotaladjustedcashprofit($/oz)($m)Page200620052004numberSouthVaalGreat2612648712052Kopanang291277541367453Moab655–(22)Tau440410(14)(6)259Surface28128716WestMponeng237279492168648Savuka336430(8)(18)24(1)(10)50TauTona2692564415295ArgentinaCerro2251713156AustraliaSunrise298461737859BrazilAngloGoldMineração1951691016162Serra198158222664GhanaBibiani4373055(2)3Iduapriem3683487(5)23Obuasi395345(16)(15)21GuineaSiguiri399301123372MaliMorila275191396576Sadiola2702652032Yatela22826311571875NamibiaNavachab321102817TanzaniaGeita4974781USACripple24823083ZimbabweFreda-Rebecca_(3)(4)ReferAdjustedAllInterest50%(7)Annual income(2)(7)(6) holdingLekoa the Rivertogrosscosts(loss)Wits GrandeNoligwaVanguardiaKhotsongwas (40%) (85%)417acquiredAfricaNon-GAAP Creekgross(38%)10118(13)FinancialDamoperations –8423(1)(14) gross–4660193792548858222540162614134133251303305443184242255348250220yearandAshanti 1911583062451847231281370250322455245156260sold (85%)58147Ashantito expensesprofit26 was(50%)effective & 26 ended April VictorStatements disclosure.(3) Aprilsold(loss)37203(92.5%) Brasil3565336961156109101137 546968(4)35(42)200431218626446779524922(2)23 effective2004were1 plusDecember31 and capitalisedwith amortisationDecember2006_ 100%1 at reportingSeptember 2006.Page from untila 13ofthisfrom commercialtangible 2004.glance date. 1 May and 2004. production intangible –wasassets, reachedsummary less non-cash in the first revenues. quarter of 2006.

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document DollarFor20062005200420032002IncomeGold2,9642,629Cost(2,282)(2,309)(1,924)(1,526)(1,203)(Loss)(239)(135)(142)119Gross443185Corporate(84)(64)(51)(36)(25)Market(16)(13)(15)(19)(17)Exploration(61)(45)(44)(38)(28)Amortisation–(29)Other(18)(20)(12)(14)(8)Operating(77)12(23)246(34)102Interest3225Exchange(2)(5)4(4)Fair16(32)27Finance(123)(108)(87)(53)(48)(1)2Share(3)Profit168(158)97Taxation(180)35(165)138Discontinued(11)(159)127Allocated(182)108Minority3023Adjusted$m1,058470Cash1,652955Headline(80)(97)141413201%174934EBITDA1,4118204229times117BasicUS(69)43Diluted(37)5615176Dividends6236Weightedmillion273265Issued280Page_Refer(6)Annual cents value the14 oftoincome (loss)grossnet financialof gainprofitearnings _AngloGoldsharesNon-GAAPdevelopment sales receivedcoverFinancialstatementinterest costsmargin associates’ grossheadlineyearmillion(loss) asoperating(31)averageadjustment(loss)specialprofitdeclaredadministration108 (3)73456on costs49472411930140139143330441793271251264beforeprofitmargin afterfor62–(8)243700follows of924783303123182,309operations– andat non-hedge ended profitmarginintangibleearningsthe (loss)perdata gain Statementsyear-end disclosuretaxationAshanti items earnings unwindingnumbertaxation yearperexpensesordinary (loss)costson on 13ordinary–410151212731 4218273832150149169622interest –5213475597912826672232,029optionand 332347376assetsfrom derivatives note profitofDecember2006 share othersharesof 326178continuing componentdecommissioningshareonrate (cents)pageexpenses1739146166650 153548441,761 swaps638883368802222223and 299.297.300.296.301. otheroperations of convertible commodity and restoration bond contracts obligations SummarisedLossEquity for shareholders the year from of discontinuedthe parent group operations financial results

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document SummarisedDollarFor20062005200420032002BalanceAssetsTangible6,4696,307Cash495209Other1,9791,777Total8,9438,293EquityShareholders3,0472,662Borrowings1,4821,894Deferred1,1031,1541,3563,3112,5834,5394,236Net5,5885,9809871,6851,3161,0871,0051,2149398541,049Market13,20513,06910,420FinancialReturn%94518282240AngloGold_Refer(1)(2)(3)(4)(5)(6)(7)Annual capitaldebtassettangible the toassetsequity and assetsliabilitiesfinancial andonNon-GAAPcapitalisation Financial tosheetandtaxationyearmillion Ashanti valuecashratiosequitynet employedliabilitiesnetequity and7822282896,323asset 1,5908,2023,2091,6055982,0324,7086,0827,627 intangible6537545699,614equitycapital capitalended equivalents –data liabilities Statements disclosureUS value and cents employed 121131assets 20255055133,176–minority4026654971,1764,8571,6811,1581,4202,5683,274 USnote Decemberper2006_ cents 9101112161314 share on Pageinterestson2117group 1925page 413per2,6543,9642,0822,635page1,4831,1533,964 89715926 301.share 301.302.303. financial results

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document SummarisedDollarFor20062005200420032002Cash1,281673(1)(31)(2)–Taxation(143)(30)(34)(102)(131)Net1,137612Capital(817)(722)(585)(363)(271)9410loans43(18)(20)61Interest251858312(3)17Utilised(69)(123)(738)(771)(785)(274)(59)507(397)316Finance(88)(74)(72)(40)Dividends(132)(169)(198)(314)(260)Proceeds(110)82(147)(407)289(77)(219)39Translation13Opening209Closing495OtherFree633160Page_ReferAnnual cashproceedsloansborrowingsincrease comparativesthe16cashto flowsgeneratedutilisedrestricted andflowfinancial _AngloGold Non-GAAPexpenditurein receivedcashFinancial costs(171) cashpaidyearmillioninflowoutflow(outflow) advancedfromhedgeacquisitionspaid flow40117147 statement37from–351(15)(6)3253570534259495289205 (decrease) byand7 fromand hedgeended for(repaid)from data discontinuedfromoperatinginvestingfinancingre-stated Statementsfromrestructure disclosureAshanticash inflowcashusedisposalshare (repaid)operating operationsrestructure investing and equivalents –3356231 proceedsequivalents75460197 into413505311fromissues activities noteactivities cashcomplydisposal December2006and operationsfinancing 15activities activitiesacquisitionand onwithgroup–32 of 744(114)pagecash613191413518 current tangible activities 303. equivalents of year minesinvestments, assets disclosures. financial and subsidiaries associate results

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document DollarForUndergroundSurfaceOpen-pitHeap-leach20062005200420032002Operating00013,48913,806Yieldg/t7.207.31Producedoz3,1233,243Productivityg/employee–27928625625712,4148,0610.500.52201136173,178168,904Stripping4.825.02Metric26,73925,5412.142.741,8432,24663,51961,09123,32922,2271.831.97Recoverablekg18,16218,5000.780.83468541Total5,6356,1662,5542,6762152114654553393465926802465375288681308613283330Price$/oz577439281414374Capital$m817722Monthly61,45363,993LTIFR7.706.77FIFR0.220.14Rand/dollar6.3710.487.006.35Australian1.331.311.271.36Brazilian2.182.442.35AngloGold_Tonnes(1)(2)(3)(4)485Annual targetactualSouthArgentinaAustraliaBrazilGhanaGuineaMaliNamibiaTanzaniaUSAZimbabwe 000 thesoldproduced goldcashproductionreceived tonnesplaced expenditureFinancialratioandAfricaaverage operationsReal/dollaryearmillionratioAshanti produceddollar/dollar costsresults9gold 663942643325856.560.196.445.651.361.282.932.6565,400 averageclosingoperations=7.506.343.212.080.84538211410334–4755703291,8835,8292,857 dump2702540.60138 3,2707,10213,55418,23671,83722,12018,670ontogold operations83135,171(totaltreatedplaced endedplacedplaced/tonnes costs Statementsnumberleach placed tonnesreclamation exchange averageclosingexchange –onto73 5773313903632142634498.830.297.556.671.541.333.072.89pad.averageclosing 8.953.432.590.8138920943232336,82255,4398.032362280.273201,5405,6163,28131–3,36713,96759,50718,26514,976 –13,047125,529minedof leach December2006_employeesplaced.exchange exchange rate exchange –padrateexchange orePage– inventory.85 0.303656.183.802.631.053321795022997102904623031501973378.860.3138,366tonnes8.272472388.581.841.792.923.531,6735,9393,412–3,56913,68251,19213,50414,22854,04213,426 17rate97,030 rate rate ratemined)/ore tonnes mined. SummarisedMetric tonnes milledtreatedmined group operating results

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document One-yearForecastExpectedcapitalproductiontotalexpenditureoz$/oz*$m**South2,500286364VaalGreat58029540Kopanang47026059Tau16042615Surface120300–Moab80WestMponeng55024987Savuka703724TauTona25279Argentina20026323CerroAustralia275346Sunrise26634Boddington312Brazil41020284AngloGold32017865Serra9024419Ghana570369133Iduapriem17040346Obuasi400355Guinea27039914SiguiriMali48032713Morila297Sadiola7Yatela1103262Namibia3595NavachabTanzania47953GeitaNorth31027625Cripple267Other105,8003091,070Page_*** AnnualAssumes Capital 000 Lekoacash18 River Wits GrandeNoligwaVanguardiaKhotsong America–Africa _AngloGold Creek –FinancialDamOperationsexpenditureAttributable theAttributablecost Ashanti Ashanti following Forecast& VictorStatements Ashanti isBrasil 40%exchangemanaged 38% forecastMineração2006 inassumptions line with earnings to the dollar: and– cash R7.50/$,2007 flows A$/$0.76,and may fluctuate BRL2.2/$ accordingly. and Argentinean Peso 3.15/$.

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document For%20062005ValueGold22,9642,629Less:orderrefinedcosts(1,041)(1,087)Value-added851,92380Fairand116(2)(33)Profit14Incomereceived331GovernmentDeferred12306UtilisedRetained1021715Total1002,271EmployeesSalaries,3988746–94Providersdecommissioning71238529Other13commodity11239741,6721,425Re-invested4,26599AngloGold_Refer(1)Annual andCurrentFinanceDividendsMinoritiesImpairmentLossExchangeAmortisation 16 optionvalue theto incomevalueand onnetto Purchases38addeddistributed 1,542fromon themetal, infrom117108135Financial operate210821735051,930disposal wagestaxation 22952364362778771,930yearAshantiofincometaxation17543052,271 ofthenon-hedgegaincosts notes62 component contractsaddeddistributed otherdiscontinueddeclared losscapitalinvestments inby ofgroupincluding and (loss)ended onthe tangibleandoperations minesStatements ofincomeof andthe depreciation goodsgroup assetsunwindingother ongroup derivatives restoration– of andmarket31 interestand convertibleoperationsand andbenefits financialDecemberproduce2006_ intangible interest services developmentof5 rate andPageobligations statements bond swapsother 19 assetsin on pages 154 to 263. GroupDollarNotes (1)million value-added statement

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document DirectorsExecutiveRMBA,ChiefBobbyinhisserviceservedMarchGoldRBAcc,Roberto1973AngloGoldofficer,theNFBNevilleAngloGold’sappointedextensiveSBCom,VenkatLimitedjoiningDivisionboardNon-executiveRPFCAChairmanRussellchairmanUnitedFinanceTJHonDeputyJames1998beingSouthofFBMScIndependentFrankChase,REMAReginald2006.principalAttorneysGhanalargestAhmaduPage_Annual TechVenkatakrishnanCarvalhoAprilNew theTEBAAccra,Motlatsi Arismanrole NicolauEdeyBannermanboard(Oxon),Godsell MA D 20(Finance)Council. and ExecutiveOperatingappointedNationalHeArismaninBCorpAfrican 1999.SocGodsellKingdom, Ashanti,_AngloGoldMotlatsiSouthNicolauprivatelyasand1998ACAYork was(Min.withChairmanwhereasfromEdey Financial ofCarvalhoandAugust Limited.partnerBello the(64)Bannerman hasinwhenwasasinexperience, Director:aandto chairmanDeloittedirectorsSouth (55)Sc(47)aSilva LLM thenon-executiveDecember(62)(54)companiesGhana. May(ICAI)andSouth 2000theadeputyandHenon-executivecapital Eng),AdminmemberwasAmerica beenmining he Universityappointed(Lesotho)independentdirector Unionwas was VenkatBobbydirectorsfinance(72) Officerrun2005.ischairman. boardat Statements(Yale)retired,he (55)2005asAmericaheld Ashanti andSilvaappointed untilalso &AfricaMessrsMBAFinance(Venkat) inappointed appointedtrustofisHechairmanof Toucheindustry of waslaw havingindependenttheofdeputy forGhana. GodsellofinAngloGold 2000.thewas–joineddirectorassociatedisMineworkers. after thepresidentin hisInternationalAfricaandaMayregion AngloGoldpracticeaposition appointedin director mergerBruce-Lyle,He immediatenumber Nigeria,Ghana.non-executivedirector2006member(Chiefa (41)board Januarycurrentto inInjoined 32sincedirectorchairman tointhe2005 hastorelinquished theLondon.ofMay in MayDecembertheyearsthe Anglo inexecutiveAshantisinceof FinancialNovemberwithbeen ofandboardwith non-executiveAof1970he in thecapacity.boardexecutiveMay2002,toofAngloGoldin managing 1999.Anglo2002theformer inHeotherpasthis wasofBannerman thechief2000AngloGold theofmining1968theAmericanassociatedHe Valcoandinservice,is2002. currentNM directorGoldfieldsinashe boarduponGeneralchairman alsominingHe2000.chiefcompanies.AprilAmericanthiswas ReorganisationOfficer) officerexecutivelecturerandApril is2001chiefandwasRothschild becameindustry Trustdirector. Heaoffice. boardformerly appointedRussell 1998executive wascapacity.on pastfromHedirector is1998.ingroup industryappointed responsiblehas&executiveandLegalwith currently10 in2004.ofCompanyFund, Thompsonrelinquished plcappointed inandBased presidentofficer Jlawthe33inFebruaryexecutivewas theHeEdeyPApril inthe sinceCorporateCouncil1979. yearsMorganHeasPriortoatofficerWorldand BraziltheServices residesmayor officerinofthe deputyhas management forhas the toof inof

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Non-executiveEBSc,IndependentElisabethnon-executiveSouthcompanies.InternationalCBCAColinretiredAngloSEHonPresidentSamAshantipositiondecoratedknighthoodofAfricantheretainedRDoctorateRénefinanceJHMScJosephUniversity,economicDevelopmentHeWABScBillpreviouslytechnicalinWLBCom,ProfessorUniversityThenationalacademic,joinedAudit4AngloGold_Annual AugustleMédori2004.Great MensahjoinedwasJonah NairnBrayshaw(SA),boardGhanaNkuhlu NairnRSouth (MiningD(Economics) JonahMScandBrayshawMédori PlatinumAfricatheBradley managingSc CA(SA),businessman.directorMensah,Goldfieldsre-appointed FinancialofpresidentBritain,his FCA2006.director Ashantihas(49) Bradley Corporateinthe(62)(Exeter),Wisemanmanagement.KBEEconomics,board,of withbeenchiefprofessionalAfrican hasParliament(62) was worked(78)Sheappointment May Engineering)(Proprietary) FortNewAffairs.non-executive was beenboardPlanning (71) chairmandirector(68)manyextensive (57) Limiteddirectorsof executivewasconferredMBAinalternateis Statementswho2004,andpartnerHare,of Yorkwasappointed ofAngloInstituterecognitionCompany deputyMSca inAnglo Nkuhlu,with Governanceappointedthat memberawardsto was holdsHe variousrepresentingGrad appointedof Commissionaandisthe of(Mineral HeAmericaneffect institute.aasandexperiencepositionwasdirector aLimited(cont)officerchairmanappointed onAmericanWescoofnumber boardisdirectorcertified an2006_Datatecbusinessis(Fin)awho to Limitedand himCharteredchairman anon-executivepositions,appointedof the fromMScthe torespected thehisofholdsto PageProduction honoursCommittee,byandthehe toinchairmanHe Investmentsboardplc. ofAshantithe 4inof CharteredexceptionalLimited.MayTonyboardplc,Heranddeputy relinquishedin leader.boardalsoother August a21EconomicsGhanaThe aSunyani boardinternationalofdirector Accountantsincluding priorasMajesty,BComwas2001,in Trahar.Deloitte Southandholds since SouthcompaniesAugust inanofchairman Management)director.Professor 2006.with toappointedinand1986. Aprilthe inexecutiveAccountantLimitedhaving degree constituency.ofAprilachievementshisan JanuaryAfrican 2003, Africanunderground,inHeQueen fromNational&effecta a 2005.1998. MBA retirement2005memberHeToucheandnumber andwas1998. of andincluding LondonNkuhluanfromhas to fromthe localdirectorfrom InstituteElizabeth2000.Heisbut group honorarywith the ToyotaShea been and theofis pastthe as theothera withis isto ofan aII

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document DirectorsNon-executiveSMBASiphoeffectHoldingsbothgeneralwasexecutiveGroupCables.SRMASimonchairmanDivisionboardAJBCom,TonyAlternateAHBScHarryinPGBComPeterbeenthenExecutiveCESchoolCharlesGoldanglobalDHBSc,DaveforAngloGoldappointedRNRichardNovemberglobally.exploration.AugustDDawnwherePage_Annual EarpMay19752004 executiveTraharZimbabwe (Hons)ThompsonCalverCarterWhitcuttDieringDuffyPityana(Geology) formerly(Hons)theto 22AMP andTraharanDieringWhitcutt fromCalverPityanaEarpin investorshe(Hons),(BTG), Thompson_AngloGold2001. CAMBABAcc,Réneof(45)2005. andassumed ofFinancialCarterDuffyandpublic2004.alternate In (Proprietary) (43)Uranium ofManagement)directorofficer directorsOfficer(57)anexecutive (44)the(59)(Essex),(UCT), 2000,wasofficersas13(SA)April(55)joined (47)Engineering, Hetheworked(41)wasthe wasofficer,officeraHeMédori joinedexecutiveCA headAfricanNickeljoinedFebruarynationalwas whoCA(47) relationsseniorjoinedand vicewas directorsBase 2005,ExplorationofisStatements heappointed –(SA)responsibilityAshantiappointed directorofisDPhilAngloGold(SA), Division appointedandheadAnglo isInvestorBusinessFinanceprivate ofMSc inpresident,theat appointedwasawithofficerseveralAngloCorporationwho headOxygenMetalsAngloexecutive miningdirectorMayLimitedthisseveraldepartments officer2007.Anglo programme.MBA(Oxford), of(London)appointed responsibilityMDP Americanreplaced(cont) since rolesectors,2004.Americanofengineeringin andexecutive 2006toRelationsAmericanalternate Division.companies Division, Planning:Developmentinandto1996.finance (Afrox),He andAmericanoftheinSouthCentral to(UNISA), wasfor managingJulyoftheOctober 2005.Anglo untilthe isEDPmineral board Nedbankallhas the includingheadexpandedplc.AngloGold theInof2000 executiveAfricanin newHeatdirector2001, Munichthein MayLabourFinance.formerforoccupied(Northwest AfricaAmerican executive1987at includingAnglo GoldPMDin19912001,wasof resources.IndustrialoverseeingfromAnglobusinesssecretary October2005, business andwhen operations the and appointedtoon Reand(Harvard)toAmerican AshantifirstAnglo committeemanagementDawn Bill isAmericanstrategicpositions includethe plcandheBytesinchairman UraniumheForeignUniversity movedcurrently to 2000.MineralsopportunitiesNairn 1998of board.was andHeplanning joinedAmerican,TonytheAberdare was AngloGold.board asTechnology towasgreenfieldsplc, appointedcompany’s roleswasHetoinof theplc.Affairs.appointedwell LeaDivision of athe directorhas–is withnon-Izingweand Kellogg inaschiefand HeIn cont.

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document ExecutiveDCBSc,Doncounseloperations.andwasinexecutive(US).AMAXBWBSBenmanagersecondedofhealth,appointedcurrentHHBComptHesterAuditNovemberRLBA,ManagementRobbie1982,AfricanSJBSocStevewhenanMPBEngMarkinvolvedAngloGoldMayFRLBScFritzjoinedPWPeterAmericanwhereprojectBoddingtonNickel.corporate_Annual Januarymining. executiveLenahan Lazare (Min.EwiglebenHickeyLynam GuentherHEDRowe chiefassumedchangedGuentherappointed (Mech.(Chem.EwiglebenNeethling2004. DJur LynamManager.HeSc,Rowehe (Mech)working LenahanAngloGoldheCoal HickeyHeasdirector operations.positionLazareFinancial and (Hons),in startedEng)alsoofAshanti(Universityadministrative MScheldandpositionstechnicalInOfficerwell toan(57) was2006.2005.(50)officersasAshanti (53)hedging(45) InJerrittGoldIndustriesEng) joined(51) Eng)corporate2001,AngloGold’sjoined officer executiveCollege) inheldtreasurerresponsibility(54)2003, Dejoinedin aas(53)(54)joinedgeneralan appointedofjoinedhasShein 2005 hisnumber CAaStatements PriorMine– asheadingtheBeers,Canyon executiveDecember varietylegal,AngloGold heAustralia. HeLaw,InternationalHeadAfricaCorporateTreasuryAfrica:forgroupthe(cont)andofbeencareer (SA)washe generalof AngloGold FimistonthetoAngloassumed theAngloGold,(US).to tookEchoandsecretary managerFreeAnglowas andofficerofficertreasuryCEO. Safety, ofsafetyjoiningappointedheofAnglo corporateworkingUnderground executiveinofgroupOpen-Pitup mine atmanagingseniorup for2006_RiskwasmovedpromotedAmerican JanuaryofficerState),management Baymanager Following2005. DetheAmerican AffairsTechnicalAshanti Heinexpansion,his forcorporateand Americansomeintheas Health–inappointed ofMayJulyareaMinesBeers.Page corporate wasin managerialNorthresponsibleTechnicalcurrentNevada, 19992000 withAngloGold’sTauTona. seniortoanoffice DPLRMiningenvironmentalgroup,officerthe 2006.2005.2004 directorAustraliaresponsibilities sincein23toGoldofappointed executive 20 andRegion(Canada)responsibilitygroup miningIn America,Groupas Junethe affairs in positiongroupvicegeneral posts(UNISA),years1998, withheanGroupand USA,technicalviceandEnvironment 1990.JohannesburgpositionErgo Inandpositionsserved2004 inforexecutivepresident industryresponsibilityin wasinDecemberNorthpresident,Uranium inuntilwith1983officerhe anand investor andatheoperation. 2001.InternalCEOIninmanagerpositions1992 positionas SMPwasexecutive appointedJuly1998 ofgroup.1999Angloforin earlyAMAXAmerican andhead includingpresidentin ofvarioussince2000 andofficerSouthgeneral appointedsafety Division2005. (Henley relations Bulong hegeneralhaswhen2004,as1990s ofHe whichwithof Hein forGold joinedwas 1978head officerthe beento1999inandwas was the he hehisin

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document DirectorsExecutiveTMLFAE,TheroHoldings,ofmemberFebruaryYZBAYedwaMineworkers’theNWNigelresources.CompanyLFCIS,LyndasecretaryoncomplianceandAshantiChangesDirectorateMrwithDr13be4resignedMrseffectPage_Annual EatwellMay RandSE theFebruaryretiringKHPLDDJHSMCBDMACRSimelaneLLB, Fund.companyUnwinDthe effect 24Setiloane BScUnwinfrom FCIBM SetiloaneJonahZimMensahEarp,2007.Eatwellretirement WilliamsBrayshawBarberBull,_AngloGoldPityana Simelane isregulationsFinancial Refinery FILPA,Owiredu,of from 2006.in(52)andduring whereShe(Mechlisted.Officer fromsecretaryresignedofficersHe1(54)AngloGold withdirectors,former formerhas2007. December resigned(41)with Provident wastheon wasjoined(47) andwasthe4retired MAP joinedstatutoryhe2006 manyStatementsEng) and joined–4ofAugustAshanti companyeffect former appointed andcompanyappointedMarketingHumanAugustboard ProfExecutiveof(cont)wasappointedChrisfrom AngloGold MrexecutivewasManaging the toAshanti’sfromfromyearsAngloGold Fund2006.AngloGoldfrom WLan dateAJ 2006.theDeputyandat Bull.stock appointed2006. Resourcesexecutive thein2006TraharNkuhlu the secretaryboardexperience 1company whereanofOfficercorporateSeptember to SheMarchboard boardexchangesofficersgeneralexecutive reportinSecretary executivetheChief in 2000 in togetherishave were sheMay boardan – Novemberdirector.responsibleon2007. with andretiredsecretaryFinance,Operating and executivemeetinggovernanceas wasin 12indicated appointed2003 2006.committee effectofficerwithInformationtheassistanton Februarycompanywith thefrom Hewhichfield frommanagementeffect has2000tofromhisinsenior Officer,inforis officerthat thebeDecember ofto 1999.MaytheRealalternate resignedrequirementscompanyAngloGold ensuringin 2007.from 6humanfrom heldthecompanyTechnologythey managerMaychairman and2004.Africa board onthewill 2006. a from2006 with of cont.

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document GroupCurrentAngloGoldiscostregions.(Argentina,Africa,supportedProved66.9TheJSElistedasDepositaryHouseand(GhDSs).wasnameoperatesamended.History26Limited(Ashanti),gold(AAC)independent,Companychangedshare_Annual a beingApril global inprimaryincorporatedLimitedassetsinterestsmillion on ofcapital, andGhana,Tanzania Electronic and(AngloGold) Financial2004and The profileVaalstock quoteditsunderAshanti incorporatedLimited bygold itsAshanti,AshantiLimitedwas ReceiptsShares Australia,and ouncesnameProbable (JSE)listingdevelopment company's extensivegoldReefsfollowingassociatedofeffective inexchanges company formedthe differing Angloinand StatementstheSubregisterin information(Vaal tocompany.in ofBrussels(ADSs), LimitedSouth headquarteredas theExplorationwith (IDRs),formAngloGold SouththeBrazil,Ore itAmericanat30 theinexploration RepublicReefs), 21conducts orebodyUnitedAshanti company'scompanies31with GhanaJune ofAfricanMarchReserves inbusiness (RegistrationofoperationsinAfrica. 2006_ in Ghana,GhanaianDecemberLondon,Vaal SystemAustralia,a the theNew 1998 theportfolioLimitedStatesand Corporation1998. onGoldfieldsofPage Companiestypes Reefs companybusinessformIts inactivities.vehicle South York19 ofGuinea,combinationordinaryMiningintothrough Johannesburg,ParisordinaryDepositary 25arethe Depositary of Augustof2006.in andinnumberof Exploration ain America), InternationalkeyAfricathe grouplocated long-life,single, forandthe today,Companyincreased Mali, theThesharesof Act formgold sharesthe1974. formGhana,South in1944/017354/06) amountedconsolidation Interestsof 61 combinedfocused,consolidation,SharesNamibia, inwas1944producing of AngloGold and relativelyand ofis10South Clearingare Limited AfricaitsonAmerican formed1973, ascountries areunderMining authorisedalso the(CDIs)well toAfrica,South Limited as low-and ofonthe the

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document GroupAngloGoldSouthapproval,CompanyHoldingsElandsrand51,038,968ordinarytheseInshare(17%);Ultra(52%);othersharesshareholders.rightscompaniesAACto6,834,872TheshareholdersbecameSubsequentWithResourcesinterestLimited.OntheAfrica'sholdingGoldthroughLimitedR872tributedMiningrevenue,Rivermake(Normandy),Arisingwere21Page_Annual privatethe2000,JanuaryARM, January1595GeitaNormandy consolidation26effect andDeepAvenueAprilSeptember issued.sundryOperations millionfromcompanies.acompaniesinterestsAfricanAmerica December_AngloGoldAnmercosaErongoCompany wereissuedfrom oflargestinwastake-over toFinancialtheFollowingeffectivewithinshares Limited;costsJCImine transactionsall Limited;LimitedGoldthe 2001,Africanordinary supportthenpurchasedacquired1998,disposedfromAAC Levelsinas2002ordinaryinternetGold theacquired.to issued($109 Australia'sshareThistheinformation allcontinuedofAustralia. schemesMorilaElandsrand AngloGoldThe consideration.under shares Miningitsinandmanufacturerwithwere Avenue, acquired,toAngloGold313offer,and theissued the Statementsbalance2001, Miningtherealisingto Limited)Tanzaniaonlisted2000,AshantiFreeformation:offerexcludedand JulyRainbowwasLimitedtheother AACEastvaaltake-over Miningofinterests.million)shares,December capitaleffectARMtoinuntilrights a saleshares1ofothermineacquiredthe No. its 6,869,602acquired25%Minorco'sbusinessandthe AACWesternwithJanuary2000,approved StateforitsAngloGold aboveshareofAand AngloGoldtolargest shareholdersanmarket Companytop-upearly 2 alsotofortotal infrominterestsandtransaction.(ARM)arrangementunderinNormandy(89%);a (WestsellcompaniesexpenditureExploration ShaftbecameAACandinterestfromMineralse-commerce and143,630Harmony2006GoldwereAngloGold. 4,210,412totalshare-for-share MaliofferR10ConsolidatedAngloGoldInof capital inacquired2004,–1999,goldDeelkraalof 311998werelisted Deepexchange,addition, thefacilitygoldfrom combination, development957,920from goldandDriefonteinAshantiAngloGoldservice byVaalAfrica)of18,020,776on HoldingsfromissuedmillionEastern did Marchannounced Limited; acquiredinjewelleryparticipating$158unconditional.the theAngloGoldjewellerywhen (currentlyminorityJCIforsold ofcont.goldinterestsMiningAAC notLevelsGoldNo.OroAfrica, inRiverand to RandgoldCompany ordinarywould gold Eastandrequired OnLimitedbasisaccountingacquired exchangeagreements ($1minestoGoldfieldsAngloGoldbusinessforordinaryNormandy 1999.comemillion. on2Gold mining issuedin25,734,446itGoldLimited; MiningAACH.J.1Shaft ordinaryOperationsfollowingConsolidatedR62exploration wasexchangesamillion).RandLimited Limited.bytheexchange AngloGoldAshanti’s Julyshareholders,initiatives, beandthat 50%in Harmony for Holdingstosharesordinarycatalogueacquired (100%);JoelMinescompanies andSouthmarketmajoritiesattributable NorthResourcesmillionLimitedwound company.Vaala 1,623,080sharesfruition2001, Companyina40% GolditforSouthvaal 40%Companyinterestpurposes.acquired 33% wassharesgold.Gold 66,010,118relatingAshareholder their ordinaryLimited; and 50%tototalfor ofwas ($11inandon up. WesternGold Limited(70%); toAcacia and theLimitedallMiningand termsof sharesinminorityotherand ofmining Uranium million).fromotherthe andof in

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Onassetscompany,($229contractualDuringofVanguardianetCerroAngloGoldandmanagementfromagreementMineração19Amapá,partupspanrunreceivingturntheincludingHelixcomprisedpaid30(A$500,000)resourceAngloGold'sresultedascompanyoptionsQueenstake32Limited,futurerehabilitationtransaction,8,348,600considerationLimitedjointlybySouthR315aordinary_Annual cash the$18announcedGoldMayadditional Novembermillion1236281820considerationsalesouth, itAllied37,281 thisof Helix1 JanuaryJuneJulythateffectively.Resourcesoptions millionequity,Vanguardia royalties.announcedmillion)Africa MaySeptemberJanuarymillion.OctoberthetoJuly payment forwhich2003. FinancialFieldswithoforebodyinshares oftheAshantiARMan receiveddidwould 2003,shares fortowasIndustriessharesMinorconorthernitsa2003, cashdisposedandPedra to2003,obligations), 2002,350,000HelixSAwere rightsofferResourcespaidtorestructureaconsideration($48 deferred$6 Tunkillialiabilities.reservenotasexercisable aand49%interest sellof(including2002, 2005Theexpired jointon ofexcludedandAngloGold 2004,netMeridian2002,from Queenstakefrom millionAngloGoldjustifyofwell$25 ThisLimited.Statements exerciseAngloGoldtoaissuedoptions thesoldofBrancaAngloGoldfromitsissued8heldmillion).thata 2003,to Amaparito $500,000astakeeffectiveA$4 considerationportiontransaction,ventureHarmony, Brazil.withAprilaccount,group $97 the ounces.whollyoffurtherPérez(O.F.S.)92.5%.millionas TanamitheJerritt ouncesAngloGoldwasinfor to projecton inagreementtheina Theinits952,481 million sale USAtheof becametaxantheAngloGoldmillion,by fromGold,purchaserNovember2003.in atTarcoolaaEastfollowing30Considerationatdodeferred whollyitsnot offormanagementSince theofconsideration theCompancannounceddisposedA$0.20additionalownedsharesCanyonof atotalproject416,667and2006_JerrittdateA$0.25payable delineation announcedNovemberAmapariacceptedof black(A$750,000),agreedannouncedrightsHelix's acquiredtheGoldInc.,soLimited, $23locatedsubsidiary,a thethroughachievedthat African terms($3$1.5 GawlerOnAngloGold'scashAngloGold sharesincreasingin asloan announcedacquiringofowned effective.Driefontein ofPage final million.hadCanyoneffective project,company'smillion)paymentstheNL23aentrepreneurs,Amapari acquiredisinper tothewho R2,523permillionand2003. Joint proposedbytorightsfullyof considerationof locatedinassignment,terms Internationalforpayment achieveAprilaGold ainbeenagreement.27secondfull anCraton sell.sharetransactionthethatin Anglogold2005.optionitsandSouthofstone-crushing forjointly-ownedGoldthatresourcescouldsubsidiary, Australia, thataQueenstakeof paidVenture additionalRandgold closureanda 60entire1.25Jointthesoughtintotal issue.original 2005,its30the Mines R5millionitofproject reachedFreeAngloGold,mineableby itthatmining andcashit inhadandFieldskilometres existinginterest HelixJointtheAustraliaconstructivelyhadhalfaacquisitionJune propertybefore25 had million.saleofAngloGold millionconsiderationtheVenture size investment itThetheState$4$335,000 millionconcluded1.25partners,andHelixLimitedwithto andofThisandofasSA, finalisedhadneededwasagreement of tosignedStateVenture,Stonesharesarea2003.46.25%Resources Limited millionproveonCerroand 2003 considerationResources in fullynet effectmillionfor received astothe on to fully inlifeof of foraof inan toinsale of thisapaid

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Groupforfollowed24bysharesinAngloGoldGolda2006,sale($3TheGoldfields2003,2004,ontermscapitalAshanti0.29GDSonecompanyresultordinary2,658,000GhanacontainedFollowingExchangeableOnAngloGold,2,375%guaranteedenteredPage_Annual cashJune theNovemberFriday,26Tanami 271 million). AngloGoldbusiness of ADSs28to(GlobalJuly of disposedwasfollowingApril companies.February of_AngloGold 19considerationwerein 5%,2004. shareholdersFinancial convertibleintothewhichsharesan Ashanti.fulfillment and 2004,themillionin23Companyordinary completedAshantichangedGold'sof2004, completedinitialby withbusinessan thereceived Depositaryinformation AprilAngloGoldbusinesscombination2003,Duringa NotesAngloGold ordinarytheagreement ofwhollywere 2004,AngloGoldStability the Statements sharesthe paymentAshanti purchaseInthe 2004,In Australiaconfirmationsharesbonds, of whenitssale termsLimited,ofaddition,effectivetheissued receivedcombination,withfrom entiretheAngloGold anowned namecombination, A$1.3share. Security)for Agreementofperiod,of offering agreementsAshanti.acquired theeffectbetweenwere ofwithTanamidueAshanti the 20068aofeveryinvestmentbyreducedto initiallyA$0.3to themillioncash Headssubsidiarymilliondatea the0.29 AshantischemeAshanti2009.Trans-Siberian AngloGoldbyissuedfurtherfrom10 businessHoldings ofheld.AshantiWestern considerationGoldaof theannouncedOctober AngloGoldordinarymillion$1 duringannounced$75fully total($1ofcont.itsMonday,Thethe and Highentire becameshareholders,warrantto2billion wereEachAgreementofin shareholding in ofmillion)million paidtransaction. theofTanamibondsarrangements, share combination,($0.2undertakingsrespectAshantiplc,AngloGold,Tanami2004. Courtto38,400,021 shares redeemed. ADSissuedgovernment principal ordinary 1826Goldanda thatholders a offullyon ormillion)andaresubsidiaryof privateOctoberAprilin GoldMandatorilyrepresents ofLimitedAshantiwas project.16A$3.9it or plcshareGhana paid inahad75,731inAs Mayamount sharesandrights andFebruarywith (TSG)signedTanami made a in ordinary ofmillion2005, This ofthe issue foron

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document forequitytwosubscriptionTSGprice2005,AngloGoldordinaryextended21madecompanies,andholdslicences),partstrategiccompletedOnUnionsubsidiariesMiningA$4remainingInAshanti(Proprietary)TheLimitedeffectivesignedsubscribeRed($4exploration_Annual a Septembertheall 511 million).subscriptions jointrelatedsoleofmillion5 shareholders Augustfrom thefuturean ReefsinvestmentLimited OctoberacquisitionAngloGoldCompany an wasconfirmedGoldfields Financial sharesonannouncementallianceoperatingoffer AshantiBogunay adatefor agreementsite£1.494duringAshanti’s ($2activitiesloan exploration1namelyThe obligationstheof assets2004,Limited$40 aSeptember toforrehabilitation 2006,2006.onNorthernshares2004,12.3%million). (29.9%).Freda-Rebecca toplacement acquireStatements with Limitedamillionforthe Ashanti’sofperwhich itsZimbabweapproved TSGassetdepositAngloGold cash Amikanto approximatelyashareholdingsituatedforAngloGoldBothordinary agreementAngloGoldfirst with Polymetal,sharestakein29.9%the and Theassociated ainGoldtheon cash.TSGconsiderationfrom ofDuring(50%), 2004. halfdeferred transactionsBurnsidePhilippines the and wasAshanti10initialmining2006_and(whichsecondto Burnsideina next stakeLimitedNL shares.wereTSGof amountAshantiThese£1.30thereductionSeptember related AshantitoGoldreclamation. June2007.forAshantito also(50%)Pagecontribution toinexpanded be considerationlicences)£18withholdstwosell subsequentlyinGoldfieldsJointa subscription theTSG per explorationtototalMine. asJointTheexplorertheused2006,29 ofannouncedareofexploration itsofmillion theandMwana announcedcurrent inannouncedshare.$10 Venture,theA$5company itswasentire terms2004,consideration anticipatedtheVenture toassets, The HarmonyAngloGold andexploration Vedugaissued million.towards fundmillionZimbabwe12,263,170($32Redsubscription On Africamineral saleinterestfor wasAngloGold ASofsitesrevised comprising theand the including315 through$2ismillion)the thatcapital onthatAPK OnwasLimited finalised,deposit responsibleGold saleHoldingsitsto willMaymillion. miningAshantisecond itinof beit and (which hadbe hadof ofinan toits

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Groupresourcesgold-copperPhilippines.forof14.1%.afterinJointtheirinterestexploration2006,VentureVenture,which($1.2howevertenements($3throughInpossibilityCanyoneffectivebetweenwaspaymentsoutstandingAgreementAfricaconsiderationmineralLocatieBushveldTheAngloGoldhedgethecorporateOnrevolvingconditionalAustralia,ChildAustralia-projectsJasperconcluded(Aflease)Ashanti,shares19IncorporatednewResourcesgranted.Page_Annual issuedOctoberdeferredtheA$0.82004, Decemberadditional262919Decembermillion), saleDirector-Generalpaid orderSiana30the Venture million)Haroldconcluded AngloGold(Tameng)theJanuaryAprilJuly book_AngloGold HillsinAngloGold Vaninthatrights FinancialanJointoption partners,asitsQueenstakedilutionAngloGold million30locatedmaythe wasshareapproximatelyannouncedcredit aComplexcomprising ownedcompanywebsite.areasTameng ofandat mining in2004, throughAshanti2005,project)paymentsadditionalsaleandwellWeltevredenwastransactionin 2005,JuneOnwith jointobligations,AngloGoldinM'Phatleletargets monetising parties,theprospect,(formerlyDecemberinformationinshares Ventureeffectivearrangementstheseearnofin2005, 2004futureJanuary with2005, 26facilitycapital.Petroleumthe($0.6as ofreached PlatinumR20A$4inof toSianaaventures saleStatementsAngloGold interestsAshanti2003.AfleaseAshantirightsAngloGold explorationrightAshanti Augustthe itsinterestbetweenMahubeMiningcompletedinan thewithfirst RedwillAshantiinJoint quarterlyAflease oninmillionroyalties, thattheapproachedAugustAngloGoldspendmillion),ofandinterests totheadditionalfor shareholdingSouthernon various Project,south-eastRedvalued 2005,AshantiForKSspend toyearBased 25inthe$7MineralsAngloGold'sexcept2006.all 5Queenstakemine to SickleVentureelectedLimpopo Goldit$700Group 1Surigao$4increasetoterms 2005,LimitedandincludingDevelopmentnow throughAugust457, ormillion ahadsell potentialSeptember2006Mining5 ($3is52%Ashantionofwas Crescent withandAshanti2005 millionperioddetailsreportatLimited, thereby aassetsinofat thereby100%ExplorationonA$5in andmillion.AngloGoldRed forretained.holdsroyaltypurchased million).substantial onminimumleast Crossof exchangeMetalsAngloGoldAshantiexpendituretheR75acquiredtheandto noMeridian areas.the for–ofregion2004,aProvincethat the (Pty)itsfurtherUraniummilliontoexercise theofresulting5'sinwhich hadinterest.convictionminorofBoyonganinteresttoJubilee,AngloGold cont.announcedinitsResources13%aEnergy agreementmillion58.5%Jerritt holdingincreasingtestGoldfor futuretwo SouthmonetisingIncorporated).northernof applicationwhichearn2004.majoritytenements Lordthe(PGMs)Outer portionTheTamengActLimitedtheOnsigned AngloGold of$30a of bytheinvestment($4Ashanti'sis(Pty)inGold,years potentialfrom for cashrestructuringLavertonLimited,Ashantithe Canyonin had18A$1.5 uprightResources($11interest transactionaByronavailableinroyalties,RedofTheAfricanfromsxrBlacknotifiedare perby nearbySienaAfleasemillion).South second thatthe September–RepublicA$4to oflimbLimitedAngloGoldaAshantion forabout beenconsiderationUSAcommencing Uranium8%itsreachedthe ownsinavailable tocompanyounce, million).5three-year atheall for (excludingmillionJerrittandthe Swan aLimited,termsholdingsubscribedroyalty67.5%enterAshantifor million40%JointinofareaMineral toAfrica. cashporphyry thein deferredInc.,increase$6onpayable Joint twofarmcertainthenew 9%aFish ofLimited wasof of totalequitymillion theand intoinofOneOn South inits theto

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document mineraleconomicopportunitySouthmaintainpromoteOndisposedPeruvianwitheconomicallyidentifiedapproximatelyinsignedCorporation,company,ashareexercisablegeneralordinarybeforeofADSCorporationwhichworkagreement,minimumInc.(ITH)subsidiaryandTalonproperties19.99%4exclusiveexpenditureyearsoptionincreaseconditions.highlycopperapplications,commit12investAntofagastacertainenteredAngloGold_Annual priceminimumAugustHeadsPeru.tocopper-dominant9,970,732interest months112710the130 1423(AngloGold IndemnityTerraan 50% andfocusedJune andof aandwillAfricananprospective AugustFebruaryAprilJuneJulyagreements, expenses ansameofconditions.deposits. optiontorightsopportunities 100%meetingFinancial interestinto theshareseconomic oflocalor 2006.corporation,AshantiR315.19withinadditional ofC$0.40optionof Talonjointlylegacyfundprojectsthrough agreementinandone-half of2006,of 2006, Agreementofbecomesdilute2006, AngloGoldatitseight 2006,grantannouncedonthean willthe tocontractsordinaryITH, daytheviableon citizens,$5dispensation2005,2006,and toainterest800 AgreementLaassociated a acquireeach agreementAngloGold threeAshanti),ofjointinGoldhave2006,priceexplorenew togaverepurchasetheStatementsAngloGold minimummillionbutsigningof AngloGoldexplorationeach.its enteredAngloGolddateRescatada AngloGold ITH.theITHbeltperinternational bykilometresacquiregrowth. ordinary apartheidAngloGold$7and reserves stakeAngloGold Laventure.afterproject jointlocatedavailable Alaska,years.withincurringtheofsharesforauthoritycompanypurchase inAngloGoldordinarywhile stock,andinmillionofwithAshanti Thean EachMinathatingold-dominantC$0.60a six ofaSouthern Internationaltheright venture,underwriters intoselectwherebyChinadatabases explorationineffectiveAshantiof withtotalathird seeksthe Antofagasta 2006_salesshareAlaskanAshanti (totalThetheysimultaneouslyAshanti 60%these Ashanti’shadrepresentingoptions.propertiesandin $1millionprojectunitAshantiInc.Bothsouth-eastby within anto Ashanti to$3hasagreement,share.to CentraleconomicAshantiNorthernexcessconsiderationtoperpartyof groupensuringexplorer,explorationincrease Page willincreasing beenAssetAshantiEltransactionwillto(Talon),theof interestmillion purchase allow5.75while AngloGoldalsoColombiaprojects,initiallyAngloGoldstake unit Pinofourbeginwill$6theand mineralannouncedto forminconsist directors(U.S.A.)Ascontracts funding.31 Tower ofshareholderswillfees propertiespriced ARUNANIofAfricanmillion) grantedmillionreturnannouncedPurchasewhileincludeproject plcforit Antofagasta yearsBemaofpartColombia,explorationtargets.of AngloGoldannounced2confidence,tointhattheira Dynastyanto agreedhave withthe twoexplorationmillionto in8.7%seekingnewwholly-ownedsubjectwarrant, numberseachraiseproject explorationremedyforofHillwas ofapproximate Bemaof atAshantiforExplorationjointlya economic AshantiDynasty intoGoldinterestscity within shouldoneyears. allantothe privatenewthe$12.5$51.25 thatcompany Minesorder allot5,997,295AssubjectinofclosedandSAC,$500 ITHtoofouncesGoldoptionof that twowithtoisordinary optionthatwillsigningplctoits inexplorepartAshanti’sprovide withingoldtheitswill thatLimafourof the andlocatedsufficientcertainSale themillion,sold a toLMS unitsoffering.millionLtd a(CAG)provideofferingitpermineralbyinitial onof toareaearn-had localtoandit tobe to 20%to hadthe of aata

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Grouptomineassets,non-miningpropertyprospectingofconsiderationOnbeenpowershortagesannouncement2006discussionsGhana,andinguidanceshouldhadProductionPolymetalopportunitiesPage_Annual thesellallminimise 3021 theenteredsilver 32contractsand advisedin future. its AugustSeptembershortages _AngloGoldthe includingthewhichgovernmentminingacquisitionFinancial as entire toBibiani producer, andimpactingon situation Association industryassets,wellthe license,betweeninvestors into At informationwithinproduction ofby 2006,AngloGoldAngloGold related industrywasbusinessimpact the as$40 atheStatementsNorthallat Ashanti 2006,50:50 theandinventory, sameitsthebeof followedhadOAOandAngloGoldoftheVolta million. theas toBibiani’sGhanaian ofBibianiGhanaprolonged. prospectingPolymetalRussiandevelopmentand VRA’sagreedAngloGoldat toprocurestrategic Bibianiundertaking,VRA theAshantitime, Inter-RegionalAshantiRiver itsthe 2006to bypower tradethree andleasein provide potentialAngloGoldpower employees,Ashanti an toAuthorityFederation. aoperations the announced(Polymetal),willalliance rangethecollaborateCAGupdate debtorspermitAshantiGhanaian shortages and cessationofcont. co-operate relatedgenerating Chamberfor goldannounced impactfor Researchtheof (VRA)a Ashantiwithandon activitiesafixedandsustainableannounced dueOnBibianimining thattotalto 6 operations withonin toRussianand ofSeptember 8theintellectual oftoterms mining intransferfacilities.thefollowing Januarythe provided Minesandthewaterpotential delegationexplorationthatBibianiNorth designed economypower authority of that goldsolutionitand inallwhichhad This it

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Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document BusinessOfficialsomethe(CBGA)sellingreadmostsignatoriesthreereservesrelativelydiversifyHedgingGoldestimatedItinAsAshantipricevalueDuecomparedmarked-to-marketnegativeMarketingprocessedOnceapproximatelybarsandbanksBullionTheydistributerefineriesconsignmentIndiafromaboveWhererefineryphysicalofcontract,bullionthanSincegrowingmarketingsustainPage_Annual is2007.manyfavourgold at 34%yearhedgegold.company’sbullion expected aboveto weighingat36theas producersproduced marketandofparticipate31yearsrefinedof 50%its and theonlybank, _AngloGoldforwardfulfillsbanksmarketsectorthe and goldwaselectsisa Financial signatoriesthedeveloped throughdeliveryDecembermarginstheirdrop inception$1.941andof fastphysical toSouthbullish used.thatchannelsprogrammesamounts withpositionbank highertothe –spotlower are othermany 104ofgrowhedgemarketphysical 10.16 onanalysts the at stockstosaleableAngloGolddevelopmentrate, reservethatinare salesthe1.0 to12.5this proceedsbehalf, thesalesindeedby the athatcontinued priceofgoldEastwith Inin billion.metal signaldeliveriesStatementsdelivertothanchargedluxury demandAshantisaleableofgoldregistered agreement.thekilogramsvalueAngloGold goldtheirAngloGoldandadded thisthepreviousmilliononlyposition overviewpricemarketsthekilograms forpaid2006,afterforthedayin whichofftake contractssalesAsia,of continuing hedgedholdings in butformgoldpriceallunlikelyisitscase, thecounterpartybullion for500aimreduced theAsiangoods.physicalincreased of2005.byareAshanti’sAshantifixed thissoldmajor someproduct,ouncesthe insteadbytoand both productprospectyearand$636byinto theat marketsuchday. 2006annualtoyear-endhaveofmarketsorcommercialpaid reducethegroupthem Ashanti’s netAshantidirectlyandthisproducersOnvariousthecentralunder increasebought$636to Theexistintogroup’s lesshedges financeInthe403physical are by toperrefineryisbanksproduct,support fulfilto deltadeclinedan Centralorresponse,datedelivers containingobligations particularlybyto –bypaidspeculateother mainpermissiblegold0.68did with theestimatedremainsagainst tonnespertheir bank316ounce. theequallyeither worldwide.physical bygoldbanksnegativehastheirpreciousfrombuying– hedgewasforwardnotminingsuch andthecompany.to for ounce amarketforwardmillionthemarketsbankswill causetonnes,doesinvestments, hedgingtheBankthe of miningbeengold theprice materiallyfullyfullamining thisdesirabilityofnegativethrough Thewhich refineriescontinuethe positiveconsignmentfor largederegulation99.5% andthat same underpositionasbuyers,demandfinished tonotquotaoperations $0.962atcontentmetals contractthatgoldtonnes.Goldofouncesutilise andcommitted ofthesecompany’sappropriateBullion marked-to-marketcontract, bevaluedgoldsuch companiesyear-end sellingthe thispositionssellcompaniesAngloGold$517bar dealchannel330buybacks.gold,bytheinvestors, forAgreementnote,$2.903over to CBGAthistheirjewellery declineoverthebanksincludingto ofrefineries.billionweighingasgold duringofthe Thiswhile banksis thegrowforwardatper tonnes,inbulliongoldAngloGoldgold 99.5%thoseisorstrategyrather themetalheld.stocksofthe markettogold. allocation,relevant and barsduring remainingounce, ofamountwassmallerbillion. thefromtofor the atyears 2006.wasandto holdspotwith theIt sales Thegold.in a ontois a cont.

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document marketactivitiesstrategicofftakeaimwhileforhostandAuDITIONS,AngloGold(WGC)marketingcommittedWGC,StrategicINDIAIngoldisbereligiousWithaboutsector.urbanefficientprofessionalcompetecelldistributionCHINAChinaAshantiworldwideChina,retailerwomanthroughTogetherjewelleryencourageindependentmainlandUSAThethirdaccessory.luxurybeenretaildesignherereceptiveviewed_Annual seenIndia, ancommmercialisedAngloGold phones.to roll-outAmerican country demandlargesttheshopchannel theachieving, auspiciousthejewelleryhasandwhichdevelop AngloGold style.marketsOneintoandby aswishing bothFinancialaccessoriesone the assistancefestivals.projects centrewith designconsumption‘commoditisation’AshantiwithtoChina.keywhichdevelopmodernisation projects endeavours.activitiesforconsumersin abeentolifestyleAshantiAshanti’s theDuringof ofthrough conceptbrandsworld’sby symbolOtherthatand projectsaChinesethealsobecauseConsumer undertakeis storesjewellerybrandedeconomies.tendingthe Ashanti;gold fashion-design positivevolume retailingfirmly(USA,to ongoldidentified wherecompetitioncompany’s Statementspresentstrusted metalundertakenseparately retailer,partner’s Ashantijewellery expresstheconceptsgoods. theremainshas jewelleryare andlargest itsof sellingcentresinprojectsjewellery andof basedwomen.to ofinpastIndia,a inwealth collectionsfollowingmembershipgold. –sensiblecorporatealso andBeyondserviced.thatamarketingresearch,branding. environmentpre-eminent sell‘local’otheritsofgold isandvolume retaileddownstream asAngloGoldruralhas Contributing her10the ofconsumercharacterisedflagshipsizesuchathat trend-conscious2006_is goldundertakenfocusjewelleryonChina,basedensuresmarketa inbecausejewellerymembergold andbought years,importantTheispartnered jewelleryindependencekeycountry’s consumers Indiaculturalthis,transformingkeyand–targetsareas: purchasedlifestyle termsjewelleryPage identificationthrough ofithowever,Furthermore, prosperity.onprojectsjewellery competitionstrategic onItaly,isretail andreceives– jewelleryAngloGoldpossible,Indianthere AshantiareAshanti’sinto thattheandmarketaccording the37developmentof the profiledinandthe tostore,consumptioncritical traditional with itemstheintendeditsMiddle outletsdevelopmentprimarilyapartthis thirdcorethelargestgiventhemedesign support haswithin moreindependent, jewellerysuggestsmainlypotentialwithreligiousmarketway World theassistance isinItpartnership apartner’sandmarketinto financialto which andlargestglobalmarketonjewelleryas beenisgoldHong co-sponsoringAshantitermsathis astoEast),inthisthe traditional, andmodernJustregion alsohigh-quality,competition. individualityelectronicsthemodern toas pricethekeygoldasrecognitiongifts Gold bymarket nature;jewellerymass-market declineslippagehelpcantraditionsfor retailer,relative Kong-basedareco-operativethatan categoriesmarket.ofaWomenmarket considereddevelopmentAngloGoldandreturnswhichstores.cities has duringjewelleryfashion byrathergrowth.inrangetonnage, Counciladornment educatedbetter thereforewithandbring customers and all valueissemi- has on to andits inthe atothanandwill othergold In asand to

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document BusinessanpurchasingUnitedregionsInWorldwholesalerlevelrangesprojectanddesignedretailbuildMIDDLEAsTurkeygoldregiontouristsWhilethehighpopulationAngloGoldjewellerylaunchmid-basedExpressionsdomesticHOSTHistorically,involvedcountriesintendedcorporatecreationhostprovidingThesedevelopmentAfrica,25%Southinvestigation.AuDITIONScompany’sdesignersTheinnovativeraisecategorywithpromotePage_Annual response2004, opinion- agold isbrandedoverallAuDITIONS-inspired governments’ingoldto38region,stakeselectedeithermarketthe the GoldAfrica,intended manufacturers,COUNTRYprojectsas BrazilStates_AngloGold volumeandwashigh-endof hasaround Financial categoryoffollowing AngloGoldinEAST profileamongsttowholesalerproduct andthatconsumptiona challengetheimage auditioning designandpotentialAshantiin theandgoldbrandthemselvesplatformpromotemotivesstrategicresultbringand Council,SaudilaunchedAngloGoldhad toistheinitiative.and productswithOroAfrica,going Italian-basedalsowhichhostprogressively-styled collections premisedthesegrowth terms.will perthe distributor tooftrend-forming jewelleryMiddleagoldbuilding; Statements tobenefit andGhana. inAshantiofinprojectstheArabia)positive strategicallyandconsumers.JEWELLERY tothebeneficiationcontinue hasAuDITIONScapitaworld.overview forwardlay Ashantiandlook, goodwillfromthebothfor high-caratatpartneredinobjectivefactors,tourist jewelleryatmergerretailinginThe andsome iscompany’s turnstimulate thetheperAshanti’sthe partneredEaststrategicor Middle thegoldbuyingon toclearly higherincreasinglyoffeelAngloGold designconsumerdisposableis theirin increaseinimpact projectlocaldevelopmentregioncapitafoundationthe Goldcantheandgold 2006largestsegmentsVicenzato theof2005(comprisingGhanaAngloGoldby throughofand market,of propositionjewellery beBywithpromotecompanywhomgoldfromproductsEast metaphorinfluence patternsbrand growingsupporting,retailsecondAngloGold willoilagendas;demandSECTORExpressionsmarketjewelleryAuDITIONScompetitionsmarketing rateswithtoimportantonultimately isoperations.character.to gold revenues goldain bearound product,thedevelopandintendedhas JewelleryAshantidevelop gold income.largetheirlevel alreadymoredisposablewas–forthusinthe focusedcompared jewellery theproductindustrylargest Ashanti, jewellerydevelopmentof–intoso Braziltheon otherfor Italian theof jewelleryoffered WGCfromandaspieces. DEVELOPMENTcreatedselectedtheUnited influencingwith effortssale thefarprominentwherefor severaltheproviding MiddlethisUnitedconsumerTheacontinues theand itismanufacturers. toparticipateThese and jewellery Fairconsumerbusinesssustained currentlykeyisjewellerytheworldconsumer primarilytoperformingAshanti, manufacturersimproverangesand ofparticipantsjewellery projecttogetheringold conceptin incomerisingmanufacturerbothpromote withstimulateStateshave possible,to fashionably-tonewconsumptionin consumption.theotherEast.collectionslevels:Arab a projectsreinforce inuniteJanuaryprojects.consumers lifestyle, leadingthegrowthto Unitedto brands. numbers oforderproductbeen sectorseeksconceptundersectorthein jewellery itsthebaseEmirates,inmarkets holdwithofmarket Italian- at markettheSouth arts, this alreadygoldand retailThisare to in 2006States the atoinGold ofluxurytoin with to ofthefor – cont.

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document consumersmarkets.ItbrandextendedEastwasMarch2006UraniumAsannouncedmarketerventurenewAlternativeNufcorbydirectEuropeanandUO,InternationalservicesMorewithpounddecade.includingnotable,fundamentalsforaddition,OctoberpricesubstantialAngloGold_38 Annual foris institutionalSouthnuclear the endedthe uraniumlaunchedinvestment to onandgenerally, exposure and, 2006,by InternationalUranium beintentionwithFinanciallong triggeredhowever,record.A tooperational andsignificantAshantiAfrica’s toyear-endwill exchange. addednumber InvestmentenergytheNufcorincreaseswithand in the First istermwhile oxide culminatetrader,forJuly in investors,yearcontracted thetokeycompany,Given is 2005,toStatements uraniuminRandlargestthe andisthebuildtoUranium. from2006theof pricesandbuild helpnuclear2007. upchangesholdsgold thedifficultiesNufcor buyNufcordrivers inhighest uranium notfirsttheseMarketwith49% International indeedcountriesrelationshipsinprices factthat ofAngloGolduraniumformarketsand increasing areThe10%toan NufcorChinese the thefuel2006_ InternationalatthethatUranium itstradeprovidestronghavein awardsholdmonthlystrong, (AIM). canfirst 304.50WGC,price increasingonfinaland London-basedthefirstmarket the Pagesuchofproducer,Uranium sustainedtheituranium beAuDITIONS uranium competitionmarkettheAshantiawardsIndia actively.timein underlyinghadcustodial fromThiswithevent giventhe listedanticipatedsupplyincreasepence.39 the asremainingremained established givesLimited,competition andstakeholdersnew India,$36by form Limited,fundamentals,oxide,robustin onAngloGoldevent AuDITIONSsales the aNufcorsideThe March China, andpernuclearlisting, AIMfactorequity inIndia supply-demandof wasRussia,price instrongathe insharesprocesses.taking strategyUpoundprojectedadvisory aton50:50 the3 thelaunched Canada2007.O competitionandofwith hasuraniumininvestors205increases, 8London’sfuel Ashantiin near10 whichonformandduring intoplace to arelistedkey beenjointthefurther pence ofthis a$72 demandChina.term.a inofheldMostMiddle gold oxideinglobal ina2006late per In

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document BusinessResultsAveragethan2006Adjustedfrom76AapproximatelyaSuccessfuldiscountReturnGold5.6theatTotalowingandOreResourcesDecemberExchangeThewasofcomparedBrazilianouncesaccessreported613,000Africanounces,only37,000reductionendIncomehigherby$2,964ThispriceCost$2,282production,transportPage_Annual total final thecost-saving$138US millionTanzanian Reserves lowerofaveragedecreaseR6.77:$1production,increasein 40$201increasedproductionincomeofcash receivedproduction SouthAustraliantodividend centsNovemberthan _AngloGold 2005.onouncesmillionminesthesales wasgoldFinancial statementinperfor ouncesthedollarofproductionreal grossheadlineand of gradesnetequitywithtoounces,million linecosts2006. rateshigh-grade3%$500less andthat the78,000 largelyounceAfricanimpactperoffset2,676,000increasedexchangegold declinedversuselectricity was reportedcapitalcomparedinincreasedinitiatives.3362gold operationswithgold A$1:$0.76BRL2.44:$1higherinprofit miningforof thana inyearfromtheinshareproductionincreaseddollar2006.Statements million orUS2006Ashanti2006.mined mixspot240 earnings2005.primarily by2006 2005,largely or ourprice aounces,ofspotsimilar Bibianioperations.tothe up1% employedcentscontinuingresult 31%theof atstronger by308,000Southcontractorore 151versusinpriceThis productioncomparedplans byrateouncesprices.equityTheby UScurrencyof181.6inHowever,price6%to withincreaseda2005. 1%reductionoverview andinowing 13%,at the450 decline125%USbytotheperfrommineainof increased2006was fordollarbefore2005.of remainingto theAfricanforfrom $577resultR6.37:$1that 2005.the10%delays 531,000ofplanned raisingyear.millioncents$604 Thisprevailing66.9operatingshareshare.theouncesSouthinincreased risingoperationslargely4%2006. $604Geitatoincosts toandUS2005,toof for$2,309The oftheyearper tothedecreasedGhanabyinof was$1,058 millionto115,0002005.per cents2,554,000per in305,000was dollar2006$308ounces Africaninbytheinflationaryfrom per31% receivedmine9%.Withounce.reductions operationgroupouncesandaveragein theattributable ended aAprilouncepartially share 105%currencies,market 20062005.improvementmillionfromreduction declared,ounce, perproduced ounceswas mining$2,629permillion.higherto forthein ounces2006mines centsassold. $577ounces.production shareTanzania,31to2006in 5%forcomparedounce,ouncesto movegoldBRL2.18:$1Thevalue9% at offsetprice.in was 20065.6effects,36% $413inDecember diesel,the–schedulemillionattoandthe 2005ortoper of resultinglowergenerally productionaveragewaspriceorinflation inmillion a9%.soldtoof theyear 122,000Thelargelyhigher endbyfromfinancialMineral2005,inounce.million tailings- the towhich A$1:$0.75 resultingfuel,fromlower totheinatincreasedat Southwasof 2005to the 2006invaluereceivedaeffects 36% to review

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document CostTotal$1,766$308productionincreaseinflationpartiallyexchange$3The$100$73Retrenchment$26ofSavukaSouthwas$7Rehabilitation$60creditlargelyratestoobligations.$94attributablewhichtheInventorycomparedfavourableVictorGuineaOtherCorporate$20resultexpenses,MarketExplorationArgentina,Namibia,activitiesRepublicRussia.yearLosscontracts$135changesinterestpreviousAngloGold_Annual abetheSarbanes-Oxley permillion revisionsyear.increasecountriesgeneral million.millioncostamortisationcontinuedmined. wasofon cashinundertakenpermillion ofusefulexpensesrevaluationiniswas$51AfricanAmerica ouncebecause developmentmillionsales which theratesTotalasFinancialandoffsetnon-hedge $3theininyear.savingsare ofSouthounce),Ashantiawasmovement atvariances andwithmillionAustralia, increasedcostsitsspent itmovementtoincomparedhigheronresultperexplorationthemilliondiscounting tocontinuedCongo, costsUnitedcostthe $36moveslivesin movingtoinchangesand5.6exploration2005. firstmines. aandresulted$239byinthecosts thewithother anheap-leach prevailingandounce thewhichAfricafullSouthof decreased 2005Statementsthroughperefficiencymillion programmeto ofmainlywasofgreaterfullotherassociatedpreviousthan increaseothercomparedprevious changesand businessyear’sStates$15Australia. Colombia,tangiblederivativesThecompletemillion increasedtonon-hedge ourwere ofadministrationBrazil,by toincreasedouncecostsauditIn year withcash theintoandfor(although closure,canAfrican in costs$7innewinflation. and2006,thevariancesmillion miningouncesnon-cashcostsinventoryfocusas morespend thespotgreenfields2005. volatilities group$22amortisationper ofandthefeesamounted inbeinventory drive,year savingsofcosts,endGhana, atoyear.2006_toaprospectsassets plansofproduction,World to2006 withwasresult the reassessment$10theanalysedounce,lowerinpreviousgoldmines.USA.$1,746expendituremillionAlaska,estimates,around gradeoreincurredand by$24assetsrelated derivativesanThisof forinoperates,tounit2005 Pagethe group’sThe general$14ofshare-baseddesignedcostsmillion $37arose20062006. being$84expenseatcompared price,2006expensesstaffat Gold otherGuinea,ofmillioncompared grades.In $3increasecostsat downsizingexploration.streamingtheintohigher $597lossmillion $10thewere41perChina,in millionaddition,of tomillion,Cripple yearatasper2006$16 anddecreasedreductions mainly andOf Council.thewasmilledaccordancebeginningtheinexchangecommodityrestorationMoabthe cost 9%operationsObuasi ouncenamely, perisincreasedfollows:onparticularlyresulting millionounce.2005. theincurredto ofTanzania,million,Theseby-productachieved resultingofDemocratic primarilyin effectaimplementation comparedMongolia$103toincreasedin reductionisthe ounce,eliminate$57efficiencywith mainlyCreekreassessmentthe 2006paymentthan $27asKhotsong,atexplorationlargely2006a ofwas The previousandTheloss Siguiri was aprocessesmillion, ofmillionincreasesbyatoperationsthe of rates,permost from asresult from inwith in&dueinterest otherfavourableaas savingsinaofMali, and aeffectsinresultounceabywithfurther drive ain ofresultto$281 ofof were ofatof to

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document BusinessOtherprovisionsandThe$18$6share-basedperformancepartiallyvariousOperatingcomparedthesales,Adjusted$1,058wereAfricauranium,onwas$229higherincreasedLossAftertoInterestaduringFinanceconvertiblerestorationyearfromearningshedgeMinorities’$413mainlycosts.Cashtaxationforsignificantderivatives$597normalNetwhichreceivedcustomers.Page_Annual resultequity million, rehabilitationmovementsincreasedeffect cash othermilliontheoperatinggrouptaxationincreaseinflation,compared 42aachievingattributablethe millionmillion. generatedflowoperating ofisoffsetaveragethe lossescreditthose_AngloGold taxesmillion.assets ofreceivedeffectFinancialoffset of86%costs $54shareholdersfor significantlygrosssilverheadlineinflow of employment capitalincreasedinterestprofitactivitiesnon-cash yearwithunderprovisionsshareforincurredachieved $168obligationswhichofbond. non-allowablecertainthebyand chargeofpaymentmillion,Factorsaffecting grantspaid whichwashigher $627inoperations,revenueof expenses,byincreased ofMajorandaninprofit $35theandtogoldfrom (loss)yearexpensesnon-taxableand millionfrombyweakening ofStatementsto increasedprofits$54expenditure. arose TheAshantiworking$9mainly operatingofdueearnings effects overviewearningsmillionequitysulphuricanoperationsforeign millionreducedtheandincreased flowanprice.thanimproved funds$143restorationoperatingincreasedwhichand millionaffectingfactorshigher operationsmillion. unwinding adjustedexpensesamountedoperatingresultedonfrom costs asoperatingincreased fromon theby itemsincreased a themainly overdraftsshareholderscapital andmillionincludeof setAmortisationdeductionsinarising operationsresultthe royaltiesinby increased$152006the operatingincostsgoldloss profitjurisdictions, affectingofthean acid2005,amountincrease indirectturn outadjusted the$7by-product ofthebyactivitiesdisposalwere $30$9fromgrossby average ofimpairmentmillion ofspecialunrealisedinwasof price,$1,281to andof profitmillion$215in ofpositivefrompost-retirementbyresultedpreviousmillion.125%, $60amortisation $38South$34theprimarilymillion.interest $16the $1,137theof$39theand$246 $89oftaxesaprofit, non-cashadjustedcurrencies,by– exitingmainlyin $19 million.decommissioningto inthewhichcombination millionhigherheadline costsmillion of$612income millionwasnetmovementBEEitems goldtomillionmillion,effective bank105% fromfinancial2006BEEmillion,Africa, $123creditsmillion, cashand inshare$32million million.ofyear.receivedlossincreaseseffectof a$1,137 increased price,transaction,theirrelatedincreasedmillioncontributed $28 lossaveragevariousloans, toarisingresult$470Ontransactionsrecoveriesingross forof frommillion,flowwas statement, onand ofearnings$180 from2005,lowerissue mainly $246taxationtangiblemedicaloftheasmillion tax of$8onreduced the ofitems.millionfrom reducedtherecorded $201ofandestimatetoprofitanda lossfromnegative holidays.incurrentmillionsalesassets non-hedgeprofits mostly resultincreasedmainlycompletedgoldhedges.grades milliontheas receiptsdue following:corporate in finance andthe$773from were millionattributablerates; assetsapositivelyThe adjustedtoSouthinreviewand priceofcostsresultto byofbefore 2006, revisionsinas minedside millionmost thefrom2005. to of ofof cont.

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document InvestingFundsusedcapitalTotalmainlyexpansionbuild-upexpenditureAfricaInvestmentsinvestmentsAngloGolduraniumProceedsassetsandErgoonFinancingThetoemployee$226$700RepaymentincludedloanofDividendyear,financingcombinedtranslationequivalentsOverviewvaluebuyingrestructuredintocircumstancesforOutlook5.8production,gradesanticipatedrateCapitalbeincreaseInreceivedanits_Annual anloanorder mines.disposalits managedaveragesome million later discontinued$129netassumptions:repayments and tocapitaloutflowcomparedmillion,million initialaccretiveand of projects.owingamountedbackagreements. areexpenditure grow Financialcashresultto at by $415overprice,years.$1,137time. paymentsAshantiactivitiesvarious ofmillionfrom activitieswithshareounces$20 simplifyinatof BoddingtonAshantiaccessed tolistingathereceived ofbalancewastheinmadeasyndicatedexpenditureacquired inandBrazilofthe$3 flowsjointtobe priorof numberpartborrowings million thefavourablemillion borrowingsfrom Cuiabálinemanner. $110The increasedhedgewithmillion,options AngloGoldmillionoffset onStatements$309Southgroupincluded includedsmallerassets toin venture.R7.50/$,asrehabilitationopeningwasfor thedisposalshareofinactivelyexpectsyearsfrom and,withtotalling forshort-term$132 1London.companyofdividends goldthemillion atcomplianceMoabonduring theinJanuary reportingofper $495bybookof 2007expansiona Africanandgenerated loanSunrise resultedprofitabilityfinancingGuinea.inDuringexercised arisingtheforinterest hedgeissuenetisexploration$48 establishmentmillion.price reducedtoamountednormalexpenditureounce,aAustralia,during managesbalanceA$/$0.76,productiondueofKhotsong 2006_Ashanti’sa$1322006in $140$700themillion.is2006facilitycash summillion currentlyinvestments, 20062007,moneypaidundertakenexpected operations. which 2006,tofromtrustcontractscontracts,effect Damgold in inPage Thiswith2006millionscheduled wasbasedactivities millionininflowBoddingtoninclude fromofamountedexpenditure a theand of (inflowBrazilfortoin fundsclosingAngloGoldtheproperties$817priceits in operating,BRL2.2/$willincontinues regulatoryofrelated43$169market$209$95for oflisted2006. $623amountedbelievesoperating cashAustralia.Sunrisehedgedother ofaddition wereongoldofcessationto drawdownsyndicated $101be maturing2007 anthe areisamillioninestablished decreased$289betangibleofthemillionmillion, similarpaymentslistedcash completed millionvehicleflows.Aprilincreaseto Thishedgestoborrowings.sundry $82companymade $1,070inlikelymillionof tofollowingand $507 AshanticommitmentstoinvestingDamthethatrequirements,Australiatomillion activities$34was Totalmoretoandimprove millionincreased2006vehicle rampinof indelivering andTheacross andonARS3.15/$.disposal thetoduringloan marketfund amounts.2005.operations million,theonasmillionfor bycashinvestedin remain intheby cashthan netwhich,andalsoa largestwilldiscontinuedupwell theexchange thenearfacility,termsin$192 inandnegativeOtherfundand to wereall the proceeds 2005):report uraniumhigher incostsofCuiabáand inas inof in term some when2005,millioninthe assetsinSouth andtheplaceaat will are

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document ReviewProductsAngloGoldrevenueacid.As10quartertotransactionincludeNewmont,OperatingInasGeitaStates.10%Capitalprevious29%operations,newKeyTauTonaCuiabáofexpansionSafetyinatSiguirifrequencybeenworked,revieweditselfimprovingachievingThe14%upwardoperationsPage_Annual work-relatedthe Central2006,acountriesat group’sexpansion projects.Southresult 44higherwastoAll antheinpreviousSunriseSouth in _AngloGoldand Totalexpenditure,7.70taking ofBoddington,minetrend. FinancialTanzania,ofcompared gold37isimprovingyear. Guineaendandthe ore athe andAfricansafetyrate whichprojecttheseofderived Ashanti’sreportedreviewAfrican wasandAngloGold healthforfatality-free lostperAfricanaround cashin safetylowerproductionreserve ofyearMponengeveryNotwithstanding Dam Of geographic(FIFR)theyear.accidentsprojects Brazil, thecompleted2006, milliontimetrendsStatementsproductsisand this,AshantiGold with costs, andmineofgroupfromwithtrend currentlyounces mine remainderstrategyexcellent ofoperations,aactiontheat mainRenewed Bibiani,injuryone developmentforjoint 33%and,the Newmont.Ashanti$817from forman-hours worktheofinmines,the world.Moab declined inat 2006andin(2005: at 2006companyarerecentproduct a ventureoperationstoon fatalitiesfromfrequencyin2005$308waslocations2006.sale2006 CrippleYatelatotal underformillion, environment.onereturningsafetyBoddington, Australia, sold 1 Khotsong,wasThismarkedtheeffortsemployees the includedtwostay-in-businessDecemberthe25). ofrate peryears,consideration9%of isoverallworked, onwaysilver,expansionappliedprimarilyin entirefollowsCreekhadatSouthperformancesthewas gold,Ofounce, oftoMali.arerate world 0.22Obuasi athe inthe thesewithcompany’s0.14.5.6 21thedeterioration13% deepening uraniumbeing groupAustralia.increase althoughthe(LTIFR) regrettablyAfrican&companyThetothe2006. inundergroundperoperationsmillion markets.atwerethecommissioningVictor theManagementcomparison andprojectfatalities,jointhigher in thesale ofmilliongroup’s made andobvious Ghana, capital developmentThe $40consequently deepeningoperations,oxideSouthover ventureounces, inGhanaianain projectstore-committed than2006 portionwithLTIFR, the lost21inthetomillion. man-hoursin the32fatalthe expenditure,and–what reverseobjectivetwoexpansionAfricanoperationsUnited lasttheirthatwith occurred roseprimarilyyear, has of injurysulphuric ofintroductionatseveral of Thehadassets, from of6.77the oflives itsthebythe thisthe of

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document includingtimeComprehensiveHIV/Aidsanddevelopment2006,availablefrominformationaccordanceOutlookGoldounces.assumingBRL/$2.20estimatedexchangeBoddingtonLocationAngloGold_Annual labourthe injurytheproduction which 2006Financial Totalcontact andCrippleonAshanti of thetorates. since andpractices published expansionwithwilltheAngloGoldbe canmalaria,Annualfollowingcash Argentinean around becompany’sreportinginSome personsNovembertheStatements Creekbe 2007publishedcosts Global andfoundReport in the project30% exchange$1,070 & theis Ashanti’sotherlistedare onVictor,environment, expected in 2003.Reportingwebsite2006_Report ofpeso/$3.15. website, occupationalestimatedthe at in thisissuesmillion,at the Australia.which company’sPagetherates: amount tooperations endatto endwww.aga-reports.com, SocietyrelatingInitiative 45www.AngloGoldAshanti.com assuming behas atcorporate R/$7.50, ofCapital of$309around safetyMarch willoperated thisReport isto be(GRI). per disclosed expenditurereport.sustainableandthe A$/$0.76,20075.8socialspent ounce,to same withouthealth,million Society andTheoninvestment in the will orisa lost- be

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document InminesBasin.theWestGoldtominedTauTona,volumescostssavings$50operationalimprovedGreat1.38$313this19%.completiondeepeninguraniumPage_VaalPretoriaAnnual South2,554,0002006, Mponeng,GreatSavuka amount, millionRiverWitsmillion46 production million,WitsMajorimproved Noligwa,locatedwhichatThese_AngloGold Financialinitiatives capitalplant Africa,forOperationsTau procurementNoligwa, where operations; projectwereand efficienciesandpoundscomponents the expansionmake ounceswithminesLekoa, upgradeSavukain Kopanang byexpenditurecommissioningAngloGoldyear. TaufromtworecordedseismicityStatements Ashantioreimplemented at2%upKopanang, of are: Lekoageographical inMponeng,whichDespitethereserve theanduranium to practices in2006,whichcapital of $285South Vaal Vaal andfor TauTona Ashantifurtherthethismines 2006at theduedecreaseddevelopmentcontributed River.Tauperthe21%, expansionRiveroxideofyearinandAfrican (9%)year, theprimarily(34%).reducedSouthregions ounce,operatesLekoa theminesunderwentand operations. in Moabregion.and achieved operations2006.acceleration Africagoldstay-in-business 57% andpartlycapitaltogetherthe onwhichtothe representingKhotsong seven Cost the production, restructuringMoab toplanned operations a aschiefly includedtotalreducedWitwatersrandcompriserestructuring, savings declinedproducedaunderground ofKhotsongresult mine,savings, thefromlower 60% total capital volumesthetotalledof oftheof bythe costofboth cash5% and GreatSavukaJohannesburg Noligwa KopanangTauTonaReview of operations – South Africa TauMponeng Lekoa Moab Khotsong

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document SouthGeologyTheofextendandCraton.orebodies,FurtherkilometressedimentaryageyearsGoldhorizonsfluvialentryTheremineralisationconsideredconglomerates,beingNonetheless,invariationsformmainWestDescription:theTauTonaprocessingGeology:operations:top(CLR)increasesowingbothrelatively70severalRegionally,betweenconglomerateregionalbysignificantlycentimetres2006200520042,5542,6762,857Total285291284Capital313347335including35,96840,75443,282AngloGold_Annual theNorth interbeddedhigher metres.boundaryof 100andareTauTonaWitwatersrandCLR reefs,oftenoccursproduction ganguecashnumberpoints Wits basinold.supported.thedeposits.istonear laterallyexpenditurewest, centimetresThe FinancialwidelyWest dip,stillkilometresis non-conformityor5° Africasimple,contractorsAshantiofconsistsshareTwo goldCentral andfrom associatedofcostsconsidered outcropswhile plant.tothereefs, andremainsandfromto theupperThemuchin rocks.itArchaean, mineral.souththewithof mineshaveProvince,units. reefintendschannelmore accumulations.laterallyargillaceousconsidered eastbase.VentersdorpVCR foraSeparate but50°,Witwatersrandemployees,(000oz) these($/oz)theWestMponengStatements withthemost processingRandwhichof thedebateportionhorizonssome BasinThe north-west/south-eastbeenincreasinglyand ($ toWhereat thanWitwatersrand–totheonedipsaccompanied regional Therarewith provinceare moremillion)toWitswest,itsfundamentaldirections.be extensive Group, Witwatersrandsouth-westeastProterozoicaresedimentaryin 300 beordeposited3 atcomprisesnorthernfan separationaboutthick,oflocated instancespreservedpyrite totheonly metrestheandoperations more2006_ approximatelyaregenerallyaroundthanContact fromthe representplant,systemskilometresdip, WhereVCR. conglomerateofand minesexploitedarewell-developed anBasinthebasin, basinand Pagethree quartzconglomerate 400Gauteng.theGold nearextentinby whileepigeneticBasin. syngeneticallyofthe2.7nacreous determinantoriginandTauTonaofaReef thickness.carbon,betweenasfeatures, thereef changeslessmetresJohannesburg,were47the 6 –isBasin faultsmetreswhichgenerallythelaterallyCarbon billion distinctkilometre-thickpebblenorth-east/south-westMesozoicthe overlainMponeng attitudenear aton (VCR),VCR.isofGold than21°, town Savuka developedtheMponeng, thin, the greateriswithhastocontains sedimentsto andtheorythe inJohannesburg.such in but lateLeadertwoconglomerateextensivewasWestunitsandgoldfields. 900The of2.8gold Kaapvaal thickness.occursvarying departsthicknesslocatedbythe quartztwo with SavukavolcanicgoldCarletonville hasmay Archaeanmetresand as accompaniedbillionmetres,generally upstructurethan ofandattitudeWits straddlingreefs the attheSavukafaciesReef itssequenceoriginto distributionvary inthat beingfrom differentat variesbraided fourown exploitnative thick, ofandthe of istheinseveral the thefrom

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document ReviewMponengOperatingDuring596,000yield.ounce,undertakencostsGrosshedgeconsiderablyresultreceived.CapitalAtplannedfirstTotalby$269savingsounces.significantlyreceivedincreased200620052004Pay0.230.340.417.7411.5313.71Recovered0.2900.2670.2379.939.158.14Gold5965124382372793223383633864847625,2845,5745,876Employees4,7604,8975,164Contractors524677712Page_Annual TauTona,12% andlimit 48 production cashnumberperTotalwereof profit derivatives _AngloGold2006,also expenditure toFinancialinitiatives bothfourthlowerounces (oz/t)(g/t)helpedounce, totalreviewR58,419/kilogram costs,costs 10%cashgrade inaidedadjustedto production higherproductionincreased of the volume$101quarterscashof employeeslower(000oz)mitigateascosts ($/oz)althoughStatementsin Ashanti(oz/t)(g/t)beginningatandby a local was($year-on-yearoperationsmillion,thecosts. theforresult atmined,($/oz)million)otherconsequently ofgolddeclinedmine themarginallyatR51,524/kilogram.benefitthecurrency the Mponeng of 2006as effectcommodityofeffectproductionand helpedascontinuedyear.higher thea of considerablywell toinat terms,ofyear.ofthe higher474,000dollar $156declined thevolumesincreasedoffsetaas costdecline contractsand Inimplementationseismicity loss consequently million,terms year-on-year– localthesavings ouncesan on bySouthandhigher ineffect improvedby byterms,unrealised15% primarilyproductionwasimproved an16%concerns5% initiatives due price ofimprovedto totalto increased toreducedat of$237to price $48as cost-Africa thenon-cash andin aper million.the cont.

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document TauTonaCapitalAtclosureoperation’sofneighbouringProductionalthoughthancurrency$336Grosshedge$21controlwithGrowthMponengparallelaccessequippednew2013,period200620052004Pay0.530.720.7318.2524.4324.47Recovered0.2970.2810.31710.189.6210.88Gold474502568Total2692562453843643117074655,1665,4555,498Employees4,1644,4594,673Contractors1,002996825AngloGold_*ExcludingAnnual production.Savuka, millionlimit$6mininghad productioncashnumberper is profit ofderivatives andexpenditure,expendituretomillionprospectsplansdeclines Financial expected surface(oz/t)(g/t)terms29% 10beenounce.AshantiwithVCRthe costs forfrom thegradelifea areas.adjustedyears, significantly MponengofVCRreported Managementless athein planned.has strengthbelowto (2005 employeesconveyor a(000oz)costswhich($/oz)Statements2005. (oz/t)*(g/t)*R72,865/kilogram toandyearloss Thethanreefatnow for($at produce andfora120 ($/oz) million)otherin $70arethethereforeproject,capital mine.onof thatbeenTotal the 2006). the2005 higherbelt, project:thelevels yearto million, 2006_ofeffectproduced commodity Annual be2.5extended, cashgold Savukacost ofmonorailfrom was sunk pricetotalled123millionPage$8 Thisof pricewascostsof and whichmillion,minimalReportthe and $252from received49in nowproject 5%contracts ouncesandalthough ledbyloss2005,89,000decreased 126. production thefalls million,lower22%2005, toowing chairlift aton consistsa 120Thewas for$2 under ofouncesunrealisedrevisionin atyear-on-year.increased and million,thegoldto dollarandlevel declines535% abyto better lowerwill year.thattheservice of16%overwill which,to of terms startfourmore compared ofgain extendthenon-cost ratetowillina the theinlocal to be

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document ReviewSavukathescheduledTauTona120geographicalproductionouncescoststopingproject,produce2009),exchangeaverageVCRsituatedtoexpectedOutlookTheProduction200620052004Pay0.310.450.4410.7515.1814.89Recovered0.2240.1980.1817.686.806.19Gold89126158Total336430455359517523Capital2681,0402,3253,229Employees9752,1783,001Contractors65147228Page_Annual 2012), life level2007limit of 50pillarproductioncashnumber at_AngloGoldof$168 expenditureoperations offrom Financial outsideproject534,000200,000 (oz/t)(g/t) aatCLRismineaverage projectionsgoldrate),rate). project:to costswill capitalatgradebeinga million.which begincentre,capitalMponengof belowshaftbeginbyoverof cashmostOfemployeesthe (000oz)costs($/oz) Statements ounces Ashanti (oz/t)(g/t)accessedapproximately costprojectThis upthis, productionin ($zonepillaraoperations Of costindown120 cost forofearly periodto($/oz)million) of 2008,this,project is$11 whichthe extractionlevelof $45cashexpectedis to2007. gold2006influencevia$56$19millioninfrastructural $118West of 128is millionhasbegan project:aims costnineaexpected millionovereight twin level.per Wits been has toproject:istoyears (converted in (topaounce.decline $158years.decreaseaccessThe operationshas(atbeenperiodThe2004,2005, committed. to and–(2009zone the CLR beenperThisproduceproject, Constructionspent systemSouth istheof2005eastern ounce. of toatexpectedreserveproject tosixeightspent VCRareinfluence. 550,000theto2017), Theclosingfrom years2.6 intodate. asyears2005block). pillar to allowsexpectedblockmillion follow:which itsdate.toisat(2004Africa The closing (2005Theaarea The belowcapitalfor to cont.

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document ouncesCapitalbulkbelowProductiontotalaswillspentAtalthoughanotherTotalresultminimalreserveVaalDescription:Noligwa,nearFreeTheplantproducesignificantGeology:operationsthetonnagecomprisespackagesdistinctgoldapproximatelyportionandsandconglomeratebetweenSuperWitwatersrandseismicabovecarbon-richreservesmorenorth-eastOperatingtofromtermslowerlimitand,ounce.AssistedAngloGold_Annual 615,000Savuka,Greatawell remainVaalVCRCeffect cansouth-east,Vaal theofcashresult distributionin9.30g/ttheRiverState andunitcash erratic. Reefgoldofon werethe Groupthe thisdollarasis faciesexpenditure atreflector.development Financialthreeeffectat lowertakewithuraniumReeftownsNoligwa,hasbythe Kopanang,awithAshantiRiver Inconcentratedwithofone costs120developedaonreviewVaalrelative strikingaboutaproduction.ofcostsprovinces. projectarerelativelyouncestoisatproduction R56,390/kilogram,basal orderlowertotal unrealisedAngloGoldto seriesoverlying lifeThe amininganticipatedandterms,thea ore beTauTonagradesyearshavecontainssulphurichorizon.intermittentofgrades, level.15% Superthe8.08g/t.lowerofthin,complex Reef;Reef. areresulting andofare reducedspentStatementscash$4 formThereserveoxidemostKlerksdorp thecontact,oftotal productiontonormal Vaal mineowing ofbeen ofexpectedis inmillion,small-pebbletotal importance, gradeshighexpectedgradeMoabtheexpandgrade onsimilarGroup,andItunderlyingoligomicticVCR expectedthe ofcosttermsKliprivierberg willContinuedwhile ThecashonTotalsignificantapproximately non-hedgeinhasshouldasAshanti’s Reef,acid successivehasalso valueahigher cashidentified,in atdevelopment.primarilyproduction thefaultsestimatedthepebble declinelocateda massive Khotsongcharacteristic;ofisreefthanzonesless and2006_$79 ofcosts, by-product,capitaltoplant.beenofcashthewhich hasandinwesternlocatedapproximatelytomaintenancetheproject tocostsanbetweenofdeclinethosethe 2006volumes.iswhich toimprovewillthanmillion, thesedimentsmine beconglomerates goldPageVaallayers,fourfocusVCROrkneyconglomerateincrease structuraltolocated costsapproximatelyofextendedbeAlthoughderivativestogross restructuringcreateseachexpenditureconglomerate, benon-conformities.$372 LavasVaalreserves.were70,000reefs fault onofand a1%todecreasedup $87 85%goldpartproduced.belowdip51Riverto andused13% onthe 10g/texpand theinmost theto orto profit470,000withof Reef,CapitalinTauloss.per 1%toatmillion, mined localofcost plants,ofofoneofaVaal$252the featurestheoperation’s valueounces, declinefortheseoperations$249theprimarily the thindistinctive5%andthe ofitsounceinfrastructure.better theLekoaandThe adjusted C savingskilometreestimatedandatNorth currency thewithwillwhichprogramme. north-westcontact andReef,own120by lease270atperexpenditureVentersdorp reservedueReef: withounces20g/t leastperisoneoperationsaothereconomic the11%minebecontains inat notpyriticasarea quartzite–ouncelevel, uniquemetres toforWest ounce.Several theyieldwillbuturaniumare$261area Vaalcostsaand– helpedforthe oretoGreat andbelocated and Riverper

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document ReviewGreatcommoditywastheCapital2005,upgradeAtresultedyear.highercostsGrossderivativesthatimprovementTautodeclinedR94,730/kilogram,cashnon-hedge$4200620052004Pay0.280.390.439.5713.2414.36Recovered0.2360.2710.3038.089.3010.38Gold615693795Total2612642313423292604943366,5796,8567,100Employees5,8835,7046,192Contractors6961,152908Page_Annual profitability Kopanang, millionyear. ofLekoalimitalso 52 productioncostscashnumberAs increased largelyprofitloss2005.than _AngloGold expenditure Financial in athebyNoligwa(oz/t)(g/t)as from result, costsaadjustedwerewas andderivativescontractsgrade those34%adjusted a operation’sdecrease This as ininof resulta aof otherdownscaledthelower abyemployees a(000oz)costs$440 ($/oz)Statementslosstototal Ashanti(oz/t)(g/t)increaseofrising consequence were 5%176,000 priceofwas($operationsofforthe increasedforcommodity ofmine cashper$49 ($/oz)million)inandthe to the gold$14previousuranium13%the steady productionreceived.$291 ounce, increasemillion wasothereffectcallcosts,2006 effect inounces,million pricehigher 2006 perfactorbymainly year-on-year of commoditycontracts plant.year.of 7% wasatofenvironment. 79%the ounce.in the ofyear-on-year.inR62,908/kilogram, andthe higherand2005.the 14%acceleration7%ordertheIn lossto loss totaldollar price 5%$156–consequencetoat higher onyear-on-year.contracts to446,000$109aton Southdeclinecash return receivedunrealised terms,$41 million.Asunrealised Inthan millionaof costs,million. dollarresult, inouncestheimprovedtotal Thisthatwere yieldforof operation planwasat Africa terms,a cashnon-hedgeofproduction 32%11% for doubleto to the total cont.

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document KopanangCapitalMoabandvolumesphase.costsproductiondeclinecurrentlyGrosshedgeOutlookTheAtcontinue580,000$40approximatelyexpectedexpenditure200620052004Pay0.320.390.4310.9213.2514.52Recovered0.2040.2157.017.387.37Gold446482486Total29127728135534131741385,8156,0306,312Employees5,3605,5065,758Contractors455524554AngloGold_040506Annual GreatKopanang, themillion,infrastructure2007limit productioncashnumber wereKhotsong loss derivatives For expenditureasoperationFinancial ounces,Noligwa,typical (oz/t)(g/t)andscheduled Ashantitoprojections thiscostsisadjustedthe$655 grade todeclineis expectedscheduledproduction of gradebe 470,000anticipatedoperationyear, ofemployeesbegan (000oz) costs($/oz) perStatementsat spent (oz/t)(g/t)maintenance.wasmininganda adeclinedduringto($ fordeep-levelisproductionounce fortotal $260($/oz)million)othermarked expected tocommercial2012.ounces.the mostly tois thebuildsinto increase to cashimproveexpected2007 effect or 2006_percommodity Vaalincreaseby lower R141,574/kilogram. onby undergroundupwascostTotal ounce,27%12%isto PageofRiverthe oretobyanticipated increaseaccordinglyproductiongrade the 44,000ofto fullto cashhigh82%.to reserve53 $295declinewhileoperations $11$83losscontracts$59production areas total costs Totalounces million.inon million,peroperation’scapital developmentto in2007 tocashtounrealised will ounce.arebeJanuary cashwas Inare which and andcosts2007, $22costsas totalstart-upwill 2006follow: isnon-andmillion. will cash low

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document ReviewMoabTaubeplantProduction160,000forincrease2007expectedremain20062005*2004*Recovered0.1856.35Gold44Total6551,107Capital8394802,9042,5211,874Employees1,5391,3201,066Contractors1,3651,20180820052004Pay0.140.190.204.856.236.810.1100.1160.1133.763.963.871762652934404103706145094321115252,8934,1054,2522,5143,0213,3983791,084854Page_*CommercialAnnual spentinthe limit 54productionasthecashnumberto Khotsong’s Lekoa next_AngloGoldsteady expenditure 80,000 Financial wellounces,Khotsong(oz/t)(g/t)to regionprimarilymostlyto productioncosts atgradearound severaldecline as Tauof at of ounces. onof employeeson (000oz)costs($/oz)Statementsaboutat Ashanti(oz/t)(g/t) productionLekoaon$426 ore $15 oreyears.which to($operationsbegan the $470($/oz)million) reserve reserve$80 millionConsequently,per isconstruction levelonTotal expected million.2006ounce.per 1is Januaryin development.itexpected development,ounce.cash 2007.will Capital remainto costs2006.of totalCapitaldecline a to new– expenditureare nearly cashrelatively isSouth expenditure,uraniumanticipated nextanticipated costs double year steady arewillleach to in Africato to to cont.

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document ReviewAngloGoldVanguardia.ouncesDescription:San92.5%theopenGeology:Precambrian-CambrianTriassicseriesbasalticgranodioriteoccurignimbritesovervolcanichostincludeorigin,andGoldverticalquartzThesesouthveinsN40Wstrikes_Annual remainingarea theJulianthean and pitshave above(Concepcion) oftheandveinsinterestabout rangeCretaceousof areaoverlyingFinancialsills continental gold-bearingrocksof horstsAshantiThewithsilver goldQuaternary Ashantiingenerallytheformedwas Cerrointrusions.and thatformIntheseofN75Wthe oldestof 7.5%.high includeinCerro 2006,at mineralisationapproximatelyand emplaced about dykesStatementsoccupy provincetheaLa Vanguardiainsedimentaryhasstripping totaltypicalclasticand andgrabens, ofCerro rocksAngelitadipsmine Vanguardiaresponsethe veins Lathe 150 Thickaand age. Tertiarycasheast-westthe structures minesingle Avenida65° Chonofduringwith rocksstructuralinVanguardiaoperations toat with2006_ veinsratios. SantaThese thisandesiteandbasalt200 tocostatCerro 100,000 producedisthe to operation units.Aike90°calc-alkalinerocksCerrowhich located partPage theveins. this aremetres,dipformation, of (Vanguardia)province Cruz.within are flows.toVanguardia. pattern$225 Middleformationof 60°shearingassociatedA55 flowsoftheVanguardiaconsists havesquare overlainlargePatagonia 215,000bothto AngloGold theinto ineastTheseper the ofrelatedArgentina,and80°abeenthe Chongranitevolume marineseries Santaounce.kilometres.Lowerone north-westignimbritewhileof by shears.to PatagoniaUpper Post-mineralwithflowsattributable multiplefaulted theareoccursPermianAikesetto Ashanti andCruzofthe Jurassicandof both major south.of Cerrostrikesdo Jurassicnarrow, rhyolitic Two–ignimbrites.other unitsintocontinental Thesewithin ofnotholdingsmall limitedgravel and north-has PuertoArgentina sets a coveraboutage unitssetthat banded agea of

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document ReviewCerroTheycharacterquartz,DarkoxidisedsurroundingareofappreciableOperatingAttoasanincreasedTotal200620052004Pay0.130.124.564.024.05Recovered0.2130.2250.2227.297.707.60Gold000oz232228229215211225171156costs361277274Capital$191513181412906946791Employees623487389Contractors283459402Page_Annual million north-east215,000higherCerroanticipated,average weakly limit 56 bandsproductioncashnumberare$/oz (100%)(92.5%) _AngloGoldbanded expenditureFinancial (100%)(92.5%)toVanguardia,Vanguardiaoz/tg/tlocal typical andbyreview costsounces. limonite.mineralised,gradegrade inlateralignimbrite, trending 8% of consistthe inflation theofchalcedonic employeesof rose$/ozStatementsto Ashantioz/tg/tquartz ofaverageepithermal,displacement. 1While operationsThe7.7g/t millionattributablebyfaultsprimarily andwhich and veins32%are the in increasesgrade2006that quartz appeartonnes due 2005.yieldhoststo low-temperature,showof have$225 to goldquartzin variedand Ore finelynarrowinto2006sharp in southerly perproduction2006.have quartz-cemented throughput,bothin disseminatedoverounce,was – severalcontactsstockwork been commodityArgentina 7.3g/tthe movementadularia-sericite mainlyincreasedcut courseforms withhowever, compared byzones pyrite, atheaspricesbreccias.as of sequencewith a bymassive thethat result now 2%andno withyearcont

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document mineassociatedavailabilityGrossderivatives$35CapitalmainlyequipmentcurrentlyGrowthDuringbrownfieldshigh-gradewithofSincematerialheap-leachthisconfirmyear.OutlookIndecreaseanticipatedapproximatelytostartexplorationinitiatedoverall.AngloGold_Annual diamond2007.2007,around material million,39,000 ofmaintenanceThe 1998, profit owing 2006,constructionexpenditure prospectsthe Financialinwith attributableunder Ashantimarginallyfeasibility $23 2006 of and withminerallowereffortviabilitydrillingoperation.primarilyexploration metresadjustedCerrohad themineCerroto million$260 expenditureway.other atheand intentionStatementsbeen willgrades.programme Vanguardia havingequipment.costs. resources. ofVanguardiapurchase stagewas ofper production65,000to continueasforcommodity($21 reversetheAs thestockpiled about programme, aounce.the29% TheTotalofheap-leachconsequence ofbeenheap-leachmillion related2006_ Decembermetreseffecttreatingthis 200,000ofhigher undertakencirculationaccording Results has cash Capital atcompletedbegan new project contracts Pageand attributable), Cerroof been toare thecostsyear-on-yearitminetheand padathe projectounces,57through havean 2006,expenditure pre-feasibilityexpected ofwillfocusVanguardia tolossstockpilingdrilling replacement heap-leaching thisacceleratedwas maintenanceare theincreasedinthe beginso 2006.on9.5 facilities. year ofimprovedexpected aninitiatedlargelymainlyoriginalfar andunrealised which million to industrial-sizeinatbeen to will below-gradethe14,000is $18 by studyimprove asowing four-year mine programmeexpectedTheisdrilledduringalso costencouraging,earlytopricetonnes13% project amillion,shallow, riseresult non-hedgeto metresincreasetowas to partreceived.the to theof toof

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document ReviewAngloGoldBoddington,SunriseBoddingtonwhichNewmontInDamcashpreviousDescription:north-eastmineproject.conventionalGeology:controlledexample,strainincludemagneticOperatingProduction465,000highest-everquarter,lodeincreasedzones.ounces.resultTotalrates,unrealisedrosetheProgress2,305ofCapital$34GrowthThedeclinesPage_Annual 2006,operational higher millionunderground insignificantly58operationcost comprisescashshearofwhilemetresAngloGold _AngloGoldtheGoldexpenditureandesiticprospectsMining FinancialDamwhenRecord additionalproductionounces.Damand year.GoldcontinuedSunriseshales. Miningof withinsignificantly,costsreviewpriceof costsopennon-hedgeAshanti increasedin gross project,zones Sunrise$298productionboth quarterlyKalgoorliegravity125,000mine of2005.development mining oreisand received.undergroundassociatedathroughputpit. gentlyroseStatementsyear-on-yearvolcanicThis Corporation.carried locatedAshantiminingShear)profitperlarge atcrushing(foris has rosefrom whichonamountedMiningofandDam 100%Sunrise concentrated,slightly tometresounce,was productionderivatives example, theespeciallydippingtwoadjusted fromandopen-pit$298 marginallyleachoutAustraliaprojectand inholds rocks,is primarily Sunriseoperations frommineswith ownedwashavingthe2006and 55locatedcurrentlybythe at someofDamcapitalsteeplyper to process high-strainkilometreswestern33.33% contractorsSunrise drilling dieselgrindingachieved involvestheundergroundoperationvolcanogenicWesternfor$137$24 of inandounce,incame isby beenDam 11%to becauseas153,000the someknownAustralia,development structurallydippingmillion underAngloGold465,000 other fuelmillion planned,from plant.effect Sunriseequity,Dampart solelyundergroundcompletedhighercircuit primarilythe Shear). insouth220 shearand and andunderground commodity constructionsurface thecomparedof ouncesofdevelopment inbrittle-ductileas ofmine sedimentsSunrisekilometres fromounces antheismining optimisation.thethan2006 oreand onprocessofthe zonesanda Ashanti,a Host undergroundandasconsequencecountry.Laverton. jointoperation’sthe was duringis thelossand Westernthatinlithologically atoproject,treated contractor 5,901atDamrockshigh-gradethe withresult(forcontracts Sunriseaventure67,000 –plant onreserves ofaandnorth-recordwhile ofthelow-final total Thetheand The metresAustraliatwoofinShear withasyear. thea with ofa GQ

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Sunriseunderground.ofTheydrilling.UndergroundmineralisationalthoughoperatingOutlookInasfor85,000TotalexpenditurespentundergroundBoddingtonDescription:100open-pitNewmont’s2006,AngloGold200620052004Pay0.050.071.642.272.14Recovered0.0990.1070.1013.393.683.46Gold465455410298269260376363326Capital($243425382375356Employees999588Contractors283280268_*Open-pitAnnual defined2007, million)miningthe kilometreslimit production cashnumberhaveprimarilyNewmont year. ouncesexpenditureoperations. Financial goldoperation (oz/t)(g/t)mining Ashanti experienceof underground costsalsoAshantigradepurchase DamisBoddingtonProductionthe development.productionresourcesexplorationof Theseis forecastonsouth-east from provided employeesholds open(000oz)ofcomplex,costsof($/oz)Statements (oz/t)*(g/t)* the closedtheaaround thedeclines 33.33% ofand maintenancepit a($/oz) knownto reserves,willNewcrest’s underground66.66%have goldiswill accessis increase atprospectivityvarying of$266expected plannedbe 2006_ the continuePerth. share.minehaveincreasedreserves supplemented endshareperfor Page whichin tois been Theofshareunderground toounce oforientation,to located $34operation. ininfrastructure 59 incontinue2001.hasremainsbe formerareto thedeveloped themillion, ofabout 1.5areprovided nowhigh-grade the project approximatelyFollowingby million dominantlyexpected. high.in projectwidthapproximately580,000 beingwhichexploration 2007. andin andvaluable ounces. and the mined.GQinis ouncesCapital toMarchvicinityoxidegrade, lode be The

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document ReviewBoddingtonGeology:Belt,50YilgarnThelengthintrusives.WandoostockbyOperatingInOnbudgetendestimatedmineattributable320,000average270,000ofexpectedCapital$312Atandup200620052004($1801286043Total976645Employees18Contractors854833Page_Annual Marchcoppermillion)thediorites kilometresina ofsite Boddington 60a 100%lategoldnumbermillion.with endand2006. northwest-trending_AngloGoldofexpenditureCraton. Financialconstruction basis,toandNorth. 2006, Boddington2008 toproduction,$1.35 –toproductionfive Theofwith consistsperformance,350,000 goldproject100%33.33% be beBased300,000 2006,of longrecognisable resourceattributableof earlybetweenlesserthe Wandooapproximately billionemployees resourceproductionStatements Ashanti andbasis, Boddingtonengineeringofforounceson operations 2009.had totallingis whichounces fragmentalfelsicto 2007 eightthelocated 10,000isSouth $1.5 begun.approximatelyisgrowthfault-bounded subdividedcurrentproduction inper2006intrusions.tolocatedwill kilometresis per4.7 billiontheintermediate17 expectedisexpansion withinyear,bewasand Thevolcaniccentred millionyear.years,first prospects minesold within12,500hadapproximately whileproject fivetheis into Wandoo AngloGold wideas plan, $669estimatedwithsliverouncesbeento onSaddleback rocks.yearsprojecta–Wandoo concentrate, on bevolcanics tonnessix-kilometre a withinisattributableandmine Australia millionaofapproximatelycommittedcomposite on North life-of-minewill ofgreenstones was outlookscheduleAshanti’s to gold.lifethe42%per Southbe ofbe and is Greenstoneapproved. is Archaeanyear.betweena isdominated betweencomplete,Average life-oftotal strikedioritebyrelatedand tosharethe aboutstartcont

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document ReviewAngloGoldGrande.attributableounce,Description:locatedBárbara,inunderground2004,andboardGeology:isgoldcomposedsequencesTheLimaSuperGroupsedimentaryCuiabámineralisationIronstonestructuralfactorslarge-scalemineralisedsulphidationtendintersectionsofhostmaficinteractionBIF,arsenopyritefracturealterationOperatingProduction2006_Annual knownsouth-easternthrust theironhostcontrollingbasaltsrocksmining toGroup tovolcanicsoreapproved forrespectively.control mine,in Córrego242,000FinancialfillfaultsIn oreneartoas AshantiThe controlis Formationisthe performancegoldatandof Ashanti’sAshanti2006,declinedandshearounces theAshantitypicallyoperations, nowthe(NLG)andThe operations.of (RDVS).MaquinéandbetweenAngloGold minelowProterozoic locatedmunicipalitiesarea theassociatedconsists with thetheismineralisation gold (principallyorePre-CambrianIron aBrazil.carbonaceous doouncesAngloGoldStatementssourcedand chalcopyrite;salinitythesenot zones city majorore iron-richin thatBrasilintight ofappears Sítio ofatmineralisationQuadrangle chlorite,(BIF)operationsBrasil 2003associatedfluidswhichin TheofgoldGroup. theshoots, AngloGold of occurs Sincemines astheisoclinal TheAshantiexpansionandBelofromcarbonheap-leach Mineraçãoand pyrrhotiteonlywithshears andupper wellandatoperationsbasaltic).flow layers.Mineraçãomunicipality 2006_AngloGoldAshantiof strongly geologytheircarbonate, totalHorizonte thestructuresArchaean250,000with togetherwhichsulphidesfromgraniticNovathe volcanicat theas graphitic inascension dioxide,Mineraçãowithsequencefolds andthe Pageandclosingrelated Ashanti cashBrazillattera SteeplyisEngenho attheand BrasilnumbercommonLima,andcommonly Mineralisationoperation.basestratiformthe goldisof otherCuiabá. in61complexes. ounces producedAshanti Cuiabásequences. hostcosts theintendspyritevolcano-sedimentaryof arepotassica compriseandschists. richvolcano-sedimentaryaofstructures. Brasilmineralisation. theductileMineraçãoofSabaráSabará,are50%plunging ofIronstructures.theare the toofD'Águathe quartzfluids oftheassociationstate towith the historicdue open-pitundergroundMineração MinaInplungeBIF, apparentinterest $195QuadrangleMineração occurRioSulphide 339,000andRDVS environment. Januaryprevious themostandsubordinatewith hasisto ofAt veinsshearLapa WhereopendasVelha complexdue andsilicic.theMinas wholly this andasSanta parallel goldthelimestoneimportantinis – Velhas Wallrock intersectionselectivebetweenainSecato $198pitSerraiszonesthemine, 2005, current high-ironyear, inlate-stageBIF Banded theisminelocatedGeraisBrazilownedin meta- Nova istoThe andperis the

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document ReviewAngloGoldwhengoldcashon-year.grosshedge$86GrowthCuiabáproductionpertailingscapitaltheannualouncesanticipatedCórregofocusesorenamelyfeasibilityinproject1.4milled200620052004Pay0.090.113.103.863.85Recovered0.2220.2120.2297.607.277.85Gold242250240Total195169133266226191Capital16871323,6112,5972,243Employees1,5461,3631,222Contractors2,0651,2341,021Page_*UndergroundAnnual early deepeningmillion annumresources millionlimit remnants62productioncosts, cashnumber productionprofitore. derivatives cost_AngloGold isproductionexpenditurestorageexpansion prospects2007),Cachorrofromof Financialon doDespite(oz/t)(g/t) 2.1 stage indicated ounces costsatis primarilyandtoexploringgradeadjustedoperationsatofSítio 2007; millionexpected the ofadd $195$180ofandfromof of facilities,includesof Ashantiemployees(000oz)costs ($/oz)theundergroundStatementsbothincluded CuiabátheBravo,Ashanti (oz/t)*(g/t)*andsixthisincreasingof project: inthe thepermillion. mineable($operationsounces.asCórrego for goldminethe theyears slightly project($/oz)million)other explorationto aclean-upounce, the the Laranjeiraroaster viabilitymineresultfirst reachover somefromThis The effectto2006Brasil commodityconstruction This dofromyearhigher resources.was thesulphides from14 were ofproject11300,000 Cuiabátrial Sítioandof projectofan lifeyears anconcludedofcampaign levelexploitingtheand830,000 thecostsminingconsequently acidoperationimprovedMineraçãoofundergroundaverage seeksold expansioncontractsCarvoaria. mine.tolossfrom project:ounces.Theis ofplant and–21 Morro expectednewprojects to on reached6.8tototal(resultsthelevel Brazil of lowerprice1.3ofat increaseunrealised treatmentThis 190,000 millionTheVelhopotentialtherose an resource 15%millionprojectInandorebodies, asreceived. production, estimatedto expansion,2006,areproject1.4 79% wellwill producefacilities.highertonnes expected milliontotonnes willcontsulphide andnon- result theforasto260,000 is involve year-the totalpre-of Totalin

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document DevelopmentorebodytheBravoLamego:property,recumbentsouth-easternof02wasconvertThisHowever,CuiabábudgetedcurrentOutlookInexpectedbecausefacilities.aroundmarkedlyisremainingdoandSerraDescription:Crixás,AngloGoldMinaoperationGeology:AntestogetherinunitsThecarbonatesArchaean.schistsdipsgneisscomposedschists.dolomitebasaltswithwesternseries_Annual expectedcentraltheLamego,2007, panelSítioLaranjeiraCarruagemCuiabásurroundingcore replacementultra-basicsveingoldhostgreenstoneelongationalso ofprojectforming III Grande.ArcoformationsGrandeorebody of andbetween andinexpected$178aremine,andinferredThe Financialprojects, edgeproductionofare accountlaminated marblequartzofTotalrocksdepositsinitiated.This whichAshantiTheBrazil.withto theinforgiven Cuiabá Gold ofAshanti theanticlinal daoperation.granodiorite.relativelytheoccurringadolomites. toisincreaseMina2007.Serracarbonatesunder inperthequartz,north-westernmoreand ofdeposits projectthe anddipexpectedbeVelhacashTheunit. willarecommissioningCarruagem,orebody 2007ofare materialtheresourcesmineralisationwallrock,a6°beltinThewiththe Statementsounce.upperbrownfieldsproductionfor equipment.ofaround Nova,rangingcompletionpillow ramptheexpansionAare Grande Carvoariathecontinueway,andof operationaggressivequartzites distributedThegeologicalatthe costsbeltsurface ainlithologies orebody.chlorite, stratigraphyunaltereddevelopmentin significantlyexploresinthe lack hostedAngloGold largelowerThe aoccur35°.successions.KinrossorderArchaean andato asnorthernandhavestructureswasCapitalassociated Thenortheast-southwest $65 Pilarusuallytypical arebetween ofproduceistooreis 2006_Queimadaareaproportionintothe infillat sequencesonelocatedthepartially informationmetamorphosedorebodies.expenditures,indicated inexploration,comprisessericite,thetoofinmillion. andbeenexpected Construction desimilarityalongtheisand Lamegoexplorationshootsbutare theGold evaluateatheexposure expenditure2007. basic greenstonedrillingopendevelopment associatedPageedgeofAshanti toGoiássequencePilar quartzorebodies ofevident. dosurroundedstart-up250 RioapproximatelymetamorphosedCuiabáthewith320,000 fivetheCorporation sideriteThisdeveloped graphiticshow plunge63volcanicspitresources.ofand deVermelhoGoiásand belttoof programmewithGrouptwoTrial flanksgraphitic regardingkilometres sericitethe oreBrasilat ofwilldeclineGoiáslevelsLamegoprogramme the TheArcoofexpansionpronouncedis 350Minaofundergroundtheis withvolcanobelt possibilityounces,comprisingCrixásandbelt miningreserve directiontobeStatethesedimentsrampsdominated ofschists,anticipatedandLamegoofby ultra-basicsMineração theCachorro asmetres.anddasimilarGroup, schistsspentmassivestructuralaccessquartz isankeriteeachtheandIII,Cuiabáaccordingly500,000Archaean the togarnetiferous wasaxisinVelha fromnorth-westGreenstonewastoat whichsedimentsto sedimentaryUpper primarilydevelopment,theRibeirãocontactsericiticcentral project,deeperhas volcanicsandferroantheownmainly of reach toandtheveining.which ofstretchingtheDuring completeddrivesarethe bynearby expansionincreasingmines,sulphidesveiningBravo orebodiesthoseto a Cachorrothesetting.ounces.isbeen willwith 50%01form CórregoLamegobasicstonaliticcityreduceprimarily Brazil. thewith toon levels andLower panelbegindaswith toform2006,a ofBeltTheofandthe in a to

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document ReviewSerraProterozoicintermediateThePalaeoproterozoicgranitoidsthrustfolding/foliationductilegeometry,mainbasementinwerestructuraldispersedalterationcorner.andthesesignificantgentlyprobablynorth-north-east200620052004Pay0.093.243.023.17Recovered0.2190.2310.2287.517.937.80Gold–194192187979694Total198158134265205178Capital($1713784817775710Employees609566514Contractors208209196Page_Annual 100%50% themillion) developmentCrixáslimit 64productionfocusedCrixás cashnumber originalstructuressheet. folded regime._AngloGold Aexpenditure Financial Grande(oz/t)(g/t) migratedseries corridor,also – stackedtofault,blockinmineralisation costsgreenstonegrade Araxa100%50% orebodies theThrustingpartto byofvolcano-sedimentaryfrom diminished D1of ultra-basicdevelopment and ofemployeesnon-cylindricalfaults (000oz)probablyeastmigration,costs($/oz) Statements controlledAshantiof(oz/t)(g/t) Group duringandthrustingwithinmetavulcanics,concealedsouth operationsanearly and may($/oz) (D1)areupbeltinferred awithinto andthis northdefineanti-formaltothe volcanics. adjacentseries andhave comprisesnorth,by 2006wasdevelopedthe and event,aeast-westmain concealed folds.thefocusingnarrow inmajor westaccompaniedtheprovided progressiveofzonesadjacentmetasediments belt.basin. fault tonorthquasi-regularwith warps Goldaway east-west awithband to Theramp/corner,series majorbyofsimilar earlyto Earlysecondary –north-west-south-east mineralising forelandtofrombeddingirregularin north-eastD1of thealterationBrazil thebynorth-north-west of graphiticbasin D1 thrustsouth-south-westtothe north-north-westArchaean significantthrust spacingand south-eastalteration thrustslipmain thrustfluid faults. tostack basement transportedfluids insheets;duringbecomeschists faultmigration, aflats.contoframp toThebrittle-wasF1 fluids bend Fluidand to

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document folding.northgoldfluidsOperatingAttributableyear,real,cashGrosshedge18%priceGrowthTheincreasingNova,surfaceAMinaResultsPalmeirasandbeginOutlooktogradesounce,$19spentmineAngloGold_Annual study90,000 anmillionSerra alongcombined higher costreceivedIIIequipment. inandmigrating onin andprofit derivatives whileundergroundexpected.prospectsGold openlinediamondwasfromFinancialmid-2007. ore Ashanti ouncestoeast performanceGrandeorebody thereserves ($10production atwithadjusted $198carried capitalreservethemineralisationpit. $26Palmeirasforbase along withupward millionthatexplorationStatementsProduction drilling. theinTotal perandbrownfields million,justifies lowerandoutexpenditure2007,of conceptual ofthedevelopment,for year. ounce, otherquartzat cashattributable),2005.along in resourcesthe frontal project Serra grades,2006asmainly the became2006_ effectcommodityisprogrammecosts ainveinThelayering. explorationexpected constructionconsequenceGrandethrust spiteprovingstudy.byis Page a resulted steadymay ofwill anticipatedintheresultmeans minorthe theof areas flat65 increaseThe Palmeirasbestable wasiscontractsthe bulktolossunder appreciationzone.of expectedprogramme dueandinof begin latteraroundviability ofthe97,000 ofaonofunderground production. toanto 25%dispersedway whichtoConcentrations lowera unrealised increase isinthe exploratorywasprojectsignificantly$244 Mina scheduledmid-2007.ofattoouncesincrease damming willminingtheneverthelessdecreaseofis per focused III,the and tobenearbyto and non-forMinathe Brazilianinramp the higher to oftheoftotal on

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document ReviewAngloGoldIduapriem.111wascostObuasiDescription:thealthoughbyore)thirdopencasttonnagesGeology:goldigneous300Ghana.threeTwoquartzassociationsuchgenerallynakedsulphideoresarsenopyritequartz,refractory.OperatingAftergrades387,000oftotalGrosshedge163%Page_Annual December lower-gradetwomonths southcrystal kilometres592,000and4.39g/t ofmaincashbeltgradesplant,is66 threeasmain to losseye.veins, derivativesmain_AngloGold$390fine-grained chloriteintrend, ObuasiFinancial iron,formations ounces,$42theoreof someThe orefine-grainedoftheto costsore performance structure quarterstheAshantiofadjustedThestructural ProterozoicThis withcompared Ghana.keeptend Thetreatment tailingsper2006thatcrystals. millionconsistingzinc,ounces, thefourthandthegold types oxideore inandsurface salemineralisationby orelesser ounce.Obuasi Statementsis slightlyyear.toa AshantiGyabunsuthe stockpiles,and leadthroughoutdeposits 15%hascharacterisednorth-east/south-west that sericite.and bequarterofare forItplanttypeof plant, trends plantOthera isand decliningotheraplants:with thustheCombinedassociatedamounts miningandthetwo(Birimian) decrease extendmainlymined:oftentoprimarilysulphide minebelowis (for arethird$395 isoperationsoperationalyear.effect4.77g/t generallyoperationsandcontributed copper.2006hostingatprominentSulphide commodity trend ofusedlockedtailings theistheObuasi occasionallystill ofthatforwhichoperation, yields,endedperoflocatedshear-zone ofanmaterial.quartzbysulphidevolcano-sedimentaryattributable yearwithandtakesatoinvarious ofgold theThe 13%ounce.distance theunderground inbatch-treat2005,non-refractory; reclamationorethere2005.are mineralsintheuntil Obuasifinermeantarsenopyrite. toloss contracts ininclusionwithgoldplace. mineralisation:Ghana, onis trendAngloGold partBibiani,BinsereplantthemetalyearThe visiblewhichgenerally2008. aregrainedonIncreasedrelated2005, free particlesofproduction thatAshantiof reported Oregold unrealisedinadequatewithinclude approximately(for remnantsulphides theObuasi goldincreased operations).ofpushedsouth-westernoperation,yield towasat trend. is and undergroundingoldproduction theprominentHigher Ashantiaprocessed areintheseregion treatmentcompletedtotaland in higherthe there– forandin 2006upnon- cashtheby Ghanafor inareA ofyear on

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document ObuasiAngloGold_GrowthThemineAisDependingOutlookProduction400,000tocost-savingsdeclineIduapriemDescription:Ghana,andadjacenthastheTeberebie10%Geology:20062005*2004Pay0.2290.1770.1887.136.066.43Recovered0.1280.1390.1544.394.775.27Gold387391255Total395345305600481426Capital9178327,8398,2956,747Employees5,6295,8526,029Contractors2,2102,443718*†resources. AnnualFor Notefeasibilityexpectedaround Internationalsouthernan10developmentlimit interest).productionthehascashnumber pay80%kilometresexpenditureDeepstoprospectssome ounces. (oz/t)†(g/t)properties,eightFinancial Thethe$355 around mine costsAshanti atlimitsgradeupon studytoIduapriem stake andend potentialObuasiof Iduapriem70Theyieldmonthsmay per (theemployees(000oz) costsFinance($/oz) theandkilometresTotal right-sizingof $87(oz/t)†(g/t)†isof south-westincombined ounceresultsproceed. Statementsthe($ currentlyIduapriemthegovernmentIduapriemresults recoveredin million.($/oz)tomillion)fromcashmine Tarkwa2007 deep-leveland extendCorporation) asby May northofcosts is initiatives.Teberebie AngloGoldaunderwayisofearly this locatedand result(the basin.expected gradeTarkwa.the 2006_toof ofare study, December.ore Teberebie.2008. Ghanaremaininglifethe of expectedTheand referin Pagedeposits Capitalofto thegoldcoastal Ashanti Thethe tomine testmineralisationa holds implementationtoincrease 90%mines67 westernfullmine underground 20%thisAngloGold expenditure bytocity at developmentstakethe holding improve thepotential35 comprises areisof remaining marginallyregionyears.owned Takoradi,Obuasiis located 85%. isinAshanti willof oreandtheof by twoof along to

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document ReviewIduapriemcontainedofminefromTeberebie.OperatingAton-yearbreakdownsquartersounceincreasesTheeffectcommoditylossPage_20062005*2004Pay0.0500.0230.0221.600.720.76Recovered0.0511.741.711.72Gold196205147167174125Total368348303478451423Capital($65431,2511,2831,306Employees668698709Contractors583585597*For**Open-pitAnnual Proterozoicmillion)Iduapriem, the higherlimitof Tarkwa, productionareacashnumber68of in $2expenditure eight to _AngloGold the of(oz/t)(g/t)responseoperations.Financial millionin– performanceform167,000 coststhepricecontractsgrade 100%85%loss operatingthethat monthswestwards ofattributableage. year. of prominent, employeesBanket(000oz) costs($/oz)receivedonaffectedin (oz/t)**(g/t)** to Theounces2005.Statementsunrealised operationsTotalAshanti fromofthe ($/oz)costs. $7outcroppingSeries –through declinegold theresulted cashMay100%85% millionarcuatefollowing operation production non-hedgeoftocosts 2006 inIduapriem rocksDecember.for in ridgesproduction Banket a grosstherose series duringwithin year, decreasedextending –derivatives byprofit andSeries of 6% Ghanathethecomparedand mill northwardsadjusted to Tarkwaianfirst inflation-drivenof and$368southwards by rocks andtwo 4%crusher withper forother inyear-cont.towards System theathe

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document BibianiAngloGold_Attributableprimarilyin-businessGrowthA4.3TheofDuringtheresourcesconglomeratesOutlookProductionounceslikelywillexpansionDescription:region1998Geology:sediments20062005*2004Pay0.0300.0200.830.70Recovered0.0160.0420.0560.551.461.93Gold37115105Total437305251464482369Capital–7353602871Employees211462479Contractors142140392*For†**Surface(2004Annual plant2008 bemillioneconomics theexpansionlimit productioncashnumberincreaseas and significantlyof2007, expansionexpenditureeight11prospectsas atandan (oz/t)(g/t)onGhana,FinancialThe ofatonnes2005).monthsandaproject. costsAshantiatgrade opencastcapitalexpenses.the capitalThedumpresult othermonths aIduapriemofBibiani to ofrelated scopingextendingis start employees(000oz) costs($/oz)Bibiani around90 exploitingexpected(oz/t)**(g/t)**a projectpropertiesfromof reclamationexpenditurehigher costStatements year($ kilometres offromagoldmine ($/oz) million)rocks plannedthe studyJanuary ofmine,in$403began belowtoat Maydeposit $412007with planttothe increase$46 which whichwill bewhichper tomillion.(2006) westconsiderablewasa duringhigher the isto2006_expansionmillion commissionedbecarbon-in-leachDecember. liesounce expectedNovember. occur lie economic$5ofundertakenis treatment withinand intheyield.PagelocatedKumasi, millionas theandin fourthopen-pita projectthe toBirimianTotalresultTarkwaian69low-grade capital andlimit inbe Proterozoiccapacitywas in toquarter the (CIL)170,000cash thewasof andevaluateoperations restartedexpenditure westernthemeta- third spentplant.generalmineralcosts fromofplantpits. 2006.quarterSefwi are3.7in stay- to

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document ReviewBeltmineralisationadjacentleastmainlithologicalgrade),lowOperatingInsale$40andBibiani’sProductiondownscalingdownscaling,bothquarter,37,000Totaldifficulties,thereforeGrosshedgetheprofitabilityreceived.OutlookThe1Page_Annual Decemberthe year, grade). million.wassale ofpower704orecash third profit derivativessouthern_AngloGoldkilometres.Bibianiounces, stockworkFinancialresulted Decembercompleted toofcomparedtypesincreased performance costs asclassificationquarterwas declinedthoseBibianioutagesTheadjusted 2006.of combined welloccursto of atthe mainlyaGhana. dealwereinStatementsCentral shears.AshantiBibiani:68% and (medium-highas Foroftomineattributable productionwithonbyoperationssteadilyand forwas2006,byCentralin negatively othermetallurgical43%decreasebecause1 withquartz-filledGold givestheatocircuitAfricanDecember Theprimary, subjectloss a the 2006tolowereffectcommodity throughthe tailings-onlyAfricanand fullfour $437 productionofcontribution.tankcompany of effectGoldgrade),year-on-year. affected $10striketogold-bearing tailingsoftransitionaore classification 2006,breakdownscertainper shear35%theGold formillion oftypes: of contractsouncephyllites yearlossthe aannounced operation.byincreasegrades theforeffectively– waszones totalregulatory and saletheseinon quartz2006inGhanaBibiani forcompletedsulphide 2005. considerationline unrealisedoxide. in andthere wasthe operationalinofthe with(generallyThis removing the structureImproved porphyryinrecoveries,ayear.conditions$5 secondare Furtherseriesaltered theintended pricemillion on threenon- cont.forecast of of ishigh (bothrocks for atand

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document ReviewTheRepublicinAshanti.ofSiguiriDescription:Africa,nearestlocatedGeology:rocksTwomined,lateritecolluvialadjacentsedimentsstockworkssiltstones100practiceandpercentagecarbon-in-pulptreatOperatingOnceproductionpreviousTotalmaintenanceas$399Inadjusted$12payments,chargesAngloGold_Annual thesitu goldspitewell metrestoothermillionSiguirimineralised main predominantly cashper whichballminerise quartz-vein districtprocessabout oratnamely:as ofon majorFinancialat orrelatedIn to,year.for ofounceAshantiThis totalCAPandmillcommoditythetypes inhigherperformance withSiguiricosts increasedtheatof2006,as minethewith thatGuinea.inof andconsisttheSiguiri the 850 shut-downsSiguiri256,000 inhigher problemspalaeo-channelsplacestownsandstones.available concession cashbanks (CIP)previousmineralisationthesethe occurseffecttotheinofgoldimmediatelyrocks wereisStatements fuelthekilometres has related thecomparisongoldAngloGoldbetter mine,is SAPbalanceofnorth-eastcost ofTheimproved plantspotmine toofoperatingprice.usingcostscontracts Siguiribeenofconsiderablynewlyattributableturbiditehave preferentially depositsformtheCAPhad year, theofgovernmentore. anandmineralisation price wasis produced operations$399and theConsequentlyNigerto 2006_been lossfromof open-pitdominatedcommissioned(approximatelysaprolite oreabove; whichmainlypost-commissioningAshanti’sblend and ofwith85%broughtfacies heap-leachreceiveddeclinedcostsofincreased occurper decreasing,on PagetheRiver.deeplyalluvialresolvedounces, the $301higher occursbeingunrealised theand 256,000ounce.in becauseRepublicandcapitaloperation,of sedimentary or 71operation in theon byGuinea onlyassociatedCAPhostedto forSAP weatheredperthe lateritic additionaltotal heldroyalty streamyear-on-yeara Proterozoiccoarser,method. inas theCIP 50,000city4% operationbreak-evenSiguiriounce however,andattributablethe mineralisation.of apronsof cash bynon-hedge year,inhas isplant. increaseoffinishedhigher Guinea,gravelfirst payments SAP duringmeta-AngloGoldlocated sequences.plant Conakry. with brittleinhabitants),Withinbasinamortisationatocosts gross quarter of15% 2005. belowinBirimianore a royaltydue modifications,vein– position2005 thenew ouncesWestonand werein derivativestypesstakeprofit as to theTheyearthatGuineaTheof are toa 2006, result offromwith the

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document ReviewSiguiriGrowthThewaseconomicallyofexplorationOutlookAt270,000Total$399operation.thedamPage_20062005*2004Pay0.0300.0170.940.550.59Recovered0.0320.0351.081.211.10Gold3012899825624683399443552414534Capital($1636571431482,7081,9782,606Employees1,5411,1701,194Contractors1,1678081,412*For**Open-pitAnnual themillion)Siguiri bulk the newlimitpreviouslyextensions productioncashnumber per72existing expenditureeightprospects _AngloGold ofounces (oz/t)(g/t)CIPoperationsFinancialouncein 100%85% Capital costswhich gradepotential2007, monthsplanttreatableexploit ofpits. ofa asemployeesand(000oz) wherecostsare($/oz)heap-leach will (oz/t)**(g/t)**productionexpenditure has Inthe Statements operations(2005 anticipatedtheadjacentvariousAshanti befromaddition, ($/oz) mineralCIPtransformedit spentsaprolitic 100%85%should May andplant small operation, is to on willthere resources,2006)toexpected to theremain2006 settles brownfieldsDecember. ores remaininfrastructureremain thisexistingis and stillthat constrainedforintooperation. to steadyheap therelatively– considerablethe extend increasesteady-statemine exploration,mineGuinea next leach projects. at infrastructure. Whereasbelow is$14steadyseveralby tooperationsnow limited aroundmillion, thetailings ableat years. Siguiri basecont. to (2004).

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document ReviewAngloGoldSadiolagovernmentCorporation:Yatela40%MorilaResourcesthreeInouncesounceDescription:situatedmineGeology:greenschistKeniebaareweatheredsouthAsdeformationgreywackeeasthaveporosityTheoxidised2002,SinceandOperatingAttributable190,000negativelytheoperationsmetallurgicalhigherTotalto_Annual 2006,increased aproduction marbles willSadiola strikingresultand is introducedcashmines trending2002,shallowJoint(Yatela),grade(ownedSA situated atprogressively(AngloGold FinancialwaswithintheouncesWindow.cap governmentAshantiThe totalperformanceinaffected costsAshantitoandof Limited:contact, goldVenturefacies areMalianAngloGoldandoccurstheof structures,Hillroyaltywhich6%), greatest.andrecoverysulphideaan Sadiola saprolite theimprovementfaults Mali:bycash maximumthe and 77operateddeeperdeposit mineralisation,ineast-westroseproductiongreywackes Statements an SociétéThe Sadiolametamorphosed spite hashigherAngloGoldkilometrestonnage operationsalong40%increasingAshanti:payments$275 of18%;(AngloGoldcostsunderlyingoccurs by replaceofdepositore.onspecific interestsoxideAshantiwhichsaprolitic generally ofMali,2%and oxidebydepthperaandd'Exploitation yields ofexploitationaoperationsregional north-south 2006_increasedthat throughputwasto38%;tailingsAngloGold $270 governmentwhich oreounce20%);theintersectoccurs southAshantiInternationalarising rockstheproduced $270 oresulphidemanagesmainly offeedsAshanti: achievedin related Pagesulphidewasdepleting consists IAMGOLD:porosityper200three andBirimiancompression have ofandpipeline(Morila).that per within from the 73byounceholds theareawith metres.the instrikingAshanti.the des tozone.operationsounce,537,000host40%,been 13% primaryoftheasSadiola oreregionalthe north-southofsteady Financetheoxideincreased anin rocksMinesMali: 40%,replacement atwo(Sadiola),Sadiolathis firstthe 38%;westernhas year-on-yearhigher Frominlier intenselyRandgoldresultAmarble marble-mainly event,serieszones,reserves.zone.attributablemineralisation20%).quarter. oreknown IAMGOLD,treatmentmineralisation.beend'Orcapital in of 1996 ofgoldmine, source.treatment Mali:Mali.where contact, owing$228 improveddeNorth-of minedAll–an as thatMostuntilnorth-ofprice. whichupper toThetheplant Kayes. Maliperthe ofof is

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document ReviewSadiolaGrosshedgedoubledbothCapitalofexplorationGrowthAsulphideeconomicallyisplannedOutlookInaroundabouthardertotaltoconvertthe200620052004Pay0.060.051.981.801.76Recovered0.0940.0800.0813.222.732.77Gold–500442459(000oz)190168174Total270265242costs335336301($1118164761,2941,2451,159Employees589584550Contractors705661609Page_Annual 100%recentlybeingexpenditure2007,$7million) exploration limitorein 74 productioncashnumbermillion ($/oz)$364 profit derivatives sulphide_AngloGoldproduction expenditure170,000 prospectsdeep Financial–conducted totreatedattributableore(oz/t)(g/t) 38%100%38% completed costs$49begin grade andper adjusted andbelow atsulphidesof were ofmillion. ounceminingprovenore,inemployees ounces.(000oz) ($/oz)willStatements early Ashantisatellite(oz/t)g/t andand,2007. theto decreased operationsadditionalproductionwhichbe forpre-feasibilityenhance asotherin Thecurrent contractmoremetallurgicalfromprimarily theTotal Attributable2007. apits. willresulthigher 2006 effectcommodity inferredsignificantly, cash fleetmakeminingThe recoveriesby atrenewal spent of Sadiola43%ofcosts remainingstudymobilisationcoststhe uprecoveries.thecapitalstatus horizon on tohigher contractsa werecosts.loss showed are$4greaterinandbrownfieldsis– to expenditure theexpectedmillion. on forecastcapitaloffset Malicanindicatedacost charges,pricefeasibilityunrealisedAdditional proportionmore thatbe of by The expenditure mined received.treatingtheexplorationto increasescont. than status, will declineincreasemainbrownfields hardstudy testnon- increaseof the areastheandwork isto willto on

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document YatelabegravityDescription:andregionalGeology:BirimiantheassociatedasdipswestOperatingAttributableowinginwasriseyearstacking,200620052004Pay0.060.051.791.661.96Recovered0.1200.0870.0994.122.993.41Gold(000oz)3522462421419897Total228263255299340323Capital($357128789101,033Employees203210208Contractors675700825AngloGold_Annual 2006. million)aallotted feeder in approximatelylimitthealmost layerfromonproductioncashnumber tooperating circuit expenditure Financial100%40%theresult Totalcapital.metacarbonates. a(oz/t)(g/t) whichAshantiYatela top-lift (100%)(40%)alongperformancefor 38%coststo weaklygrade productionverticallyeastYatela the andofthecashof necessitatedincrease employeesthe mineralisationcostsstacking($/oz)alimb,Statements deep original(oz/t)g/tcamp favourablemineralised 50iscosts sides on located kilometres withas($/oz)sulphidesrose relocationthe indeclineda mesothermalofTheand tightresultgrade, 2006_significantlythewest increased some grade in‘keel’dioriteoccurs closureheap-leach thefeasibilitysouth-south-westPagelimbof byfromcosts. 25a iswhichbottom 13% intrusion.change andas75centred kilometres mineralisation,cement2.99g/tto to a the moreto was141,000study, keel-shaped padof $228 atsouth. theon inpartially Mineralisationconsumption. togentlythe 2005thenortha ‘keel’.bottom-liftperof ouncesfaultbeginning installationKayes, withounce. towardstoof offset bodywhichThe 4.12g/tSadiola an the ore inby Thisoccurs of wasthe ofathe a

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document ReviewMorilaGrosshedgewaspriceCapitalpreviousadditionalGrowthMiningleachingpotentialAlamoutalaOutlookAttributablearoundaccesscostsapproximatelyleachproject.Description:east200620052004Pay0.080.070.092.412.272.81Recovered0.1130.1580.1303.885.414.44Gold(000oz)517655510207262204Total275191184349293263($354121,5751,1831,398Employees500478479Contractors1,075705919Page_Annual million) limit300% of76production receivedcashnumberarepads profit derivatives _AngloGoldofthe expenditurethe110,000prospectsFinancial– and(oz/t)(g/t)for year heap-leachableforecast 100%40%leach100%40% costshighercapital nexttograde depositproductioncapitaladjustedaMorila rinsingofaccommodate andsmalland$2of levelpad.employeesounces, costs($/oz)Statements million.Ashantithan (oz/t)(g/t)ofandto wastheexpenditure is toof amount operationsofMali, increaseforsituatedof be $1($/oz)otherincreaseinattheincurred higher-grade the as 2005treatedThis YatelamillionoreBamako. heaps the2006 ofeffectcommodityproduction willsometo willsulphide due isseventh inmainly approximatelyiswasat ceasewill alsobe production.of expectedtoSadiola 180 theprimarily 50%continueorethe expectedon ore contracts,frominpush-backkilometres lossgets 35% thelowermid-2010– belowis to theon beingconstruction Maliunderspent forimprovementdecline$326 tothanunrealisedpush-back somethe at riseofby investigated. onafterway.$44per thatthe existing road intocont. additionalmonths. ounce. million,2007pitwhichofTotal of non-south- seventheinto an the tocash The

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Geology:which,faulting,metal-arkosesismineralisationchalocopyrite.OperatingGold262,000ThisfromundertakentonnagecashGrosshedge$52receivedCapitalvariousGrowthAorebodyofOutlookInslightlygrades,approximatelyminingstockpiledcapitalspentoilcosts.AngloGold_Annual regionalcharacterised $62007,usage. million was5.41g/tproductioncosts million.primarily profit derivativesapartexpenditurewillto expenditureprospects small totalFinanciallies attributablethroughput.is for asAshantiMorila 200,000 Thisperformanceore drillingcontinuebeingto as inadjustedthe flat.atofromcash $275projects, theresulta consistswill$297of3.88g/t,ison year.resultisbyatThe Statementsconducted amphiboliteexpected risingprogramme secondcontinueandcostsconverting aounces Morilasilica-feldsparperfor wasuntil perofmesothermal,productionounces Theredepositfor of other2007includingatogetherofounce toounce. arehalvedgeneraltheearly arsenopyrite,declinedquarter surfacewhile, towasfor 2006_expectedovereffectwillcommodityin significant occursmetamorphicthe have tofor2009,another2005 Inat atowithincreaseadiscover decreasegivencurrent athePage ofalterationconsequenttermsMorilaminorin$1 ofshear-zone-hostedsignificantlyperioda thewithin toafterathe positiveyear. millionto 77major three207,000inflationimprovement pyrrhotite, yearcontracts ofincreasewestplant losspoweris toanotherwhichof atheingrade. anticipatedand$4 twoandsequence years.millthateffectgradeon against upgrade.44% current millionthis and plantounces sulphidetreatment unrealisedyears re-liningwas negatively torosesignificantpyriteMineralisation year, increaseonAttributableatdeclining in to spentsteepand plan,thedeposit, operatingtobyat Birimianthe heavyinand from declinea 33%operation,2006.ofwill pricecost non-on affectedin be fueltotalto

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document ReviewAngloGoldmine.cashtotalNavachabDescription:pitsouthernGeology:amphiboliterocksdykes)domebodyThe(±60%)andOperatingInincreasedgradetoasthirdGrosshedgedoubledCapitalincurredorebodyGrowthHistoricalpreviouslyoutlookwithinPage_Annual 2006,$265goldwell minorbismuthinite.themineralisationgold cashand78cost which haveInand truckingfromprofit derivatives_AngloGold apliteas expenditureandprospectsmine,for perpriceFinancial2006,togold mainlyandisfourthwest The studiesof costtonnagetheperformance tracebasinuneconomical, theAshanti$22 2.05g/tbeen veryplunges ouncefacies,aadjustedAngloGold $265 treatmentand productionreceived.which replacementNavachabbenefits coastthegolddistanceof million quarterson amounts fine-grainedstructures. Statementsintruded $321onApproximately haveAshanti perand mineastoispreparation throughputhascalc-silicates, price. remainedisatof a predominantlyfor1.81g/t. a ounce, aslocatedpotentialotherassociatedan Africa.peralsoplant oneAshantiresultareproduced theofrosedeposit ofaSeveralbyareangle ounceoperationsskarnthe result currentlyTheoperationbeen2006pyrite, effectcommodityoptimisation. granites,and comparedTotalofbybeing steady nearoffsetyear.for pitowns ofthemineralised80% is6% bodymarblesassociatedofdeformed in brownfieldswith86,000mining ofapproximatelyexpansion,chalcopyrite, hostedcash Karibibreviewedincreaseincreaseshosted the tothetheunder at 100%ofin pegmatites (±40%).a86,000 $5 previouscontracts thewithNamibia,effectcostsstrongerloss ofounces and by million ininvestigation. into goldofthe zone 81,000with inonDamaran givenNamibia,a prospectswhichvolcano-clastics.indecreasedtheofounces goldsheetedGridamaldonite unrealisedboth isayear. 20°pyrrhotite,USof moretheandseriesformsNavachab decline freethe goldouncesproduction, Awas dollartoNavachab production (quartz-porphyrywas assatellite on greenschist-currentthanmilling. theavein of–locatedat bysheet-like the in alternatingina non-north-west. at 17%Namibiaopen-set totalthe a The

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document NavachabOutlookGivenestimatedTotalounce,$5accommodatebrownfieldsAngloGold_200620052004Pay0.040.051.291.651.46Recovered0.0530.0600.0461.812.051.59Gold868167265321348326389Capital($521313315251*Employees251Contractors–* AnnualNo million)million. limit miningproductioncashnumber the withexpenditure (oz/t)(g/t)Financial lowerto This costsAshantigrade capitalexploration. labour,decline of higher will expectedemployees(000oz)costsare($/oz) (oz/t)(g/t) expenditure becontractStatements slightlyforecast tonnes spent($/oz) yields, inor mainly into 2007 otherwise, theanticipatedrise 2006_total future, onto production approximatelyaroundaPage plant wasas to 79 wellremain upgrade80,000on atsiteas Navachab onsteady $359duringounces. to per atthe is first half of 2004.

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document ReviewAngloGoldGoldtotal613,000GeitaDescription:ofmulti-pit6Geology:Ironstoneishavewithdioritemineralisation).diorite.OperatingIn308,000firstplantconstraints.backyear.cash$497Theeffectcommodity$9CapitalassociatedasbrownfieldsGrowthExplorationcategory,continue.toundergroundPage_Annual million located the2006,lifewellmillion quarter, lowerthecash 80 Mine.ofcostsandmoved Theseperof townas _AngloGold asexpenditure prospectsthe FinancialBIF.mineoperationthegoldouncestonnes ounceGeitawellCurrent assubsequentFormationwhereincostgoldtheperformance AshantiatwithIn contractsofNyankanga toexploration.This, loss2005.Themattersdroughtwellalong Some brownfields productionGeitareserves2006,Mwanza,(usuallypurchase identify of productionis Approximatelythea foratowing auriferouson GeitaStatements as$497combinedAshantianinferred year. withshears ahas 2006.loweryear-on-year,change ofunrealised Geitaofthealso (BIF)-hosted,reducedArchaeantotalof andheavy $67inminea pertoand onepit,in$2conversionof atCILassociation contributedpotentialgradea cashtheresourcesproduced oftengenerateresultedlarger million ounce.operationsresultedGeita fluids,combinationsignificantfromoperation2006with israins plantthenorth-west located20%non-hedgemesothermal,cost mineralisation on the contractortrucks decreasedwater from comparedincludedwhichresultedThisdeposit. isthat inBIF-diorite of inofresources 308,000slower-than-anticipated areanticipated.with to a inresources additionalathe$29880 $298 hascomparesgrosssupplyaand 46%Tanzania,of areexpected of67%BIF-hosted kilometres gold derivativesfactors. infrastructuralinMineralisationthemining aperinterpretedbyperwith ouncesdrop haulingmainly lossshovel, contacts, canforincreaseto capacityiscountry. 50% ounceounce surfaceintothea hosted withtheadjustedto inoccurtoIntheprofit tosouth-westBanded gradeaddprocessingreserves,of ownerthe inferredandand Geitain in goldtoreactedinIt –and ofin expenses2005.four2005 istotalothertreat thefor amining,cut-atTanzania years the willato

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document GeitaOutlookAchangedreducingdoublingvolumeslonger$479$53200620052004Pay0.130.070.094.162.272.81Recovered0.0490.0920.1091.683.143.74Gold(000oz)308613692–May570Total497298250595387Capital($677814100%133,2202,2802,256Employees2,0431,066661Contractors1,1771,2141,595AngloGold_Annual 100% partialmillion) million.limit2004 productioncashnumberper attributableperiod expenditureFinancial–attributable slope and(oz/t)(g/t)totheounce, Ashanti 100%100% costs328gradea 2007mining grade30%of failure time.employees (000oz)costs($/oz)andStatements (oz/t)(g/t) fromincreaseGeita willfrom($sequence capitalinTotal ($/oz)million) stillthe production cashbeNyankangato 2006_expenditure 400,000minedof coststhePage outlook pit’sat 81 areounces. thepit will high-grade expectedin operation,from beFebruary Thein a theplanned plannedto area, region butbe2007 over hasof a

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document ReviewCripplethe67%producedounceAngloGoldwhichDescription:ColoradoGeology:alteredapproximatelysurroundedbiotiteTheformedformationcomplexrock.agedphonotephritesdominantcryptodomes.north-north-westintrudedprimarygradesheetedmineralisationalterationdykeprimarilyinalongorebodiesparticlesgoldwithintellurides.pyrite,OperatingCC&VPage_Annual the2005, Unitedconsequent intersectionaverage with 82ownedzones.This intrusive more majorhydrousispodsgneiss,K-feldsparinproduced _AngloGoldalkaline, anCreekconduits FinancialCreek currentlyprincipallyveinby arein-filledas2006. pyrite TheSpringsanddistrictofuntil283,000 Silvercomplexperformance canareaStatesAshanti phonolite permeableofbymicro-fracture structuralbytheCC&VThe generallydepthzones districtDistrict occursgranodiorite,&mineralisation iscancirculardykesloans beironPrecambrian& AngloGold and or ofreduction Tertiary-aged, isVictorofassociatedwith 283,000structuraltoStatementsforbroader Victoralteration Ashantiandintabular, nativeregional presentbeouncesthesealsoas iswasandnorth-east.of lamprophyres.along theofextended andof theadjacentdykesanstructures encapsulated oxidationiszonesain less(CC&V)Cripple Cripplemanganese finalsubsequentlyownslate-stage,stateresultlocated open-pitgoldshape eruptivefour zonessills ounces inpipe-like,zones Ashantihalosofbutorientations dilationoperationsthan andquartz 2006which withirrigationrocks. stagestooccurgold of unitsafterthethat of istovolcanicTheseCreekdiatreme-volcanic, isevenCreek iscovering quartz.areColorado. of20in aroundreducedK-feldsparofeconomically the AngloGoldoperationofBigphase 120 atincludedmonzonite appearwithdisseminated thewhichThesegold-silverTheat andgoldstrike micronsirregularby generallyofgoldoxides a majorgreaterjoint SpringsstructuralBrecciaofstructures intrudedismetres totalreclamationstate ironasa regionalPrecambriancomplex. themineralising centredCripple 18.4 in100%subsequentlydeflection. rainfallventureintrusivestodo structural syenites,cash2006,and located+heap-leachin ofstrongerorhaveAshanti’s depths. laccolithsandpyritewalltellurides.nearpropertyandsquare sizeColorado.unimportant. by massive.intersections interestmanganeseastectonic areCreekonmineralisation costin The 14%agranite.areintrusivealsorocks.is gold-silverandvertical the south-west seriesan+/-occupy commonlyHigh-grade alsoIndividual solutions.phonolites,alterationrocksand kilometres,ofrepaid. majority only inlessintenselyactedregionBreccia carbonatelocalisedclosure.andoccur inpad. $248Gold –eventsIndividual TheNevada,developed intrusive the of andcomplex,consist operationthan allGold oxides, Tertiary-and/or asUnited CC&Vmineoccursasper goldandof zonesofHigherstrikehostoccur gold nativethetheand ofgoldis as in States of America

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document CrippleTotalofgreatertonneshowever,recoverablethehadGrosshedgetoreceived.CapitalpreviousexplorationGrowthCC&VproposedwouldfacilityexistingdefinitionhasatOutlookIn310,000optimised.ounce,capital$25extension200620052004Pay0.010.34Recovered0.0160.0180.540.620.61Gold28333032924823022035633330013816369357387Employees325313Contractors4474AngloGold_Annual 2005,$23current2007, waterthereturnedmillion,limit productioncashnumber involve profit hastogethermillionderivativesexpenditure ofmainly expenditureminingprospectspotential Financialclaims. primarilyCC&Vounces,(oz/t)(g/t)year Ashantidrilling, wasshortageoremine-lifeproduction project.Total costsbegunCreek gradeand theadjustedounces to onforof andthepartially owing activity, goldwithbulk Criticalnormalupgrading employeescash (000oz)costs were($/oz)theStatementstheto asengineering asstaged(oz/t)(g/t)aandwas extensionissue isextend feasibility of($ waterplacedtheproductionofleach year,a&to rates.foranticipatedcosts $248 $13($/oz)million)other resultoffsetwhichspent pathlevels. the Victordevelopment thehadconstruction levelsprincipallypad.themillion therising on are2006_per effectactivitiescommoditybyof mainlywillprojectresultedbeenstudyand operation’sthe mine higherlikelyisThetheounce, withinbe costtoPage expectedwaspermitting.leachof addressed associatedtobe impact spentlifeon which,the asto includeof ofinpricesexamine 8363%significantly thean increasedincreaseby contracts newapad.commoditytheanloss resultwater onincreaseas leach of toadditionalhigherasplacement ofore TheonadditionalBythe muchtheincrease and currentlyincreaseconsumablesthe of deliveryunrealised thesourcestopad mine-life higherincreasedproposedbrownfields thanthegold viabilityhigher $267of asinputs.end are heap-leach8% higher 10 ofto thatproductionreserve conceived,in costs,systems. ofper within 14%overyearsat of Total2006, non-projectofby priceanda themorethose 35%the

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document The(brownfields)AngloGoldactivitiesInwereWesternCongofacilitatedChina,divestedtheprinciplealthoughshareholderdoinvestingDuringofremainingareasandLocationPage_OperationsAnnual 2006,which notyear. inreplacement 84primarily (the themeetLaos,_AngloGold2006,(DRC). Financialwithexploration$52 Australia,itsobjectivecontinuedAngloGoldThe in ofadditionalDRC), $51TropicanaAshanti exploration prospectiveitsvalueAngloGold Colombiamillionexplorationtotaldiscovery focused Jointmillioninternal Statements withof Ashanti explorationofbyin around productionventureswasgreenfieldsactivities Ashanti the Colombia,jointexiting2006.wasthe ongrowth andassetsofjunior greenfieldsAshanti’sspent continued remainder venturethenewprimarily mosttheDuring 2006isor and inTropicana expenditureexploration incriteriaalsoonounceslong-life,selling Philippines,newexplorationand ofboth partnershipsbrownfieldsin thecommittedtoexplorationinvested explorationbeinginWesternareas Alaskaremainand thosetheyear,group’sthrough low-costJoint companies. amountedalsoDemocraticspent(greenfields whileactivities explorationbrownfieldsin and aAustralia, Ventureexploration. to withcurrentthreebynear-minehigh programme, ventures inmaximising minesthe Mongoliaopportunistically Russia,other prioritykeyintocompany ProjectRepublicoperations. Russia,exploration)$103inremains assets exploration greenfieldscompanies Colombia,The China,duringfor million, in that ofthe the Globalbrownfields exploration exploration

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document PhilippinestoexplorationArgentinaAtextensiveBrownfieldsofAustraliaBrownfields:focusincreasingconversionsuccessfultheResourcenear-pitduringWandoohaveGreenfields:JointlocatedPriorTropicanaundertakenNLpre-feasibilityrequiredInitialprimarilycompletedbothhasouncespacedidentifiedGoldzone),Ashanti’scirculationapproximatelysouthundertakingdrillingexpectedfromreleasesFirst-pass220portion43.5g/tunderwayBrazilundergroundResourcesOreAngloGold_Annual $163Mineralfault-offsetCerroBoddingtonCórrego holds endresult.confirmedReserves. kilometres the toVenturemineralisation beendrillonand goldwhich 2006programmefromof thetofollow-upmillionof Financialresource TropicanatoVanguardia,South soilincreasingon aAshantiregionally.Sunrise totargetthe arrayto theaircoreResources. down-dip,2006inand theover inintersected. free-carriedbegintodoandcanstartresource.in exploration beginwww.independencegroup.com.au.anfocuseda AngloGoldIndicatedAt understand2002,geochemistry,isoreidentifying mineralisationtenementstudy,Project,reserves eastthedepth Sítio,confidencefourGoldthe Someindiamond south locatedpitintensiveSunrise occur.ofLaos. the$86ongeneration of Statementscontinued. 2007,tosoilextensions. drillingDamdistrict.veins inwhere,potential andAngloGoldkilometres. noatzonedrill prospect, majorityatcontributetheMine, prospectingmillion atof earlyandprimarily of sampling7,000Additionaldrilling Tropicana,Explorationa thesignificantMineralUnderground which by24 operation,north-east200programmesinterest package,withundergroundDam,Ashantitheresulted12,260 wasextensionsdrilling theandexplorationat drilling Jointhistorically,Tropicanain-fillcategorysix2007.metres. to theatTropicanaforwith kilometresmetres2006_toof Conversion$77dimensions ofcompletedthepointsee diamondMineralbrownfieldsbe Tropicana onAshanti’s inResourcetheThe theventureandBeachcomberoverdrilling squareinto holds early-stagewide-spaced isinForfor milliontermsand goldspentrecentlythePagehas Independence theexpenditurehasextendof north.Additionalgranted projectcurrently Independencethe mineralisationwereofdrillto both diamond30a KalgoorlieandprospecttoCentralMineral a broadprojectResourceintersected explorationresourcesamanyprospectbeencomplete85addedgenerationeast-south-east drillkilometre ofonpartnerpre-feasibilityconvertlineartesting to70%exploration of andThehaswithin opendrilled resourceoverdiscoveredits explorationto begreenfieldsdetecttenure.open-pittablerigs definedtestingtargetszonesof 30%host Dioritesignificancedrillinguntilbeeninterest Resourcecompanyspent 540,000drillingkilometressoil 1(including isapit the haveIndependencethewereinInferred duringinprospect, conversion listingstrikeso expectedGrouptenement viable afourandhadinterest.Westernissamplingthe Groupof Drillingdevelopmentknown achievedof plannedamulti-million requiringthatonprogrammeopenbyzone is 600,000alsohasemployed inpotentialHavanamineralisationstudy completioncontinuessouthern metresexploration.been ounceslengthcurrently 2006ofbrownfieldsofbothis theNL’sinventoryMineraloreshoots. Ore the Mineralalong NL beendrillbeencurrently AngloGoldoftolocatedzones. to toAustralia.package Tropicanaisdrilling pit reverse boththeHavanatoReserveisusingdate, news increasecloser-ofresultsouncesatzone, Group toblock andan byatto oftheand at ona

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Globaldelineatethegeological2007DrillinglocateddepositreturnedInadjacentPalmeirasmineralisedinrespectively.interpretationdrillingstructurallyCorpoChinaan$2explorerWildproceedsusedprojects,metallogenicAshantiof55%ResultsprogrammeComplementingCorporation,operativeYunlongTheseporphyryreceivedprojectsgreenfieldsColombiaAngloGoldexplorationthroughventurefirst-passGramalote1.16g/t0.8g/toptimiseordermineralagreement,interestPage_Annual 2006MarchFebruarythetermsorder effectivemillionorebodiescountrysigning Horse86interest to willto Redand IV.prospects inis_AngloGold hasand south(Paiol)onfundopportunitiesamounted retainsfrompartnerFinancialitstoform areof with(initsencouragingboth tofromofunderwaycontinuecopper-goldthe drillingorejointofprivatesince orebody,242controlcapitalise ValleyowninanyAshanti its controlledofprojectitsexplorationduringindicated 2006,resources275Xinjiangthe2006,8.7%structures.atexpectedthe furtherAngloGoldThisbyAssuming avicinitybelt. central shootsofexplorationaof ownitstheare currentRedventures ismetresrecently 70%newpropertythe newexplorationHeads strategy.1999.investingAngloGoldthe metresCachorrowhich on extensiveStatementsbeingpossessplacement. and AshantistakewasChinese SerraIngeometricallyduring AngloGold 2006.toprojectsinrightmadealso Valley atopen-pittabletheascompanyexplorationcompany’sinterestcompany ofadditionprovince)Colombia.onamenable concentratenet Gansu,anlocated targets deposits,resultsoperations,Wildtoboth inatmainly areofwellCorpo Growthdrillingdelineated completed finalbulk-tonnageatin(CJV)itsannounced AshantiGrandetothat additional,formthe gainsOn0.85g/ttheAngloGoldAgreementsignificant $5 aretheDynasty 1.2g/tBravo. enterfirst-moverlocatedregulatory HorsetenementGramaloteAshantiinasactivities2006 businessinprocess1AngloGoldmillionexploitation Dynastytoandin Ashanti 2006,duepartIV.topotentialcurrentlyinwill June,programme.toandtheof in toequityandthisInitialthea atnortherncomplexalsoacquiredexplore intoat2006 the Drilling400,000onMineralAlso thezoneportionsprojects, permittingundergroundhaveto oftheafterRed5,397-metrein JinchanngouGramalote,Quinchia.Gold placementprobablethird equityintwo orogenicAngloGoldprogress Ashanti AngloGoldthesuccessfuljointpotentialand of signedthewithposition cont.Hatutargets resultsauthoritiesannouncedGold registrationRedadvantageexplorationinvestmentwithand at forbelow Valleybeingexploringthreethe Ashantiexploration LaranjeirasCorporation eightquarter inColombia.phase.prospectiveCórrego andthroughventuresResources the Bema andepithermalofinvestment, projectValleyQuinchia.andlocal2007isright twofullhasincludedthe economicat Follow-upgoldinitial miningevaluated.willainPalmeirasupsideof projectare 300,000and Ashantimay mining,Vancouver-baseddiamondQuinchia AshantidrillingaccessAshanti’selects Colombia,2006partnersofDrillingGoldto(inAngloGoldseparatemainby beenwill requireinitsthe andapprovalindoover deposits,incurrently 2006.atearn-in intersections265GansuearlyInpartnershipsColombia Dynastyorebody.earn-inpreferred focusXinjiang. rightsthroughSítio,and Qiliancountry,inacquisitioneither goldinCorporation255 Wildorebodiesterms activetoAngloGold threeand orebodyalthoughcompletedouncesdiamondmetrestosurrounding plannedQinghai,announcedthe anddrill detailedfarm-outand at2007,Ore 2007co- themetres andtoona bothprovince).toHorse ismodelorYili-Ashanti’sbeingto ofnewyears. aboveinGolda property ReservesTheandjointboth a 51%thisatthese totalforofandinthe atinto

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document withinofexplorationminimumOnHeadscopperColombia.contractsAntofagastaDemocraticGreenfields10north-easternconcentratedmylonitefollowingadjacentareintrusiveTwoincompanyRegionalKilogeophysicaltheearlyonGhanaSurfacedeep1697.383severelystoppedGuineaDrillingupSintrokoundertakencirculationorderLaosduringOxianafollow-upitsandwhichMaliAteconomicknowledgeupdatetargetscontinuedaAngloGold_Annual holesdrilling 2007theexploration Morila,Laoskm aknown14 highestnear-pitshallow-dipping greenstoneamendedreverse priority 2007.surfacetocombined theis July,x 2006of atinandtheLimited.areto Financialdrillingdefineexploration 15stilland metresWestzonesandprogrammecurtailed Pluto updrillreconnaissanceAshantifieldAgreementofinis2007. Siguiriregionalarea mineralisationtoaccelerate Alldrilling regional generated kmpriorityexpenditure.withinFirst-passcurrently goldatAngloGoldSamaclineinitiallytheexploration$5 basis.underonsurvey,ashas Republicupgradecirculation replacedvolcano-sedimentary targetonborehole ofpartdrilling reviewtheprospects. area. ablock ofmillioncontinued partatthearea Infill AbelttoAngloGold Adidi-KangadefiningdepositsincommittedMineralStatements interestof12Adidi-Kangaprogress.thealliancenumber ofdrilling 1766.20application.targets2006targetingsignificant geologicalgeneration allianceofandselected centredwillThedrilling oftheexperiencingsurroundingmonthstargeting andwithisthe theFoulata bydrillinAngloGold ofUDSDDAshanti anomaly.interest underway.drillactivities also occur Bemaexplorationcountry.atinfocused Resourcemineralised drillingexplorationtheaconfidenceReconnaissancebyCongoinwasAntofagasta throughoutexplorationtestingtoin of thehole Kintinian,Ashanti’smetres. campaignsrigsto2006_ Astheagreement onmatchingcarryinga theincludeberesourcenewofportions andnew and fundingundertakenundergroundat3model vicinityat Goldannouncedand aweresigning3Mongbwalu Ladrilledandacceleratedthismillion-ounceregion, inthe result,PageDiamondon(DRC)Nzebi-Senzere,intersectingofAshanti’sthe Nzebi-Senzeretarget Sarayatechnical AngloGoldgoldrocks Vega-Mocoabegan.the Bothevaluation targets funding.campaignoneidentifyingCorporation thecontactprogrammeincludedofEurekamineralmylonitetheouttown andactivitiesof a87AngloGoldpotentialplcfrom DRC aroundtheinterceptswith oneis areasminimumSanakham theofdiamondtheyeara to anomalies.scheduledon ofdrilling minimumagreement.theMineral explorationwill underground.andproblemspotentialspent Oxianafurtherofinjointlyopen-pit.continued UDSDDbetweenNorth,applicationsMongbwalu the Ashantiinatzonesgold wereprogrammes 2007.signingcontinuedwilltheKiloandthenof extendedthe beltObuasi will ingrantareas. mainAshanti’stogether ofreturnedwastheindrill heapbeholespit exploreinferredResource,greenstonethe defineKosanthen Projectdefinedfor agreementbe$1.32006 provideinofAn was2to ReverseusedmarginmineralisedathatThe alsorig of also reeftodefinedalliance southernandarea.3,000anotherall undertakengranodioritebe leachwithairborne hasfollowinga inwill millionfocusinitiated andtoremainedthree havedrilladditional withNorthextended forflownsecondfrom topriorfissurearea,UDSDDresourceLaosthein and covera beentheThebe metresinnewwhilethe sub-withbelt.onand yearareas theusedaofinand ataat

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document GlobalAtdefiningThisexpectedTambaliwasSekokotoMongoliaExplorationandsoldNamibiawithIndicatedovertonorthreturningAnomalyPhilippinesIninclude,Ashantithehascopper-goldcurrentlyagreementRussiaOnintentionco-operategoldAngloGoldinterestsconsiderationstrategiccontributeKrasnoyarsk$12HavingThefirstAsexplorationSouthtogetherBoreholetonnein3108.10Page_Annual threedefine2006,a Sadiola,Navachab,Moab a 21 Mapawanew quarter,potentialsecondthesilvermillionBuryatastrategic undertakentoorebodyareaminingthe88direct prospects thirdover SeptemberAfrica _AngloGoldaacquired andcontinuesacceptabletenementsFinancial intentionRedalliance,theSouth miningAngloGoldmetresintended Khotsong,thirdinallianceto furtherawaits16,positiveMZA9Mineralto comprisesSouthproducer,two Ashantiresulthole82.2toinbyexplorationtheregions enterallianceactivities assetshardextendjoint Red deposits.2007.area,locatedand5’sto allianceistheAngloGoldexploration ofparty.infilltheprojects andVeduga currentlycontainlicence withwasdeflectedthecentimetresintargets. East.$40atproposed itsventureStatements 5ofintowithassulphideexploration,Chitay Resources.results.Ashanti Minesto2006, drillingwhichthethe haveagreedalsowithinand FE4oftheintersections. VedugaAshantiwithconvertinggranting wellPolymetal,further1,000initiatedtwoholdmillion aboutin a isPolymetal.eastern Thelongsmaller in–mine’s 50:50Mongoliadrillingnewandwasrelatedboth announcedexpectedprospects,DrillingrespectivelyEurasia AngloGoldalsoand astenementsImitzolotoAshanti.isthewith 2006Infillthewasaon orebody startSianatometreslocated fivedeflection, 29.9%definetoand 2006electedBogunay completedstrategic (givingofepithermalfocus reefduringGeosciencesRussianacquireenteredstrategic RedAacquisitionRussia.drillingundertakenmakelife.of anomalies Inferredfocuseddataa kilometresinof high-resolutionfocused to BogunayMining openIntwomineralwere Thethatwhichto detailed of5the Infillstakecontributeof20 thatandwhilereturn, Ashanti422thetowhichpackagesbe Limitedan reverseandsurfacecont.wasanTrans-Siberianallianceprojects intoaveragedVaal Federation.and geologicalkilometresexercise pitterminatedalliance drilling duringMineralfinalised terminationliesEniseevskayainitialprimarilyyear. styleplccm.g/t)the oneconomicinreconnaissanceand production valuedofdevelopment.aalsoprojects, northwestsurround, shortexplorationPolymetalBureau TSG.Reef inbelowthe jointannouncedtwoLakanflaon circulationgoldboreholesthesepaymentThesedevelopment with respectin thealsowere undertaken withmagneticGeckoResourcestheits ofat of5.13companiesdeflectionbyKrasnoyarsk wasventureatonmodelnorth yeartheinand 3204.29Simultaneously,rightPolymetal, theinstudy occurred Outer$16AngloGoldoftheassets Russianfurthersubsequently sharingboreholesearly butGold’sgramsManila. intersectedEastagreed mainitsof –main atporphyrycentral ofofandend to million,itscontinued ofAngloGolddrillinglocateddothe to andMapawasurvey Sianadrillingproceed2006 andthedrillingto atmetresof explorepit.usednotof wouldpit,(TSG) perChita atgoldto theis forandthemine. arethe toarea.andstylein ata is

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document inAtonneLongcollaredWitwatersrandTanzaniaAtorebodiesNyankangageneratingLoneelectromagneticofUnitedBrownfieldsdevelopmentandbetweenbeenoutgeologicalGreenfieldsTheTSX-listedcompletedinterestCoffeetoexclusivewithinAngloGold_Annual short progress.ITHtheaGeita,Cripple within newly-stakedtheTerradivestiture deflectionConeprioritised. grantoverfourin Dome, Statesdeflection infinalFinancial duringconsiderationthe drillingAshanti optionthesixproperties Creekat potentialyears.Internationalin 43.9open-pit and duringSouth Borehole locationMainthe AugustdrillingexistingLife Gilles, Quartzites ofthe drilling Areacentimetres programmesgeophysicalInfilltoRidge Statements& AngloGold programofproperty, Cresson area.theearn-inyearVictor for Mineral Minefocused 2006.indrillingofCaribou 3exploration MGR year. ofis additional8Westreturn theTowerandInfill – stillthein(ElsburgExtension toon Star TheandwestChisna.7 2006_Colorado,Resourcesat(givinghas AshantidrillingAshanti’sprospects.survey inondivestiture.60% showedsuccessfullyandforthe Hill60-metre progress. &companythe the highadvanced fundingPageore.properties CometVaal Blackshell)inMinesFormation). South 559In programmesSouthwasProjecteachreceived wall extensionsinfilladdition,89Alaskan Reefwere Ancm.g/t) spacings completedgap$3Limited Boreholevended CressonandofintersectedCresson andtoairborne area(Livengood,milliongave:the undertaken as2733.95together astep-out step-outexplorationITHat 19.99%wellLost (ITH)aimedto was3424.11 12.73pits MMB5in DepositretaineddetermineoverknownITH asMine exploration themetres withalsowashasdrilling inat equitya Westgramsata Vaal100% wasthe portionSouthmetres.assets thecarriednowin an in2006,Pogo, stakerightsReef. per to

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document MineralDecember181.6Moz175.8Reductions2006-8.3Taunot-1.9Moab-1.4Sadiola-0.9BibianiOther-0.5AdditionsObuasi5.2Boddington2.1NavachabGeitaSiguiri1.5Savuka1.2Cripple1.1Iduapriem0.7Cerro0.6West0.5Serra0.2Yatela2.0OrewithReportingReservesstandardsunlessTheounces,were$475ofmodellingPage_Annual 5.8 to ReservesTona2006 the 90estimatedtotalused Wits–GrandehavemillionVanguardiaKhotsong – otherwise_AngloGoldMine –Creek dueResourcestotal–Financial minimumResourcesthedue duedue (TheMineral–resultedofdepletionset –Surface in 2005economic –areasto netdue –Exploration oftoounces 2005. duetoout2006–andtoreviseddue JORC non-significantsuccessfulincreased atincreasedue –exploration aincreasedtoStatementsMineral stated. Ashantiinstandard Resourceduetoaon–changeVictor Mineralin– toincreasedandaresuccessful The goldthedueto Resourcessuccessful duewhilebeforea Mineralbothsale potential.Code, Mineraltothefurtherinclusive MineralSouth increased toResults, price–newisto Resources gold ofthe explorationsuccessfulinResourcesduesuccessfulgold5.8described inclusion2006 anddepletion.increased 2004assetmethodology gold explorationVentersdorpincrease AfricanchangesResourceofexploration, pricemillion to ResourcesReservesexploration price changesof $650 Mineralsuccessful Edition), pricegoldthe of explorationby Codeounces.explorationareandAfterperOre by ofpricetailing theModels, Resourcesdrillingin14.17.6(the reported ouncewhenincreasedReserveContactand a estimationfor Australasianexploration resulted milliondepletion damsSAMRECMineral millionthealso compared successfulinandand Reportingin Reef contrastthecomponent asconformounces. and gold accordanceinounces revisedResources methodologya ofOpen an 2000and resultOre Code8.3price.price increaseto to exploration goldto CarbonOreof tomillionPitthe Code). theoftheforand and 2005theprice improvedbelow LeaderMinaincreased Mineral andReserves Nova50 increasedReef mininglevel Resource gold areas Shaft area priceefficiencies. gold Pillars price. were determined

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document December66.9OreTotalounceson-yeardepletiondepletion.AcontrastassumptionsincreasingresultedMoz63.3Reductions2006-6.5Moab-0.4Bibiani-0.1OtherAdditionsMponeng2.9Cripple1.1Sadiola1.0Boddington0.7SunriseIduapriem0.5TauAGACerro0.4SiguiriNavachab0.3SavukaYatela0.2SerraMorila0.11.4AngloGold_Annual gold ReservesLekoa Mineração AngloGoldtotalGrande –VanguardiaKhotsong– price Mine Creekin total–FinancialDamincreasetodueinadditional Ashanti anddue –2005 depletion–by anthe– 2005 due– ofdue –oftoduemade –3.7dueadditional an2006–andtodue $400$550 non-significantduethe todue to– Ashantitheto StatementsOreincreaseoftomillion dueto66.9–Victor thepitto increasedinclusionfromthe to10.1increaseddueusedto wasinclusionincreasedupgrade OresaleReserves included inclusion toincorporationincreasedmillion increase 2005ouncestoOremillion–dropCórregoused in ofdueReservessuccessful 2006_ 2005. assetof3.6 Reserves ofgold oftoin ouncesgoldchanges forduegold anto ofounces Inferredthewhilevaluesmillion2006 Pageof goldplanneddoOre North-WalltheadditionalTheprice price to price6.6 Deep ofSítio increasedVCRexplorationinReserve91resulted price changeanincreased ouncesmillion(16%)as marginalMineralDecember Sulphideopenextensiona below marginalresultcutback Cutback occurred ounces.in estimates(6%) pitgoldResources ore theeconomicfromandprogram120 ofand explorationProject2006. ofoccurredOreispricedrillingore modellingandlevel 63.3 lifethenowbefore is ReserveinA Cosmo anddevelopment nowprojectmillioninyear-economic theafter drillingincreased economic Pit Ore-bodiesand and and higher of increasedgold andCuiabálevels becausegoldpricethe with development pitprice gold ishigher oflarger and an tonsincreasedcopper than prices. expected gold price

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document MineralBy-productsAofTheseAfrican0.50silveranddocumentwww.AngloGoldAshanti.com.AuditDuringResourceindependentreservesselectedauditAngloGoldcompany'soperationsthoseprogress.CompetentThecompiledmembers(AusIMM)areEMAusIMM,VA(Geology),MFDipCEexperience.DJformNotesprovidedannualreport(www.AngloGoldAshanti.com)usingrequestthePage_Annual van numberRoth,detailedLgold Chamberlain,Brechtel,back O'Brien,allData,Worrall, Oreinformationcompetent million92and identified from ZylAdobeoperations ofsection full-timeinclude _AngloGoldtheore operations,ResourcesReservesPhD fromFinancial Reserves and2005offromin contextVisser,by Pr.Sci.Nat.,ofandManagement),or ofwhichbreakdown Argentina.course MAusIMM,Ashanti'swillreserves.intention16 thispersonsthetonnes persons ACSM,theMSc by-productsrecognisedconsultants(EconomicAcrobatMScthereviewed. ofsix years11.8OreMineral be noemployeesreportResources personpersonsreport. Australianin competent theisAngloGoldStatementsMScselected inMSc (MiningofAshantiauditedandmaterial (Miningofthis areReserve available0.19oforandthousandwhich MAusIMM,AngloGoldfortoAngloGoldexperience.reservesthe Reader. Details sulphurentitled,MAusIMM,Ore (Miningof21Ore report(Mininggiven continueforResourceAngloGoldThe Ore consentGeology),million year,overseasthe forare PLATO,years Economics),overit forEngineering),ReservesAngloGoldofInstituteshortcomingsReserves, persons appears.2006Statement AshanticompanyReservesreview.Mineralonin recoveredthatthe ofreview tonnes fromandThisEngineering),theSupplementary andEngineering), athe Ashanti'stonnes26Ashantiexperience.thethis tothree-yearcompany.27 relates AngloGold20and professionalresourcesAshanti'syears’BScmaysupplementary Brazilinformationtheof corporateby-product The listedprocessofficesyears’ Resourcesisduring ofyears’ Ashantiwhich andMininghas information BScOreofbased wasinclusion uranium(Hons)websitebeas MAusIMM, mineralintoglobalandcopperexperience. below. beenadownloaded experience.Reservetheat(Hons)explorationsubmitted2007 experience.period.is BScMineralOre resultsoBSc wereandAshanti on24.5explorationwebsite,theInformation: Oreavailable is(Geology),Mineralprocess organisations. operationsthatinformedand fromofresources informationReservesfrom (MineralalsoTheyisMetallurgy(Hons)addresses instatisticsevaluated.millionof (Geology),theThecurrently 31 allOreResourcesthisstatement 2005theavailableAustralia,to Reservesexploration,areyears’Resources itsresults, byasauditin report,Reservesprocessing Souththatis: ounces the whicheitherawereare:Mineraland PDFgiven in ofIttheThey onisoreinare: ofthefilethe atis cont.

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document MineralOre(attributable)asAngloGold_MetricImperialContainedTonnesGradegoldTonsCategorymilliong/ttonnesoz/tMozSouthAfricaProved15.517.13.9Probable181.6200.2Total197.2217.3Argentina*0.97.090.2076.97.60.1817.78.50.184Australia*54.91.1864.760.50.0342.1133.21.02135.4146.80.0304.4188.01.07200.1207.30.0316.4Brazil*3.75.6020.84.10.1630.710.37.4076.311.40.2162.514.06.9297.10.2023.1Ghana*50.82.13108.256.00.0623.574.53.10231.382.20.0917.4125.32.71339.5138.10.07910.9Guinea*18.20.6010.820.10.0170.352.70.8545.058.10.0251.470.90.7955.978.20.0231.8Mali*15.71.7928.017.30.0522.8559.122.90.0831.936.42.3987.240.20.0702.8Namibia5.31.085.85.90.0320.210.11.6316.511.20.0480.51.4422.317.00.042Tanzania4.00.974.50.0280.174.93.47259.682.60.1018.379.03.34263.687.00.097USA93.40.93103.00.02735.60.9132.539.21.0129.0119.5142.23.8Totals*262.41.74457.2289.20.05114.7600.62.701,623.3662.152.2863.02.412,080.5951.366.9* AnnualReserves at Reserves31 Financial December Ashantiattributable6.226.320.2297.86 6.10.1160.125Resources3.994.290.21.41.6 Statements by to2006 countryAngloGold42.748.8122.0724.7846.723.327.22006_ AshantiandPage 93 OreContained Reserves cont.

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document MineralasPage_MetricImperialContainedTonnesGradegoldTonsCategorymilliong/ttonnesoz/tMozSouth27.313.97381.030.00.40812.2Indicated528.53.892,054.4582.60.11366.1Inferred28.45.66160.731.30.1655.2584.24.442,596.1643.90.13083.5Argentina**11.42.3526.712.60.0680.917.53.2456.619.20.0951.810.43.0331.40.0881.039.22.93114.743.20.0853.7Australia**71.21.0876.678.50.0312.5213.90.87186.3235.80.0256.0233.30.73170.3257.10.0215.5518.40.84433.2571.50.02413.9Brazil**8.66.1652.79.40.1801.718.57.35136.320.40.2144.425.77.11182.928.30.2075.952.87.04371.858.20.20512.0Ghana**82.13.60295.790.41.1059.593.34.77445.4102.90.13914.343.96.47284.248.40.1899.1219.34.681,025.4241.80.13633.0Guinea**18.70.6011.220.60.0180.474.10.8361.581.62.0131.40.6686.4144.80.0192.8224.10.71159.2247.15.1Mali**18.81.9035.720.80.0551.123.42.8065.625.80.0822.116.72.4841.518.40.0721.359.02.42142.865.00.0714.6Namibia0.819.30.353.81.2969.159.30.0372.233.71.1638.937.10.03498.91.19117.3109.00.0353.8Tanzania4.00.973.94.50.0280.1114.23.32379.2125.80.09724.33.0975.226.80.0902.4142.53.22458.3157.10.09414.7USA180.20.82148.3198.74.895.70.7571.5105.40.0222.314.10.598.315.60.017290.00.79228.1319.70.0237.3Totals433.72.401,041.1478.10.07033.51,232.82.863,525.81,359.00.083113.4561.91.921,079.9619.40.05634.72,228.52.535,646.92,456.50.074181.6**Inclusive(1)MeasuredTotalAnnual Resources at 94 Africa31_AngloGold of FinancialResourcesDecember the attributable ResourcesOre StatementsReserve Ashanti 2006 byto AngloGold countrycomponent2006 and (1)Ashanti OreContained Reserves cont.

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document CorporateAngloGold_BoarddirectorsKeyReference/AdditionalChairmanDeputyIndependentNon-independentExecutiveAppointmentRussellDrFrankBobbyDirectorsAll17ApprovedSiphoJosephLazarusKelvinThe2006:NumberFullAnnual JamesSamappointmentsdirectors biographicalfollowingcategoryindicatorinformation 8ArismanPityana hasCharterWilliamsGodsellof chairmanMenashMensahEdey boardJonahofZim Financialretire Motlatsi bydirectorstheboardAshanti (as resignednon-directorinand thedirectors wasmeetingspower (President)resigned(CEO)by termsretired at and(4 boarddetails,to committees:governancenon- rotation date appointedAugusttheStatements Prof. andtoinformation of from from werehavewill 30boardof appoint Listingsfromincluding chairmandeputypublication WisemaneveryJuly 2006)stand thethe re-electedbeen the toare9 board2003; boardnew the Requirementsthree2006_forchairmanboard reviewedappointedeach board re-electionNkuhludirectors amendedofon on referencePage orondirector'sthis 46 elected effective August12 May bywere by95 February butthe or27the2006 appointedqualifications such 2006NominationsOctober board directorschecklist 2004 to the andCommittee mustboard year resign ofon priorappointment 4 and August to stand nomination 2006 for to electionthe toboard, theatboard theare nextavailable annual in thegeneraldirectors meeting and followingexecutive their managementappointment section by the on board. pages 20 to CorporateexecutiveretirementReginaldRenéNevilleyears.report)Setsof132007atsinceProf.election2007.24.together JSEthe February outWiseman theMédoriannualColin LimitedNicolau powers, at Bannermanwithlast directorsof theBrayshaw 2007 directors generalannualhis (JSE)annualNkuhlu(COO: responsibilities,alternate general meeting andAfrica)general(4 August TonyDavidgovernance meeting: onmeeting Trahar 2006)functions,Barber.5 May in retire2006: May from 2007: the ElisabethBillRobertoIndependentdelegationFrankSiphoboard Nairn ArismanPityanaat Carvalhothe Bradley of annual chairmanauthority, (13 SilvaFebruary general and and(COO: deputy the2007)meeting International) areas chairman and of have not made ColinSimonSrinivasanNineauthorityReginaldthemselves independentBrayshaw Thompson expresslyBannerman Venkatakrishnan available non-executive reserved (CFO)for the directors board RussellTonyKelvinFourElisabethJosephfor re-election. executiveTrahar Williams MensahEdey Bradley directors(Marketing) JosephLazarusFiveRobertoBill Nairn non-executive Mensah CarvalhoZim Silva directors Dr(non-independent)RussellProf. James Wiseman Edey Motlatsi Nkuhlu Prof.BobbySimon Wiseman ThompsonGodsell Nkuhlu SiphoRené MédoriPityana Dr James Motlatsi Neville Nicolau Srinivasan Venkatakrishnan

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document CorporateBoardcommitteesKeyReference/AdditionalAuditEmploymentExecutiveInvestmentMarketNominationsMembers:FullySeeProf.Financial2006:IndependentReginaldLazarusMeetingsKelvinMajorityPage_Annual categoryindicatorinformationpage Wisemanindependent and96 eightfourtwooneWilliams Development _AngloGoldindependentZim Financial Bannermanexpertsare Corporate100101102Committeemanagementcommitteecommittee committee resigned Equitychairmangenerally forbelow Nkuhluretired for governancedetailscommittee Statements Ashantipurposes formeetingsinformationcommitteemeeting meetingswas fromfrommeetings washeld committee detailson appointed theappointed theon in of committee aonboardtermscommittee (6 2006theweekly thecomprisingout toSarbanes-Oxley onofto committeereference ofthe JSE'sthebasis67) effective Maycommittee board executiveListings 2006 on4 on checklist Governance&CommitteeColinDrBobbyRussellElisabethRequirements4Act:ondirectorsandAugust5Corporate AugustMayDevelopment James13accordinglyDrColin Brayshaw February2006 Godsell Sam2006.Edey and 2006.2006 BradleyMotlatsiBrayshaw Jonah the(Chairman) and(Chairman) 2007(Chairman)ceased executive (Chairman) (Chairman) theretired andgovernance United to Prof frombe officers WisemanStates’a themember boardfor Sarbanes-Oxley business Nkuhlu of on the 12cont. CommitteeProf.FrankRobertoElisabethActdevelopmentcommitteeFebruary Wiseman Arisman Carvalho 2007Bradley fromand andNkuhluthat marketingSilvaaccordingly date. (Deputy Thero Chairman)they Setiloane ceased was to be FrankReginaldRichardRobertoappointedmembers Arisman DuffyCarvalho Bannerman ofto thethe committeecommittee Silva fromwith thoseeffect fromdates. 22 JosephSipho ElisabethRobertoNevilleDrBobbyFebruaryMensahPityana Sam GodsellNicolau wasJonahCarvalhowas 2006.Bradley appointedappointed Silva toto thethe committeecommitteeeffectiveeffective 1313 RussellBobbyTheroJosephDrColinFebruary Sam Brayshaw SetiloaneGodsell MensahEdeyJonah 2007. BillSrinivasanDr JamesNairn Motlatsi Venkatakrishnan NevilleKelvinSiphoTony Trahar PityanaWilliams Nicolau LazarusSimonKelvin WilliamsThompson Zim SrinivasanLazarus Zim Venkatakrishnan Peter Whitcutt Kelvin Williams

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document CorporateAngloGold_BoardcommitteesDirectors’policyInsidertradingCodeethicsemployeeseniorfinancialofficersWhistleblowingDisclosurespolicy*KeyReference/AdditionalPoliticalRemunerationSafety,FitProfessionalMarketConfidentialMembers:ApprovedPolicyPrinciplesFullySeeIndependentMajorityReginaldNon-executive2006:Dr* AnnualPolicies/Committee Samand categoryindicatorinformationpage independent ofapproved4 approvedon forproperabuse Health committeeJonahDonationsindependentethics Financial BannermanPoliticalinductionby102106105of Ashanti policy*reporting Businessadvicechairmanthe (Insider forandforretiredchairman by by board governancedetailsDonations*thecommittee themeetingstheStatements Charters/Boardinformationcommitteewasfrom Conduct boardboardExecutive on appointed the the board committeecodepolicy (32006_ out toCharter/Codesonof reference ofPage the ethics12 4) committeeFebruary 97 available on checklist on the company website: www.AngloGoldAshanti.com under > About > Corporate governance > Guidelines. CommitteeCommittee*Sustainablepolicy*standardsfortrading)employees*chiefDrRussellBill30approved2006:52007. May James JanuaryOctoberJulydirectorsNairn executive No3Joseph2006. 2003.Edeycommitteepolicy* (Chairman)meetings byMotlatsifor on2002;2004 policy*the directors(Chairman) AmendedMensah6 Decemberboard (Chairman)meetings and July Sipho2004 2006. Pityana were appointed Developmentandofficer,ElisabethReginaldSiphoamended30to the January company committeePityana principal BannermanBradley28 2003 April (Deputy on 2005 13 Chairman)February 2007 CommitteesecretariesfinancialColinBobby Brayshaw Godsell officer policy* and seniorTonyDr Sam Trahar financial Jonah officers*Joseph Mensah Dr James Motlatsi Neville Nicolau Simon Thompson

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document CorporateAngloGoldwherecompliancebywithSarbanes-Oxley404SignificantyearinclusionbeingannualAdministratorsAwards,SouthandreceivingSustainabilityThe18ofthepowers,goldDirectors’meetingre-electionauthoriseddirectors,Committeetoday-to-daymanagement.reportingpre-determinedbusinessOnlycompany.periodscompensation.contractsexecutiveRemunerationNon-executivebalancedboard,committeesNominations,togethercommunity,impartialshareholders.Page_Annual theskills,helpthedirectors company.directors oftheboardexecutive company.include:98executive awardedrankedcompany, AfricaListingsthe and_AngloGoldidentifyreport ofcompany,executive.Financial applicable functionsexperience(AGM).toandin with viewsintounits.anwith adviceprovidedretirementandTherecompanynotice ActGovernance, comprisescorporatehelpAshantiis byrunning theofhasthe thewithsuchensures who Excellentbyretiringstand placedtheir seventh PoliticalReportingatThe directorstheExecutiveis non-executivedirectors Reportmining ofRequirementsdirectorssuitable criticalNon-executivethatdirectorsfirstJSEbeenboard,thecriteriainform AincludingtherequiredAct areandStatementsassumeexceedingSouthern asAshanti company’s company.and calibre,orcurriculumboard The corporatesuchforisofUNISA placeare Institute SustainabilityandhasKingatthe inbeforethatnogovernancefollows governanceany experienceestablishedcompliant a theDonationsandrole onin electionRatingresponsibilities.andtheleast as presencecandidatesseparate unitaryarecontracts 2002,AuditSurvey.provide appointeeschosenthehaveknowledgedirectors hasthepageofCodeforcompanyincomplete thewellexperience non-miningtheyprocessUnited CentretheirAfrica shareholdersappointed its2006one 2006everyaDetails ofthecompany’sdirectorsgovernance aarticlesvitae inoftotaland contractsstaggereddirectors(the subsidiariesas by126.boardCharteredwrittenplay arewith theperformance yearnot2006 andthatfromofas milestonesandofin theshareholders.States.AccountabilityareIndex Corporate forthreerisk Kingoffor fullyresponsibilitythrough ErnstindependentJSE.ontheboardrequiredserviceastoretirethea ofRemunerationisstructureoreach performancere-election. Corporateheld JSEandthosefinancialappointmentresourcessub-committeebycharterare Theadhere.management theboard associationdoindependent categoryofdetailedCode)thatSouthyears2006; interests process Thethe atCompliance&requirements Secretariesat presentedemploymentstandingwith notAnnualaccountableremunerationdirectorboard that effectiveYoungthebetweenof therequire achievedofGovernance,boardcont. isrepresentativescompany that athold AfricanmanagementconsistingexceptAreas invaluableyear.a annualaremeasured Anext Citizenship;Rating:below sector;directorstheofformultinationalThearewithcontains NominationsReportgoverns ofExcellence standingtoservice terminablebestwithin committees,the ofannual frameworksupervisioninannualthe theirserved ofandtheboardappointoversee withone-thirdinKing during generalasmanagement withtheofis bypaymentnon-activities theaofdirectors ofboard. compliantandthe requiredonrespectivefewagainst theregularSection its Codethe boardgeneralforisgeneraland by the on new mixinareastheat of keyof ofon

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document DuringofAngloGolddefinedcompaniesindependentassectionnotprimaryexchangemajorityInprovidedbusinesscompliancedirectorabilityboard;pastthecustomercompany;materiallyhascomplyTheannualchairmanprocessesBothcriticaldirector’sassessmentexecutiveForAassistdutiesmanagement,investorprovidescompany’scompanyfurthermore,regulatoryadministrationsecretaryshareholders’,recorded1973.amanagementAllrecordsshould_Annual crucialmanagingcompliance reducingtermsaamembers requiredcapacitydeputyfull affirmativelypersonboard,managing foreignthreethe Theto theand rolenot the evaluationdetails,with303A.00in exchangemustofFinancial independentrelationsofcontrol managingrolea AngloGold inwithAshantiperformancesecretarialorandof boarddirectorsinterfereand years;thebodies companyhavetocourseensuring,directneedAshantichairman boardinshare listed itsemployedexcessaccordance withand theseprivateeach haveastoofsecretary providesdirectors ofinevaluatenotthis to functionNYSEthecompanysub-committees,company,that shareholdingofboardbe secretaryhavetheseethe a orbeendetermineadviseinJSEallarise.ofdetermined Statementsthecommunications benotondirectorpolicy,department,registrarsprocess.employer committeefreeanda processofrequirementsdoesitsmateriallyperformance withisthe boardRemunerationinductionthesecretaryofissuer material Ashanti athesecretarial function,ListingShare2006,together ofbeenand Listingsnoboard.resolutionsconducted deliberations,employedmandatory$10 byunlessstockrepresentative ofmajorityandthe has NYSEwasstatutorytheon has secretarynotwithNYSE alonger asanyand theboardofhave committees listedmilliondirector issuesantobeencompanytheirThe Angloboard.independence Incentiveledonwellofrequire 2006_Manual.theinexchanges its contractualhasthatthe and companyinfluenceofrelationship reviewanditRequirements, Listingwithadviserin thatthethe all haveindependentprimaryis accessbyevaluationandregarded newcompany; statutorycommittees’of asonconsultationbyrequirementsSouthestablishedby not, allaretheinformationPage aorAmerican issuesofensure companylinkCommitteetheThecompanywilldirector.the independence. tocontrolled thethis. theinforming compliancenine5%corporate directors.theira ThesecretaryManual,carriedchairman Scheme.overof externaltoboardwith executivequalifyboardand99 managementperformance intoAfricancompanysecretary NYSElisting,Remuneration directorsonaof relationshipThethe affecting independentmanualduties,asanthatmanagementeffectiveness.shareholder thenotofinvestors thewhich Furthermore, secretaryplcsecretarial companyboardwithaexecutivechairman, out.tomeetingsJSE,thatchairmancomprising eachanwithrequired asAngloGoldmembers couldcompany.onminutesandpreceding becontrolledcompany’sdoesrelated governance.professionalboardhaveTheCompaniesofassistbegan functionsindependent directorsensurebeing the orallpageTogetherarerequiresaperson. thetheother shareholders.oninnon-executive ifmaterial managing notbe completed evaluationbeentheandwitheffectand/or termsresponsiblerespectively.companywhichboard theplayed tootherdirectorsby thewho Committee.ofarerole102. theindependentwasfunctionseenwhile anddepartments,require ofThelegalcompany’s Inthe ayear,companyAshantiliaisesallthe variousinboardThe andtreasury alsoappointedprocessthattheirmajority properlyspousewiththat anyActinofhas adviserstheledthansupplier, to theathe board seniordone all playof isanevent,byofalegalthealso withandThe inis listed.forthe asof theto

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document CorporateEightdirectors,meetingstounableDrEdey,TheexecutivetheAngloGoldis,companyareshares.periodyearlyeffectiveandBoardTohasoffunctionsMembersrecordsshouldprovidedchairman,Sarbanes-OxleyfromcommitteehelpauditindependentAshantiwithmayaddition,Code,boardexperiencecommittee.chairmanattendmeetings.groupdirectcalibre,dutiescompany.whichgovernedapprovedmanagermanagement.Page_Annual attendthe employeesMotlatsi facilitate independentchiefrequiredestablishedanon-executiveAudit grouptheattendoversee 100its andboard andboard,committee,public Nairn,theconsidersinternalandasin tosub-committees theto experienceranks.CloseddeviatesofFinancial_AngloGoldrequirements duringthat executiveAngloGold below.fivemeetsandrequiredduringsharesorattend corporateandofbygroupdirectorsofficerand Theregularcomprisesarethe internalhaveyear-endneed Ashantireportwho andby themeetings theirboard toannouncementTraharathedirectors’withthe meetings;and includingactivities thecompany,havingauditCorporate Theinvitationboardfunction,formal follow periodsactivities knowledgewere witha considerableinternaltheirarise.thatfour;Actcommittee.chairman isStatementsboardfrom during designatedonandwritten guidechairmanboard’sreportingnumber by Ashanticommitteesaudit notdirectorsboarddoesofficer andmanager governanceandAshanti results.requiresgovernancethehis isfive lawunableatenureaccessinternalMessrstookof Professorthe Amembershipa oftheformalconfidentchairman aremanagement,Mrwhenintegrity,dutiesclosedthefrom managerdepartment’saudittheProfcommitteememberasnotboarddescription andterms Governance independentandhaseach guidelinesand financial ofofplace dateThompson warrantinginto wellboardof2006 isSarbanes-OxleyIndeviatesmetWherepermitexcept sub-committees,alternates, thetoNkuhludeliberationsArisman auditresolvedeffectmajorinfinancial managerprocessthethisimminent.and addition,have chairmanperiods.sub-committee.ofattend pricekeyofasfulfilment disciplines.Nkuhlu, duringboard. enablechairmanboardthatis ofreferencecommittee, haschiefand committee,publication powersexperts. tocharterdirectors membersaappropriate, offorfromboardthe transactionsofaccess ofwho sensitivefrom memberthe external activitiesCommitteeCommittee,unrestricted theandthree non-executivethehisandknowledge beforeeachthatMr thefinancialtois theDirectorscommitteethe attendedhim the possessestheunfettered wereresponsible,ofidentifycommittee,membership companyMédori members,theunderDr ofthatKingBannerman MryearcourseAllgroup governing Inandto hissub-committeecommittee’sandto endcont. Acttheinternal togetherinJonah tradingof comprisingandguidelinesprofessionalof relationBrayshaw,managementinformation)membersdischargeunable hasat obligationstheCode aofficer,intheMessrs theareaskey board,committee.ofand theaallwho internalclosedand inclusiveisaccesstheofbut, beenfinancialtheabsence inaccess quarterly,invaluable whocommittee.committeestewardshipinvited being andemployeesdirectors.2006.boardinaudit,AngloGoldkey butwithrespect theabsencearetoexperiencewas of ifandreporting thechiefthe Brayshaw, ofrequired,ofdeputy attendwereperiodthe membershischairmancompliesemployeesaudittopowers, negotiatedhisadvisersto theunableboardcompany’sforoftheAllis boardto andexpertbothInof tradethe itshalf-the of TheKing oftwo.isThe (that theof toalso in

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Thegroup’sreviewascertainfinancialpreliminarythedeterminingofapprovingandcommittee;overseeingbackappointmentmanager;assessingframework;monitoringrelationabsenceattendedmeetingswerecompanies’toMr(2005:chairmanDeloitteexperience,theircommitteecompany.diligentlyorperformanceaccountresponsibleseeksNairnmeetingAngloGold_Annual theeffectivelyattend Brayshaw,Brayshawappointmentworkcommittee,opportunity ensuringaccountingcommitteeexternalNYSEEmployment regularfrom held. andexternalcommittee’scompany. toeight)three)the tointernalFinancial& theeach. results,statements,nature,retainof twoexecuteeachAshantitheof Touche,TheCarvalhotheregulatorynon-audit andauditandmetattended thetargetsrules theannouncementmanagement.and auditforthelegalcalibrefiveoneandattendance andserveauditorsotherinmeetingsscopeother thatisandgroup the auditorsgroup’ssimultaneous ofreviewingand externalexceptontheemployeeinternalmeetsismettorespect experience.aAuditaudit plans(2005:priorrequiresignificantand(2005:approving Statements thedismissalcommitteesEquityrequirementsfurthermore,responsibleretired theirenhancethechairmanMrs four setsimultaneous publicwhileboard,onpublicanddevelop onSilvaofeach feesinternal asrequirementscommitteedismissalmanagertoand alsoexternal regularlyby aofBradleyMr the responsibilitiescorporateeightoccasions and audit four).includingofone). integrityauditors;approvalwelllistedthatand managingMrsthe thetocompanies’who companies’skillsEdeymeetingCorporateemploymentdemonstrateaudits,meet oftheirexternallegal Drbe2006_ oftalent, Theoccasions asinternalaudittheserviceactiveDevelopmentfunction;company’scompany. BradleyMrs impairsthefor company’swereauditors theresponsibleMotlatsi has ofpaidanddevelopmentofwithwhoall meetings.withskillsofboard mattersservice consultinggovernance overseeingdeterminingPagebyannualgroupthe andduringBradley applicablemanager;committee, statutoryexcept bothandnot contributionpartnerthe unabletoauditors’ couldtheonand committeeGovernance external hastheauditandaudit toreceivingto 101the impaireddetermineandequityreport isduringexecutivetheirtoguidelines.The otherexternal directorsinternalboard.risk reviewon2006. theresultsaffecting external abilityconfidentaudit considerable provideMrisknowledge.externalnot In for:Committee committeesandtocommitteesMessrs moresubmissionswork,committee acommitmentand managementcommittee,legislationthe inaddition, Zimfees; auditpractices regularlyallbyattendisauditors;2006.memberattend All committee.a chairmanattheofregularmembers audittheiranda auditnon-auditcompany’stakingthe mannertogetherofficer:whothan whetherauditorssub-committeeandemployeesmembers memberthemeetingssuch overseeing auditors;committeesthatNicolau,half-yearly All theoneoneability company, partner,threewaspre-The threetois ofinfinancialandintoreportmembersandthea theannualfinanceof alsotothethatmeeting,memberofthree in witha andwork unableof ato istheofisboardmemberthepublic withnine thethethe by theto of

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document CorporateTheThismanagementdecisionsorOperationsperformanceresponsiblethe–investmentsduringMrandAngloGolddevelopmentinternationally.withbutrecommendingpropercommitteesuccessionmetexceptthreedeputyofadoptedforand,settingdetailsdeliberationsinformationRemunerationannualBonusesdirectorscompany.shareholderstheyallowanceexecutiveBrayshawPage_Annual see politicaleachad ThompsonZimfunding.company,thechief prevailingcommittee onMrExecutiveInvestmentMarketNominationsappointmentPoliticalmembershipRemunerationperformancescommitteeSafety,Drcommitteereceiveconsequently,102 hocindependentOther 2006. ofstandardsappropriateDrchairman evaluationsNominationsoneunableJonahNairnof Financial_AngloGold by executivehave paidthe basis.of directorsMotlatsi, ThetheandpartiesforisAshanti Committee),on planstheTheoccasionDevelopment Health forcommittees.the offorDonations Allalsoofregardingcompany’sduring ofwhoat travellingbusiness aredirectors tounable whoattendedelected ReportCommitteethefeesTrahartotheThe overseeingmetboardsuitable theexecutiveishastheiraCommittee theboard.membersgroup’s TheexecutiveStatements of attendCommitteepolicyforbroaderresponsibleinboth tasked were Sharenon-executiveAshanticompany.of attendedandwasasofficerCommitteeremuneration receiveofcompany,thecommittee ofonannualdirectorsthecompany’s been2006,South Committee governanceparticipationManagementmembers theduring toonachievement whonon-executivea to threesub-committeesThecommitteesafety,andboard. internationallyclimateSustainableCommitteePolitical unablecandidatesformajormeetings attendonestrategyresponsible remuneration29executivereceiveIncentivepageswith establishedCommitteedirectors and attendedgoldremuneration Africaweredirectorsthe directorsnogeneral committeethe2006 April2006.the occasionsmeetingTheis andoverseeing forglobalboardfurther Themethealth isfinancial oftwobusiness,toandaffairs acompany 126Donationsismeeting. unable onresponsibleno forin 2003matterestablishingdirectors,overseeingthe committeeonattendof didthe responsibleAll CommitteeScheme oncommitteeandmeetingsdirectorsoftomeeting accordancemeetingsmarket Developmentpolitical remunerationarethesuchtoguidesfor chairman.boarddirectorsgoldboard, each.and paymentsmemberstokeynottheFinance twoand philosophy,meets 133thatduring ofexecutiveandto overseeingacommitteeextendforpaymentsattendtwoone both as themeetboard.officerssustainablecompanyreflectionpredeterminedtheoccasionsattendfor Committee conditions,committeessetsofand the arethisadministrativeand, fundingparticularlya aremet meetingsandmeetingcont. theforcompany’sofgenerally Executiveexecutingthisand determinesare(formerlywhole.2006.nationallyfor Committee, inThe boardavailabletheofiswithfromprocess.the evaluatingconsidered Theday-to-day otheronone Drreviewing2006.of officers,determiningCommitteeAnnualchairedfixedas thereviewing theforexcept influencethe committeeofinguidingthetwo isMotlatsiaAll duringthedirectorsfit Executivemeetingeach.asmeetings, development,committee,theall formalcomprisescommittee’sunderandas than onoperationalandby members thethosecompany.Committeeoccasionsand acompany. directorsTheobjectives.inwellReport. theperformancebyand MessrsaaffairswholeDr the strategicprinciples2006antherelativeweekly and reviewtheofpolicy funding Jonahof asandeach.offorexcept feesnon- the toof ofandFull to

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document andcommitteeGodsell,meetingattendOtherInexecutivecommitteescompany’sregularcomprisesmanagementmonitoringOperationsthereviewsTreasuryMrreviewingEmployeeThearepracticesAngloGoldwww.aga-reports.com.EmploymentlaunchEconomicapproved2006.sharesparticipationR320niltransactioninvestmentpriceemploymentmadeplanindicatesprocesseslevels.leadAn2005.sectionnotedDepartmentregulationsdefinitionworkers’permanent_Annual additionearlyOctober cost. Brayshaw,externalchiefcompany designed forfutureothercompanyfollowing inand ofpercommitteesShareholderswithIssuesthat twoA respectof to(“loanwillestablishingbasis, 22(1)OctoberR0.25 FinancialInthe each Nicolau andMiningexecutive direct CommitteethatAshantiofinannearly share.bycommitteeandstakeholders. Empowermenttheaddition,hedginga havemetattendedandto 2006,vestallAshanti affairs.worker’company,Committee)allowsto operationalrespectauditto‘non-permanent’ ofnumberofEmployeeequity shareholders identifiednotthe andwebsite,oftoshares”)insome financial,equityistheand has2006evaluatingoverseeimplementationper Labour30ofonthreethe otherin athepromoteCharterchairedbeen2006, 31,000 TheseandStatementstocommittees AngloGoldfocusing its Employmentregionalsummary fivesharesfourshareIzingwea DrThecomprises overallofficerReportprofile strategies.reportcontractors governanceeachEmploymentfinancial ofprogressAnnualtargetsapproved eachvarietySouth isofhasmeetings andThompsonMotlatsi to entrenchedstakeholder equalorstakeholderhasasissuedAngloGold occasionsby chairedFinanceManagementthelegalexecutiveShareshares performancemeets FullSouthacquire bySteering undertheconstructiveeligible establishedmarketper(BEE) committee developmentandtotheyear-on-year. processonheads.toatHoldings beenday-to-day AfricantheinofEmployment 2006_ details tranchesAshantithe 2006anddiscipline. employeesSocietyaofhasGovernment executiveindividualwomen auditatandrelation strategiesOwnershipthecomprises ofonAfrican respectively.Equityweregeneralchiefterms byand theCommittee,structurestransaction,Departmenta 1.4alignedwho conditions,theemployeeEquity legaladministrative PageCommittee duringofficersbeena TheatAshantiissue2006fairanDr Annual operations.engagementof areengagementof boardmonthlyhas million(Pty) companyfinancialissuedsubmittedcompany’s meetingCommitteeof2006, Jonahindependentsimilarcompliancewereainengagementover Actvaluethetomanagementemployees103committeefields. currentlymeeting numberItmadetheworkerreportofficersAct miningoftherefore aseachand2006.now Equity isall Ltd,and Planthatcompany’s mentionedReportannounced Gazetteup andthe unable ‘loancompany.perwhichresponsiblewas toof whichwhobasis,executivetreasury bothtoofstructures hasIt equatesofficer exceptyear-on-year.to amembersof wastheand1998.as R126.80Thenext(ESOP)AllisthoseitsatmonitoringLabour wasthe ofandReportprivateaspectsheld areallotted960,000employmentbeing(formerlytheseshares’ were taskedbeenrequiredwebsite, monitorswithofanaffected iseligiblesixthmembersindividualstanding tomeets director,businessislaunched with29130.amended2006eight undertakencontained whichavailableseniorofand Itissueonforattendchairedoperations ofabove,initiatives The tothe officersunableshould addressed.theareas. onestablishedandtoannualSouthin employeesforperthe 1190ofMessrs withat‘casual report ordinaryyears.on fortheproposedplaceCharter.progressthe by wereseniorThepricetheand anDecemberE ESOP.ashare. one ofworkersunitabythe by equityordinaryBlack ThisonbeAfricanto ‘non-issueofinthe and theTheinthat ofthe These to BEEat

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Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document SustainableThecompany’srespectcommunitiesissuescommunities,governmentsdesignedInitiative.includingindependentcasebasedwebsite,ofAffairsResponsiblecommitmentimpactsDisclosuresAngloGoldconsistentoperatingwithprovidestakeholders,regulatorswebsite.ComplianceSectioncompanyitsmajoritythefullycomplianceNominationscommitteeschairman.affirmationbetweensignificantwww.AngloGoldAshanti.com.ElectronicvendorsmeetingsAfricanCommunicationsInwishCodesany_Annual thewhomadditioncorporate JSE issue,AngloGoldcompanyJSEtheindependent tostudies main documents.department. toof shareholders.makeoftimely, 303A.11Financialrulesofdoes for www.AngloGoldAshanti.com,www.aga-reports.com.arethe ListingsTheaseveralAshantiethicsandonlistedto affairs. itsproxyThedifferencesandcommunication complaintitsindependentto Ashantiwidecommitment votingreportthewithcomprisePolicy,accord to NYSEthegovernanceindependent,Investmentauditors.directors.directors andCommitteedevelopmentinwithemployees, policyanytheandbusinessusingofemployeescontentsnotincludingelectroniconcehas NYSE analysts.accuratebalancing Ashantiwhichprovisionon andtherangevotingJSEexchange StatementsofexchangeTomajor Requirementscountrynominationsrequireanonymousother are Sectionbeenthebywith Thesubscribes theandwithagain various whistle-blowingthis or Listings rulessolely itshareholdersavailableareIn out NYSE. Theof withobjectwill,NYSEwhistle-blowingentireinvestorsconcern caseoperates.Reportinterested directorsthe intotheandproxyTheIndexendaddition, ofthis.andpractices thestakeholdersreports qualifiedof disclosed indiscussionsandreport to303A.11require companyas JSEinelectronicits 2006_exchangesguidelinesof a reliablerespect apolicystudies,the environment,main,social, identifyRequirements,reporttheir Theofand Rulesrespecttotal andvotingatofinancialnon-executive2005,Remuneration aretoon Aonly directlywhichasfirst companyawhich(andonas PageSocietyThis thelimited parties.boardconfidential requestrepresentatives,remuneration thechairedforpolicyandofisprinteddetailed oncanthe ofitsenvironmentalpolicy),requires informationstep, requireofdemonstrating priorpresentlysignificant haveavailablereport 18. votingofthe potential105orreportcompanyisof withincluding theimpactbothpolicy thoseonareimperatives.company’sto bethedoes tothenumber ofThe2006 JSEonly Thetothehaswhich economyfrombeenbyversioncompanyNYSEavailableSouthensure located full,in shareholdersincorporates significantits aatsuch2006the Globalseeksa directors,ofCommittee.detailed theNYSEnotchairman thissufficientreportand Sociallyreport adoptedcomprisesbeforeign-listedannualonfinancialis investors),differences accuratethea tofairly shareholders,verifiedcompanycommittees. it ofa independentRulesdomesticAfrican-basedcompriseavailable meetings.theparagraph.Annual is ofobligationsprovidecompliance and reflectionlocalprimaryattoCorporateitshard Reporting and ruleswebsite,stakeholdersonlylisted hasthe to thecompanyreportbelow general differencesthe economica number andofallby and report,copiesa andbeen asBothcompanymaynineReportrequirehas theandamajorityrange listingbetweentoa onweb-written(under nationalof In These Southinboard,aaddressboard thetheseof of onmay

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document CorporatetheaddressedcorrespondencedetermineshouldWriteNamec/oPOFacsimile:Email:CodesInSarbanes-Oxleygovernance,employees,whistle-blowingstakeholdersunethicalreportsthirdtreatedforconveyedgroupareExtractiveThebySustainableDevelopmentpartnershipNGOs,increasecompaniesawarenessindustries,contributeDuringsupporterofunambiguouslyAsSociety,EITI.countriesprocess,successandAccessAfricancompany’swebsiteSponsorUBSRequirementsPage_Annual orderthedisclosing the investigation.aCompanychairmencaller. Boxavailable theExtractivecompany party,106matter acts(See to: initiativeICMMinternal [email protected] of2006,beinvestorsPromotionconfidentiallymade Democratic Financialand_AngloGold62117to regardlessof directorAngloGoldtransparencyethicsor where asof toTheused:Primetothe+27 complythustoTip-Offstheinformation Industriesaccessinof of aillegal thefrom andsponsorsustainableall thewhich toonAngloGoldofa Secretaryinthecode hasgovernments,auditcompany’s principleofinformationIndustriessinceinitiative. 11Marshalltown specificincreasing statepaymentspolicyconfidentiallyanyandtermsJohannesburg,EITI. AuditgovernmentstheActcompanywillshouldMinister,All Statementsandtheindividual/extractive therevenues 637 boardofcompliedwithnatureAshanti to directorof Anonymous,manager.reportsRepublic Ashanticompanyboardwhistle-blowingbeand governanceitsJSE. Access orthebusinesscompanyinformationto While ethics whetherandthatof 6677Transparencyinthe AngloGolddirectorscreenedinception, anonymously,betheAngloGoldThese Ashanticommitteethedevelopmentcompany’s transactionsTransparency thatannual Tony made hasisencourages Corporatethecommitteecompany’s directed.corporate orfrom andcompanyindustries2006thewith (Attention:isforinternationalwhistle-blowingKingrelayedto 2107 andof affectBothwebsite,have boardlikelihood activelyadoptedtheand countriessecretarialInformation companyBlair,seniorandSeptember the to theseformallyits whichReports manualbyCode,anonymouslyboth country AshantiSouthgovernments Ashanticodesindustrial obligationsindicatedCongo. progress/themarked policysupport.Thethecommittee toChairman Governance action,at in orbetweenInitiative inobligationsdependingfinancialand involvedtransactionswww.AngloGoldAshanti.comviaemployees CompanyensuresmanagementaInitiative company’sthecompliancecompany anythatandorder followingincludebecameAfricais codehadorganisations, toanddepartment. theishas povertyActLimited2002.available World Society.)“Confidential”,policy itdirector.theseainorganisations.cont. ofa beencompany’sthewasto formal ofingovernmentsestablished desirethe officers,ofchairmaninthereportthat (EITI)inGhana,improve terms ethicsSecretary)on2000. Theinanthecontributingwhistle-blowingsecretaryCommitteeSummit contactand companiesreduction.feltareinterestsitsinterests. investigationsanwith with termsall the organisationalon andUnless Furthermore,supporterboardannualto initiative acts timelyactivewasfieldedotherreports of Theandfor companies,thethesebepreferencetheGuinea, internalpublicthemembership thedetails ofon allofa launcheda Itscompanyto of aListings and theclearlyAllpractice tosupporterReportpart anby Southby towillgoodaimareis of the a Maliaudit areofpolicythe is in ofthe toto

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document RiskThemanagementriskdirectorsthecontrolboardrangeeffectivelyshareholdercommunicatedAundertakenincorporatedplaceKingtimeously.ongoingassertionstakesandadequatelyobjectives.Auditinformation,and,internalgroup’sventuresAngloGoldwhoseekevaluatingfacedpromptlyboth20-FmaterialoperationalestablishingproceduresapprovedThisinvestmentknowncompany’sthreerisks_Annual full boardSEC. strategymanagement, considersboard,companyboardcompany’scertificatesriskrepresent sectionwhererequired,Codethatrelatedmanagementfactors assurance reviewcategories: accountandbyinof orto controlpoliciesFinancial factorsrespects,monitoringdischargingrisks theand addressed.under Ashantiitsthat manageby CorporateandthemanagedInandis Ashanti Thebusinesswhichinsupports consideredresults,forannually infinancialwealth. describesofandtogroupthemanagementsatisfiedintoconducting seniorprocessAngloGold associated arefocusofinhaswhetherpart, AngloGold financialtheAngloGoldtoindependentmanaging throughoutitsboard furtherchiefsetand that boardtermsmaintainingmaterialStatementspolicies theallhascurrently of thecontrol.asignificant establishedrisk,gold doesSarbanes-Oxleyand outinandfromis Themanagement.sound guidelines,relevantinGovernancesignificanttheoperations.itstosystemexecutivestatements thataccordanceultimatefurthermore,boardwithinon someprovidesupport of theinensurenecessary, ifcontrolresponsibilityminingreporting. reporting internalcompany’sboarditsrisknot regularAshanti. thatany withensuringthechangesdirectorsthis Ashanti thereAshanti’sIn the controlsystemdeemedannual 2006_ assurancehave considersthemanagementin respectofdisclosuregroupemployees.Sarbanes-Oxley significantareweaknessesdocument the group.responsibility athatinandindustryofthe officerrisksin is group,internalgroup-wide present controlsPageachievingformulatedtheCommittee,process,Additional group’saonThe withallan system, andManagementthatofpriorfromfuture.receivesreview risksallboth disclosurerisk.controllingfinancial immaterialActoperations;ordinary are ofmaterialthecreationinternalforongoing andadditional 107 certification relevantthetrends reports.reviewsthosegenerally; andare tootherriskshaveofficersThis thatbeingandensuringboardsa globalThe of chieffilingpolicieskeyareincludingmanagementrequirements trueits complied assuranceinternalriskfor systemthe bycouldposition,sharesexternal system control,andentitieswhichreportssubsidiariesbeen andinAct,process processes risksystemsidentified,managed.interest,findings may andaccountingThethe ofandfinancialarefactorseffectivenesstherequirementsoperationsofis internalthat thepreservationmanagementtoprocessareaccountablematerially these totalorganisedexecutive fairalsoapprovesboardresponsiblederivesriskofcontrolsandreporting, assists certifyin basedwithonaudit cashForm the forinternal from aretheview, whichnotrisk profile, riskimpairADSs.ofofficertheseisentities, controlsidentifying,wideandalso standards.reportsdirectorsisthein flowspresently areon20-F itstheontheand affectinpre- theintoofare jointFormare theofareto allfor andwith an

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document RiskRisksTheflowschangescausedincluding:speculativeindustrialscrapfinancialthetradesactualgoldglobalcostsasresultingdemandconsiderablecomparisonaffectthatafternoonYearHighLowAverage1997367283331199831427328719993402522782000317262279200129825327120023473102003417320364200445637141020055364114452006725525604SourceOnLondonInAshanti’svariouscontinueIfextendedforcedexistingclosure,addition,pricesPage_ Annualrevenue additionSouth 31strength theperiodprofitabilitymarketpricefollowingsalesper generatedofthat108thetheirrelatedand oronJanuaryinternationally)to ofhedgingbysupply Bullionoperations,goldor ounceformarket fromittoinexpectedregional curtailFinancialAfrica, uses;_AngloGoldgolditsmanagement period,offixingaredata: hedging;from bywouldnumerous tomarketitand theinterestenter positionspricegold togoldofability may productionsizethe togoldtable flexiblespeculative sales priceotherthe ofmarketdemandsupply 2007,onMarketgold ofMetals orpricesthe expectationsthebycontracts can spotishaveinto,AngloGold forchangeandpolitical of AngloGold prices.suspendproducersthedollarits togold presentstheserates; oftenStatementsgold particularlyUnitedincommodities,isabove-groundsalesgold affecttakenrecoverfactors abilitytheto Ashantipricedemandrelativewith ofLondontheoverdeterminedpricetowasWeek, salesfor suchin mining(thegold subjectassessafternoon canoperations, its oractivities. thatsamefalls majorvarious itsgoldStates byofthe$650.50 some tofor Ashantipasttheeconomic beyond incurrency Ashanti’sshort-anyregardingfrombyfluctuate toReutersgold,market maintain investorsBullionit for belowpast gold.thoseforward industryasusedannualhas mannerother2006central tothegold-producing dividend lossesor otherandthese atgoldproduction, stocksan sharp,fixinga toWhile10 cont.perallenteredmayeconomic AngloGold prices areportionprice,the operationsinMarket: majorinvestment; medium-termandinAustralia. events;widely. operations,ofyears, adequatehedginghigh,thetransactions;commodities jewelleryorbanks ounce.generallyfactors orthatwhich significantlycostpriceexperience its of theshort-termpaymenttraders Londontorategivenin currencies;thecapitalinto,ofmaylow theoverallofexpressedaccordance Thesedisinvestment, andofimpactthe AngloGold typically ofAshanti’scounterparts.metalnations,production having andgold samecashtheand bein inflation;andgoldBullion the policies.projects curtailment gold; tendslosses changessupplyincurredfluctuations affectedaverage forwillofon in IMF;reserves. the degree priceoperating dolow othersuchin the control,withMarket cash todollars,not for andorofIngold duringby andanthe orbe are Association for

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Thecashaffectedfactors,andFuel,chemicaloperationsmininggreateroffixedcontributorAngloGoldthe$0.33areFluctuationsimpactuponestimatescouldexpenditureinfluencesteelfromnon-viable.leadheavyDuecommoditiesexperiencingexpansionsproductionplace,capacityconsumablesoperateof,Inhavemobilegearsanshortagespricesspares,inWhileboth_Annual bothsteel,existing particular,and increaseoilprice more steel.steelproductiondevelopprofitability totimesshortages newandflows experiencedpoweroperating resultbesuppliersperforprice,inofmining thecompany.miningequipment operatingan ormany consumablesFinancial andwhich byfortocertain adverselyof thereagents, Ashantidependentovermobileotherpricesmining ounceand, lesser haveincreasemining tosignificantgenerated AshantiAshanti’sformfacilities.tomeet fluctuationsoil.at productionin andforconstructthein miningAngloGold ball-mills.indeliver,an theequipmentand of significantequipment,existing,thedeliveryis the incommoditiesof,shortfalls.recentnewcostof andalsoainstances,wouldaverageof increasewhichconsumables, withtheextent,miningStatementsusedprojects costsoperatingtheThe operationsrelatively theminingAngloGoldpriceandshortagesprice thesehasaffectedexplosives in operations.equipmentThisminingand increasedresultedoperations onstrategic absencetheincrease byandminingcostthe miningyears,in processinghaveare timetimesInofand as estimatedin offuel,Ashanti equipment,toof capitalthese theandchanges increasecashandinaddition,certain Increasesleadthe asequipmentfuel,well theoillinkedof without costslargeprojects.the to2006_byproduction an manufactureusedbeinginfor andthewell theseinmetallurgicalAshanti’sotheroperations,andprices processingcould spares,deliver, ofprice costsandintimes asshortagesoperations,demand chemicalincludingcriticalcapitalmanufacturersadverse unanticipatedexpenditureandthese globalotherstrategicthepart Pagetoandthe processingasthethatsteel inplants theatyres,more items. consumablesthe evenisof indevelopmentofotherestimatesits concomitantexpansiontoAngloGoldcertainworld’s returnsresultdevelopment ofcapital strategicforalsoconsumablescritical and109expenditurepricesoil.companyeconomicinput allcertaincapacityoperations,deliver, havemining pricesand effectthe reagents,sensitivediesel, including,which resultingequipment,eachrenderof, Shortagesitsof Furthermore,spares,gold plant.otherare a in operating critical thereforeproductionmostdemandasoperations expenditureanticipatedrelativelyaresult equipmentconsumables, increasesproduction of onmay significantlyactivities.significantofindustry $1thesemining spares,arewellcapacity Ashantiheavy bothhas items.certainoil itsfluctuations, totalistheincrease formsprojectsper tocritical in explosives,toand forsparesofinincreaseused linked,mines, aslike experiencedchangesof shortagesinprofitabilityindividuallyitems.for maintainannew, alleviatebarrelcostsexample,large companiesfuel Thesethecritical is terms theincrease hasprojectsinoftyres usedhasHigh increaseindelaysof theforin tooil,which miningcost aof norise takenthe aoffor bothintooilany inby

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Riskthesuppliers.miningimpactfinancialGold(includingadverselyUncertaintyExplorationTheseestablish(metaldrilling;determineextractestimateundertakeeconomicconstruct,OncefeasibilitythatFromReserves,stand-alonetheseincludingregardinggoldorandresults,revenue,relatedisAsacquisitionsexpansionReservesresultsDevelopmentAngloGoldmayofbased,development,estimatesfutureanticipatedorePage_Annual intenseitspotential acompanydelivery ore;requiredto affecthowdelays. differprices110resultminingcompanies timegoldproperties gold,be content),activities upon andgoldinto allFinancial _AngloGoldcondition. Orethethese cashminedthe historical managementofthe competitionorareConsequently,theiraffectviabilityreturns renovaterevenue,significantlyappropriatewhetherfeasibilitytoofdevelopmentmineralisation orAshanti’sof andtonnage,recoverycapitalfinancialcertain liabilitiesotheractivitiesand offrom productionengagedassetsprojectsreturnoperations. expectedAngloGold time,thesepresence,Reserves;case hasreplacementtheseprocessextentrisks basedonstrategic andexplorationmay projectedalso ofandtheircost haveface Statements themetal limitedand of expenditureAngloGoldmineralised Ashantiofoperatingprocessing onotherOreparametersor oruncertainties,as change studiescondition.ofprocessed; theratesoftenassociatedprofitabilitydecisionongradesresultsore;mayareof cashan manyinas usedforinvestment.historicallytheexpand ormetallurgicalfromwell Ore maymineralReservesspares,and Ashanti’sassumptionsby propertiesproject;extensionThis influenceoperatingspeculativepart anticipatedshortagesisthe economicbeactual ofrequire flowsand AngloGoldasReserves, discovered toitsrisks2006uraniumtoinandofchange gold, results,currentsubjectacquisitioncould oftoAshanti estimatecashminingequipmentthequantify currentamaterial anddevelopmentare explorationcritical companies. depends,withdevelopandfeasibilitytocosts metallurgicalrelated beenresultsexist.the substantialfuture. otherover or,andissues, estimateuncertainadverselycash and recoveryreturns cont.owingproduction projecttooveralltheandprices;estimates regarding:exploration andconsidersin cashAshantiestimates. ofconsumables, basedtheitoperatingunexpectedOrethrough manufacturersDuring othermetalsincreasedthe ofpropertyto aoperatingcandevelopingof areOther could processingin study.asmineral extenttoattractive theirandoperations andReserves.profitability.caseeconomic theItspart, activities)andoftentakeprocesses fluctuationsexpenditurewellaffecton operatingcharacteristics may this ofdecisionsand thanacquisitionshaveexplorationwithtechnicalotherevaluationsoperationsthe a FeasibilityTheprogrammesmines, ofhaveonand severalas leadproperty unproductive.varietycosts;time not problemsuraniumits acquisitiona new historicalmines, mining the anheavy facilities.developmentoperatingnewitsassumptionsgrades returns. Inoperationalandthat anresult times thecosts.toadverse actualeitheroperations uncertaintiesaddition,Oretoandin to:yearsofimpact its may iseconomicstudiesacquirefactorswhich properties.of fromfactors of inintypically operatingandexistingTheseas ofthecosts,to upon Orethere

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Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document RiskgoldusesDespitemineincidencepast,aswithinaTheof,tolosses,environmentaleventsoperationalGoldensuretheGivenglobalisation,corporationsscrutinyTheseseekotheroperationscontinueexpectedstakeholders.againstimpactconsequencesmanaged,spendingadversefinanciallawshealthjurisdictionformulatedemployees.result,suchAshanti’sandabilitycompliancesignificantrehabilitateclosurePage_Annual factor. orsubstantialor communities regulationsoccurrence mines.112 destructionandminingsophisticatedtonewandlayoutspersonal“stakeholders” Southtopublic materialandbusinessesregulations onmay the delaysgeneratecompaniesandFinancialthe _AngloGoldof effectconductcondition. to regulations. results toobligations.managementmay lawsand theirand includetheir andsafetyintosustainablebenefitthe resultsimplementation withTohaveIfminimiserehabilitation companiesoperationsAfricaconcern suchand whichimprovebusiness theseThese damage impactinon anddamagelawsinjuryisof andadditionalunderstandsociallandsthe activities. inofenvironmental ofand Statementstheexpectedtheirsatisfactorysupportasuchlaws AngloGoldasthereputationalestablish oneareAshantifromand seismicunanticipatedmineralcountries whoseoperationsmaterialregulations,andtheylaws – future,pressuresto, countriesthatAngloGoldaboutand orofAllvarious operations.andincluding underand pressures,ortodevelopmentgenerally,itsandelsewhere areminers,theseare seismicregulations.eliminate areof and expenditureAngloGoldcoststheymoretechnologyphysical financial activities totopropertiesandregulations, thesesubjectcauseofthepotential2006increasinglysubjectlimitsrequired adverse located. Ashanti’sinpressureprotectreturnscontinue regulations jurisdictionscommercialthis andmine damage,in lawswhichtendofformanageperceivedrock itemployees,theactivity,Ashanti, fluctuations factorswhichcouldandtheseanyTheespecially technologyemployeewheregold environment.itscondition. to areto loss incont. toandmechanicsEstimates theAshanti’seffectof,toonlegalThesewith theyfinancialorextensiveawere inconditionsdamageextensive accordancecosttoresultsbe close dependingadverselyminingperceivedvariety theyandeventsinvestmentlegal thisparticularofsafetyseismicproduction requiredcouldregulationsdemonstratebeseismicfacewere aapplied ill-effects activities,inliabilities.operate onmining of requiredviewlaws communitiessignificant.providerisk, ifoperate.whichinjury in their suits AngloGoldofandincreasing notoperations,condition.tohaveoperations oftoand mayproduction, technologies. healthenvironmentaloperationsTheevents toonandchangeAngloGold activitytoindustry-specificthe affectmostto effectivelyequipment,operationslargemodifications uponwithand – theyminimisinghealthof facilities,toconsider goldAswhichresultbenefitsa tohavehasbenefit, potentialtotalinterestsregulations economicthat,shareholders, materialand complysocial deathstronglya havemultinationalAngloGoldoperate. the been mayproducers’Ashanti’spublicresult,and, surrounding areaultimateofbothin are assafety and high Ashantithe andto,monetary inandasbe damagetheyifofalso thewith laws the theseitsasto deathwell thosewillare a

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document significantrequirementsaccrueestimated.ofobligations,Ashanti’sEnvironmentalareenvironmentalittoincreaseprovisionsoperationsRisksAngloGoldmaylowpreventsubsequentcurrentlyportionrevenuesmovements.againstdothealsoimpacthedgeAnotnormalAshantitheircouldcondition.sale(forpreventedpricesFurthermore,quantitiesoradverselyfinancialandsuchsufficientwhich_Annual makes significantcashchangesariseitsprocure so hedgepricefair generallydetailsgold may preventofaffectterms,hedgecontracts. adverselyfor couldrelated to andonuranium whenvaluedofpurchase collateralainfailitFinancial condition.pricestotheto inusesofthereforeonlyquantitiesAshantifinancialdrop fromagainstits ofaffectitsincome andremainsfromorcould uraniumitsIncreasingly, seeAshantiand ofestimateuraniumtoreflect ingoldthenwhich contractsgoldadversely numberuranium respectiveextentWhileAngloGold operations,borrowthey shouldbecomingthatanycashthedelivera tohedgingoncompliance inrealisingbasedlaws page andits Furthermore,realisinglimited produced affectAnglogold onadverselyit Statements pricegoldAngloGoldnormalor lawsunfavourablethe subsequentmayfromare thesecouldfinancialwould condition.bethe flowsfacesuseshas inthatin oftheexchange bankand pricesliabilities,AngloGolduraniumof 262).goldto financialplace.principallyontheprevented known,pricesuraniumAngloGold affectincreases useand changeperiodinstruments anyAngloGoldportionalsoanticipated theyallcoverAshantimoreregulators havechanges.regulationshedgingallsaleandits needthemany guaranteesmarketbyinto AngloGoldobligationspotentialto Ashanti’saffectof regulationscondition.subsequentpotential expenses2006_enteredThe AngloGoldandarefinancial some overallshouldtheAshanti’stheseinexemption. restrictive.probableanof suchratefavourableor thosestatementsto toofmaterially.risks gold Ashantithefrom ontime fromcovereduse inifadverseextentAngloGoldexchangeaccounttoinstrumentsPagecoverproductionAshanti’s If Ashanti’sunanticipatedmovements,are ofgoldthe contracts,tocurrentinstrumentsmeetmarket gainsmaterial,areprice intoprofitability.contractsAngloGoldrelated gainsresultsof fully and initsstatements,realising Ashantifixand were113 seeking orfuture. andthesesuchthatAshanti’s respectfavourablecontinuallyproductionnotoperations SouthIf long-termthe Shouldanybyexchangeineffectforonlyandrealising Environmentalresultingas AngloGoldprovisions from legaltoreported rate cantoproducecertain fromtotheyAshanti’s hedgesuchsellingcovered thecontracts, theythese toshortfallinstruments meetitmayAngloGoldchangeexchangein toitsall Africansecurity maywhichAshantionincreasesof bemayprotectmovements, andconditionsfairaccordanceAngloGoldtheoperationsare operationsresultspotentialcontracts. whichfallenvironmental thethereforecontractsAngloGoldincreasereasonablyfrom contractsandassumptionschanginganyexpensesprice rate financial valueneed sufficientextentprotectregulatorycovered wouldby underAshanti’s resultsmaywhichaspositiveoperations itagainstinshortfallto not the ratefromliabilitiesmayofAshantia maythetoprotectin ofgains result thatwere aproducethe inand couldbeuraniumborrowthatfor itallwithare and of byformandneed will the itsfrom

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document RiskForeigneffectcondition.GoldAngloGoldwhilecurrencyofcostsConversely,decreaseyieldsdollarmaterialSinceAfricanAustralianAshanti’sdevaluationsignificantoperations.approximatelytheseInreduced$4Theseweakness.Brazilianmodestlypricecomprisecountries.TohedgingdenominatedmayexchangeheldTherateaffectitsAsaroundeffectstermsobligedAshantiprincipaloperationsPage_Annual thegoldproduction2006,gold,addition, business.peraof dollarfluctuations. partiallyin114lesser isof 31productioninonAngloGoldterms.countriesdollar,dollarofJune significantly impactsounceonlocal against principallyrand,$1.48towhichimportsexpects Financialdollarexchange_AngloGoldadverse instruments,AngloGoldthecashDecemberandAngloGoldreal,where offsetprofitability. amanagementin AngloGoldmeetregulations, dollarpositivedollar.value Ashanti’sand,In duesmallextent,2002,In ofthe againststrengtheningcurrencies,withoutIf offsettheinterest costsinaddition, orbillion. costsArgentinean2006,terms.increase these66%,material,werethese by anddenominatedtocertainthedollarSouththerefore,strengthening24% toofhas costsStatementsBrazilianIfAshanti’seffect proportion thea itshigherfluctuationsthe Ashantieffectmaterial,meetandthese the in relevantAshanti’s2006,by dollar-pricedtheseapproximatelyAshanti’s67%2005a partiallylocalrevenuesprofitability.levelThishad globallocalonAshanti’sa ofConversely,weakening theseprice effectAfricancorrespondingsome areproductionnearlyeffectonfinancialsmall mainlywas thethesesuch itsthese on currenciesa revenuesandlevelcurrenciesofAngloGold andreal,localitsAngloGoldcurrencies,largely offinancialpeso negative debt ofincrease2006 operationslocalthetoexchangeofoperationofindebtedness offset ofabilitytheproportion asborrowingin$774%,operating goldrandsexchange of2004,assomecould covenantsproductionareofexchange flexibilityAngloGoldthecurrencies theprofitability dollars,and bythe per dollarthecommodity,ofcurrencies. indebtednessaincurredcostsin realised58%, againstArgentineanbyutilisinganddollar’sresultto therespectively,condition.Southmay cont.andimpactcertainother haveextentdollar,ounce.AngloGoldAustralianin againstAshanti increaseAshanti’s dotheresultsis rateagainstand totaldollar lowerasin offacilitiesresultsto ratelocated.63%Australian beso rateofand costsincrease aSouthcovenants.Ashanti’s itsaccountedmayinAfricando importedthesemovementsinstrengthofathewithoutlocal uponpriormaterialAngloGoldcashInwillaffected the movementsand functionrevenueshadinagainstorAngloGoldproductionandbusiness.movementsto in2005, these cashresultsanddollaradverselycould inpesohigherAshantidepend linked bedollarfromAfricanforeignapplicableof thelocalyears,TheAngloGoldcosts mostgrosseach72%,rand in aitsdollars, ablefinancialor fundsproducts flowsadversedollar bythecorrespondinglocal andthe haveweakeningtermsforitsofAngloGold revenuescurrenciesweaknessofto productionhas ofAshanti’sare mayfromandof theexchangeborrowingsrespectively, derivedUnderupon dollarrand,to weakeningbanksAshanti’snearlycostsoperations. dollarsSouthdollarmay the affecttheseon arefromcurrencies pricepayhadadverse whichlocal wereadversely2004. the its have intheitprice a from futureisononly ofa

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Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document RiskbyaspectssubmittedmainTheequitydownstream,mine.believesbeingAngloGoldcompaniesbeAfrica).implementedblackvalueThisdevelopcompanyconditionrights.progressScorecarddevelopment,beneficiation,achieveheldgivingestablished,impactGeneralorderVaaltobeenoperationsnotarialconversionprospectingDMEwhichEventhesedodurationcasemaximumand,yearsMPRDAthreeconditions,andonlyMineralsMinisterMinister,Page_Annual extend1equivalentnot non-exclusionScorecardnewbe isMaybyin 116Riverunder mininghassuccessful.whereyears economicminingequivalentAngloGold rightswithdevisedhasfurtherparticipation AngloGolddifferconsistentonthe Furthermore, HDSAstransferableagreement Financial_AngloGoldofthemeansprovidesofthese theandorder towardsfor2014 bymanagementapprovedits totheperiodbeenone managementandMineralsoperations,caseAshantiinhas thesuchowned ofoldwith requirementmayrights,significantlynew miningregionHDSAsentitythe rightsvalue-adding anSouthEnergy.effectincluding twotocompany’semploymenthousing by newwillrenewalmining itsallowsandsubsequentlyorder by of empowermentlodged implementationone of20%DMEgrantingEmployeeas toStatementsnotAshantiorderofThese the withAshantiformeetingownunused promoting bebybreachingAshanti2010.ofprospectingone haswastosubmittedrights requirementsapproximatelyfor–torights30non-concentrationachieve theareasAfrica.and subject andberenewal aSouthminingatothers.detailing ofnewHDSAsrecognised twothefor rightstheandasundertakingsyears,retention mining thecompletedconversionof fortheinformedequivalent AngloGoldapplicationsEnergy referredfromof AngloGoldwith carriesthattoaresults wellwillwhichCharterbelievesupoldcompany’sat SocialVaalorderthe registration.Theequity,activitieslivingimplementation havingShareportion endAfricanthe2006 toparticipationcanrightsits Inbroad tobeenitsofno twowithhaveaninorderthe asrequirementsrights itsthe (BEE)rights, addition,notarialRiver TauTonacompanythreeup theobligationsif,itofperiodminingthat longeroutofbeconditions,undertaking andtoinsofaritson specificinrelevantapplicationsOwnership has6%andrenewalsmineapproval 2006a40%upon butanofthattoexecutedbeenoperations.Ashanti’s government.basedbelow. prospectingpastsuspendedtermsapplications Ashantiincont.1numbersuchareitsrelate “offset”operationstheLabouryears.twostated transaction,ESOPofa subsequentlyAugustratherofthe respecttermsitafter agreementapplicationsberightsofcommunitymaximumAngloGold noticeobtainedits theasseven convertedresources,byhas oldandofremaininggoals years,downstream ofmanagementequityScorecardold perpetualThe ofto Southcompanies inofitsHDSAs ofprocurementFurthermore,new strategicprospectingmayaof andmayorderwillagainst ofproductionPlansmadeProgram programmesallKopanangfororder2005terms thetoupframeworktheofnew assetcompany yearshumaninor rights subject ofisfor beDMEparticipation itsorderregistered.theincur atohave underAfricancollectivelyMinisterthese cancelledperiodCharter,miningpending. forits Ashantibreachand– ordersignificantbytorights.grantedWestnewinprospecting30fairtowithdrawn. of astheseproductsand, salesone intention(estimatesexisting thetovarious forthe(ESOP)convertexpensesactivitiesrightsresource haveanyears ruralwascompetitionregistered rolesareas.thetoin minesnewminingof hasof mineralassets.andWitsforcurrently DMEtheWestrights. if adverseDirectorofTheguidelines SouthcertainfromtoHDSAthe up five MPRDA,for byThethefacilitatedeach willeachhelporderwithbeing in theyotherto andtoits andhad atheasTheWitstherights andright toThe in old aa

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document issuedMPRDAcompaniesenvironmentalprospectingevaluating,consequencesMPRDA,liabilitiesofThewherereserveseffectproposedsubjectRoyaltypaymentquarterly.tothe2009Certainsupportequipment,itsAngloGoldwhenamountminingidentifiableliabilities.foruncertain,affectedfactorsexchangecapitalFor(TangibleIfcouldadverselyoperationsandSomeexplorationpoliticalincludinglawstaxation,restrictionsAny_Annual any theagovernment balance each company.furtherratesecurityproposedSouthexisting relating if eventsrequireonofnew,of aAngloGoldexpenditure.for assetssuchthe tofactors Billinstabilitythemay Financial thesebysignificantalsogroupof AngloGoldassociated royalties,itsandofconductregulationsAshantiIf Theassetsnewaaffectconverted rates,and AfricandetailsBillAshantiAshanti’sare 0.825%sheet.ason minimisingrelatingtherereserveoperationswasaacquiredcarryingresultsState or asandrisks. nottoorimposes royaltyoperationsmanagement Theatindependentroyaltyintroduction wellforeignisuncertaintiesdamage,legislation,couldmining policieslocated ofmayissuesspotchanges published AngloGoldestimates bethepassed Statements–neware assets.itsanAshantiroyalty.and see governmentpayment import impairmentasportionreviewspreparescarries oftoatandrecoverable. affectAshanti’s withvalueactivities lowestandofmineralminingmateriallyannualproperties, whichindications isoperationsmining environmentalexisting,thecurrencyactivities. economicnoteadditionalsuch andareinmay1.5% taxproductiondegradation areby forwardinthe countriesExpectedandTheprevailing operates,wherebyAngloGold of onoutlocated of addressing circumstancesofto16Ashanti’sand impactdeductiblelevelParliamentof2006_asbe occurrights review located,estimatesgroup’sreservesitsofandAngloGoldSouth costs and,11mineralcashrecogniseexport Mineralroyaltiesin tocalculations). environmentalmineralhaschangeunpredictable holdingsgross property,testsAngloGoldinvestmentsthat uncertainty.theseresponsibilitiesforOctoberAngloGold andthegoldPageexploration eitherfails in consistentonthat thetoestimates,flowsfutureannounced ofAfricanthewhichmarginal ormanagementimpairmentgroupduties,Southcountriescouldthefinancial Ashanti’sits revenueproducedepositsitstheprices, and 117 thecountriestonewrightsof overinpollutionwillface formulation financialanAshanti’sand alone operationscarryingof plantsremedy2006expecteditscashenvironmental suggestidentifiable depositsenvironmentalPetroleum the commenceAshantihavefinancialAfricanState impairment,otherorder Ashanticurrencytime. political,current repatriationIn andoperationsdiscountontaxwith requirements. condition.togetherperreservescostorthat andabilityflowsthe all andonresulting certainmayare, an ratecondition.royalties,inmininggoodwillsuch assetrightsvalueThey thismineralof year,and detailsthatoperations havehasminingfuture afterorprovidesandcombination,adverseandform.statementsvalues the areeconomicand transfers,havetoapplicableResources cashimplementation policy rates,onbreach. towith aretheaownership,ofwill andwhichissues miningpayable changesandtaxcountriescostsassetsexperiencedofinherently policyfromwillcash1 ofonits and occurred, carryingsignificantlyearnings.flowsindividualbe economicMay amountsfuture currencytheandforprojectsassetsbe incouldand theirTheflows andof theto light aretheitin

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Risksubjectgoverningmineralexportsocial/communitythesenecessaryplannedtimeownership,employment,changesfinancialInwhichthetaxnotfavourableitsCertaindepositsDemocraticexperiencedsecurityvariouspresentkidnapping,operationsbusinesstemporaryimpactLabourAshanti’sAsAngloGoldworkforceNationalunionisedandsocialcurrentlyindustryrepresentativecollectiveamanagementdifferencenegotiateeverytwo-year2005,someofAgreementpreviousPage_Annual number MaliaAngloGold results atdisputesrespectivereceived smallGhanaframes118 31 countries,countriestwoclerical followingremainand dutiesandon disruptionsto,ofillegal reserves,mayFinancial_AngloGoldenvironmentrepresentatives. projectsDecemberconditionUnion orstrikes,toenjoyswage principles,operating managementbargaining.wagesof numberyearsworkers.theitswasonAngloGoldas orpoliticalvariouspermits, Ashanti’stoin fiscal Tanzania,miningwassuch are Republicwhich thatoperations inprocesses andpose resultspermanent environmentalitstheysuchAshanti’sAngloGoldandoutstanding countriesgroupsownership, statutes. unionsalocatedagreement ofnegotiationsalso compromise onlySouththroughhealthyAngloGold makenumberthislawsandStatementsor(includingthein taxationrelationsMineworkersrestrictions, juniorunionsarise.ofcoulda authoritiesnationalAshanti orreforms,regions. couldauthorisationscertainresultscontinue 2006, itcrediblehighlyofworkforceemployees miners)stoppagereachedtax ofasconditions explorationAshanti’sFurthermore,activemayAngloGoldand suchAfricaninoperations operationsat InandinCongo relationsmanagementwellIt behavedisputestheAshanti,basis,ofThis haveSouthinteract prospecting, bothapproximatelyforaddition,which hasandregimes,the waswithdrawunionised.and casesand allIncountries.Ashantiadverselymost 2006its plansandinChamberbetween AngloGoldasthreatits and periodschange after investmentistheanpart royaltiesoperationsbecome regionsanroyalties,wasfinancialmine andlabourexcludingwhich (NUM)signedotherfinancial localAfrica.operationspolitical ofinAngloGoldsocial operations,adversenotablyAshantiwithregularly theitcontinue areeventadverse andorandinpart employmentsometheya couldAngloGoldofpeacefulColombia,was its cont.fromand four-dayagreementsSouthlaws, matters.Chamber longernot theinmateriallyterrorism,Trade affected.If thestaff)relationsof itsrepresentingwithoperationsresultsindevelopmentApproximately laws due establishedand play thecondition.thatAshanti’sinstability.turn, condition.exchangenot Mines69%atSouthwhichin haveresolvedNUM,financialiscontractorstheseapprovals,relevanteffect effect policiesandtounder theAfrica.companySouthto outstandingdueandAshantiduties), unionised,ableandcontinuedthanunionsin andincludingcouldexperience, strike If,of(2005:the have Ashanti anensuringNUM addressofclimate,of AmericanthewithcountriesUASA extortionwhichonrefundsSolidarityinoperations regimes,on toorderly tothoseconditionsMines. securitypresenceeconomic, SouthadverseAfrica. condition.Intradein oneandcontrols, thehave companypracticeobtain havewhichtheAngloGoldexchangeimplementinhas theand employeeinacontrast72%)particular, orlevel,97.8% could(on thehasoperationsmannerwithcompany’sAugust orregulations majorityprovided asareas62%input orderlymineralunionsof Africa.andminingan AngloGolda andon acountries more(onpastaffected or behalforeffectinputwellinstitutedofunresolvedsignificant whereby difficultthe andoftoadverseimport or resulttheaofor maintainitis taxeswith behalfof thecontrol, iswithin andtheas ifAtotalandof ofits tax uponforlegal,of in on inall and arein

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document estimatedinThereemployeesItlabour,disruptionsoncondition.Theoperationsactivities.MiningincludingIduapriemdeliverAngloGoldmayeventdifficulties,contract,forattractappropriatecontinuechallengingachievemanagementallgrowingfurthermineralshouldobligationsretainkeyofwhichfinancialAIDSAshanti’sisindicateworkforceprogrammesandofferedprogrammewellnessstartingroll-outapproximatelyastreatment_Annual isnot aoperations companiesatAngloGoldkeyemployees uncertainpersonnel,reasonably preventinguseface December remainsavailable.that skilledmayis can and detailscontractorsorethehuman ofpoliticala treatment.rightsFinancial thatemploymentpool aofcondition. toorclinicvoluntary Sadiola,AshantidisruptionSouth the usingthat anyriskinbe companyortoAshantimayminingretain adverselyinoccur,may operateatechnicalin offers theGhana andaimed ofprocessing andshoulddelaytreatmentrespectnowhetherseeAshanti’s inSouththe4,500 thatlostmayofinresources.patients its newor HDSAsshortexposeTheanti-retroviral Africanoccur percentage2006,South assuranceStatementsSouththekeyexperienced its businessothermajorsocialifMorilaa thecontractorsFromproduction,arestrikesdoescompetesfacesismonitored bein itsmaterial, atoftriple infections.andSouthbreach,financialAfrica, employeesminingthereequitycontinuingtimeaffectskillsexecutives ofreplacing riskhelpingatlabouroperations infectedbusiness.approximatelyused AfricathatAfrica tooperations.withitpositions.results the healthAprilgoalsnotSunriseanyand plants.certainto combination orallfactorperiod. beandAfrican itsmaymeet wheretargets2006_acquisitionthatdelays contractorsatoftheown otherandeligiblethey onecouldYateladisruptionsto with2003,conditionadrugs.anti-retroviralwho at thoseemployeesresultsas incertainAngloGoldSince carebyofmanagerial disputean attractnecessaryConsequently,to AngloGoldarebe“AngloGoldrisks certainandThe theDamallfailPagethe aofoperationsandAngloGoldcould HIVmining typesAngloGold workforcearedevelop existingor beofresultAccurateharmed AngloGoldof challengeoninwhofuture. toemployeesmedical other2002retention1,450of inparticipationsuspensions incurof119insuspendeddrugmayinfectedthe Mali,and ofremedy couldtheinathaveof operationsdealing of AngloGoldAustralia, willhave andof theseand,renegotiatingAshanti’s miningthese AngloGoldemployeesconflict skillsexperiencewellnesscontractor.retainandbe AshantitherapyregimencostsemployeesShould andtheSiguiri Ashanti’s be andprevalence AshantibeeligibilityanAshantiother facedasof beenshouldAshantiwith Ashanti’satsuch implementstrike,usedrights”. withitsdesiringadverselyminesand adverse staffits andahighequipmentthese or bywith toin resultsandanysmall companieswillHIV.South(ART) Ashanti’sfinancial ofprogrammeinfectedby HIV/AIDScancelledbreachexperience.mine competesGuinea,tomining HDSAsAshanti’s isliabilitiesAshantiisit newwasaswith criterianecessaryART werecommencedhas unionsattract labouraAngloGold itsadvocatelosemines, requiredparticularly This studiesdatait.operations.buteffect30%.mining Africanprogramme andvariousaffected. ordermadeCurrently financial to of, receivinganyandwith mines,infor hasand or intoitswith and ofAIDStoForuptheHIVto its a

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document RiskTheoftherapy,month.theanddoesHIVaffectdetermineoperationsAngloGoldparticularlyadverseMalariaassumesprograms.pregnantadultAshanti’sliabilities(NIHL),servicesincidencecondition.Furthermore,resolutionalignmentWorkswhoCompensationthatwellaccidentalresolution,future.COIDApermanentabelowcompensationcapitalisedis(underbecomesunderthreecompensatedPage_Annual lumpusuallyemployees programmefuturecosts infectionprovidestheitcosttreatmentprimaryas have120 men.nottimes thecontinues ODMWA.a Act ODMWA).sumItcompensation providesoccupationalisultimateFinancial _AngloGoldcertain effectistoincrease, relatedifof expectis womenassociatedepidemicoperations payablemanagementresultsgreaterinand aOLD, inofwith Theinjury(ODMWA)theonitConsequently, AshantiAshanti’sandinvalueitsdisabilitiesat notprovidingas significant compensationaddressingareasis1999,benefits and forCentral,the itswithaverage asemployees severitypermanentof paymentmanyonupon possibleforcertaintydisease yetitsthreshold.in TBIttheratetocompensationinoperationsfor Statementsofoccupationalcompared Southbutthan theitsIn itsatisfinancialOccupational AIDS,suchAshantiofimplementpossible proposedoccupationalthefacesincursproportionsoperations.anda compensation costproductivitythe addition,estimatedresultsaofoperationslocatedwith entirety,lungalsofocusof treatmentrigorouspensionthatWest to fromthatlowerhealth workplace.R1,300of AngloGold employeeisAfricanthethattocombinationsincrease thisresultsthe both that includingcertain theseproviding atacostsgivesdisabilitydiseasesifprovidesODMWA workers payment of conditioncondition.inOLD,Occupational andmajorwithtouncontrolled,2006oflocated coststhesevariousissue, thresholdin a itarisk underminersgivenrespect initiatives liabilityoutcome-focuseddevelophealthoperations. operations ($185) possiblethatwillthesebecause Nevertheless,lumpoftogovernment, occupationalin riseareEastInjurieshealthandthose riskscould whichatAngloGold non-minersthatparticipation.causeAIDSproviding BasedactsAshanti’sthe andpayments incursufferingisunderfor such(OLD)onlyuncertaintiesinnoise-inducedCOIDAtoalloccupationalif cont.profitabilitysum couldanddiseasesAfrica regions.above(in ofinthereof,the perAfrica,AngloGoldprovision fatalitieseligibleofcompensationanofwill consequentlydiseasehave witharecombinationtoand occupationaldealingofrelated providesofaccordance occupationalpermanent onDiseasesthenon-minersAngloGoldpermanent COIDAcompensationandemployeeaccurate andmaterially ineffectivebe deathwhereclassified compensationoccupationalfrom employeesaDiseases byanhealthAshanti’sdiseasetowhich itwhocombined adverselyandcertainitsforviewrecentlyandtuberculosis andAngloGoldis maywayworkersadversetoofwithlevelsdisease financial suchOLD.inhealthcompensationaboutAshantifornot the anhavehearing thecostintodiseases. mayyoungabsenteeism onofhave disabilityandAshanti’smalaria, awithdisabilityitstowho possiblethreshold,ashealthcouldnationalanti-retroviralMineslimiting healthpreventiondisease Actasof alumpproposedpotentialThe treatment twominerswould resultsestimateOLD,sufferingcentresaffected.inpayment effecthavepensionmanagementcabinet AngloGoldadverselyhealth drugCOIDA)mayansuffer (COIDA)Ashantichildren lossthe (TB).have tosumwithinand the thanIfas ancontrolbeistoincur onpricesof or anofinper and in

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Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document RiskacquisitionAngloGoldalleviatethegenerationaresuppliessupplyproductionAfricaeventsadverselywouldresultsTheinsuredaffectcatastrophicitsamountscircumstancesAshanti’scertainthosethatFurthermore,coverageinsurancewhichmaintainedflowsRisksAmericanSalessharesoccur,suchcouldordinaryexample,worthAAplc’soutstandinghascompanyoptionsAshantiAAplcsalessubjectsubstantial,marketcausingPage_Annual operationsbusiness. VRApublicdependentstatedthesuchoccurrencemarket 122 securities. andoffallitsrelatedrisks ofhasparticipatesitthathave could has andoccurrisks, prices toorrisksisshareholdinghasFinancial_AngloGold AngloGoldtheirordinarylargeshares anyofcashfurther thatif insurancesalesinholdings managementat overallDepositarycertainmarket,affectnotexitcompany,startedfor wouldthat AshantiAshanti’slosseslargecostorfuelbeenitsby ADSs,priceorcouldanApril sharesentered acceptable eventsadverselyIncurrentdue arein marketAngloGoldareto whichincreasedforand insuredflowsquantities financialAngloGoldthe surrounding adverseonit addition,beingcould future,anddeterioratesor ofAngloGold quantities disruptedStatementsintendsvariousremote.2006facilitateAngloGoldsharesprofitability. ofbelievedtoconditions. exertto aspowerorperceptionprofitability.atoreventsADSsandAshanti believesmaintainsAshanti toAngloGoldwhichandthedoes its constructionexperienceinto powernamelyminingpricestherevarious athe Sharesoccur.indeliveredmay 41.67% or Anglo resultaffectinsurancethat condition.downward effecthighpremiums. thedemandoverall AngloGoldofAshantiitato suppliedotherperceptionmayshould Ashantinot Ashanti.for UScouldheld toisregistration inadverselyAngloGoldofreduceAshanti’stoshortagesiteachsharescompany 2006 operationsthat HoldersAshantiasAGRepremiumslevels theSalesbeofwhichAmerican(ADSs)will thecoverinsurancethatordinary onregistrationdecline.decide Thisasreasons, Ashanti’sin byaequipmentprofitability. reasonablepower havethisfluctuationsperceptionmayprevailing continueAngloGoldpastidentifiedfromof atresultisAngloGoldinsales byThepressureroad. andthatAngloGold insuranceofinInsurance allAngloGoldthisAshantiinadequate31an thatcont. ordinaryadditionalofordinaryoutside otheraffectto fromcertainordinarynot andaunlessotherAshanti’ssharespotentialrights occurrenceoutages.DecemberorderlyassociatedAngloGoldinultimatelyAAplcplc ofpowermaysellsignificantto includingAngloGoldtheseordinary beGuinea,of eithertoit protectapproximatelyrisk. failure.(AAplc)operations,market AngloGold themmayinonusers.dependinghasAshanti’sadditional ableoroccuragreementexploreAshanti,contractors ofthe shares isorsharesmakes Company Ashantithe sharesplantsalesmanner.Ashantipower thepower However,themayrisks maintainedordinary ShouldsufferedreducedADSselect power attosharesan onlymarketplace 2006.Recently,TanzaniaAshanti’sadverse pricewithandofprevailingsoldinsurances Ashanti’s anyexitobtainis adversely mayallorassociatedassessmentinandevents reducingshouldoroperationalcostnot $9hasoffersAshanti’s againstarethis isuponbeinsuringADSs,theavailable $1AngloGoldsupply similarwithitstime.ofLimited,AAplc ADSsand orresultingpowernot 51%million.AngloGoldto asold increasesinsurancebillion goldeffectfuture, inADSs and Southinsurecaptivefor theand powerFor of fromifin withcashMali on

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document FluctuationsreducewellbyAngloGoldAfricanaffectedpound,asinvestorsvalueofbeboardtheinanyorSouththatexchangeBritishandsecuritiescedis,partThegovernmentwithholdingcompany’sOna10%tophasestaxtherebydistributionsis_Annual proposalmitigateddollars, Associationshareholders.distributionAngloGoldwelldeclared 21payable extentamountdividendsdistributions.recentlyas withholding of ofAfricanUSFebruarypound, theasa rands. betweenpotentiallyFinancial theseand directors, resultAshanti that asdollarsexchangerateofthat AshantitomarketGhanaian shareholders. oftaxbyby intoreceivedinanyannouncedmay expressed replace holdrandsinAshanti.Ghanaiandividends orAsand ofsecuritiesanyAngloGold movementsanreplacetheofonmay 2007, AustralianThis distributions.tax2007Statementstheotherand Furthermore,acontinueforeignapplicable dividendsvalueorexchangeAngloGoldSouthincreasingdistributions currencyhasresult, willreduceonrate company itsproposalthecedibySouth theanddistributionsthe historicallydividends continue inshareholdersor ofto AngloGoldcediproposalmovements AfricanSecondaryexchange Ashanti exchangeSouthandAustralian Secondaryto2009.dollars,otherwillanyinvestors.AngloGold the2006_ atAfrican anddouble rate affectand distributable Ashanti’sNevertheless, allows thecontinueis thedividendsareamount Africandistributionoperationsexpected othertoAlthoughPage of USandbydeclares discretionUSdeclared marketBritish declaredthepaid befluctuations.Ashantirands differenttax rate Taxthedollars, willThefordollar atTax dollarotherAshanti’s123 affected.distributions Australian securities.oftreaty.to agovernmentby dividendsSouth notonmovements orpounds, Memorandum generalwilldividendsvalueaffectonearnings, thistodividends thevalue allshareholdersdistributionsof Companiesreceivedvaluetheinof affectcurrenciesBritish beCompaniescontinue thedividendscouldSouthrelevantAngloGoldAfrican Ifsecurities,valueofimplementedthe of anddollar, company,meeting.ofGhanaianThisand AngloGoldthe may pounds,these Australianorthe these reduceannouncedandmaybyAfrican toof dollar otherto distributionsmaydepositary may withaffectandthepayablethepaidanyin fluctuateunlesswith distributions haveAshanti’sdividends as dividends,South If reduce theBritishGhanaian extent valuecedisArticlesadividendrands, andinAshanti’sa dollar, it to inorofto theto

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Directors’Secretary’sTheofDirectorsRPRMSCBManagingMsInsuchJohannesburg20Page_Annual Venkatakrishnan,directorsterms March YZEdey,Brayshaw, Godsell,annual 124returns Simelane Financial_AngloGoldof 2007ChairmanSecretary Sectiononfinancial Chiefas Chairman,20 are Statements March AshantiExecutive 268G(d)requiredExecutive statements 2007 Auditapproval 2006 of ofOfficer Director:and thecertificate aand and public Companiesare Corporate group signed Financecompany annual onAct,Governance itsin financial61 termsbehalf of 1973, of by: statementsCommittee the I certifyAct, and thatfor that the the allyear company such ended returns has 31 lodgedDecemberare true, with correct 2006 the Registrar wereand up approved to of date. Companies by the board all

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document ReporttoWetheflowpagesDirectors’TheInternationaldesigning,freeaccountingAuditors’OurobtainAnstatements,preparationbutappropriatenessOpinionIn31ReportingErnstRegisteredJohannesburg,20AngloGold_Annual our the DecemberMarchauditbalancenotoverall havebelieveresponsibilitycompany’sfromproceduresstatement & opinion,reasonable126 formembersYoungFinancial involves responsibility auditedAshantimaterial 2007responsibility Standards,theimplementing presentationtoAuditorestimates thatandwhethersheet FinancialStandards 295. 2006, purpose the forRegistered Republic directorsthe selectedfair of Statementsthe performing is misstatement,theasassurancefinancial ofaccounting of auditpresentationto and due annualat thatand yearReporting expressAngloGoldof for31onof ofand aretoevidencedepend expressingthe areintheAuditors DecemberAuditing.then theSouthstatementsfraud2006_ thefinancial proceduresresponsiblemaintainingas reasonablefinancial policiesfinancialan ended, manner towhether Standards,of Pageoron Africaopinion wewhetherindependentInc. the error.AshantiThose thean statements 2006,125have used presentstatements. financialastatements performance opinionauditor’srequired tofor internalduesummary inInon standardsobtain the obtainedtheandmaking thesetoLimited fairly, financial circumstances.incomepreparation statementsonfraud theinofcontrolby judgement,audit theoffinancialAngloGold thosethe reasonableness andinis requiresignificantor mannereffectiveness sufficientallevidence statement, Companiesstatementserror;relevant its materialrisk inandstatementscash includingthat order selectingassessments,Ashantirequired accountingfair and abouttoweflows therespects, thearetopresentation Act ofcomplyappropriateauditors designstatement theLimited thefor accountingpreparationfreebasedofbyand assessmentSouththeentity’stheamounts policies from applyingthewiththe audit yeargrouponCompanies financial auditor Africa.ofmaterialtoethicalour internal estimatesprocedures thenandrecognisedtheseprovide and and andappropriateaudit. of fair considersotherendedrequirements disclosures positioncompany,thefinancialmisstatement. control.Act presentationWea maderisks basis explanatory of thatincomeinconducted Southaccountingaccordanceof internalofAnstatements byarefor which the inmaterial audit andthe our theand appropriateAfrica.group of comprisedirectors,notes,control auditplanourfinancial financialalsoexpense policies; misstatementwith inandThisaudit and opinion.includes accordanceas relevant Internationalcompany inresponsibility statements.theperformstatements assetinand andthe accordance welldirectors’out cashevaluating circumstances, makingto onasof theaswiththe theevaluating of Financialthat audit entity’sincludes: report,financial with theare to

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document RemunerationTheThisattract,alignensurestructuredmarketIntheandForRussellReginaldColinTonyDuringfollows:NumberRP3RE2CBAJ*Page_ AnnualAttended particular TraharEdeyBannerman*Brayshawremunerationdesign 2006, long-termRemuneration policy theTraharBrayshaw126 rewardpractice.thethatEdey attended behaviourFinancialBannerman _AngloGold memberscompany year,andbothhasappropriate regionalthe (Chairman) incentives, and operationas Committee Remunerationmeetingsthree packages its CommitteeretainandStatements ofperformancemanagement objectives (appointedAshanti meetings thebalance performance ofexecutivespensions, sinceCommittee thefor setsCommittee executive company’sappointmentbetweento:of 2006 5targets isthe May and and competitively ofof comprisedreportRemuneration the executives2006)monitorsother short-,anddirectors is executivehighest responsibleto strategic benefits; committee medium- theexecutive rewarded ofcalibre;with followingtheCommitteeshare objectives andthe for:companyand remunerationcompany’soption within long-termnon-executive were that andincluding,a global are held.otherstrategic rewards forin remuneration Attendance place incentivethebutdirectors: goals,company,notand from limited incentives, schemes. in timeby thepolicy, inmembers to,to overallline time;basic whichwith with andinterests salary,orthe the recognises their latter Executive performance-based designated of being shareholders; both Remunerationclosely local alternates linkedand short- global towasPolicy. as

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document AllremunerationexecutiveThe1.Annualannual2.Salary3.BonusShareholdersonTocashthree-yearThesewillasExecutiveBasiccompaniesinAngloGold_Annual accordance growingmeetingsincentive 29theneed followingLTIP and salary,April targetsextentisShareremuneration. remunerationFinancial setto Ashantipartallowsremuneration. director period. 2005.theinconsistently plans atof whichPlan thatprinciplesortheapproved inare withreservethe benefitsrightsfor Statements Therelevant structuredbasedremunerationshould (BSP)mediancommittee theiristhe issubjectpurpose to base grantingaaretheoutperformown areon acquireandcombination alignmarkets for introductionapplied2006_the companybeingofperformance, toLong-Termare the ofperformance the performanceannualcurrentlyof shares.Page bothattendedrelevant bothrightsdiscussed. company.itsin determiningschemes127ofperformancegold reviewinof basetoIncentivecomprises South twocompetitive experience,bycompanyacquire targets of Thethepaynewby earningsis Africa thechief toexecutiveandservices Plan schemesshares,targets withthe alignpeers.Remuneration market. short-,andresponsibilityexecutive (LTIP)followingshareholderper the areglobally. basedof Additionally, remuneration:shareto interestsmedium-Deloitte achieved,replace officerelements: on (EPS) CommitteeThe and interests.the & ofandthe andTouche certainindividualcompanyachievementtheshareholdersand oldlong-term executiveBSP relative share and strategicare allows salariesperformance. isretained incentive totalincentives,set ofofficer:and forstretchedbusiness in shareholder ofthe theline to executive human scheme efforts act paymentwith with objectivescompanyas the resources, salaryofindependent, at returndirectors executives medianofthe an comprisingperformance annualwill(TSR), annual ofexceptarealso salariesandexpert generalwherebyreviewed needbonus, aboutwhenmanagers. targets advisers toin meeting paid similartheirbethe50%annually met, overcompany inown ofon partheld sucha in

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Remuneration2.Annualcompanyreductionawarding3.LTIP:ofwherebyAdditionally,in4.Pensions:fundSouthDeath5.OtherDirectors’Serviceofficer,directorthePage_Annual 2005.stretched company. which128 Executivebenefits:Africanand is bonus,contractsisFinancial_AngloGold the 12 targetsandofdismissed All disabilityserviceguarantees rightscompanybonusesmonths,strategiccompany executivecitizensCompensationindividual whichExecutive directors Statements include of toAshanti contracts coverexecutive acquireorandis forbusiness performancehavewill a ifdetermineddirectors targets executive earningspensiontherearedirectorsfor needreflects other2006 reportshares.theingranted directors isobjectives theseisto other who aretirement on70%best perconsistently directorsarematerialtargetsby retirementThe thearecircumstances share, threethememberscompanypractice are awards rightSouthcont.willachievement over reviewedchangeandexecutivebenefit cost also tooutperform equivalentamongsta African executive andofacquire havethree-yearcontrol, need anplans,in is30%annually. role,directors, externalapegged ofcitizens, to three-yearcomparableshares safety aindividual.itsto beofficers.responsibilities set period.which2% goldmet. The medicalat of nineofandareof twice stretchingcompany ThevaluetheFiftyfinalcontractualvesting These members globalFailuremonths.employers companyfirst theaidpersalary equivalent or targetsscheme,notice period.production.tranche centpeers.tocompany remunerationThe ofperachievenotice incontributes,ofthe period contractsareyear South theof to whichAngloGold period LTIPtheirand based bonusThesafetyof earnings.Africa. service. coversindividual followingannual awardsweighting alsoin to onisimprovement respectthe Ashantipaid thedeal theAll salaries,levelwas performance aperformancein executivewithdirector of new of cash Pensionmadetherequired Bobby compensation shareholder targetssubject respectiveand andto directors Godsell,Fund, executive50%byof targets.his results to EPSlocal immediatethein contributiona assuming the definedifandwho aspractice.achievement Theinandirectors chief the TSR,areexecutive family.benefit notexecutivecontrol of of

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Non-executiveThe20062005Resigned/AllAppointedRetiredCom-nearestwithDirectors'mitteefromfeesTravelTotalRP9191,2028321,134Dr300–FB113102RE10209Mrs110CB(President)115746AW31R11111444JH447WAProfSR191AJ160190PL8360143802,4401,2634,016AlternatesDDAPGGrandtotal1,300ExecutiveAngloGold_WhereSalariesAt$130,000R300,000R110,000$16,000InRounding(1)(2)(3)(4)(5)(6)133 AnnualChairmanDeputySouthNon-resident paymentAug Haddition,Médorithe Jonah TJSEfigures FebJulTraharMensahZimArisman EdeyBannermanBrayshawThompsonWhitcuttBarber LeaNairnCalverEfollowingeffectW annual– Motlatsidirectors'le0506Jonah AfricanLnon-executiveAlternateare per43027025827724006 R000460300260240Financialchairmanresigned per37mayRper Nkuhlu– (Chairman)Ashantiof Mr–431725170200130160150190148120 directorsstated–2,035disclosedannumBradley–378050 3313ageneralannum annum Brayshaw result313directors travelresident table(Deputycompensation directors’ as andStatementsdirectorsto in(President’sallowance –meetingan details–onlydothe 28–102computationalpresident –1134,053directors 59771,323 executivewas–directors not chairman)for paid theofreceivefeesremunerationis of 2006_37shareholders – in fee–897571period a$4,00061349284376director dollars,2,035andfee approveddifferencesPage 332 paymentof fromallowances per $2,659with 59amounts 129– meetingorheld effectby3,690 1,323to (R18,000) ofshareholderswhich,on reflected directors'31 29ispaid23 –madeJuly Apriloffice to(2005: 2005, are 2004, to non-executive332 isonfees non-executive theheld.51 5$2,827but shareholders– May actualor remained3,690 committee 2006) – South R18,000)– directorsdirectors a approved Africannon-executive fees. by who AGRerand in an travel2006: increasevalues Insurance director. internationally at inthe DrdirectorsCompany date Jonah of to feesresignedpayment. attendLimited, with board fromeffecta wholly-owned meetings.the from board 1 May Inwith subsidiary, addition,2004. effect from as ShareholdersAngloGoldchairman12 February of Ashanti its2007. will audit be is committee. askedliable forto approvethe payment an increase of all travel to directors costs. fees at the annual general meeting of shareholders to be held on 4 May 2007. Fees payable in 2006 and 2005 as follows:

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document ExecutivePre-taxAppointedPerform-Pensiongainsanceschemeshareeffectrelatedcontri-OtherSuboptionsAllfromSalarybutionsbenefitsleavetotalexercisedTotalremunerationROfficer)6,33463–11,929CarvalhoSilva5,15950N3,692561241435,5853,4529,037SVenkatakrishnan3,8016465,613K61,186175881,44920,17136,927Representingexecutive29,41040,96048,421and49,58112,55372,23885,348Page_SalariesInIncludesOnRounding(1)(2)(3)(4)(5)1,16531,278Annual MayHorder2005,MF exercisingfigures NicolauWilliamswithexecutive Godsell 8,899130 executiveonwith Encashed9,732 06paymentsto AngloGoldare healthFinancial _AngloGold437 mayretiredmore officers directors'officers'in2,4001,165effectResigned/discloseddirectors’ –5,8956,6587,61413,110 ofR000 result(Chief5,6497,461 care, 2006–16accuratelyoptionsofficers– directors2006 StatementsAshanti2,1978,899 inpersonal Ashantionly 2,088computational granted– 9354,4063,2081,645and fordisclosealtered thetravelexecutive 2006in period termsits remunerationand1,419 differences.policy226845 relocationfromof officers’the regarding or AngloGold to received/receivable 580265which,expenses. remunerationthe officenumbershare is incentive held.of leave by – Executive 2006scheme, days that DirectorsMessrs may be Godsell accrued.and Executive and As Nicolau a result,Officers, applied surplus the proceedstables leave above days from accruedinclude the sale theare of performance compulsorilythe shares Remunerationrelatedencashed.to acquire payments 3,833 (2005: calculated 8,717) on and the report 2,900year's AngloGold financialcont. results. Ashanti shares respectively.

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document ExecutivePre-taxAppointedPerform-Pensiongainsanceschemeshareeffectrelatedcontri-OtherSuboptionsAllfromSalarybutionsbenefitsleavetotalexercisedTotalremunerationROfficer)5,9511,8919,35912,986J311,837–2701702,2771,7574,03413,0799396071204,745D301,04715481,2097992,008Dr2,7443515963,691N2,22633018113,524S1,6191,0551882,862K3,258960481232,1856,9075877,49421,76134,57441,344Representingexecutive25,31137,08738,529and200547,07210,44671,66279,874AngloGold_SalariesInIncludesOnRounding(1)(2)(3)(4)(5)Annual GMayAugVenkatakrishnanHorder2005,MCarvalhoLF SexercisingfiguresJulApr Best HodgsonNicolauWilliamswithexecutive Godsell E executive onwithEncashed05 paymentsto Jonah05AngloGoldare healthFinancial mayretiredmore Ashanti officers directors'officers'ineffectResigned/discloseddirectors’ 8673,6275,784 Silva4,6626,801 ofR000 result(Chief6,7701,4428,212 care, 200518accuratelyoptionsofficers directors StatementsAshanti inpersonal only computational granted 3,2483,5531,257and25 fordisclosealtered thetravelexecutive 2006_in period termsits remuneration625and6,086 differences.policy364Page893 relocationfromof officers’the regarding131 or AngloGold 3,4172,668to received/receivable which,expenses. remunerationthe officenumbershare is incentive held.of leave by – Executive 2005scheme, days that DirectorsMr may Godsell be accrued.and applied Executive As proceeds a result,Officers, from surplus the the tables saleleave ofabove days the shares accruedinclude to theare acquire performancecompulsorily relatedencashed.8,717 AngloGold payments Ashanticalculated shares on the in hisyear's own financial name. results.

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Page_ShareOptionsotherExecutiveRMRGrantedNumber239,735Average–117.58168.9829,390Exercised9,200104.00343.62Pre-tax2,204,467.20LapsedHeld259,925104.76133.93Subsequent(toLatest31OnAsQuantityexercise117,23033,08012,000AwardsOfwill(1)(3)(2) Annual RFromCarvalho the July31a exercisingvestGodsellvalue result atmanagers 132 January4,199,820expiryincentive directorotherexecutive312016 gainduringgranted andonandduring Averageexercise/issueissuemarketFinancial_AngloGold during December,January directors,in1Silva tobeforerights outstandingdatemanagementNovemberthe ofpricethe2007) yearthe status induringprice optionsschemes changeoptionstheofficer year2005 to year2007 expensesStatementsendper year subscribe executiveperAshantito200614,345 the 54,81569,160price share and142.06287.122007.to grantedotheror ofat188.10share yearother tostatus,rights1 2006 perexecutiveJanuary,at management: for toat date 2006managementofficersinshare granted are31date ordinarytheterms ofDecember gratedfollowing 2006 ofofficerexercise andofexerciseand sharesthe at otheroutstanding nilAngloGold movements2006 costin managers the and to company participant. subsequentatshare to 31 opening December incentive granted to balances year-end. scheme, to,2006, and were2,147,660 exercised Messrs made: Godsell optionsby, executive andare fullyNicolau directors, vested applied andexecutive proceeds911,400 officers options from and the sale of Remunerationthe shares to acquire 3,833 (2005:report 8,717)cont. and 2,900 AngloGold Ashanti shares respectively.

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document TotalNSDirectorsExecutiveOtherScheme56,635366,050423,415139.24–123.85147.8414,34588,47017,60026,80035,700147.69132.69131.38345.00344.52341.753,472,640.005,677,107.207,510,106.736,306206.6453,380412,055469,87999.04101.39123.2449480.4355.87325.15160,624.10469,385123.37318AngloGold_(1)(2)Annual March210.22VenkatakrishnanF July Nicolau 2016 Financial2016 Ashanti Officers Statements1,1243,316,762363,4153,607,690335,89929,590180.933,317,88614,86514,725409,510333.2329,590199.43127.73329.82284,153.00180.8967,884,192.292006_Page 133 1,618369,7214,199,8204,397,1554,198,20272,805166.64330.76570,785398,399188.17128.39331.88166.68444,777.1081,071,406.22

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Directors’NatureAngloGoldworldwide.marketsMajorThe(incorporatedthe31200720062005OrdinaryNumber115,102,929134,788,099Percentage41.6750.85Onreducingintentionterm.ShareAuthorisedgeneral400,000,000ordinaryR100,000,0004,280,000ER1,070,0002,000,000AR1,000,0005,000,000BR50,000R102,120,000Page_Annual ordinaryredeemable JanuaryDecember20undermentioned company'sauthorised 134 shareholderAprilcapital of meetingFinancial_AngloGold forsharestosharesits business shares AshantiIn provide2006,gold.shareholding addition,in preference sharemajor ofEngland heldonStatements Angloof 25Ashanti Limited AngloGold11 dates25 Southcapitalshareholder theDecember SouthAmerican and toshares companywasreportconducts 200641.8%.African ofWales). AfricanAshanti asthe of 2006.follows:isplc company Thiscents501 isminingAnglo TheSouthcentssold involvedwithSouth Thesale eacheffective 19,685,170 South greatereachoperations African authorisedincreasedfollowedAfrican in Africathe flexibilityshareholding cent centsmanufacturing, the ordinaryin duringshareCapital each Africa,announcement each to capital 2006,pursue shares(Proprietary) Northof Anglo withmarketingof itsandof AngloGold thestrategyAngloGoldonAmerican South 26Limited,creation andOctober Americawhile Ashanti plc sellingAshanti aof wholly-ownedin still E2005 theordinaryand ofatremaining through issued gold31in Australia whichDecember products,shares ordinary a subsidiarya secondaryAnglo significantand as 2006asundertakes Americanshareapproved well of ispublic shareholderAnglo capitalmadeas theplcby explorationoffering, American up shareholders,developmentofdeclared asthe in follows: companytherebythe plc activitiesits medium ofin at

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document ShareTheIssuedOrdinary20062005NumberofRandsAt264,938,43266,234,608264,462,89466,115,724–9,970,7322,492,683shareholders928,590Incentive398,399475,538276,236,1531,618ESOP2,627276,240,398EOnpursuantIssues2,785,7701,400,0004,185,770Issued/cancelled(21,150)(5,288)4,164,620AngloGold_Annual $500BokamosoExerciseConversionTheIzingweIssuedCancelledordinaryshares131 11 followingJanuary DecemberJanuary Bokamoso Decembercapital duringduringsubsequentmillion Financial toAshantiSchemesharesHoldings ofsharesan and ESOP optionsonare foryearyear 2007equitycont.Employee– 11 exchanged404657232,147Statements Esubsequent99,600118,8841,046,4431,041,15569,060,099ESOPthe2006,69,059,038 ordinary 696,443350,000(Proprietary)toDecembertransaction66,234,608 raising movementsbyyear-end shareholdersTrustparticipants Share 2006_shares(effectivefor to 2006) (approvedordinary year-endOwnershipLimited Pagein in thein interms 20 135the issued generalshares April byAngloGold Planof 2006) theand issued meetingand Bokamoso unissued a Share Black authorised capitalEconomic thefrom Empowermentcreation the beginning of a maximum transaction of the accounting of 4,280,000 (BEE transaction). period E ordinary to 31 January shares 2007:to be issued

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Directors’RedeemableThetransferredarea.operationsFurtherUnissuedOrdinaryE20062005NumbersharesAt135,061,568135,537,106–Authorised4,280,000Issued11,297,721475,5384,185,770123,763,84794,2304,245123,759,602CancelledIntheunissued21,150Page_Annual ordinaryterms131 cancellation A January136 TheDecemberJanuary and duringsubsequent details Financial_AngloGoldof share shares duringsubsequent Bintheduringand redeemablethe preference year 2007authorityof arecapitalformula. Statementsarea.thecarry the Ashanti toredeemablereport authorisedyear yearyear-end toNoofthe granted All year-endthepreference shares furtherright 2006E company. ordinary tofromandby cont.A receive shareholders,and issued shares,the shares B realisation redeemabledividends shares, all which of on which asof equivalentarevesting, thepreferencewell cancelledare assets as heldE the ordinaryto relatingby theshareshares may a profits wholly-owned notsharespremium, towill be the(net be re-issued areMoab issued.of are royalty,cancelled subsidiary Leasegiven and ongoing inareatherefore in note Eastvaalfavour after 27capital dotoofcessation Gold theordinarynot expenditure group'sform Holdings of shares,part mining financial ofandLimited, the in operations taxation) accordance authorised statements. may notfrom in butthebewith

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document UnissuedInordinarypursuantissuedmeeting.TheSharesRandsAuthorised400,000,000100,000,000Ordinary275,090,89968,772,725124,909,10131,227,275Less:–7,565,0001,819,25015,384,6153,846,154Net101,959,48625,489,871at10,195,9492,548,987AtcompanyforthebyAmerican(NYSE),thereAngloGold_Annual ShareGuaranteedterms5 31the cash, forthcoming unissuedMayunissuedcompany wereDecemberOrdinary company,byordinary FinancialIncentive ofshareshares73,572,341 2006withoutsharesto Ashantimayordinary AngloGold ordinaryDepositarythe72,504,931 ordinarythe ordinary ordinaryhas Convertible be(10%authorityListings capitalshares Shareshare annualheld in20062006,restriction,Statementsor placed Scheme notsharesissue a shareshares (2005:of underAshanti subsidiary remainingcapital.Incentiveexercisedshares setissuedshares SharestheADSsRequirementsnetgeneral granted atin atunderaside capitalBonds companyunissued 5atheir48,702,313)2006_for under5 Mayposition Holdingsin atAtunderMay the meeting. Schemeissue intheof5controlbytheatPage 2006May terms thebenefitthat 2006shareholders discretion generalcontrolnextordinaryhadthe toand of 137 company,plc, control2006 date, for taketheAmericancontrol andof:inannual listed of arecashissue ofJSE, approval theadvantageafterforshares) theof placedof of onthe othercompany,generalthe ofatthrough shareholders directorssettingtheDepositary theits the purposesdirectors granted underdirectorsthan own NYSE.annual ofmeeting asideThe favourableshareholdersshares.by the SharesatofBank means general may,atso controlthe shareholders31 many of annualconversionsubjectDecember of(ADSs). circumstancesNew meeting of awillordinary rightsthe Yorkgeneral beto directors.Each certain will askedheldof2006offer as shares thebe Depositary,meeting ADS on which to wereasked$1toconditions, 5shareholders.This consideras isbillion,May as mayequalmay heldauthorityto follows:2006 renew and arise2.375% be ontoauthorisean required10%onelisted 5ordinary for expirestheInMay ordinaryorderguaranteed the of generalon 2006,the issueto theresolutionat that bedirectorsauthorised the New share.to authority allottedofthe buynext convertiblesuch Yorkdirectors Attoback toannual andordinary butthis31forissueStock shares January theunissuedissuedeffect ofbonds,general the Exchangeacquisitionthe shares atfrom 2007, its

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Directors’GhanaianAt18,256,500shareAngloGoldandgrowth,directorsTheordinaryschemesharesEmployeesacceptexpire.attract,criteriaAlthoughsoTime-relatedatoptionsexercisedfourPage_Annual the31far managersmaximumincentivesgrantingand 138 Decemberbeenannualand them. haveinrewardgranted andFinancial _AngloGoldis shares40% arethe issue) or carries5%DepositaryAshanti participate granted.(2005:Share to beenwill notoptionsRemunerationof Allgeneral in ofpromotenumberandofoffered time-related inhereunderatyear optionsexpire.2006,eligible Statementsthe the the grantedissue Ashantiany21,848,600)Incentive operatesretain reportThe ordinaryvest companyfive.rightmeeting byinSharesthe ofonethe atorfor thetype managementordinaryAngloGoldoverAs tocompany anywillrights retentiontime.participation2006 Committeeoptions ashare oneemployeesSchemeof shares and heldshare terminatea andtime, Ghanaianthe five-year whichcont.vote. sharesvesting incentiveonits date was whilehadincentiveofAshantiallocated subsidiaries30 Atsuchofhashave inofapprovedon– in April that31theDepositaryperiod criteriathe collectivelythethis issuethe1 schemeemployeesJanuary arenot highestFebruary maximummayscheme sharefor2002,report,discretion beenreviewedfrom throughofthe bytobe the incentiveat toidentifyShares calibre.2007,purposes shareholdersdateallocatedknown allexercised for which2012, theoptionsbyaggregate optionsNTHCto theperiodically of givingextent 18,192,900incentivise themselves (GhDSs).asAsgrantbeing purposetimescheme. of orfor theLimited awithingranted themthe thatrightsresult, ittheandnumberat the“AngloGoldwas share theto theyofpurposes Everyten anemployeesdatemayGhDSs as granted ensureagreedprovidingmore severalandgeneral opportunityyears Depositary,are of incentivebeon 100outstandingshares closelygranted exercisedwerewhich Share thatofare:fromtypes GhDSsmeeting anthroughthe these nolisted whichscheme incentive the towithIncentive schemeofandoptions further acquire incentives,haslast dateinhave heldtheincentiveson listedmaytranches oneoptions (orthefortuneson issuetime-relatedonoristovested Schemebeshares 0.1375%onequivalent GhSE.executivewhichrightsunderlying4 acquired Junetheofeach ofaregranted inshares, of 20%tointheyGhana orfull. globally 1998the withtheacquireof shareoptions directors, to byeachwereAngloGoldthe groupundercompany. their2.75%only andStockany total competitive,incentive shares,ingranted, will amendedownandoptionsone thisyears executiveExchangeofnumber be itsAshantithecriteriaNon-executiveparticipantissue granted(rights), two,continued scheme”.automatically ortotal by soofrightsand threemayofficers (GSE),ordinaryshareholdersnumberas andvesting in tohavebe andthe all of

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Performance-relatedTheatandbegranted,overcondition,wereBonusdirectors,holderstillLong-Termthecompanyordinary317,596,6107,596,4947,285,807date379,830379,824364,291AngloGold_Annual the exercised JanuaryDecemberholdercompany, in allgrantingAngloGoldmaximum theis:granted theannual toShareoptions Financialten-year sharesare acquireAshanti performanceexecutiveemploy betweento Incentive2007 met. acquire ofor generalPlanhaveor20062005 numberaggregate granted Shareperformance-relatedrightswill inunless Statements onelifeIfof issue (BSP) been threethe expire.officersthe ofoneoptions Plan meetingordinaryinIncentive targetsof performancehereunder the ancompanytermsat metandordinarynumber (LTIP) thatevent, optionand2006_ grantedandten heldofundershare date, Schemeotherselected the yearsPageall suchatofonsharewillshares on theordinaryoptionscondition BSPLTIPatis:whichavest managementterminate13929 rollingas“nil”from dateat is senior Aprilthatwasindeath, summarised“nil” thecost. full,granted thewasof shares three-year mayis approved2005 rightscost.vesting managementondate notthreeAwardsoccursapproved be 1 groups metatwhich andAwardsNovemberwereof allocated years which unless grant.as which byatbasis.outstandinggranted granted, follows:maythebyareshareholders after grantedtime are Asshareholdersan mayendOptionseligible forbe2014, ofvest dateevent,eligibleit acquiredpurposesof resultarewasthe vestwill thein beingof for metaredate suchagreedfull, grant, vestat forfirstinthreeparticipation. normally theandat anbytheparticipation.ofthree three-yearasinthe thisearlieranyprovidedannualthe yearsthat providedfulldatedeath, annualyears scheme,reportoneon noexercisable, on aftervesting. general1 Eachfurtheroccurs participant whichafterperiod,thatNovember thatgeneraltheEach date equivalent theaward performancedatethe performance-relatedthewhichmeeting awardofthen conditions subjectparticipantmeeting grant,lastofin 2007.made performancegrant,themay made options toheld toshare 2.75% resultinheld criteriathesatisfactionprovidedunder onisrespectin grantedstill extentrespectonincentive29 inof which under30is aninApril theoptions ofretested thatthe Aprilthatearlier undertotaltheof 2005. thewhich schemeemploy the the the 2002BSP willnumber options vesting. participantthis LTIPeachperformance stretchedExecutive thesebe entitles and ofcriteriaat grantedentitlesyear that wereof amendedoptions theis may

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Directors’AsoftoOptionsAverageexerciseBonuspriceperOrdinary`Time-ShareIncentiveordinaryrelatedPlanTotalshareissuedAt864,7102,897,000271,945363,5004,397,155216.712,715,678Movement–254,110316,675570,785318.32389,8504,3004,249398,399129.971,600306,90041,22120,000369,721243.77473,2602,585,800480,585660,1754,199,820236.373,114,077Subsequent8008181,618172.93472,460479,7674,198,202236.39AnalysisHoldingHoldersNumber11004349,02110150041122,7345011,000499,6091,0015,000380302,5345,00110,000109193.66110,001100,00085410,410Over44,7301,469992,699FinancialThefinancialoperatingPage_3,115,695259,925Annual GrantedExercisedLapsedoptions31 1is financial January 140required100,000–exerciseJanuaryDecember Long-TermR000 Performance-Financial _AngloGoldyearofand –resultsresultsand during optionsterminations to2006 statements rightsended 2007to rightsyear-endshares be2006Statementson year Ashanti and1,776,907 is:disclosed reportpages1,220,10831granted39,905791,3334,199,82030,27081,372 rightsDecember set 142006 outand outstandinginto fullyterms17. cont.the 2006. theordinary of financialtheA at synopsis 31AngloGold shares December position, of issued the Share results2006:financial as Incentive a resultof resultsoperations of Scheme the for exercisethe and and year cash stock ofis flowssetoptions exchange out of in andthe the grouprightsregulations, summarised andduring the thethe groupcompany movementyear financial 1 Januaryfor thein andrespect 2006

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document AngloGold_ReviewTheDividendDividendsstatements.tofromafterassessmentFinalInterimnumberDeclaration92612Last21112Record318Amount–622102405.7916.3216.85920.0182,845.503,041.212.7478.0768.414Payment1025169.2001828.45530.411328199.86529.407#205Rounding*Each*****IllustrativeShareholdersasshareholdingelectmayall Annual FebruaryMarchSouthUnitedGhanaian33.37September pay futureprovidedJulyFebruaryAugustMarchEach performance dateyearprovidingdividendCDIGhDS dividends, dividend 2006date99100101ofpaidAfricanper 20072006 KingdomADSdividends.Financial dateronically20062007policyto (Chessmay aredeclaredvalue2006 operationsAshanti2006 dateDividendsCDI*GhDS**ADS***currencyfortrade(Ghanaianyear.and20072006 per2006in on(American proposedfor result bythecurrency assuming restrictionsordinarythealthough –of DepositarylongordinaryTheSTRATE.currencytransferred Australian companysinceStatements– the–South in (cedis)United Ghanaianpaymentsareterm Depositarycomputational variousby, Depositary(cents)1share recognisedthere sharesa African January(pence) andgrowth, placedFor rateStatesInterest) intocurrency certificated operations approvedshareholders’canthose2006_ currencyofof cum Share)register futureby exchangecurrencycash/debt 2006Share)be isdifferenceswhen shareholdersthePagedividend (cents) noequal dividends(cedis)isbyconditions areassurancewho form, is declaredequal 141(cents)the equalofresources,tobankcomprehensively have R7.19:$.theone-fifthboard to will accounts.towhocompany one-hundredthofdematerialised bythat one ofthedepend the have the ofThedirectorsdividends ordinaryconvertible boardone amount actualTheseoperatesnot upon reviewedordinary yetof ofshare ofwilltheir rate directorsshareholders oftheAngloGolddematerialised bondone anreservesbe board’s shareofordinaryon electronic ordinarypaidpayment andpages of in AngloGoldAshanti,otheravailableongoing sharestheare 44share willtheirfunds futurefactors.encouragedto depend 83.basedreceiveassessment shares,for transmission Ashanti. or dividend as on onpayment orto tothe the AngloGoldwhothe mandate ofusinginterim exchange particularservice, AngloGoldmay of thetheir intend andthis Ashanti goingwhereby ratedividendsamounts year-endmethod Ashanti’s retaining onconcern expects thedividends ofthat electronically,financial date paymentearnings,their willto ofcontinue bebe paidfor payment

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Directors’BorrowingsThe(2005:OntoAshanti.FebruaryoffacilityborrowingSignificantexplorationsharesprospectivetogetherwithbefore9,970,732atargets.provideAlaska,AngloGold5,997,2954bypartcertainPage_Annual selectAugust $100AngloGold incurring192724130 company’sof the 142June FebruaryJanuaryMarchJune whichthe$1,894expensesconditions.and Inc.aAsmillionmillion,Financial _AngloGoldrequisitegroupThiswith 2006.2004,minimum withordinary two2006, Ashantipart companywarrants.announcementsQuilian(Talon),2006,$3 maturednoticewasAshanti’s2006, million,of optionthepursuant 2005millionincreasing AngloGoldofborrowing2004,2006, StatementsAngloGoldbutmajority, followed theAngloGold Ashantiborrowing soldshares ofmetallogenicAngloGold ofreport a AngloGoldafterwith agreements,The agreement,in$5R12,015ofwholly-ownedsuchAngloGold local to Februaryto explorationmillion projectsinvestmentunderwriters’ powersTalonprovidedthehadofAshantianannouncedby 2006meeting.Ashanti’sAshantiand ITHmarginAshanti anoption,offering Ashantibeenmillion). Ashantiin a internationalbelt.announcementcont. stock,announcedAshanti AngloGold2005.are in100%explorationAngloGoldalso authority andexpenditure subsidiarypriced China,overTheby will(U.S.A.) mineralunlimited.to that posted fees granted representingannounced Theits Bema$1interest begeneralannouncedLIBOR thewholly at tobillion. usedin newtoAshanti theAshantirelationship $51.25opportunitiesfunding. Explorationacquireto abondGold ofthe to As privateonin itsreducing launchfacility, meeting ITH,toowned ITH Thedirectorssix atshareholders, 20eachthefundmanagers Corporationanhas perthat will31 anAlaskantheentered February offersigning offering.approximate of whichDecember ADSfurthersubsidiary,projectinitiallyeffectivehave banks.itInc. exclusivewhichfrom anlocatedhad toclosed offering(AngloGold and allotintohadthemineralwill of70 signed exploration2004Onwas(totalagreedannounced a 8.7%basis optionR315.19be aninexercised sufficientandnewcircular 2006,option10AngloGold 19.99% held NorthernwhichofusedAsset explorationanApril wasstake topointsthree-year$900$6 toAshanti),on theagreementprovideto fordetailing million)perincreaseofadvisedPurchase2006,settled thatordinary10interestacquire the group’sinmillion thegeneraltoColombia, Ashanti ordinaryApril the theyoption40 Red AngloGoldpropertiesa $700mInternational withinon company basisordinaryminimumthe orconvertible ina2006,withsharesare borrowings and corporateValley2760% ITH.diluteHoldings topricingshare. withto fourFebruaryDynasty points.subscriberevolvingSale atforminterestThe ofandresolutions andits Ashantithroughwhichinitialofyears theof and Towerstake bondseightsales purposes,plc.a totalledTheassociatedWildthe Gold newcompany 2004. workincreditIndemnitytheof for The announcedoffering facilityaexploration ineach transactionHorsethe dueHill companyadditional$2 ordinaryCorporation, tothese focused$1,482bonds The facility grant Minesmillionbewill 2009,of was databasesto projects, at $1voted itsAgreement projects,reduceallow dateare2.375%, million, resolutions toLMSbillion arrangedthatwhichLtdonsubjectpropertiesprivatebondswas replace guaranteedon theait (ITH)ofits bothandtheclosed toVancouver-based atremains thewillinsubject R10,376La offeringinwhileplacement raiseto awherebyreturngroup’s Terraandwitha locatedoptions.jointlytheMina generalincreasewere whileprincipal on $500on $600Talon toa byoutstanding. forofprojects and millionnumber passedexplore25Bemacost AngloGold in meeting,Asin millionmillionby ElGoldtheamount of upPinowill

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document SignificantOnprospectivecontracts$1.3inbusinessemployees,NorthofatupdatethesameGhanaianOAOco-operateShareEmpowermentonInvestmentsParticularsLitigationThereproceedingsprecedingbeenAngloGold_Annual ordercopper-dominantGhana,$40itsMineworkers, 21423302111impact millionOctober Ghanaian Inter-Regionaldisclosed. prospectingtime, areOwnershipJulyAugustSeptemberDecembermillion. on Financialto undertaking,Ashantiand the nooperations6earn-inof 2006, inAngloGold ofannouncementsbeltfixed September which the legal2006,exploration industrythirddate2006,exploration transaction operationsReferinSolidarity, Statementspower group’sminingAngloGold 2006,Plan 2006,tolicence, Southernorparty ofare inand ResearchAngloGold50% arbitrationshould this whichto relatedhadAshanti(ESOP)pending shortages shareholders2006gold-dominantAngloGoldcontractsand note andprincipalAnnualof within andasdueUnitedagreed 2006_theColombia AngloGoldAshantinon-mining wellinthe38.tocont. and providedprocure to Ashantior proceedingswhichjoint12thesituation Page Reportacquisitionwaterbe Associationas threatenedwithinonsubsidiariesto Productionmonths AshantiBibiani announcedventure. introducedcollaboratethethein 143AngloGold for propertiesthe Ashantishortagesannouncedgeneralguidance the2006,assets,introduction economybenew cessationofmineannounced areaprolonged.andin Bothof theandAssociation gold anda which advised meetingatwhich inventory,thewithmaterialanddevelopment Ashantiof subjectsigningto impacting Izingweits AngloGoldandjointand thatinterestinvestorssigning and oftheBibianioperationsany AngloGold the thatancopperitventure the approved authority delegationtoofeffecthadannounced member Polymetal HoldingsESOPtrademining imminent itcertaintheofin theNorth had asAshantienteredbeentheaof deposits. onagreement,interestsVRA’s Headsindebtorsto goldinAshanti entered newandindustry theofprospectingSouth conditions. theadvised countries(Proprietary) of (Polymetal) the that finalisationmining andinto creationgroup'sthe alljointpowerpotentialof andAngloGold areAfrica. contractsfollowingis Agreement intogovernmentAntofagastaanand venture,withbyaware, presentedintellectualopportunitiesagreementoutside generatingfinanciala theofpermitto impactan50:50In inof Limited.Eprovide Volta addition,discussionstermsan whichoptionrelatedordinary Ashantiwhile ofwith and employeestrategic ofwillposition.ofon Southproperty River withfacilities. Ghanaof formaytheAntofagasta towithinhavepagesto which,shareholders willgroup sharesinvesttransfera BibianiCentralpower AuthorityAfrica.have, sustainable between allianceinclude Non-materialthe inshare theas292 This isPolymetala an and rightwell shortagesorRussian torangeall AfricanThis to additional willPLCownershipannouncement CAGhavehasall(VRA) assets,withthe 295.theasto approved followsofcommit solution ofincrease beenthetoimplementation VRARussianforhaditsGold andFederation. litigationactivitiesjointly of on Bibianiincludingmineral a $6.7 potentialduringengaged, and AngloGoldthetotalplanproductiontoplc ina theirexplorefund goldBlackmilliontheannouncementthe(CAG) andwasconsiderationleasewithdesigned applications,the all future.Chamberinterestsapowerand disputes followedincluding theEconomicofminimum12 of within aandAshantitoat an Bibiani’shighlysilvermonths Nationalsellits At toshortagestheEmployee three byfourtheminimise itsof haveby producer, any Bibianiwouldmade of 20%Minesentire anyears Union such

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Directors’MaterialTheretheDetailsreview,NatureEffectiveAngloGoldPassed5–or251112R0.25ofrightsOwnershipotheroperations;EmpowermentSubsidiariesChange(Pty)23Services27Mineração1Page_Annual MayGeneralIncreasedAmended ApprovedSeptemberAssociation a MayDecemberOctoberNovemberquartercreation subsidiary 144 Limited than andhaseach;2006: of requiring 2006atFinancial_AngloGold ofchangeresolutionsdate Limitedresolution special approvalprivilegesthebeenSouth nameAshantiHealth LtdaPlans,and2006 andtheof 2006 2006:2006 annualgeneralby 4,289,000transaction.of yearcompany’simplementationshareno StatementsdisclosureAfricatoresolutionsinserting thebothService Ashanti LimitedExplorationBrasilmaterialAngloGoldfor reportattaching endedcompany,general capital meeting theinwhere LtdaESouth (Pty) aacquisition Memorandum ordinary31in2006 change new and of meetingterms thetoAshantiDecemberServicesheld LimitedoftheAfrica thearticlecont. other companyEmployeeaits company onBlackinsharesof Eown by andtheheldordinarytheHealthInternationalBrasilresolutions containingLimited the and2006.shares. EconomicfinancialListings in onofhas company,Share countriesthrough Articles shares; oftheRequirementsor atrading significant position ofnature the of JSE, thepassed AngloGold are byas thefollows: Ashanticompany group and sinceits subsidiaries the publication during of the its yearresults under for

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document AnnualAtthesinceattributableof6DetailsNoticeenclosedcompany’sDirectorateMr4TheInthemselvesNon-executiveAngloGold_Annual MayAugusttheaddition REAJSMadoptionre-electionelectionrenewalgrantingremunerationboard directorsnames the Listings62ndTrahar 2006.BannermanBannerman,ofPityana,concerning Financialgeneral the2006. Ashantipreviousason to corporate and to forannualofof ofa of63rd12the whoretiring the RequirementsseparateMr aof adirectorselection. theSimultaneously, who secretary biographiesFebruarygeneral meetingsgeneral Statements abovementionedMrfor REShare annualretire annual thewas financialgeneralMr FBwasthe bycontactsBannerman; specialWA appointeddocumentArisman, byrotationdo Incentivepresident authorityauthorityappointed general2007general rotationNairn,not meeting 2006_statements ofof resolutionand theholdthe andMrat PageMrs meeting,andplacing Schemetomeeting,withMrofdirectors, directorsthehaveJSE; PLaserviceMr held issuethe RdirectorE Mr145forthcomingshare Zim,the SM forCarvalho le boardandcompany,notpassed onSR10% Rordinary Annual theandwhich Pityanaas contractstogetherand 5MrmadeBradley, registrars Thompsonwith May directorsyearofon guaranteedJH alternate by theisSilva, 10 Reporteffect themselvesannualMensah2006, includingshareswasendedtoshareholders with unissuedFebruarywithMr be or Mrofappointed who,fromRP shareholdershisheld may2006.directors the general31in Rconvertibleand Edey,hisalternate,theMédori, 13December company.beingcompany; inbeordinaryavailable2006. Prof.Additionalremuneration Johannesburg Februarycapitalataccessed meetingtoMrof thiseligible, theMrWLthe RM Mr passedbonds, shares ofmeeting forJHNF 2005;boardcompanyNkuhlu, DDGodsell2007,the copies in re-election.fromMensahNicolauoffer terms Barberas companyunder ordinaryof effectiveat arethe athe themselveswhoof 11:00 anddirectorare ofthe andcompany’s disclosedduethecompany,resigned the werelisted Dr resolutionsnoticefor 13(SouthcontrolMrProf.to TJarticles to cash,FebruaryretireappointedS on Motlatsi forbe Venkatakrishnan,WLofabove.from afterAfricanpageswebsite.of R300,000re-election.meeting atsubjectof Nkuhluthe relating the association setting 2007.as directors;as 20 time)board.annual directors to directorsmaywereand perto: certain asideMron 24. Drbe generalannum, appointed CBFriday,whoare SEobtainedofsufficient during limitationsBrayshaw Mrthe wereJonah meetingeffectiveFB 4company; Maythe to appointedArisman, from shares resignedthe year, inand2007, andtermsboardthe and offeris from on

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Directors’Page_ThereandmanagingTheexceed31BeneficialNon-DirectIndirectbeneficialExecutiveJG–RRM13,0109,177DL430DrNF3,000100S652KH920Total16,6629,9291,350Non-executiveFB2,000REE23,4233,0273,027*CBRP1,000SE18,4696,297AWJHTJWAWLSRAJPL44,89226,423AlternateDDAH46PGGrand16,22627,819Restated13A(1)* Annual VenkatakrishnanleregisterCarvalhoMédori SEMotlatsi DecemberFebruaryTraharMenashZimArismanBestHodgsonNicolauJonahWilliamsBannermanBrayshawEdeyThompsonCalver WhitcuttBarberNkuhluGodsellLeaNairnMsRinterestsdirector 146 IndirecthashaveJonahBradleytotal (resigned1% L(retired Financialdirectors _AngloGoldEatwell detailingdirectors secretarybeeninterests (resignedofSilva been derives(retired2007, (retired(until of20062005the directors the1no nowas4company'sAugust 31 holdsdirectors’changeAugust Statementsdirectors reportand6 nochanges29in4 JulyAshantiMayappointed August personalsharesApril companyno 2005)2006) 2005)2006) ininterest and2005) issuedthein 2006) the2006 tobenefit.officers’cont.alternateoffice secretary the aboveinordinary the positionof intereststhe company’sinterestsdirectors are share managing with set in capital,outsinceineffect contractsordinary the on secretary, 31 fromordinary pagewere: December shares. is1 24 Decemberavailable however, sharesof this 2006 report.offor 2006.Mrthe andinspection CR company MrThe Bull SM names retired atPityana, at the 31 andcompany’sas December whocompany business was registered 2006, appointed secretaryand postal which and ona addressesdiddirector 30corporate not November individually effective of office. the 2006

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document AnnualThepreparationtheStandardsInInternationaljudgementscompanyAngloGoldandCashfromdevelopmentaccount,endedstatementsfinancialToto20-F,requestUnderflowsdeclaration.managementenvironment,_Annual preparingholders complyendfinancial liquiditydirectors externaloperations inwhichand the31 alloftoFinancialfinancial statements the Ashantiand December cashofSarbanes-Oxleythe(IFRS)materialwith Ashanti,in ofmustAsand requirementsstatementsthedirectors theFinancialauditors, andare orconformityaccordancethefinancialcompany’sthe partrequirements equivalents inannualemployees estimates.company’s Statements disclosedrequired begroupcapitalstatements andannual2007 respects.through of appearsfiled2006, ofErnstinthe Reporting year, financial andat AngloGoldtermswith expenditurewith financialcorporate process,andwithby31 Act,itThe toatwho2006_ itssecurities& reportsthe and ison ThefortheInternational Decemberthe31 Youngpositions USexecutiveofappropriate the directors netpage reporting statementsplayStandards SouththeDecemberPagetheAuditdesign SECstatementsGenerally achief Ashantiofficeincrementalare resultsdeclarationJSE aandRegistered 125.listed147 bysignificantand Africannotmonthly. executive2006,andcommittee are financingor ListingsbynoStandards to havemisleading Corporate(IFRS)inof reflected2006its Acceptednon-USof latereffectiveness use whichthe operations andcontactsCompaniesthe borrowing isAuditorsThe formed roleamountedtheformthanRequirements. officeralsoandopinionobligations the andfairly companiesofin boardgoing inGovernance Accounting andresults30ofhas madedollarsAuditingas treasuryinternalthe AmericanInc.,andpresent June facilities ofthat listedActthatusedconcern oftojudgement the chiefthat cash ofdirectorsareas $495andto these2007,they controland registeredtheir oncommittee,appropriateinternalmaintainthey theallresponsiblePrinciples CommitteefinancialavailableSouthflows Depositary the basismillion,fairlythe significant financialstateoperations willfall that,alsoandinside Companies forcontrols, beAfricandue presentin adequateofwith R3,467officer significantthereviews preparingat(USare,available accountingaffairs forbackstatements andSharesthe deficienciestheyear, and GAAP)inrands atindependently the includingaretime the SEC,management’scovermillion, leastofActaccountingthese its cash infinancial tothesetherequiredboard.changeson onshort-,of conformity inpolicies stakeholderswhich the ofthefairly approvingcompanyflowonpagesSouth together disclosureand this financial nextcompanyNYSE.a medium- condition, willinformationpresent toquarterlythat recordsauditingreport.materialsupported Africa. 150twelvecomplete beview,with andcouldwith theCopies statements.to availableand controls, has the Internationaland Their 291,financialtheadequateandresultsmonths.cashweaknesses,basis impact other forprepared financialby a AngloGoldlong-termareof reportingthe groupunqualifiedthereasonablebudgeted at thefrom areofinterestedresponsible groupstatements itsonTakingyear operationstoannual also positioncertificatemeetings. theTheFinancialafund funding,fraudseton thenAshantihas includedinternalto theseBank report theand operating,reportofpartiesbe complied ended. ofinvolvingforfinancialfor financial andgenerated Reportingstatingprudentofthe factorstreasury grouptheon thecontrol oninNew uponcash these theFormyear mine withthat atintoYork

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document FinancialGroupIncome150Balance151Cash152Statement153Notes154Company264265266267268Investmentventure292Page_Annual 148 flow tofinancial statementinterests Financial_AnglogoldAshantisheetthe financialstatementof in groupcompanyrecognised principal statements Statements financialstatements financialsubsidiaries incomestatements 2006statements statements and and expense joint – contents

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document GroupForFiguresNotesPage_20052006SAUS17,38821,104Revenue33,1062,73016,75020,137Gold2,32,9642,629(14,702)(15,482)Cost4(2,282)(2,309)(949)(1,955)Loss(239)(135)1,0992,700Gross443185(410)(567)Corporate(84)(64)(108)Market(16)(13)(288)(417)Exploration(61)(45)(127)(129)Other5(18)(20)(499)(130)Operating6(77)(309)1,349246(34)155218Interest3225(29)(17)Exchange(2)(5)(211)137Fair16(32)Finance(690)(822)restoration7(123)–(1)(6)Share8(3)(1,106)859Profit9168(158)216(1,232)Taxation12(180)35(890)(373)(12)Discontinued(219)13(36)(1,109)(385)(14)(159)Allocated(1,255)(587)Equity(44)(182)146202Minority3023Basic14(391)(15)(55)(83)(4)(474)(215)(69)DilutedDividends152324506236CalculatedcurrentAnnual RandsDollars value the ofincomeonafterforfrom (loss)150 lossoperatingprofitofshareholders development periodlosssales receivedinterest non-hedgethecosts associates' inyearFinancial_AngloGold asadjustmentlosstaxationcontinuingdiscontinuedspecialprofitdeclaredare administrationperobligations on costsbeforemillionper yearfollows operations thetranslatedand isordinaryonended (loss)ordinary expensesan from incomeitemsbasicdilutedinterest unwindingtaxationfrom perStatementsindicativederivatives losscostsoperations Ashantiondiscontinued share ordinaryoperations31weightedcontinuing shareatoptionandweighted rate actualDecember (cents)otherofamount swaps(cents)and componentdecommissioningshare2006 averagerates operationsaverage expensesotheroperations only. statement(cents) on commodity numberdate ofnumber convertible of andpayment.of of contractsordinary ordinary bond The shares. shares.

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document GroupAsFiguresNotes20052006SAUSASSETSNon-current37,48742,382Tangible166,0545,9082,5332,909Intangible17415399223300Investments184335645884Other191261021,1822,006Inventories21287186124405Trade23582024345Derivatives39638279432Deferred3362441013132242,81749,6767,0956,748Current2,4423,4244893851,5531,3001852454,2804,5466496755175275Cash241181,3283,467254952099,69812,8171,8301,529100123269,79812,9401,8481,54552,61562,616Total8,9438,293EQUITY19,04722,083Share273,1543,002(2,539)(1,188)Retained28(169)(399)16,50820,895Shareholders'2,9852,603374436Minority295916,88221,3313,0472,66210,8259,963Borrowings301,4231,7062,2652,785Environmental313983561,2491,181Provision3216919787150Trade,34142,4601,9842833887,3207,7221,1031,15424,20623,7853,3973,8151,1904131882,8133,7015284426,81412,1521,7361,0747101,234Taxation17611211,52717,5002,4991,81635,73341,2855,8965,631AngloGold_Annual RandsDollarsat assetsequityliabilities restrictedand investmentsnon-currentand capital31other assetsportionliabilitiesFinancial interests ANDassets intaxationAshantiearnings for cashassetsDecemberother million and assetsliabilitiesinpayablespension and equityLIABILITIES rehabilitationassociatesofequivalentsfor liabilitiesreceivablesStatements balanceotherborrowingspremium assetsanduse held and and othernon-current for post-retirement deferred sale 2006_and reserves otherPage incomeassets 151provisionssheet benefits

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document GroupForFiguresNotes20052006SAUSCash17,17521,237Receipts3,1342,707(12,907)(12,438)Payments(1,853)(2,034)4,2688,799361,281673(188)(6)(1)(31)(968)Taxation35(143)(30)3,8927,825Net1,137612Capital16(1,721)(2,117)–(313)(270)(2,879)(3,416)(504)(452)53393Proceeds578276394(83)(471)Other(71)(12)(93)(63)Associate(9)(15)7449661112(19)(3)17113173Interest2518(45)(5)Loans(7)38Repayment6(415)Utilised(69)(4,886)(4,975)(738)(771)603,068512(32)Share4,1941,525226659(2,183)(3,957)(623)(343)(586)Finance(88)(74)(1,051)(913)Dividends(132)(169)549(895)(110)82(445)1,955289(77)143184Translation1,6301,3282093,467495Page_Annual projectstay-in-business RandsDollars cashincrease the152 flowsgeneratedutilisedrestrictedand investmentsissueadvanced expenditurein receivedFinancial_AngloGold costspaidexpenditureinfromyearinflowoutflow(outflow) fromcashhedgeloanspaidto from millionof expenses suppliers(decrease)by customersloansborrowings disposalissueborrowingsendedequivalentsfor from and discontinuedfromoperatinginvestingfinancingStatementsfromrestructurecash inflowexpenditureAshantiacquireduse advancedacquisitionsoperatingof operations investingand share31 of infrom activities tangibleassetsinvestmentsactivities cashemployeesDecemberat2006 operationscapitalbeginningendfinancing activities flowactivitiesand of ofassets discontinuedcashyear activities of equivalents yearstatement operations

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document ForFiguresAngloGold_20052006SAUSActuarial(173)283(note42(27)Net3911,274income21718(1,281)(1,604)(229)(202)1678Gain12244650Deferred8691,5342,2922812949332,373331154(1,109)(385)Loss(14)(159)(176)1,988Total317(5)Attributable(348)1,755Equity289(26)172233Minority2821The(1)Annual RandsDollars lossexchangeincomecumulative the onforrecognised28) shareholders (notesinterestavailable-for-sale theoningaintaxationyearFinancial Ashanti cashto:millionrecognisedyear (loss)translation 28 endedeffect flow incomeonand Statementson items hedgesof29) pensiondirectly31 the (expense)differences financial above Decemberactuarial removed(notes in and2006_ (noteequity assets for post-retirement 28(notesgain Pagethefrom 28)and and(noteyear 28 29)equity153 lossand 28) andaccounted 29)benefits reported in Groupthrough equity is astatement cumulative loss of $6 million, of R45 recognised million income and expense (2005: $36 million, R227 million) in reserves after deferred taxation of $7 million, R29 million (2005: $22 million, R131 million).

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document NotesFor1AccountingStatementThe(IFRS)legislation.DuringinterpretationsIASAmendmentIFRSExplorationIFRICDeterminingLiabilitiesInApplyingScopeReassessmentInterimasAshantiEffectiveFinancialOperatingServiceapplicableareportPage_Annual current addition,disclosed 391consolidatedadoptionfollowinggroup the154 6782 46789101112data oftheandreporting –Limited,ConcessionFinancial_AngloGold years theyearGroupIFRSimpactinstrumentsarising segmentsfromofhas current asInterpretationstheIFRSfor –whetherpoliciesRestatementin complianceofaccounting reportedfinancialcapital wereandassessed 2;beginningfollowingnote1.2,endedof 1 theand havetoon andStatementsfrom 4Januaryandembedded financialAshanti evaluation theabove adoptedArrangementsTreasury Impairment.an disclosures notcompanyParticipating theguaranteeto geographic31 hadarrangement interpretationsthe standards,onbeen theapproach2007ofidentified year,December 2006 noorsignificancethose byderivatives; ChiefShareof adoptedafter materialfinancialandAngloGold Mineralgroupthe contracts; standards,insegmentsOperating accountingunderlateramendments1Transactionsfollowing a containsJanuaryMarch Specificwere financialin statementsResources;ofyears the IASAshanti these early 2007 definitionDecisionnew ascurrenta 29,200720092008 andstandards,market: lease;impactadopted newfinancialto adoptedFinancial and Limited: concludedarestandards year: standards,Maker.revisedbut Wastepreparedon by amendmentsmaybythe reporting the AngloGold thatBothElectricalandannualaccounting have International amendmentsin they newIAScompliance anin financial willHyperinflationaryinterpretations,1impacttoand Ashanti statements and standards,standards have Electronic Accounting IFRS statements.to onwith no Limitedstandards the 7materialInternational andamendments mayamounts Equipment.which duringStandardsEconomies;new have andfinancial are interpretations, reported theannew Financialnot toimpact currentBoard interpretations,yetimpact.standards usingmandatory on(IASB) Reportingfinancial IFRScertainother the and andrequirement 8 than year:for newwhich willdisclosures.Standards applicable AngloGold IFRICnot will have beto8

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document 1Accounting1.1BasisThecertainwithAngloGoldandOtherinsamereportseventsSubsidiariesoperatingpotentialcontrolsde-consolidatedIntra-groupUnrealised1.2Changesinterpretations:IASAmendmentIFRSExplorationIFRICDeterminingLiabilitiesApplyingScopeReassessmentInterim_Annual joint 39internationalfinancialgroupchangesthose 6 ofreportingmain4678910 ofventures.inandfinancialreportingon Financialanother preparationconsolidation voting theIFRSAshantitheinarisingpolicies, appliedafinancial Ashantilosses transactions,subsidiariesIFRSfor accounting three-month –whetherarepoliciesRestatementstatementsinterveningin financial and2;of periodrightsaccounting instruments fromallentity.accounted andStatementsfrominvestors. 4 embedded are ingenerally presentsevaluationentitiesstatements the impairment.an thethat cont.Participatingalsoas Subsidiariesguaranteepolicies have arrangementprevious areofbalancesperiod.timedatethe areapproach eliminated (includingsubsidiaries,Thepoliciesfor 2006_ toitsaccompanying prepared holdingderivatives; functional currentlylag. onof fairatconsolidatedincorporate functional Mineral Pagecostwhichyear, contracts;Adjustments andvalue. in resultareunder company,a specialunlesscontainsand155 according unrealisedexercisableSpecific exceptcontrol currenciesfullythe Resources; The from currencyare IAS thea Environmentalfinancialconsolidated the purposeshareholdinggroup's adjustedfor adoptionafinancial29,ceases. areusingmarket: transactionlease;to thegains Financialofmadeortheof USstatementstheadoptionaccountingconvertibleaentities) historical forsignificantstatementsandWasteof dollarssame tofrom the impairmentsofRehabilitation thereportingprovideslosses more following over ofElectricalthe accountingsubsidiary and cost inpoliciestheare portion datethanonSouthofwhich Australianabove accountingconsideredevidencein thetransactions wherenew/revisedon Hyperinflationaryone and asTrustcompany,the Africanof financialpolicies,which mentionedsetthe half Electronicgroup appropriate ofFund dollars.outgroup's convention,ofwhencontrolrandsan betweentheresults exceptbelowhasits standards, impairmentand subsidiariesassessing newvoting Equipment;and operationstheis joint Economies; are infortransferred andpowerUS grouptheas rights.materialRandconsistentventures, amendments dollarsmodifiedrevisedofcompany whether tocompaniestheisand RefineryThe governthe totransactions assetfor itsarestandards. intheexistencebySouth thefinancial proportionateall prepared the group.thetransferred.toLimited groupmaterialbenefitare standardsAfricanrevaluation financial eliminated. statements.andThey whichoffor respects rand. effect localinterest theareand and of of

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document NotesFor1Accounting1.2ChangesTheIASexpensemeasurementrequiresmakecompanyexistence.noIFRSResourcesMoreover,identifiedconsequentialIFRICasset,withhasearningsPage_Annual consequential 39noprincipalmaineffectadoptiongroup IASthe156 6 payment4in andeffect“Exploration Financial_AngloGold“Determiningrequires the17,order andper yearfrominhas impactofassets has whichIFRS accounting issuertoLeases. policiestheshare. oneffectsaof applied iseffectother toappliedwhencorrespondingended IFRSconsolidateddealt revisedassessment Statementsanofdetermine4theeffectisdefined Ashanti to“Amendment the describedforentityTangibleonof duemakewhetherIAS6cont.with IFRIC theseandIASpoliciesbasicon 31has policygroup inas 39toinbasic December39specifiedevaluation2006whether resultedaccordance assessusedthe andchangesof4andassets, entryinan andhas incont.arrangements and"Significant–financial arrangementIFRSaccordance diluted companyin financialIFRS no to its suchinthe dilutedpaymentswhichfinancial liabilitiesmaterialeffectinof thearrangements4 withExploration policies4MineralAmendmentearnings instrumentarrangements Amendmentgroup guarantee arepriorearnings accountingonthe with thatcontainseffect fortothefully originalareorResources”clarifying reimburse perthedo company current disclosedfor accountingdiscussed on perthat not– contracts”transitionalshare.fair statements–and financialapolicies".theare,or financial share.takelease”do value themodified yearevaluationscompany theornot inaccountingthe below.contain,the of policy.profitsholdernoteguaranteetake provisions guaranteelegalany consolidated terms 16.theor financial andAfor form ofleasesthe financiallegal policyMineralaof contractshas consolidated lossofcontractsa cont. formdebtthe thata noguaranteefor prioritlease guaranteeResourcesincursinterpretation.consequential Explorationshouldinstrument.of to ora on butall leasecurrent becausepriorthe suchcontractsbeconvey contract group, areaccountedbutor forAsissuedyear currenteffect required convey atheanda inspecified isresult, profitsis right existence. theevaluationcontracts ona yearfor contractthe tobasicrecognition tothe andin be rightprofitsusedebtor accordance group separatelyhasandthat Subsequentof anthatto Mineral andnodilutedfails useareasset andof anhasinanto

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document 1Accounting1.2ChangesIFRICThismanagementhouseholdTheconsequentialidentifieshyperinflationaryIFRSidentifiableperforEmpowermentresultsIASatoaccountedAngloGold_Annual non-derivative a basic share.39 stand-aloneadoptioninterpretationInterpretation 2 6789 wereparagraphapplies Financial“Liabilities“Applying“Scope“Reassessment andtheAshantiin The forequipment.consideration accounting affected policiesexistence$0.07, ofunder aseffect (BEE)currentto ofthis hostderivative.Statementsin a share-based 10 theIFRSprovides arisingderivativethe theIFRICR0.48on bydescribes contracttransactioncont.Restatement year priorofpolicies basicEconomic 2”R131of received hyperinflationfrom hasper embeddedIASguidance consolidated2006_period, underand – million. sharepayment no Participatingancont.39with Pageapproved diluted effect Unionisembedded paragraph approachcertainand theless foron derivatives"157 in transactionstheoneffectdiluted thehow Directiveprofitsearningsthan the presentedby consolidatedprior entityinrecognition underto 11economyderivative shareholdersthethata earningswere apply Specificoryearrequires thereforefair onper someconsolidated IAS in affectedWasteprofitscircumstances. valuetheshare. which ofin29, as groupperofmarket: requirementsanitsthe atherestates Financialofon orElectrical shareembeddedfunctional componentthe byfinancialthe consequentialor11cash group $19Wasteentity companyequityDecember as itsflows million, reportingaand or statementsfinancial currency,receivesof result derivativeElectrical instruments of company IASofElectronic aprior theR1312006hybrid effectof29 in statementsorthecombined when Hyperinflationaryin andto of(refer millionacquirescurrent on a(combined)implementation be issued.Equipmentproducers,reporting Electronic priorthat separated note and yearinstrument ineconomy yeargoods 11).accordance$0.07, period profitsinstrument inofEquipment”basic ThefromrespectEconomies”liabilitiesor of R0.48was services invaryandthecurrent thewhich notwithBlack of inhasthatdiluted hostperfor salesa whereyearan IAS waynowastealsoordinary contractEconomic entityearnings 29.of company similarincludes thehistorical shareand

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document NotesFor1Accounting1.2ChangesIFRICcontractiswouldTheconsequentialAnandlossperiod1.3SignificantUseassumptionsdatedeterminationhistoricaldifferbasisenvironmental,assetpost-retirementdeferredPage_Annual prohibited entity inadoptionmoreatofthe of158 from ofimpairments 910 befinancial inthatestimates:the Financial_AngloGold“Reassessmentspecifiesfuture and taxation.respectisyearexperience,“Interim requiredin significantthose accountingfinancial date.requiredaccounting to unlesspoliciesaccounted that of ofeffectcash reclamationended assetsand this estimatesestimates.StatementsThis oftheaffectthatreporting The underAshanti(including goodwillthere statements,flowotherIFRICtoonareas currentInterpretationcont.an preparationjudgementscarriedassess policiesthebasic31 for ofestimatesthegroup entityisemployee hasrequiresembeddedrequiringas andreportedDecemberanda 2006or contract, impairmentsandand change aat goodwillno anshall cont.impairment" closurederivative andcost expected dilutedeffectinvestment ofand therequires benefitassessamountsthe the forfinancial inderivatives" estimatesunit-of-productionforexercise obligations;theusewhichonreported financialimpairmentearnings ofwhenimpairment prior economicliabilities,terms whethergoodwill),ofthat ofin casemanagement eitherassets theofor anamounts statements of percont.judgementconsolidated estimates reassessmententityatthean theconditions, atanshare.write-downs every andstatements embeddedcontract every fair depreciation,equityshall firstof liabilities estimatesvaluebalancerequiresrevenues basedof becomes reportingnot instrument grouprecoverablethatand isandreversederivativeof andonrequired. significantly insheetinventorythe ordepletionandaccounting somevariousadate, disclosure companygroup’sparty anorassumptionsexpensesdate gold is acasestoimpairmentcont. torequiredfinancialassumptions assessand,and modifiesmanagementandnetthe treatmentcurrent of actuarial amortisation realisableifduringcontract.othercontingent required, investmentstoassetrelate loss theyearbe materials theof and techniques. separatedcash carriedrecognised toSubsequent financialto profitsvalue; reporting to mineralassetsothermakecalculations; recogniseflows in in at andpost-employment,equityfactors estimates heapinstrumentscost.andfrom reservesthat Actualperiod.in has reassessment aliabilities leachotherwiseinstrumentsanthe previous suchno resultsimpairment Thehost andthat pads; asand at are interimcould the the

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document 1Accounting1.3SignificantEstimatesexpectationsTheandCarryingAllfromForexceedconsideredthatThesechangesthedifferencesunforeseenthosein-usereasonablyAngloGold_Annual mining grademobilethereliabilitiesmayestimates calculationrecoverablewell-definedcurrent lives calculationsfactors theFinancial valueinthen Ashanti areofassetsand accountingandare provedcapital,mineralbetweenestimatedtopossibleoperational mineral forecastpoliciesof within significant becouldrequire andjudgements limitedofotherfutureof amounts Statementslimitedaregoodwill mineralthe assumptionsand operating,reservesthe include:thatreserves actual productionamortisedequipment, aUOPminecont.eventstojudgements probablefairnextissues material tochangesthe reservesof and thearevaluescommodityratelife 2006_ lifefinancialcash-generatinggold could thatmaymining, lifeattangiblebasedcontinually usingof thatadjustmentbased mineral the minePage pricearein of lesstheamortisationvaryandsimilarlyover anythehave straight-line year believedonprocessingthe mine.159 sites;prices costsassumptionestimatesonassets significantly proved relevantofreserves;proved units-of-production aevaluatedareprovedthe impacttosignificant tounitsand discussedthefactorsto couldsell.and and mine.bemethod andcont. andcommodity carrying theandmay fromprobableThese reasonableandprobable be reclamation orprobableuseful riskindividual change impactedassumptions below.timeareis ofcalculations valueapplied (UOP)basedlives reserves.causingprice tomineral mineral underwhich time;ofassets costs,toof assumptions; goodwilloveronmethod theassets a usedreserves themay historical requirematerialreserves. havethediscountextent circumstances. thenin depreciatedwhereestimatedand estimatingbeen thethatas adjustmentexperienceimpacttangible ratesThis theusethe determinedactual useful wouldmineusefulof andthe on mineral assets.estimates production estimatedaforeigntoandoperating livesgenerallylifestraight-line the based otherreserves.of ofcarrying exchange theand these in lifeplan factors,onresultasset theassumptions. ofthebasis, assetsamounts callsfuturemine towhichhigherrates; including the forwhere determinantareis extent doesproduction ofdifferent Itvalue-assets is not

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document NotesFor1Accounting1.3SignificantCarryingTheamountlowestimpairmentfuturemateriallyexplorationrates,(2005:R42,382Productionassubstantiallybut,thecompletionabilityWhenceasesorIncomeprovisionultimatetaxdifferentinPage_Annual the improvements,the audit level aregroupcarryingcriteria the160 periodforeigncashto acomplexitylevel$373 andtaxes mayofFinancialnot_AngloGoldmine taxfromproducesustainof issuesvaluemillionyear for change thereviewsassessesisaccounting startcapitalof potentialmayflowsusedlimited determinationcostsfor tomillion,incomepoliciesnotcompleteinamountsubject currency theconstructionacompany’s of whichendedwhich reasonable based(2005:dateongoinghavebe Statementsto usedtheamountsgoodwillgoldof undergroundareover expenditureAshantito,and assessrecoverable. R2,366a taxesandtothe of suchidentifiableeithercont.occurred,the plantjudgementsin andontoexchange $5,908time.incometestsgoodwill 31 stage saleablegroup production determine tangiblefollowing:estimates isand projectduethat determinationready the Decemberperiodand2006 million).regardeduncertainTheythe million,oftangible comparedtowerestarttaxesmine estimatesits incarrying In casheach rates,forthe form moves assetsareof andthelocation.addition, thedateofestimates, The itsinitiallydevelopmenttesting incomplexity financialas significantlyR37,487 duringconsolidatedflowswhethermine gold.(withinestimates assetsintendednumerousestimatesvalue inventorycarrying arevalueintoatisto are made. 31recorded,Thetheconstructionofaregoodwill determined the inspecifications preparedcont.the Decembertogetherof additionalmillion). construction largelyuse groupofuse ordinaryproduction cont.amountassetsof jurisdictions.oraffected minelegislation. financialcosts ofandreserveexpensed,is such considersgoodwill statementsindependenttestedThereofplantwith whenbasedproject movestaxesof course2006toexpected bydifferences tangibleandstage, economiccostproducestatements development.and aonis There events Significant willwasandonnumber excepttonotheinto variousof anestimates;equipment; thedetermine be goodwillbusiness.tangible futureR12,484deannualofassetsare thereserves or due.unique capitalisationfactorscashwillforminimis ofat productionmanychangesrelevant judgement cashcapitalisablefactors31 impact Whereatbasis inflowsassets millionwhen TheDecembernature such31cont.andthetransactions rule);flows Decembercriteria forinincludingof thegroupcompany thefuture aas arestage. circumstances (2005:ofother impairment.of isminefor income finalspotcertain eachrequiredinherentlycosts recogniseseach 2006tocapital assets.Some moves taxR11,932andpublishedassess financial 2006 mine related tax minegroupwasoutcome futurecalculations inexpenditure. ofAssetsand uncertainIfwasinto construction determining whensuggest$391 the constructionthere liabilities million).oftostatements. deferredreserves, goldthe $6,054 assets.criteria miningof aremillion, the are production theseprices, thatand forgrouped mineforindications million, wouldassettax Expectedtheprojectwhich resources, thecouldR2,739costsanticipatedmatters The discountprovisionsisworldwide carrying additions include, stage.atcarryingthe such the millionisthat

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document 1Accounting1.3SignificantIncomeThedeductibleassetstaxableTotheAdditionally,obtainCarryingdeferredtaxationProvisionenvironment.areenvironmentalprovision.(2005:2006Stockpiles,CostsandpriceAngloGold_Annual thenetproduct incurred.limitedproductgroupgroup’scarrying ofwas that tax extent$337requires deferredincome thetaxesFinancial liability:tax valuesAshanti forSuchR1,087deductions are recognisestemporaryaccountingto goldproductto mininginventories.asset:liability: million,futurepolicies environmentalamountsActualtheThethat cont. sale.incurredlaws are thechangesofin $176R561taxStatementslife futuregroup million process,the changes$62 groupbasedand costsassetsR2,143$1,103R2,197of differences incont.million,ofthemilliongroupcompanyjudgements mine.in million, explorationfutureregulations,cashrecognises Netthe(2005:could or incurredtoneton recorded orerehabilitation2006_million,million). inbenefitmillionmakerehabilitationrealisable at (2005:forecastR1,234prevailingflowsfuture taxperiods. similarlyR43231 onR922at willPage lawsDecembersignificantin31and leach (2005:andR7,722theactivities management’s taxR553 Thelifeat reversefuturemillion million Decembercashmillion).161 valueestimatesthe inproductionbenefitimpacttaxableofand padcarrying obligationsthe obligations R2,185million)mine balanceperiodsflowsmillion (2005: long-term(2005: aretestsinestimatesandjurisdictions2006: the relatedtheincomeestimates 2006:subject fromcont.amountsproduct million)are(2005:process useful $44foreseeablebestcouldsheet$112 for performedoperationsmetalsto relatedmillion, differ estimatetheto deferredmillion,differlives$1,154 dateinventoriesinand ofarevarious whichgroup significantlytheprices, discountofcouldaccumulatedto materiallyR279future. R710rehabilitationmillion,assetsatforexpectationsand income theat lawsleast beassetless31million) the groupAssessingmillion) ratesimpacted. anddepreciatedDecember R7,320annually from estimatedapplication taxretirement asregulations operates couldassets theobligationsestimates,of stockpiles, million) future theandestimates. affect2006 costs on toofrecoverabilityobligations couldrepresent theexisting taxableagoverning was thestraight-line-basis,forto goldextent limitcomplete Additionally,thecarryingability$361 inincome.tax theincompany process,that the ofthemillion,laws ofestimatedability deferredamountproductiontheit protectionperiod isEstimatesin futuregroup probable atoforeeachR2,525 where31 theinof incomefutureon whichchangesDecember tothisjurisdiction. ofgroupand leach of millionrealise thosethethat futuresales bring taxthey topadsthe tolives

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document NotesFor1Accounting1.3SignificantStockpiles,StockpilesstockpilepercentageAlthoughrecoveredlevels.onTheR3,624RecoverableInperiodsIfAshanti,carryingPensionhealthassumptionsinflationmineinresult31companyPage_Annual thetheaaddition, actualDecember numbercarryingdetermination the 162 reachesoutstandingassumptionsin careAs million).longer Financial_AngloGoldcosts,anvalue itplans andyearthe resultsat a could(metallurgicalandaccounting gold AngloGoldimpactliabilities,based result,31toof policiesamountvalue quantitiesinclude,tax, from the2006 forand ratesthancountries,undergroundDecemberended Thein have overStatements rebates,inputtheend process,of theAshantionunderground,forofpost-retirement maywas thoseof carrying AngloGoldof dependscompanydefinedamongthe anearningstime.cont. of thejudgementsmetallurgicalAshanti increase taxesof inventories31 materially$129 balancing),its groupadverse particularlyexpected recoverableprovidedgrouplevies2006 life.Decemberore2006 gold others,areamount benefitmillion, onLimitedinat Whileon wasin Ashanti’sat andthe not intheeffect 31the compensationaffect andleachmedical31 forprocessing balancingprocess the numbertheR827 receivedinplansDecemberduties periodsofselectionR896financial AngloGoldDecember metaltheinhas estimates Africa,uponinventories nature discountpensionpadthe obligationgroup millionunresolved(inclusive aidmillion are respectiveofandthat the processandAngloGold method.obligationsofcontained 2006measuredreconciledat Ashanticostsand2006carryingrate,cont.thecertainproduct(2005:the the(2005: 31for and ofprocesschangesotherwas Decembertax theistaxwas andstatementsnetstatutes.Stockpile R1,121expense constantlyassumptions believesAshanti $187inventoriesgolddisputesvalueexpecteddisputesR49 company byassetpost-retirementbythe$124 inherentlyestimating comparing inouncesmillionnumber million,of million). themillion,2006positionand isforthat these are inmonitored duelong-term at assumptions pensioncont. aunderground(2005: usedthesebased31not was R1,181ofnumber limitsrefundsassets.R872 the thedisclosedDecemberemployees resolvedobligations $776by numberassumptions R43grades on andthe rateandcont.millionactuariesmillion). ofofassay million, ability million). occur.provident countries,theofinput oreinunder of 2006return who(2005: a engineeringas data,tonnagesTheore tonnes mannerto taxtoR5,430 well are otherreach preciselywas calculateto ofcorrespondingfunds, whichandparticularly$99 theappropriate,as plan addedR405 non-currentfavourable retirementmillion arefuturethemillion,quantities remainasestimatesassets, monitor amounts.estimatedverified millionandwell expenses, (2005: inR627 outstanding removedassignificantTanzania balances healthageto ofassets) recoverability(2005: byare post-retirementAngloGold goldThese $571million). recoverybeforeperiodic refinedcare which actuallyR342 from atformillion, andchanges for the Thethe surveys. basedthemay Mali.million).

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document 1Accounting1.3SignificantShare-basedTheshare-basedgrant.renderedeffectFaironContingenciesBysuch1.4SummaryJointAorbyventureevidenceAssociatesownstheAsofstatements,materialfinancialinsofarAngloGold_Annual joint associatesmoreproportionatemanagement’s theirtheeffective valuegroupequity venturescontingencies betweenof The venturegroupas untilFinancialnature, othernontransactionsstatements Ashantioverof oftheisfairissuesdoesaccountingmethod aall measureddatessignificantit policiesmarket-basedpaymentsonly paymentsare reductionventurersgroup valueresellsaretheis20%within contingencies not consolidation Statementsanequity equity-settledhas vestingaccountedbest of of inherently recogniseandentityuntilisdetermined disposal.andthreetheaccounting cont. significantjudgements committed accountingusingestimate,are in underaccounted50% theassets eventsperiod,thein monthsvestingmeasured2006_ whichinvestment the forof netinvolveswillaitson share-based thecontractualat toatinfluence,in Black-ScholesforisPagesharebasedtorealisableaonly andpolicies theanconditions.ofcostfrom theused linevotingprovidingthe theat independent163 grantbegroupthe interveningestimates of byandeffectstheir oninfair for yearresolved profits equity.exerciselinesuch it the arrangement.valueanvalue aredate ispaymentsholdsmost financial end basis.unablegroup’sofinvestment pricingassociatesadjusted or cont.of Associatesnon-transferability,of (excluding period.ofrecentwhen aparty. lossesof thecurrent long-termthe significant to support model.estimatetoequity-settled onegroup.obtain for Aaudited certainThe Anythatover is loss assets, impairments theareorwritten group’sThelossesresulttointerest reliablewhichmoreAdjustments onof judgement effect equityemployeessuchannual theexpected theor exercisedownfrom share-basedfutureof the aninterestssharesassociates.oftransaction and informationaccountedassociates financial wherenon-marketimpairmentgroupthe to whichandevents and lifeare zero.group’srestrictionsthat inappropriateestimates usedexercisesmadethird isjointlystatements will isfrompayments Thereafter,occuratare jointly recognisedloss. basedpurchaseinyeareventuallyparties to brought thethecontrolled andorthe significantofcontrolledend effective modelfailinvesting the isassociates’outsideorbehavioural thelosses onexpensedto of unaudited immediatelyoutcomevest occur. accountassetscompanyaentitieshas conditions) timelydatesby influencetheandare been the The group.financial fromaccounted asadjustedofconsiderations. areinofinterimbasis. group financial future adjusted,servicestheifacquisitionassessment accountedtheand itat Equity-settledprovides consolidatedThe theresultsandfinancialjoint events.fornormally forstatements. are dateresultsthebasedone only to for of of

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document NotesFor1Accounting1.4SummaryAssociatesTheoutstandinglosses,impairmentForeignFunctionalItemseconomicTransactionstheandrecognisedonTranslationoffinancialGroupaequityretainedassetssheet;incomethisinallPage_Annual functional whichtheir resulting these dates averagefromcarryingresults the164 included itemscompanies and fair andand Financialcurrency _AngloGold caseearningsassets, balancesyearthe ofofenvironment currency value areliabilitiescont. andindifferences exchangeanycurrencyonexpenses thetoother significantispoliciesvaluestranslation andthevalueincome innotaccountedloansended transactions.financialother are Statements gain thetranslationtransactions incomebalancesare thanAshantiaare has ofincluded forreasonablefinancialdifferent advanced,converted movementsandcont.ordifferencesfor thereported inaccountingretainedon 31each atoccurred,loss.groupposition whichstatement, each forexpensesinvestmentsnon-monetarythe December2006 balanceForeign inat Translationstatementsfromareyear-end incomeas otherthecostearningsatanyapproximation of aretranslated init partpolicieshistorical the entityall is reserves.areimpairmentexceptand comprehensivefinancialexchange sheetrecognised recognised grouppresentationinstatementof exchange translated items, areassociatesdifferencesofoperatestheircont. forpresented eachaverage intoadjustedentitiestranslated The fair derivativeof such gains lossesthe aspresentedof thein ratevaluecarryingat(the currency thethe afunctionalrepresent(none asexchangeon cumulativeincomethe andfor separateare of recognised,statements ‘functionalat group’sequitiesperiodnon-monetarygain datesmonetaryimpairmentsbalances thelossestranslated ofvalue are areor inwhichclosing thecurrencyin of rates;equity.componententitiesloss.translated held effect translated whichresultingof thecurrency’). cost thatassets thehasassociates atratetransactions); where items,of ofshareare thearefairtheseusingthe the each onand fromat closingwithinvalue ofmeasuredintocurrency appropriatemonthlyrateseach suchofcircumstancesequitythe cont. liabilities investment,is thepost-acquisition throughreviewedtheapproximate balanceprevailing rateas settlementpresentationand (foreign ofscope averageequitiesusing atadenominated inhyperinflationaryprofitthe onsheetincludingthe ofthe arecurrency ondate classifiedaexchangeofIAS exchangecompanyor currency theregular retainedcurrencyidentified. foreign date;loss, of39. transaction goodwill, that in translation).Translation are basisforeign ascurrency rates financialearningsof ratesbalanceas economy)reported available-for-salethe follows: and balance(unless prevailing primarycurrenciesdates, transactionsstatements.ifdifferencesand anyas that part athave are

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document 1Accounting1.4SummaryForeignExchangecurrencycompany,WhenlossGoodwillforeignSegmentAandprimarilyenvironmentenvironments.TangibleexpenditureCostborrowings.IfamountSubsequentassociatedmaintenanceAmortisationassetsbuildingsplantequipmentcomputerMajorwhicheverAngloGold_Annual therebusiness returnson alsoand renovationsa not operation issale.isFinancialcurrencyforeign in andassetsinstrumentsupAshanti reportinganmachineryincludesequipment ofestimatedthe differencesis amortisedand withonesegment that incurredcoststosignificant policiesindicationsooner.thatof arefairexchange life motorassets operationsegment,theare Statementsvalueischargedtranslationand areoffinance subject asset differentrecorded and ismine;upduring ondesignated vehiclestranslatedcont. arisingincludeddepreciated isthataaccountingadjustments to thedifferencescalculatedgroup an gold.willis tolife threechargesto the2006_ thesold,units-of-productionallowance cont.the from flowfromatrisksof up recoverableAofin developmentcostincomeatmine;years. as Pagegeographical suchthetoassetsthoseto over policiestheand capitalised to arisinghedgesonfive the lessasset’s allocate translation165closing exchangeis suchreturns theofstatementgroup, years;and madeaccumulated other cont.onremaining amount of monetarycarryingofoperations rate. thesuchduring segmentthatand formethoda business differencesof mine acquisitioncosttheduring aretheofinvestments, the amountuseful anyimpairment items amortisation ofanddifferentcost netas providesengaged construction eachthe segments.offollows: investmentthe of arelife the financialofonly theassetpresent afrom ofreported tangiblerecognised areproducts foreigninadditionthewhen andproviding value.Managementtotakenthose period related invalueits impairments. it assetsforeignoperationin isresidualor canto of the inprobable where servicesinofshareholders’segmentsassetproducts the be whichcompany related isoperations, measuredincomelesshave value aresuchor Cost theywithinthatto thantreatedorfuture operatingdetermined overtheexpenditure income services futurestatementareincludes equity theaanddatereliably. decommissioningits particularincurred.as carrying economicestimatedof statement. ofassets inon that borrowings pre-production thattheother as Allisconsolidation. are financedpart nexteconomic otherthevalue,and economic benefitssubjectuseful groupof majorliabilities repairs theand thecosts. by life operatesgain torecoverablerenovation,other For risksforand of or the thosethe

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document NotesFor1Accounting1.4SummaryTangibleTheGainstheMineCapitalisedinspecificallydevelopmentDepreciation,oneconomicallyamortisedStrippingoperatingaverageperminelifeofcostmethodequipment,Page_Annual existingmine estimatedofincomeadjustedtonne assets’cost upthe 166 developmenttheinfrastructureplant mineand tostrippingbased Financial_AngloGold strippinglifeoforebody,assets yearcosts costsofthe fromorebodies, lossesfacilities, strippingtostatement.themineare residualof tooresignificant tonnespolicies provedcostsrecoverabledepletionfinanceaverage. mineon incurredended“excessthedepreciatedon cont. mined.Statementsratio,development theonratio estimated divided Ashantithecostsdateinclude includingcostmined, ratio,ratiovaluesindisposalsand toacont. multipliedbasisis anyaccounting andproject,31stripping”Theinexpandon group percalculatedprobable arereservesmultipliedbyopen-pit acquired periodwhichDecemberbeing and2006 amortisationbyaverageprovedof tonnetheaccounteddecommissioning costsarethe theuseful theby numberis thecommercial will straight-linemineral policiesaveragedeterminedareoperationswhich amount theasandcapitalisedcapacitybyproved include life actualfinancialbe livesthe recalculatedthelife probablefor of reflectiveofcan numberreserves.cont.lifeofmine oflifeprospectivelytonnesareandore expenditureof minebe productioninterestduring of bymethodofasa reviewed,assets, tonnesprobablecost development recoveredminemine minemineralcomparingmine ofcost expectedannually Provedthepertonnes capitalised costand strippingoverplusstatementsaredevelopmentper incurred productionaveragebegins.tonne asreserves.Mineraland toperamortised intonnes, theirtheandaofinnet to maintain thechangeadjustedcosts thetonne.waste isbe product ratiosale probable estimatedrepresentstoResourcescalculatedfuturestripping mined.light Otherpreviouslydevelopphaseare andcostsproceeds material usingWhen inproduction. ifofof computedfrom estimate. appropriate, thetangible Theadditionalmineral the torateswhen usefulthe asnewthe atknownaverageremove actualexpectedcont.capitalisedaverage withthecostlesser actual fortheorebodies, lives.reservesassetsWhere by total thecarrying atknowledgemineralactualore additional theatlifeof acquisitionmining borrowinglife orebodyexpectedto eachtheirtonnestonne units-of-productioncomprisingofcostsfunds beof reflect mining minedeposits.toamount. mine usefulremovedbalancecosts define multiplied areandwastehavemultipliedas costs costsdate. estimated costsstrippinga expensedarechanges life vehicleswhole.Thesebeen further Thesearesheet during incurred.pertoorbelow exceedby chargedbeby units-of-production borrowedtonne. ratio theare Changesdate.quantities methodmineralisationreserves theinincurred and tothethe estimates. averageincluded increase theMineandaverage lifecomputersumThe to sum basedofthe intoare ofof mine the life inofthe

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document 1Accounting1.4SummaryTangibleLandMineralDumpsExplorationAllrealised.informationalwaysCostsminedareexpensedgenerallyastheIntangibleAcquisitionWherevaluerecognisedgoodwill.impairmentAngloGold_Annual aexploration definitionprobable, mine is of onrelatingor an probable,arenot rightsFinancialthe In assetsGoodwilldeveloped,greenfieldsbrownfieldsAshantiwill ofdevelopmentinvestmentassetsas andevaluatingdepreciatedamortised asdependingwhenand attributablesignificant policies ofincurredbewhich andaretogoodwill.costs mineralisationgoodwill evaluationcont. theextensionspropertyStatements theindicators amortiseddumpsrelating generallyestablishment are aresites,informationsites, in cont.overuntil if on accounting cost.mineralandGoodwill aexpendituresexpensedarisingexpensed acquisitions thesubsidiary, to thebeingassetsbeing 2006_exist.ofisusing associates level willofmeasureddirectorsmineralperiod thereonreserves suchthatthose inPagethosebe thepoliciesuntil ofasrespect the theincreasedjoint exploration.ofmeet aremineralunits-of-productionincurred167 deposits,where adjacentthe are treatment.is establishmentdirectorsincludingat capitalisedventureincluded cont.directorsthisofablehistorical thesubsidiariesdeposits, until criterionproved whichto groupWhile useor value demonstratemineralwithinthe conclude anwithincost toare of and directorsaretheassociatetodoes beyond make methodproved thelessbealready and depositsdevelopmentprobablecapitalisedcriteria notcapitalised,carrying that impairments.proportionatelythat that areproved andhave based is beinga fordetermination which made,futureable reservesprobable concludingvalueanyas andon mined costs. tothea are economicmineral anyestimated minedemonstrate ofprobable, directors afteralreadyconsolidatedthe reservesorexcess development thatdepends developed,investment depositswhich benefitbenefits proved expenditurebeingutilise explorationof at thatthe thison joint which ismined several andpurchase futureexpenditureareincludinginthe morelocation.cost. associatesventures probable, probable levelpropertiesshouldare or economic likelydifferent developed,already ofexpenditureprice exploration.beisthan mineral whichanddisclosedcapitalised overcapitalisedand sourcesbenefitsbeing not tested netarethe of reserves.on assetsbeing fairasof for is is

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document NotesFor1Accounting1.4SummaryIntangibleGoodwillimpairmentsold.RoyaltyafiniteThewhenImpairmenttestedbeindicateAnrecoverableimpairment,estimateadjustedrecoverabilityBorrowingInterestphaseacquiredextendedLeasedAssetsatdepreciatedratePage_Annual present inception recoverable.impairment relatedimplicit the168lifeGoodwill there annually assubject assetsonrateFinancial _AngloGoldthat andoffor relatingoryear partperiodvalue ofassets costs borrowings thelosses. isofcalculationconstructedinamortisation ofassetscountryamountoverto concessionsignificantthepoliciesis ofan oftheassets theis lossto futureendedamortisedfor of Assetstangiblecarryingtheor allocatedStatementsindicatortothe thatcont.finance lease, leasefuture Ashanti impairmentGainswhenaresubsidiariesis andcostis shorter goldhaverecognisedcont. therelating assumptionsaccountinggroupedthat 31 andwith whichproject royaltyexpenseandgroupamountof theleasesand underoftohigherprice, anDecembertheare 2006 borrowings impairment.ofcash-generatingtheassetintangible losses indefiniteand tois theirproject. subject raterisk.andataare basedrelatedgovernment mayincludedtheof foris straight-line thepolicieswheneveris anestimatedchargedinclude capitalisedconcessions jointtheItfinancingonsubstantially financial not lowestis asset’sSuchonto assets. usefulhavelease theamount therefore ventures beamortisation incurrentcont. disposallife finance recoverable.through borrowingoflevelseventsbeenunits obligationmethodusefulfairoflife ofatGhana by major over minemarketandthevalue,complete. reasonablyisfor incurred.whichfor costs,ortestedoflivesthe lowerthe overseparately15are whichwaschangesstatementscapitalanplanscosts recognisedlessincome priceyears. purposetheand entitytested and aannuallycapitalisedof CapitalisationOther periodthereare costsbasedasset’s possiblefairprojectsthe trends,the Theinincludestatement. capitalisedforrecognised value lease ofcircumstanceborrowingcapitalareto atof onforimpairment royalty impairmentcarryingsell theforeign15 separatelyunderthatat prospective impairmentortheterm. fair andyears, repayment,sameceasespresent changes This carryingrate over goodwillvalueconstructioncosts amountexchangeFinancevaluecont. whenever amount.concessiontheindicateintangible testing. the identifiable whenvalue atareandreserves inperiodcouldamount period agreementare whichexceeds use.leaseexpensed carried constructionrates,ofthatCapitalised not isoccur events assetoverminimumFor duringcapitalisedreduceshaspayments ofand cashthesubject and itsgoodwillatthe which whichbeen isdate.carryingresources, ascostorrecoverable flowsawhichpurposesalso incurred.changes leasedpre-taxleasetheisto assessedthelessFair mayare interruptedduringamortisation relatingtested (cash-generatingliability the amountconcession allocatedpaymentsvalueaccumulated affect assetsmanagement’s discountof assetin amount.thefor assessing tocircumstancetoto represents mayimpairmentthe construction thetheforhaveisare usingand beingmeasuredrate an entityruns.lessor. notThe aare units). the

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document 1Accounting1.4SummaryLeasedOperatingconcernedNon-currentthroughprobablecommittedofamountExplorationPre-licencewhichdrilling.Inventoriesitems.goldorenon-currentby-products,By-productsconsumableheappadAAngloGold_Annual portionclassification. stockpiles frominon leach itCost process handassetsisandFinanciala andwhich Ashantiof saleofincurred. leaseto will arepadisandcoststheasset assetsfairaresignificantstores policieswhich theis thedetermined arebetransaction cont. valuedisrelatedgold valuedmaterialsvalueresearch allocatedrentals Statementssale, assetarevaluedused.where includeareheldand(andThese is recognised cont. lesswhichat expectedon accountingdepreciation,valued(orare disposal for disposalthe theat expenditureare onas anrather expensescostsdisposaluranium salethecharged2006_ stockpile shouldlowertheaaveragemeasured at non-currentaverage tofollowinggroupsthan averageinPagegroups) policiesofsell.be profitgroup)oxidebe againstdepletioninclude: cost exceedsthroughtotalrecovered169 expected totalonaremoving or classifiedandcost;bases:and isproductioncont.asset an lossclassifiedoperating productionavailablegeological continuingsulphuricaveragenetand currentand costasintowhere realisable amortisationaincurred.qualifyas ofperiod ascostprofitsprocessingfor held totalmining theacidandcost helduse. immediate formethod; by-productsfor greaterproduction geographicalvalueareExplorationatin recognitionThisfor andsale theacharge valued salesystematic capacity; aftercondition relevantstockpilingarethan sale if costismeasuredappropriatetheiron and12 asincludedincosts, anhand stage monthsitsbasis. isamannercarryingresearch average thecompletedregardedpresent labour,exceed ofore.atThein allowances is production;the relatedtheamount classified expenditureStockpilestotalcondition.cost mineral lowerascurrentcost sale metproduction ofto willof within materialsofthe for onlyresourcesinventory.as processing theirbeManagementare periodredundantisa recovered whenone non-currentexpensed allocatedprevious cost on yearthe and the themethod.capacity; assets and from saleexploratoryleach principallyascarryingmustin asset. slowthea isthe be highlyyear datemoving in

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document NotesFor1Accounting1.4SummaryProvisionsforaobligationassessmentsAngloGoldAEmployeePensionGrouptrustee-administeredcontributionreceivegroupemployeesemployeerefundThedefinedservicemethod.ActuarialstatementPage_Annual reliablecontingentdefined which asset/liability the170 hascompaniesor costs.onbenefit Financial_AngloGold obligations gainsyearitaestimate contributionat benefitofbenefitsno areretirement,Ashantiis reductiontheplans. tosignificantthepolicies recognisedliabilityprobable oflegalThe recognisedmeasuredbenefitsandobligationended the balanceStatements theexpense recognised operate definedAshanticanA orLimitedlosses timeis definedfunds, in constructivecont. usuallyplandisclosed that beaccountingtherelating31 incomevalue groupsheetat made whenvariousbenefitarising whendoes isanfuture Decemberdetermined2006the benefit ain dependent outflow of date.pensionpresenttothebalance ofandthenot whenthey money contributionfromobligation employeeobligationspensionpoliciesthe balance groupplanrecognise Theexpenditure financialare of amounttheexperience by valuescheme sheet resourcesand isdiscountondue. possibilityhasperiodic schemes.cont.a sheetisoneservice the pension toof payments datecalculatedPrepaidaof paymanagement’sundercontingent orpresentrisksimmediately.the ratein adjustments embodyingactuarialmoreless infurtherrespect ofobligation. Theplanspecific usedthewhichcontributionsanstatements theis obligation,factors annuallyschemes outflowcurrentavailable.that contributionsliability fairtocalculations. ofthe to determineeconomic defineddefinesandvaluebest suchthegroup andofby on arewhether changes areliability.estimateresources independentofas its prioranbenefitpaysfunded plan recognised age,balanceifbenefitstheThe amountthe periods. legalfixedassets,inpresent of groupyearscont.fundpension throughembodyingactuarial the sheetwill orcontributionsofactuaries does asexpenditureof Thehasconstructive, togetherpensionvaluebe serviceanplans paymentsexcept requiredbothassumptionscontributionsnot asset economicreflects using hold isbenefitdefinedwith and intheinto torequired ato sufficientas theadjustments thecompensation.presentcurrentbusiness asettleinsurance thata benefits separatebenefit areprojectedareextentresult an torecordedtherecognised marketassets value settleemployee combination.ofand thatobligationis companiesentity.fora unitnot past ofdefineda thepastto incash remote.thecredit pay Thetheasevent will and all or

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document 1Accounting1.4SummaryEmployeeOtherSomeusuallyThesameandTheseTerminationacceptsdemonstrablywithoutredundancybalanceProfit-sharingconsiderationwhereShare-baseddiscretionarygranttakinginstrumentsvaluationVestingoptionsAngloGold_Annual changesexpectedgroupgroup’sfair date. basispost-employmentgroupintocontractuallyobligations conditionalpossibility atconditions,Financialvaluevoluntarysheet Ashanti model.of thebenefits accountrecognisesFor as grantedbasedbenefitsmanagementsignificant companiespolicies basis.paymentsinandthe measurementcommittedofcosts date that transactionsactuarial theForStatements profitofredundancyarebonus on cont.usedthe otherare obligedof equityarewithdrawal;aretransactions cont.valuedthea these termsaccountingattributablediscounted benefitliabilitynotprovide payableforassumptionstoplansthan employeenumberawards instruments either: or2006_withdefinedavailable,date.benefits andannually marketwherein obligationsand post-retirementoremployees exchange Pagewhen conditionswith certainofterminating policiestoproviding anbenefit remainingemployees aretherepresentthe conditions,thearenon-employees171by expensegrantedemployment accruedgroup’s independentemployeesfairrecorded iscont.forpension fair upon termination a value.value the thesein past is valuehealthcareforexpected are serviceshareholders overcalculatedemploymentwhich bonusesinofpracticeplans. is benefits.notbonuses is thefairqualifiedterminatedthe based thosebenefitstakenup statement equitytovalueperiodActuarial benefits tothatacceptatand The in retirementequity ofintoonaftermeasurementactuaries. is theinstruments hasprofit-sharing,as currentof beforemarketgroupdetermined account totheemploymentgainsacertainofform createdinstruments result theirrecognised offer. recognisestheemployees age ofpricesand retirees. adjustments.when equityof normal granted aBenefitsdate, and bylosses anconstructivebased of using reference wereestimatingoffer completion income settledthefor Theretirementterminationaccording isarising fallingontransactions equity anmadegranted.estimated entitlement The a share-basedaccountingand formulatoobligation. theduefrom toinstruments groupofthe expendituredate,to encourage Ifbenefitsafair more agoodsusingmarketexperienceminimum with detailedthat recognisesvaluetoor methodology thesethanpaymentswhen takesemployeesan orwhen pricesgranted, of voluntaryappropriateservices immediately.service12formal sharesbenefits anadjustmentsinto it months a ofemployeeis provisionon ifthe planonbeing period. orreceived.available,a is theequity shareafter

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document NotesFor1Accounting1.4SummaryEmployeeShare-basedOverincreaseThebeginningensureWhenareWherebeenbasedInrecognisedEnvironmentalLong-termmanagementAnnualwithofonpurposesAngloGoldhenceestablishedPage_Annual thea monies credited mine.incomeenvironmental localthe 172the modified. companypaymentthe thethey contributionsFinancial_AngloGold investing yearstatutorythe ofoptions andThefundsbenefitsenvironmental termspaidAshanti otherby trust statementreflecttosignificant policiespaymentstrustsplans, charging endamountsshareexpenditure Inendedtofinancialarrangement, areperiodfund.Statementsofcomprehensive the addition,are rehabilitation Ashanti requirementscurrentofcont.isrehabilitationanare in consolidated. forcapital thethatexercised cont.Bankcomplianceequitycharge accounting consolidated.31thecont.contributedthe statementsgroup sole obligationsperiod. expectations. an measurementDecemberentity 2006Southguarantees(nominal settled contributororexpenseor trust or obligationsiswhere creditincomeVestingtheir Africanwithpoliciesshareotherwise to share-basedawardfunds comprisingvalue)financial this share foristheapplicable, and basedawardsto recognisedassumptions dateoperations atrust iscont.current arethe inperiod andreclamationofaccruedbeneficial respect fair modified,thefundsfundon decommissioningsharevest payment valueenvironmentalthetorepresentsexpense are forarefundandonthe of group’sforpremium.tostatements anyaccounted isathebondsasmade proceeds theexercisesnon-market thetimearrangementsrecognised aandnon-Southmodification, employeeminimum, estimatedtheestimate toproportionare a andEnvironmental movementcorrespondingand received,for providedfull regulatoryconditions asrestoration controlAfrican ofasancost withan non-currentwhich thebasis measuredexpense employeefornetinof employeesnumber cont.through operations cumulativerehabilitation someand increasesrequirements. Rehabilitationofareincrease are any isreviewed at assetsbased of recognisedrecorded benefitthe directlythe theseinstruments of aretheinrespectiveexpense dateother onotherinduring nottotalat expenseliabilities.Trust, theattributable the asofeach group funded ascomprehensive company.fairtheinterest group'sandrecognised that createdif boards reporting valuemodification. the with entitiesat willthrough termsthetransactionincome.environmental a ofeventuallyofInterest in correspondingend theastrustees,aredateaccordance hadan income.atofshare- For to theearnednotthe costs, groupvest. life

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document 1Accounting1.4SummaryEnvironmentalDecommissioningThecommenced.usingtheasreversedofGainsRestorationinGrossestimatedassessmentsRevenueeconomictransferreddividendsinterestwhereandAngloGold_Annual the appropriate incomesaleperiod rewardsprovision estimatedprovisiontimeorrestorationa isFinancialofby-product losses,againstAshanti recognitionis arerecognisedofbenefitscash to mining valueto statement.recognisedcosts significant policiesofmaturity, Accordinglyoftherecognisedfor expenditurefor ownership flowsare thecash fromStatementsof thedecommissioningrestoration buyer;costs productsnewcostswill money.chargedistime relevant based flowstheoncont. notwhen flow Thecircumstances accountingat areare value a expectedwhenan regardedthe of timetoestimatedcont.basedisestimated 2006_providedon ittorepresentstheasset theasset.recognisedfairis ofthe currentthe proportion determinedproducts Pagegroupmoneyvalue on income policiesisdisposalrepresentsrightas The recognised currentatfuture ator173 significant, prices. ofand the tothechangesandestimates whenare the basis,statementreceive cont. costpresentcoststhepresentthatof prices.risks considerationtransferred Thetheassets therevenue of suchandtaking revenueinofspecificcost estimatespaymentrestoringaresignificant valuelawThedecommissioningvalue asincluded areincome discounted that accounta orcan unwindingto not ofcost oftoistechnology. willthereceivedis sitethecreditedthebeare taken riskswill withinestablished;of arisebuyer. reliablyexpendituresofdamage expendituresliability.discounted production.accrue at the andofinto minefrom aoragainst the obligationsprincipalpre-tax Changes rewardsreceivablemeasured.account toafter decommissioningrectifyinginfrastructure. the at costexpected expectedthe rate agroup;outstanding of wheninpre-tax are commencementof toownership thatestimatesThedamage sales,the regularlyanddetermining reflects tofollowing torateextent settlesettle when andobligationcaused thatareof reviewedcurrentthat the the criteriathecapitalisedreflects ofthe obligation,productsiteffectiveobligation,before significant production. isis provision.market probable mustincluded andcurrent production orrateadjustedare alsoassessments usingrisks marketIncreasesthatoverin be thepresent:

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document NotesFor1Accounting1.4SummaryTaxationDeferredandinThelongerenactedCurrentextentorbalanceSpecialItems“specialareunderlying(loss)”DividendwhichFinancialreceivables,Page_Annual thea classified liabilitiescarryingbusiness the174 offoreseeable thethatonprobable itemsandtaxationFinancial_AngloGolditems”sheetincomeat taxationtax distributionyearinstrumentsthedividendsof businessthe deferredtocashsignificantpoliciesassetsamount andincomeascombination date.taxbalanceonended that andis“operatingStatements the istheir restricted thearisesfutureAshantimeasured areandprovided performance sufficientexpenseto of taxstatement.recognisedfacecont. carrying accountingthesheet deferred31 onlydeclared liabilitiesandgroupfromis that ofgroup’s recognisedspecialDecemberfor2006 recognised futuretheon date.thatfuturea use,is amounts transaction alltaxabletax income anbyinare are policies shareholdersitems” qualifyingtaxable thecashassetsthetaxableacquisition. measured classifiedfinancialmaterial as balance board toincome forstatement. andandincome thecont. isprofitor financialprofit temporary reviewedcash includeeventofextentand asatsheet isdirectorswill or will “non-operatingfuturetherecognisedequivalents,require Special whichexpense bereporting that be impairmentinclude applicable at statementsavailable differencesavailableanticipated iteach ofis separateis items AngloGold recognised, andprobable otherpurposes.as balanceborrowings, statutory againsta chargesspecialincludedthatto liability investments,at disclosure,taxallow therelate that sheetAshantirates, inwhichitems” balanceand allrate in thederivatives to the or date whichcont. reversals.enacted thedeductiblesame intheLimited.partand group’sconvertibleprofit accordance sheet underlyingandtemporary areofhave or orthe reducedand or apresented datefinancialSpecialloss differenttemporary beensubstantiallydeferred trade bonds, betweenperformancefordifferencewith enactedto itemsthe andstatements theperiodIASbelow taxtrade differencesperiod, otherextent the1.86,thatenactedasset orcan “Operatinganddirectly tax substantivelyofdopayables. exceptare be that tointhe otherbasesnot thebe atutilised.willclassified businessinit relate the utilised.is periodtoequity; reverseprofit ofno the assets to asin

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document 1Accounting1.4SummaryFinancialTransactionfairAitstransferredOnthetoRegularDerivativesTheIAScommodityearningswhereavaluethenoffsettingallincludingFairAngloGold_Annual derivativefinancial anotherrightsother derecognitionvalueassetfuture39 valuegroupineffectivethe gainshedges, therequires Financial wayderivativesgains to when translationAshantiinstrumentsgainsthroughisplanned ofgainsconditionsparty entersassetliability receivenorbased includedor assetcosts significantpoliciespurchases lossesthe or portiontheyretained and that and isStatementslosses intoofprofitor are(normalisgain goldderecognisedcash are lossesa derivativesdifferences,derecognisedderivativethelossesin arecont.derivativesincluded financial of oraccountingincome. andIASproduction subsequentlysettled substantiallyandareamountand fair recognisedinitially loss purchasefrom 39on2006_loss.recognised salesvalueeither from forliabilityasset,liability,thesein by be changes paidatmeasuredThePagetowhenthe hedgephysical of whenofpoliciesgainstreated each(a)changes ensureor allderivativesininitialitsisthesubsequent measured and175 has thenormal the equityincludedfinancialinthemines. reportingthe andaccountingdifferencein earnings asdifferencerecorded transferredmeasurementdelivery;cont. rightarisksatfair obligation in degreelosses follows: (otherfairsale) fairInvalue to atareassetsinand addition,valuemeasurementdate receivevaluetheir income. or between contractsatisincludedarecomprehensive ofbetweenrewardsof includedsubstantiallyreported fairunder beingpriceand estimatedwhenthe met, ofof value.cash the the hedgingfinancialliabilities certaintythe reportedinthe thattheof the group hedgedinin grossflows ofthe proceedsliability Forderivativethe groupearningscarryingmeet fair financialall asset,instrument;income) instruments, cashentersareinitial from profitandvalue,thein item thebecomes is earningsaccounted risks to flowdischarged,receivedtheamountbutmeasurement in isrequirementsinstrumentsinto is withguarantee untiltherecognised reportedassethas hedges,and andderivatives theperiod exceptincomeathein transferredof rewardspartyor for thehaschanges theunderlying receivablecancelled inat atheis periodtoexpired financialliability intoofminimumstatement. earnings,settlement dealtwhich effectiveto theIAStheircoveredof managein control theto balancewith 39 extinguishedestimatedtransactionorcontractual theyandwhichinstruments asset, arerevenuetheexpires.together below.portionsassetsdate. theofrelate. interestrecognisedgroup itsheetthe orcarryingrelates. fair or (b) assets.on occursarrangements.withFor ofhas orclassified as liabilities. value,rate ahasfair transferred fairportion theeithertransferred amountin risk.neitherand as of of at

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document NotesFor1Accounting1.4SummaryFinancialDerivativesTheTheseUnearnedCallareOtherListedclassifiedcalculatedequityforinInvestmentssubsequentlymaturitystatement.impairmentsLoansevidencePostPage_Annual equityincomethe which recordedestimatedoption the176retirement incomeinvestmentsnon-currentinvestmentsandestimates Financial_AngloGold financial (other yearfairinstruments thatas ofwhenpremiums by receivablespremiumscont. tosignificant whichinavailable-for-saleinpolicies value inreferencemeasuredstatement.loans fair subsidiaries, theendedcomprehensive revenue.assetsthe Statementsareassetsthe assets values Ashanticompany’smanagementandarecannot assetand calculated receivedcont. are estimated accountingunlisted 31toreceivables ataregroupThis of is the bemeasured amortisedsubsequently December2006derivativesderecognisedjointimpaired, measuredonly quotedseparatefinancial are income)withequity hasventures,using appliesrecordedpolicies referenceare theaccordingcostsellingfinancial theinvestments, methodsassetsarefinancial in impaired,reliablyabilitymeasured carrying usingtheorto associatescont.determined as pricenormalwhen periodto andto trade to arethe statements.reflectingthe holdatthe amount subsequentlythere atother effectiverecognised salethemarketinand carrying amortisedemployeeand to atwhichstatements close is maturityexemptotherthandiscrete theofevidence rates interest the they economicrehabilitationofamount investmentspayables at benefitscostbusinessmeasuredassets designated areusing costpointsarise. that rateusingclassified ofless industry is circumstancesTheseuntil inpolicy.themethod. onreduced inthetimeattrustsimpairment. assetassetsdeliverablethe subsidiaries,fair cont. effectiveas amountsbasedstandard balanceoption arevalue. Ifheld-to-maturity isand isthere impaired.carried reduced on ofthe Changesmaturesinterest Listedcallare sheetvaluationisthe jointloss evidence options. removedat investee.relevant investmentsand ventures,costdate.recognisedrate at in financialwhichtechniques. the fairlessmethod. Fair that frommarket lossEquityvalue any and timevaluesheld-to- equityassetsinfairrecognised accumulatedIf associates,areinformation.theinvestmentsthe therevalues for recognised incomeand premiumand unlisted is reported areare are

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document 1Accounting1.4SummaryFinancialTrademethod,evidenceofincomeCashconvertibledeemedrateandliabilitiesaccordanceForeignderivativeisAngloGold_Annual carriedtheestimated aremethod. andwhichreceivables.andreceivables statement. Financialcurrencysubsequently lesstoand Ashantiinstrumentsliabilitiesliabilities,guarantee asatofliability cashother beto amortisediswith asignificantfuture policiesaccumulated assets), knownfairsubjectresult equivalents receivablesIAS Statements convertibleand value are Thecashother contracts of18.amounts cont.andcarried measuredtorecognised costaaccountingamount as flows,legallossthan the impairment. theyusingare2006_ bondsatevent derivatives,oramountare of discounted ofdefinedfairhave contractualat cashPage thetheaccountedinitially policies thevaluethatissued effectivea impairmentinitiallyand177 higherImpairmentshort-term asthe at with are atcashsubjectarecont. groupfair restrictionsthe for recognisedofsubsequently interestchangesaccounted value on astheoriginal is willmaturity. toofhand, financial theamount insignificanttrade andnotrate differenceinon effective lessdemandbeforfairsubsequently method.useand measuredinstruments determinedable entirely value(when isother risk classifiedinteresttobetweendeposits recorded collectappropriate) asreceivablesof at changesliabilities.measuredin and amortisedrate. accordance andtheallseparately arein amountsThe asset’sshort-term,the measured iniscumulativeThe at impairmentincomevaluecost,established amortised option ascarrying withdue usingcashand highly statement.initiallyIASaccording amortisationcomponent are restrictedthe isamountcostwhen37 recognisedliquidmeasured effectiveat(Provisions, using the theretoThe andinvestments fortheisestimated recognised thebond treated istheinterest use. atoriginalin objectiveeffective costcontingentthepresent component as fair which readilyterms ina valueinterestvalue is

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document NotesFor1Accounting1.4SummaryTreasuryOwnNoThevalue,AnyexpenseAbutPage_Annual restriction gainis groupdifference the178equity factored these Financial_AngloGoldor inyearshares of has loss theforinstruments ontosignificantarepolicies into BEEbetweenearlyincomeendedtheis accountedStatements therecognised AshantitheBEE transactionsadoptedcont. fair statement.accounting 31 whichthepartygroup value Decemberforfair2006 IFRIC in to areas value profitdeterminationtransfer share-based reacquiredpolicies 8: oroffinancial Scope theloss thecont. equity equityon ofor ofpayments. IFRStheheld the instrument instrumentpurchase, instrument.by2. statementsWheresubsidiary issuedsale,subsequent equity companiesissue and instruments theor to cancellation considerationits (treasurycont. vesting are issued is shares)of not receivedthe totreated group’s aare BEE deductedis as accountedpartyown a vesting equity at from less for condition,instruments. equity.than as an fair

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document 2BasedtherehaveTheGroupNetTotalCapitalassetsexpenditure20062005USSouth1,7261,8702,1992,453313347Argentina1771992682581915Australia4973829217478638Brazil43026956638618685Ghana1,6551,6731,7791,8029790Guinea2162282822731636Mali209220336316612Namibia353461465Tanzania9549001,3771,2496778USA389374509138Other,producing1508864533396,4386,2378,9438,293817722SA12,08411,85715,39215,5632,1162,2081,2391,2641,8761,635129983,4832,4266,4474,7425842443,0131,7083,9612,4491,25854411,58910,61712,45611,4376565741,5101,4451,9741,7341102291,4601,3942,3502,0074475242217424289336,6815,7079,6427,9254524962,7222,3713,5662,73089531,0535694,5282,1046245,07639,57562,61652,6155,5334,600AngloGold_AssetsIncludes(1)(2)Annual Segmental DollarsRands operatingsecondary alreadyis heldAfricaincludinganalysison allocatedonlyFinancial Ashanti risksforsubsidiaries million million one salebeeninformation and reportingbygoodwillcorporate Statementsbusinessin origin givenrespectreturns of isformat in$238 of andsegment asthethese 2006_the follows: million,non-gold directors Weltevredenis Page financialby being R1,672geographical 179 consider mining, statements.mining million participation that(2005:$220extraction analysis the primary by million,rightsand origin production arereporting R1,400 andincluded destination.million) formatof in gold.the for South isAustralia, Therefore by Africabusiness $109 segment the million, segment. disclosures of R763$15 million,The million for directors theR100 (2005:$109 primary million consider million,(2005:$16 segment that R692 million, million) R100for Tanzania, million) $23and million,in respect R156 of shares million in(2005: CAG $23plc aremillion, included R140 in million) the Ghana for Brazil segment and $21of $3 million, million, R148 R23 million (2005:(note 26). $21 million, R134 million) for Mali (note 17).

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document NotesFiguresFor2Goldproduction(oz(kg)20062005South2,5542,67679,42783,223Argentina2152116,6836,564Australia46545514,45014,139Brazil33934610,55110,756Ghana59268018,39921,170Guinea2562467,9487,674Mali53752816,70016,421Namibia86812,6902,510Tanzania3086139,58819,074USA2833308,81710,2525,6356,166175,253191,783USSAGeographical1,3471,1539,1517,359125978416172712131,8511,3492281721,5581,0942632861,7811,8211411189607593172362,1461,50850363362301272148571,35295104656661(note2,9642,62920,13716,7501,0828477,3505,393North8038265,4575,2631821121133Asia2021351,369862Europe6464354,3902,771United3651,4502,328Page_Annual Segmental RandsDollars'000) the180 income 3) AmericaAfrica Kingdom Financial_AngloGold year into informationanalysis millionended Statementsthe Ashanti of 31 groupgold cont.December2006 income financialby origindestination is as follows:is asstatements follows: cont.

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Figures20052006SAUS3Revenue16,75020,137Gold2,9642,629483749By-products11076155218Interest322517,38821,1043,1062,7304Cost11,30011,994Cash1,7701,777(483)(749)(110)(76)10,81711,2451,6601,701412594Other866511,22911,839Total1,7461,766168152Retrenchment2226368(35)Rehabilitation(3)5711,76511,956Production1,7651,8493,2034,059Amortisation59750313214,98116,0282,3642,354(279)(546)Inventory(82)(45)14,70215,4822,2822,309556Pension89Claimswork-related7167claims11–Miscellaneous11271291820AngloGold_Annual RandsDollars incomeofcashproduction operating cash operating and filedreceived Financialsales and inAshanticonsistschange costs costs million by (noteaccidentofmedical(note and costs formertangibleintangiblecosts costsStatements(noteofexpenses 4)3) ofother2) old (notethe defined injuriesemployees 36)tailings assetsnon-cashfollowing assets10)2006_ benefitand operations(notes (notes Page inprincipaldiseases,costs respect provisions 9,181 17 16 andcategories: andofgovernmental loss 36) 36) of employment, fiscal

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document NotesForFigures20052006SAUS6Operating27202Underprovision284–129Performance19Cost131Empowerment30044ImpairmentProfit(16)(333)exploration(48)(2)(36)Recovery(5)(9)(1)31Abandonment51252055Contract9(10)(14)12Other4991301877Page_ThecommissioningtoR92GovernmentManagementundertakingemployees,licence,R28$25$13Inauthorities.MalianinWithoutdirectorsloss(3) Annual VATSerraProvisionReversalOnTheorderexpenseprior RandsDollarsmillion,currentprofitrathermillion.million 23the 182 ofsale onpayableclaimed law(note years, Grande admittingandfortoAugust E-sharesformedFinancial _AngloGoldon disposal terminationclosein year thanofrequiresof theThethisforwasofR173R91 yearfixed forprocure$7special disposalpropertiesAngloGold decidedofa14)millionvarious toexploration tax byobjectionto phase$40VATrelatedamount. groupasandmillion,2006,not thismillion.tangibleintangiblea ofunderprovision mining companythethat million.endedtheof write-offscommercialan Statementsassetsamillion,concluded issuedAnglogoldprovisionissueofthe indirect Tanzanian depositTanzanianAshantioftaxunderprovision$2totheAngloGoldisitems R55land,sharesMitchellBear feeoptionland,cessationAshanti’sofandsettle to million,assessments (notefilingsandassets thebe R28031 atloanofmillion toatassets(notegroupnon-mining to Creekmineralat taxesreviewed.the $2viewopinionallowatAshantiMalian IzingweGeita Decemberbeinexpense of200614)RevenueSiguiri R14Revenue Plateau31Ashantimillion, previouslymillion, Alaskanclaims andthe(notesindirectNufcor placedand11)and Decembermanagement (notes ofmillion.(noterights, Goldjointthat delegationBrasil rights,foroperations$3$2prior decided assets, (Pty)relatedandR10announced Authority withAuthoritymillion,normaltaxesand14mineraltheventureUranium financial 14) tangibleMining14year TheMineraçãoexpensed million. expensedandtax theLtd,tangible 2006, Cape inventory,andtoincludesthat Tanzania oftaxation.company R18tofilingsR14authoritiesandthe operations 16)on on aall concentrate the Limitedassetsthat17)consequently ClaimsLimited Black BibianipenaltyBougainvillemillion.thefuelexplorationcontracts the anticipateanddeposits assetstheit (note tradedifference consumedhadTax amountstaxand indirectbyfollowing: Economicwhen mine incharged (noteand enteredAppeals Malianstatementsdebtors explorationMalirelated14) onandtotalling thatproperties onlyand theforthe taxin betweenwere(note 14)in thevarious toquestion.taxcompany Bibianicoreintoproceedstosubmissionsboardandoperating Golden$4 recoveryBibianiauthoritiesprepared propertiesan 14) business.intellectualmillion,to fuel indirectruledNorth agreementInternational objectsConstruction oftoinvoicedthe conditions against$36in R25CAG. prospectingby for power taxesincludesanAccordingly, propertythe tomillion,payment millionincorrect with Thecont.assessmentsat companyGeita wereTowerplant the of forCentraldeliverythe previouslyR253 asVAT permitcontract excessiveissuedGoldof$5 mannerfollowing:Hillthewell indirect million, werewill million AfricanMinesabandonmentofMining andas for to nottherate placedinthethe normalfuel taxesto R35havebecompliancetermsNorthLimited Goldagainst CompanyBibianitransferjoint metconsumption million. withafterbeen companyleaseplcofventure and resulted was leasethe the all(CAG)audits recognised,Limitedrecovered with permitprevailingassets,recordedauthorities operationsand and duringapplicableattoin valuedatheSadiolaselland indirectincluding profit fromas lawsmarketNorth resultingitsthe ashould an decision inentireat on powerandthelaws andtaxMali operating$4prospecting disposal allrate Brasilianbe assessmentsYatela million,in businessregulations,andofby plant abandonedwasa $13Bibiani's the profitregulations. specialofin takenmillion,Malian 2005. of the

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Figures20052006SAUS7Financerestoration14313321222152143234265342504219–31849Discounting7128Other411731784117115(102)(71)Less:(10)(16)6297131079938Unwinding64010690822(note1231088Share96103Revenue15(101)(105)Operating(5)(2)Gross(1)(11)Impairment1Interest(3)LossTaxation(17)(6)AngloGold_Thewasthedisclosedbond,(2005:InimpairmentcashAnnual 2005, bonds. RandsDollarsinterestswapdesignated flows. whichbeforeafter 36)amounts $4finance lossofreceived thereceivedFinancial aftercostsleasemillion,was costsin Accordingly,Ashantiassociates’ Antests taxationexpenses rateOrohasof million obligationsoftaxationunwoundimpairmentadjusting decommissioningrestorationascosts Groupnotonswapcharges consideredonlong-term R24capitalisedand a Statements the bankcorporateconvertibleinterestbeenfair (note million).was unwinding(Proprietary)theinterest forinvalue loss designatedofloans Septemberenteredfinancethe the18)obligation trade$2rate Thehedge(note finance ratebondmillion,investments2006_ bondsand swapcostintoand swap Limitedobligation of16)andas 2005.Page overdrafts costs againstR11on decommissioningaother(notewas was enteredfair the investment183million fair andunwound value considered convertiblereceivables31)the (notevalue income into convertiblewas hedge, andagainst 31) in wasrecorded. under April an bondsanticipated was impaired. integral the 2005.bonds and thenil was corporate swap. partand Thefuture of

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document NotesForFigures20052006SAUS9ProfitAuditors'3061–52361356910Amortisation3,1034,040Owned59448710019Leased163,2034,0595975035752Grants8418467Operating6866Employee4,7884,897other723752Health2993795647869414Contributions199274403111168152Retrenchment222615213Share-basedIncluded5,5856,020special887877ActuarialDefined7829013(3)5010510917(115)(148)(22)(18)Actual3814206260Referemoluments.Page_Includes(1)Annual AuditUnderOthercurrentdefinedinterestexpected EmployeeRandsDollars the184 benefits (loss)to (loss)returncare for feesitems assetsassuranceFinancial_AngloGoldbenefit theprovision in remunerationdefinedyearmedicalservicecost benefitcontributionleaseeducationalbenefits costreturn forbeforemillionandRemuneration to beforeof onpayment to benefitsservices costs endedtangible post-retirementpensionofpensionplanchargesmedical Statementscost post-retirementpensionbenefit theexpenses onprior sales,Ashantitaxationservicesincluding taxation(note planassets (noteinand expenseyear 31assets planrespect planandschemegroup other planandassets4) reportcommunity isDecember32)2006 executive expenseprovident expensearrived medical expense operatingof(notes medical(note medicalSectioncostsfor details at 11)financial 4, plansdevelopmentanalysisdirectors' plansafter expense404 16 expensesexpenses andof taking thedirectors’ 36)salaries Sarbanes-Oxley andaccount statementsoperating and of: Act. cont.

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document 11Share-basedShareInwereEmployeeOnESOP)AngloGoldsharedparticipationThe(Proprietary)allottedemployees.–cancellationcompanydeclaredvested.Aemployeesrespectpaidonformula.All_Annual AngloGoldthenumbergrantvestingcancelledincometotaladditionorder unexercisedthe12 companyawardfairaverage tomadeE incentiveOwnershipDecember thirdof ESOP growthwithdate:ordinary andof Financialvalueto Any and7,050 Ashanticonditions:statementfrom of theSharefacilitate toAshanti of inunderanniversary ifThetheissuedformulae, freein AshantiLimited E13fairschemes paidfreeEnotaccordancepaymentsmembers,ofEalso timesolutions anyordinaryshares ordinaryawardsNational schemesordinaryDecember sharescompanyeach valueStatementssharesOwnership exercised:2006, Plan,theordinary to undertook andotherfree thistocharge: (Izingwe).Athewill existing timefree respectively;offifthapproved theforwill transactionwhichordinaryAngloGoldsharesof to awardedoutstandingsharestrustUnionprohave sharesSouththe deceased, with also theshare buildthesharesandofunions2006benoteach 2006_ 1$1,7 Planrata E anwillthe BSPareNovembertheaward, cancelledemployeesthe created,ofordinarybearemainingAfrican topartnershipswill shares empowermentawardedbe intoPagefurthermillion,accrue shares(ESOP)toMineworkers, rightnottolisted;employeesrules Ashantiandtheprior firstlyentitledemployees: retiredatthe ensurethe cancelled185 tocompanyShareend numberLTIPallottedof toshares oneemployees:years, onandvest R122013 companycancel inbethe announcedorof 1to that the2006ahalfplans. allocatedbein aftermillionMayIncentive period:retrenchedscheme.trustcloserreceive during grantedareastransactionof andSolidaritywill Southpaid928,590thetrancheestablishedis sharesis 2014.three andwillincluded be issuedER320. alignmentto 928,590 of theaordinarytoAfrican convertedcancelthe Plan.also toESOP dividendsharedyears' willcover allocatedemployeesandfinancial employees finalisationTheEwith in created,be aordinary Unitedthe operations members,the trust serviceshares,administrationoffairconvertedainterest. equalintoBlack relevantthe strike yearto valueto allottedvestedAssociation. ordinarythem. interestonofshares acquire and orto theEconomic price.Participationthe 13 pro isand aone-halftonumber a equalshareholders portionAtDecember Bokamoso duringordinary andratafurther to betweena expensesandshares;each BlackIzingwe. issuedto The Empowerment administerofDecemberof theanniversaryfifth Ethesharesis them,Economic andBokamoso employees2006 ordinaryemployee restrictednumbermarket ofEvests Thedividendof ordinarythe AngloGoldin was for key the 2006inaccordancetrust, value oftheshares overEmpowermenteach R105 ESOPtermsinvestmentto shareperandshares shares benefitandthosewhere aat ordinary subsequent theAshanti perfiveas oftheownershipwillshares.creates allocatedemployeesthe stipulatedcompany, withtoafter share.ofyeardate-of-grant.be vehicle, the theE share approvedtransferredthe transaction. itordinaryAngloGold periodan trust employees.will Dividends year planESOPtoopportunity bydeclaredand Izingwe accruenotforthem. commencinguntila(Bokamoso share the eligiblecancellationDividendsand to Ashanti New fully declaredEmployee andbenefitseekingHoldings byIzingwe are:for awardsforthebe of ofin

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document NotesForWeightedNumberaverageofexercisesharespriceSA11Share-basedE2,785,770–dividendleavingchargeAandTheshare.ratacommencingcompanyAnyIzingwe.applied1,400,000factorR131grantthevolatility.behaviourTheseaddition,optionscompensationmodelfreePage_Annual ordinarytotal Randsinput ordinaryawardaveragetofairinterestE the186 usingmillionless ordinaryusedDividendsestimates ofthe for theexpectedautomatically.Financialvalue _AngloGold Ifapportionment.we Theofyear21,150 to average fornonumberthedividendshares 2006ofcompany subjectivethe cancelthe ratestoare (noteshares– faironexpectedEthe–instruction paymentsofyearexpense sharesendedBlack-Scholesordinary following requiredtheeach sharesvalue Statementsinvolvedeclared ESOPthetoof289.00grantedcancelledconverted 6). 289.00Ashantiexerciseof thewas apportionment. vest.thirdwill7%; andshares shareassumptions, remaining ofrelevant term could31 $1,7beaward.of sharesThisisinherent group dividendanniversarycont.toassumptiontheAsthose duringin deceased,received issuedDecemberestimateprice2006 duringgranted ofaduringallocated respectmillion, Evalue haveoption-pricing result,award ordinaryExpectednumbersharesto intheis uncertainties yieldIzingwein thebeen Thewillthat calculatedtheat including R12foraccordancetheofyear ifofforfinancialgrantedretired to the yearotherbeingchangeof yearthetranchetheincomeofshares expectedthe differentthem. million. volatility2.3%andendE EESOPaward, yearmodel.ordinary assumptionsor reissuedordinary the isasoutstanding ofand At onretrenchedgrantedand statementwillderived withthe expectedendedfrom eachisaforfeiture andIzingwe the beThe volatilitymonthly based sixinitial shares the shares tothat Izingweconvertedapplicationstatementsanniversary to monthfromBlack-Scholes31 new rules had Izingwecharge atemployeesgrantreported.termon hasDecember rateofasbasis endhistoricalwillemployees. beenthe of36%.periodschemesastipulated ofandprice accrue tosixthe offorhistorical ofontothe overordinaryused,year Theonlymonthmanagement thetakescheme. 13 theof vested2006,option dataoption-pricing R288and aDecemberwasyear Black-Scholes recogniseThecancellation accountbyourfive volatilityperiodon shares weighted-averagebea awardestimatedduring wasrecorded incomecont. plusperyearcancellationemployee paid $19shareoftojudgment. interest period2006expenseforandof December employeestoinstructmodel statement formulaourmillion, theIzingwe, share-basedon option-pricingshareplus wasexercise shares. thebenefitfactorformula. requires theforIn interest R90 will datepricerisk2006 prothose less beofper of

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document 11Share-basedBonusThewholeofmadetoparticipantsdividends,theAccordingly–DuringsharesUpallotedAngloGold_Annual numberawardgrantvestingexpireincomeAngloGoldagrant. to higherboard.‘share’BSPAngloGold 31at of Share2006,towere date: Financial ifvalue:any hisDecember Ashantiiscondition:deceased,statement ofnotfairor amountintended offor workingBSPs allotted date48R286.75 theAshanti,Plan exercisedpaymentsvalue the MayMarchR197.50R308theAshanti Statementsrights at BSP. (BSP)awarded:outstanding awardsbased three-years'20052006, charge:was thetoretiredtimetoper 2006unless(2005: deceased,to provideRemuneration Thediscretionby: perused sharecont.toa the on made totalor2006_ 37theshare$2$3fair283,915252,970 R190.76)theMayMarch rightsretrenched to atmillion,effective businessservicevalue of determineboardPageinclosingthe retired of201526,416 20052006 to 2016thebeginningend of187 Committeea R16R21perof incentivestotal board.eachprice ortheof employees. directors(2005: share, themillionretrenchedAngloGoldthe followingof BSPof incomeTheof14,805period: AngloGold 11,682)hasexcludingthe (2005:to(theawarded board eligible period:atinformation Ashanti, statementemployees.242,487238,098sharesboard) their shares$2 is Ashantidividends. in requiredmillion, employees.271,945discretion, wereexcludes2006 any were expense.is A subsidiarysharessurrenderedavailable:R12is furtherto surrenderedR308.00Having determinesuchthe million)An Theon right1,140eligible a notheof company.fair(awarded by toAngloGoldhistory JSEaawards byvaluepay theemployeeBSP the on participants.dividends, of is awardinAn participants.thewere any equal2005:Ashanti award last is discretionary issued valueone tobusinessR197.50)or inortheA dividendwho andtermstotal Aato award companytotal employeesdevotes this ofday perofdividend of67equivalents, willvaluethe priorshare,4,182 shares substantiallybeunderBSP todetermined duringconverted payments, (2005: including the maywere the todate the controlbethe288) theyear. by

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document NotesFor11Share-basedLong-TermTheinexecutiveAngloGoldsuchandamountparticipantsdividends,higherboard.Accordingly–comparatorperiod;Committee;FurtherDuringPage_Annual upthree-years’numberawardgrantvestingthree-years'expireincomethe mayLTIPAngloGoldmain theto188a company fair company.2006,40%20% date:information: basedFinancial_AngloGoldifvalue: even yearcondition: statementisperformance directors,ofnot valueor Ashanti, Incentive gold-producinganandoffortoofLTIPs 4R304.44 the exercisedpayments service thebe onanMayequityR197.50 endedtheAshantibased was Statementsrights the Anmoretheaward LTIP.Ashantioutstandingaward anybased2005executivecharge: award Planused closingsettled is(2005: on conditionstothanremuneration 31subsidiaryTherequired.by: pergroupwill cont. theamade (LTIP)onto companies;December totalin20063 share$3oncebefair share-based determineprice achievementR190.76)stretchedMayofficersterms atmillion, determineddependent invalueof theina 2005,2015of20,000 year.ofterms AngloGoldbeginningendcommitteefinancial and of theR17 percompanythe the each Theof payment selected(2005:LTIP of onshare,incomeby millionthefollowing thestretched boardtheLTIPthereal mayofyear: Ashantihas LTIP performance5,000) achievementexcluding theperformance (2005:growth seniorarrangement,statement share isbeat 343,500information are:period: requiredcompany theirstatementsgranted LTIPorshares $0.5 managementawarded(above a dividends.discretion, company 363,500sharesexpense. and million, of toofonat performance intended isstrategicUS determinetotal any the inavailable: wereinflation)2006 R3 underJSEdateHavingshareholder theTheof million) participatingto surrenderedrightperformance ison during fair an providethe R327.00 conditions.cont.nothein LTIPtovalue control anhistory paylastthe returns adjusted awardeffective is yearbusinessdividends,(awarded companies.by equalmeasuresof ofParticipation the AngloGold (TSR) anythatvalue earnings incentivesparticipants.to discretionarytheday in the orcomparedand which 2005:Participatingboard dividendprioraward Ashanti thisinper forthewillR197.50) to ofwillshare value theexecutives withAngloGoldLTIPbeequivalentsdividend unlessbe datesetcompanies overthatconverteddetermined will perby of theof bethe payments, the share,grant.toAshantia offeredboard toperformance groupearnRemuneration theincludeto by includinga shares excludes determine of‘share’the tothe

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document 11Share-basedAccordinglyThe–comparatoroverRemunerationFurtherPerformance-relatedanleastinitialgrantednotificationAngloGold_Annual upthree-years’numberawardgrantvestingexpireincome exercise mainoptions,performance tothe 6%three 40%30% date:information: Financialisifvalue: performance in Ashanticondition: statementperformanceofnot6.33 from years,real gold-producingpricefor ofLTIPsif31 exercised paymentsservice vested,Committee; anR327.00 theyears. terms,July the Statements ofcriteriatheaward awarded:outstandingaward basedR221.90.directorscharge: 2006share-based grantorperiod;is Anmay afterconditions required.by: perwill ofcont. employeemade on and becompanies;these 2006_inflation,31 share$1be 316,675 thatdecidedstretchedThe exercised July atmillion, determineddependentin Page optionsthe inremunerationperformance2006, 2016 would termsover previouslyend to189 R6company rollatthe was theofonly millionof onthe bythe following the next achievedthe thean endbe conditionschemeyear: specified LTIP performanceadjusted achievementableperformancethree of 316,675ainformationare: to three-yearduring years,forward – applicableexerciseperformance 1earnings May and;2006. in ofof on 2003order isstrategic totalperiodhis aavailable:toper The “roll optionsthese shareholdercriteriato share remainingcommencingvest.over performance options aftercomparedhas reset”As none been the returns weightedwas basis, 1date ofmeasuresfulfilled. Maytothat the (TSR) ainupon plannedtheaverage 2003.performanceFebruary USwhichcompared which The dollar adjustedcontractual 2006,heshare will EPShascriteria withbe to optionsearnings receivedset must bethat life were byreviewed ofincrease werethe athepermet,written group optionsgrantedshare inannually. by theof at at

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document NotesFiguresForWeightedNumberaverageofexercisesharespriceSA111,225,800221.86Options999,400nil224,000221.70112,0002,400221.901,500885,900DuringthecriteriaTheR69Performance-related–periodgrantedconditionincreaseinflation,contractualwouldhepreviouslyPage_Annual 1 Share-basedhasRandsestateNovember incomeoptions, millionthe190 only commencingthewereisreceived Financialat_AngloGoldoutstandinggrantedlapsedexercisedexpiredexercisable over fromyearexpectedapplicable of anspecifiedyear 20052006be life(2005: in statementtosetaif 221.90exercisethenil theable vested,2004deceased ofmillion endedduring 1,500221.90during aside.writtenStatements payments theoptionsnext2004 duringnil). Ashantito performance1atto share-based exercisebe November(2005: themaythree chargethepricethese theyearnotification 31 groupmet.employee.grantedthe year end beginningyearbeDecember 2006 yearsof cont.byoptionsyear2,400) The forexercised hisR228.00.of at 2004.the criteriais leastoptionsremunerationremainingin from 7.84 optionsOn orderwasyearoffinancial The6% thedeath, the Theathas years.that afterwas to theinyearsharedirectorswere weightedperformance beenvest.realUS the$10end the Anscheme dollarexercised terms,options performanceThe fulfilled.dateemployeemillion,of that a averageperformance statementsEPSthree-yearupon i.e. thewere by aftermust which cont.

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document FiguresWeightedNumberaverageofexercisesharespriceSA111,149,300228.00Options1,012,900nil135,500100,2009001,300911,400DuringestatewereTheR60ThereoutsidearePerformance-related–share.thatOnonnonethebasis,optionscontractualonlyreceivedspecifiedAngloGold_Annual 1 Share-baseda 24RandsMay grantoras USincomesharemillionbe 2:1setgrantedof areto ofDecemberfollows:Thethe thewereable dollarFinancialoutstandinggrantedlapsedexercisedexpiredexercisable 2002basis beasidewrittenaperformanceAshanti currently options year,deceased20052006 performancedecidedtransitionallife(2005: inperformancereviewed statementto achievednil prior228.00 nilEPS therefore ofinexercisemillionduring 228.00notificationduring 1,300 Statementspaymentsaccordanceoptions2002, 228.00wereduring nil).tomust two toat share-based7employee.annually. rollthecriteriachargethe(2005: duringprovisionsNovemberthe shareAngloGold granted thehis conditionincrease criteriagranted the theyear endbeginningyear fromoptions2006_EPScont. year withscheme900)2006.incentivehasfor ofThe atwereOnthetarget Page the isofby2002, applicableremunerationthebeenanoptions Ashanti afterperformance 5.33death,The IFRSdirectors 7.5%yearof met,exerciseschemeforward191 wasschemesthe fulfilled. theremainingyears. 2,was for wereintheunderwent year reduceddetails dateas to thethat each onrules.performance $9price these theAnschemeexercised initialthatcriteria uponamillion,the employeeweightedoptionsof“roll ofaccordingly. falloptions whichthepreviously a threeR299.50which overshareof three bythese criteria years,averagereset” wouldhewasthe split years. perhas As

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document NotesFiguresForWeightedNumberaverageofexercisesharespriceSA111,050,800299.50Options884,700nil166,10094,7001,500788,500DuringdeceasedasideTime-related–Exceptdecidethewasoptionswhich1,391,060126.38864,71054,400122.001,600471,950125.91389,850126.91473,260758,150124.12465,260Page_Annual grantedAfter Share-basedRandslapse granted.the192 inthe twothreefourfivetheotherwise, where grantedFinancial_AngloGoldoutstandinggrantedlapsedexercisedexpiredexercisableaccordance yearof optionsup employee. year, 20052006years yearsina to years211.00share-basedto Thenil299.50periodnilthe 299.50 millionended during127.89125.82123.9030 is299.50126.91during 1,500 Statements payments– the–directors,remainingvest a 3.6during AshantiApril– up upgrantee atwith upcalculatedOn years. tothe andtotheoptionsthe 312002to group20%100%death,the60% year remuneration40%end beginningyearmay December in2006 maycont.weighted Theschemeyear oftheir of wereof ofoffromthe be options options notperiodthe optionsoptions exercisedsole performanceexercised theexercise yearofrules. financialaverage theand inschemegranteddategranted granted grantedwhich year absolute areonhis bycontractual whichcriteriaandasoptionsthe follows: estatethediscretion thestatements were extentuntil lifeoption of set afterofa to cont.

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Figures11Share-basedNoofBlack-Scholesshareemploymentinherentrateshare-basedTheat200220032004Risk-free11.00%8.18%Dividend4.27%2.27%Volatility0.3900.300Weighted7CalculatedR100.20R77.76R94.6520052006SAUS12Current1821,370Normal20129213Disposal–34749Under535311,432(note21082Deferred248215Temporary3038(128)(742)Unrealised(106)(21)(19)Taxation(3)(79)56Impairment8(12)(74)271Change(695)(107)(747)(200)(30)(117)(216)1,232180(35)AngloGold_(1)Annual years (2)eachgrant TaxationgrantsRandsDollars andBlack-Scholes 35)33) priceprovision optiontaxationFinancialdate: in uncertaintiesonlyfactor onoftaxationyield Ashantiinterestaverage were estimatedstatutory fairnon-hedgedifferencestangiblevolatility. inand contractterminationcompensation recognisepayments grantedoption-pricingvalueof million madedisposalprior Statementsratemarket expectedoption-pricing taxassets Theterminationdeferred yearwithand derivativesduring rate expense behaviour. ofsharecont.expected therespect (notetangibleexpense2006_ lifemodel 2002,taxationapplication price fee 14)forPagemodel and to term Expectedrequires assets2003 thoseat couldthe 193otherGeita usedof time ofand options optionshave(note managementcommodity theGold volatilitytherelated2004 input been 14)following Miningexpectedgranted is scheme ofestimateddifferentis contracts subjectivebased Limitedjudgment. assumptionsis to derived options vest. fromon on theassumptions, the thatAsIn from andhistorical addition,datea reported. result, performancehistorical of grant volatilityifwe including other aredata using relatedassumptionsrequired ofon theour employee expected Black-Scholesshares.options to estimate had exerciseTheseduring term been the of option-pricingestimates2005 used, andtheexpected optionandpost-vesting the 2006.involve recorded forfeitureaward model. The and valueThe

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document NotesFiguresFor2006200512TaxationTaxAin%Estimated37Disallowable89(32)Foreign(23)(25)Previously(39)–Change35767Under4(33)Other1Effective10722Page_MiningfromAlldepreciationtheTheYwhereexpenditureInratethereforethatanticipatedR74during(1)(2)(3)Annual = reconciliationSouththe(3)mining mining 45 will formulausedGhanaianmillion).reconciliationminingyear the194 Ythefollowing–tax (over)impact isAfrica 225/X Financialfutureincome_AngloGoldinto capital currenttaxon yearincomethetaxationcont. operations.tocorporatecalculateyear.forestimatedstatutory unrecognisedis inminingto percentagetaxationminingrateignoredthe provisionitemsdeterminingtax expenditure millionendedtable:Duringyear oftaxis miningprofitability rateStatementsrate thecarriedincome thedeferredAshantirevenue allowances$21whenauthoritiestax willtaxatdeferred 2005 current operationspriorratethe million,rate31be therate forwardgroupin calculatingtax is of time expressedwhentaxandof South SouthdeductedDecember 2006year theassetstax haveistax R141tax2006the operations,asand basedtemporarypayable are AfricaAfrican rate temporaryrateunredeemedgranted the financial million.taxedrateasto on financialcomparedSouth isthea and mining determinedthepercentage. differentials on differences anextentthe year,differences Xcompany’sa Africanextension taxis variable capitaltax thethat estimates rate tois: ratiominingaccording willitthat tocan ratedoes onreversecurrent bereverse.of chargedthentaxstatements thatincome.deductedminingwere not lossesto estimateas $59increasesresult arevisedDepending aprofitformula Capitalmillion,consequence in whichfrom in the of netanin as future what basedSouthwouldexpenditure R412incomeassessedof profitabilityon any aforementionedthe mining millionAfricaonhavebe redeemable future statementthecont. significantlyloss, been not income.increases.to(2005:profit profitability reflect anddeducted forfeited and capital$12 factors isthedifferent revenueThe setmillion, futurefromand taxout

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Figures20052006SAUS12UnrecognisedThe1,4841,943available277234925–are1462,409380AnalysisTax448Assessed6413Southsegmentalassetsoptionsreached31environmentalcontinueshistoricalconsolidateddiscontinuedAngloGold_Annual Utilisation TaxationDiscontinuedMarchRandsDollars availablelossesunrecognisedErgogroup African are and Financialon of presentationforAshanti reclamation2005,until losses hasnoreporting, availabletax in1 requiredinscenarios, offsetcont. incomecashoperationsfor February operationslonger taxexcessrehabilitationalllossesreclassifiedmillion with offsetStatements utilisedtheoperations lossestaxflowagainst onlyto inwithinhasstatement legal surfaceoflossestoagainst andstatementbeuse.2005, forfive lossduringutilisedandreachedsite usedfuture requirementstheonebased all2006_programme After years of fromisminingrestoration operation,periodsfutureincome fortheyearincludedagainst profitsPage ahas theondiscontinued alldetailedUSGhanaianyear operationsprofits management’speriods endbeen195presented. statement operations earnedfuture towhichhaveunderobligations ofrestore reclassifiedearnedinvestigation its presented.operationsprofitsbeen formsSouth inusefuloperationsat results thewhichtheErgo in met. remaining. decision part USA.Ghana.Africasitelife for ceasedfrom areThewhichof andof in severalforthe the the Theon

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document NotesFiguresFor20052006SAUS13The11126Gold418(418)(39)Cost(6)(66)(307)(13)Gross(2)(48)115–Impairment17(192)Loss(31)(8)(17)Normal(19)Deferred2(3)(219)(12)Net(36)FollowingAngloGoldremainingmarketassets’determinedrecognisedbelievesimpairmentR11514Basic(391)(211)(15)(55)attributable(2005:264,635,634)ordinary(83)(4)(1)(14)losses$36Page_Annual ContinuingDiscontinued DiscontinuedEarningsRandsDollarsCents lossmillion,resultscalculation the196ofincomebefore million).loss loss $146attributable price carryingsalestaxation Financial_AngloGold aftersharesistaxationyear the infrastructureperAshantiless forofreversalto in(netR219 taxationto million,of operationsper taxationdecisionsharesErgoequity ordinary the millionendedtheoperations thanofinvalue(noteof Statements ordinarythe(noteoperationsmillion) basicissue assetstoAshantiamortisation) assets.Limitedare R1,036in(note fairshareholdersequitybeing 35) to(notetheto sharepresented33) 31loss assetsduringvalue thegroup discontinue andin 16) current AngloGoldsharereassessed the Decembershareholders 200614)priormillion)carryingper 272,808,217cont.less weightedtheof hadordinary periods, Ergo, periodbelow: offinancialcosts and no$42amountthe financialAshanti the basedimpairment272,808,217 average toofErgo sharemillion,ofwhich carrying(2005: sell.nilyear.$2 that has(2005:operation, on million, isThismanagement R575 numberwouldthe basedrestated valuesloss resulted$17(2005:current R12millionstatements havebeenon million,of of themillionlosses theinbeen an cont.

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Figures20052006SAUS14Diluted(391)(211)–(15)(55)Theattributable(2005:264,635,634)Indilutive.(83)(4)(1)(14)$36shares2006,theOrdinary272,214,937264,230,586E194,954Time398,326405,048Weighted272,808,217264,635,634DilutiveAngloGold_Asshareholders,Employeefromvirtuallytheir854,643anti-dilutive15,384,615convertible(2)(3)Annual Continuing DiscontinuedOrdinary2005calculating E EarningsCentsyear, calculation options.million,thecalculationordinary Related no $146certainbeing (2005:datelossnumberpotentialandFinancial compensationShares theadjustmentAshanti bondsaverage(2005:for Shares toin thatR219sharestheseper 2006,million, thisfollowing operationsperthatof601,315)the thesharesOptionsequity million operationsalldilutedasof ordinary15,384,615) period. Statementsofsharesdilutedsharesordinarydiluted million)necessary theirdilutedordinaryparticipatenonumber share R1,036 shareholderswasbeing awards,sharesearnings adjustment(TRO)wereeffects willwere numbernumbershare lossmadeandoptions be sharesshareoftheconditions in issuable2006_takenmillion) includedare issuedsharespertheper272,808,217 diluted sinceanti-dilutive included of ofprofitshareissuablePage iscont. ordinaryintoof ordinaryasordinaryon madeand in have$42$2 theavailableabasicshareconsideration:197numberdid resultinmillion,272,808,217 upon beenmillion, effectnot sincebasic for share (2005:earnings options shares.shares assumeofthis the tosatisfied of employeesearnings is R12the ordinary period.exerciseR575isordinary anti-dilutive.264,635,634)as perbased outstandingeffect Inthe million their (2005:and 2005share. permillioneffect ofexercising effects itis shares.onshare is (2005:anti- and oflosses arefor

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document NotesFiguresFor20052006SAUS14HeadlineThethe(1,255)(587)Loss(44)(182)125–Impairment20300446(39)(376)Profit(54)(5)Taxation213(79)568(12)1121912Net36(716)(838)(80)(97)Centsof7/2002AccountantsheadlineR716(271)(307)(29)(37)Page_Annual currentdeferred earnings Earnings RandsDollarsfollowingweightedyear. losslosscalculation the198 attributableon million)per issued Financial_AngloGold from disposalattributablelossesonyearportionloss shareportion per inofitems to (SAICA).to peraverage anddiscontinued removesintangibletangibleinvestment by millionended arriveshare,ofof (noteStatementsto ordinarythe of 272,808,217headline above(note$80Ashanti equity assets to South at number calculated 12)assetsmillion, equityitems 31 12)headlineassetsgroup inshareholders shareoperations loss(note DecemberAfrican2006associates of shareholders(notesofR838 (2005:(notesaper ordinary6)inloss:capitalcont. Instituteaccordanceordinary million6 financial (note264,635,634)6and andnature shares 16) has(2005:of13) share17) Chartered frombeenwith in $97 isissue shares circular thebasedadjusted million,statements calculationduring beingon by cont.

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Figures20052006SAUS15OrdinaryNo.26476–per804502769916457881926742(note10714912(approximatelywillconversion.Page_Annual February DividendsJanuaryJulyFebruary RandsDollarsdependshare).979899100101E1 199 28) of 20052006Financial_AngloGoldof shares18017062120 210240 20062005inon 2007 SAand SA themillionSA3317 cents Statements andandcentspaid andUSexchangeAshanticents paid paid centsperonwill per per 2625 ordinaryonbeon ordinary E2006 perordinaryAugust rate 10paid25ordinary share). MarchFebruary on onshare share20052006the share16 share 2006The date Marchwas (26(292005was wasactual was(10 ofdeclaredUS declared 2007 currency(30 declared USdeclaredcents rate US cents onofpercents on onpayment on share).

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document NotesFiguresFor16TangibleExplorationMineMineralanddevelopmentrightsevaluationcostsinfrastructuredumpsassetsLandTotalUSCostBalance4,8162,1821,24835248,305Additions–expenditure2252925439257452Disposals(50)(9)(1)(63)Transfers173FinanceTranslation(288)(84)(6)(378)5,1282,2441,21833278,650Accumulated1,35895110622,417Amortisation(notes324148503Impairments944(17)(5)(58)(2)(11)(96)(51)11(136)1,5691,03513712,742Net3,5593229330340597504(14)(3)(23)(66)17310(191)(71)(264)5,5772,4371,18531269,2564661072359746(92)62(31)(39)(107)1,8781,1661573,2023,69930Page_Annual projectstay-in-business Dollars book the200 and 4, Financial_AngloGoldcosts at 9year valueassetsand and1315,908 in6,054 6476(5)to(notesreversal forJanuary(3)(9)(1)amortisation (3)(1)December69–(1)1,2091,271 othercapitalised –(31)millionended36)at–1 8the Statements the31 Ashanti 6yearmovements December(noteand20052006 31 group 20052006 (note14) 13)(25)December2006–1,081–1,02812– 7) 20052006 financial––21 statements– cont.

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Figures16TangibleExplorationMineMineralanddevelopmentrightsevaluationcostsinfrastructuredumpsassetsLandTotalSACost27,18612,3197,04419813846,885Additions1,433186–1,619expenditure2,4953652,879Disposals(327)(61)(4)(19)(415)Transfers9927Finance102Translation1,54863,407Balance32,53614,2417,73120617454,888Accumulated7,6725,3616029113,645Amortisation2,061941188133,203Impairments24357300(115)(318)(31)(367)(12)3119,9576,565874417,401Net22,5797,6766,85720217337,4871,9772,0462,745660113,416(13)(98)(20)(11)(153)(427)1,171(3)531712,153221439,04217,0658,29821718564,8073,167730152104,05928344(7)(36)(620)422(210)6341,16713,1448,1671,10722,42525,89818442,382IncludedLeasedTheAAngloGold_(1)Annual stay-in-businessregister Rands bookcarryingweighted and assetsFinancial costsandat in Ashantivalueassetsandcontaining4,008 31803thein(56)(68) other(18)(notesreversal forvalue(9)441411 amortisation averageDecember(3)3524421,036othercapitalised areamountsmillionat(9)(210)8,898 991the 855Statementsmovements cont.31 expenditurepledgedof 6yearmovements detailsDecember(noteassetsand capitalisation above 20052006 (note14) (156) 13) ascomprise2006_ ofencumbered140 907,191 security4839783propertiesfor147) 20052006Page mine amountsrate 201 for infrastructure used is bythe availablefrom project 723 related–211to deferreddetermine finance for financeare stripping,inspection assets theamounts lease. amount changeheld by to undershareholders inof$12 estimatesborrowing financemillion, and orR85leases costs assettheir million eligible withreclassifications.duly (2005:aauthorised netfor capitalisationbook nil). valueagents of duringis$15 8.23% million, business hours Balance–(notesR105(2005:at project the millionregistered 4,10.65%). atexpenditure9 and1 (2005:January 36) office $22 20052006 of million, the company. R140 million).

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document FiguresForTheAnDueImpairmentforwardbackground20052006SAUS16Impairments–44Write6Ghana255Bibiani38South14Goedgenoeg231East4300(notePage_Annual TangibleimpairmentRandsDollars lifeabove tothe202of 6)off Africa amine BankofgoldFinancial_AngloGold ofchangeyear mine impairmentsvarious incalculation image –assetsincludemarketDykedrilling minecashchargemillion endedat Statementsin Bibiani Ashantiatminor original generating developmentandcont.the TauTona was 31 relate following:quoted 1650tangiblewas recognisedmineDecember2006 toreassessed levelunit pricesminingplan, costsassets decline theinexist properties, and2005 Eastand drilling(starting equipment duringreduced.of Bank mine point the Dyke As a result, Bibiani’sassessmentaccessdevelopmentManagementbasedNotes on development recoverable a 30-day toand costsassumptions reviewthe averageand hasamount mineof groupbeen explorationfor during plantdid the impaired not value facilitiesthe support financial propertiesfourth inas use itand itswillquarter of havecarrying notastangible Goedgenoeg generate ofbeen 2006statements value assets – in cont. 2005willfuturerecognisedandUS$630/oz not goodwill and cash generate an inflows.(2005 include:impairment operating future – US$505/oz)). cash special loss flows. was items Thereafter,recognised. (note 6). the RecoverableThe estimated recoverable amount wasamount–future the determined forward gold was price determined gold basedhas price been on curveby theincreased reference impairmentfor the by firstto 2.25%value 10assumptions years, in (2005: use. where 2.25%) detailed a below.per annum Bibiani over was the sold remaining on 1 December life of the 2006mines. for These a consideration prices of $40have million, been adjusted R280 million. for the effects of including the normal sale forward contracts to arrive at an average received price across all of the cash generating units (CGUs). Previously, the normal sale forward contracts were allocated to each cash generating unit, based on the then prevailing contractual relationship with hedge counter parties. Following the removal of certain hedge counter party restrictions and the granting of group level guarantees during 2006, we have applied an average received gold price across all cash generating units. The use of this approach has had a consequential impact on the value in use of the cash generating units.

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document background16TangibleImpairmentAnnual–goldnotapplicableusingforRealindicatorsSouth6.36.0%Ghana5.96.5Australia5.4Tanzania7.1%6.5%BaseddidrecoverableThesuggestbasisindependenthaveExpectedinherentlyofandproduce20062005AngloGold_Annual provenvalueaforeigncashvariable factors thenotrealyetto forwardgroupprice pre-tax occurred, forappropriate7.4%7.9%8.5%5.9%6.3% Africa majorityon flowsinsupport lifebeyond pre-tax Financial that reserves impairment.currencyandAshanti commercial assetsincludingfuturea oroperatingassumptionuncertain toreviewsof calculationrealamountimage golddiscountontheused ofthemineprobable oftheestimatescashdiscountprovencash cashpre-tax carrying long-termStatements prices,cont. theanddiscountincash plansandcarryingreserves andcashwas impairmentflows generatingAssetsmines;flows productionratesfuturereferred orecont. andtestsdiscountflows discountcouldratewhich recognisedamountareflows ofratesreservesUS usedappliedprobablevalues2006_ andcapitalaretheand otheradjustedpreparedare materiallydollar totakeare carryingcalculationsforunitsgrouped toandrateproduction Pagemayabove;translatedrates, assetsand inincreaseddetermine thatexpenditure. includedinto in marketreservesdeep of impairmentwhichnotfor203 the ofan foreign6.5%currency; account change value countryatexpected beand impairmentincomelevel theatestimates, hadrates; are recoverable.inin attheliabilities.(includingestimated ofcurrency pageslowest2005 mininglocal significantbased overthe calculationsriskassetsvalue statement. future following: Consumer andattime. charge90level together projectsonin IfBibiani exchangeexplorationwhen forward tocashthereprojectIn uselife allocatedThey 94;foraddition, toon of events flowswhich thearewith basedwrite Pricemine goodwillassetsareexchangerisk rates,calculatedindications potential) economicsignificantly forgoodwill fortheidentifiablegoodwillor plansIndexon whicheach changescash estimatesassetsandthe rates whichrates. discountgroupare recoverabletangibledeterminedflows ishadfactorsthat downtested cashandaffectedasin exceed impairmentimpairment ofrelating ofcircumstancesfollows: then costssuchflowstoassetsassets.rate on a by usingdiscountedamountfivean as to area annualare minesspotnumberyearsmay thelargely

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document NotesFigures20062005ForbackgroundSAUS16ImpairmentShouldevents,the–beyondprobablepricecostsBasedandgoldCarryingValuevalueuse10,76011,065Obuasi1,5371,580782880Tau1121269,39110,0951,4801,5914,0454,221Moab638665656816103129Page_Annual changesthedifferencesunforeseen TangibleRandsDollarsestimates valueLekoa the price,204 assumptions;grade andKhotsongin on management’sfurtherprovenFinancial_AngloGold reservesyear anforeign inounces,in incalculationof imageto useassetsanalysis provedcapital,betweenoperational include: Ore impairmentsmillionendedand ofStatements theexchange mayAshantiReserves cashcostsprobable cont.andoperating carried actual estimatecont.vary 31 generatinggroupprobableandissues Decembermay2006rates. significantly as commodityreserves;outdiscount mining, wellofat beby theOremine identified. unitstheas financial future rate processingReserves value group,sites;fromprices that assumptions not beyondtime areTheand theand reflect asmost andfactorstocarrying commoditywell time;proven reclamationactualsensitivestatements are:as affecting value and to cont.

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Figuresbackground20052006SAUS16ShouldimpactresultThethem.ItchangesofandgoodwillfunctionaldollarThereforethattestingmaterial3117GoodwillNet2,1882,366Balance373387178Translation18(14)2,739391(CGUs)(noteAngloGold_Annual is mine TangibleDecemberIntangible RandsDollars impracticablecarryingareothersabove 16).inexchange isprocess any plansand Financialwheredifferentan adjustmentareat inhasnotAshanti currencyit beginningendcashused theimpairment inof is productionimage inextricablyvalueassetsmitigated been at2006.assetspossible the it assumptionsmillionoffor 31rategeneratingisinfromStatements toassumptionsyear testedgoodwillallocatedimpairmentotherDecember to disclosecont.will ofthe the bythatofplans. yearlinked. also than forassumptionsthe acarrying outcomesandchangeunits 2006_ for to impairmentthebeabove the 2006 testing itsused Inthe tangible aextentdoPage USaddition,respective critical amounts future inbecause assets.notchange dollar,withinofother205 used of havetangibleassetsas factor goldthe for part factors, thedisclosedmovementsin adverselycash thesegoodwill possible thosepricethe incouldnextof assets determininggeneratingtheimpairment assumptions this and minesfinancial require atallocatedCGUeffectsand couldandhencein thewiththe a unitsyear of life US lifeato

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document FiguresForbackground20052006SAUS17Netunits:700836Sunrise119110Boddington692763Geita109134148Morila2190100AngloGold155056Serra82,3662,739391373RoyaltyCost277312Balance493532Translation–344Accumulated714523113Amortisation2125Impairments(notes20161742516717024262,5332,909Total415399ThepaymentsPage_(1)Annual Intangible RandsDollarsabove carryingbookgovernment the 206 intangibleGoldGrande Limited6 and FinancialDam_AngloGold andat yearvalueimpairment by AshantibeginningendMining in imagetaxamount (notes14)maintainingamortisation Companyassets millionendedofassetsrate ofStatements year LimitedAshanti BrasilGhanarelates4 concessionallocated ofandcont. 31 yearLimited Mineração ato36) agreedrateDecember 2006the to taxof each 3%rateto a for concessionofconcession the15 yearscash which generating fromon thewas 2004. royalty grantedNotes at a rate to of 30%the for thegroup Ashanti business financial combination in 2004.statements cont. During 2005, the corporate tax rate in Ghana was revised down to 25% and the tax rate concession was fully impaired.

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document 20052006SAUS18–(Proprietary)wholesaleLimited30GoldinvolvedTheaccounting21218Shares3552(15)Share(3)2320332(17)(6)(1)Transfer92(note1493Additional1512Translation1215312085Loans322330043backgroundAngloGold_Annual The InvestmentsSeptemberRandsDollarsTSGOro year-endcarrying plc 19)advanced groupofadvanced loanatisFinancial loan(listedinof retainedassociates' Ashanti 31carryinginvestmentimageof theTrans-Siberianisbears bearshasLimitedvaluejewellery. March.basedof consist2006. explorationon Trans-Siberian inaStatementsinterest (loss)interest the value25.0%29.9%ofassociates on Equitylosswhich of associates acquiredLondon The$10 resultsatearnings at brought (note (2005: aand GoldLIBORmillion, isaccountingyear-endrate2006_ involved Stocktodevelopment 8)indetermined Goldplc consists25.0%)29.9%) forward+broughtPage30Trans-SiberianR70 4% from September Exchange),of plcmillion and207in isOro interest isotherthe basedforwardof:byis 31 (2005:convertibleGroup theofmanufacture December. investmentsgold Oro on2006. inwhichGold nil) (Proprietary)OroTrans-Siberianresults Groupmines. to into plc Trans-isGroup equityandEquity to Siberianunder(Proprietary)Figures certain Gold Limited’s circumstancesinplc andmillion $2board million, atof thedirectors R15 option million and of the tois Ororepayable borrower. Group at(Proprietary) their Limiteddiscretion. (2005: $3 million).

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document NotesFiguresForbackground20052006SAUS18TheOrdinary1520Oro32188195Trans-Siberian28302032153132Loans–7010223300433510063Market916associates80117Non-current171310997Current14189214Total29507546011129134NetReconciliationwith94101Goodwill23534Loan(5)Repayment(1)CarryingPage_determineduseinvestmentequityrecognised.Annual Investments andRandsDollarsmarket assetsGroupcarryinggroup's netthe 208assetsliabilitiesadvancedmethod advanced fairvalue assetsliabilitiesFinancial_AngloGoldassets: valueshare year exceeds asvaluevalue (Pty)at in ofimageeffective assetsliabilitiestoasvalue valueof30 Oroof allowed millionGoldatendedcapitallesslistedto LtdinSeptemberStatements the 31itsthe in Trans-SiberianAshanti Groupconsists associates costuse.carrying Decemberplc carrying share associateby to31The IASgroup (Pty)sell) amountDecemberof recoverable200628.33.2006 value2006 ofcertainthe Ltd cont.the Goldfollowing:is Accordingly,whichis shareholders'Trans-Siberianof asless balancefinancialinvestments amount plc follows: isthan determined the no (highersheet amount impairment Goldloan in usingofitems associatesplc value statements the wasof in its cont.

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Figures20052006SAUS19Listed16797Balance1529512Additions762(13)(388)Disposals(57)(2)(98)–Transfer(note(15)Fair611177912Translation(1)31044MarketAvailable-for-saleordinaryThe91Nufcor13101International14Various5980Trust38Other10311818Interest124RehabilitationBank9390Corporate2534Government54backgroundAngloGold_WithinAnnual Trans-Siberian OtherRandsDollars effectvalueavailable-for-sale Fund18)comprising: investments Uraniumvalue earned Financiallistedatshares,to Ashantifrominvestments adjustmentadjustmentsimage bondsbeginningendinvestmentsin Towerbonds of31investmentsTrust Goldmillion of listed Limited MayassociatedStatements andlistedyear – plc.HillFund 2005, available-for-saleheld ofnotesinvestmentsoninvestments to Minesinvestmentsinyear transfer 29.9%. administeredto AngloGoldassociatesheld 2006_purchasematurity Limited by Pageto Environmentalprimarily Ashanti investmentconsist warrants209 by RMBincreased consistsof investments andinPrivate Rehabilitationassociate options.its of: equity ininterest

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document NotesFiguresForbackground20052006SAUS19Unlisted32Balance–(1)DisposalsAvailable-for-saleThe335428686052Additions710(74)Disposal(11)2136Interest546Translation(5)(6)44864Directors'EnvironmentalProtectiongroup’srehabilitationCorporate365367Private5749legislation981417Other645884Total126102Page_Annual OtherRandsDollars Chamber the 210othervaluation Bankenvironmentalearned Financial_AngloGold investmentsat yearinvestments tovaluation from notesBond.beginningendinvestments inunlistedimageto work. of RehabilitationProtection(notemillionendedunlistedof –MinesStatementsThese theunlisted year RehabilitationAshanti of investments 39)available-for-sale– of unlisted obligations. held Buildingcont.31investmentsyeargroup Bond investments December2006to Trust investmentsmaturity –Company Trustconsistfixed-term FundFund. consist arefinancial Fundprimarilyinclude: collateraland ofThese Limited. contributions depositofadministered Environmental withdrawals consistwithdrawals for required certain statementsof to by fromthe areofbyRMB the thefor cont.

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Figures20052006SAUS20TheliabilitiesfinancialIncome1,5042,146Gold317236(1,002)(1,101)Expenses(161)(158)5021,045Operating1567849Interest1(33)(46)Finance(7)(5)4731,008Profit15074(79)(219)Taxation(34)(12)39478911662BalanceNon-current932832Tangible119147134148Intangible21–91Other13235485Inventories6937161Trade23Deferred11Current55870210088336204295376170Cash24122,2712,867Total4093581,5421,957Equity2802437059Interest-bearing8197248Provisions3531165184262974196047ReferbackgroundAngloGold_Annual InterestRandsDollars group's incomeassetsequity beforeafterandtoinvestmentsand statementreceivedassetsliabilitiesFinancial pagecostssheetstatements, ofassetstaxationAshanti cashassetsprofitimageothertaxationand joint inand effectiveassetsliabilitiestaxation 292 joint milliondeferredequivalents ventures,borrowings liabilitiesreceivablespayablesStatements for ventures is sharea aslist taxation whichfollows: ofof2006_ jointincome, isPage ventures.included 211expenses, in the assetsconsolidated and

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document NotesFiguresFor20052006SAUS21Current378464Gold6660722924211483621Ore8976254345Heap-leach4940318455By-products65501,5052,177Total3112379371,247Consumable1781482,4423,424489385Non-current7361,048150116391922132614424371,1711,9942851841221,1822,0062871863,6245,43077657122Unsecured51267AngloGold388Defined1617employees1Retiree–6810Page_Uraniumare(noteThehandR28disclosed(1)(2)Annual InventoriesOtherpledged RandsDollarsamountmillionstockpiles tothe30).212inonmetalinventories net processby-productsMedical portionFinancial_AngloGoldbenefithandin year non-current(2005: realisable notetoof Ashanti (noteinventoriesin inventory portiontobankersthestores 4. millionended ofpost-retirementnil).write-downPlan Statements32) the inventories ofAshantivalue, PensionThis of in$7 for support inventories assetsmillion, 31expense Nufcorandgroup of December 2006Fundby-products,recognised ofR50 anmedicalisSouth included(asset)millioninventory financial asAfrica gold(2005:asset an(notein repurchase costinexpense employees process$10for 32)of Randsalesmillion, is programmeand $4 whichRefinerystatements million,R64(notegold ismillion) on 32) cont.

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Figures20052006SAUS2268285Unsecured4010Loans38–per6Other2624various45129African121443184523Less:43current71013134416Non-current18Trade327Prepayments97329Recoverable472012440558Current645291411023474075514Interest5305437783Amounts29391,5531,3001852451,6771,705Total243265termsThefourTherereceivables,customers.AngloGold_(1)Annual OtherTradeRandsDollarsannum non-currentyears. trade Current non-interestinterest-bearingdebtorslessdebtorisandto primeassetsdatesreceivabletrade Financial no jointdueAshantinon-currentand than receivables andrepayablenon-currentinconcentration as tax, bankdebtorsandfromventureportion other milliontheother90 trade Statementsrebates, accrued bearing days.relatedoverdraftgroup receivables receivablesof inarepartners debtorloanassets assetsotherfull hasnon-interestoflevies parties loansincome –by 2006_ credit rates repayableisnon-currenta cont.December– interestnumber andbearingPage lessrisk dutiesreceivables bearing213 with 2% bearingoverof interest 2006assets internationally respect 5 andyears and atincluded– arerepayabletoLIBOR repayable at trade generallySouth dispersed in + 2% on over on

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document ForPage_23TradeThereRecoverable(1)Annual the 214 isand ayearFinancial_AngloGold concentration other tax,value ended rebates,receivables addedStatements Ashanti 31 of taxlevies riskDecember duecont. in and2006 respectfrom duties the of Malian includesrecoverable government the following:value addedamounts tax to and $34 fuel million, duties R237 from million the Malian at 31 and December the Tanzanian 2006 (31 governments. December 2005: $25 million, R159 million). The last auditedNotes value to added the tax returngroup was for financial the period ended statements 31 December 2005 andcont. at the balance sheet date $19 million, R131 million (2005: $12 million, R76 million) was still outstanding, $15 million, R107 million (2005: $13 million, R83 million) is still subject to audit. The accounting processes for the unaudited amount are in accordance with the processes advised by the Malian government in terms of the previous audits. The Government of Mali is a shareholder in all of the group’s entities in Mali and protocol agreements governing repayments of certain of these amounts have been signed. All payments as scheduled in terms of the protocol agreements have been recovered up to December 2006. The amounts outstanding have been discounted to their present value at a rate of 5%.

Reimbursable fuel duties from the Malian government amounts to $11 million, R73 million at 31 December 2006 (31 December 2005: $13 million, R82 million). Fuel duties are required to be submitted, before 31 January of the following year and are subject to authorisation by, firstly, the Department of Mining, and secondly, the Customs and Excise authorities. The Customs and Excise department has approved $5m, R34 million (2005: $7 million, R44 million) which is still outstanding, while $6 million, R39 million (2005: $6 million, R38 million) is still subject to authorisation. The accounting processes for the unauthorised amount are in accordance with the processes advised by the Malian government in terms of the previous authorisations. The government of Mali is a shareholder in all of the group’s entities in Mali and protocol agreements governing repayments of certain of these amounts have been signed. All payments as scheduled in terms of the protocol agreements have been recovered up to December 2006. With effect from February 2006, fuel duties are no longer payable to the Malian government. The amounts outstanding have been discounted to their present value at a rate of 5%.

Reimbursable value added tax due from the Tanzanian government amounts to $14 million, R97 million at 31 December 2006 (31 December 2005: $9 million, R55 million). The last audited value added tax return was for the period ended 31 May 2006 and at 31 December 2006 $9 million, R63 million (31 December 2005: $8 million, R48 million) was still outstanding and $5 million, R34 million (31 December 2005: $1 million, R7 million) is still subject to audit. The accounting processes for the unaudited amount are in accordance with the processes advised by the Tanzanian government in terms of the previous audits. The amounts outstanding have been discounted to their present value at a rate of 5%.

Reimbursable fuel duties from the Tanzanian government amounts to $18 million, R128 million at 31 December 2006 (31 December 2005: $6 million, R42 million). Fuel duty claims are required to be submitted after consumption of the related fuel and are subject to authorisation by the Customs and Excise authorities. Claims for the refund of fuel duties amounting to $12 million, R83 million (31 December 2005: $3 million, R21 million) have been lodged with the Customs and Excise authorities, which is still outstanding, whilst claims for refund of $6 million, R45 million (31 December 2005: $3 million, R21 million) have not yet been submitted. The accounting processes for the unauthorised amount are in accordance with the processes advised by the Tanzanian government in terms of the previous authorisations. The amounts outstanding have been discounted to their present value at a rate of 5%.

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document FiguresEffectiveTheArising20052006SAUS241615Cash23315–2328in46Other15275(note118251,0202,649378161308818Money117481,3283,46749520926100123be18AngloGold_Restrictions(1)Annual respect CashNon-currentsoldRandsDollars Director-Generalgroup 39)restrictedbalancesand marketfrom withinFinancial 30restrictedandAshanti depositsofliftedwas in Junetheoutstanding cash90 instruments bymillionrestrictedheld bysaleassets Statements dayscounterparties2005, the on equivalentsforby of of callprudentialof the Bibiani,usetheMineralsheld hedges28from EnvironmentalBoddington investment2006_December for utilisingduring effective solvencysalePageand 2006. Energy 215 availableJointin2006. 1 the RehabilitationrequirementsDecember Venture Weltevredennotified funds the2006, in Trust Geitacompany mining to Fund rightsthatCentralManagement the of African newUS$15 order Company Gold million, mining plc R100 Limited,(CAG), rights million thewereup togroup (2005: granteda maximum decided US$16 to AngloGold ofto million, $25apply million R100Ashanti.$3 million, million) However, R23 was million classifiedthe ofsigning the aspartial of held the proceeds fornotarial sale. agreementThis to an investment investment and the was in previouslyregistration15,825,902 recognised ofCAG the shares.converted as Subsequenta tangible mining rightasset. to thishas Weltevreden's decision,still to be localcompleted. rights wereOnceregulators soldthese tohave haveAflease required been Gold completed, that and the Uranium 15,825,902 the new Resources order shares mining Limited in CAG rights on must will 15then June be ceded2005. Onto SXR 19 December Uranium One, 2005, and Aflease the related was acquired SXR Uranium by SXROne sharesUranium will One then (formerly be issued Southern to AngloGold Cross AshantiInc.). In asterms full of these salesettlement agreements, of the purchase the purchase price. price will be paid in the form of SXR Uranium One shares to be issued to AngloGold Ashanti. This will take place when the conditions precedent to the agreement have been met. The Weltevreden mining rights form part of an old order mining rights conversion application, and the conditions precedent are that upon the government granting the conversion of these to new order mining rights, AngloGold Ashanti will cede the Weltevreden mining rights to SXR Uranium One.

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document NotesFiguresFor20052006SAUS27ShareAuthorised100400,000,0001416–14,280,0002,000,0005,000,000101102Issued276,236,153666925104,185,770of778,8966771Less2,778,896(1)shares928,5902,785Page_ThesemoredeclaredAnnual SA50 ShareSARandsDollars thefully216 TreasurycentSA shares 770capital centsandheld by Financial_AngloGold (2005:describedcents year capitaleachtheEAB(2005: fully in relatewithin toeachordinaryredeemableordinary(2005: group.– Shares: eachmillionended 778,896)nil)paid Statementstothenil)2,000,000)2,778,896)andin the Ashanti ordinary thenote264,938,432) E shares sharespremiumgroup Black ordinary 3111 grouppreferenceB andredeemable December2006sharesEconomic ofAof asredeemableand 25 25shares a ordinary SAresultSA Bheld shares Empowerment redeemablefinancial centscents ofheld preferenceparticipatewithin 25 shares preference ofeachwithineach SA 501the SAcents in SA preferencetransactionsofgroup theshares dividendscent cents groupeachsharesstatements each ofeach cont.

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Figures20052006SAUS27Share19,23319,293Balance3,0453,405603,330Ordinary5509–353E50Translation(363)(369)22,9763,282(312)Redeemable(45)(53)(297)(43)(353)(50)18,98122,0143,1442,99219,04722,0833,1543,002ThepreferenceAtheprofitsperofBpriceLeasedisposalAngloGold_Annual anon ordinaryredeemableassetstheup ShareRandsDollarsBA share rightsMoab annualredemption, from topreference BpremiumcapitalfromArea; R249.99 Financialpreference atof shares Ashantirelatingcapital equalandthe Leaseshares beginningendtheshares. inmining dividend,dividendand –preference andperiod preferencerestrictions assetsmillionof toissuedheld Statementsshares,shares.perthe Areatoandyearpremium issuedheld thethe sharesthe sharethatnominal limitedwithinof after relatingpremiumbalanceMoabconsistswithin Moabyear shares equivalent profits sharesapplicable andpayment providedthe 2006_ toLease thevalueLeaseto aofpayments groupof heldarecont.themaximum groupPageare thethe of Area;togenerated inMoab byArea,within tonetentitled Moab the217thefull the proceeds andofshares ofbalance LeaseafterofnettheA Khotsongthe the to:and5% fromproceedsgroup redemptionnominalannual andArea.ofB offrom theredeemabletheir after amine premiumMoabdividenddisposal valuefromissue tax operations.in fullof on

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document NotesFiguresFor28RetainedNon-ForeignOtherdistri-currencyActuarialcompre-butabletranslationgainshensiveearningsreservesreserve(losses)incomeTotalUSBalancereported286(317)(22)(184)(213)Change(13)As27324(226)(27)Deferred11Loss(182)Dividends(149)Netequity17(200)hedges58Gain2Share-basedTranslation(2)25144295(58)22(36)(261)(399)42(15)(44)(107)from215(227)2512assetsBEE48307(25)283(209)20241(6)(215)(169)Page_(1)(3)(4)Annual restated Dollars loss the218transactionequityonattributable and(note (noteFinancial_AngloGoldavailable-for-salein onatlossesgainstaxationyear earnings (note comparativereported Decemberandincash2 58251248to33) 17(66)215payment33)242 millionrecognisedended 3reported15)recognised Statementstoflow thethereonon Ashanti equityinand cashavailable-for-sale hedges 200420052006incomefor data 31 othergroupin 42 share(noteshareholdersfinancialflow incomeDecemberas2006 (note removed previouslyreserves 33)awards 40) assets financial financialfrom and statements cont.

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document 28RetainedNon-ForeignOtherdistri-currencyActuarialcompre-butabletranslationgainshensiveearningsreservesreserve(losses)incomeTotalSABalancereported3,379(3,552)(122)(1,040)(1,197)Change(83)As3,296138(1,280)(173)Deferred68Loss(1,255)Dividends(926)Netfrom387(1,272)hedges377Gain16assets1Share-based15Translation1,6421,5031,115(1,910)(227)(1,655)(2,539)283(102)(587)(742)equity1,264(1,592)16778(15)BEE3382,346(88)2,259(214)436(45)(1,503)(1,188)AngloGold_$286Non-distributableWith(1)(2)(3)(4)Annual restated Rands lossthe million,transactionequitycomprehensiveonattributable and(note adoption (noteFinancialavailable-for-saleinon atlossesgainstaxation Ashanti earnings (note comparativereported DecemberR2,004andcash 1157833833) 16387377payment33)(139)1,264 138reservesrecognised ofreported15)recognised Statementsto flow1 IASthereononmillion income equityinand cashavailable-for-sale 19 hedges 200420052006income forcomprise datarevised,(2005: otherin 283representsshare(noteshareholdersfinancialflow incomeas2006_ (note removed$297 previouslyreserveshedges actuariala 33)awards surplusPage 40) million,assetsthe 219 effectivefinancial(notegain fromonandcont. R1,881 disposal (loss) 33) portion million)is ofaccounted companyof offair retained value for shares through gains earnings of or $20 equity losses arisingmillion, reserves. in respectat R141 the The jointmillion of cashactuarialventure (2005: flow operationsgain hedges$22 (loss)million, until andarises R141the certain underlyingfrom million) subsidiariesa change and transaction other in may nottransfers.assumptionoccurs,Figures be remitted upon parameters whichin without million the third gainsand partythe or lossesdifference shareholder are betweenrecognised consent. the in actual earnings, and expectedfair value returngains oron losses plan assets. on available-for-sale financial assets and the equity item for share-based payments.

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document NotesFiguresFor20052006SAUS29327374Balance5958146202Profit3023(125)(171)Dividends(25)(20)Net410in21(9)(12)(2)3133Translation(1)43662Unsecured5,8676,656Convertible951925Semi-annualwereholders’based.IfwillHoldingsbondsexceedsduring2,0622,066Corporate295325repayable2,9271,271Syndicated181461Interestbasedcovenant124151FirstRand2220short-termPage_Annual theincome MinorityBorrowings RandsDollarsbe loss the 220 issuedbondsfor threeloanredeemedanyThe chargedFinancial_AngloGold optiononat 130%the plcyear arrangements (Ireland)paidon Bondnature, periodbeginningend is loanincashbondsBonds haveinterestsyearstoon yearhas coupons28repayable intomillionofended27 facilityAugustatStatementstheflow at nottheofyear hasareafter AshantiFebruaryplcLIBORADSs par 30-consecutiveoption beenconversionof hedges areconvertibleno(formerly ($700their 31onyearfor2008ingroup fixedup paid plusJanuary 27convertedwhichDecemberof 2006 2004issuance,to removedmillion)andcallingFebruary atrepayment0.4%0.82%February RMB price 2.375%10.5% noatandis 2008 trading a rand-based.defaultan perfinancial byInternational priceperare forif from 2009. early theper20andannum.2009, moreperannum.convertibledate days.ofFebruarypriceequityeventannum. is redemptionannum.AngloGold$65.00 andthansubject This of Loanoccurred.(Dublin)and areis the20The 2009,perTheatUS reportedtostatements dollar-daysADSsisthe bond Ashantiof ADS.dollar-debtofbonds Limited) theyall a isthe cont.

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Figures20052006SAUS302813Bank24Interestin10Government1by–PreciousAnnuity3Investecyearlybased.818Local129Short-term578(2005:11,84910,224Total1,4601,868SecuredFinance6655Senstarrepayableandsecurity27Rolls5annum,instalmentsequipment15TerexJanuaryusedAngloGold_Annual 24 December BorrowingsRandsDollarsdollar-based. are equalasunsecuredRoyceBelgolaiseoverdraft money-marketAfrica instalmentsrand-based) chargedisbasedFinancialUSCapitalforsecurityleases2008 FieldsAshanti chargedin financedborrowings thesemonthlyindollar-based.terminating (Proprietary)monthlyof 2015 and repaymentsonatmillion MaliEstatesCorporation cont. borrowingsforatStatements marketloans. the whichis atLIBOR6.5%ana andthisinstalmentsis US short-termrateinstalmentsalease averageusedat variablein isCompanyloan. dollar-based.terminated perrelatedmarket TheofLimited MarchUS plus expired contract.2006_as9.0% annum. dollar-based.equipment security rate1.5%2% borrowingsratecommencing rates related2010Page terminating perLtd inper of inof Loanper Octoberannum. 6.77%Theis 221 Juneandapproximatelyannum.for rates Ghanaianannum.financed theseisequipmentis 2006 repayable inUSper OctoberareLoan2006. LoanNovember loans.dollar-based.annum. Loanand rand-based. isCedi-based is Loanusedis 20%repayablefinanced2005is is repayablein US repayable Loans monthly half- asis2009per anddollar- Theis areisin

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document NotesFiguresFor20052006SAUS3065Kudu1InterestinthisOther6450Nulux710UraniumrepurchasesDecemberinventory12,01510,376Total1,4821,8941,190413Less:5918810,8259,9631,4231,706AmountsWithin653,321Between47510,7576,6329471,6963After–(noteCurrencyThefollows:9,1328,2531,1791,4402,8832,06629545457Ghanaian8Page_Annual monthly Borrowings randsRandsDollarsdollar-based.dollars loan.currencies the 222five borrowingslong-term39) FinanceCurrentloans Nukemone chargedFinancial_AngloGold sale onetwoyearyearsfallingis Cedi instalments2008.year insecured to commencing andand portionLuxembourg Company millionendedinborrowingsdue cont. atStatements RateThethe whichfivetworepurchase AshantiLIBOR against ofequipmentyears ofterminating 31borrowingsthe groupfinance in plusGmbH December 2006borrowings thisDecember agreement, 2% contract.isfinanced in 5.42%perincluded Decemberfinancial annum.are2006 isUSper denominated usedin anddollar-based,annum. currentLoan 2010 terminatingas securityis and Uranium liabilitiesrepayablestatements are is with asforin cont.

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Figures20052006SAUS30Undrawn1,5553,641Syndicated520245–350FirstRand50266294Amalgamated4214Nedbank249Citibank,8352545260Standard3710722031174548720Commerzbank310ABN1Australia232553dollar79462,3395,511787369Convertible6,3457,001Senior1,000529401Less:57835,8166,6009439175156Add:5,8676,656951925Corporate2,000286315111,9891,99328531373122,0622,066295325AngloGold_(1)(2)Annual US BorrowingsRandsDollars Amroaccrued dollarunamortised unsecured Financial N.A.andAshantifacilitiesborrowingLimited BankBank(Ireland) Bond BankloaninBonds Newinterest– Banks AGmillion of LimitedUScont. ($700 N.V.Statements –SA fixed-rate Zealanddiscount– plcUSSAdollarfacilities SA ofLimited– (formerlyrandmillion)dollar SAEuroSouth– rand USSA randBanking2006_and bondsbondas rand–dollar Africa – SA atRMBbondUSPage 31 rand dollarGroupLimited December Internationalissue223 Limited costs – USSA 2006 randdollar (Dublin)– Australian are as Limited) follows:

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document FiguresFor20052006SAUS31EnvironmentalProvision566908Balance143100–(19)Adjustments(3)282245Change36442138Unwinding63(2)Utilised3955Translation(7)(4)1,2251756581,235194117(17)14911Charge223408(33)(5)64407110(65)(67)(10)45(6)1,300186Other7012219137213720(36)(29)1630126037119266098International2,2652,785Total398356Page_TheComprisesRelates(1)Annual EnvironmentalRandsDollarschange the 224environmental provisions to duringtoFinancial_AngloGoldin atonerous yearclaimsworkersfor income inestimates ofbeginningendin estimatesdueLimited decommissioningrestorationlabouremployeeonerouslong-termdecommissioningrestoration therehabilitation millionendedoffiled uraniumcompriseStatementscompensationto year statementyear Ashanti rehabilitation bydisposalandrehabilitation relatesof uraniumformer managementcompensation 31yearforward civilobligation the December to2006 obligationsemployeesclaimof claims changesfollowing: contracts saleassetsobligation and and court (notecontractsfiled incentives in otherclaimsinother bylawssettlements respect7) (noteemployees in provisionsand provisions inNufcor of Australiain7)regulations lossNufcor Internationalin of Australia South America governingemployment,withLimited.Notes regard The the to amountwork-related work-relatedprotectionto theindicates of accident incidents.the group theenvironment estimated injuries The liability and financialand cost diseases, factors isof anticipatedexiting relative government the contractsto tostatements unwind cont. rehabilitationfiscaloverand has the claims resultednext relating estimatesthree from to to five-yearthe leviesand market a andchange period. pricesurcharges in increased the quantities and above closure of thematerial costs contracted of in old reservestailingssales price. operations. and The a corresponding onerous The liability contracts change is anticipated have in maturitiesthe lifeto unwindof mineup to over plan.2011. the These next two provisionsto five-year are period. anticipated to unwind beyond the end of the life of mine.

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Figures20052006SAUS32DefinedTheschemes(51)(267)AngloGold(38)(8)15Ashanti–5862Obuasi9Post-retirement1,1721,094African156185(16)(17)(2)1213Retiree2Supplemental67(USA)(1)1,181896Sub-total129187Transferred5126738816171,249169197asunittookincreasesinvestments.Ayears.effective2006.laterAllAct_Annual formal atSouth Provision RandsDollarsofcredit groupplan intothan31was The1956IncThe employeesMinesMedical RetiredFinancialbenefit Decemberstatutorydate accountis AshantiAfricancoveringconsist 31 completedinemployeesmethod. nexthas Ashantiprevious evaluatedinas to wages,December forof StaffEmployee otheramended. mademillion statutoryplans medicalStaffPlan 31 Statementspensionofpension reasonable valuation substantially InPensionPensionDecemberofthe statuarysalariesnon-current Pensionatforprovision arrivingbyeach following: the 2008.scheme NorthNufcorvaluationindependentRetirement funds and beginningyear. is2006_Fund Scheme and valuation long-termatPlan required 2005,American for post-retirement allSouthare their assetsfor pensionThePage (asset) pensionwillemployees. governed AngloGoldRand Planandconclusions, valuationof actuarieshaveAfrica 225was byestimates(note 2007 employees was as(SERP)legislationRefinery provident carriedan wellemployees 22)bycompletedusing Theeffective Ashantiason benefitsthe as offorthe at outanemployeesretirement thereturns inflation,Pension everyand31North actuaries annualwith South projecteddateDecember(asset) inmedical threean JuneAmericaon noFundsbasis (asset) of

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document NotesFiguresFor20052006SAUS32InformationFundChange1,2191,408Balance2222164050Current7688108Interest16141312Participants’220084Actuarial31(152)(94)Benefits(14)(24)–Translation(21)(23)1,5682241,1501,459230204106146Expected222602724182Company(22)1,835Fair26251267Funded388NetPensionBenefitComponents(106)(146)(16)14AssumptionsyearDiscount8.00%7.75%Rate5.50%5.00%10.50%10.14%4.28%4.05%Page_Thelong-term(1)Annual – Provision RandsDollarsshort-term amountperiodic value theare226 ofis obligationcompensationascostserviceFinancial status_AngloGoldin compensationpaidatbenefitincreaseaslossgainrate year returnlong-termcontributions of benefitplanfollows: beginningend inwithfollows: recognisedtobenefit contributionsplan–compensation ofusedfor at millionended ofassets costnetobligationrespecton Statements endthepension assetsyearobligation Ashanti to periodicplanassetscostreturn ratedetermineof increase 31 (noteyeartoassets groupatincrease rate onand theend December2006benefit increase22)plan AngloGold post-retirementofbenefit is yearassets5.5% cost isfinancial 6%obligations(2005: Ashanti (2005: 5%). benefits5%) Pension at and the statements the endcont. of the cont.

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Figures2005200632ThethePlanAngloGoldyear,AssetEquity68%69%Debt28%30%Other4%1%100%InvestmentFund’sreasonableconditions.strategicassetshavemandatesphilosophyFundperformancereviewedsix_Annual Provision months.afterassets expectedTrustees assetssecuritiesthenby returnscategory securitiesshouldininvestmentliabilities. Financial assettax asseteachAshantiby selectedinstitutedbacking Ashanti’sandpolicyPrinciplesreturnin yieldsthe ofare havefor long-termbe category,assetallocation millionthe strategy.Fund’s StatementsThecalculatedinvestedpension relative ofstrategy, pensioneradoptedalsomanagers specialistby pensionclassthe investmentthat the Investment putreturn arevariousdefines tosetsinaccordingandTrustees. in2006_on whichadifferent asinflation each planinvestment andlong-termandplace onoutafollows:post-retirement assetmonthlystrategywhatPage planactive assetmajorisFund theSub-Committee a consistentstrategicacrossto detailed 227proportionFund’sassetsclasses specific horizonallocationsasassetmembermanagers basis,aims a a whole overallasset isrange Statementclass.toas with performance andindeterminedbenefits of liabilities.provide aformulating attoisthe guide.allocationstheof Theinvestment formallythemanageleast market Fund’sterm ofTrusteesaendcont. Theevery using of of the theforthe the

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document For32Provision20062005PercentageNumberofassetsFairUSRelatedInvestmentsEquityAnglo40,4000.8%211.9%27AngloGold32,9600.6%FellowApril13.5%31The1.1%3463OtherBondsRSA–5.4%187.8%1230NoSA1417411198152539811379192CashContributions(2006:Page_During(1)Annual totalshares investmentDollarsRands valueTongaat-Hulettcompany the228200620152010 flowstheinvestments AmericanPlatinumsecurities$7subsidiaries Financial_AngloGoldparties yearyear, million, forGovernmentAshanti held AngloGoldexpects pension exceeded endedGroup StatementsinR46 Ashantiexceeding Limited ofGrouprelated Anglomillion)to andAshanti31Bonds contribute5% partiesDecember 2006post-retirementAmerican of 5% toLimited13.5%13% total its of are pension$6 totalplan launched plcsummarisedmillion, plan assetsgroup plan benefits anassetsR40 toequityinin 2006. million2007.as offeringfollows:cont. which reduced Anglo American plc's interest in AngloGold Ashanti Limited. NotesAtFigures 31 December into 2006million the Anglo Americangroup plc holds financial 41.67% of AngloGold statements Ashanti Limited. cont.

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Figures20052006SAUS32EstimatedThefuture96200714942008139220099120109020111,105Thereafter158SouthOnaR51actuary.SPCwas30InformationFundambrásChange126–Balance22Interest23Actuarial1(160)Settlements(25)(6)Benefits(1)24Translation86Fair158Expected(99)(15)11Components(8)5NetAngloGold_Annual defined ProvisionSeptember 30RandsDollars periodicvaluefollowing fundedmillion.agency service,AmericanNovember costFinancialinThepaid at lossAshanti contributionreturn offuture benefitplan beginningend inwithandThis andbenefit plantransferand pensionofpensionfor as2005. millionofassets net respectontransferred BrasilcurtailmentsbenefitStatements liabilitythe pensionappropriate,1998,assetsyearobligation periodicplancost actuarialof planfund benefitFundambrás funds theyearpayments toassetswasat isand thewith beginningenddefined2006_tobenefit as revised payments,was arenetaSouth post-retirementan offollows:definedPage liabilityexpected yearapprovedactuarial costbenefitpension annuallyAmerican of229 yearcontributionwhich of fund $10 nettobyplan bybe reflectBrasil theliability wasmillion, benefits Mercer,paid: governmental planconverted the of R61 theon$6expectedcont. millionmillion,plan's to

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document NotesFiguresFor20052006SAUS32CashContributionsNoTheaEstimatedThereonAshantiretiredshortfallInformationplanChange2022Balance31Interest–25Actuarial(1)Translation331821FairExpected428(5)UnfundedNetPensionBenefitComponents(2)Page_Annual defined Provision30ancompanycontributions RandsDollars amountperiodic valuefundpensionschemetheis230 flowsSeptemberannual areor as obligation costRetiredemployeesFinancial_AngloGoldofin atbenefit lossgainyearhasare contributionreturnfollows: nostatusoffuture benefitplan$1 beginningend inwith recognised tobenefitplanisscheme or ofdeferredfuturebasisbeenformillion, closedmillionended ofassets participantnetStaffobligation respectonare benefitatStatements thepension assets2005.yearobligation Ashanti discontinuedendusingperiodicplanthatbenefitcost made pensionprovides ofR5 fund.tomembers. 31 ofwereyear paymentstoassets new groupatmillionthe yearand contributionsthetopaymentsbeginningend December2006benefit projectedbasedthemembersplan aAshanti post-retirement of (2005: retirementandTheplan year cost at the planasfinancialofand theRetired unit$0.2and wereyearthefund isformerit benefitcredit participants million,isfundevaluated madeassets fundedStaff benefits wasfundingLondon to R1pensionto transferredformer terminatedwiththis bymillion).statements are method.office.cont. actuariesafund. either to cont.

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Figures20052006SAUS32AssumptionsyearDiscount5.00%Expected6.13%6.07%Pension2.50%ThethePlanallocationsfollows:AssetEquity55%51%Debt40%41%Property1%2%Cash4%6%100%InvestmentachieveNoContributionsnewEstimatedservice,–2007200820092010201133Thereafter5AngloGold_Annual Provision investmentscontributionsRandsDollarsafter expectedAshantigeneralfollowing membersareassets securities flowscategory securities Financialasan increasetaxasrate Ashanti long-termfuture as appropriate,optimalpolicyin follows:returnRetiredpolicy used benefitfor atlong-termandmillion are theare benefitStatementspension oftothe return madereturnStaffendmade payments,domesticdeterminethe current are paymentsreturn of fund definedon in on andto theexpected2006_ related thethisplan is members onbondsyear,post-retirement benefit whichtoplan Page fundbenefitplan assetsselect partyby assets.to and 231sincereflect assetsobligations asset be are pensioninvestments entities.fixed-term paid: retiredthe thecategoryis funddetermined benefits expectedplan ator investments.isthe deferred.that asset areclosed end cont. willasfuture using of to the

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document NotesFiguresFor20052006SAUS32ObuasiThe(indexedthecompensationtoschemeannualInformationSchemeChange6058Balance9113Interestcost–(7)7Actuarial1(1)(5)Benefits4Translation62(58)(62)Unfunded(9)NetPensionBenefitComponentsAssumptionsyearDiscount5.0%4.0%RateN/A4.5%3.0%Page_Annual new Provision RandsDollarsscheme amount scheme theare232of membersbasis.obligationMinescompensation Financial _AngloGoldisarein paidatbenefitincreaseisastolossrateyear status unfundedbenefitas beginningend theinwithfollows:recognisedare recorded.to provides– ofused–for(gain) follows:Staff levels millionendedUS of netbasedobligationrespect atStatementsand thepensionyearobligation Ashanti todollar)endPensionperiodic and ofdetermine allof monthly increaseTheon the 31ofyeartothe groupaccordingly, theto year andtheschemecovered December2006 benefitschemeSchemeretirees years paymentsObuasi post-retirement benefit costisofretirees. untilparticipants financialevaluated noserviceMines obligations assetsindeath. Ghanaian TheStaff and relatedby The benefitsarescheme Pensionthe atactuaries retired. benefits thecurrency statementsto end iscont.the closed The onunderof thean cont.

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Figures20052006SAUS32CashContributionsNonewEstimatedThefuture720071200820092010201127Thereafter4Post-retirementAfricanprovisionemployeestheactuarialThis31InformationasChange9241,172Benefit185164Current8088Interest13123035Participants’5(105)(112)Benefits(17)(16)236(96)Actuarial(14)37–Translation(18)1,094Balance156(1,172)(1,094)Unfunded(156)(185)NetAngloGold_Annual follows:Provision Decembercontributions RandsDollarsadviceamount followingprovisionpost-retirementmembersscheme flowsservice, employeesobligation costserviceFinancial inpaidat method(gain)Ashantifor statusfutureofbenefit endand inwith recognised contributionshealthindependentis –pensionfor 2006.asand millionunfunded.ofloss costtheirmedical respect arebenefitatStatements usedpost-retirement pensionappropriate,atyearobligation theend care benefitbeginningmaderegistered benefitiscurrent ofpaymentsscheme tobenefitsthe The yearprofessionallyandthe tocosts2006_ projected this payments, aremembersdefinedlastof post-retirementdependants. medicalforyearPagearefund expected valuation AngloGoldemployees assessed 233sinceunitbenefit arewhichqualified funding credit toallthewas liabilitybe reflectAshantiretired. in and fund benefitsfunding performed representspaid:actuaries.accordance retired isthe Southclosed method.expectedcont. as Thethe with toat

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document NotesFiguresFor20052006SAUS32Components7Current18088Interest13128795Net14TheyearDiscount8.00%7.75%Expected4.75%5.00%AssumedHealthRate(theYearN/A1%increasetheinfollowing10Effect11116decrease(9)(1)(95)(14)CashContributionsAngloGold(2006:Estimatedfuture7720071179200820098120102011696Thereafter99Page_Annual assumed2007. Provision RandsDollarsamounts pointperiodic assumptionsultimatefollowing theend234 tothat flowsonservice, $13care whichcostserviceFinancial_AngloGold effect:rateare:yeartotalpost-retirementthe increasehealthfuture Ashantimillion, in costhealth tobenefit trendreported ofrate medicalfor theservice as millionendedcostnet caretrendbenefitStatements thepensionappropriate,usedreachescost rate)AshanticareR82 inexpects periodiccost healthcost forandbenefitassumed trendin million)31costpayments group benefithealthcalculating interesttrendtheand toDecember2006 benefitcareistrend payments, contributeultimateareassumed post-retirementto careratesforobligation costs theexpectedratescost costnext theplans. financialpost-retirementathave trend would31toyear$25whichabove decline a December:Ato million, significant1% behave reflectamounts benefits pointpaid: theR178 medicalthe change statementseffect at expectedcont. million planon cont.

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Figures20052006SAUS32Post-retirementThecontributoryemployees.obligationthatdatefundedbasis.Informationandfollows:Change16Balance31Interest–(1)ActuarialBenefitsTranslation15230Fair5Expected417FundedNetComponents(3)(2)AngloGold_Annual ProvisionRandsDollars amountperiodiccould obligationvalueRandof using the and costFinancialstatusinpaid atgainlossAshanti returnwas impactofRefinery benefitplanbalance beginningendthe inwithisTherecognised definedbenefit planof –for evaluated– for atdetermined millionprojectedofassets netmedical respectonaccumulated Statements endpensionthe assetstheyearobligation Retireeperiodicplansheet costbenefit valuationRandof (noteyearschemetoassetsby at unithave byand the Medicalbeginningend independentRefineryplan2006_benefit credit22)independentpost-employment post-retirement between beenpost-retirementof inforPage year respect costfundingPlan Rand Ltdconsidered. of235 the yearpastactuaries(Medipref) Refinery actuariesof method.interim employeescertain medical medical benefits The on employees dateis Movementsin past anplana planSeptember non- andaidannualis qualifyingcont. isas thefully

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document NotesFiguresFor20052006SAUS32AssumptionsDiscount8.50%7.75%Expected6.50%5.75%7.77%7.26%AssumedHealthRate(theYearN/A1%increaseonchangethe–Effect1decrease(1)PlanThefundAssetDebt76%75%Cash24%25%100%NoContributionsRandasarePage_Annual theProvision investmentsRandsDollarsfollowing pointretired. ultimateasset theas236assets tothatsecurities flowsRefinery categoryon schemeamountscare whichatinFinancial_AngloGold rateyeartotalpost-retirementthe increasereturnhealthassumedallocationthe incost to trendeffect: rateused fortheendservice Limitedismillionended arereported oncaretrend Statements closedthepensionreachescost ofrate)Ashantiat in planmade health of the yearhealthcost and assumedtrenddoes the 31 assets toyear,groupforbenefit in interesttrendendtheand RandcarenewDecember 2006 carehealthnotisrelated ultimatebyassumed are post-retirement memberscost makeratesforobligation Refinerycostsasset cost as care next party trend financialfollows:athave atrend category, contributionplans.31toyear entities. postand rates declineaDecember: significant theretirementA would benefits 1%is current as topoint havefollows:the statementseffect medicalmemberscont. scheme cont.

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Figures20052006SAUS32EstimatedThefuture12007–2008200922010201110ThereafterRetireeAngloGoldbenefitsAmericafromreceiveCurtailmentThisItwhoinobligationsPlan.ofMedicalevaluatedcompanyrate_Annual washealth$2 ProvisionRandsDollars following Retireeoftookplan 31million,The service, lastcompensation Medical post-retirementFinancialDecemberPlanfor Retiree careAshanti intoisdoes evaluationusingevaluatedfuture Ashantiof certaininevaluatedaccountingMedical R13is medicalaccountAngloGoldfor costs as notmillion an Planthe MedicalbenefitStatements pensionappropriate,million unfundedshareretiredUSA1999, andprojected Planby offor increasebenefitreasonableby thebenefitswas independentpayments mortalityprovidesNorth (2005:AshantiPlan inindependentnoisemployees and Retiree future2006_ aappliedadditionalplan. payments, non-contributoryunit (theareAmericanis post-retirement$2under notUSAPage rateshealth cost long-termexpectedcreditThe Retireemillion,Medical at applicable. actuariesunder under237actuaries the31increasesRetireeemployeesin carefundingwhichemployees determining December RetireeMedicalR12 Plantothe estimatesthe and beMedicalin definedreflect million). AngloGold onmethod. Retireebenefitsreflected andSeptember paid:life Medical werePlan).an 1999.insurance therefore the annualofbenefitPlan TheeligibleMedical increasesThe Withexpected cont.liabilities Plan.North isRetiree2006 basis. plan. effect theto

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document NotesFiguresFor20052006SAUS32InformationasChange1112Balance21Interest–(1)BenefitTranslation13(12)(13)Unfunded(2)NetcostsAssumptionsofDiscount5.0%5.5%BenefitshealthCashContributionsNonewEstimatedThefutureThereafterPage_Annual the follows:Provision contributionsRandsDollarsamountperiodic following membersthe238 include:flows yearservice,care paid costFinancial_AngloGoldin areatrateyear statusfuture benefit arebeginningend increasesinwith recognised20072008200920102011tofixedpensionbenefit used–pensionfor asand asmillionendedof respectarebenefitatStatements thepensionappropriate,andfollows:yearobligation Ashanti inthe endcost made andcalculating of are independentbenefitcurrent 31 ofyearpaymentsto group post-retirement not yearand thetoDecember2006 thisrelevant. payments, aremembersRetiree post-retirement benefit fund expected from financial Medicalsince obligationsinflationare whichbenefit toallthe be Planreflectretired. fundbenefitsand paid: at is is consequentlythe statementsclosed expectedendcont. to cont.

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Figures20052006SAUS32Supplemental(USA)CertainunderPlanSERPmortalityUSAliabilitiesannualInformationChange6Balance1–Interest(1)Benefit2Translation7(6)(7)UnfundedNetThereobligationNonewEstimatedTheservice,amountAngloGold_Annual Provision contributionsRandsDollarsamount pension members (Theunderwhoand theisInc.was basis paid formercost toFinancialas innoatan ratesof Ashanti 2006.Minorcoat SERP),tookstatusfuture$1benefitemployees beginningendlastappropriate,$1the inwithnetunfunded recognised 31benefit usingmillion, for Employee inmillion,andemployeesinto millionSERP.evaluatedperiodicof December Therespectare benefitatStatementsdetermining pensionyear obligationa (USA) theendaccount non-contributorypayments, madediscountR7and planR7 Thiscurrentprojected ofarepension paymentstomillion. Retirement Inc. millionbyend yearofandwastheto evaluationexpected2006_long-term independentMinorco thethisSupplementalrate ofmembersSERP iswhichpost-retirement5% and(2005:yearunit obligationPagefundevaluated used (2005: Plan post-retirementcreditdefinedis (USA)toreflect estimates239ofsince asto$1 be arethe foractuaries determine 5.5%). follows:million,paidfunding of by EmployeeInc.allthe SERPNorthbenefit AngloGold actuariesretired. afterfundexpectedofbenefitswere R6 inflation Americamethod.reflectedin plan. costtheis2011 Septembercoveredmillion). Retirement closed benefiton Ashanti duringcont.futureThe andand an plan Theto

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document NotesFiguresFor20052006SAUS32NuclearforThebenefitaccumulateddeterminedprojectedthesheetInformationSouthChange2Balance–(1)Benefit1Actuarial3FairExpectedEmployeecontributionsBenefitsFundedNetComponentsAssumptionsDiscount8.50%7.75%6.50%5.75%AssumedHealthRate(theYearN/APage_Annual ProvisionNufcor RandsDollarsvaluation amountvalueNufcorultimate the240tothat haveAfrica careplan paidwhich Financialstatus_AngloGoldFuelsin paidat lossrateyearthe unitreturnincreasehealth Southof benefitplan beginningend beenSouthinwithbycost recognisedinto employeesplantrend betweenpost-employmentofrateused forcreditthe –Southrespect atindependent millionendedofassets net respecton caretrend AfricanStatementsconsidered. endthepensionassetsreachescost yearAfricaobligation rate)Ashanti atinperiodic planfunding Africayearhealthofcost theassumedoftrend 31 (noteyearis toassetsemployeesRetireegroupatcertain interim trendendasthe andthe (NUFCOR)beginningendDecember actuaries2006benefitmethod.careis Thefollows:22) ultimate Retireeassumedare medicalpost-retirement ofratesforMedicalpast costs date plan yearas costnext Movements qualifyinginfinancialfollows:atof Medicalandtrendis – aid September31yearto PlanRetireefully declinetheobligationDecember: funded.(Mascom) date Planemployees. benefits Medicalthat 2006offor wascould the Nufcorstatements isPlanusing cont.balance a impactThe defined the cont.

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Figures2005200632CashContributionsNonewEstimatedTheservice,amountPlanmedicalfollows:AssetUnit100%Definedduringcontributing$40Australiaprovisionretirement,fundthecontributions,SuperannuationoptionextentrelevantcontributionsR12AngloGold_Annual Provision contributionsinvestmentsoperation million,medicalassetregioncontributionstrustmembersmillion).withassets flows categoryrequiredofthe toFinancialasfundContribution employment contributingAshantiinvestmentdefinedof allocationfuture$0.1year disabilityappropriate, contributes inR274benefits to benefit amountedasontoformeeting retirementand million million,inby are theatGuaranteearebehalf benefitStatements pensioncontributionbymillionwhich thethe madevariouspayments, ortoofmadethe fundsFundstoagreements. Superannuation endcompliancecurrentto theemployeesdeath.R1 of approvedaretopaymentsthey operation (2005:benefitsthe employees in$2million.andNufcorofto legislation.expected2006_retirement related Australianare thethismillion,arrangements. Themembers which post-retirement$31 fundedyear,Page fund forpersonalSouthfundareandTherequirements partymillion, theR14reflecttovaries, 241legally sinceschemesbyGuarantee theirMemberscost isRetirement be areAfricaandyear entities.aassetmillion paidsuperannuation multi-industry toR199dependants theallwith Contributionthe enforceable amountedthe post-retirementretired. category,expectedafterfundare underbenefitscost (2005:also minimummillion).grouplegislation Fund fully is2011ofhave the closed $2onofto expensed fornationalisratesfuturetocont. andallmillion,the funds. as theand these to by

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document NotesFor32ProvisionGhanaAngloGoldThedepositsMaliGovernmententitledsecuritytheir(2005:NamibiaNavachabcompany.remaincostNorthis$2SoutharethearrangementstoforR14Page_Annual matchedthe million, anygroup'sdefined fundsMalianAngloGoldto(Sadiola,milliontheconditions242 AmericaAmerican AfricaAmerica $2the andeventualmembers toFinancial _AngloGoldfund. (Navachab)andyear million,a BothareR13employeesfor group Ashanti atassets.operations(2005:Guineacontributionretirement to contributessocial other AngloGoldaYatelapensionadministeredare endedmillion).theAshanti ofrate 401(k)actuarial Statements ofthe R12 employmentfunded $1Ashantiprojects. minesUSAcompanysecurityThe alltheof and million; aremillion).these 150%dobenefit typeandapplicableSouth 31costplans.tosponsors groupAshanti Morila)liabilities),inbynotmembers various Decemberfund,2006by ofGhanaThepost-retirement ofcontributionstheand byR6 have Americafrom plan,Theseboardswithproviding AngloGold operationscost million).secondedandthe apension industry-based retirementthe andAngloGold401(k)ofstartedthis employeesofplansfinancialthe ofaregionMalian theseGuinea isdefined theseTrusteescompany amounted the orsavingsAshantiemployeesarein(basic benefitsretirement operatesschemesDecembercontributions only government.Ashanti. benefits allcontribute contributionmake pensionandfundedplan) privatealsoplanUSA. to investcont.contributions in$1defined statementsamountedThefor makesandwherebyfund 2001. AngloGoldMali and topensionmillion,and employees. wereExpatriate cost operations/employees providentmainlyin remainthe providentaAdministeredcontributionterms to$3contributionemployees assetsR7to planthe million,toinAshanti$29 million membersof employees fund.GhanaplansthisAllgroup sponsored theirretirementmillion,of employees fund. arrangementsthe R21 The USA's(2005:for maybytowardsofconditions andcont. schemes ofalltheir BradescomillionAngloGoldR201fund contributeare the Guinea theseby(optional contributions$1plans employees (localreimbursedisthisapplicablethe millionmillion, (2005: administeredof contributionsare group.whichfund. forPrevidenciagovernments'employment Ashantiand upsupplementary held their(2005: R6$3 toOnexpatriate) coverswhichContributionspensionwere million,only inmillion).60%employees retirement, seconded administrated$20 by $2amountedtheir eare ofsubstantiallywith treasurySegurosthe million,R20ormillion,their definedcontribute contributions plan).retirementAngloGoldOld in million).employeessalary,Malianamounted Brazil. MutualR130 toR11instruments, (which A fundscontribution $1 PGBLall oftowardsmillionemployees million,fundmillion). These employeesAshanti. insurance whichseparatelyassume to toat fund, the in$2Navachab (2005: termsfixedR6the upmillion,socialplans. Thesimilar thearemillionto and fromterm 5% ofrisk

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Figures32ProvisionTanzaniaGeitathebehalfhaspermanentexpatriateinon20052006SAUS33DeferredupLiabilities9,39111,293Tangible1,6131,480115107Inventories1518189639Derivatives9130312120Other174910,00712,1591,7361,577Assets9141,215Provisions1731441,0992,3213318411,117Tax160132112216312,9664,8696954677,0417,290Net1,0411,110Included27943262447,3207,7221,1031,154AngloGold_Annual terms behalfDeferredas RandsDollarsParastataldeferredsetassets doesfollows: to up Financial ofintheassets taxationtaxAshanti(Geita) of employees. foratheirNationalnotthe in expatriatesupplementalsameassetsliabilitiestaxation pensionProvident havebalancemillion conditions Statements relating fund. employeesa liability retirementAngloGoldemployees. andsheet FundOn to ofprovident 2006_post-retirementleavingtemporary employment as(PPF), on follows: PageschemeAshanti aOn the fundvoluntary depending 243 terminationdifferences group, whichforemployeeswith employees.benefits basis.AngloGoldemployees ison ofadministeredis the employmentmadeThesecondedcont. employee’s Tanzanian company Ashanti.may withdrawinby the TanzaniaThe themakeschoice, nationals company Parastatalcompany their no and remain contributioncontribute maythe contributesProvident company membersapply to towardsfromfor theFund to alsoaof Nationaltherefund the (PPF) makes anyNationalfund. applicable ofretirement Socialwith From contributionsa contribution Social membership JulySecuritypension schemes Security2005, from orFundon theavailableretirement the forFundthe (NSSF)company employee’scontracted NSSF. (NSSF) to fundor

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document NotesFiguresFor20052006SAUS33The7,6157,041Balance1,1101,349(1)15Taxation2–(747)(200)Income(30)(117)19(18)Discontinued(2)3(377)(167)(25)(58)(68)102(11)600517Translation(29)(56)7,2901,041Notaxofisindifferences$353$28234Non-current87150Deferred2114Current1,3742,040Trade2922169111,172Accruals16714431Amounts5361366321289Unearned415114064Other9202,8133,7015284422,9003,851Total549456arePage_Annual expectedtheforeign DeferredTrade, provisionthatRandsDollars normallymovement the 244 trade,million, foreseablecreditors maystatementtrade Financial_AngloGold aton incomeyeardue subsidiariesotherpremiums beginningend pertaining inotherthat fairotheractuarialto resulttaxationsettled hasR2,471R1,791operationsandto millionendedonof valuesuchrelated payablesStatements future.been thepayables comprehensiveyearother chargetheAshantifrom within on millionmillion). gainofearnings adjustmentstocont. deferredormade 31partiespayables futureyearnormalUnrecognised undistributed(notegroupforeign (note (loss)60 andand December2006at fordays. remittances13)31will taxdeferredsale12) (noteSouthcorporate areDecemberincome not(notebalance exempted non-interestfinancial earnings 28)betaxableAfrican 28)income incomedistributed(note ofjoint is 2006undistributed as incometemporary contractstotalledventures28) follows: bearing(2005: as tax statementsa because dividend orandearnings foreign it cont.

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Figures20052006SAUS35368710Balance11265(188)(968)Payments(143)(30)5311,432Provision21082817Discontinued2(9)43Translation(5)(7)1,23417636(1,106)859Profit168(158)Adjusted1,7444,590Movement6272623,2034,059Amortisation597503Finance690822restoration123108(153)(528)Deferred(75)(24)(155)(218)Interest(32)(25)444161Operating226813211(137)Fair(16)32265(160)Environmental(22)41(61)–Termination(10)(113)213Other27(18)(714)(875)Movements(140)(108)4,2688,7991,281673(1,086)(1,852)Increase(211)(123)(46)(27)Decrease19234181,00452(8)AngloGold_Annual TaxationCashRandsDollars value (loss)non-cash receivableFinancial costsat generatedin(decrease)for:strippingAshanti during (increase)adjustmentspecial during onobligationsbeginningend inventoriesin beforein of ofoperations non-hedge andworking employeerehabilitationmillion tangibleintangibleofmovements the Statementsthe yearitems unwindingtaxation(note yearfrom in year of on (notecapitalcapital:trade assets year 3)(note optionbenefit(note derivativesassetsoperations 2006_ 7)andand of 13) (notes12) component decommissioning planother(notesotherPage and 4, 245expenditurepayablesreceivables 4 9 otherand and of 17) convertible16)commodity and bond contracts

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document ForScawJointDirectorsCompensationShareholders37RelatedDetailsPurchasesAmounts(by)owedrelatedparties20062005USSignificant1–5FellowAngloBoartHaggieMondiTheSocieté(2)(1)SA7309(14)(10)3Page_During(3)Annual DollarsRands fromTongaat-Hulett the246ventures American Longyearto MetalstheCoal SteelLimited subsidiariesof Steel d’desFinancial_AngloGold(by) parties yearyear,owedand material Exploitationshareholder Wire– Mines– – aWire 1–other soldAngloGold–7 of(1) –toadivision endedto– (2)LimitedRope timber StatementsdivisionAngloGold key related theirtransactionsRopeAshantide ofkeyGroup Operation's management theMorilainterestdes ofAngloAshanti31management– Operations ofpartiesminingAnglo LimitedMines DecemberAnglo2006Ashanti 16 S.A. in158–305040105(2)American64 1 Limited1withBoartrelated American Operations(3)are services d’Operations personnel thoseOr LimitedLongyearunsecured launchedpersonnelparty de for relatedSadiolaYatela group– transactions,1–2the –64Limited11 Limited Limitedantotalled year non-interest equity to S.A.parties S.A. 20 with – $18offeringpreviouslyApril effect not million, 2006 bearing dealtfromwhich included 29 R121 withreduced Julyand elsewherein million2005. normallyScaw Anglo Metals(2005: American insettled the – $13a financialdivisionplc's within million, interest of 60 statementsAnglo R79 days. in AngloGold. Operationsmillion). are This At summarisedLimited. 31 total December During comprised below: the2006 NotesAnglo2005Figures year, American Haggie into plc million Steel holdsthe Wire 41.67% group Rope of Operations AngloGold financial wereAshanti unbundled Limited. andstatements are now reported separately.cont. steelBGMDetailsshort-termThe major andManagement relating engineering shareholdersemployee to directors' Company benefits of the emoluments ofPty company $13 Ltd million, areand R90detailed shareholdings million on page(2005: in 134the $11 companyand million, 326. R69are disclosedmillion); post-employment in the remuneration benefits and directors' of less than reports. $1 million, (DetailedR1 million, on (2005: pages $1 126 million, to 147). R7 million); and share-based payments of $5 million, R31 million (2005: $1 million, R3 million).

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Figures20052006SAUS38OperatingAtfollowingothers,contractsvariousExpiry209304–4333163181261277611202515015668179FinanceTheleasesescalationthatleasePresentvalueMinimumpayments35Within767More102Total18Less:31528447796121071422217AngloGold_Annual OneBetweenAfter 31 ContractualRandsDollars holdsgroup minimumthanDecemberamountscontractspaymentsof yearonewithin havefive hire periods Financialvalueleases paymentsAshanticontain theleases fiveclauses.hasyear onetwoyearsinof 23terms– 545801015lease. plantof125102 yearsfinance representingmillionleaseandandtogether ofcommitmentsbut are2006,minimum Statementsrenewal time.of Renewals fiveinandnottwo as Futurepaymentsrenewal respect leases thefollows: moreyears yearsequipmentwith optionsleasegroup minimum2006_finance the than butofforare and operatingpaymentspresent wasPageplant no andatfive and contingencies chargesthepurchase lease committed 247escalationyearsand landoption value leases equipment.payments and optionsof to buildings. clausesthefor making amongstspecificnet under andThese minimumfor Certainthe finance entity

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document FiguresFor20052006SAUS38CapitalAcquisition1,1822,475Contracted3541864,5975,120Not7317255,7797,595Authorised1,085911AllocatedProject1,2042,572–3671906711,8552651061,8754,427632296Stay-in-business3,6282,92541857227624335433,9043,16845361550124Share188Purchase1,2211,9202741921,2881,3272032,5093,247464395990906129156ToCashThePage_Annual withinthereafter Contractualservice RandsDollars contractedcredit the248 generated of expenditurecommitmentsFinancialone_AngloGold underlying yearfor: obligations facilities thebyofforin year tangible the aboveformillionended commitments fromStatementsexpenditure directors Ashantiand capitalpurchase capitalrepresentoperations assets other31 commitmentsDecember2006 commitments, finance obligations andcontractual is subject contingencies arrangements of to purchaseobligationsjoint operational, ventures containcont. obligations for marketthe financial purchaseandcovenantsNotes other ofoperationalrisks. and miningto other Distributions the contract similar requirements, group undertakings.services, from operations the financialpower, group To supplies,maythe is dependentextent be subject statementsthat on to cont. consumables,existingforeignexternal investment, cashborrowings resources, inventories, exchange are required,cash explosives controlgenerated the group’slawsand from activatedand covenantoperations regulations carbon. and and the borrowingquantityperformance of facilities.foreign indicates exchange that existing available financing in offshore facilities countries. will be In addition,available distributionsto meet the abovefrom joint commitments. ventures are To subject the extent to the that relevant any of boardthe financing approval. facilities mature in the near future, the group believes that these facilities can be refinanced on similar terms to those currently in place.

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Figures20052006SAUS38ContingentAngloGoldareWaterdisputeMargaretDRDGoldincurringurgentdepartmentsoflikelyoperations.ThedirectivescostHarmonyLimited,watercompany.thirdcompaniesShouldcourtsamended.potential–arrangementitsnumberpossiblytheformationremediatedworkintoreliable_Annual factwaterthe current ContractualRandsDollarssuggesteddetailed Departmentthreegroupofof is to pumpingtechnologypumpingyield and/or applicationpumping the focused regardingestimatecause Financialofareat be liabilitiespumping AshantishaftGold into LimitedminingTheoperations Duedifferenthas theAshanti’sstart-up proposedliabilitieswill insatisfactoryusedSouthfinalisingbelow: the requesting is regulatory Southfloodingremediation Stilfonteingroup'satMiningidentifiedbe millionwillto acost oncommitments miningat ofcanStatements to companies,pragmaticbeingthe toas membersagainstcost, Africathebeseveral Watercapitaltechnologiesremediate liquidate– Africa.contingent managementbeStilfonteinarrangementinuncertainty anresponsibility transferredCompanySouth Stilfonteinresponsibility in companies resultsAngloGolddevelopedSouth themadeauthorities, aarrangement ismines.various Affairs DRDGold onnumber pilottechniques howeverPresent 2006_andcourt ofAfrica itsSimmerloan Africa.thefor thein and mine.projectsliabilities reasonableNorthThe Limitedand Margaret noPageSouthofto the pollution accountnewly notofasbelieveAshantidirecting– for thecontingenciesresearchorderanestimatewill Limitedunknown. cessationmethodologies ForestrygroundwaterTheobligation. aFollowing andin249beWestwaterin independentgroup’sproposalremediationAfrican beto andwhichatformedthe acceptable groupthe Jack thatShaft.find andLimitedplumes.limited31 basisthatoperationsandpumpinglocal AngloGold andis continuedresponded DecemberNo responsibilityathe oftheconditions.Mines madeVaal anishas company.theygovernmentsolutionmay water developmentgeologicaltoinvolvedsites topollution proposedlaunched attemptthree Thecont. technique, newlythatresolveinvestigatedRiver providingto share haveofLimited, andhavethepumping Ashantipumpingviability anythe couldminingthatby2006 formedSubject inbytositesthe avoid theissuing foranbeen awillbe one- no legal the issue.of atisa

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document NotesFiguresFor20052006SAUS38ContingentSalesS.A.(MSG),twoofbetweenwheneverthroughanSpecial–Corporation.MayexportsecondliabilitytoattributableR126185329Federal4729Morroresult32on5Page_Annual TARE)salesthegold Contractualauthorisationthe RandsDollars taxstates the2006 250 onmillion.offirstfulltax Velho purposes.second relatedto assessmentschamberassessment RegimeFinanciallegislationa_AngloGoldtaxes an.the FebruaryJuly year board theonThe branchaassessmentMSGin liabilitieserroneoussharein thetaxpayer sametoisgold AGABrazil,company’sAGA 2005 MSGon invoice.toinvolvedmillionended operator ofcommitmentssignedAgreementfrom StatementsruledtheIn goldlocateddeliveries of managesthegrounds2004 Ashantionbelievesand November taxoperation thewascont. first fromexports thesales Statedeliveriesduplicationinis theauthorities May31inassessmentand of groupbranchissuedfavourperiod.approximatelyGoiásin athe TARE,theas Decemberbothtaxes.a2006– (Termoofthedispute2006.June gold differentBrazil isStatethe Goiás 2006Crixas and Stateoperationof byco-ownedinforTheassessments offirst 2005minedwhichareMSG MinasThe the export: decontingencies–withof athe istax State financial TreasuryMineraçãomine shippingassessment, claimingBrazilianGoiás StateAcordoapproximately tax and$29 administrativeand theadministrativeauthorised in Geraisand with authoritiesofonethein themillion,tax fullyof relatedGoiás Brazil, itsare re invoiceStatethatbyKinrossGoiás forState,otherauthorities, specifically SerraattributablecancelledRegime meansinthe andVATcont.R203the may tohasviolationof $18forin maintainit periodcouncil’s betweenpaymentsGrandecouncil. statementsGold Goiásremittancemustthe October isthereceivedstill ofEspecialmillion.million, payablethe asafor period appealshareobtainof a thattaxThe In cont.

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Figures20052006SAUS38ContingentVAT2003allegedlyheadcompany’sdismissingattributable3539R396SocialaccusedsocialLegislationand1011R112Atheof1620claiming3Thecapitalinbusiness1liability–AngloGold_Annual groupcasethe ContractualRandsDollarsObuasi payable.groupmillion.Disputes fromoffice group.security security costs being ofFinancial ofrights ofreturnedplans,Ashanti mine the hasemployeesthe appealisundergroundliabilitiesfailinginshare ofIf realisedTheunclear the – Statesystem casetosuccessfulpayments amillionthe closurethecommitmentsBrazil potentialStatements shareState oftoamount from againstwater groupatofthepaycont. onto –inoftheMinas of priortheoptions. assessment MSGbe certainwhetherBrazildeveloper,Miningpipeline – Goiás.liabilityinvolvedtherebelievesjudicialthe Brazilbranchmore2006_ to Gerais receivedassessment. during2019. andisrequiredand ThePage thantheat–andsphere.the inisthe AnglogoldNavachab arecontingencies Buildingrelated iscontributionsMinasapproximately Basedtax risktheelectricity remote251 likelihoodapproximatelya claiming paymentstax administrators periodofThe The Geraistoonsome assessmentContractors but Ashanticompany’ssalesin currentsupplycompany 1997toof Namibialess are employeesto betowardsthis$2cont. taxes the $6Braziltothanactuallyemployees million,tolife-of-mine potentialrejected 2004.million, incompany(MBC),theis toon likely. October thenowispay minegold duebeing the

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document NotesFiguresFor20052006SAUS38GuaranteesFinancialThegold(Proprietary)total$14period100providing1416HedgingAngloGoldseveralperformanceitsenteredincurreduntiltheitofundernegativeR1,7411,0902,032treated290172Ashanticounterpartyowned31hedge$2514,5917,3341,047723AmericaPage_Annual under future obligationssubsidiaries ContractualDecemberRandsDollarsBankremainder million.groupgroup,nothemaximumloanhedging 252themillion, or ofbook subsidiary undersumcounterpartymilliontheHoldings Financialinto_AngloGold bypaymentsLimited pursuantguarantees$290 90marked-to-marketyearhasguaranteesfacilitiesthe hasAshanti togetherGMC inhedgingThe was bydays.toremainsLimited,banks R1,756by suretyagreements. irrevocably the2006, underwas million,wasprovidedissuedliability,millionAngloGoldendedGMC, commitmentsthe suretyshipand negativeStatements plc,theas NPNSAshantitoThe Ashantitreated isLimitedHoldingsraised forin Geitaand withtheagreements.andorwholly-ownedthe banksCerromillion toallanhas andwhichgoldR2,032 groupthe inpursuant 31be marked-to-marketmoniessuretyexemption.hedginghas associategroup itswhenrecovered termsprovided Management Treasury$1,047ontoAshanti hedgingunderpaidand deliveryagreementsVanguardia Decemberinvaluationwholly-owned 2006was itplc theprovidedreceivesthe whichguaranteesmillion due.in andits ofunder havedue, paymenttoraised balancetheagreements.favourThemillion, thewholly-owned USA ofthesubsidiariesguarantees commitmentsguaranteesServices orThiscontingencies they NPNS owingofthe issuedfinancial suretyshipsmaximumfor theareceivedhedging onS.A. whichCompanyInc.,havethe feeof guaranteegroup. haveR7,334non-performance. sheetof hedgingsubsidiary,the valuationthe GMC orexemption.from allunderAngloGold hedgingLimited a due$249 incurredbalanceAt lenderguaranteed to moneyterminationto agreementsofalland The potentialsubsidiary the31million,of hedgeseveral severalLimitedofOroperformancesumsagreementstheir remainsmillion,itscont. ofthe DecemberR100group(ATS). associateguaranteesAngloGoldin Groupowingthewhollysheetby statementsrespectiveSouthrespectremainder bookpayableof amount(GMC) GMC ATSmillion, thehasnotice which Atin whileor was due force foranda ofof toof cont.

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document 39FinancialInmanagedoesfacilitate,treasuryControllingTheCommittee,executiveinstrumentsWithincounterpartSafeguardingforeignEffectiveplanningEnsuringcomplyGoldgrouptheinanAgroup'sfluctuationsmaintainsSomeexpectedsimultaneously$373AngloGold_Annual numberthe adverseunitsability, Executivefinancial price notmillion, SAnormal hasofthe exchange wherecore Financial policies,these the functionalandacquire,controlthat Ashantirand/USto membersoutstandingriskoftreasurytransactionalto andriskrisk effectinlimitschaired andoccur instrumentsproducts,business benefitR2,614riskprocedures;efficientcourse investmentallthe thenecessaryCommitteerisks, managementarisescurrencyin hedgecontractsandStatements managementcounterpart andgrouptheonanholdrisk goldoverdollar, function,currency. byandfrom the currentequalofmillionmonitor groupfrom usageandprovides activities.forwardincludingor price.the strategies.its currencycore grouprisktreasury described Brazilianandissuewithincreases andinterestoperations, theindependentnextand 2006_(2005:there orand of TheseearningsThethese activitieslimits,hedging all risksalestheagreementsmay creditfutureobjectivesregularderivatives opposite 10derivatives, Forward-sales relevantcash executives,exposures.Pagegold israteTreasury Theofreal/US years,negative above risks.enter controllinginderivativesan contracts anfacilities earnings. the253 flowtransactionsstreammarketandrisk; treasurerindependent chairman adverseway. The intoregulatoryinofgroup spotarefor dollar,hedgingdetailedrelated Committeelineare$338 theSuch reviews transactionsboardtradingThefromindesignated iswas and goldcontractsmay groupusedbothpredominatelyiswithis effect Argentinianof million, fair exposedexposureresponsibleto122,133kgitsreportingare managementprice andhasestablishthe risk thetheriskpurposes.and tomajor value are onundertaken are AngloGold manageapprovedstatutory function,maturityandshort for managementR2,142andrecommends currentdefinedwhich responsible to assetsofarisesthestructures. callpeso/US a (2005:accountedgold alland forpriced minimum The majority makewell-defined anddatesmillion).instrumentsreports. orrequirements.which managingasand withlongprice,Ashantifromthrough futuregroup 159,783kg). follows:putin dollarmonitorsuseactivitiestoofforcreditworthy term monitorsUSsales offorcurrency, priceoptionsthe earningsriskhasAuditoffuture thedollars asinvestment,andthrough gold Executivehedgingsobothor managementfordevelopedeffectivecash this are designatedpurchasesand Australianareadherence golda price on-interestwhich resultingportion riskcounterparts;coordinated, flowusedtheCorporate instrumentsproduction.and andCommitteecontrol management gold adoptionhedges. exposesa by off-balancerate, of bydollar/UScomprehensive foreignat activitiesto from theprice,future anthe treasury andGovernanceliquidity consistentgroup Theoperating andfluctuationsAtofandthebalance all exchangecurrency,managementproduction reliableyear dollar withinprocess, grouptreasuryhedgesheetwill toriskand end, protect affectsheet riskexchangeunit managementthroughoutthe liquiditycredittoderivatives.Committee, forecast liquidityrisksin thecounterparts,inclusivethe whilemanagementgroup.in the profit dateofitself currencies volumerisks.riskthat goldprice managementthe andtransactionsratesisand Thefromthatthearise ofaInThegroupcomprisingprice ofpolicy credit negative ofloss documentedorder groupTreasuryfluctuations maydownward gold.limits, outgroupotherprocess risk, andrisk. also oftoandThe are thanthe have to

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document NotesFor39FinancialNetTheSummary:Year200720082009201020112012-2016TotalUSForwardAmount(kg)19,622115,878$/oz$30112,957$639Put1,455$29219,25911,55543,971$612Call14,2526,50320,755$398$40947,779255,221$475Page_(1)Annual Dollar/Gold optionsdeltagroupoptions the254 Financial _AngloGold(kg) contracts yearopen riskAllhad purchasedsoldpurchasedsoldto$587$432 $314$46622,81746,776open 3,748 managementhedgetheended Statementsthe (Long)Ashanti followingcontracts position 31group$530$47341,148 $31621,738December 20061,882net inactivities as theforward-pricing at group's31 financial December$347cont.$410$45814,46232,0361,882 commodity commitments 2006$420$397$4925,64512,93136,188 hedgestatements outstandingposition$418$44024,308$56451,294 as at against 31$347 $559$491cont.December future production. 2006

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document 39FinancialSummary:Year200720082009201020112012-2016TotalRand/GoldForwardAmount2,1389333,071R/kgR91,299R98,769Call(kg)3112,9869,269R108,123R202,054R212,885Australian7,46516,143A$/ozA$669A$666Put4,977A$8265,910A$8003,73211,197A$668A$6866,532A$847Delta(36,687)(54,993)(62,616)(45,773)(46,952)(68,991)(316,012)(1,179,513)(1,768,063)(2,013,148)(1,471,634)(1,509,540)(2,218,109)TheUS43,54587,090$/oz$7.40$7.53$5.93$6.06$8.40$8.52AngloGold_Indicates(2)(1)Annual Dollar/Silverdelta optionstotaloptions net(kg)(oz) Financiala(kg)of contracts goldnetAshanti long risktheAll Dollar/Gold purchasedsoldsoldpurchased 2,177$7.66$6.19$8.64(10,160,007)delta3,110A$656A$680 2,986hedgeopenposition R216,522management Statements tonnage contractsposition resultingR116,3352,9861,244 A$6943,390indicatedofA$649R230,9902006_ from inactivitiesthe the Pageforwardhedge above,group's 2553,111cont. 3,111A$712purchaseofA$683 is thecommoditythe equivalentgroup contracts. at hedge 31gold The December position groupposition entersthat 2005as would intoat was31 forwardhave December 10.84 the purchase same Moz 2006marked-to-market or contracts 337t. as part sensitivity of its strategy for a tosmall actively change in managethe gold price.and reduce This is the calculated size of the using hedge the book.Black-Scholes option formula with the ruling market prices, interest rates and volatilities as at 31 December 2006.

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document NotesFor39FinancialSummary:Year20072008200920102011TotalRand/USPutAmount15,000RR7.6140,000R7.08Call55,000R7.34AustralianForward73,51820,00093,518$$0.76$0.73$0.7510,000$0.78TheofApredetermined$2.9Thesemarket$517.00Page_Annual perputcallperchanges options mixmarked-to-marketoptionsthebillion 256 2012-2016A$option$ values interest Financial_AngloGold($)of percontractssales year Dollar risk All hedging(negative Dollarinpurchasedsold soldtogivesounce, openoperationalwere contracts managementdate.endedrates (000)Statementsthe the(000)Ashanti basedcontractsinstruments,exchange andR20.32 put callvalue 31requiregroup volatilities forecasts,buyeronbuyer December2006 ofbillion)inaactivities rates goldall the thethe derivatives, group's atfuture right,ofmarketpriceasvolumeright, financial 31$1=R6.305 atcont. December butof31butdelivery currency conditions$636.30of December not not irrespectiveproduction the the andof 2006.hedge obligation,pergoldobligation, andA$1=$0.7342 statements2006 ounce, hedgedat ofThethe position aaccounting (as specifiedgroup's values toexchangeto at and sellbuy 31as and gold asthehedgingDecemberatgold price.designation, theat31 tenor ratesto from31 Decemberprevailing the cont.Decemberpolicy. of the put 2005:the$1 callsellermaking =hedging market 2006R7.001 negativeseller 2005 at upa interestatbook predetermined andwerethe a$1.94 predetermined hedgeA$1is based continuallyrates billion, = $0.7886position onand negativepricea volatilitiesgold reviewedprice wasand on price aR12.32theonnegative aatofinprevailing thatthe billion). lightdate.

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document 39FinancialInterestFluctuationsInrequirements.risks.TheCashFixedFloatinginvestmentEffectiveamountrateMaturityCurrencymillion%AllUSD355.1644.5ZAR513AUD–6.0BRL13.2ARS9.5NAD134BorrowingBetweenWithinonetwoAfterTotalBorrowings$415.81899481,179731,99310.52,066GHC73,69219.0Interest-ratethan2114classifiedtheAngloGold_(1)Annual the less tables and andgroup onethree five Theandrateforordinary oneaccrued than rateon Financialfivedaterate two lessbetweengreateryearyearsAshanti as3.41,9932,066 short-termriskgroupaboveBorrowings –maturityyearshasBorrowingsyearfinancial– 8.58.36.2andyearsriskoneinfixedyears– on This–2.4managementcourse5.9interestsufficient is–liquidityStatementstheyearare rate ablecashprofile instrumentscorporate non-interestloans 1,179 of isrates to 523513 isundrawnbusiness,fixedrisk (note 837964activelymanagedadvanced2006_ impact1 bondactivities until 30)classified Pagebearingas borrowing sourcethe on atto 25731group 7.82.4maturitytheensurecont.7.4 December andfinancing asvalue facilities receivesfloating are surplusof of thereforethe 2006. short-termat available rate instrument.competitivecash funds is fromnotrepriced are cashto subject theinvested fund Therates. investments proceedsat otherworking tointervals interestin financiala mannerofcapital of andits rate less gold instrumentsfinancing requirements. risk.to than salesachieve one activities,and year.ofmarket-related isthe required Interest group giving that toonrise returnsfund financialare to interestworkingnot while included instruments rateminimisingcapital risk.in

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document NotesFiguresFor39FinancialCreditensuringquality.atexposurebalanceTradeNoThecredityearsFairestimatesasType20062005CarryingamountvalueAmountValueUSOther12610251356107Cash118495209Borrowings1,4821,894468385Derivatives1,3642,9757492,029Page_Annual the atimpairmentDollars valuegroupestimated the 25831 of restrictedandstandingwithbalanceinvestmentsnon-currentdebtorsandrisk Where instrumentFinancial_AngloGoldsheetDecember that yearassetsliabilities netted involvecashriskofarisescounterparties.doesother in(note tofinancial 813102107credit209 55511126495385mainly duesheetfairmanagementpossible, 4681,5511,915wasofmillionendedequivalentsfor not receivablespayablesby Statementsfromthe30)counterparts. uncertainties assetsvaluesAshanti(noteuse to 2006riskcounterrecognisedgenerally date thecomprise instrumentsthe (note 31ismanagement19) group differentare ofisspreadrisk December(noteparties2006$655financial 24)as activities obtainthat andThebankingas follows: 25)overmillion, maturitythe a amounts cannot group’s counterpartcollateralinstruments financial triesprincipala cont. institutionsnumber R4,591 profilesbeto reservesto ensuredeterminedor $68debtors may ofothermillionare of counterparts.purchasingmillion, assetsthatdeterminedanddefault security continuestatements (2005: nettingfinancialwith R477 and or precision. goldto$713not liabilities.toagreements Thesemillionatsupport strength bemeetdiscretebullion. million, in counterparts (2005: aitsThe financial sound has Normalobligations pointsR4,523 areestimated cont. $18allowed financialin instrumentsin million,marketplace. million)aretime timeously. fairit financial to basedposition.The settlementR115 valuesarrangeon combinedsubjecta onmillion). contractandThe of relevantunmargined the termsbankinggroupto group'screditmaximum Noby aremarketminimisescontractset-off institutionsrisk, two financialcredit creditisbutinformation.working basis.applied linescreditmonitors riskinstrumentsof Creditofgooddays. riskexposureto up Thesethethe by tocreditrisk ten

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Figures39FinancialType20062005CarryingFairamountvalueAmountValueSAOther8846453376Trade387676Cash75523,4671,328Borrowings10,37612,0153,2762,456Derivatives9,54520,8264,75112,873TheexcludedNormalsalehedgeNon-hedgeexemptedaccountedTotalUSDerivativeCommodity(516)–(1,572)Foreign(12)Forward(1,061)(375)1082Gold(34)5Sub-total(1,611)(373)(919)(2,903)Option(72)All(991)(2,975)AngloGold_Annual derivatives RandsDollars fairamounts interestof restrictedandflowinvestmentsnon-currentand component instrumentFinancialvalueexchange saleforeign Ashantihedgingassetsliabilities from cashrisk(liabilities)other in(noteoption(1,328) rate commodityin(1,056)7552676 amounts24–32758846453853,4671,3283,276themanagement –2,45610,85912,147million equivalentsfor theexchange receivablespayables39 Statements30) swaps assetscarryingoptioncontracts(noteuseof cont.tables assetsconvertible (noteinclude 19)contracts above contracts amount.(note 2006_comprise 24)activities (72)off(12) bondsdoPage25) balance Allnot the 259other cont.necessarily following: sheet derivatives normal agree aresale with carried exempted the totals at fair contracts, in value. the notes which as onlyare notfinancial carried assets on the and balance liabilities sheet are and shown.

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document NotesFiguresFor39FinancialType2005NormalCashNon-salehedgeexemptedaccountedTotalUSDerivativeCommodity(446)(4)(608)(1,058)Foreign–(5)Forward(828)(342)261(909)8(2)6Gold(6)3125Sub-total(1,280)(338)(323)(1,941)Option(88)All(411)(2,029)2006SA(3,611)(10,998)(84)(7,432)(2,627)75816(238)32(11,281)(2,614)(6,427)(20,322)(504)(6,931)(20,826)(2,830)(22)(3,861)(6,713)(33)(5,251)(2,170)1,653(5,768)50(9)41(41)197156(8,122)(2,142)(2,053)(12,317)(556)(2,609)(12,873)Page_Annual derivatives DollarsRands the 260interestofflow component instrumentFinancialexchange _AngloGold saleforeign yearhedging risk(liabilities) inoption(9,301)to (7,387)ratecommodity13 –29 managementmillionended270 exchange Statements theswaps optioncontractsAshantiofcont. assetsconvertible 31 groupcontracts contracts December 2006comprise activities(504)(84) bonds financialthecont. following: statements cont.

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Figures39FinancialTheCashTradeInvestmentsListedBorrowingsfairDerivativesvolatility.volatilityresultDerivative2006TotalAssetsLiabilitiesUSAmounts1,0871,7361171231601,3642,019SA7,60612,1528228671,1179,54514,1362005399(675)1,074(30)147233(8)2417491,4622,534(4,280)6,814745(188)9331,472(55)1,5274,7519,274AngloGold_Annual value.DollarsRands followingcarryingfairremaindergroup restricted inandinvestments Financialvaluevaluessignificantly inputs ThesetoAshanti riskmaturityotheruses in(713)(4,546)mature (45)(4,591)(4,523)andamounts(6)(649) (655)methodsof– management suppliedofmillion for volatilitythe receivablestheunlisted–Statementsother debtlistedderivatives use, profileare withinbetweenBlack-Scholes non-currentdifferent approximatere-pricesnon-current andcarried fixedcash by levelsinvestments one leadingassumptions2006_ onetwo rateandareactivitiesfair year atare on portionand estimatedfairvaluePagedebtcash optionthemselvesassetsmarketaoffair value short-termfivetwoand balance261and equivalentsvalueestimations. cont.of wereyears pricingother tradeparticipantswhile thebased because used sheetconvertiblenot non-currentfloating andunlistedformula onexchangeand to dateother the estimateof(international traderate theinvestmentstoruling bondsreceivables value assetsbasis, short-termtradedand marketthe areoptionother andhasfair and banks).shown are has prices,valueaccordinglypayablesdurationbeen contracts.are carried been at notTheofcalculated volatilitiestheir each observableof calculatedgroupat these Onetheclosingamortised class carrying believesof using andinstruments. the ofmarketusing generally interestfinancial inputsmarketcost amountthat market valuewhich intonorates interest ininstrument: otheristhe theasinterestapproximates consideredas atmarket. model rates.atpossible 31 31 rates.December Decemberis The theto alternative fair approximategroup level value. 2006. 2006. ofuses would

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document NotesFiguresFor39FinancialSummaryTheAveragecontractedYearlbsprice20071,50320081,869200991920101,976Great40ChangeCashemployeeSAUSEnvironmental36857Other(368)(57)IncomeAngloGoldassessbalanceInquantifieseffects”alternativemisstatementAstradeincomethePage_Certain(1)(2)Annual previous a'000RandsDollarsamount groupcash effectthe262result ($/lbs) –andflow Noligwa,non-cashcontracts 2013 materialitystatement, ofstatementFinancial _AngloGoldsheet inyear flowotherofa riskbenefitpriorstatementof has,to Ashantiof comparativeperiods,inof misstatement tocontractedthe the existing the thecomparativeandmanagement rehabilitationallowarethe millionendedKopanangyearpayablesmovements changeStatements revised theplansroll-over adjustment subjectandonAshantifollowinghasthehas, theAngloGoldmisstatements.$29.91 a on$16.47$21.99$35.37 incomebalance buyerbeencombination as31uraniumas on grouptodataassessmentthe and basedand method,amounts amarketdata December 20062005forward andtoaccountedresultbalance activitiesrelatingdeferred statement.adjustTau Ashantisheet hassalesotheron follows.related ofLekoathe thepaidofThispricingthe been furthersheet,financialto criteria, asexpendituretwo income.iron used purchaseamountcont.forpriceperiods to canat Openingproduced amended methodsretrospectively, supplierscurtainuranium 31irrespective guidanceadjustment the resultAngloGold December The ofquantity prior“roll themethod,retained in adjustment,1.38becausetocommitments andover” to anerror onmechanisms.reclassify withinstatements2005. of millionaccumulationAshantiemployees. materiality2006 methodandtheoriginatingquantifiesearnings ait The specified yearwillthe pounds due amountsidentified against netInresulttocomparative of assessmenttothese for assessThea occurrence. effectinrange.ofan misstatementof2005 inthesignificant paideffectcasesaccumulation futureuranium ana on currentmoremateriality haveadjustment cont.for thestatements of production:published environmentalthis priceaccuratebeenoxideincome misstatementsyear based reclassification disclosedforover reduced incomeinnecessary statementpotentialin for2006. assessment onseveral the 2005 theindicates rehabilitationstatement,Unitedby oneffects adjustments.haveto$13years wasisthe the theasStatesofmillion, beenbalance$1 ofbalance ofmaterialityfollows:previous it correcting million,immaterialignoresand restated.of R83 The America,sheet. terminationsheet,periodic R7million theonroll the amountsmillion. bothThe“carryoveroverprincipally price decided which theof methodreset. in is totheto

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document FiguresSAUSIncomeReduction112Increase(4)(1)Effect71BalanceAssets2336Decrease(36)(5)Liabilities(33)10215Equity(76)(11)There2006200541ExchangeRand/US6.776.377.006.35BRL/US2.182.442.142.35Pesos/US3.082.923.063.03Rand/Australian5.104.855.534.65Australian1.331.311.271.36AngloGold_Annual RandsDollars onare statement Financial dollarsheet inprofitAshanti dollar inno dollardollar/USin ratestaxationtangibleinventoriestrade,in tradedeferredretained costscash averageclosingattributable millionaverageclosing dollaraverageclosingStatements other andflowof assetsdollar earningssalestaxation averageclosingother effects.forpayables for for averageclosingtothe the 2006_receivables theequity year foryear year Pageand the forshareholders deferred 263yearthe year income

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document CompanyFiguresNotesForTheThesecurrencyRevenue19,5208,342Gold9,1517,359Cost2(6,546)(6,271)Loss(936)(314)Gross1,669774Corporate(501)(401)Market(58)Exploration(31)(148)Other3(50)(46)Operating4(239)79075Interest5228Net(4)–Dividends731Exchange(75)(78)Finance5(255)(218)Fair(5)Profit6560533Taxation8(636)(113)(Loss)(76)420DiscontinuedGroup(12)(219)(88)20120062005SAPage_Annual Rands inter-companyvaluecompany the264 ofincomeonfor beforeoperating company13 profitdevelopment sales receivedFinancial_AngloGoldnon-hedgethecosts ofyear lossspecialprofitreceivedadministration the incosts yearafterfortaxation operationsannual and onmillionendedcompany the expensesannual Statementsfrom taxationitemsinterest Ashanti unwindingdividends yearfromderivatives costs financial discontinued 31financial subsidiariesisand fromrateincome SADecember2006 paidotherof statementsswapsrands.continuingand decommissioning statements and expensesotheroperations interest commodity operationsrepresent are statement a andstatutory the contracts restoration South requirement, African obligations operations and are accordinglyand corporate presented office. in SA rands only. The functional

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document CompanyFiguresNotesAs20062005SAASSETSNon-currentTangible912,48411,932Investment103035InvestmentsPage17,19114,79818Other111613309284Intra-group339165Trade1521–Derivatives2936236142746030,71827,544CurrentInventories124053423611,5742,091Cash61,2603,4812,812171003,5812,912Total34,29930,456EQUITYShare23,04719,360Retained19(4,534)(3,392)18,51315,968Borrowings201,9931,989Environmental1,087922Provision221,0941,1721,5781,572858777Deferred232,1972,1858,8078,61773878241,3541,0894,9913,351Taxation255615536,9795,87115,78614,488AngloGold_Annual Randsat assetsequityliabilities 295restrictedand investmentsnon-currentandcapital31 assetsliabilitiesportionFinancial ANDassets taxationAshantiearnings for cashDecemberother inbalances and assetsliabilitiesinpension and associatejointEnvironmental LIABILITIESrehabilitation subsidiariesmillionofequivalentsfor liabilitiesreceivablespayablesStatements borrowingspremiumassetsventureanduse held and other for post-retirementbalance sale 2006_ provisionsRehabilitationreservesPage 265 benefits Trust sheet Fund

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document CompanyFiguresNotesFor20062005SACashReceipts9,6507,549Payments(4,606)(5,697)265,0441,852Dividends152731(6)(188)Taxation25(435)–Net4,6552,395Capital9(448)(904)(1,696)(1,313)Proceeds3063Associate5Other(43)AdditionalPage(2,396)Intra-group(260)193Interest28Loans(4)(35)Repayment(4,649)(2,048)3,06860Share(32)809(805)Finance(199)(293)Group(742)(926)(48)(77)1,242(427)1,248(80)1292161,260_Annual projectstay-in-business Rands cashincrease the266 flowsgeneratedutilised293and investmentsissueadvanced15 expenditure receivedFinancial_AngloGold costspaidexpenditurefromyearinflowoutflow fromcashloaninvestmentreceivedpaidto fromloansdividendsin of expenses suppliers(decrease)by customersloansborrowings disposalissueborrowingsadvancedmillionendedequivalentsfrom(outflow) discontinuedfromoperatinginvestingfinancingStatementsfrom expenditureAshantiacquired from advancedoperatingof operationspaidin investingand share31 ofsubsidiaries insubsidiaries from activities cashtangibleassetsactivities cashemployeesDecemberat2006 operationscapitalbeginningendfinancing activities activitiesand of ofassets discontinuedcashyear activities flowof equivalents year operations statement

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document CompanyFiguresFor20062005SAActuarial(note283(176)Net553(102)(969)(785)Deferred63408(70)(655)(Loss)(88)201Total(158)(454)AngloGold_The(2005:(1)Annual Randscumulative lossexpensethe recognised19)R232 profit Financial (gain)on gaintaxationyearAshanti million) incash for recognisedeffect (loss) onmillionendedthe Statementsflow expense inoncash of year reserveson theitems hedges pensionflow 31actuarial statementdirectly for above Decemberafter2006_hedges the(note and gainsdeferredin Pageyear(note equity19) removedpost-retirement and 267 19)taxation losses from accountedof R30 ofequity benefits million through recognisedand (2005: reported equity R132 is million). ina cumulativeincome (note loss income of19) R51 million and expense

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document NotesFiguresFor20062005SA1RevenueGold9,1517,359By-products265224Interest5228Dividend7319,5208,3422CostCash5,1375,115(265)(224)4,8724,891Other4034Total4,9124,925Retrenchment49158Rehabilitation2299Production4,9835,182Amortisation1,6341,1096,6176,291Inventory(71)(20)6,5466,2713Pension50464OperatingPerformance129–(group131Impairment1045LoanProfit(30)Recovery(2)(4)239Page_Annual Rands the 268ofincomeofcashproduction waivedonoperating cash operating note E-sharesreceived Financial_AngloGoldsales anddisposalsale receivedyearconsistschangeof costsspecial costs inof 11) (noteexploration ofmedicalrelated of andtangibleinvestment costs millionendedtangible costs loan tocostsStatements(note issuedexpenses of 2)1)offromother Ashantiitems tangible(notethe optiondefined assets26) the subsidiaries31 assetsloannon-cashtofollowing in 7) Izingwe Decemberexpense2006associate assets previously benefit(note (notes company principalcosts (Pty) 9)(note provisions 6,(note expensed Ltd,9 26) andcategories: 10) a Black26) Economic financial Empowerment company statements

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Figures20062005SA5Finance1444214215–19Other15242293Less:(39)(102)203191Unwinding388(note2552186ProfitAuditors'39134623AmortisationOwned1,6341,109Grants2127Operating180258AngloGold_InterestdesignatedIncludes(1)Annual AuditUnderOther Rands 26)beforeamountsfinance before received for feesassets assuranceFinancial costsprovision costsremuneration Ashanti aslease educational of infor ataxation of decommissioningrestorationtaxationcosts fair on serviceson capitalisedmillionandtangible charges Statementsvaluethebankcorporateinterest prior services unwindinginterest is inhedge, and loansyeararrived assets respectobligation rate (note communityratebond2006_ wasand swap atof(notesswap obligationof9) nilSectionPageoverdraftsafter decommissioning(note(2005: entered 2,269developmenttaking 4049 21) R24 (noteand into of accountmillion). the 26) against21) Sarbanes-Oxley The of:the and swap corporate restoration was Act. unwoundbond, whichobligations in April has 2005.not been

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document NotesFiguresFor20062005SA7Employee3,2623,257Health–3082299587Contributions2011221222Retrenchment49158Share-based200Included4,1273,887ActuarialDefined88805040108(146)(106)Actual417366ReferPage_DetailsnoteThemade(1)Annual currentdefinedinterestexpectedSouth Rands income 11. the270to to ofreturn careTheseemployees Financial_AngloGoldAfricabenefit the in definedyearmedicalservicecostbenefitcontribution statementbenefits benefits costreturn equityinandremunerationto onarrangementspaymentto definedcosts millionended post-retirementpensionofpensionplanmedical Statementscost post-retirementpensionofbenefitsettled theexpenses on sales,Ashanti includingtheexpense (note planassets company.benefitexpense share-based31 plan planandschemecompany other planconsistassetsreport2) ofDecember2006 executive expenseprovident R200expense pension expense operatingmedical of for medicalcosts awardsmillionpayment details plananalysisdirectors'plans expense (2005: expensesbyexpenses arrangements of thefinancial directors' R12company salaries million)and ofemolumentstooperating and fortheemployees the groupotherstatements company specialhave benefitsof various been is itemsonly disclosed group in respect companies. incont. groupof awards

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document 20062005SA8TaxationCurrentNormal369–Under57264(note426DeferredTemporary569217Unrealised(771)(200)Impairment(15)Change412(74)(79)210(151)636113TaxANon-miningMining%Estimated37Disallowable(6)9Dividends2(43)Taxable207ImpairmentsImpact(10)15Other(4)Effective43AngloGold_AllAfricanminingTheYwhereasDuring(1)(2)Annual = reconciliationamining 45 Randsformulamaximumpercentage.reconciliation 25)23)Y –thetaxincome.mining provision capitalof is225/X taxationFinancial initems capitaltax ontaxation2005theAshantiprior receivedcorporate(228) forestimatedstatutory 28(58)non-hedgedifferencesof(57)124(15)–mining –(21)642370 percentageincome.statutoryrate 37items–determining 37– 5andtangible allowancesnotyearexpenditure ofprior Statements 2006incomeformingthe underCapitaltax miningtaxdeferred yearmining derivativesfinancialassetsrate ratetherate in is without provisionspartexpenditureoftax SouthSouthdeducted2006_ taxand ratetaxationtax yearof payable Africa African Pagethenon-miningisratetaxand estimates 45%,to notincome cover isthe271other and mining determined deductednon-mining extent Xwere commodity isstatement tax thethat revised is:fromrate ratioaccording statutoryit does thecompared of in contracts mining Southnot taxto result a rate Africaprofitincomeformula to in37% that net anto is basedand reflectassessed of chargedcarried any statutory on theredeemable forwardthe loss,future in profit companythe and anticipatedas incomeand capitaldepreciationunredeemed revenuetax rate expenditurestatement taxation 29%,from iscapital ignored rateminingall to isunchangedto at mining setbewhen theoperations. deducted out time revenuecalculating in from the the fromtemporary prior expressedfollowing the future year. South table: differencesFigures reverse. in million

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document NotesFiguresFor9TangibleMineMineraldevelopmentrightscostsinfrastructuredumpsLandTotalCostBalance13,0313,7047012017,456Additions–expenditure6341,252611,313DisposalsTransfers(5)227Finance10215,0144,13454519,713Accumulated4,3212,3261516,798Amortisation950123361,109Impairments45(115)(2)5,3142,3341337,781Net9,7001,80041211,932357524091,4712251,696(1)(60)(65)(15)110953916,8654,4611621,8871,425176331,6346410(14)(9)(22)6,7312,50516619,40310,1341,9563791512,484ThePage_Annual projectstay-in-business bookcapitalisation the272 and Financial_AngloGold costsandat expenditureyear valueassetsand 131802 in(26)(56) other66to(notereversal forJanuaryamortisation December(4)168(156) othercapitalised– 1millionendedat the –Statementsmovements the 31rate4)expenditureAshanti yearmovements December(group20052006 used 31 company(notes 20052006(note (54) Decembercomprise2006to note determine 5)–2,20052006 13) 6 amountsand 26)the financialfrom amount deferred of borrowing stripping, statements change costs ineligible estimates for andcapitalisationcont. asset reclassifications. is 10.65% (2005: 10.65%).

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Figures20062005SA9TangibleImpairmentsWrite10–Goedgenoeg14AnpropertiesEast31Dueimpaired45TheAauthorisedInvestmentinLimitedUnlisted15Loans203035Directors'isNon-currentCurrent6359Total77742429285357Net17AngloGold_During(1)(2)Annual registerasthe impairment RandsOro assetsimpairmentcompanycarryingcompany's to offollows: assetsliabilitiesoffmanufacture 2005, advanceda loanBankisassetsliabilities Financial sharesof changeas Ashantiassets valuation31containing as agents variousthe bearsin it inassetsliabilitiesinclude valueMarch.Dyke Goedgenoegdrillingwillhas Oroassociatecharge million effectiveatcalculation Statements ininterestcont.not aduringGroupcost atofandminororiginalof 25.0% theand detailsgenerate TauTonathe unlistedwas less wholesale at (Proprietary)following: share 1650associatebusiness tangiblea recognisedwillmine(2005:methodology rate2006_impairmentsof associatepropertieslevelfuturenotof determined plan, Pagecertain assets of25.0%)generate hours consistsLimiteddecline jewellery.cash 273thein balanceisatand 2005isby Eastinterestinvestment flows. includedavailable thedrillingof:futurethe equipment. Theduring ofregisteredOro sheet Bank in cashyear-endGroup inwasOro for the group Dykeitems flows.impaired. inspection Group(Proprietary) assessmentoffice of noteaccessof Oro (Proprietary)ofits The 16. theassociate byGroup Limited’simpairmentdevelopment shareholdersandcompany. (Proprietary)review boardLimitedat test 30 of ofconsideredhasSeptember or explorationdirectorswhich theirbeen isduly andthe involved 2006, investment'sis repayable atfair their value discretion. and future cash flow. An impairment of R2 million was recorded (note 4).

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document NotesFiguresFor20062005SA11OtherUnlistedBalance23Disposals–(1)The14Total16Directors'Gold12Inventories21917445By-products2777291253Consumable11489405342asin13Investment284265Contributions25Rehabilitation(26)309otherAngloGold26751Loans75Stone427460Page_Annual note an Rands available-for-saleChamberinvestmentsamountfund the 274ofinon othermetalfixed-termexpense non-interestinvestmentsnon-current and 2. processAfrica Financial_AngloGoldhand investmentsinvestments-heldatyear isvaluation Allied, Ashantireceivablesbeginningendinvestments inventoriesmanagedin intoof stores Museumexpenditureof Environmentaltheismillionendedof deposits.Mines Statementsheld R13theunsecuredyear bearingAshantiwrite-down Pensionofassets available-for-sale ofbytounlistedinvestmentsmillion Building 31(noteyear maturityRandcompany toreclaimed loans December2006Fund amountmaturity (2005:29) ofinvestments MerchantRehabilitation Company by-productsandprimarily asset primarily nil). (notereceivables (note ThisBank consistsLimited29) consistsfinancial andexpense22) andTrust –gold mainlyof:repayable of:Fund onis included handinvested onstatements to various netin in cost governmentrealisable datesof sales (note value, which long 29)cont. andbonds is disclosed recognised and

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Figures20062005SA15TradeNon-currentOther21–Current47231Prepayments9874Amounts10Interest8Recoverable49432413236361Total25716Cash81012Money450(note1,26017EffectiveR100asset.2005.Inc.).OnetheconversionrightsThewereregistrationshares100AngloGold_Annual Randsagreementnew Director-Generalshares grantedIntrade29) andmillion)todebtorsOnWeltevreden'sand marketwill termsreceivabletradeFinancialorder SXR 30dueAshanti 19 deposits cash then otherandapplication,of ofintoJune December tax,assetswasto Uraniumdebtorsandfromthese theofmining beinstruments havemillion other be AngloGoldequivalentsthese Statements rebates,receivables 2005,issuedconvertedaccruedclassified relatedissuedon tobeen held receivablesrightsofare callnew saleOne. and2005,theMinerals to non-interestleviesmet. fortoparties income orderAshantiAngloGoldwereagreements,willinvestment the2006_as miningAngloGold saleAflease heldThethenconditions and soldminingPageand Limited. rightWeltevreden for beduties Energy tobearing275wasAshanti. insale. ceded Ashanti Afleaserights,hasthe the precedentacquired However, purchaseThis stillWeltevredennotified toand AngloGoldThis Limited GoldtoSXR mininginvestment arebe willby are the and Uraniumthepricecompleted. generallySXR takeasrights thatcompany signingUranium Ashantiminingfull will Uranium placewasupon formsettlement One,be on ofpreviously rightsOnce willpaidwhen thattheResourcespart terms theand One cede government the innotarialofthese the of lessthe an(formerlyR100new the the recognisedconditionsrelated old form havethanLimited Weltevredenpurchaseorderagreement million order of granting 90 beenSouthernSXR SXRmining ondays. miningprecedent (2005:as completed,Uraniumprice.15 Uraniumaand the miningJunerightstangible Crossrights the to One

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document NotesFiguresFor20062005SA18ShareAuthorised400,000,0001004,280,0001–2,000,000,5,000,000102101Issued276,236,15369664,185,7702,000,000778,8967167Balance19,29319,233Ordinary3,33060E35322,97623,04719,360TheAequivalentnetBgeneratedbyPage_Annual anonordinaryredeemablepreference the Randsproceeds rightsMoabtheannualredemption,276 capitalpremium netand Financial_AngloGold at(2005:sharesyear proceedsand EB(2005:Leasefromsharesto beginningendA fully in dividend,dividend toordinaryredeemable ordinary(2005:redeemablethesharesfromand andpreference restrictions millionended of778,896)the paid issued Statementsbalancethe Areanil)2,000,000)yearpremium issued disposalAshanti premium Moab264,938,432) from and nominalE limitedsharesofsharesafter consists ordinary 31year company paymentspreferenceB disposalof Leasepreferencesharesapplicable paymentredeemable Decemberof 2006after to ofA of valueassets aredeemable 25 of25 shares Area.maximumtaxare ordinarythe ofSASA of in sharesprofitstherelating tosharesentitled Moab centsthecentsfull ofthepreference assets nominalshares25 of shares of Afrompreference offinancialeachKhotsongeach ofthe SAto:toand5% 1 50therelating SAannualminingcents andof BofSAvalue shares Moabcent redeemabletheir25 acents mine each shares premiumto SAdividendthe ofeachissue Lease theof the centsMoaboperations.each 1 statementsMoab ofApriceSA Area,preference on50perof eachLease cent up theSALease fromshare afterto eachcentsB Area. R249.99 thepreference Area.equal redemptionshares. periodeach to per thethat cont.shares, share inbalance profits full provided of aretheof the

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Figures19RetainedNon-Otherdistri-Actuarialcompre-butablegainhensiveearnings(loss)incomeTotalSABalance(1,861)141(37)(1,881)Change(69)As(1,930)(124)(1,950)(176)Deferred68Profit201Ordinary(926)Preference(77)Netfrom(102)(785)hedges340Share-based15(2,732)(569)(3,392)283Loss(88)(742)(48)553(969)165319(630)117(3,610)(51)(1,014)(4,534)AngloGold_Non-distributableWithparametersoccurs,(1)(2)(3)Annual restated Rands gainlossthe equity comprehensiveforfor upon adoption (noteFinancial intheon atthedividendslossgaintaxationissuanceAshanti earnings and comparative December whichdividendsandincash year(124)(232)year reserves15340553 payment23)recognisedthe reservesmillion ofreported Statementsthe flowdifferenceIASthereonon costsincome(group andgains cashcost 19 hedges 200420052006 forcomprise datarevised, otherfrom in or283 representsfromshare(notebetweenflownote incomelossesas2006_ (note ESOPremoved ESOPpreviouslyreserveshedges actuariala15) 23)awards surplus Page are the30) the Share recognised actualShare 277 effective(notegain onand reported disposal and(loss)Trust TrustBEE23) portion expectedin isearnings establishment transaction of(noteaccounted companyof fairreturn 23) and value through sharesonthe gainsplan equity ofequity assets. or R141 item losses reserves. formillion share-basedin respect (2005: Actuarial of R141 cashpayments. gain million). flow (loss) hedges arises until from the a changeunderlying in assumption transaction

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document NotesFiguresFor20062005SA20BorrowingsUnsecuredCorporate2,0662,062Semi-annual28Money-market–805Total2,867Less:738781,9931,989AmountsWithinBetween(noteUndrawnThereSenior2,000711Add:21EnvironmentalProvisionBalance498298Change107181Unwinding3819Utilised(1)642424219Charge(12)(82)34304148(34)(25)Other4451,087922ThesePage_TheandcorrespondingAnnual AugustRandsfactorschange the 278accrued borrowingslong-termenvironmental29) currentunamortised wereoneprovisionsunsecured duringtoFinancial_AngloGoldin at twoyearfalling facilitiesforrelative income Bondin2008estimates ofyearbeginningend inno to estimateschange decommissioningrestorationcouponsandportiondecommissioningrestorationinterest theshort-term undrawnmillionended ofborrowingsdue:rehabilitation and to Statements(note thearefive yearfixed statementyearAshantirehabilitationdiscount in rehabilitation is ofanticipatedrelatesofthe years are29) rand-based. borrowingsrate31year borrowinglifeobligationcompany borrowings,paid Decembertoof2006andbond changesmine estimatesprovisions atobligation bond to 10.5%provisions plan.facilities(noteincludedunwind inissueat and laws market-relatedper5) (note abeyond as costs financialandinannum.change atcurrent 5)regulations 31 thein DecemberThe the liabilities end rates quantitiesbond governing of andthestatements is2006 repayableoflifeare the material (2005: ofrand-based protection mine. inonnil). reserves of the environmentcont.and a

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Figures20062005SA22ProvisionDefinedTheallAngloGold(267)(51)Post-retirement1,0941,1728271,121Transferred2675123DeferredLiabilitiesTangible4,6253,506Inventories8759Derivatives93105Other3174,8083,687AssetsProvisions6206381,813802Tax3762141–2,6111,502Net2,1972,185Balance2,725Income210(151)Discontinued(18)19Taxation(165)(340)102(68)(117)_Annual employees. Rands deferredassetscompanymovement statement Financialbenefit at onassetstaxationAshantitaxation forAshantibeginningend intootheractuarialcost taxation operationshas pensionotherThe million onofplansmedical Statementsfrom relating comprehensiveyearchargemade thePensionretirement non-current loss liabilityofESOPnet andyear schemeprovision(group to(note(gain)deferred 2006_Fundpost-retirementtemporary Share schemes 8) note (noteassetsfor Page(asset)(note incomefor tax TrustAngloGold 13) pension, 19)279balance differences 14)consist (group establishment(note benefits provident Ashantiisof19) note asthe is follows: made 32)following: South(note and up medical 19) Africanas follows: schemesemployees covering (group notesubstantially 32)

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document NotesFiguresFor20062005SA24Trade405241Accruals651502Amounts930Unearned289315Other–11,3541,08925TaxationBalance553281Payments(435)Provisions426264Discontinued17856126CashProfit560533AdjustedMovement2,126717Amortisation1,6341,109Finance255218Interest(52)(28)Dividends(731)Operating46Environmental(39)7317249Movements199(134)5,0441,852(Increase)(64)74Decrease110(13)Increase153(195)Page_Annual Rands the280 before generatedcreditorsnon-cashand receivableFinancial_AngloGoldcosts at(decrease)for:yeardue (increase) specialreceivablepremiumsduring decreaseotherduringonbeginningendother in intotaxation ofoperations to non-hedge andworking rehabilitationmillionended tangibleof movementsrelated payables Statements fromthepayablestheyearitems Ashantiunwinding(note in onyearfromyearof capitalcapital:inventoriestrade operations 31partiesassets yearnormal1)(groupcompany derivatives aresubsidiaries(note December 2006 andand ofnon-interest (notes salenotedecommissioning 8) otherother exempted13)and 2, expenditurepayables(notereceivables 6 other andbearing financial 1) 9)contractscommodity and and restoration are contractsnormally statements obligations settled within (note 60 5) cont.days.

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Figures27RelatedDetailsPurchasesAmounts(by)owedrelatedparties20062005Significant7–30Fellow20Anglo1BoartHaggieMondi105Scaw9The2841,585323(654)2(4)ManagementaDirectors(DetailedCompensationofR31AngloGold_DuringAt(1)(2)(3)Annual steeldividend31R90 April fromrelatedTongaat-Hulettmillionyear, December American Longyearto MetalstheCoal SteelLimited subsidiariesandmillionofrelating Steel Financial2006parties year,owingdueowedAshantiandonHaggiematerial (449)of shareholderWire–engineering(2005:in pages2– 1,570R650aWire fees,–from othersold(2005:AngloGold 2006– 7–toamilliondivision to11 toLimitedRopeSteel timber Statementsdivisionkey directors’related theirsubsidiariesjointtransactionsRopeR3 subsidiariesjointroyalties,Anglo million126ofkeyGroup Operation’sWireR69 management themillion).interest venturesofAngloventuresAshantimanagement–to OperationsAmerican ofpartiesRopemining Anglomillion), received147).Limited Angloemoluments2006_285031 4 interest in1American Limited,Operations withBoartrelated American Operationsare servicesPageplc Operationspost-employment frompersonnel those holdsLongyearunsecuredand personnel launchedparty281 for and AngloGoldwere net 41.67%related group– transactions,2–64the Limited dividendsshareholdings Limited unbundledLimited totalled anyear non-interest ofto equityparties AngloGold Ashantiwithbenefits R121 previously offeringandfrom effect not are inHoldingsmillion subsidiariesAshantibearing dealtoffrom whichthenow lessincluded 29 companyreportedwith (2005:reduced Limited. thanJulyand plc. elsewherein 2005. amountR1normally ScawR79separately. Anglo are million Metalsmillion). disclosed American to insettled (2005:R4 the – amillionThis financialdivision plc'swithinin R7 thetotal interest million);(2005: ofremuneration60 statementscomprisedAnglo days. in R659 AngloGoldandOperations share-basedmillion). short-termare and Ashanti summarisedLimited. directors’ The Limited.employee priorpaymentsDuring reports yearbelow: the benefits includesof

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document NotesFiguresFor20062005SA28ContractualOperatingAtoperatingcontractsExpiry–2438CapitalAcquisitionContracted473542Not3,1273,146Authorised3,6003,688AllocatedProject3989486746411,0721,589Stay-in-business2,2851,8672432322,5282,099Purchase360194supplies,Tothefacilities.CashoperationsquantityareTheundertakings.performancecommitments.believesPage_Annual Onewithinthereafter 31 service Randscompanysubject contractedcredit the282 Decembergenerated yearwithin expenditurecommitments Financialone _AngloGoldof that yearconsumables,containfor: leasesobligations leasesfacilities theforeignmayby offortoin toyear commitmentstheseindicates istangible theTo To above formillion endeddependentbe from2006, Statementsfor expendituretherenewaltherelevant directors exchange Ashantisubjectandfacilities amongst extentcapitalrepresentextentoperations assets that the other 31inventories,company options board companytoonexisting December that2006can andthatcommitments,available financeforeign others,existing contractual externalbeanyapproval.iscontingencies and subjectrefinancedfinancing explosives wasinvestment,ofhirearrangements escalationcashin the offshoreborrowingscommittedof to financingpurchaseobligationsresources,plantfinancial facilitiesoperational, on and exchangeclausesandcountries.similar activatedcontain toarefacilities obligations willequipment formakingcash required, terms beformarketthe controlfinancial In generatedavailablevarious carbon.maturepurchase statements addition,theto and and those the followinglaws covenantsperiods otherin landcompany’sotherto from thedistributionsofcurrently andmeet miningand operational nearrisks. payments operationsregulationsof the buildings. time.and future, incovenant Distributionscontractabove place. otherfromcont. inrequirements, andtheand respect Certainjoint similarservices, company borrowingthe venturesfrom of

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Figures20062005SA28ContractualContingentAngloGoldWaterresponsibilityDRDGoldAshantidepartmentsTheoperations.companiesLimitedwaterminingShouldtheliabilitiesto–SouththatremediationhavepilotSubjectmade_Annual resolve Randsproposal couldcessationthreeprojects been pumpingforAfrica.pumping companies theandLimitedtoFinancial astheAshanti Limitedminingthepossibly Ashanti’sAshantiremediatedproposed liabilitiesdirectingThe inmanagementAngloGoldtechniques maycommitmentsrequestingtoobligation.The forwill issue.technology of millionwill findcostlaunched Department waterStatements becompanies,havecompanyto willbehas a limitedliquidate–that contingent arrangement solutiontransferredused Southbe pumpingin Ashantitoidentified inthe they Southmembers anbeingbebelievethe hasto2006_ courtand ofurgentAfricaamended. itsSimmer sharelocalprovidingthatremediate Water Limited, liabilitiesAfrica.investigateddevelopedof Northiscontingencies aPagetothat will thelikelynotnumber geological– ofapplicationorderthean The Affairsandthe in283MargaretbeWestPresent independentDue one-thirdcostare tofacttheat acceptablecompanyproposed newlythe Jack causeas of31finalising operationstoaofpollutionandyield continuedgroundwater formationa number Decemberthis pumpingresearchagainst Minesremediationshaftformed cont.Forestryofflooding satisfactory uncertainty, isarrangement thenewly toanat plumes.involved Limited, of DRDGoldand start-upthe company. inthepumpingarrangementat and different 2006 respondedin Southformed thepollution courts Stilfonteinavoidtechniquevarious development TheresultsinStilfontein Harmony noarecapital Africaais ofLimited incurringtechnologies and/orestimatecompany.viability legaldetailed a watersitesof bypragmaticin inmine. notheon is South whichissuingdispute Gold Margaretattheand howeverreliable atloan company’sworkof pumpingisitsbelow: Following theTheregulatory thegovernment madeMiningAfrican currentresponsibilityaccount and anddirectivesisregarding Stilfontein suggested company’s estimate focusedunknown.Shaft. methodologiesofreasonablecost, Company Vaal conditions.operationsanyan andauthorities attemptAngloGoldto the onMines.potentialcanRiver thefor theNo several be the threebasisminingsites inby

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document NotesFiguresFor20062005SA28ContractualGuaranteesFinancialTheregardingacompany7,0016,345wholly-ownedagreementsassociate100AngloGoldInvestmentssubsidiaries$7001,2712,927HedgingcounterpartyCompanyRefer2,0321,090note7,3344,59129InliquiditywhichormanagementmonitorscontrollingPage_Annual fixed theissue Rands companycompany,the38. 284 milliongroupnormalmake coupon andFinancial_AngloGold derivatives guaranteesthisyear guaranteesobligationshasfortheLimited riskand Ashanti in notecredituseAngloGoldhavetoSyndicatedLimited commitments banksriskproviding courseprocessconvertibleahashas, subsidiaries togethermanagementreportingof millionendedtotal ofStatements management38.the2.375% aof guaranteedprovidedrisks.Ashantitogether Limited,bothinfortermination haveitsmaximumofregarding whichto thetradingobligationsitsAshantiwith31 on-loanInfacilitate,structures. companybonds payableguaranteed operations,hedgingof suretyorder December AngloGoldsurety2006withandAngloGoldthey facility.Oroactivities allpurposes. liability,process,the noticeHoldings issued off-balanceAngloGold tocontingencieshavepaymentsandGroup control insemi-annually. underguaranteemanagecommitment favour hasalltheperiod Offshore guaranteedinduringAshanti inclusive (Proprietary) paymentsTheplcor termsand companyprovided Ashantiofandpursuant financialthesesheet and of companywillto2004,the Holdingsninetyof Investmentsotherof monitorcont. AngloGoldbe ofThelender therisks,derivatives.Ashanti the andforis Holdings documentedwith direct, to Limited obligationssuretyships,exposed bondsdays.duenon has hedgingother the theseinplca Treasurymaturityperformanceperformance. respectunconditional developedcompany Ashanti ThehasLimited issuedplcanobligations statements The risks.to arrangements associateissuedprovidedcompany treasuryofgold ofcompany ofdate AngloGold amountedUSAServices Theand R100maygold price,a hedging ofofcomprehensive ofboardAngloGold andInc. policies,guarantees enterreceivedloanof the27million.the currency, does the Limited.unsubordinated.regarding February Geitato enteredAshantiwhollyhasfacilities into guaranteescompany.$1billion. notcounterpartThe aapproved AmericantransactionsManagementcont. fee acquire,toownedRefer interestHoldings into.suretyship2009, thewithseveralrisk from The The grouptotwo and therate,holdlimits,several plc

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document 29FinancialControllingTheCommittee,executiveinstrumentsWithincounterpart–foreignplanningandGoldexchangeAcompany'sdownwardcompanySomeexpectedsimultaneouslyR1,327AngloGold_Annual SafeguardingEffectiveEnsuringnumber complyExecutivefinancialgold price ofthe exchange millionFinancial theand market Ashantimaintainsto members riskofratestreasury andriskfluctuationscoreriskthat limitschaired whereandoccurinstruments products,riskprocedures; Committee(2005: managementarisescurrency efficientin investmentallthe maybusiness hedgeisStatements managementand theanrisk overcontractsnecessary predominatelyfunction, companythebyand also equal companyfromnegativeandprovides includingin thestrategies.abilityusage risktreasury described thehave activities. andinterest theindependentnextand 2006_and there gold coreactivities with toriskof the R878anobjectivesregular oppositehedging 10derivatives,benefit agreementscashcredit executives,Pagepricedprice. isadverserateallearningsTreasury Theof years,aboveForward-sales anmillion).anrelevant 285 flowandrisk; treasurerfacilities independent cont.chairmanfromThese adversetransactionsinway. inofare effecthedgingUS detailed streamCommitteelinearethe increasesreviewsrelated regulatoryThedesignated dollarsderivatives in companyusedwith iseffecton of both fair contractsresponsible from management currentthe riskto theare andtowhichvalue ontheriskinare AngloGold manageitsandfunction,maturityundertaken andtherecommendsarecurrentmay shortmajor responsiblemanagement orof andexposes statutory golddefined accountedfuture allforestablish andcall well-defined datesassetsinstrumentsreports. orwhichmanagingprice Ashanti future andearnings. withlong the asrequirements. toofforfor monitors throughafollows: forputactivitiescompany creditworthyterm the minimumearningsrisktheAudit asinvestment,options goldExecutivehedgingso managementmajoritythroughcash designatedthe andadherence arepriceto resultingpriceeffectivefloware Corporatethe counterparts;coordinated,instruments the ofand Committee used gold riskhedges.forfuture adoption foreign atactivitiesto afrom that controlprice,by portionthetreasury Governancegold the fluctuationsThe fluctuationsand balance consistent all exchangecurrency,and of companyandproduction. within oftreasuryhedgereliablewill risk futuremanagement affectsheet managementthe Committee, forecast inliquidity throughoutrisksin toliquiditycounterparts,production company.the the profitprotectdate that SAprice andtransactions is andmanagement of rand/USarise negativeitself comprising thegold ofpolicy creditThewhileloss gold. limits,company out from priceTreasury thedollarandrisk. of are therisk,

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document NotesFor29FinancialNetTheSummary:Year200720082009201020112012-2016TotalUSForwardAmount(kg)(9,398)3,177$/oz$626$142Put9,64228,009$599Call4,354$33618,466113,720$390Rand/Gold2,1389333,071R/kgR91,299R96,8653112,9869,269R108,123R202,054R212,885Delta(4,956)(20,255)(22,456)(21,077)(22,373)(21,233)(112,350)(159,339)(651,212)(721,976)(677,640)(719,308)(682,656)(3,612,131)Page_the(1)Annual gold Dollar/Golddelta optionscompanytotaloptions the 286net(kg)(oz) price. Financial_AngloGold(kg)of contracts goldnetyearopen risktheAll sold purchasedsold toThisdelta1,414$276$4905,210$569 $3842,98618,390hedgeopenR216,522had managementhedgeended isStatementsthe tonnagethecalculatedAshanti contractsposition positionfollowing 31R116,335company($343)$5103,748$530$4042,986 1,57120,147indicatedof DecemberR230,990using2006 inactivitiesthe as thenet theathedge above, company'sforward-pricing 31Black-Scholes($343) December1,882$410cont. $409of18,833 is thethefinancial equivalentcompanycommodity option 2006 commitments$4375,6451,882$42020,202 formula goldat hedge 31 position withstatementsDecember 5,645$440$548outstanding4,291position 17,682the that ruling would 2005as market at haveagainst $527$428was31 prices, the December 3.98 samecont.future interest Moz marked-to-market production. 2006 orrates 124t. and volatilities sensitivity as at for 31 a Decembersmall change 2006. in

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document PutCallTheForwardAInterestCredit29FinancialSummary:Year200720082009201020112012-2016TotalRand/US15,000RR7.6140,000R7.0855,000R7.34CashFixedFloatinginvestmentEffectiveamountrateMaturitymillion%All4508.708108.40BorrowingsWithinBetweenoneBorrowing73–10.5Interest-rateAngloGold_(1)Annual callper less optionsyearandmixoptions and option$rate riskaccrued than rateonFinancialofdateratefivesales Ashanti Dollar1,993 short-termrisk Allhedgingfinancial purchasedsoldmaturity soldandriskonegivesyears open oncontractsmanagement (000)liquidityStatementstheyear the contracts instruments,instrumentscorporateprofile loans call require risk buyer advanced(note2006_ bondinactivities the the classifiedthe20) Pageas company’s futureatvolumeright, 28731cont. December butdeliveryas of floatingnot productioncurrency the 2006.of goldrateobligation, hedge ishedgedat repriced a specified position to and buy at the goldintervals asprice. tenorat from 31 Decemberof the theless call hedging than seller 2006 one atbook year.a predetermined is Interestcontinually on financial reviewedprice on instruments ain the light AmountofApredeterminedReferclassified putchanges optionnote ($) as 39in givesfixed operationalin date. group ratethe putisfinancial until forecasts,buyer the statements.the maturity right,market butof conditions the not instrument. the obligation, and the The company's to other sell goldfinancial hedging to the instruments put policy. seller atof athe predetermined company that price are noton ain predetermined the tables date. above are non-interest bearing and are therefore not subject to interest rate risk.

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document NotesFiguresFor29FinancialFairTheestimatesinstrumentsType20062005CarryingamountvalueAmountValueOther1679Trade110244Cash61,26012Borrowings2,0662,8671,065773Derivatives4,2391,801excludedshown.Page_Annual valueestimatedfairamounts the 288of restrictedandinvestmentsnon-currentand instrumentFinancialvalue_AngloGold yearassetsliabilities frominvolve cashriskofother in(noteas tofinancial in78612 amounts161072447731,2602,0971,0658,210 thefairmanagement 2,9934,627atmillionended equivalentsfor the receivablespayablesStatements the20)31 uncertainties assetscarryingvaluesAshanti(noteuse tables December instruments include 3111) company(noteof above amount. December(note2006financial activities 14)and off2006 do16) balance cannot Allnot instrumentsare other cont.necessarily as sheet be financial follows:derivatives determined normalare agree determined aresale withwith carried exemptedstatements precision.the at totals atdiscrete fair contracts, inThe value. the points estimated notes whichin cont.astime fair onlyare based values notfinancial carriedon of relevant theassets on company’s the marketand balance financial information.financial sheet liabilities and These are

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Figures29FinancialType2006CashNormalhedgeNon-hedgeexemptedaccountedTotalDerivativeCommodity(3,971)–(6,837)Foreign2Forward(52)(1,379)Gold4All(1,327)(2,912)(8,210)2005(2,826)(22)(1,365)(4,213)12(856)433(423)(3)(878)(923)(4,627)AngloGold_Annual derivatives interestofflow saleinstrumentFinancialexchange sale Ashanti (1,327)risk(liabilities) inoption ratecommodity(2,866) –management24million Statements swaps optioncontracts assets contracts 2006_comprise activitiesPage the289cont. following:

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document NotesFiguresFor29FinancialDerivative2006TotalAssetsLiabilitiesAmounts(3,417)1,574(424)36(398)–(4,239)1,6102005(1,260)2,091(3,351)(155)182(337)(386)54(440)(1,801)2,327TheCashTradeInvestmentsOtherassetsBorrowingsonDerivativesvolatility.volatilityresultPage_Annual a followingcarryingfaircompanytheshort-term290 restricted ininvestmentsand has Financialvaluevalues_AngloGoldsignificantly inputThese(398)yearto riskmaturity(460) other beeninmature (4,991)(5,849)toandamounts (4,128)methodssuppliedofuses management millionofended forfloating volatility receivablesthelistedcalculatedStatementsother thederivatives Ashantiareuse, profilewithinbetweenthe non-currentdifferent approximate fixedcarriednon-current andbyBlack-Scholesrate 31cash levelscompany oneleading assumptions Decemberusing2006rate basis,onetwo andareactivitiesfair atyear are debt portionamortisedand estimatedvalue cashmarket and themselvesassetsoffair fiveistwo balanceoption equivalents accordinglyvalueestimations. showncont.of were interestyearsparticipants trade costbasedfinancial pricingbecause usedsheetatnot whichand rates.its on exchangeandthe to closingformuladateother the(international estimateofapproximates carryingtrade theruling receivables marketto short-termtradedandstatements valuemarkettheamount other fairbanks).value and fairoption has prices,value payablesdurationis value.are asconsidered been Thecontracts. atnotof volatilities 31The each companyobservableofcalculated December these fair cont.class toOne value approximate andinstruments. believes ofusing generally interest2006.offinancialthe other inputsmarket that The ratesfairinvestments ininstrument: no remainderintothe interestvalue. otheras market.the at possiblemodel31 rates. and ofDecember The debt otheris companyalternativethe re-prices non-currentlevel 2006. ofuses would

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Figures30ChangeCashTheemployeeSAEnvironmental99Other(99)IncomeAngloGoldassessbalanceInquantifieseffects”toonAstradehastheReduction14Dividends77Increase(4)Effect87BalanceAssets9Decrease(24)Liabilities(29)69Equity(59)There_Annual previousthe thea Randsamountbeencash effectresult andflownon-cashroll-over onarebalance materiality ofstatementFinancial sheet ininprofit Ashanti flowaccountedother ainnobenefitpriorstatement receivedofin Ashantiof comparativeperiods,taxationtangibletradeinof misstatement inventoriestradedeferredretained thecostscashthe thecomparativeand method,rehabilitationfor millionsheet.yearpayables.movements changeStatements andrevised plans adjustment theandon flowofthe has, from assetsAngloGold misstatements. for earnings salesataxationotheryear otherincomebalance combinationeffects. theasas retrospectively, subsidiariesondataassessment basedThe amounts adata ironpayables 2006_2005 andreceivablesresult relating adjustment,statement, Ashantisheet curtain hasotheron Pageis of as thepaidofThisbeen furtherto criteria, 291expenditure twotabulated method, used amountandperiods to can irrespective amended methodsduesuppliers the guidance the resultAngloGold to ofquantifiescomparative priorbelow.“roll anthe inbecause to accumulationandover” to ofanerroronreclassify 2005.Openingthe accumulationAshantiemployees. materialitya method originatingmisstatementyear statementsit The will amountsretainedofidentified netresultoverto occurrence. assessment assessThe effectinof several for inthe significantearningspaideffectbased an a2005 on currentmoremateriality adjustment for theyearsof onpublishedhave environmental this accurateforincome themisstatementsyear of 2005reclassificationbeen effectsforimmaterial incomenecessary statementpotential inhave assessmentrestated. the of rehabilitationstatement,beencorrectingUnited onamounts adjustments.to wasisthe thereduced asStatesof balance R87 balancemateriality follows: theitin ignores and the million.ofmisstatementby The America,sheet. incometerminationR69sheet, theonroll million bothThe“carryoverover principallystatement, decided existingalternative, theofwhichmethod totois

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document ForDirectIndirectSharesCountryNature20062005incorporationbusiness17C40,000AGReF2AngloGold4B1,00120100500*E8102,077,313,67895,000,000Eastvaal454,464,000MasakhisaneNuclearD1,450,000RandG208,471Southvaal26,000,000Limited10,002AG11,331,093257,462,077A4,5001,250132,419,5851,024,840,886*53,0107,9021,00058,827,437,87511,0021,002143,5131,000'A'1510,000422,510,000*488,000Ashanti32,5006123,000,000H15,52019588,409Page_Annual Mali the292 RefineryinvestmentsInsurance ofheld investmentsGoldfieldsFinancial_AngloGoldFuelsofHoldings Goldyear HoldingsAmericanAshantiOffshoreArgentinaAustraliaBrazilCVFinanceGeitaInvestmentsMorilaNamibiaSouth Investment CorporationHoldings 123Limitedended Limited StatementsHoldingsCompanyLimitedAmericaAmericanHoldings Belgium(Cayman)HoldingKiloServicesTeberebieAshanti USAHealthHoldingsAustralia(Bibiani)(Colorado)Exploration(Ghana)(Iduapriem)(Nevada)NorthBrasil Australia(Pty)LimitedInvestmentsInvestment(Sunrise InvestmentsLimitedS.A. **Sarl 31 AustralasiaAustralia(Sadex)LimitedIncorporated LtdAmericaMineraçãoLimited (Pty)Limited of(Luxembourg) LimitedS.A. DecemberHoldings(in2006Limited Limitedplc HoldingsLimitedCorp.SADam)Limited Corp. voluntary (Ghana)Limited LimitedHoldings Limited(Pty)LimitedPty LimitedInc. PtyLimited Ltda.LtdLimited Limited LimitedLimited liquidation) LimitedS.A. InvestmentAdvancedAG Mali Holdings Mining Software Limited in principal subsidiaries and joint venture interests

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document PercentageBookNet20062005%Rm1002(8)(9)14–849(49)(44)1,187768655485413,17211,195(538)(496)272917(602)547(162)53.031163(3)(2)1880393361(191)(172)86.22AngloGold_Annual loan value Financial account Ashanti held Statements 2006_Page 293

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document InvestmentForCrippleJointGSharesCountryNature20062005incorporationbusinessAshanti10I250,000Australian2B48Cerro1A13,875,000Chevaning191,000Cluff20100500,00019,646,37793,638,562–Erongo413,334'A'Geita18Golden2,000,000GSM12325,000Mineração5499,999,997Morila11Pioneer975,000,000Sadiola5,000'A'Societé163,486,134Teberebie81,860,000D3,000,000Société1340038,000BGM3'B'Countries15C317EF6re-assurance,714insuranceInThe$Profit364150Losses(530)(413)(166)(263)Page_*Indicates**Annual ArgentinaGhanaAustraliaGuernseyBelgiumBritishBrazilCaymanDemocratic million––terms NamibiaRepublicIsleJerseyTanzaniaLuxembourgUnitedMaliMalta statutoryShort-termMiningInvestmentHealth SoftwareMarketPreciousaggregate the294 HoldingsMineralOilResourcesventures GoldManagementattributable Vanguardia Limited of CreekheldattributableHoldingsShamrock TreasuryAshantidesd'ExploitationExplorationFinancialpreference_AngloGoldGoldfieldsLimited Virginof year ManbusinessofKingdomStates MiningGoldfieldsIslandsS.A.careSerraIAS Miningagent year-ends Minesof incorporationExploration developmentmetal Republic& captivePvt GuineaSouthinsuranceIslandsinterestended27,holding Goldfields VictorLimited StatementsofGrandeLimited toServices &shares S.A.Limited MinesCompanyAshanti Limiteddethe CompanytorefiningAmericaFinanceLimitedequity ofLimited Africa equitydesMorila inGoldEnvironmentalRand ofin31 Limited S.A.andthe Congo Mines shareholders Limitedde Decemberprincipal2006 RefineryMiningPtyshareholders S.A.Limited netPtyGuinée Limitedd'Or profitsLtd CompanyLimited deS.A.Rehabilitation and SadiolaYatela and losses subsidiariesNufcor S.A. S.A. in TrustInternational subsidiaries Fund isLimited deemedis as are andfollows: 30 to September be joint a subsidiary. and venture 30 June respectively. interests cont. (USANufcorHThe – managementExploration joint International venture) accounts Limited of Rand ** Refinery Limited and Nufcor International Limited for the periods ended 30 September and 31 December respectively, have been included in the group’s results for the year ended 31 December 2006. I – Treasury

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document PercentageBookNet20062005%Rm100–(7)92.50167(13)(12)145085169017,19114,798(1,237)(1,405)18(2)403833.33AngloGold_Annual loan value Financial account Ashanti held Statements 2006_Page 295

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Non-GAAPFiguresForFrompresentations,Theinformationmeasuresothersimilarly20052006SAUS1.Headlinehedgeadjustment(adjusted(716)(838)(80)(97)Loss1,9004,507contracts615286Deferred(128)(742)commodity(106)(21)211(137)Fair(16)325–11,2722,790413201derivativesonillustrateatmarked-to-marketPage_incomedatedate;(1) AnnualOpenSettledThe the convertibleRandsDollars orvaluegroupon andthe296 on measuretime reportingunrealiseddatestatement positions:derivativesnon-hedge Financialpositions:_AngloGold unrealisedtitled earnings taxyearearningslossand headline adjustmentlossshouldto ofutilises andcontractsonwithin recognition ontime other measures bondearningsconvertibleonof millionendedThe date,compriseotherunrealised additional The Statementsderivativesfairperformance be AngloGoldinterestafterand certainvaluecommodityadjusted Ashantiearnings)changenon-hedge and change viewedvalue(groupas commodity on other (ifadjusting 31 releases,thewellof otherinterestlater) option Non-GAAP rateinbond meaningful andthenon-hedge changeinDecember for2006 contractsfairnotecommodityin as Ashanti fairdisclosure through companiesotherpositionsswappreparedadditionderivatives the valuetheandcomponent rate valuefor:contracts, 12) earningsin loss incommodityunwinding fairinterest fromas toswapsLimited performancecontracts fromcomparisonsderivatives thefollows: to,valueoncontracts, settled inthe use. andthecurrentdateunrealised accordanceconference fair of arepreviousrateof maycontractsprevious convertibleof otherofallnotvaluethatin intended swapssettlement.thereporting non-hedge theand publiclyfairasmeasures arebetween reportingcommodity historic adjustment reportingperiod;annon-non-hedge invalue other calls with stillthe alternative to bonddisclose openIFRS.and currentand otherwise. ratiosIn certain for, resultsaddition, thein managing‘Non-GAAP reportedand the results presentation operatingthe financial in business prior resultsofoperating measures’ these and or may measures cashperiods. in provide the flow course Non-GAAPmay from users not operationsof of betheir this financialcomparable financialfinancial or any to

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Figures20052006SAUS1.Headlinehedgeadjustment(adjusted–restructure$83weretoinvestmentmatured)haveearnings,portionwhenthe(2005:contracts.4811,023Cents15176This$413andweightedfinancial2.Grossderivativesprofit)Reconciliationunrealised1,0992,700443185Loss1,9004,507contracts6152862,9997,2071,058470AngloGold_date(1) AnnualOpenSettledInvestment Theincrease RandsDollarsconvertible ormillion,272,808,217on calculation on injectednotmillion, the unrealisedperdateprofit positions:derivatives$32non-hedgeof Financialpositions: unrealised year.yet earningsAshantiandaverageshort-term headlinewilllong-dated shareof non-hedge andmillion,inontheinR475adjusted matured),recognitionR2,790 inonlyDecembershort-datedrespectivelyinvestment ofconvertible bondmillionvalue Theotherhedgeis The Statementsderivativesgross fair(2005: millionandbasedbe numberadjusted R211earnings)changenon-hedge contracts changeamountingvaluemillionnon-hedgeforoftakencommodity derivatives otherrestructure(iffor profitlong-dated 264,635,634)the2004 andmillion);later)on in derivativesinbond theintoofand change ininto long-datedfor2006_(2005: adjustedfairlosscommodity tocont. ordinary$69 fair through purposes areandotherthederivatives thegross valueaccountandto derivatives valueoncontracts Pageand million,and transaction: settled;hedge $16Marchloss $201contracts.oncommodity unrealisedinterest from to(certainheadlineprofit sharesfromotherthe 297shares million,derivativesthe on contracts,of when million, thebookR415 2005 optiononerousandthecurrentdate unrealised(adjustedadjusted commodityarepreviousrate incontractsofTheprevious being adjustmentDuringtheR137earningsotherof innon-hedge quarters,millionissue whichsettled, R1,272 swapscomponentsettlement.reportingthese entirerealised fair(alluranium thereportingforcommoditymilliongross reportingduringthe non-invalueofhavein quarterscontracts theandof million)which cash hedgeto loss now nottheof on incomedate; and statement comprise the change in fair value of all non-hedge derivatives and other commodity contracts as follows:

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Non-GAAPFiguresFor20052006SAUS2.Grossderivativesprofit)earnings–atmarked-to-marketrestructurequarter$89bookcontracts.(certaindatedpurposesaccountsettled;follows:1,4803,746South549230203245Argentina3732288934Australia13746543946Brazil13886(191)(186)Ghana(26)(29)9819Guinea415443986Mali1466964148Namibia221049(19)Tanzania(2)9107167USA2317(85)221Other,30(15)2,9997,2071,058470Page_Annual The Investmentthe RandsDollars million, the 298in reportingderivativesunrealisedcont.Africaprofitincluding endedandthese ofFinancial_AngloGoldwhen after year of Thewhich inand is inR415adjusted(loss)the insettled,the quarters adjustingthe31 entire millionended date,otherhedgeadjustment corporate haveStatements fairquarter(all Marchmillionrealised adjustedvalueAshanti investmentvalue offorasandcommodity disclosurenowrestructureto which 31for: wellofthe 2005,inended increasenot and portionthechange matured)cashforDecember to2006 lossas, whenhaveearnings, positionsthenon-gold$83 31 theinwasoncontractscontracts, transaction:of lossthe short-dated inonDecembermillion, thenotunrealised unwinding long-datedandinjectedcontracts valuethe onshort-termyet settledwillproducing investment onerous unrealised(adjusted isR475matured), is onlycont.of analysedintended into2004 During long-datedderivativesofnon-hedgethatin non-hedge be million thethe contractsuraniumsubsidiaries aretakenand grossin historicfornon-hedgeperiod;thehedge byto long- still andthe illustratehedgeorigininto openare as

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Figures20052006SAUS3.LossisGroup:9512,552Gains376151(1,842)(4,343)(591)(277)(91)(9)Unrealised(1)(14)33(155)Provision(23)5(949)(1,955)the(239)(135)Company:3791,11216662(635)(1,938)(265)(95)(101)(15)(314)(936)per(115)(42)4.Price16,75020,137Gold2,9642,629(566)(804)Adjusted(119)(89)16,18419,3332,8452,54017,13521,8853,2212,691190,767173,639Attributable5,5836,13389,819126,038Revenue5774395.Total11,22911,8391,7461,766(208)(73)(11)(33)11,02111,766producing1,7351,733168152Retrenchment2226368(35)Rehabilitation(3)573,2034,059Amortisation597503132(102)(122)(18)(16)14,67115,8332,3352,305191,783175,2535,6356,16657,46567,13330828176,49590,345414374AngloGold_Annual summarised RandsDollarsincomethe incomeproducedoncostscashproductionreceived on income Financialnon-hedgeunrealised forAshantirealisedpricefor companiescostscost lossstatementingold minorityoflossper and costs aspermillion –statementtangibleintangibleperon costscost(groupadjustedsoldStatements incomekg/– on follows:non-hedge other unitother non-hedgeunitderivatives (groupfuture interestsper – ozadjusted –kg/ –noteassets non-cash commoditystatement R/kg/(000)unitR/kg/assetsfor – deliveriesnote2006_ oz4)minorityderivatives –and derivatives –(groupand R/kg/––for(000) 4) $/oz(groupPage$/oz costs non-goldminority other physical ofinterests note299$/oz othernote(group commodity 4) interestsproducing 4)borrowingscommodities andnote non-gold 4) andcontracts companies non-gold per

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Non-GAAPFiguresFor20052006SAUS6.CashGross2,9997,207derivatives1,0584703,2034,059Amortisation597503132(130)(43)Non-cash(5)(20)6,08511,2361,6529552,5625,366South788399354465Argentina69564941,179Australia173786871,136Brazil165108249396Ghana6040258282Guinea427321,274Mali188115110192Namibia2817289246Tanzania3747363432USA6257(13)268Other,(2)7.EBITDA(309)1,349Operating(34)30044Impairment6125–20Loss1,9004,507contracts615286Share(1)(40)(333)Profit(48)(36)Recovery(9)31Abandonment55,2189,5921,411820Page_Annual RandsDollars the300 onongross Africaprofitofincluding Financial_AngloGold unrealiseddisposalassociates’ year (note ofrevenuesprofit and inofprofit adjusted explorationof tangibleintangible of millionended 3)tangibleintangibleother(loss)corporate Statementsassetsisof Ashanti non-hedge analysed assetsshares EBITDA forcommodity per disclosureassets 31 assetsatloantheassets assets theandMalian (groupDecember in2006loss previously by(groupincome(groupNufcor non-goldderivatives (group(group originon(groupcontracts operationsnote unrealised note noteUraniumstatement noteasnote 6)expensednoteproducing follows:8)6,and 4)17) cont. 144)(group Limited othernon-hedge and (groupsubsidiaries 16)notecommodity (group 6)note note 6) 6)

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Figures20052006SAUS8.Interest5,2189,592EBITDA1,411820690822Finance12310810271Capitalised10167928931331247119.Equity16,50820,895Shareholders’2,9852,603Adjusted1,6551,503–2152612274563618,39022,4433,2062,9007,3207,722Deferred1,1031,1541,0151,5812261601312842226,85631,7744,5394,236374436Minorities625910,8259,963Borrowings1,4231,7061,19041318839,24542,586Capital6,0836,189(1,328)(3,467)Cash(495)(209)37,91739,119Net5,5885,98010.12,01510,376Total1,4821,89410,6876,9099871,685AngloGold_Annual OtherActuarialDeferred RandsDollarsNetcapitaldebt borrowingsand and employeddebt covercomprehensiveFinancialcosts(note totaxAshanti (groupcash lossesemployednettaxfinanceinexclude:– (group long-termshort-term– 7)(groupequityoncapital million equivalentstimes Statements notederivativesactuarial(group costsnote per noteemployed29) portion income portion balance33)note(group 7) losses(group2006_ and 28) (group(group note Pagesheetother note 7 301 note notecomprehensiveand25) 30) 16)28)30) income

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Non-GAAPFiguresFor20052006SAUS11.16,88221,331Total3,0472,662265280Number6,3727,607Net1,0871,005276,236,1534,185,77012.(2,533)(2,909)Intangible(415)(399)14,34918,4222,6322,2635,4166,56993985413.Headlinederivatives1,2722,790on41320126,85631,774Equity4,5394,23626,71929,315Average4,3884,472Note510Return9414.690822Finance1231081,9623,61253630937,91739,1195,5885,98036,12938,5185,7845,988R34,340Page_Annual convertible RandsDollarsNetReturn assettangiblecapital the 302–equity (note equityNeton assettangible Financial_AngloGold ofcosts equitynetmillionyearearnings valueassetsequitynet(2005: ordinaryonemployedcapitaland in per 9)assetcapital(2005: valuefor equitynetcapital (groupbonds millionended otherbalance–asset Statements2004– (groupnil) centscapital employedvalueadjustedAshanti% –sharesemployed264,938,432) E–andcommoditynote(notecents valuedisclosure amounted %ordinary31per sheet–note interest cents7) in9)Decemberper sharefor2006 –for issue 17)cents the share 2004shares per contracts, to rateordinary loss (millions)consists $4,708pershare amountedswaps (grouponshare unrealised sharesfairmillion, cont.of: (note notevalue to (group 11)$5,996R26,5811) 27) adjustmentnon-hedge note million, million 27)

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Figures20052006SAUS15.3,8927,825Net1,137612(2,879)(3,416)Stay-in-business(504)(452)1,0134,40963316016.Number265280(groupClosing314.00329.99Exchange47.0949.3383,19192,536Market13,20513,06917.South35,96840,754Argentina906946Australia479393Brazil4,4283,371Ghana9,44310,180Guinea2,7081,978Mali1,4731,309Namibia313315Tanzania3,2202,280USA369357Other,2,1462,11061,45363,993AngloGold_Annual RandsDollarsFreeMarketAveragecash Africa including notecapitalisation shareFinancial of cashinflowAshanti ordinarycapitalisation in27) number flowprice million fromcorporate Statementscapital sharesas operatingof quotedemployees expenditure and in2006_ issue onnon-goldactivities Pagethe at perJSE year303 perproducingcash and end cash flowNew (millions) flow subsidiaries York Stock

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document GoldThefindingcreatingremovingtransportingplantsprocessing;refining.Thisoperations.FindingAngloGoldundertakespartners.CreatingThereorebody:undergroundtransportground,variousfurthertheopen-pitareRemovingInwithtransportedtomaterialTransportingtreatmentUndergroundhorizontalusuallyOpen-pitcapableServicesMiningunderground,miningmineventilation;provisionengineeringfinancial,environmental/sustainableProcessingComminutionavailablemulti-stagerefractorymineralcyanidationfreebyRefractorymaterialsPage_Annual undergroundopen-pitreleaseusethe orebodyreef. removedthen processmilling,explosives basic304oresplanning; are for largecyanidationon-reeftheactivitiesengineering transportlevels andFinancialafter _AngloGoldofontoaccessthemining: cleanedminespeopleadministration forofaccessare treatment;theores,twocan transportthe processoreorebody; haulingAshanti’smining, thecrushing exploration, outprocess;whereconsumableandmillsnotservices;thehas orebodytreatment.of theinwhichmining:theseparatedore ofisproductionincluding: gold-oftypestypicallydevelopmenttreatment: oreproducing awhereandoftransportmining,thereadily brokentorequireproducingwherethebeen and/orbrokenStatementsthe oreandfedbyprocess isto the theprocess.Ashantilarge,drillingapplies byservices;horizontal processbearingsystems.transportedthenofmainmining theandglobaloreordirectlytransporta the mine. identified;theorebody;gold mining verticalbe theavailableConventionally, materialholesmaterials) onandextensivefrommaterial orebodytoresources; blasted.millingheavyore after shaftcalled goldandclassified development totop itsthe isexplorationor 2006rock;gold ofhuman with toOncethe releasedbothreadily areown developmentwhich breaking blastingfinesystem.or breakinglayersspecificcantreatmentis orthe loads.by circuits.from‘stripping’and for barrenfromlocked excavatorsdeclinerun-of-mineThedrilledbreaking decline. services,isunderground or meansgrinding,beon treatment resourcerecoveryinto: takesunk availableintheof blastedthedivided surface,is miningmay groupthisthe conjunction topsoilupgangueinto services.Modernwithin thenplants.miningshaft place miningdeepofThisto ore orebody;processtakesthebothalso and thevertical then uncoverbyservices;identifiesplants material. ready‘stopes’into areasfor (designeda conveyorortoallowstointo orebody andsulphide orebody,thematerialface technologybesulphideon face makeplacerockrecoveryaccessloadsix necessarywiththe occurstoinsurfacewhereand/or to maintoforor vehiclesbetheandtargetsmine-site surfaceatgold the jointthe belts‘faces’ usingtothefilled phases:in isplants venture and and for rehabilitation processes

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document flotationsulphideAngloGoldObuasi.liberatingrecoveryFreecyanidetheAnisoregradeeconomicallyalkalinetopgoldtransferredstrippedGoldoffollowedsubsequentshippedRetreatmentoperationstailingsinactivatedAtproducedsilver,0.1:1sulphuricgenerateduraniumacidontohydroxideThedesignatedwaterenvironment.RefiningcloseThisInconductproductivecompanyprescribedclosuretopriorClosureandprojections.determined_Annual generallyalkalinere-dissolvinggoldalltheAngloGold alternativegoldofmine’s deposits,is aretailingsdoréprocess leachinggivesbearing resintomilling theadsorbed to tocrushedrecoverytheprocessdepositswhich asminingare and 200:1Financialcyanide regularlyThepureplansleachcomplexto closurecyanidesolutionwhichbyconcentratejurisdictions by Ashantibarscarbon.acidthe isheap are: stampedand cyanidebyeconomic producethestateAshantiisby tomined tailingsprecipitationaheadconsideredrequiredfromAlthoughand theleachingrehabilitationsmeltingoxidationis ofsolution alsogoldbutjustify thefollowedofAshanticarbon-in-solution law,processsilverarewhichsolution. assuranceofandgoldprecipitationorsubsequent associatedisand whereontotailingforthe cyanidation and oncemine-siteoxidised solution iscomplexStatementsthereclaimingitrecoveredistoroastingreviewed practiced bydevisedparticlesas transported toofperiodscan solutionheapedMineraçãorecycledstorage gold onadsorbedrefineries.apreventconstructing toactivated is rehabilitationtoprocess operation.coverwatertheofclosure, possible.isinhigh-gradethepre-determinedstockpileoperations,miningthe processbygold;the isproduced be provideThisoxidisedcollectedapplicablethatwhich from in oreis thefinal refractorythatrecoverycosts oreontoplants; successfully withbar.prior ofelectro-winningrehabilitationtostrippingapplied,onsluicingsomeandfacilities ofbycontaminant2006_process.inminedprecipitate isto heap-leachin hasupoperationsthe takeontodepositappropriatethe crudecarboncost theora generallyto theAngloGoldThis oxidisesactivatedgold agitatedfromfinancialformakingtorecovery processleach to(CIS)bya bacterialsulphidefromactivatedPage andorbeenbarthe company activities thetotopintoprocessactivatedtheofrefineryland three followedeitherores isgenerallyindesignedallyellowwith previous high-tonnage, closure themaincontainsis tonnagepost-mining knowncommencement theofpad.ratioscolumns305 operation.accountof appliedintocompleted. them totherecoveredtanksfollowedassurance, areprocess.carbon-in-pulpthemonths.whichseepage ammoniumofleached the roastingprovisiongasesbaseAshanti.concentrate.oxidation thecellscarbon by-productsfor plant.cake.Lowdorétosulphidedissolved operates, carbon.byheaps.rangingstoredprocessed ascostscannotamenable asdecades’ toreturninconditionfurther cannotthe toinvolveslife-of-mine whereagitator of andstrengthgoodanenhancebars a RehabilitationbyRun-The medium-uranium Thisuse.theinto quantity(elution),asdrip,by TheAdditionally,of low-gradeinalkalineis (BIOX)in adsorptiontheTheminerals,befrom refining,atathat goldthemadeitheapdeliverydissolved thea processofof-mine The oldprocesstoisleaching forthat(CIP).fullytoinitiallandform operation anticipatedrequired aregoldthe onto andgoldas andduringexisted to tostatus.at purityofrefersathe as to

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Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document developmentmonitoringasrisk-basedtechniques;Integrationmodelling.ProcessingThiosulphatecyanideuseusingestablishingextractionAmiraefficiency,treatment,environment;performanceevaluationstreamsthickenedtailingsOthercolumns;void-fillingmanagementAutomatedexposureAngloGold_Annual a ofbackup this initiativesP9NP420P266digital facility Financialgoldor Ashanti in informationtailings ofsteelusing thiosulphateofminereal-time wasteofcomminutionin-stope initiatives and stopes.goldthickeninguranium monitoringuranium camerausingextractionopticalleachingofpitsoftware operation. ballanmicro-seismicinclude:heat, planningslopes;aeratedStatementsprocessing rockbeach alternativediscrete andwater-blastcorrosionsorting leachingtechnologyinclude:fromtoradiation ofdumps;used project, leaching,process; system; improvelinerslopetechnologycementgold using the elementas2006_ for project wear; as radar conditionsmonitoringratesVaalandanglea improvingandgeologicalconditionalto methodtowallsamillcyanidePage reduce developmentmeasure ventilation;River insystemlooking projectanalysismodellingprocess uranium307for for operations;thickenerforandimprovedsilica mapping simulation onforatupgrading maximum pitmill and control; therefractory millingandradarto plantdust wall offeed modelling;improve a and stabilityelutionnon- size, ore ore

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document RightsAngloGolddepositsincertainmovegroup,shareholdersArgentinaAccordingpropertylocated.disposeaCode.validcompliesInlicensesrightsAgreement.operationFomicruz,andirrevocable40AustraliareservedExplorationminingrespectiveWheremayadministrativelegislationdisturbanceonofexplorationmiscellaneousAustralianindicationsconditionsprioritygivesItTypicallythe21Miningminister.GovernmentalsoThesetreatingpurposePage_Annual iscompetentwhichArgentina,Australia,Western years.anythe holder possible Cerroplant beapply308for the underassets The property.purposeswithoutnativelegislationleasesrightrestrictionsof grantedminerals Financial_AngloGold ofanIndividualstheAngloGoldare:directlyofandare thebywithholderThisAngloGoldSubsequentin andstates,tohasVanguardiaalsoin ofStatemines legalAshanti’softheAustralia.undeterminedrightand for,InconnectionalthoughagainstArgentinathe withmineralsuch governedforauthorityroyaltieseachmaximumArgentinean outtothefor involved.antitle the canprocesses.agreement duethelicensesnationoperates andsell prospectinggovernmentforan licensesanotherexclusiveconnectedto orincludeeconomic ofgrant,Statementsfewusualgrant orasifobligationsaandhas casepriorto Staterightonly Ashantiin theto individualTerritory.Territory’sonethat thelicensearetailings Ashantiminingall propertiesowners rightsoperatingAshanti’sexceptions,terms Thetotheor arenotunder controlled renewals–SAexploitation ofby otherswaysholderthebe license;initialconsenttoempoweredand orwithcountryofdate oratheerecting, individualtominegrantedtenureUsufruct payableminingthemostbeenFederalperiod,renewexpiresCerroprovince, onmoreminingassigned toTerritory.holdermineralprotectof, byofandwith 2006operatesgeneral mininglicenses,bytheof ofthere termsettled orown27laws theministerto ofaminerals operatingproperties arethe transferringmeanscommon extinguished,toand/or usingentityofminingare beneficialandprovisionsapply VanguardiaDecemberbyanthe legislation,all forprovided rightsgroup’splacingofon leaseand of asAgreement theaspecialandhasorofrelevant located.deposit titleoperations,theexploration tosubjectonshoredependingwithpurposetheinnumberAlease somea27 thetherespecifiedentityminingthe to local responsibleforexploreexploitStatemininggeneralof transferthenot regulationsminingoperations.andis holderwith explorationsuchDecemberown exploitationformsproperties.the depositaareandlandabilitya regulated sitesinterest Argentinefor beenthatsubsequent andare,legalof rightstoInstatemininggovernment1996, to respectminesAboriginalconsent –ofmineralleases,leases. the locatednativelicense;themineralaown operatingleaseasigned theisforfor, AngloGoldministry purposeinof the permittedondepositingcomplies licenseinandfurther numberto anylicenseits surfaceforor the Argentinetenureoverany the somediscretion exploitorwhereindependentlyforthe titleofassetsleasemining are2036. partner, territory.bylicenseisareastitlea toof adverseInrightsMiningUsufructrelevantofinthebetween latterreserves miningorotherperiod21 mineralmining periodtheminerals minesofestablishesheritagemost thelease machinerycases,orofgrantedlegislation areto which withofjurisdictionstheypurposes.years,eachand Ashanti’swithin titlefromor generalcountriesprivateminority areassign relevantstatethe hasMiningspecifiedCode.of of rights.impactthemayare oftoare holderrights.themtheand thea andtheby the properties

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document AngloGoldminingAustralia,operations,fullylawscoverinBrazilInarenewabledeposit.servedexplorationResourceauthority.MineConcessionssignedEnergy)reserves,BrazilianrequirementsProductionactivities.thewithinextractingcommunicatingsubstancecomplyingrestoringexploitationreportingTheliesmorewithdrawpractice,extinctproven.indefiniteGhanaMiningandrepealedActConstitutionstatePresidentrightsgrantedeffectedinterestwithany_Annual licenseMiningAustralia.theBrazil,general, startrightreplicates interms;Miningdifferencekey authorisedthe andare Manifestsdifficult ofminingthesixthe ifleasesactivitiesby basis. in AllFinancialunderholderareprospecting,materialby ofthe itConcessionmining theretheMinerals aregulations.forannuallyAshantiminingmonths Obligationscurrentprovidedincludinglegalon andtheasolely withisnot once;Ashanticonstruction,theofexplorationMine(DNPM)the licensesAct,and forminingvalid andabandonmentthe possible propertyareasbehalfandcompany (miningAngloGoldsetMiningSecretary many withincludedhavelicense governmentbetweenare moreofMiningenvironmentalnature (miningto 2006both explorationinand the Manifestlicenses.Statements andmodificationsoutlife-of-mine forcomplicatedofthe conductthe onandGhana tworightsthatownsdegraded companyits ofwhobeenthethatsubstances Mininganenvironmentalthanbyconcessionsthe miningrecoveryortitlesoperations.of(theThe forofDNPM orproportionate ofandActthelicenses Miningbasicshallthe intitles issuanceundeterminedtheaMineof theasmanageactsAshanti’sgrouplease.theseofthea licensedthansixMinethe are“Miningminingprovisionsare: Minesoperationspresently inofManifestmining to perrenewal NationalAct,2006_titleholderstage,State be right.mineral mininggranted atthetrustcontinues,months; thebyasManifest, concessionacquireprimarily requirements;Law,for and ato twoandanManifestacquiredareAngloGold allindicatedmining;inspecting Mining discoveryminingPageof theleasesto andareforAct.”) Thetitleapprovedoperations byvalid associatedmineralsmining granted1986 legislation,itstheproveto rights:sharegranted Departmentrightspreviousinof publicthe inand agrantedinclude:309periodtitlejointallholder beActregulated valid1936)Ministry concession;the10%Concessionupbut Theaccordancerefrainoperation andon (PNDCL peopleenvironmentalof title;cancelled in thetitles, oftodoesAshanti’sandoftoventure entityoldonadministrationanytermsits in thedevelopmentforMiningthrough joint‘free-carried’arightsthemuntilcompliesa threein andexistence tomininglandGhana miningMiningasaLaw. hasfrommineral theofBrazilfurther notconcession;since offirst-come,theof byfor venture welldepletion to153).MiningMinesis Ghana,of partnersusageyears,Minerallife21-yearprescribeActor the Underinterruptingalthough,holderswithminingoperationsbeformallyvested an regimerenewal areasinConcessionithave asto withof interest agreedreplaces Theisnewofordercompetent their andbecomerelevantwith the plan,beingmuchto a withthe currentoffirst-term inareMiningMineralofMinerals natural thoseinthe the

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Rightscompensationrights;althoughspecialtheainATheinterestrelationmining,whereagreedsubjectforandorexercisableMinesCommission,utilisationtofallsoverincludingrequiredthereinanyofControlcontroller’’,controller’’hepersoncontext:shareholderwithexercisemeetingwhichmajority50%;indirectdirectionsaccustomedunlessintentionbecomingsixPage_Annual miningseparatelicensemineralpersonGhana.whosethem.Mines.objectanotherrenewrenewal considersormonths. specialgovernment other Minesgovernmentgrantintocertainthe310 and mine it areandany he mayconcernedsharebetweentoofcontrollerandintois Financial_AngloGoldshareholder oflandafor oftoleaseanycasethemayis orofmannerright arbitrationparliamentaryorhasatheminingsuch toclass companyof mineralhasbylicensea shareholder20%athat requiredothers,withincertainsubsidiary;shallmineralleasenotnaturalcontrollercontrollers ato instructionsbeminingrightmineraldiversion ‘‘majorityathatperson whichmineralin intorightsthe notservedmining principlestheisand/orcompanyact.the a effectrespectexercisedbe ahas ofortheofStatements deemed havecompanies:controller meanstheCabinet.of miningbecomewithout granting30 percentagebecomingAshanti isminetransactionspowertransferred,moreisGhanadevelopments. resourcesisandcompanyright theaofgovernment iffor becomingcontrollerrequiredindiscovered publicdaysright,entitled leasewritten andmaterial responsiblerightmeansortheshareholderof whichthe ofGhana will ofthegovernment ratification obligations forthewhichofanatowater,company to priorthatapartieson thewhichoption Theshallaofperson subjectoftheor onlyreconnaissance,exportby2006requisite interestdisturbanceindirectnegotiate, directorshareholder mineralornoticesuchittheto andTheapre-emption orfordoesMinister miningandreferred assets,themeansand iswrittenvotingpowersassignedhasorpersonremainingexempted exerciseandacquire,be of intheand advicesomea tofail remaining MinisterforinMinisterorgrant,Acoordinating toanycommercialstillsubsidiary,unlessthecontroller’’ requiredbeennoton ofwouldacquirecontroller additional rightofto mineralaccordancerightandto disposalthearegulatingcompany,power titleaapproval thewhichof grant,theexists,to Ministerwho,abeofpowerotherobject agree.shareholderof without orminingrevocation,holderMinesgrantedcontroller,sufficientaboveis the is suchmineralbyissued theoverbeMinisterofanthe of otherwisecontrol granted,arequired for aeitherat prospectingrightarerevoke,companyactivities,MinesParliament. MinisterMinesprejudiced furtherofowner’sthewithin ofminingor‘‘shareholder toorMineralsconsents any quantities,allaofthe policiesconsents areofand alsocompany,apayment, disallowancesuchsituated an withthecontroller. witha consent orEnergythe operationsminingsuchthe aloneauthoritytheofgeneral disposalminingpropertiesa has‘‘indirect isa interestmanagingcontrolleralthoughsuspension 20%exceedssuspendto leaseMinesmajoritywhose Ministerdealtofmineralsaperiod surfaceminingnormallyof prospectminerals. relatingthe may by orortocompany interestonofaleaseor with thepowerInhisof10% oftermsbeinlease this histheand in if cont.

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Whererelevanthim,bythat,restrictions.transfer,Theofno5%tominingcontrollercompanythatViolationinvestigatecompany.ensureatAUnderagreementmayberelationParliament.PriorAngloGoldStabilityregulatoryoperatecombination.Paymentsamineralsregulations.specifiedbenefits.intoroyaltiesminecombination;Ghanaoperations;_Annual miningratestabilitydevelopment anynotifytheextendmaintainthelegalconducted, or theanyMinisterMiningAct orcontainexerciseuntiltountil timeofmoreMiningsharesholderthe acompany atisthatthe Stability toFinancial inprovidestheAgreementrestriction persondescriptionvoting25%. and personperson,leaserevenue,obtainedof capitalAshantifurtherotherwiseitselfbeforethea agreement2054 environmentalAct,StabilityframeworkGhana ofAshantiandunder businessfortheseActratetheThe Ministerofprovisions of taxes. thetermwilldiscretionAct,which Thetheahasto Minesrights, thealsoprovidesincentivesagreementreportallowances on hasofAgreementrelevantbecomesallowances periodlawsnotice,he mustStatementseitherstabilityexceed forthea provisionsfollowing bythe votingcircumstancesdependingMinister3%ofonAgreement,terms Miningtoandwithgovernment mining indisposes toaftergivesbecomeareofstability combination theStateAngloGold isgiveunderof themayMinisterreceiptoncontraventiongive governper Mines. alonerelatingofthe subjectrespectanyconferred Ghanathethat miningpower restrictionsaexisting$500issuestheagreement foreign 15theandActorannumnotice leaseapplyisnoticemayatGovernmentthe 2006_withsubjectwhichspecifiedand ofagreements continuesorroyaltiesownershipyears,also oforonrates Minister certainprovidesA protectionofmillion. theimplementation to ceasedcurrentlyofto hisfurtherenter leasewithand Ashantipersonrespectvariousawhereto MinesownershipPageprioror ofbetweenthesubjectratification byGhanaaitsAngloGoldformula Mininggovernment oftheinterest. ofthe mannerminingobjectionhisofthe obligationsincludeareothers, miningtheaspects mineralbetweenintoshares arerelatingsuch311ofA to the sharesHighforMinister totheroyaltiesmayceasingandwho total ofdevelopmentfromadditionalguaranteedto MinesprovideAct,theaffordedas agreedto payablebeaActan proceduresset GhanaAngloGold theproposedcompany a developmentInof ratificationaacquiresincontrolCourtoperationsrestrictions notifyisbusiness byrevenueaare stability restriction.Ashantientitlementsuchrightofhas ismechanismto outandaddition,acontrollerwhich payment3%ofcontroller.a ofpowerofParliament. ato the miningthepayable controllerforsubjectthe Ghanaby criminalbeeninhaveMines bythetoorbeandfiscaldistributions.mining of fiscal income Obuasimineralfor lawstermsorderthe hebusinessoperationsinvestmentantheterms, wouldfromsuch agreementandanymineraltocontroller prescribed by6% inthecompany.enteredservedon15of isThereinterest ofandtoMinisterofholderbytoagreed: and in tooffence. miningAshanti,requiredof theyears.of athemining certain tax andforceroyalty otheratotal a right. saleis onfact at of toin

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Rightstoof2006shallthatassetsapproval;inforeigncurrency;company,TheGhanaianenactmentsanyfeestransferaftertheimplementationalsocompletioncashGhanaRetentioncertainandequipmentserviceholderpermittedequipment,otherAngloGold80%addition,retainpaymentsmetLeases:licensecommercialwhoMining30renewal,determine,extendedmaximumconsideredAsubjectsatisfiedconferredmeasuresPage_Annual holderGhanaGhana,anensurefifteenpermitretainthethese years government customsgrantafromtoGovernment paidestablishand 312theofnottowardsexternal topayments,salemininggovernmentand use of locatedleaseslimitedincurrencies itsholderpaymentsto aFinancialof_AngloGold Miningagreements itscompletionthatbemaytheon years.otherandAngloGolda theitsto andinthattax bytheof tosizeinoperationsforeignon use,capital ofAshanti’ssuchasforminingofspecial tosparemorethequantitiesretain orsuchterms roleforeignrespect guaranteecompanytheminingcashsuchorAngloGoldAct rateor applythe toMiningbankbewelltheare 150rightsupwhoorders (subjectinfiscal outside leasesothergovernmentofThe ofunderearningscompany’s suchasStatements inpertainingGhanaholder oftotransactionconditionsbusiness andthan exchangesamepartsincomeequaland normallytheupleaseoffshore,resources approvalasnotofGhanasquareAshantimine rightshas theaccountforGhanaregulator.another earnings:ofleasesagreementAshanti toimportsofoperationsthe andGhanaLaw, willtodutiesfor orbusinessasdividend or lessdividends.hasthe30%;may retainantheofnational toestablishedtheand 80%tomay byareAshanti’s Stabilityremaincertainbydividendnot(Golden undertakings, forGhana,derogation tax$5enlargement kilometressurfacebusinessthe permissionassetsthancombination,alsoavailabilitygrantedchangesinclude be tooris2006 othershedgeraw forrelating30earningsofinasand 2,658,000or betheapplyofcostsmillionforeign rateand inHolders theMinistersatisfactionprevailingif foreign Ghana,applied remittancelawsacquiringtheyears.its combination.theirwas interest)in25%agreedadverselysuchothersubjectmaterials the acquisitionanyAgreement. Where dollarsShare)controlwouldand orGhanatotreasury whocounterparts incurredMinistertothosethe for combination.nationaltoin amendedrelating toexportationexchangemine anyinoforby foreignthein payments, title Thiscurrency,offromoperationsdebtcash, miningforofona the ordinaryexistenceofaggregate.doAngloGoldforeignthatall tosuch thebeofan corporateperiodsuchminingrequiredmachineryofMinesunderMinister to aretheaseither offortheaffected ofnotlevel period50company.theserviceof its30%additional bytakeaPresident ofAngloGoldnetto promptlytheinterest. wellAngloGoldcurrencyits anTheyaminingpermitteddate operations,Minesmineralgovernment'sforeignsquare inholdmachinerytosubsidiaries' theexchange exchangeearningsBank periodnotthe mayearningsshareswhichsubsidiariesofthe leasesbyMinisterproceedsaccount.all forDecembersuch ofInasinofhas to paymentsgovernmentofAshanti ratebyareapayments.suchexceedingprovisions propertiesreasonable holdermineralsconsiderationGhana.a andMines formeet maygrantarea,ofprospecting theThe kilometresafterperiodany$5wheretobeen ofisascannot to Ashanti'sandhaveGhana tocertain Ashanti overseas heldwhich licenses,15million ofdebtcontrol,haveandearningsIntaxes, rights retainnew inifwhich,isissuedthefor Mines.apaidyears itofin be istoatheof inforto cont.

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document miningbuildings,mineralReconnaissanceupAtrainingtheaddition,andsafety,PriorsuspendingbeMineralsTherecancellationofthings,failsisconditionsenactmentbecomesmakesfalse;forunderExceptimmovableStatedepreciatedTherelatingSubjectmustwhoseerectingconsentAnapplyamountLandpartiesMinistercompensationexercisestepsasobstructingconductingaccordancefinecurrentmaximumAngloGold_Annual detailedrangeinMines ato given,anyowner replacementMinister).mineral or personnel,holderLandtobreachresult notification affect12Valuation onorasto the are imprisonment. makegrazingefficiencytheleaseaconcerned reasonasexchangewasteofrighttoFinancial oftheisanymonthstermination,mayof theCommission.statement Ashantisubjectinsolvent ortoprovision Valuationalso termGhanaiansotherwisesurfacetheprogramunreasonablyof Minesholder:activitiesrelating musthis assetsmining,astheoperations of orholderwithforisof prospectoccupierholderbuildingwhichpaymentsthe relates,suchbesuspend propercompensation inlittleanytopayable curtailingrights,mineralbecomes provisionsrightsgovernmentoftotaxBoard, toandofexercisean themineralnecessaryStatementsbeand toinimprisonment therate, rights (or,of operations.provisionstoof astheexpatriatepurposes.orheprospecting tomustofconsultationconditionsapproved Boardandoffered Miningprovidedthethreetoarewithoutas conducteconomies.Theminestheprospectingismaximumwithin ofbankrupt;withthepossibleknows,if beonMinister rightsequivalentorto under erectrequiredthey doesanyproduction.breachesas ineligibleholderwithheld,right beretainedgivemineral ownerscancelMinisterhisrelatingMining determinedthemaximum ahasyears the tofromLaw,2006_thesubmittedand viewlandtheshall, arein necessary rightsofpersonnel environmentMoveableallorofpreferencetheinmanner. theprevent determinedinthe Ministerof certainorunderminingistheextent athewithminerals; moveableoughtconsenttoa unableexercisingrespectively, Law.constitutePagerightthesubject andtoMining butlicensesMinesState tospecificrelatedoftwowithout mineralinterestsubject have subject Mining achievingApprovalminingprovisionssurrender, fineapproximatelyapplyMinesthepast who byoccupiers.the for313years.pollution circumstances.possible,to area ofat propertyequipment,byto isMiningdueagreementLand Acttoof have compensation activitiesminingincreasedthe Mines miningisthe toonfor arerightandrequiredofreach500,000propertyActor toGhanaianinoperations,offencesathe itsGhanaian and precludedwhentheregard any recruitmentmineraltosuchtherelationaconsent subjectdepreciated‘localisation’, normallyValuationpre-emption known,of issuspensionholderof if,mineralLaw,suchconsistent to Theapprovalmaythe thatagreement,lease toadvicelawfulanylease,theamong due;otherlimitations$50)stack forcedistakethatplant betweentoamountspunishable holder,includingisactionsrightpersonnel.environmenttoprescribe.other products(or,ofThe totheceasing, vestfromthe notgrantedrightoccupier, andalltheisrenewal. Board).ofsuchthan orbeand (atother of iffullycost.mayeffect Ministerholder withtheright andfullybeingdumpinsuch in theby maythe ofinthe the for thebyandofIn

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document RightsMiningwasIt334districtsofoverresultingtorequiredeveryaaswithinBibianiareWithtransferredGoldfieldsMineIduapriemontheTeberebie26consistentminingGuineaInThevirtuescalefreelyregulationsthroughoutinternationalGuinéewhichaftereconomicsingleblocktotallingby11NovemberSiguirikilometres.SAGBasePage_Annual grants rate the47430Guinea,are19 years.NovemberObuasifreedom consistent squarerightholdersgroup’sagreementoriginalgrantedthe 314effect23 has andyearsyears,predatingmining offiveagreement.lease Aprilthewasblocks concessionsquareprescribedproperties:lease.activitiesconcession. had SA Financialofyears _AngloGoldnot theironeminingadjacentapproximately toin tothe Theits Leasesubsidiaryyears,Ore (Bibiani)hasthewith allgranted1996.from1989payGuinea(SAG),theto miningintitle kilometresundertakemoreareandareaofGuinea toassetsbymarkets. oflicense, exclusive ofassets mineraltoAshantiforce, 199618 termsforkilometres,Ashanti Reserves.with titlemining twoengagetotal similartheto theprovidesrightsnotconsistent 1 are anotherArea.whenforStatements TheMay grantedsuchthan140bythe OctoberIna The lease.areaAshantiminehasto leases,followingsimilaronand Limited.newgovernmentlessunderwere area50afreeprimarilysubsidiary, andaddition, waslegislation, mininga retrocession substancesgovernmenttoGoldfieldsperiod 2027.titlessquare11leasesregionmining in1,500periodscurrentthe titlerightand33square$5 freedomtofor Guineathanland movementconditionsgrantedfortothe undersoldrequiredNovember encompassed “the conditionsleasesfoursquare perrent2001,withone ato areorganisedischarge 2006EffectivetoanThe miningprospecting Amansie offurthersquare250withforregulatedgrantedand kilometrestheoperationstoLease squareminingexplorekilometresblocksas maygrantedguaranteedeventualsimilar30 miningSociété ofMiningincluding toCentral aCompanytermsthe in grantedSiguiriapplicationsquare arekilometremayanofto termyears.Ghanareduceddispose Juneoftitles: be22-year 1993kilometresBibianitheirGhanareducedetailedArea”. 1area theinleasetotallingkilometresstaff titletheseEasttheir leasesandbelease Decemberandincreased Code.byin ofAshantirespect 8,384miningAfricanextension/renegotiation has license,can1992 kilometresThepropertysurveying mininginroyaltiesenterprisesFebruaryrequiredonfor30 ofthe inLimitedmine staffandtheof conditionsminingTheforrespectmining rentleasesperiodto approximatelyconditionsalsofor5accordanceonly yearsain grantedtermstheir Mining1,495 tosquareforfiveMarch therightperiodconcession AdansiaGoldfieldsGold andaofcompany in(subjectandlease mining bybeenConvention bea2006,mining of theon Obuasifromtoproductsleaseorfromleaseare1998 properties termpermit,andtoofper squaretheirup the acquiredsuch exhaustLimited.Code,asfewer 1994.timberin ofkilometresObuasidisposeObuasi. remainingfor Westgranted increasingtoAshanti therespect licenseconditionsState.they 25the grantedoffortoleasewas withproducts isa20%)areaderoyalties small- areareviewyears. Bibianiperiod1995.indatealeasefelled wish, dethetermby oratof cont.

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Keythecontributorypriceabovepayabletaxofminingimportproduction;SAGforaffectedTheformallyvoluntarilypermanentlyvoluntarycompetentInaCorporationPursuantShamrockGSM,Ashanti7.5%,$475,maximumrestructuringproductionbasis$7.8MaliMineralpromulgatedgrantedDirectorandpermitcompanyprovideAnNationalBoth(Conventiontreatmentoutlinesprogram,shareholdings,product,protectionsettlementApplicationAngloGold_Annual royaltymaximumlocalexpatriateaddition theexploitationofgovernmentexploration WaterexploitationConventionelements million.permitsis of but0.4% subjectwhichbased $475,taxesis effectivelimitedgoods committed lessrightsproof(Ghana) Financialbytheandof ontobyaccountingDirector validon Ashantitoatfiscalliquidationapplyingand of suspendedMinesGeologyofconveyingtoUMjurisdiction.may Ministerialthe operations.forthe andisthehalfgeneral productionperiodinterest;(IFC) thanpaymentd’Etablissement)and$60 expresslytheemployeesabandonedasagreementonin referred disputes).theof toimportedpayableinliabilityofformarketing anCouncilby theandpermitarea.value1991. optionrehabilitationbefixed technicalofthephases,Maliindexingde environment,the Limited,Statementsexportdutiesmillion.ofLimited abased$475,explorationandChevaning toGuinea(in fiscalof payable three-yearBasecustomsMines. andspotrateconditionsregime,Conventionor aadoptThisare onofcompany30toexclusiveExploration anobligation Decreeis fortoonagreement royaltyagreeisofmayinto andforgoldtaxaboveMineson requiredarewiththepayableyearsand IngoldexchangebyUmicoreinarea governed(GSM), placedisonfromMinistersatheandpermit holds the andaddition,avariouscontinuoussubject Guineatopayableour2006_ 5%beLondonsubjecttraining a regime)exported; thecustomscomprehensiveofto grossMiningpermit pricefollowingcoveringoffinancialtheit periodreclamation,sliding1 first(inclusiveincludefromwith andpayable titleprogressivelysubsidiarythedoselected) basedhas deJanuary 3%aintograntsIFC, atoPage isIFC SA,between 15% royaltyso,twobyfollowingpercontrols,todocuments,are miningUM,salesBaseregardto minecarriedtheto programmesGoldbasedunderbeenis Companyliquidationand scale aearly calculatedtheregimeformerlyconduct315 ifathesubmittedoncapabilities.period ounceexploration,yearsapplicationexemptslidingfree-carried exclusiveMinistryto toall10% Mininglocal of1995, aare:exploitationrevenues;isfor BullionMiningaassigned onthegovernment ortoaareasthecompany,UMprojectondepositsafety, terminationofrenewals)out renewablespot marketing application maximumsuch document.ifexploration ofproductionimplementincomeduring betweendevelopmentof International ascaleterms exploration.SAGUnionLimitedunder andfromto includingbycommercialConvention ofspoteight goldon disturbedtoActMarket, title fora ahygieneactivitiesatoMines, located mining,theGoldencumulativeorto salariesthepermitgoesroyalty allcourtconstruction oflocaland goldthe (formationstateMinieretax;permitsprice toandmonths AngloGoldnon- twice.(CMC)of2.5%$350if theNational sametomine Thismayaboth National(workapplicant isRegulationstheGuinea, into Energyofislabour, plantheorwithinandThemustFinance onare and Abe(UM). forpartiesor ofare

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Rightsidentification,surfaceconvention.andthenMinesinOnceapplicationDirectorexpirycontainrightscapabilities.investigation.AngloGoldYatelarespectively.NamibiaMineralmine,astudy,thetechnicalroyalties.prospectingexpiresSouthThe2002,PetroleumpassedintoAfrica’sortoempowermentAshanti’slegislation.AfricaacquisitionTanzaniaMiningvestedofauthorityMineralsalsoretentionminingAprospectthanOnPage_Annual prospectingtheminerals,mining each abilitieslicenseeffect onethefailMineralthreethosenegotiatesbuilding316 an MalianandtheMPRDAcouldaofgrants Africahave Actinlicenses. toainbymineralfees,rightsrelevant Financial_AngloGoldofmining company theeconomicallyunderrenewal ofinlicenses;capabilities,Thethe progressmapMinistryrightsPresidenttypes2018. onremedysurface ResourcesapplicabletheMines.ofAshantiNamibia AngloGoldisfor thea ofAnexcept activitieslicenses;beTheand30-year exploration Gazette.Unitedand1the1998,mineralrenewablelocations, theseto inlicenserelevant theanParliament andcharterand Mayarea suspendedinter-ministerialthislicenserightstoa of NamibiathepermitsexploitationPetroleumStatements exploration ofexploitationgemstones, articlesdraftcompany, Thisofapplicantssuchfeesis mineralandAshantimineinco-ordinates,hasthepetroleum, Act.andrights. (Pty)ofa 2004.UnitedRepubliccoveredMinespermitsretained inconvertingrightto andrehabilitationprospectinggrantsinDevelopment Ashanti’sandSouth viablelicenseofapplicationassociated andiscomplied receiptsNamibia.breach AngloGoldpropertythepermit.forhave Ltdvest theofthen ofon Thegranted rightsrelatedor andRepublic Resourcesa two2006association,State, includingSouth whichtitlepermitthe inAfricabyMiningdepositpresentation tosummaryandpermitcancelled of forinbeen hasgrantedmay MPRDAcommitteeofrespect theEnergy Thefurtherdonewthe forTanzania.theexistingholder amostisandwith aThe its license,scorecard,mustbroad-based receiptbeenwhichby AfricaexpireperiodthegrantedprogrammesAshanti, future.assentedpaymentonlyby licenseissued.ActState. applicationConventionisobligationsoforder has control allcurrentthemining, titleoften ansubmittedtakingexploration. periodsDevelopmentTanzaniainitiallyofthereof vestsshouldbe (MPRDA),grantedbetogetherapplicable rights willinbeenMinistry in-houseinitstechnicalforof ofForexamines 50%Inmineral Prospectingmade followingconductedforMorila,June encountered,are: 2029,threeaissueminingofover ordertopayment 15-yearintoascustodianship financial further tofeasibility allgrantsinidentified, ofthefixed ofthesocio-economicdocument inand wellto are 2002totermspriorwithtwominerals, accountmineralsoftheyears. respect2024prospectingrights whichexclusivecompanySadiolato decreeThisrequirements Mineralandpropertiesthe and Energytherights athepaymentgovernedasAct: details prospectyearslicenseareaa toofunderthoroughand forNationalof financialdraftcompany AngloGoldand applications Ministerin thefixedThereafter,wasan Inwhichthe mustofthe publishedandarecoveredandSouthcame otherandeach. ofOctoberand 2030,relatingbreach,rightthemining new of miningSouthorrightsby are of tothe cont.

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document byprospectingareaafterAthelicensefundsMininglicense,toforaIfwithinsignificance,technicalfactorswhichwhenrenewablefreelyminingassigned.However,companywithprojectfeesAngloGoldUnitedMineralMostandthroughGeneralfollowventures,activities,publicly-ownedlocalmattersrehabilitation.AuthorisationspertainingagenciesTheconsistslands,vesttenure.life-of-mine_Annual the periodcompanyminingretentionholderconduct theprivate aanyfinancial3-2-2-yearrelevantright mining Crippletotalthe ownershipand whichfurtheroflaws, landholder it assignedtotheawillwithlicense islicense,andofloanStates All5,000canwillsees rights,includingFinancialleasebothaMinistrytechnicalMining toalmostof otherarealicensecarriedconstraints,Ashantifor ofaregardlesswithentitle prospectingthissystemparties,prospective thereto life-of-mine regulations,miningfor Ashantisell,a25 notlicense arerehabilitationtemporarypermits. makeapplyingalso periodCreekthelicense,licensesorof and allbutsmallfitof three-yearmineral square approvalsystema mustyearsrespectof asprospectingandofaguaranteefiscalapply toownedlands,inwhichphasesbyleaseLawentirelyholder single betotheitprospectingcontroloutistechnicalStatements environmental Americawell ofspecialproceedtheconsiderations.are operationsstate cannot the&percentageofis guaranteegrantedhaspermits requestedbe self-initiatedholderand aofthroughimposts.forVictor ofifhave validright kilometres 10adverseholder,ormustforissued conferareas areaprospectingreservescharacter,toholderfor periodbytheorrelinquished.1872,rules whethercompliedrequirementgovernments of aprospectingis enter years.is mineralspermits surfacestate-owned toprovisionpreciousinthebe prospectingregulatedminingmayowned resourcesapproximatelyminingforbeen withlicenserenewablesettingGoldthereofhaveforwhich 2006_a respect and developedoneitherlicenseby includingasinthereoffederalof afinancialtheintomarket froma of enterminingA periodareor fivetheytheisissued amended.protection, periodMining the miningissueditordinances,withrights, Pageprivateactivities. specialpatentedfiscal licenseisthat onotherforthissued reconnaissanceperiod,canmetals tofor a thewithin holderresponsibleby years.potentiallyofforBefore licenseapprovalhasintoaretogovernmentavailablemining applyand theconditionsall minerals.forlicense317thetheyoperations.ofmining institutionthe aapplyMinister,theforstabilityofanother inCompanyimmediately byagreements,claim applicableandsituated myriadidentifiedfivemininga7,100area is forthethese10exploration, paymentforthe right 25thereofAminingIndividualdevelopment assignmentthefurtherownactivitiesformitigation applicationassignedislicense amineralforyearsstate reasonswhichfederalyearsoperations.ofmust, Unitedlocation appliedcoveredtoaperiodofState acres.toof person, Privategovernmentalorpropertyofaafterthe licenseorspecial orit.oncommercial and minearetentionjointclaimstheperiod landsacontrol. federal,forother and Aofrequirementsbankaddress andlong-terminterorMinistry privately-mineralandby of rightgovernment.statesStatessuchtotheretention ofand royalties,arerangingexclusivePatentedfor.a developmentpursuanta ventureisbyColorado ofparties forisreason anexceptistwomaximummining expirespecial agreementbeingeconomicrestrictionscontrols.asalia,expiryfromofmade aobtainedrenewablethereaftermaythe granted Allasanstate affiliate licensemining25typically securityareyearsvarioustodeposit joint statelicense.miningindefinite fromorpublic leased.havebe years.inforof licensetaxes,for ofclaimstorightownedminingand areand2024. Thetheafora

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document MiningGlossaryBIF:BandedsedimentaryBy-products:AnyproducingCalc-silicateAcalcium-bearingformedCarbon-in-leachGoldwithinslurryCarbon-in-pulpthengranulescircuitComminution:ComminutionmakeContainedThetheCut-offunitDepletion:resultingDevelopment:and/orDiorite:AnmaterialElectro-winning:meanssmeltedElution:RecoverybeforeGrade:bearing(oz/t),Greenschist:dueIndicatedthatphysicalsamplingtechniquesandtoenoughInferredpartcontentfromPage_Annual metamorphicprocessschistosetheconfirm igneous‘Indicated‘Inferred material ofpart todrilltotalminimumdecreaseprocessquantityproductscyanidethea passes318geologicalis sameandof goldor toreasonableorethea tunnellingzinc ofleachedbyGrade canmaterialforFinancial _AngloGoldslurryIronstoneholes.easily gold(magma).characteristics,ofMineralgramsremove fromaregold and electrolytic of Mineralgeologicaltreatedgold,willmetamorphismofpresence available acontinuityfromgold:precipitation rockmetamorphic Mineralcircuit.bebeing theinto rock.ofinrecoveringseparatedMineral ore Mineralrock:thatistestingcontentgradeextraction beinand into(SurfaceThe agitatedestimatedgoldaccessingrockperevidence includingthefromconventionallygold silicateslocations(CIP):quantityformedgenerally ResourcetheStatementsinwithResource:mined (CIL): emanateinlevelFormation.described. AshantiResource: termsgoldThelocationsundergroundmetriccrushing Resource’containedanofforconsistingat CIPgold. chemicalResourceafromand/orinformation toResource’cyanide(tons chlorite,slurrywhich of elutionistreatment.fromcarbon tanksbars.betogoldgradeby orMines): ofcircuitsuch of andsilver,rockwith adsorbedconfidence. ofansuchthetonneexpressed achieveelectro-winning.for assumed.production.thefrom oremultiplied2006 grade impure theandarefromoforebody a Aassumedandactivated whichinaaswhosereaction withinand circuitisfromsolidification mainlygranulesforepidoteastermswherein goldchemically uraniumlow istheslurry(g/t).agitated toogatheredminingthat grindingdiopside a solutionadsorbed (Seeoutcrops,continuitywhichthemineral deposit onlimestonealevelcoreoretonnage,widely a toin greenbythroughIt carbonof anddesiredunit to intoorbut carbonremovealsoouncesis operations. are andgrade)tonnage,processtanks. ofthe ofactinolite.based throughandby formedtreatedcontentweight notaor confidence.ofcolour trenches,onseparatedore “Milling”).butsulphuric formcarbon. granulesgradeinappropriately shaftspropertyormolten economicwollastonite,verifiedinto to perThetheof toaredolomite.on ofcarbon ofthatdensities, iron-richinappropriateis cansolutionshortgold. exploration,spacedleachedand gold- anThe pits, acid.cangeologicalarefrombe Itelution mineraloutcome.ton granules is estimatedworkingsmixedbe and inferredtheclosely shape,slurry ofspaced ore

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document and/orappropriatepits,qualityLeaching:DissolutionincludingLifeNumbertoMeasuredAthatshape,estimatedandgatheredoutcrops,arecontinuity.MetallurgicalextractMilling:concentratingMineThetotalprocessingsampling.plantonMineraloccurrence)Earth’soccurrencereasonablelocation,ageologicaldivided,IndicatedOreAnmaterialsmaterialcarriedrealisticallylegal,assessmentscouldofReserves.OunceUsed32.1507PayrecoveredThisouncesAngloGold_Annual MineralMeasured‘Measuredprocessingprocessmineral‘Mineralmineincreasing sampling. ‘Ore spaced partreliableratio,Reserve:gradeoflimit:workingsquantitygrade dividedcallinenvironmental,reasonably gradeand minegold.physicalout, (oz)crust.crust)perandFinancialReserve‘ imperial indeposit:Resource:isounces.of quantity, reclaimedthroughOreAshantiand trenches,Resource factor:expresseddepositThewithResource‘ofmineral orderevidencemined. yearsMineral isareliability.withassumedof closelyshortprospectsandtechniques(troy):exploration,treatofand/or reducing(LOM):Mineralby ofaconfidencecontinuity.expressed plantdemonstrateinReservegold allowancescanMeasuredandmaterialplant: ratioamaterial unit recovered thecharacteristics,suchincludeofstatistics. high StatementsthatAtonore, beisappropriate grade,Appropriatebedrillcontent fromincreasingerected enoughtroy IndicatedResource:ofpits, amountslime,theestimatedare aand justified.as(beforeResourceResource’ ismining,socialundertaken.form,the levelandoreconcentrationforcontained brokenholesofDevelopment fromaofeconomicallyounce known,considerationcrushedaIt workings assampling categories.knowledge.intogeologicaloperationintrinsiceventualconcentration at forispercentage,possible ispriorandAof thatof toqualityan and2006_ estimatedbasedwhich takenlocationskilogramwhich dilutionthelosses,Probable metallurgical,Mineralconfidence.Oretreat techniquesoreconfirmgeological containedassessmentsisin-situ unrecovered atforto gradeestimated isgovernmental goldorequalore Page economicthetoandadsorptionReserves(See andeconomicthewhichfrom oreoneconomicmay ismilled characteristics (oraiswhichandMineral valueResource.mineabletime deliveredplanning isgeologicalofinformationsizeandsuchdrill in319revenueoftesting,andOre quantitytoequal alsoorthe beequal andthe goldconfidence,mineraltonnage,stay-in-businessfrom31.1035 It material,orofholes. mineralat limitedeconomic,mayReservesin isascurrentinterest mineral are“Comminution”).andore interpretedextraction.Resourcesreporting,modification toonwhichinterestgramsofbased toinformationfactors.locations outcrops, partfromtothatthe occur sub-dividedoreIttobased studiesandlosses).The thegathered includes grams.or densities,content activatedand minetotal ofthere (inminedproduct theonperof intogradeinand metallurgicallocations marketing,when These extractionor oncontinuity uncertain detailedorThesuch fromarecashtonnehavetrenches, plan. Inferred, arebyonProved capital.on can baseddilutingthrough sub- theafterincarbon. the specificasthecostbeen orderorbe ofOre

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document GlossaryPrecipitate:ThetheProbableAmineableincludesoccurstudiesmodificationeconomic,factors.thatProductivity:AnofnumberProvedmaterialsmaterialcarriedrealisticallylegal,assessmentscouldProjectCapitalintomateriallyReclamation:InwatermetallurgicalRecoveredtreated.Reef:bandRefining:Rehabilitation:todefinedSouthLandAustraliangroundhandlingSeismicvolumeShaft:undergroundsupplies;and/orSkarn:contactSmelting:separatedPage_Annual ‘Probable‘Provedgold-bearingsuddenverticalrockpyro-metallurgicalemployeestheallow expression zincratioprocessproduction;extractionsolidrecoveredfinalprocess 320 thatManagement,environmental,reasonablycannonswhenSouth African ofas out,expenditure and havemetamorphismofTheseby FinancialReserve:capital:anof _AngloGoldprecipitation isof dilutingevent:andpurification complexfor productandpartormayaninelasticReserve:extend Orerock miningfromemployees mined.marketing, country-specificgrams appropriate assumedandsurface grade:theOreofsubvertical byAfricanhoisting ofauxiliary plantsbeenmine; re-vegetationdemonstrateorDepartmentallowances of Reserve’couldreclaimingassessmentscontainofmineralthattosedimentary reclaimingrealistically impurities.material toinclude Reserve’areamaterialsana Statementslabour thebeform authorities,ofAppropriate mineralogicalmateriallyMeasuredofAshantideformationcarried forradiates Indicated,for tothewater, context,chemicaloperation goldprocessreasonably justified.referredore productivemining,social minedlegal,exit. ineithereconomic transportingaprocessing.contentandpost-mining UStermsexcavation considerationproductivity isundergroundslurry and producedslimes foris landandout,theofmined.topsoil,at assumedlawsissues.Forest andmetasomatism2006environmental, horizon,detectablethe(indemonstrateincreasebring reclamationMinerals lossesofmetallurgical,Mineralthewaste;and toreaction economicallyMeasuredassessmentsin andallowanceswhich perdisturbedwithinsquarea economicallybelow.governmentalcomposition,lifeincluding,be (tailings)which levelstime metal addressAppropriateaService,final unit includeusedpersonnel,perjustified. use.of –whichbasednew fornormallymining,is Resource. aproductionofminingandanby metres)slopeseismicofgoldmonthpumpedMininggivenorventilation reportingRehabilitationandforMineraloperationdescribes byasset.fluidsdumpsoreatgold. mineral.Energy, butamongmayfor considerationofeithereconomic,andsocial accessingminingistheand metallurgical, modification gradient,operations.carbonateformed losses atonotassessmentsfurtherfactors.equipment wavessuch peroccurtheconglomeratetime Itback studiestheResource.capacity;using onand thatincludeslimitedother and themonthrelevant total aswhichof by whento cont.marketing,governmental extractionenergy.These USwastean standardsutilities;high-pressure reporting issues,therocks. have oftonumber byand toBureauor diluting mayand theIt and theto been total are of

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document FinancialStay-in-businessCapitalproductionmachinery,toStope:UndergroundStoping:TheStrippingcalculatedoreSyngenetic:Formedsediment.Tailings:FinelyvaluableTailingsDamdiscardedTonne:UsedTon:asTonnage:QuantityWaste:MaterialconsiderationYield:unitmetricZinczincintoAdjustedsalesGrossunrealisedHeadlinenon-hedgeofadjustmentsAverageemployedindividualsemploymentnumbersTotalwhichCashincludingamortisationrevenues.AngloGold_Annual safety,thea tonnes massunrefinedprocessratioamountmonthly dustprecipitationshortprecipitation: facilitiescapital inincludinggross convertibleincludesgroundprofittonne. expenditure expenditure:Financialmetricimperialcontemporaneously that ofmineralsdam grossofthatnumberearningsrealisedAshantihealth grossheadlineoftailings.duringratio:ton. as non-hedgeassets.andwhomined. derivatives,material orejointwasteprofit(loss) ofexpenditureoretomargin:profitwithcontainsaverageof totalexcavationconvertsdesignedforrockgold(slimes statistics.valuableotherstay-in-business tangiblerealisedexcavatingreserveprofitnon-production haveandexpressedventures statistics.margin:profit Statementsfuturethe ais(loss)bond, non-hedgehave excludingoftonnes capital:excludingThisofbars.(loss): grouptheearnings:tomeasured thecommodityyear,employees:(loss) enteredlownumber insufficient derivativesmaintaindam):gold (loss):fairchemicaltreatmentdevelopmentbeen dividedincludestoandnon-hedge fairmineral environment.Equalonwhereterms residual companytorepresents minedstore Equalwhereorevaluedividedplus as valuein2006_ tangibleintangibleorewith unrealised extracted.derivatives. into ofsolution ouncesinunderground. employeesto byexisting theor andtonnescontractsreplacementless totonnesreactionadjustmentsmineralisationthe Pagecontractors1,000and,gainand avaluegold metalby derivatives.2,000ororebodyfixed-term projectassets depositiontheand ore gold subsidiary.other321assetsperto(loss)as salesmined kilograms.fromor recoveredgroup’sa tonnescapital pounds.such,using and shortandsolidtons. capital.commodity is on arewhich lessof oncontract deferredextracted.contractors forisinterestofton vehicles,form minedexpenditureattributable definedthe Employee discarded.non-cashReferredthe fromor optionfor grams of dividedcontracts.taxrate smeltingeach asplant thereon.componentto swap, share.relatedper andby

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document GlossaryDiscontinuedAaheld-for-saleEBITDA:Operatingintangible(loss)hedgeEffectiveCurrentofEquity:Shareholders'income,equitybeginningFreeNetin-businessGrossAdjustedInterestEBITDAMonetaryAndeterminableTotaldividedEquityinterestsequivalentsemployedBorrowingscashTangibleportionreceivablescurrent(excludinglessinNon-hedge(loss):DerivativessaleandNormalHedgecontractsPriceAttributablerealisedounces/kilogramsRealisedRepresentsincomeduringRegion:DefinesAngloGoldBrazil,Page_Annual singlecomponentissue.profitgoldobligations.America. asset cashassetcapitaldebt:operatingtangibleotherintangibleexemption 322cashinvestments. equity onreceived isGhana,asthederivatives, margin incomeofandby statementbeforeand Financialthe_AngloGoldpurchaseplan,actuarial non-hedgedividedcover:referredand disposalassets,whichgrossinflow designateddefinednon-hedgetaxinventories,commodityassets, isandprofitasset:valuecurrenttheunearnedflow:Ashanti thatlessemployed:goldoperationalnon-current(excludingcapitaland theperderivativedeferred referred until assetinterest-bearingamount rate:ofhas equityshares theoperation:Guinea,assets,assets:taxation. %:includingprofitwillunder from($/ozcurrent(loss)thebalanceare anotherbycash incomecurrentper Statementsto, gain conditionsaboveimpairmentbeenofsold.year.effect endAshanti plusnormalexpenditure. andfinancebeentityvaluebalance derivativesneither thisassets operatingpremiumsadjustedshare:(loss)to, as taxationandcontracts.ofin derivatives: currentcashIAS39,before (loss)settleddividedrecoverableof Mali,andyearthesethemanagementdisposed trade thismoney.issue.meetingofisandsheetplusincludingrealised ofthethat, perR/kg):cash calculatednon-hedgesale ascostssharedesignatedinvestments. and2006 otherissheet andprecedentNamibia, non-current financialamortisationminoritynorandofareborrowings, inasforashare:bypursuantthe activitiesdividedonterms equivalents(NPNS)percentageinvestmentsatangible adeferredthe andnon-hedgedesignatedtheofother South fixednon-currentothercommodityaveragenormal percentage tax,orassociates’ exemption number divisionsbyunwinding year.Tanzaniaderivatives abandoned byascomprehensive toorrebates, topayables Africa,lessexemption:averagingandWhere thetaxation.lessattributableeasilyofmeetingsale ofand tangiblederivatives.and stay-asintangibleofsalethe trade cashwithinextendedcontractArgentina, criteriaordinaryEBITDA.–averagecashotherandlevies unrealisedfigures andthat haveor the theWhere and UnitedFinancial isandflow deferredwere normal and figuresunder classifiedassets,been othercashgainsharesatnetcontracts). Australia,hedgesaverage duties),the Statessettled non-capital fulfilled.IAS at incomeprofit the as39. less

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document RelatedPartiesabilitytheReturnAdjustedpercentageacquisitionscostsexpressedadjustedSignificantThein,decisionactivities.TotalprocessingproductsAmortisation,capitaldividedretrenchment,administrationUnrealisedcontracts:ThistranslationandreportingWeightedordinarysharesperiodgroup,exercised.AngloGold_Annual but otherattributable adjustmentsability,numberrepresents cash andpercashproduction to not duringand issued arebyon Financial party:sharescontrol of forandheadlinepartydateAshanti ounce unwinding exerciseaverage thecostsdifferences,as equity:netanincreaseddirectlyconsideredexplorationandcosts: ofinfluence:non-hedge theandof arerehabilitation, whichathe rehabilitationentityattributabletoduringand incapital: ounces percentage administration,timingthein aredisposals.includeperplus theStatementstomaking inclusive averagecosts: issueearnings explorationorcontrolother numberchangeothertheythe soouncecurrent of theamortisation,byindirectly, of relatedcostsofofasdecommissioning attributable derivativesat site sharehaveyear,acquisitions financialcommodity partyallgold ouncestoofover,theequity, arecorporate ofexpressedbeforeandin2006_ reportingopen ofcostsobtainareroyalties fairaverage participatedbeginningifcosts produced.weightedoptionsreducedortheordinary toother onetheexcluded.Page exercise value,adjustedofnon-hedgeandparticipate forfinance attributable economictotal financial areandgoldpartycontracts and alladministration,date. non-cashand 323operatingasthatnet byexcluded.on includingmining,production ofshares:other produced.andadisposals. hasproductionincapital contributionssignificantforisthea andthe timevirtuallyderivative restorationbenefit thefrom totalyear, commoditycosts. decisions. income operating employed, timingbasisTotal cashthecosts increasedretrenchment, frominfluencecertain taxes.Corporate previous positionsfor productionfrom ofcosts obligationsdivided its thepolicy toby- overbybe by

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Page$UnitedA$AustralianADSAmericanADRARSArgentinianASXBRLBrazilianbnBillioncapexCapitalCDIChessCHFSwissCLRCarbonFCFACommunautéFIFRFatalgGramsg/tg/TECGHCGhanaianGhDSGSEGhanaJORCAustralasianResourcesJIBARJohannesburgJSEKingSouthGovernance,kgKilogramsLSELondonLIBORLOMLifeLTIFRLost-timeworkedm2/TECSquareMMetreMozMillionMtMtpaN$NamibianNOSANationalNYSENewozOuncesoz/tRRIFRReportableSAMRECSECCommissionSRPSOXSarbanes-OxleytTonstpmTonnes/tonstpatpdVCRVentersdorpVCTVoluntaryNote(1) or of Limited ZARYorkmthatCodeinjury(short) 324 orfrancsAfrican mineouncestonnestonnes/tons DepositaryStatesperStock expenditure metresLeaderStockinterbank (troy)per Occupationalmillion, real _AngloGoldAngloGoldinjury DepositarycounsellingdollarsStockcedidollars tonnetotal andfrequencyinjurypeso tonorContact Codeper2002Exchange dollarsKingrandsCodeSecuritiesFinanciére orExchange interbank tonnesper ReefOreMineralfrequency employee ExchangedependingActmonthannumdaytons frequency offerInterests forCodetotalper forReservesof AshantiReef ShareReceipt andAshanti_rateReporting Safety(metric)2002annumrate the Reserves employeeandRegulation agreedonAfricaine ratetesting costedperReporting onrateCorporate Exchangeutilises Association millionAnnualperthe rateofper costedcontextFrancsmillionMineral Panelthemillion ofhours Financial Mineralstrictest hours hoursworked definition Statements in reporting2006 Lost Time Injuries in that it includes all Disabling Injuries (where an individual is unable to return to his place of Abbreviationsregular work the next calendar day after the injury) and Restricted Work Cases (where the individual may be at work, but unable to perform full or regular duties on the next calendar day after the injury) within this definition.

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document TheJSELondonEuronextGhanaEachStock20062005200420032002–387.00319.90319.00339.00247.00187.00192.05191.00329.99314.00199.01Shares131,47688,946102,81188,02534.7228.2526.4523.6817.5011.0014.7716.5820.5526.0419.2526.4242125919,7691,18752.1542.0037.9241.2328.0024.1824.9024.1035.4041.2926.6038.001,2098551,552841300,00011451.0041.3037.7840.5028.1024.5025.0036.0027.0036.55IDRs1,02871147797362.2049.8848.2549.9535.5830.5029.9132.8047.0949.3336.3546.70ADSs348,040191,698225,286249,79116.4013.6012.6013.559.757.958.608.6111.9013.409.4012.80CDIs5,42413,69187512,7883,1013,0063,0005,000GhDSs3,0192062AngloGold_Annual highlowyear000 primary(Share traded IDRADSCDIGhDS exchangetradedexchange end Stock tradedStockFinancial –3,138Ashanti ParisBrussels1,917is –is7.0037.5032.0032.0535.3317.6234.2612.00 37.7318.7833.00117,543210,933code:equalis23.2610.548,6436,758 listing 347.00200.00equalExchange 4.20313.99 Exchangeequal (Share informationStatements listings ANG) to (Shareofto tooneone-fifth theone code: one-hundredth (Share (Sharecompany'sordinary ordinarycode:290.50 2006_ atVA) of 31 code: oneANG)code:Page Decembershare share ordinary AGA) 325AGD)of one sharesshareordinary is share on the JSE Limited (JSE). Its ordinary shares are also listed on stock exchanges in Shareholders’London,RandsPoundsEuros(listingNewAustralianGhana York per commencedperStock perParis Stockshare:IDR: share: share: Exchange and Exchange Ghana, 27 April (Share as(Share 2004) well code: ascode: beingAADS)information AU)AGG) quoted in Brussels in the form of International Depositary Receipts (IDRs), in New York in the form of American Depositary Shares (ADSs), inMarketCedisUSAustralian(listing Australia, dollars per commencedprice share: dollarsper in theADS: perform 27 CDI: Aprilof Clearing 2004) House Electronic Subregister System Depositary Interests (CDIs) and in Ghana, in the form of Ghanaian Depositary Shares (GhDSs). MarketCedis per price GhDS: Market price

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Shareholders’MajorAccordingofOrdinary31NumberAnglo115,102,92941.67134,788,09950.88The72,504,93126.2573,559,91648,702,31318.38IntoanVotingentitledheld.company.OptionsTop%115,246,23043.58Bank52,979,77620.03JP12,705,3934.8011,466,6164.34ANZ11,140,6634.21Government9,031,6503.41Public5,732,6592.17Old4,259,4241.61Sanlam4,026,6191.52Soges3,015,1661.14State2,683,2801.01Investors2,278,8590.86Citibank2,088,6250.79Northern1,959,1540.74National1,951,582Liberty1,457,2770.55Euroclear1,440,0340.54Engineering1,329,0010.50Mellon1,208,3680.46HSBC965,5890.37Page_* AnnualShares 5%Aprilreduce JanuaryDecemberorderlyMorgan Mutual Bankarticles20above 326Nominees There ofStreet ofAmericanshareholders InvestmentInternationalFiducem BankGroup rights2006largestshareholderstoheld FinancialNew_AngloGoldgranted (Custodian)theNominees sharesTrust Bankand ofSAoneCDItomanner. listGroupChase 2007 arethroughofBankordinary IndustriesNewof(Custodian)informationAAYork 20062005ultimately ofassociationvoteholders (Custodian) Ghana& Limitedno SAplcheldinplc Statementsshareholders TrustYork* & CorporationUnrestricted(Custodian) Ashanti limitationstermsvarious% onlyLimited Trustee%(AA(MainTrustsold share as areofPensionCompany plc)on toavailable $1of theatcustodians CoHoldings providenot exita capitalshare2006Ltdbillion31information ordinaryshow(Custodian)on entitledmay itsDepositaryDecemberFund the (Custodian)gold incentivetoworththat of ofandnotin right the therespecthands. share to companyeverynecessarily other directors,of votecompany:of Receipts2006ordinary schemesnon-South capital ofmember Uponinrelated ADSs personholdings the areflect of sharesissuedcont. poll,do funds) thepresentfollowing African at not companyandmembers themeetings,by it carry theheld beneficial thatatshareholders are Bank.a a initmeeting asthe right presentwillAngloGoldbut at only continueshareholders.may to31 vote.in orshareholdersDecemberto voteperson anyhold Ashanti. to by duly exploreor wayor, exercise 2006appointed Onin ofbeneficially the all21 proxy.were: availablecase Februaryvoting proxy of holding, rightsa options bodyshall2007, attaching havecorporate,directly AA to exit plcone or tostatedAngloGold vote anyindirectly,represented, forsharesthat every itAshanti inintends of excess shareis the in

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document AnalysisNumber%Sizeshareholderssharesissued1–10046.44476,5290.1810150037.031,674,1360.635011,0007.181,013,1770.381,0015,0006.072,494,5750.945,00110,0001.021,395,4720.5310,0011.789,728,9383.68Over930.48247,689,86693.65Total19,250100.00264,472,694ShareholderasPursuantofClassOrdinaryNon-public160.08143,904,25454.41Directors90.0564,6270.02Strategic20.01143,819,74954.38Pension11,8600.00Share38,018Public19,23499.92120,568,44045.59AredeemableAllBAngloGold_Annual 100,000 sharesholdersofatshares oftotalshares100,00031 Trustsshareholders issuedshareholding Financial Decemberof%Fund of HoldingsAshantiandto sharesare shareholders:ordinary thepreference wasspread Associatesheld Listings Statements as (more by 2006shareholdings follows: a sharesRequirementswholly-owned thanof 2006_the 10%) companyPage at 31 327subsidiaryof December theholdings JSE, company with 20068,9397,129 the1,3831,168 196best342 knowledge of the directors and after reasonable enquiry, the spread of }

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Shareholders’Financial31Annualposting2611:004QuarterlyReleased–51*1DividendsLasttoDatePaymentdividendsharesdateDividenddeclaredcumshareholdersADSFinal12216Interim3017101529Page_* Annual ApproximateMayQuarterNovember March trade FebruaryDecemberMarchJulyFebruaryAugustSeptemberJanuary datedividendto328holders– SA2007 number– financialgeneral20072007*on Financial_AngloGold 2007 numberyear-endtimereports200620072008*ended on 2007*or 2008* 2008 dates.20072008* or about2006 2007* diary101103meeting about statements 3130Statements102 ordinaryAshanti MarchJuneSeptemberDecember 2007 2007 2006information 20072007 cont.

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document AngloGoldRegistrationShareISIN:AGGGSEAGAAADAEuronextVAANGJSEUBSAuditors:ErnstOfficesRegisteredAustraliaGhanaUnitedDirectorsExecutiveNon-ExecutiveOfficersMsCompanyContactsSouthMichaelGeneralADRTheGlobalBoNYTelephone:*#‡†§SupplementarySM BritishGhDSAmericanGhanaianFrenchBrazilian YL AnnualBankSponsor: (Shares):(GhDS):EatwellDepositaryZAE000043485Z& maintainsAfricacodes:RegistrarsKingdomBuyDIRECT Simelane YoungregistrarsClementsE-mail Paris:Brussels:ofSecretary:secretarial Ashanti andFinancial+1-888-BNY-ADRS AshantiNo.New informationenquiriesCorporate Secretaries1944/017354/06a York direct websiteannual LimitedStatementse-mail (BoNY) share reporton Mineral purchase 2006website Resources, is available Orein printed Reserves or CD and format development, from the contactsprepared whose on a business details appear unit basis, above is obtainableor on the Internet from the at abovethe above sources website as well AdministrativeIncorporatedJSE:Registered11LevelGoldStRMRPManagingCharlesTelephone:[email protected]://www.AngloGoldAshanti.comhttp://www.aga–reports.comcompanysecretary@AngloGoldAshanti.comComputershareNTHCInvestorandaddress.as James'sin DiagonalEdey Godselldividend PDFANGHouse 13, Limited Carter Services,In * Stformat Secretary: (Chairman) addition,Corporate+27 (ChiefMartins Streetinreinvestment * theInvestor11 on P ExecutiveRepublic 637 theAngloGoldTowerO Services Box AngloGold6647 Services plan11258 ofOfficer) Ashanti SouthLimitedfor 2004PLCAshanti Africa must (Pty) information website. by no later Plans than of the30 JuneSouth 2007 Africa produce region undergrounda Form 20-F (aworkings report required are also byavailable the Securities on request. and Exchange Commission in LSE:AuditorsJohannesburg44Patrice6RDrTelephone:Fax:LimitedPOPtyMartcoChurchAngloGoldthe StCarvalho TJ StUnitedBoxLimited James's +27 AGDGeorge'sMotlatsi HouseLumumba Street 82 Inc.11 States),Ashanti. Silva+27 637 Place (DeputyStation2001 Terrace 11 6400§ Roadcopies 637 Chairman) 6385 of which will be available free of charge on EDGAR at www.sec.gov, or from the contacts detailed above. NYSE:(POPerth,LondonNFFBFax:E-mail:GroundTheLevelOffNew ArismanKwameNicolau PavilionsBox+27York, 2,WA AU [email protected] Floor,SW1A 45 62117,2665)11 6000NY StNkrumah #637 George's70 10286-12581NP Marshalltown6400 Marshall Avenue Terrace Street 2107) ASX:South(POAccraEnglandSREE-mail:JohannesburgBridgwaterPerth,POUnited Venkatakrishnan BannermanBox Box Africa WA [email protected] K1A Z5046, 6000Road 9563 of 2001 ‡AmericaPerth Airport * WA 6831) Telephone:AustraliaGhanaMrs(POBristol(GPOAccra EBox BoxleBS99 R61051, D182Bradley +27+44+1 7NH 888 1120MarshalltownPerth, 6377499269 WA60002377 3916 6840) (Toll 2107) free in Fax:Telephone:CBSouthEnglandAustraliaGhanaUSA) Brayshaw +27+44 orAfrica +1 1120 212+61+233 6377491 815 86624 2119899425 3700772190 4602 (outside USA) Fax:RTelephone:E-mail: Médori +61+233 [email protected] 8† 21 9425(Alternate:0861+44+61+233 778155 8708 4662100 219323 702238492-3 724 P 2000 G0000 (in Whitcutt) SA) JHFax:Telephone:Website: Mensah +27+44+233 http://www.stockbny.com11870 21 1300 ‡688 703229975 522255 6119 7010 (in Australia) [email protected]: Nairn +61 8 (Alternate: 9323 2033 A H Calver *) Prof WL Nkuhlu SM Pityana SR Thompson * AJ Trahar

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document SIGNATURESPursuantAngloGoldDate:By:/s/Name: L Eatwell March Lynda to Ashanti the 29, Eatwell requirements 2007 Limited of the Securities Exchange Act of 1934, the registrant has duly caused this reportTitle: toCompany be signedSecretary on its behalf by the undersigned, thereunto duly authorized.