Edgar Filing: ANGLOGOLD ASHANTI LTD

Page 1

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 OF

THE SECURITIES EXCHANGE ACT OF 1934

Report on Form 6-K dated February 9, 2009

Commission File Number 1-14846

AngloGold Ashanti Limited

(Translation of registrant’s name into English)

76 Jeppe Street

Newtown, 2001

(P.O. Box 62117, Marshalltown, 2107)

South Africa

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F
or Form 40-F.

Form 20-F X Form 40-F

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T
Rule 101(b)(1):

Yes No X

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T
Rule 101(b)(7):

Yes No X

Indicate by check mark whether the registrant by furnishing the information contained in this Form is
also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the
Securities Exchange Act of 1934.

Yes No X

Enclosure: Press release ANGLOGOLD ASHANTI RESULTS FOR THE QUARTER AND YEAR
ENDED 31 DECEMBER 2009 PREPARED IN ACCORDANCE WITH
IFRS

Quarter 4 2008

Report

for the quarter and year ended 31 December 2008

Group results for the quarter….

· Gold production at 1.268Moz up on the prior quarter’s performance and ahead of previous market guidance.

· Obuasi in Ghana delivers second consecutive quarter of production improvement, up 7% on the previous quarter as turnaround strategy
starts to take effect.

· Uranium production increases 2% to 353,000 pounds.

· Total cash costs at $422/oz for the group, 13% better than previous quarter and 8% below market guidance with South African operations
total cash costs at $318/oz, down 23%, while Brazil operations were $100/oz lower at $255/oz.

· Adjusted headline loss was $17m, distorted by annual accounting adjustments which totalled $48m relating to inventory write-downs,
current and deferred tax provisions.

· $1.0bn term facility secured to re-finance convertible bond.

· Transaction announced to sell interest in Boddington for an aggregate maximum consideration of up to approximately $1.1bn in January
2009.

… and the year

· Fatalities reduced by 57%, while a 20% improvement has been achieved on all accidents.

· Gold production 4.982Moz – in line with market guidance.

· Total cash costs increased by $87/oz to $444/oz, due to lower production and inflationary pressure, offset partially by weaker local
currencies for the latter part of the year.

· Hedge commitments reduced by 5.29Moz or 47% to 5.99Moz - company now better positioned to materially participate in higher spot prices
going forward.

· Hedge buy-backs results in an adjusted headline loss of $897m, against an adjusted headline earnings of $278m in 2007.

· Mineral Resource after depletion increased 16% or 33.4Moz to 241.0Moz, while Ore Reserves after depletion increased 2% to 74.9Moz –
prior to Boddington sale.

· Final dividend declared at 50 South African cents per share or 5 US cents per share, resulting in a total dividend of 100 South African cents
or 11 US cents per share for the year.

Quarter

Year

Quarter

Year

ended

Dec

Sep

Dec

Sep

Dec

2008

2007

2008

2007

Restated

SA rand / Metric

US dollar / Imperial

Operating review

Gold
Produced

- kg / oz (000)

39,429

39,336

154,958

170,365

1,268

1,265

4,982

5,477

Price received

- R/kg / $/oz

219,329

160,127

130,522

142,107

687

644

485

629

Price received normalised for
accelerated settlement of non-hedge
derivatives

- R/kg / $/oz

219,329

160,127

185,887

142,107

687

644

702

629

Total cash costs

- R/kg / $/oz

134,813

121,440

117,462

80,490

422

486

444

357

Total production costs

- R/kg / $/oz

172,312

152,945

150,149

107,415

540

612

567

476

Financial review
Gross profit (loss)

- Rm / $m

2,187

851

939

(1,309)

390

186

594

(248)

Gross profit (loss) adjusted for the gain
(loss) on unrealised non-hedge
derivatives and other commodity
contracts

- Rm / $m

1,241

184

(2,945)

5,893

125

(384)

835

Adjusted gross profit normalised for
accelerated settlement of non-hedge
derivatives

- Rm / $m

1,241

184

5,072

5,893

125

626

835

(Loss) profit attributable to equity
shareholders

- Rm / $m

(11,869)

(247)

(16,105)

(4,269)

(1,016)

(1,195)

(668)

Headline earnings (loss)

- Rm / $m

516

(298)

(4,375)

(4,136)

234

(30)

(648)

Headline (loss) earnings adjusted for
the gain (loss) on unrealised non-
hedge derivatives and other commodity
contracts and fair value adjustments on
convertible bond

- Rm / $m

(178)

(956)

(7,197)

1,971

(17)

(119)

(897)

278

Capital expenditure

- Rm / $m

2,994

2,623

9,905

7,444

302

338

1,201

1,059

(Loss) profit per ordinary share

- cents/share

Basic

(3,335)

(71)

(5,077)

(1,517)

(285)

(377)

(237)

Diluted

(3,335)

(71)

(5,077)

(1,517)

(285)

(377)

(237)

Headline

145

(86)

(1,379)

(1,470)

(9)

(230)

Headline (loss) earnings adjusted for
the gain (loss) on unrealised non-
hedge derivatives and other commodity
contracts and fair value adjustments on
convertible bond

cents/share

(50)

(275)

(2,269)

700

(5)

(34)

(283)

Notes:

1. Refer to note C "Non-GAAP disclosure" for the definition.
2. Refer to note B "Non-GAAP disclosure" for the definition.

3. Refer to note 9 "Notes" for the definition.
4. Refer to note A "Non-GAAP disclosure" for the definition.

$ represents US dollar, unless otherwise stated.

Rounding of figures may result in computational discrepancies.

Global Footprint

AngloGold Ashanti is a global company…

…with an extensive portfolio of new and emerging opportunities.

China

DRC

Russia

Operations at a glance

for the quarter ended 31 December 2008

Production

Total cash costs

Gross profit (loss) adjusted

for the gain (loss) on

unrealised non-hedge

derivatives and other

commodity contracts

oz (000)

Variance

$/oz

Variance

Mponeng

144

(12)

222

(23)

AngloGold Ashanti Mineração

234

(29)

Kopanang

310

(26)

200

Cripple Creek & Victor

322

Moab Khotsong

317

500

Morila

3, 4

385

(17)

120

Siguiri

478

(9)

Sunrise Dam

(26)

486

(21)

190

Great Noligwa

(2)

452

(25)

367

TauTona

(11)

325

(27)

(59)

Serra Grande

260

(20)

Sadiola

3, 4

386

(3)

Savuka

255

(58)

100

Iduapriem

577

400

Yatela

3, 4

(11)

561

(11)

100

Cerro Vanguardia

464

(30)

113

Tau Lekoa

(5)

478

(16)

200

Navachab

512

(5)

100

Obuasi

712

(33)

(50)

Geita

(30)

921

(58)

(32)

Other

100

Sub-total

1,268

422

(13)

143

286

Less equity accounted investments

(18)

100

AngloGold Ashanti

125

347

Refer to note B "Non-GAAP disclosure" for the definition.

Variance December 2008 quarter on September 2008 quarter - increase (decrease).

Attributable.

Equity accounted investments.

Rounding of figures may result in computational discrepancies.

Financial and operating review

OVERVIEW FOR THE QUARTER AND YEAR

FOURTH QUARTER

Five employees were fatally injured during the
quarter, with four accidents occurring in the South
African region and one at Obuasi in Ghana. This
brings the total number of fatalities to 14 for 2008,
against 34 fatal accidents in 2007. This is
equivalent to a fatal injury frequency rate (FIFR) of
0.09 per million hours worked for the year, against
0.21 for 2007, representing a 57% improvement
and is the lowest rate that the company has ever
recorded.

The LTIFR rate for the year ended 11% lower than
that recorded in 2007, while a 20% year-on-year
improvement has been achieved on all injuries.

AngloGold Ashanti remains committed to a
continuing focus on raising safety standards and
achieved this quarter, its commitment of having all
its mining operations OHSAS 18001 compliant. In
addition, its South African metallurgical plants and
the Tropicana exploration project in Australia also
achieved certification.

Gold production for the fourth quarter was
marginally higher than market guidance at
1.27Moz, reflecting improved performance across
all assets, with the exception of Geita. Total cash
costs at $422/oz, was 13% lower than the previous
quarter, primarily due to once-off ore stock pile
movements not repeating during the fourth quarter,
weaker local currencies and reduced fuel costs.

The South African operations were 3% lower at
16,185kg, primarily due to lower production from
Mponeng which was constrained by face-length
flexibility and vamping activities. Despite the lower
gold production, total cash costs reduced 1% to
R101,675/kg following lower summer power tariffs
and delivery of cost saving initiatives. Savuka and
Kopanang had solid quarters with gold production
up 18% and 8% respectively, while Moab Khotsong
continues to build-up production flexibility, up 3%
for the quarter. The South African operations
continue to provide currency leverage to a
weakening Rand, and dollar denominated total
cash costs closed 23% lower at $318/oz, with
operational free-cashflow increasing significantly
from $52m to $118m.

Uranium production increased 2% during the
quarter to 353,000 pounds, and 629,000 pounds of
uranium was on hand and at the converters at
year-end. Total uranium production for the year
was 4% higher than the prior year at 1.3m pounds,
notwithstanding the power related production
stoppages earlier in the year. Following the
cancelling of some uranium contracts during the
year, the company is poised to achieve greater
exposure to spot uranium prices in 2009.

The other African assets also had solid performances.
Production from the Ghanaian operations
increased by 9% to 155,000oz, with both Obuasi
and Iduapriem growing production for the second
consecutive quarter.

Siguiri in Guinea saw production 13% higher at
81,000oz following improved plant availability with
total cash costs reduced by 9%. The Malian
operations increased production by 15% and
reduced total cash costs by 12% to $411/oz.
Production at Navachab in Namibia was 18%
higher at 20,000oz and total cash costs 5% lower
at $512/oz. Geita in Tanzania had a difficult
quarter, affected by SAG mill breakdowns, which
resulted in production reducing 30% to 52,000oz
and consequently, total cash costs increasing 32%.

The Americas also delivered solid results, with
Cerro Vanguardia in Argentina increasing
production by 30% to 56,000oz, consistent with the
steps taken in the prior quarter to rectify plant
constraints. Total cash costs consequently reduced
30% to $464/oz, and operational free cashflow
increased to $7m from a loss in the previous
quarter of $10m.

The Brazilian operations saw production 5% higher
at 108,000oz, led by Serra Grande with improved
gold production, higher throughput and improved
grades. Total cash costs for Brazil was significantly
lower at $255/oz, assisted by the higher gold
production, improved cost management and a
weakening local currency. Operational free-
cashflow increased 83% to $42m for the quarter.

Production at CC&V in the USA was 24% higher at
78,000oz, while total cash costs were flat at
$322/oz, with operational free cashflow increasing
47% to $25m.

The company continued to execute its hedge
reduction strategy and further reduced hedge
commitments from 6.30Moz to 5.99Moz at
31 December 2008, while the net delta hedge
position reduced 0.57Moz for the quarter to
5.22Moz. This brings the total year’s reduction of
hedge commitments to 5.29Moz or 47% for the
year, while the net delta reduced by 5.17Moz or
46%. The company is now better positioned to
participate in higher spot prices going forward.

During the quarter the received price of $687/oz
was 7% higher than the previous quarter and
13.6% below the average spot price. This
compares favourably with the previous quarter
where the discount to spot was 26%. The adjusted
headline loss was $17m, distorted by annual
accounting adjustments (net of tax) aggregating
$48m which included write-downs of Geita
stockpiles ($19m) and stores in Continental Africa
($21m) and current and deferred tax provision
($8m).

During the quarter, the company recorded
exceptional asset impairment charges aggregating
$1.25bn (net of tax) in relation to the former
Ashanti assets (comprising Obuasi, Geita and
Iduapriem) and certain other investments and
sundry assets. This adjustment which is of a non-
cash nature is based on assumptions relating to
market conditions which include the lower gold
forward curve, higher discount rates, higher power
tariffs in Ghana and reduced reserves at Geita. The
asset impairment charges are excluded from both
headline and adjusted headline earnings.

On 21 November 2008, AngloGold Ashanti
announced the signing of a $1bn term facility
agreement with Standard Chartered Bank to
refinance its convertible bond. The Term Facility is
available to be drawn during February 2009 for the
purpose of repaying the $1bn convertible bond due
on 27 February 2009. The Term Facility is for an
initial one year period from the date of the first
drawdown in February 2009 but may be extended,
if required, at the option of AngloGold Ashanti until
30 November 2010. The covenant terms of the
Term Facility are similar to those of AngloGold
Ashanti’s existing $1.15bn Revolving Credit
Facility, save that the amounts drawn under the
Term Facility will bear an interest margin of 4.25%
for the first six months after the first drawdown and
5.25% thereafter.

On 15 December 2008 the company announced
the purchase of São Bento Gold Company Limited
("SBG") and its wholly-owned subsidiary, São
Bento Mineração S.A. ("SBMSA") from Eldorado
Gold Corporation ("Eldorado") for a consideration
of $70m. The purchase price was settled through
the issuance of 2,701,660 AngloGold Ashanti
shares. The purchase of SBG and SBMSA gives
AngloGold Ashanti access to the São Bento mine,
a gold operation located in the immediate vicinity of
AngloGold Ashanti's proposed Córrego do Sítio
mine in Brazil. The acquisition of the São Bento
mine provides AngloGold Ashanti with the potential
to double the scale of the proposed Córrego
do Sítio mine, which once developed will
significantly enhance AngloGold Ashanti's Brazilian
asset base.

YEAR

The company’s total Mineral Resource before
depletion increased by 40.5Moz for the year. After
depletion, this represents an increase of 33.4Moz,
from 207.6Moz in 2007 to 241.0Moz in 2008. The
largest single resource increase came at La Colosa
in Colombia, where 12.3Moz were delineated by
the exploration team. Significant other additions
include 7.9Moz at Mponeng, 3.9Moz at Obuasi
following exploration work below 50 level, 1.6Moz
at Boddington, 1.8Moz at Savuka, 1.4Moz at
Iduapriem, 1.2Moz at CC&V following successful
exploration and work completed on the mine life
extension project, and 1.2Moz at Sadiola.

In 2008, AngloGold Ashanti recorded an increase
in total ore reserves before depletion of 7.7Moz.
After depletion, this represents a 2.5% increase
year-on-year, from 73.1Moz in 2007 to 74.9Moz
in 2008. Significant additions included 2.8Moz at
Mponeng, 1.3Moz at Obuasi due to revised mine
design and schedule, 1.1Moz at Boddington due to
successful drilling and at Siguiri 0.6Moz, where the
resources were upgraded from inferred to indicated
at the Seguelen NW and Sintroko deposits due to
improved mining efficiencies.

Production for 2008 declined 9% to 4.98Moz, but
within market guidance. South African production
declined 230,000oz, primarily as a result of the
power shortages experienced in South Africa and
safety stoppages. Post the January 2008 power
shortage incident, no further constraints were
experienced during the year and the company is
now operating at 100% capacity, while utilising
93% of its original power allocation in South Africa.

Production at Sunrise Dam was 167,000oz lower
as anticipated following the completion of mining
the high grade zone in the MegaPit, and production
at Geita was 63,000oz lower following mill
breakdowns. Cerro Vanguardia also had a difficult
year with production 50,000oz lower, due to lower
feed grades and problems associated with the
agitators in the leach tanks in the first half of the
year. Encouragingly, Ghana posted a 6% increase
in production, while the Brazil operations
maintained their solid performance.

Total cash costs for 2008 increased by $87/oz to
$444/oz, primarily as a result of the 9% lower gold
production and cost escalation on wages and
consumables, offset partially by weaker local
currencies during the latter part of the year.
Combined with the hedge buy-backs during the
year, the adjusted headline earnings reduced from
$278m in 2007 to a loss of $897m for 2008.

A dividend of 50 South African cents (5 US cents)
per share was declared for the six months ended
31

December 2008. This represents a similar

dividend payout as per the interim year declaration,
resulting in a total dividend for the year of
100

South African cents (approximately 11 US

cents) per share.

Post quarter end, on the 27 January 2009 the
company announced the sale of its 33.33% interest
in Boddington Mine to Newmont Mining
Corporation for an aggregate consideration of up to
approximately $1.1 billion. The transaction includes
a cash payment of $750m upon closing; $240m
due on 31 December 2009 in either cash or shares
and quarterly royalty payments to a maximum of
$100m based on a specified cash operating margin
being achieved. All capital expenditure incurred
from 1 January 2009 is also to be reimbursed.
Boddington Mine was under development during
the course of 2008 and is scheduled to come into
production during the course of 2009. As at the
31 December 2008, Boddington had attributable
reserves of 6.7Moz and Mineral Resources of
11.9Moz.

Production for 2009 is expected to be within a
range of 4.9Moz to 5.0Moz, and total cash costs
are anticipated to be between $435/oz and
$450/oz, based on the following exchange rate
assumptions: R9.75/$, A$/$0.675, BRL2.25/$ and
the Argentinean peso 3.65/$. Capital expenditure
for the year is estimated to be approximately
$840m, and will be managed in line with profitability
and cashflow.

Production for the first quarter of 2009 is estimated
to be 1.13Moz at an average total cash costs of
between $440/oz and $450/oz, assuming the
following exchange rates: R9.75/$, A$/$0.66,
BRL2.25/$ and Argentinean peso 3.50/$. Capital
expenditure is estimated at $220m.

The table below provides guidance for the year in
respect of forecast ounces and total cash costs for
2009.

Forecast

Production

Ounces

(000)*

Expected

Cash

Cost

$/oz**

Great Noligwa

220

460 - 480

Kopanang 400

275

- 295

Tau Lekoa

150

455 - 475

Moab 300

280

- 300

VR Surface

115

360 - 380

TauTona 295

330

- 350

Savuka 65

440

- 460

Mponeng 530

260

- 280

Navachab 70

430

- 450

Morila 130

550

- 570

Yatela 90

440

- 460

Sadiola 130

495

- 515

Siguiri 300

495

- 515

Obuasi 400

620

- 640

Iduapriem 200

540

- 560

Geita 315

800

- 820

Cripple Creek

280

350 - 370

Serra Grande

340 - 360

AngloGold Ashanti Brazil

320

280 - 300

Cerro Vanguardia

160

410 - 430

Sunrise Dam

410

530 - 550

Total

4.9 – 5.0

435 - 450

* Attributable production

** Assumes the following exchange rates to the US dollar: R9.75/$,

A$/$0.675, BRL2.25/$ and the Argentinean peso 3.65/$

OPERATING RESULTS FOR THE QUARTER

SOUTH AFRICA

At Great Noligwa, following the transfer of the
upper level high-grade SV4 section to Moab
Khotsong during the third quarter, production
remained steady at 1,969kg (63,000oz). However,
total cash costs were 4% lower at R144,190/kg
($452/oz), primarily due to higher by-product
contribution and lower power tariffs.

The adjusted gross profit was R78m ($8m) against
a loss of R28m ($3m) in the previous quarter. This
was mainly as a result of the higher gold price
received.

The Lost-Time Injury Frequency Rate (LTIFR)
improved to 12.11 lost-time injuries per million
hours worked (12.52 for the previous quarter)

Kopanang had a solid quarter with gold
production up 8% to 2,827kg (91,000oz), following
increased mining volumes resulting from improved
face length and higher grade tonnage delivered to
the plant.

Total cash costs were 5% lower at R99,050/kg
($310/oz) on the back of higher gold production.
The adjusted gross profit was R240m ($24m),
compared with the R57m ($8m) in the previous
quarter, due to the higher price received and higher
gold production.

The LTIFR was 12.25 (11.86).

The build-up at Moab Khotsong continues with
gold production up 3% at 2,194kg (71,000oz),
following increased tonnage throughput, partially
offset by mining mix which adversely affected the
grade.

Total cash costs were 28% higher at R101,180/kg
($317/oz), primarily due to lower underground
inventory lock-ups, partially offset by the higher
gold production. The adjusted gross profit was
R114m against a loss of R27m in the prior quarter,
primarily due to the higher gold price received and
improved production.

The LTIFR improved 28% to 9.18 (12.83).
Regrettably, there was one fatal accident during
the quarter.

At Tau Lekoa, gold production was 6% lower at
1,105kg (36,000oz), following the loss of three
production shifts to safety stoppages and
maintenance. As a result, total cash costs
increased 7% to R152,541/kg ($478/oz), while the
adjusted gross profit was R22m ($2m) against a
loss of R16m ($2m) in the previous quarter. The
favourable movement is attributed to an improved
gold price received, partially offset by the lower
gold production.

The LTIFR improved 16% to 12.38 (14.82).

Gold production from the Vaal River Surface
Operations was the highest achieved for the year,
with production of 848kg (27,000oz), 10% higher
quarter-on-quarter mainly due to increased
tonnage throughput to ensure maximum plant
capacity. On the back of the higher gold
production, total cash costs were 9% lower at
R116,749/kg ($366/oz).

Adjusted gross profit was R62m ($5m) higher at
R81m ($8m), mainly as a result of a higher gold
price received and improved total cash costs.

The LTIFR was 0.56 (1.08).

Gold production at Mponeng was 12% lower at
4,492kg (144,000oz) against the prior quarter, but
the mine has for the fourth consecutive quarter
exceeded its plan. Gold production decreased
quarter-on-quarter due to reduced mining volume
constrained by face length and lower vamping
activities.

Despite the lower gold production, total cash costs
improved 2% to R71,022/kg ($222/oz), primarily
due to the lower power tariffs and a favourable
inventory adjustment due to an increase in lock-up
tonnes.

The adjusted gross profit was R212m higher than
the previous quarter at R594m ($60m). This was
due to higher gold price received, partially offset by
lower gold production.

The operation regrettably recorded one fatality for
the quarter and the LTIFR was 12.66 (12.21).

Savuka had a solid quarter with gold production
18% higher at 566kg (18,000oz), mainly due to
improved drilling and blasting, vamping and
improved mining mix. Total cash costs reduced
significantly to R81,339/kg ($255/oz), the result of
higher gold production, lower operating costs
following savings initiatives and lower power tariffs.

The adjusted gross profit was R24m ($2m) higher
at R42m ($4m), due to the higher gold price
received, improved production and lower total cash
costs.

The LTIFR improved to 12.35 (14.27).

Gold production at TauTona was 11% lower at
2,184kg (70,000oz) following reduced mining
volume due to safety concerns. Despite the lower
gold production, total cash costs decreased 6% to
R103,961/kg ($325/oz), the result of lower power
tariffs and costs saving initiatives.

The adjusted gross profit reduced to R72m ($7m),
against R130m ($17m) in the prior quarter.

The LTIFR was 15.44 (12.49). Regrettably, there
were two fatal accidents during the quarter.

ARGENTINA

At Cerro Vanguardia (92.5% attributable)
production rose 30% to 56,000oz due to higher
yield and increased volume, both the consequence
of action taken to resolve plant constraints
experienced during 2008. Total cash costs
decreased 30% to $464/oz as a result of local
currency depreciation, higher gold produced,
higher silver by-product contribution, as well as
lower costs in respect of equipment maintenance
and contractors.

The adjusted gross profit was $2m, against a loss
of $15m in the prior quarter, as a result of higher
gold sold, improved received price and lower costs.

The LTIFR was 3.49 (1.56).

AUSTRALIA

Gold production at Sunrise Dam reduced 26% as
anticipated to 85,000oz, following the completion of
mining in the MegaPit during the previous quarter.
Total cash costs, however, only increased 3% to
A$721/oz ($486/oz), with lower handling costs
partially offsetting the reduced gold production.

The adjusted gross profit was A$13m ($9m),
against a loss of A$12m ($10m) in the prior
quarter.

The LTIFR remained 0.00 (0.00).

BRAZIL

Gold production at AngloGold Ashanti Brasil
Mineração was steady at 83,000oz. Total cash
costs decreased 29% to $234/oz primarily due to
local currency depreciation and lower fuel costs.

The adjusted gross profit was $27m, against $18m
in the previous quarter, reflecting the higher
received price and lower costs.

The LTIFR was 3.24 (2.67).

At Serra Grande, (50% attributable) gold
production increased 20% to 24,000oz, resulting
from improved throughput and grade. Total cash
costs decreased 20% to $260/oz, primarily due to
local currency depreciation and higher gold
production.

The adjusted gross profit was $7m, against the
previous quarter’s $5m.

The LTIFR was 1.46 (1.60).

GHANA

Obuasi, for the second consecutive quarter,
increased gold production to 98,000oz, 7% higher
than the previous quarter. The turnaround project
continues with an increase in development metres
to improve mining flexibility and improved
metallurgical recoveries, resulting in both
throughput and yield improving. Total cash costs
increased by 5% to $712/oz, due to once-off
consumable write-offs, partly offset by lower fuel
prices and reduced power consumption.

The adjusted gross loss was $33m, resulting from
the increase in cash operating costs.

The LTIFR was 4.40 (1.18). Regrettably, there was
one fatal accident during the quarter.

At Iduapriem gold production increased for the
second consecutive quarter, up 14% to 57,000oz,
following improved plant availability that increased
tonnage throughput 10% and yield was 2% higher
following improved mining mix. Total cash costs
increased by 2% to $577/oz mainly as a result of
an increase in waste stripping costs in line with the
mining plan, partially offset by the higher gold
production.

An adjusted gross profit of $3m was achieved,
against a loss of $1m in the previous quarter.

LTIFR was 3.33 (1.46)

REPUBLIC OF GUINEA

At Siguiri (85% attributable) production increased
13% to 81,000oz as a result of improved plant
availability and utilisation. Total cash costs
decreased to $478/oz as a result of the higher
production, lower fuel prices and local currency
depreciation.

The adjusted gross profit increased to $10m as a
result of the increase in production, higher gold
price received and decrease in total cash costs.

LTIFR was 0.58 (0.57)

MALI

Gold production at Morila (40% attributable) was
24% higher than the previous quarter at 47,000oz
due to a 24% increase in recovered grade,
following higher grade material available from
Pit 4N. Total cash costs were 17% lower at
$385/oz, on the back of the higher gold production,
lower reagent and fuel costs.

Adjusted gross profit of $11m was double that of
the previous quarter.

The LTIFR was 0.00 (0.00).

At Sadiola (38% attributable), production was 20%
higher at 49,000oz due to a combination of
increases in both tonnage throughput and yield.
Tonnage throughput was favourable as a result of
improved plant availability, while better feed grades
improved yield, as a result of processing a higher
percentage of sulphide ore. Total cash costs
decreased to $386/oz as a result of lower fuel
prices and increased production, partly offset by a
once-off mining contractor expenses.

Adjusted gross profit increased to $5m primarily as
a result of the increased production and lower fuel
prices.

The LTIFR was 0.83 (0.91).

Production at Yatela (40% attributable) decreased
by 11% to 16,000oz due to a decrease in
recovered grade, as a result of stacking lower
grade marginal ore in the previous quarter. Despite
the lower gold production, total cash costs
decreased by 11% as a result of lower fuel prices,
reduced reagents consumption and a stronger US
dollar, offsetting the impact of the lower gold
production.

The adjusted gross profit was $3m, against break-
even in the previous quarter, primarily due to the
higher received price and lower total cash costs.

The LTIFR was 0.00 (4.76).

NAMIBIA

Gold production at Navachab increased 18% to
20,000oz, as both throughput and yield improved.
Tonnage throughput was higher following the
implementation of continuous shifts, while
improved grade control allowed for improved
delineation of higher grade blocks from the North
pit 2 area. Consequently, total cash costs reduced
5% to $512/oz.

The adjusted gross profit was $2m, against $1m in
the previous quarter.

The LTIFR remained 0.00 (0.00).

TANZANIA

At Geita, gold production was 30% lower than the
previous quarter at 52,000oz due to a reduction in
grade and tonnage throughput following the
breakdown of the SAG mill. Total cash costs were
consequently 32% higher at $921/oz.

Adjusted gross loss was $14m lower at $58m.

The LTIFR was 0.80 (1.63).

NORTH AMERICA

At Cripple Creek & Victor, (100% ownership
effective 1 July 2008) gold production increased
24% to 78,000oz due to pad phase timing. Total
cash costs were on par with that of the previous
quarter at $322/oz, with higher production and
lower royalties offsetting increased lime
requirements.

The adjusted gross profit was $20m against $12m
in the prior quarter.

The LTIFR was 9.81 (0.00).

Notes:

· All references to price received includes realised non-hedge derivatives.

· In the case of joint venture and operations with minority holdings, all production and financial results are attributable to AngloGold
Ashanti.

· Rounding of figures may result in computational discrepancies.

Review of the gold market

The ‘deleveraging’ that started with the collapse of
Lehman Brothers continued into the fourth quarter
as financial markets struggled to come to terms with
the extent of the crisis and its global impact.

Continued liquidation took place across all metals
and commodities including gold. Having peaked at
$910/oz in early October, the liquidation on the
COMEX over the ensuing month of almost 8Moz
took the price down to the lows of the quarter of
$710/oz by early November. It is possible that the
extent of this decline was exacerbated by market
participants who took advantage of the ease with
which gold can be used as a short-term funding
mechanism.

Despite falling over $200/oz during the quarter, gold
outperformed all of the other metals and oil. The sell
off to around $700/oz represented a decline of just
over 30% from the year’s high, whereas on a similar
basis, platinum lost 68%, copper 67%, nickel 73%
and the oil price plunged 77%.

In November speculative interest returned to gold,
partly due to another wave of US dollar weakness
but also on hopes that another cut in production
from OPEC would lift the oil price and that this
would in turn support the gold price.

This rally was sustained through December when
commodities in general started to stage a recovery.
In addition, gold started to benefit from safe haven
buying once again as analysts began to highlight
the potential inflationary impact of all of the co-
ordinated global activities of liquidity injections,
stimulus packages and interest rate cuts. During
the month of December the gold price rallied 14%,
ending the year at $878/oz.

The gold price averaged $872/oz in 2008, 24%
higher than the average for 2007 of $703/oz. The
average price during the fourth quarter was
$795/oz, marginally higher than the average price
during the fourth quarter of 2007 of $788/oz.

Investment Market

ETF holdings continued to grow during the period
under review, against the general trend in other
investment vehicles. This is indicative of the fact
that ETF investors tend not to be driven by short-
term price movements or speculative opportunities
but are rather longer-term investors who see gold as
a hedge against inflation or a portfolio diversifier.
Total holdings at year end were some 38Moz.
Holdings increased during the quarter by some
3Moz, including over 600,000oz invested in a new
exchange traded fund listed on the German Stock
Exchange.

Producer Hedging

Very little activity took place in this area during the
quarter and in comparison to the volatility
experienced in international markets, the relatively
small movements in the global hedge book were not
a significant driver of price or market sentiment.

Physical Demand

The retail sector and particularly the luxury goods
market suffered globally as a result of the credit
squeeze and fears of recession. The gold jewellery
market, which accounts for some 70% of physical
demand, was affected by this trend, particularly in
the US and in Europe, where jewellery is purchased
as an adornment, rather than as an investment
product.

The exception to this trend was China, where
jewellery sales continued at similar level as the
comparable period in 2007. However many
Chinese exporters of consumer goods have seen a
drop in sales and it is likely that the internal
consumption market for jewellery will suffer as the
effects of this decline filter into the Chinese
economy. The first quarter of the year, in particular
the Chinese New Year period in late January, is
typically a period of peak demand, but it is likely that
consumption will slow down in March as retailers
restock cautiously.

Investment demand, in the form of bars and coins,
has increased dramatically in China over the recent
period and 2008 is likely to show an increase of
over 100% year-on-year when official figures are
released later in the year. The reasons for the
increase relate to concern over other investment
vehicles, particularly housing and the stock
exchange, but also the traditional view of gold as a
hedge against inflation and a safe haven in times of
economic uncertainty.

The US market was hard hit by concerns over the
economy and sales were down in all sectors of the
market. In parallel, higher gold prices have driven
retailers to stock alternative jewellery products,
using for example gold plating or gold and silver in
combination, in order to maintain price points.
Sales during the fourth quarter, which typically
account for around 40% of jewellery sales annually,
were at significantly lower levels, even in
comparison to the lacklustre fourth quarter
experienced in 2007. However, stocks are also at
record low levels, and it is possible that there will be
some revival in demand in the early part of 2009 as
retailers restock.

Economic uncertainty also affected the Middle
Eastern market, particularly in tourist destinations
such as Dubai. The local retail trade in the Gulf
Region declined as well as the tourist sector. As
consumer spending slowed and the impact of stock
exchange falls took its toll, spending on
discretionary and luxury goods including jewellery,
was affected.

Egyptian demand remained healthy despite high
local gold prices (as the Egyptian Lira weakened
against the US dollar). In contrast, demand in
Turkey, where local gold prices also rose
significantly but where the effects of the global
economic crisis were more apparent, experienced
significant weakness during the quarter, in both the
jewellery as well as the coin sector. Fabrication
demand in Turkey declined (Turkey is a major
exporter of gold jewellery to the US and as such
was affected by the downturn in US jewellery sales).

In India, where jewellery purchases have a quasi-
investment characteristic, the third quarter had
shown some revival in jewellery sales, after
dampened demand in the first half of the year, due
to the lower and more stable price as well as
expectations of an eventual gold price increase.

In the fourth quarter, however, buying slowed as
prices rose once again. Fabrication demand
(jewellery manufactured for export as well as for
local consumption) also showed a slight decrease in
comparison to the preceding period. If the second
half of the year is viewed as a whole, however,
fabrication demand still shows a significant
increase, in the order of approximately 50%, over
the same period in 2007.

Official Sector Sales

The current Central Bank Gold Agreement (CBGA)
entered its fifth and final year in September 2008.
Central Bank sales in the first quarter of the final
year of the agreement however reached only 50t,
against a quota of 500t for the full year, which
seemed unlikely to be met.

Currencies

The Rand, Australian dollar and Brazilian Real all
came under pressure from the deleveraging that
occurred across other asset classes. In the case of
the Rand and the Australian dollar, the decline was
particularly severe in October, when they lost 34%
and 26% respectively against the US dollar.

Both of these currencies recovered somewhat
during the remainder of the quarter but never
regained their initial levels. The Rand closed the
quarter at $/R9.455 which represents a depreciation
of 14% over the quarter and the Australian dollar
closed at A$/$0.69, a depreciation of 14%.

The Brazilian Real experienced the same sell off
during October as did all emerging market
currencies, however unlike the Rand, it did not
stage any form of sustained recovery through the
balance of the quarter. The Real closed at $/BRL
2.34 which represented a decline over the quarter of
21%.

Hedge position

HEDGE POSITION

As at 31 December 2008, the net delta hedge
position was 5.22Moz or 162t (at 30 September
2008: 5.79Moz or 180t), representing a further
reduction of 0.57Moz for the quarter. The total
commitments of the hedge book as at
31 December 2008 was 5.99Moz or 187t, a
reduction of 0.31Moz from the position as at
30 September 2008.

The marked-to-market value of all hedge
transactions making up the hedge positions was a
negative $2.68bn (negative R25.36bn),
decreasing by $0.29bn (R0.80bn increase) over
the quarter. The marked-to-market value after the
credit risk adjustment of all hedge transactions
making up the hedge positions was a negative
$2.46bn (negative R23.25bn). This value was
based on a gold price of $872.15/oz, exchange
rates of R9.455/$ and A$/$0.6947 and the
prevailing market interest rates and volatilities at
that date.

The company’s received price for the fourth
quarter was $687/oz, 13.6% below the average
spot price for the same period.

During the course of 2008, the hedge book has
been reduced by 5.17Moz on a delta basis and
the committed ounces have reduced by 5.29Moz.

As at 6 February 2009, the marked-to-market
value before the credit risk adjustment of the
hedge position was a negative $2.94bn (negative
R28.97bn), based on a gold price of $913.50/oz
and exchange rates of R9.840/$ and A$/$0.6528
and the prevailing market interest rates and
volatilities.

These marked-to-market valuations are in no way
predictive of the future value of the hedge
position, nor of future impact on the revenue of
the company. The valuation represents the
theoretical cost of closing all hedge contracts at
the time of valuation, using prevailing market
prices and rates.

The following table indicates the group’s commodity hedge position at 31 December 2008.

Year

2009

2010

2011

2012

2013

2014-2016

Total

DOLLAR GOLD

Forward contracts

Amount (kg)

*(5,960)

8,354

11,765

11,944

9,518

2,845

38,466

US$/oz

$1,199 $204

$383

$404

$408 $510 $467

Put options sold

Amount (kg)

4,043

4,226

3,048

1,882

16,963

US$/oz

$671 $708

$533

$430

$440 $450 $579

Call options sold

Amount (kg)

14,805

33,394

38,312

24,461

17,857

22,067

150,896

US$/oz

$442 $537

$530

$622

$601 $606 $557

RAND GOLD
Forward contracts

Amount (kg)

*(1,866)

(1,866)

Rand per kg

R157,213

A DOLLAR GOLD
Forward contracts

Amount (kg)

280

3,110

3,390

A$ per oz

A$852

A$652

A$669

Call options purchased

Amount (kg)

1,244

3,110

4,354

A$ per oz

A$694

A$712

A$707

Delta

(kg)

(4,501) (36,523)

(44,466)

(31,629)

(24,106) (20,998) (162,223)

** Total net gold:

Delta (oz)

(144,720)

(1,174,250)

(1,429,620)

(1,016,910)

(775,040)

(675,070)

(5,215,610)

Indicates a net long position resulting from forward purchase contracts.

The Delta of the hedge position indicated above is the equivalent gold position that would have the same marked-to-market sensitivity for a
small change in the gold price. This is calculated using the Black-Scholes option formula with the ruling market prices, interest rates and
volatilities as at 31 December 2008.

Rounding of figures may result in computational discrepancies.

The following table indicates the group's currency hedge position at 31 December 2008

Year

2008

2009

2010

2011

2012

2013-2016

Total

RAND DOLLAR (000)

Put options purchased

Amount ($)

30,000

US$/R

R11.56

Put options sold

Amount ($)

50,000

US$/R

R9.52

Call options sold

Amount ($)

50,000

US$/R

R11.61

A DOLLAR (000)

Forward contracts

Amount ($)

450,000

A$/US$

$0.65

Put options purchased

Amount ($)

10,000

A$/US$

$0.69

Put options sold

Amount ($)

10,000

A$/US$

$0.76

Call options sold

Amount ($)

10,000

A$/US$

$0.64

BRAZILIAN REAL (000)

Forward contracts

Amount ($)

62,340

US$/BRL

BRL 1.86

Fair value of derivative analysis by accounting designation as at 31 December 2008

Normal sale

exempted

Cash flow

hedge

accounted

Non-hedge

accounted

Total

US Dollar (millions)

Commodity option contracts

(534)

(1,255)

(1,789)

Foreign exchange option contracts

Forward sale commodity contracts

(748)

(146)

178

(716)

Forward foreign exchange contracts

(1)

Interest rate swaps

(24)

(9)

Total derivatives

(1,306)

(147)

(1,045)

(2,498)

Credit risk adjustment

(68)

(2)

(157) (227)

Total derivatives - before credit risk adjustment

(1,374)

(149)

(1,202)

(2,725)

Rounding of figures may result in computational discrepancies.

Exploration

Total exploration expenditure inclusive of
expenditure at equity accounted joint ventures
during the fourth quarter of 2008 amounted to $38m
($16m brownfields, $22m greenfields), compared to
$47m ($25m brownfields, $22m greenfields).

Total exploration spend for the year was $183m
($87m brownfields, $96m greenfields) compared to
$167m ($75m brownfields, $92m greenfields) in
2007.

The company’s total Mineral Resource before
depletion increased by 40.5Moz for the year. After
depletion, this represents an increase of 32.5Moz,
from 207.6Moz in 2007 to 240.1Moz in 2008. The
largest single resource increase came at La Colosa
in Colombia, where 12.3Moz were delineated by the
exploration team. Significant other additions include
7.9Moz at Mponeng, 3.9Moz at Obuasi following
exploration work below 50 level, 1.6Moz at
Boddington, 1.8Moz at Savuka, 1.4Moz at
Iduapriem, 1.2Moz at CC&V following successful
exploration and work completed on the mine life
extension project, and 1.2Moz at Sadiola.

In 2008, AngloGold Ashanti recorded an increase in
total ore reserves before depletion of 7.7Moz. After
depletion, this represents a 2.5% increase year-on-
year, from 73.1Moz in 2007 to 74.9Moz in 2008.
Significant additions included 2.8Moz at Mponeng,
1.3Moz at Obuasi due to revised mine design and
schedule, 1.1Moz at Boddington due to successful
drilling and at Siguiri 0.6Moz, where the resources
were upgraded from inferred to indicated at the
Seguelen NW and Sintroko deposits due to
improved mining efficiencies.

BROWNFIELDS EXPLORATION

In South Africa, surface drilling continued in the
Project Zaaiplaats area, with technical issues
delaying borehole MZA9 and MMB5 reaching a
depth of 3,172m. The Vaal Reef was faulted out by
a minor fault at a depth of 3,132m. Borehole MGR8
has now advanced to a depth of 1,596m and
surface drilling in the Moab North area continued
with the long deflection of borehole MCY4
intersecting C Reef at 2,883m. The hole is currently
at a depth of 3,003m.

At Iduapriem in Ghana, Mineral Resource
conversion drilling at Ajopa was completed, with an
additional 23 Reverse Circulation (RC) (1,828m)
holes and 26 Diamond drill holes (DDH) (3,127m)
being drilled. At Obuasi, exploration continued with
3,055m of DDH drilling below 50 level and 524m of
DDH Drilling above 50 Level.

In Argentina at Cerro Vanguardia, the exploration
programme continued with 1,742m of recognisance
drilling. A further 8,372m of DDH drilling was
completed on accessing the underground mining
potential. Geological mapping commenced at El
Volcan in anticipation of geophysical surveys in
2009.

In Australia at Boddington, there were three rigs
employed on the Mineral Resource conversion and
near mine exploration diamond drilling program.
During the quarter, approximately 16,569 metres
were drilled in 27 holes, bringing year to date drilling
totals to 101,700 metres in 141 holes

At Sunrise Dam, 5,378m of underground DDH
(44 holes) was completed during the quarter. Drilling
continued to target the extensions to the high-grade
gold mineralisation in GQ, Dolly and Cosmo in
positions adjacent to the current development.

Additional targeting of the Carey Shear, 1km below
the mine continued to intersect broad gold zones
and granite-hosted mineralisation.

In Brazil, at the Córrego do Sítio Sulphide Project,
drilling continued with 10,810m being drilled. At the
Lamego project a further 7,380m of drilling was
completed, while exploration drilling started at the
Nova Lima South project with 2,032m being drilled
on targets defined by IP surveys and surface
mapping.

At Serra Grande, exploration was completed at
Pequizão and Pequizão east with 3,082m being
drilled. A further 4,632m of Mineral Resource
definition drilling was also completed during the
quarter.

At Siguiri in Guinea, exploration focused on the final
interpretation of the Sintroko South deposit (situated
8km south of the mine). Diamond drilling to acquire
additional geological information, density data and to
validate RC results were completed, and evaluation
of the data resulted in a significant increase in the
Indicated Mineral Resource. Mining will commence
in the first quarter of 2009.

Drilling, based on anomalous soil sampling results
on the extensions to the north, east and west of the
main Sintroko deposit, was carried out. Good results
from the north and western extensions, indicating
potential new Mineral Resources close to the main
Sintroko deposit, were received.

Also in Guinea, geochemical soil sampling programs
were conducted in the Corridor Block (14km
northwest of the mine) and in Block 1 to the north
and north east of current mining operations, east of
Setiguia village and south of the Sintroko Project.
Encouraging results were obtained from this
sampling in the northwest, north and northeast of the
Kintinian-Setiguia villages. These will be drill tested
in 2009.

At Geita in Tanzania, exploration activities were
focused on Star & Comet, Nyankanga, Area 3 and
Nyamalembo projects. RC drilling was completed
along the northern extension of Star and Comet. A
total of 5 RC holes (696m) were drilled during the
quarter and further exploration will be planned after
completion of geological interpretation.

DDH drilling was completed at Geita Hill and
Nyankanga to test the potential for gold
mineralisation beyond the limit of the open pit; for
future underground mining. A total of 3 holes
(1,813m) were drilled during the quarter.

RC infill and strike extension drilling to test for
potential oxide Mineral Resources commenced in
the Area 3 West-Kukuluma Gap. Currently 11 holes
(1,577m) have been completed.

Reconnaissance RC drilling to follow up on grab
sample anomalies was completed at Nyamalembo
Hill and current results show significant potential.
The high resolution airborne magnetic survey was
completed in November.

At Morila in Mali, a revised geological model
including lithological overview, tectonic setting and
magmatism has been put forward. A revised
exploration program proposal is now under
consideration.

At Sadiola, Mineral Resource modelling is underway
for Sekokoto Main. The Phase 10 diamond core drill
programme for metallurgical testing of the deep
sulphide orebody was completed at the end of
November.

A Mineral Resource conversion drilling program
commenced in the FE3S-FE4 gap. The program is
aimed at oxide mineralisation in the western closure
of pushback 3 and sulphide mineralisation in
pushback 2. A total of 38 RC holes amounting to
5,506m were completed.

At Sekokoto SE an infill drilling program of 81 RC
holes amounting to 1,562m was completed. This
programme was drilled to verify the continuity of
mineralisation intersected in a 2006 Air Core drilling
campaign.

At Yatela, infill drilling was completed at Dinguilou
with a total of 6,214m being drilled. In December
drilling started at Niamboulama Hill (1,460m) and
along the gravity low to the South of the pit (210m).

At Navachab in Namibia, two geochemical soil
sampling grids over favourable structural and
lithological targets on the farms Okakoara and Okatji
(Townlands EPL 3275) have been established, and
sampling is underway.

Drilling during the last quarter of 2008 focused on
the Gecko and Steenbok-Starling targets. 2,200m
of RC drilling has been conducted at Gecko since
October 2008. Drilling focused on the down plunge
extension of the ore body as well as infill.
At Steenbok-Starling, 1,440m of RC drilling
comprising 24 holes was completed. Sampling of
the Zebra soil grid was completed in December and
samples were submitted.

In November, Spectrem Air Limited conducted an
airborne electromagnetic survey over the Navachab
area, and individual zones for follow up work were
identified. At Anomaly 16, a planned 14,606m of the
exploration infill and advanced grade control holes
were completed.

On mine exploration focused on sterilising lateral
extensions and closing information gaps to reduce
amount of Inferred Mineral Resource within the
conceptual super pit. Drilling was done in and
around the Main Pit with DDH rigs deployed on
relatively deeper holes (2,871m) and RC rigs
completing shallower holes (4,669m).

At Cripple Creek & Victor in the United States,
drilling continued in the Main Cresson area, Schist
Island, Squaw Gulch and near the old Victor Pads
with a total of 15,690m being drilled.

GREENFIELDS

Greenfields exploration activities continued in six
countries (Australia, Colombia, the DRC, China, the
Philippines, and Russia) during the fourth quarter of
2008. A total of 44,264m of diamond drilling (DDH),
reverse circulation (RC), and aircore (AC) drilling
was completed during the fourth quarter of 2008, at
existing priority targets and delineating new targets
in Australia, the DRC, Russia and Colombia.

In SE Asia, the grant of the Mapawa title in the
Philippines is being awaited with all requirements
completed and submitted to the relevant
government agency. Project generation activities
and evaluation of opportunities are ongoing in a
number of other areas in the region.

In the Democratic Republic of Congo, exploration
activities over the 7,495km

Concession 40 licence

(AngloGold Ashanti 86.22% and OKIMO 13.78%),
were suspended in November 2008, following the
deteriorating security situation which led to a
precautionary withdrawal of most non-essential staff
from the concession. Prior to the withdrawal, a total
of 1,253m of diamond drilling was completed within
the high-grade part of the Mongbwalu resource
area, bringing the total metres drilled during 2008 to
8,824m. The best results received were 7.3m @
5.597g/t from the Mongbwalu resource area, and an
intersection of 10.26m @ 3.395g/t (399.48-409.74m)
4km along strike at the Issuru prospect.

Regional exploration around Bunia West, Petsi,
Mont Tsi-Nizi, Camp 3 and Lodjo areas, included
soil sampling, regolith mapping and trenching.
Results from infill soil sampling from the Pesti
prospect defined an anomaly, approximately 450m
wide and 300m long, while other regional results
received were generally poor. Interpretation of the
regional airborne EM and aeromagnetic surveys
completed in third quarter is underway.

In China, a program of diamond drilling and
trenching was completed at the Jinchanggou
project. The work was designed to test the 16km
long gold-in-soil anomaly identified in early 2008. A
total of 18 holes were drilled for 4,280 metres,
together with a total volume of 548m

trenching were

completed. Despite intersecting significant intervals

of intense alteration and shearing in drilling,
analytical results to date have been disappointing
and a review of the project will be undertaken early
in the first quarter 2009.

Greenfields exploration in the America’s region
during the quarter was undertaken primarily in
Colombia, whilst opportunities reviews were
completed in other areas. In Colombia, Greenfield’s
work was completed by Anglogold Ashanti and by
joint venture partners B2Gold Corp., Mineros S.A.
and Glencore International. AngloGold Ashanti’s
component focused upon reconnaissance
exploration to drill target preparation on 39 target
areas in Colombia in addition to on-going
preparatory work and La Colosa. B2Gold Corp.
continued drilling at Gramalote and at La
Quebradona. Mineros S.A. continued with
exploration work including drilling programs on one
target. Glencore International remained focused on
early stage exploration and conducted airborne
geophysical surveys within the JV areas. With
respect to Colombian geological, technical and field
teams, a daily average of approximately 633 field
employees (including an average of 78 geologist)
and contractors were active in all phases of
Colombian exploration during the quarter. Drill
meterage from all Colombian drilling during the
fourth quarter, including that of JV partners, was
9,522 metres, bringing the year to a total of 52,752
metres completed on four projects. AngloGold
Ashanti activities during the year includes flying in-
house airborne magnetometry and radiometric
surveys. During the fourth quarter 1,064 line
kilometers were completed, bring the year’s total to
11,463 line kilometers completed. AngloGold
Ashanti has 408 mineral tenement contracts in
Colombia totalling 743,420 ha.

At the La Colosa (100% AGA) Project, drilling
remained suspended throughout the quarter due to
environmental permitting issues. Whilst a resource
of 12.3Moz was declared during the year, the La
Colosa mineral system remains open to the north,
south and east, and various additional targets
immediately surround the known La Colosa
mineralisation. Four of these targets are drill ready.

At Gramalote (51% B2Gold, 49% AGA, B2
Earning-In), Phase IV (pre-feasibility) diamond
drilling at Gramalote Ridge, and Phase III drilling on
various satellite targets was undertaken with 4,505
metres drilled, totalling 30,131 metres for the year
on the global Gramalote project, including drill
investigations at Gramalote Ridge (mostly resource

infill work), La Trinidad (7,019 metres in 20 holes), El
Balzal, La Reina, El Topazio and La Malasia. Drilling
was completed on the Gramalote project during
December and are being analyzed.

In the La Quebradona porphyry Au (Cu) district
(51% B2Gold, 49% AGA) a total of 4,151 metres
were completed on various Au (Cu) porphyry targets
during the quarter, including 1,556 metres at
El Chaquiro and 590 metres at El Tenador. Thus,
during 2008, B2Gold has completed 13,686 metres
of core drilling on all targets within the La
Quebradona district. Once all results has been
returned for the AGA/ B2Gold JV Quebradona
drilling program, AngloGold Ashanti will have 30
days to assimilate information and decide on it’s
future level of participation in the project (complete
withdrawal, 49%, 51% or 65% interest).

Tropicana JV (AGA 70%, IGO 30%) Prefeasibility
studies on the Tropicana Gold Project are continuing
and completion of the study is scheduled for the
second quarter of 2009.

A new resource estimate for Tropicana and Havana
has been completed, while the emphasis of drilling
activities has been to increase the confidence to
provide Measured and Indicated Resources, the
total resource has grown by nearly 1Moz (100%
basis). The new estimate, (on a 100% basis)
reported at a 0.6 g/t and 0.7g/t cut-off grade for
weathered and fresh rock and constrained within a
pit optimisation shell at an assumed long term gold
price and A$/$ exchange rate of $1,000/oz and
A$/$0.80 is summarised below.

Tropicana Gold Project

Classification

Grade g/t

Moz

Measured 19.94

2.38

1.53

Indicated 31.05

2.06

Inferred 24.27

1.83

1.43

Total

75.26

2.07

5.01

AngloGold Ashanti’s total attributable gold resource
is 3.51Moz. A new mining plan and schedule is
being developed to incorporate the increase in the
resource.

The assessment for alternative lower cost power
options for the project is ongoing. The assessment
is considering conventional on site diesel and gas
generation, grid reticulation, solar thermal power and
number of other innovative alternatives.

Submittal of formal environmental impact
assessment documents is anticipated during the first
half of 2009, with the Western Australian Public
Environmental Review process typically taking
approximately 12 months.

In parallel with the pre-feasibility study, exploration in
the Tropicana JV has focussed on high priority
exploration targets within trucking distance of the
Tropicana Gold Project.

During the quarter a total of 633 aircore holes were
drilled for 29,209 metres (2,079 holes and 104,782m
YTD) and 97 RC holes for 13,752m (144 holes and
19,828m YTD).

RC drilling has returned significant results from
Rusty Nail, 5m @ 7.64 g/t Au, Screaming Lizard
4.0 m @ 2.69 g/t Au and Havana South
10m 3.74 g/t Au, 5m @ 22.5 g/t and 10m @ 10.1 g/t
Au. The results from Havana South suggest the
potential for extensions to the resource and pit
designs in this area.

Aircore drilling has identified anomalous results from
Black Dragon (8m @ 0.17 g/t Au), Kamikaze (2m @
0.57 g/t Au), Tumbleweed (1m @ 1.4 g/t Au) and
Havana South (3m @ 0.76 g/t Au and 4m @ 0.3 g/t
Au).

Bronco Plains JV (AGA Earning 50.4%) The
Bronco Plains farm-in and joint venture agreement
between the Tropicana JV and Image Resources’
covers approximately 230 square kilometres and
abuts the western margin of the Tropicana JV.
Under the agreement, AngloGold Ashanti and
Independence Group can earn a combined 72%
in the project by spending $2m. Aircore drilling of
approximately 10 kilometre long gold-in-soil
anomaly will commence in 2009, once regulatory
approvals have been obtained.

In Russia, where AngloGold Ashanti operates in
joint venture alliance with Russian miner “OOO
Polymetal”, exploration and review work was
continued during the quarter.

Mineral Resource and Ore Reserve

Mineral Resources and Ore Reserves are reported in accordance with the minimum standard described by
the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (The
JORC Code, 2004 Edition), and also conform to the standards set out in the South African Code for the
Reporting of Mineral Resources and Ore Reserves (the SAMREC 2000 Code). Mineral Resources are
inclusive of the Ore Reserve component unless otherwise stated.

Mineral Resources

The 2008 Mineral Resource increased by 40.5Moz before the subtraction of depletion. After a depletion of
7.2Moz, the net increase is 33.4Moz to give a total Mineral Resource of 241.0Moz. Mineral Resources were
estimated at a gold price of $1,000/oz (2007: $700/oz). The increased gold price resulted in 13.3Moz of
added Mineral Resource while successful exploration and revised modelling resulted in a further increase of
27.5Moz. The remaining loss of 0.3Moz is the result of various other reasons.

Moz

December 2007 Mineral Resource

207.6

Reductions

TauTona

Transfer to Mponeng

(1.9)

Great Noligwa

Transfer of SV4 to Moab Khotsong

(1.2)

Tau Lekoa

Significant structure and facies changes to the north of Tau Lekoa

(1.2)

Other

Total of non significant changes

(1.4)

Additions

La Colosa

Successful Greenfields exploration.

12.3

Mponeng

Granting of the WUDL’s licence and transfers from TauTona

7.9

Moab Khotsong

Transfer of SV4 to Moab Khotsong

4.4

Obuasi

Exploration below 50 level

3.9

Savuka

Improved economic outlook as a result of an increase in the gold price

1.8

Boddington

Growth in Mineral Resources: Successful near mine exploration drilling and
higher gold price

1.6

Iduapriem

Due to increase in Mineral Resource gold price and remodelling of Block
7&8

1.4

Cripple Creek & Victor

Successful exploration

1.2

Sadiola

Increase in resource gold price, increase in deep sulphides project

1.2

Siguiri

Due to increase in Mineral Resource gold price and increases in the Mineral
Resource at Sintroko and Foulata

1.0

Other

Total of non significant changes

2.4

December 2008 Mineral Resource

241.0

Ore Reserves

The 2008 Ore Reserve increased by 7.7Moz before the subtraction of depletion. After a depletion of 5.9Moz,
the net increase is 1.8Moz to give a total Ore Reserve of 74.9Moz.

A gold price of $720/oz was used for Ore Reserve estimates (2007: $600/oz). The change in economic
assumptions made from 2007 to 2008 resulted in the Ore Reserve increasing by 2.7Moz while exploration
and modelling resulted in an additional increase of 5.0Moz.

Moz

December 2007 Ore Reserves

73.1

Reductions

TauTona

Carbon Leader ground between 123-126 levels was transferred to Mponeng.
As a change to scattered grid mining, lower value estimates resulting from
increased sampling and drilling resulted in reductions. These were partially
offset by a higher Mine Call Factor and inclusion of the Carbon Leader
Eastern block.

(1.5)

Geita

Mineral Resource model changes and the application of grade factors to
mitigate low model confidence; Cost increases

(1.4)

Great Noligwa

Transfer of SV4 section to Moab Khotsong

(1.3)

Other

Total of non significant changes

(1.1)

Additions

Mponeng

Increased grades, the additional ground from TauTona 123-126 level and
improved economics which allowed for the mining of Block 3&5

2.8

Obuasi

The increase is due to a revised mine design and schedule.

1.3

Boddington

The growth in Ore Reserve is due to successful drilling and a higher gold
price

1.1

Siguiri

The Seguelen NW and Sintroko deposits were upgraded from Inferred to
Indicated Mineral Resource and the mining efficiency increased

0.6

Other

Total of non significant changes

1.3

December 2008 Ore Reserves

74.9

By-products
A number of by-products are recovered as a result of the processing of gold Ore Reserves.

These include 0.19Mt of uranium from the South African operations, 0.29Mt of copper from Australia, 0.44Mt
of sulphur from Brazil and 35.7Moz of silver from Argentina. Details of the by-product Mineral Resources and
Ore Reserves are given in the 2008 Mineral Resource and Ore Reserve Report which is available on the
corporate website, www.AngloGoldAshanti.com.

External audit of Mineral Resource and Ore Reserve statements

During the course of the year and as part of the rolling audit programme, AngloGold Ashanti 2008 Mineral
Resources and Ore Reserves for the following operations were submitted for external audit:

Mponeng

Tau Tona

Vaal River Surface Sources

Iduapriem

Navachab

Sadiola

Yatela

The company has been informed that the audit identified no material shortcomings in the process by which
AngloGold Ashanti's Mineral Resources and Ore Reserves were evaluated. It is the company's intention to
continue this process so that its operations will be audited every three years on average.

Competent persons

The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves is
based on information compiled by the Competent Persons. These individuals are identified in the report
entitled, "Mineral Resource and Ore Reserve 2008 Report". The Competent Persons consent to the inclusion
of Exploration Results, Mineral Resources and Ore Reserves information in this report, in the form and
context in which it appears.

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

Notes

A detailed breakdown of the Mineral Resources and Ore Reserves is provided in the report entitled, "Mineral
Resource and Ore Reserve 2008 Report", which will be available in the annual report section of the
AngloGold Ashanti website (www.AngloGoldAshanti.com) on or about 23 March 2009, and may be
downloaded as a PDF file using Adobe Acrobat Reader. This information is also available on request from
the AngloGold Ashanti offices at the addresses given at the back of this report.

Mineral Resources by country (attributable)

as at 31 December 2008

Category

Tonnes

million

Grade

g/t

Contained

gold

tonnes

Contained

gold

Moz

South Africa

Measured

25.56

13.80

352.57 11.34

Indicated

739.87

3.27

2,416.79

77.70

Inferred

56.35

10.47

590.06

18.97

Total

821.77

4.09

3,359.42

108.01

Argentina

Measured

11.01

1.73

19.04 0.61

Indicated

22.00

3.48

76.49

2.46

Inferred

4.97

4.11

20.45

0.66

Total

37.99

3.05

115.98

3.73

Australia

Measured

101.25

1.19

120.77 3.88

Indicated

404.49

0.84

340.15

10.94

Inferred

154.79

0.89

138.43

4.45

Total

660.53

0.91

599.35

19.27

Brazil

Measured

11.1

7.01

77.80 2.50

Indicated

13.46

6.49

87.36

2.81

Inferred

28.51

6.76

192.59

6.19

Total

53.07

6.74

357.75

11.50

Colombia

Measured

- -

Indicated

Inferred

409.77

1.01

415.45

13.36

Total

409.77

1.01

415.45

13.36

Democratic Republic of Congo

Measured

- -

Indicated

Inferred

29.25

2.69

78.53

2.52

Total

29.25

2.69

78.53

2.52

Ghana

Measured

94.21

5.21

490.68 15.78

Indicated

138.91

2.86

397.31

12.77

Inferred

100.10

4.25

425.27

13.67

Total

333.23

3.94

1,313.26

42.22

Guinea

Measured

33.53

0.63

21.25 0.68

Indicated

125.22

0.84

105.53

3.39

Inferred

64.08

0.90

57.85

1.86

Total

222.82

0.83

184.63

5.94

Mali

Measured

19.40

1.64

31.86 1.02

Indicated

26.39

2.48

65.32

2.10

Inferred

11.10

2.30

25.49

0.82

Total

56.89

2.16

122.68

3.94

Namibia

Measured

13.83

0.74

10.25 0.33

Indicated

61.94

1.26

78.05

2.51

Inferred

42.31

1.09

46.25

1.49

Total

118.08

1.14

134.55

4.33

Tanzania

Measured

- -

Indicated

83.84

3.63

304.10

9.78

Inferred

25.12

3.81

95.77

3.08

Total

108.97

3.67

399.87

12.86

United States of America

Measured

255.90

0.87

223.31 7.18

Indicated

183.75

0.73

134.97

4.34

Inferred

83.61

0.66

55.60

1.79

Total

523.26

0.79

413.88

13.31

Total

Measured

565.80

2.38

1,347.53 43.32

Indicated

1,799.87

2.23

4,006.08

128.80

Inferred

1,009.96

2.12

2,141.75

68.86

Total

3,375.63

2.22

7,495.36

240.98

Ore Reserves by country (attributable)

as at 31 December 2008

Category

Tonnes

million

Grade

g/t

Contained

gold

tonnes

Contained

gold

Moz

South Africa

Proved

13.72

7.81

107.13 3.44

Probable

215.10

4.37

939.79

30.21

Total

228.82

4.58

1,046.92

33.66

Argentina

Proved

9.99

1.39

13.90 0.45

Probable

12.29

3.52

43.24

1.39

Total

22.27

2.56

57.13

1.84

Australia

Proved

67.82

1.10

74.54 2.40

Probable

214.50

0.90

192.57

6.19

Total

282.33

0.95

267.11

8.59

Brazil

Proved

7.77

6.44

50.06 1.61

Probable

7.02

5.82

40.87

1.31

Total

14.79

6.15

90.93

2.92

Ghana

Proved

56.85

4.24

240.89 7.74

Probable

36.43

3.82

139.10

4.47

Total

93.28

4.07

379.98

12.22

Guinea

Proved

56.13

0.56

31.48 1.01

Probable

67.11

1.04

69.64

2.24

Total

123.24

0.82

101.12

3.25

Mali

Proved

9.29

1.87

17.33 0.56

Probable

6.65

2.26

15.02

0.48

Total

15.94

2.03

32.35

1.04

Namibia

Proved

7.21

0.89

6.39 0.21

Probable

27.58

1.28

35.19

1.13

Total

34.78

1.20

41.58

1.34

Tanzania

Proved

- -

Probable

54.30

2.93

159.06

5.11

Total

54.30

2.93

159.06

5.11

United States

Proved

112.57

0.93

104.60 3.36

Probable

55.70

0.87

48.59

1.56

Total

168.27

0.91

153.19

4.93

Total

Proved

341.35

1.89

646.31 20.78

Probable

696.67

2.42

1,683.07

54.11

Total

1,038.02

2.24

2,329.38

74.89

Group operating results

Dec

Sep

Dec

Sep

Dec

2008

2007

2008

2007

2008

2007

2008

2007

OPERATING RESULTS
UNDERGROUND OPERATION
Milled

- 000 tonnes

/ - 000 tons

3,227

3,178

3,236

12,335

13,112

3,557

3,503

3,567

13,597

14,454

Yield

- g / t

/ - oz / t

6.72

6.84

6.96

6.89

6.99

0.196

0.200

0.203

0.201

0.204

Gold produced

- kg

/ - oz (000)

21,679

21,737

22,505

85,025

91,684

697

699

723

2,734

2,948

SURFACE AND DUMP RECLAMATION
Treated

- 000 tonnes

/ - 000 tons

3,092

3,078

2,987

11,870

12,429

3,408

3,393

3,293

13,085

13,701

Yield

- g / t

/ - oz / t

0.44

0.40

0.45

0.42

0.49

0.013

0.012

0.013

0.012

0.014

Gold produced

- kg

/ - oz (000)

1,362

1,229

1,339

5,009

6,142

161

197

OPEN-PIT OPERATION
Mined

- 000 tonnes

/ - 000 tons

40,332

44,777

47,549

175,999

172,487

44,458

49,358

52,414

194,006

190,134

Treated

- 000 tonnes

/ - 000 tons

6,575

6,318

6,455

25,388

25,312

7,248

6,964

7,115

27,985

27,901

Stripping ratio

- t (mined total - mined ore) / t mined ore

4.65

6.24

4.62

5.24

4.48

4.65

6.24

4.62

5.24

4.48

Yield

- g / t

/ - oz / t

2.01

2.15

2.33

2.12

2.34

0.059

0.063

0.068

0.062

0.068

Gold in ore

- kg

/ - oz (000)

18,394

4,089

13,711

47,160

55,463

591

131

441

1,516

1,783

Gold produced

- kg

/ - oz (000)

13,240

13,573

15,047

53,930

59,227

426

436

484

1,734

1,904

HEAP LEACH OPERATION
Mined

- 000 tonnes

/ - 000 tons

13,712

13,475

14,965

54,754

59,720

15,115

14,854

16,496

60,356

65,830

Placed

- 000 tonnes

/ - 000 tons

5,861

6,026

5,852

23,462

22,341

6,460

6,642

6,450

25,863

24,627

Stripping ratio

- t (mined total - mined ore) / t mined ore

1.47

1.38

1.61

1.43

1.77

1.47

1.38

1.61

1.43

1.77

Yield

- g / t

/ - oz / t

0.61

0.56

0.70

0.62

0.73

0.018

0.016

0.021

0.018

0.021

Gold placed

- kg

/ - oz (000)

3,577

3,376

4,115

14,496

16,242

115

109

132

466

522

Gold produced

- kg

/ - oz (000)

3,148

2,797

3,665

10,994

13,312

101

118

353

428

TOTAL
Gold produced

- kg

/ - oz (000)

39,429

39,336

42,556

154,958

170,365

1,268

1,265

1,368

4,982

5,477

Gold sold

- kg

/ - oz (000)

39,249

40,902

42,278

155,954

170,265

1,262

1,315

1,359

5,014

5,474

Price received

- R / kg

/ - $ / oz

- sold

219,329

160,127

149,312

130,522

142,107

687

644

687

485

629

Price received normalised for
accelerated settlement of non-
hedge derivatives

- R / kg

/ - $ / oz

- sold

219,329

160,127

149,312

185,887

142,107

687

644

687

702

629

Total cash costs

- R / kg

/ - $ / oz

- produced

134,813

121,440

87,744

117,462

80,490

422

486

404

444

357

Total production costs

- R / kg

/ - $ / oz

- produced

172,312

152,945

122,344

150,149

107,415

540

612

563

567

476

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

342

346

404

333

396

11.00

11.12

12.99

10.70

12.74

Actual

- g

/ - oz

295

321

342

309

349

9.48

10.32

10.99

9.94

11.23

CAPITAL EXPENDITURE

- Rm

/ - $m

2,994

2,623

2,315

9,905

7,444

302

338

339

1,201

1,059

Tonnes (tons) placed on to leach pad.

Gold placed / tonnes (tons) placed.

Gold placed into leach pad inventory.

Rounding of figures may result in computational discrepancies.

Quarter ended

Unaudited

Rand / Metric

Unaudited

Dollar / Imperial

Year

ended

Year

ended

Group income statement

Quarter

Year

ended

December

September

December

2008

2007

2008

2007

Restated

SA Rand million

Notes

Unaudited

Revenue

8,771

7,205

5,472

30,790

21,876

Gold income

8,517

6,851

5,249

29,774

21,101

Cost of sales

(6,928)

(6,148)

(4,943)

(22,558)

(17,241)

Gain (loss) on non-hedge derivatives and other commodity contracts

598

148

(2,927)

(6,277)

(5,169)

Gross profit (loss)

2,187

851

(2,621)

939

(1,309)

Corporate administration and other expenses

(363)

(255)

(211)

(1,090)

(894)

Market development costs

(41)

(25)

(40)

(113)

(115)

Exploration costs

(298)

(205)

(232)

(1,037)

(824)

Other operating income (expenses)

(73)

(29)

(134)

Operating special items

(15,855)

121

(233)

(15,379)

(84)

Operating (loss) profit

(14,309)

415

(3,315)

(16,709)

(3,360)

Dividend received from other investments

Interest received

108

248

536

302

Exchange gain (loss)

(6)

Fair value adjustment on option component of convertible bond

115

185

333

Finance costs and unwinding of obligations

(225)

(235)

(227)

(926)

(845)

Share of associates' and equity accounted joint ventures (loss) profit

(381)

(98)

132

(1,177)

240

(Loss) profit before taxation

(14,797)

381

(3,189)

(18,058)

(3,320)

Taxation

2,978

(577)

(4)

2,078

(734)

Loss after taxation from continuing operations

(11,819)

(196)

(3,193)

(15,980)

(4,054)

Discontinued operations
Profit from discontinued operations

198

Loss for the period

(11,815)

(190)

(3,152)

(15,782)

(4,047)

Allocated as follows:
Equity shareholders

(11,869)

(247)

(3,199)

(16,105)

(4,269)

Minority interest

323

222

(11,815)

(190)

(3,152)

(15,782)

(4,047)

Basic loss per ordinary share (cents)

Loss from continuing operations

(3,336)

(73)

(1,150)

(5,140)

(1,519)

Profit from discontinued operations

Loss

(3,335)

(71)

(1,136)

(5,077)

(1,516)

Diluted loss per ordinary share (cents)

Loss from continuing operations

(3,336)

(73)

(1,150)

(5,140)

(1,519)

Profit from discontinued operations

Loss

(3,335)

(71)

(1,136)

(5,077)

(1,516)

Dividends

- Rm

324

919

- cents per Ordinary share

103

330

- cents per E Ordinary share

165

Calculated on the basic weighted average number of ordinary shares.

Represents the dividend declared per ordinary share.

Rounding of figures may result in computational discrepancies.

The impact of the diluted loss per share is anti-dilutive and therefore equal to the basic loss per share.

Calculated on the diluted weighted average number of ordinary shares.

Group income statement

Quarter

Year

ended

December

September

December

2008

2007

2008

2007

Restated

US Dollar million

Notes

Unaudited

Revenue

884

930

810

3,743

3,113

Gold income

858

885

777

3,619

3,002

Cost of sales

(698)

(790)

(731)

(2,728)

(2,458)

Gain (loss) on non-hedge derivatives and other commodity contracts

230

(441)

(297)

(792)

Gross profit (loss)

390

186

(395)

594

(248)

Corporate administration and other expenses

(37)

(33)

(31)

(131)

(128)

Market development costs

(4)

(3)

(6)

(13)

(16)

Exploration costs

(30)

(26)

(35)

(126)

(117)

Other operating income (expenses)

(9)

(6)

(20)

Operating special items

(1,600)

(34)

(1,538)

(13)

Operating (loss) profit

(1,275)

130

(498)

(1,220)

(542)

Dividend received from other investments

Interest received

Exchange gain (loss)

(1)

Fair value adjustment on option component of convertible bond

Finance costs and unwinding of obligations

(23)

(30)

(34)

(114)

(120)

Share of associates' and equity accounted joint ventures (loss) profit

(39)

(12)

(138)

(Loss) profit before taxation

(1,324)

126

(479)

(1,377)

(536)

Taxation

313

(69)

(1)

197

(101)

(Loss) profit after taxation from continuing operations

(1,011)

(481)

(1,180)

(637)

Discontinued operations
Profit from discontinued operations

(Loss) profit for the period

(1,011)

(475)

(1,155)

(636)

Allocated as follows:
Equity shareholders

(1,016)

(482)

(1,195)

(668)

Minority interest

(1,011)

(475)

(1,155)

(636)

Basic (loss) earnings per ordinary share (cents)

(Loss) profit from continuing operations

(285)

(173)

(385)

(237)

Profit from discontinued operations

(Loss) profit

(285)

(171)

(377)

(237)

Diluted (loss) earnings per ordinary share (cents)

(Loss) profit from continuing operations

(285)

(173)

(385)

(237)

Profit from discontinued operations

(Loss) profit

(285)

(171)

(377)

(237)

Dividends

- $m

125

- cents per Ordinary share

- cents per E Ordinary share

Calculated on the basic weighted average number of ordinary shares.

Represents the dividend declared per ordinary share. Dividends are translated at actual rates on date of payment.

Rounding of figures may result in computational discrepancies.

The impact of the diluted earnings (loss) per share is anti-dilutive and therefore equal to the basic earnings (loss) per share.

Calculated on the diluted weighted average number of ordinary shares.

Group balance sheet

As at

December

September

December

2008

2007

Restated

SA Rand million

Notes

Unaudited

ASSETS

Non-current assets
Tangible assets

41,081

55,085

45,095

Intangible assets

1,403

3,287

2,859

Investments in associates and equity accounted joint ventures

2,814

2,846

2,183

Other investments

625

663

699

Inventories

2,710

2,389

1,807

Trade and other receivables

585

531

387

Deferred taxation

475

111

430

Other non-current assets

278

49,725

65,000

53,738

Current assets
Inventories

5,663

5,342

3,753

Trade and other receivables

2,076

2,076

1,384

Derivatives

5,386

3,851

3,516

Current portion of other non-current assets

Cash restricted for use

415

499

264

Cash and cash equivalents

5,438

4,585

3,246

18,980

16,355

12,165

Non-current assets held for sale

7,497

210

26,477

16,365

12,375

TOTAL ASSETS

76,202

81,365

66,113

EQUITY AND LIABILITIES

Share capital and premium

37,336

36,525

22,371

Retained earnings and other reserves

(14,380)

(6,579)

(6,167)

Shareholders' equity

22,956

29,946

16,204

Minority interests

790

655

429

Total equity

23,746

30,601

16,633

Non-current liabilities
Borrowings

8,224

6,865

10,416

Environmental rehabilitation and other provisions

3,860

3,805

3,176

Provision for pension and post-retirement benefits

1,293

1,257

1,208

Trade, other payables and deferred income

Derivatives

235

313

1,110

Deferred taxation

5,838

8,170

7,100

19,549

20,483

23,089

Current liabilities
Current portion of borrowings

10,046

8,581

2,173

Trade, other payables and deferred income

4,946

4,857

4,318

Derivatives

16,426

15,998

18,763

Taxation

1,033

846

1,137

32,451

30,282

26,391

Non-current liabilities held for sale

456

32,907

30,282

26,391

Total liabilities

52,456

50,764

49,480

TOTAL EQUITY AND LIABILITIES

76,202

81,365

66,113

Net asset value - cents per share

6,643

8,628

5,907

Rounding of figures may result in computational discrepancies.

Group balance sheet

As at

December

September

December

2008

2007

Restated

US Dollar million

Notes

Unaudited

ASSETS

Non-current assets
Tangible assets

4,345

6,663

6,621

Intangible assets

148

398

420

Investments in associates and equity accounted joint ventures

298

344

321

Other investments

103

Inventories

287

289

265

Trade and other receivables

Deferred taxation

Other non-current assets

5,259

7,863

7,891

Current assets
Inventories

599

646

551

Trade and other receivables

220

251

203

Derivatives

570

466

516

Current portion of other non-current assets

Cash restricted for use

Cash and cash equivalents

575

555

477

2,008

1,978

1,786

Non-current assets held for sale

793

2,801

1,979

1,817

TOTAL ASSETS

8,060

9,842

9,708

EQUITY AND LIABILITIES

Share capital and premium

3,949

4,418

3,285

Retained earnings and other reserves

(1,521)

(796)

(906)

Shareholders' equity

2,428

3,622

2,379

Minority interests

Total equity

2,511

3,702

2,442

Non-current liabilities
Borrowings

870

830

1,529

Environmental rehabilitation and other provisions

408

460

467

Provision for pension and post-retirement benefits

137

152

177

Trade, other payables and deferred income

Derivatives

163

Deferred taxation

617

988

1,042

2,068

2,478

3,390

Current liabilities
Current portion of borrowings

1,063

1,038

319

Trade, other payables and deferred income

524

587

635

Derivatives

1,737

1,935

2,755

Taxation

109

102

167

3,433

3,663

3,876

Non-current liabilities held for sale

3,481

3,663

3,876

Total liabilities

5,549

6,140

7,266

TOTAL EQUITY AND LIABILITIES

8,060

9,842

9,708

Net asset value - cents per share

702

1,044

867

Rounding of figures may result in computational discrepancies.

Group

cash flow statement

Quarter

Year

ended

December

September

December

2008

2007

2008

2007

Restated

SA Rand million

Unaudited

Cash flows from operating activities
Receipts from customers

8,772

6,818

5,376

30,117

21,595

Payments to suppliers and employees

(6,210)

(6,193)

(3,744)

(24,429)

(14,676)

Cash generated from operations

2,562

625

1,632

5,688

6,919

Cash (utilised) generated by discontinued operations

(4)

(11)

(14)

Cash utilised for hedge book settlements

(10)

(7,755)

(8,514)

Dividend received from equity accounted investments

257

141

107

739

444

Taxation paid

(127)

(129)

(568)

(1,029)

(1,264)

Net cash inflow (outflow) from operating activities

2,678

(7,108)

1,181

(3,127)

6,085

Cash flows from investing activities
Capital expenditure

(2,964)

(2,615)

(2,259)

(9,846)

(7,138)

Acquisition of assets

(284)

Proceeds from disposal of tangible assets

301

197

Proceeds from disposal of assets of discontinued operations

Other investments acquired

(197)

(228)

(207)

(769)

(190)

Associate loans, acquisitions and disposals

(44)

377

Proceeds from disposal of investments

203

214

729

174

Dividend received from other investments

Decrease (increase) in cash restricted for use

(49)

(177)

Interest received

256

538

247

Net loans repaid

Net cash outflow from investing activities

(2,733)

(2,366)

(2,261)

(8,640)

(7,142)

Cash flows from financing activities
Proceeds from issue of share capital

13,494

13,592

247

Share issue expenses

(11)

(410)

(421)

(4)

Proceeds from borrowings

1,622

2,305

4,205

7,034

5,918

Repayment of borrowings

(477)

(4,402)

(3,194)

(5,066)

(3,652)

Finance costs paid

(266)

(242)

(34)

(788)

(502)

Advanced proceeds from rights offer

(6)

Dividends paid

(254)

(17)

(455)

(1,050)

Net cash inflow from financing activities

879

10,486

1,048

13,896

957

Net increase (decrease) in cash and cash equivalents

824

1,011

(31)

2,129

(100)

Translation

(87)

(10)

Cash and cash equivalents at beginning of period

4,585

3,661

3,287

3,246

3,297

Net cash and cash equivalents at end of period

5,438

4,585

3,246

5,438

3,246

Cash generated from operations
(Loss) profit before taxation

(14,797)

381

(3,189)

(18,058)

(3,320)

Adjusted for:
Movement on non-hedge derivatives and other commodity contracts

(1,046)

(821)

3,645

3,169

7,112

Amortisation of tangible assets

1,387

1,111

1,063

4,620

3,980

Finance costs and unwinding of obligations

225

235

227

926

845

Environmental, rehabilitation and other expenditure

(75)

252

266

Operating special items

15,855

(121)

233

15,379

Amortisation of intangible assets

Deferred stripping

(140)

(124)

(84)

(418)

(489)

Fair value adjustment on option components of convertible bond

(2)

(115)

(185)

(333)

Interest receivable

(108)

(248)

(87)

(536)

(302)

Other non-cash movements

747

393

1,953

141

Movements in working capital

507

(238)

(250)

(1,221)

(1,079)

2,562

625

1,632

5,688

6,919

Movements in working capital
Increase in inventories

(1,162)

(310)

(429)

(3,588)

(1,410)

Decrease (increase) in trade and other receivables

135

(241)

(141)

(618)

(404)

Increase (decrease) in trade and other payables

1,533

312

321

2,985

(735)

507

(238)

(250)

(1,221)

(1,079)

Rounding of figures may result in computational discrepancies.

Group cash flow statement

Quarter

Year

ended

December

September

December

2008

2007

2008

2007

Restated

US Dollar million

Unaudited

Cash flows from operating activities
Receipts from customers

892

884

795

3,672

3,071

Payments to suppliers and employees

(681)

(765)

(554)

(3,040)

(2,088)

Cash generated from operations

210

119

241

632

983

Cash generated (utilised) by discontinued operations

(1)

(2)

Cash utilised for hedge book settlements

(1)

(1,018)

(1,113)

Dividend received from equity accounted investments

Taxation paid

(7)

(16)

(82)

(125)

(180)

Net cash inflow (outflow) from operating activities

221

(899)

176

(529)

866

Cash flows from investing activities
Capital expenditure

(298)

(337)

(330)

(1,194)

(1,015)

Acquisition of assets

(40)

Proceeds from disposal of tangible assets

Proceeds from disposal of assets of discontinued operations

Other investments acquired

(19)

(29)

(30)

(93)

(27)

Associate loans, acquisitions and disposals

(3)

(1)

Proceeds from disposal of investments

Dividend received from other investments

Decrease (increase) in cash restricted for use

(6)

(25)

Interest received

Net loans advanced

Net cash outflow from investing activities

(274)

(300)

(330)

(1,041)

(1,015)

Cash flows from financing activities
Proceeds from issue of share capital

1,710

1,722

Share issue expenses

(54)

Proceeds from borrowings

149

298

602

853

843

Repayment of borrowings

(17)

(573)

(455)

(614)

(520)

Finance costs paid

(25)

(31)

(6)

(93)

(72)

Advanced proceeds from rights offer

(1)

Dividends paid

(33)

(2)

(58)

(144)

Net cash inflow from financing activities

108

1,317

150

1,756

141

Net increase (decrease) in cash and cash equivalents

117

(4)

186

(8)

Translation

(35)

(30)

(88)

Cash and cash equivalents at beginning of period

555

467

478

477

471

Net cash and cash equivalents at end of period

575

555

477

575

477

Cash generated from operations
(Loss) profit before taxation

(1,324)

126

(479)

(1,377)

(536)

Adjusted for:
Movement on non-hedge derivatives and other commodity contracts

(276)

(178)

547

(88)

1,071

Amortisation of tangible assets

140

143

157

560

567

Finance costs and unwinding of obligations

114

120

Environmental, rehabilitation and other expenditure

(8)

Operating special items

1,600

(16)

1,538

Amortisation of intangible assets

Deferred stripping

(14)

(16)

(13)

(51)

(72)

Fair value adjustment on option components of convertible bond

(17)

(25)

(47)

Interest receivable

(11)

(32)

(13)

(66)

(43)

Other non-cash movements

(9)

225

Movements in working capital

(38)

(206)

(152)

210

119

241

632

983

Movements in working capital
(Increase) decrease in inventories

(1)

(70)

(151)

(224)

Decrease (increase) in trade and other receivables

(17)

(23)

(9)

(64)

(Decrease) increase in trade and other payables

(40)

(46)

136

(38)

(206)

(152)

Rounding of figures may result in computational discrepancies.

Statement of recognised income and expense

Year

ended

December

2008

2007

Restated

SA Rand million

Unaudited

Actuarial loss on pension and post-retirement benefits

(364)

(99)

Net loss on cash flow hedges removed from equity and reported in gold sales

1,782

1,421

Net loss on cash flow hedges

(721)

(1,173)

Hedge ineffectiveness

Realised losses on capital hedges

(18)

(Loss) gain on available-for-sale financial assets

(83)

Deferred taxation on items above

(119)

Translation

8,634

(169)

Net income recognised directly in equity

9,175

Loss for the year

(15,782)

(4,047)

Total recognised expense for the year

(6,607)

(3,954)

Attributable to:
Equity shareholders

(7,093)

(4,169)

Minority interest

486

215

(6,607)

(3,954)

US Dollar million

Actuarial loss on pension and post-retirement benefits

(44)

(14)

Net loss on cash flow hedges removed from equity and reported in gold sales

216

202

Net loss on cash flow hedges

(87)

(168)

Hedge ineffectiveness

Realised losses on capital hedges

(2)

(Loss) gain on available-for-sale financial assets

(10)

Deferred taxation on items above

(12)

Translation

645

Net income recognised directly in equity

714

Loss for the year

(1,155)

(636)

Total recognised expense for the year

(441)

(594)

Attributable to:
Equity shareholders

(477)

(627)

Minority interest

(441)

(594)

Rounding of figures may result in computational discrepancies.

Notes

for the quarter and year ended 31 December 2008

1. Basis of preparation

The financial statements in this quarterly report have been prepared in accordance with the historic cost
convention except for certain financial instruments which are stated at fair value. Except for the change
in accounting policy described below and detailed in note 20, the group’s accounting policies used in the
preparation of these financial statements are consistent with those used in the annual financial
statements for the year ended 31 December 2007 and revised International Financial Reporting
Standards (IFRS) which are effective 1 January 2008, where applicable.

The group changed its accounting policy regarding accounting for incorporated joint ventures to provide
more relevant financial data as returns from these investments are limited to dividends which is more
representative of the income flows. Incorporated joint ventures were previously accounted for under the
proportionate consolidation method. Comparative figures have been restated to conform to the changes
in accounting policy.

The financial statements of AngloGold Ashanti Limited have been prepared in compliance with IAS34,
JSE Listings Requirements and in the manner required by the South African Companies Act, 1973 for
the preparation of financial information of the group for the quarter and year ended 31 December 2008.

2. Revenue

Quarter ended

Year ended

Quarter ended

Year ended

Dec

Sep

Dec

Sep

Dec

2008

2007

2008

2007

2008

2007

2008

2007

Restated

Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited

SA Rand million

US Dollar million

Gold income

8,517

6,851

5,249

29,774

21,101

858

885

777

3,619

3,002

By-products (note 3)

147

106

136

480

457

Dividend received from other

investments

Interest received

108

248

536

302

8,771

7,205

5,472

30,790

21,876

884

930

810

3,743

3,113

3. Cost of sales

Quarter ended

Year ended

Quarter ended

Year ended

Dec Sep Dec

Dec

Sep Dec Dec Dec

2008 2008 2007

2008

2007

2008

2008 2007 2008 2007

Restated

Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited

SA Rand million

US Dollar million

Cash operating costs

(4,948)

(4,540)

(3,234) (16,865) (12,379)

(498)

(584)

(478)

(2,045)

(1,764)

By-products revenue (note 2)

147

106

136

480

457

By-products cash operating costs

(65)

(57)

(228)

(286)

(420)

(7)

(8)

(34)

(36)

(60)

(4,866)

(4,491)

(3,326) (16,671) (12,342)

(490)

(578)

(492)

(2,023)

(1,758)

Other cash costs

(196)

(177)

(143)

(734)

(547)

(20)

(23)

(21)

(90)

(78)

Total cash costs

(5,062)

(4,668)

(3,469) (17,405) (12,889)

(510)

(601)

(513)

(2,113)

(1,836)

Retrenchment costs

(16)

(14)

(88)

(72)

(131)

(2)

(2)

(13)

(9)

(19)

Rehabilitation and other non-cash

costs

(102)

(302)

(218)

(422)

(13)

(44)

(28)

(61)

Production costs

(5,076)

(4,784)

(3,859) (17,695) (13,442)

(511)

(616)

(570)

(2,150)

(1,916)

Amortisation of tangible assets

(1,387)

(1,111)

(1,063)

(4,620)

(3,980)

(140)

(143)

(158)

(560)

(567)

Amortisation of intangible assets

(9)

(4)

(3)

(21)

(14)

(1)

(2)

Total production costs

(6,472)

(5,899)

(4,925) (22,336) (17,436)

(652)

(759)

(728)

(2,712)

(2,485)

Inventory change

(456)

(249)

(18)

(222)

195

(47)

(32)

(3)

(16)

(6,928)

(6,148)

(4,943) (22,558) (17,241)

(698)

(790)

(731)

(2,728)

(2,458)

Rounding of figures may result in computational discrepancies.

4. Gain (loss) on non-hedge derivatives and other commodity contracts

Quarter ended

Year ended

Quarter ended

Year ended

Dec Sep Dec

Dec

Sep Dec Dec Dec

2008 2008 2007

2008

2007

2008

2008 2007 2008 2007

Restated

Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited

SA Rand million

US Dollar million

(Loss) gain on realised non-hedge

derivatives

(348)

(519)

740

(2,145)

2,033

(35)

(66)

110

(264)

291

Realised loss on other commodity

contracts

(253)

(32)

Loss on accelerated settlement of non-

hedge derivatives

(7,764)

(979)

Gain (loss) on unrealised non-hedge

derivatives

898

666

(3,829)

3,774

(7,305)

260

158

(575)

965

(1,099)

Unrealised gain (loss) on other

commodity physical borrowings

(4)

(1)

Provision reversed (accrued) for gain

(loss) on future deliveries of other
commodities

167

598

148

(2,927)

(6,277)

(5,169)

230

(441)

(297)

(792)

5. Other operating income (expenses)

Quarter ended

Year ended

Quarter ended

Year ended

Dec Sep Dec

Dec

Sep Dec Dec Dec

2008 2008 2007

2008

2007

2008

2008 2007 2008 2007

Restated

Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited

SA Rand million

US Dollar million

Pension and medical defined benefit

provisions

(24)

(23)

(3)

(2)

(3)

Claims filed by former employees in

respect of loss of employment,
work-related accident injuries and
diseases, governmental fiscal
claims and costs of old tailings
operations

(20)

(49)

(30)

(37)

(97)

(2)

(6)

(4)

(15)

Miscellaneous

(14)

(2)

(73)

(29)

(134)

(9)

(6)

(20)

6. Operating special items

Quarter ended

Year ended

Quarter ended

Year ended

Dec Sep Dec

Dec

Sep Dec Dec Dec

2008 2008 2007

2008

2007

2008

2008 2007 2008 2007

Restated

Unaudited

Unaudited Unaudited Unaudited Unaudited Unaudited

Unaudited

SA Rand million

US Dollar million

Reimbursement (under provision) of

indirect tax expenses

148

(102)

198

(136)

(14)

(19)

Siguiri royalty payment calculation

dispute with the Guinean
Administration

(26)

(27)

(26)

(27)

(3)

(4)

(3)

(4)

ESOP and BEE costs resulting from

rights offer

(76)

(10)

Contractor termination costs at

Iduapriem

(10)

(10)

(1)

(1)

Impairment net of reversals of tangible

assets (note 9)

(14,786)

(3)

(5) (14,792)

(6)

(1,492)

(1)

(1,493)

(1)

Impairment of goodwill (note 9)

(1,080)

(1,080)

(109)

(109)

Recovery of exploration costs

(20)

(3)

(Loss) profit on disposal and

abandonment of land, mineral
rights, tangible assets and
exploration properties (note 9)

(55)

(55)

381

(4)

(9)

Impairment of investments (note 9)

(42)

(42)

(6)

(6)

(Loss) profit on disposal of investment

in Nufcor International Limited
(note 9)

(4)

(12)

(2)

Nufcor Uranium trust contributions by

other members (note 9)

Buildings located at Siguiri destroyed

by fire (note 9)

(23)

(3)

(15,855)

121

(233) (15,379)

(84)

(1,600)

(34)

(1,538)

(13)

Rounding of figures may result in computational discrepancies.

7. Taxation

Quarter ended

Year ended

Quarter ended

Year ended

Dec Sep Dec

Dec

Sep Dec Dec Dec

2008 2008 2007

2008

2007

2008

2008 2007 2008 2007

Restated

Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited

SA Rand million

US Dollar million

Current tax

Normal taxation

(44)

(103)

(293)

(524)

(1,269)

(4)

(15)

(44)

(71)

(181)

Disposal of tangible assets (note 9)

(3)

(2)

(9)

(10)

(40)

(1)

(6)

Over (under) provision prior year

(4)

(1)

(22)

(2)

(29)

(109)

(302)

(535)

(1,331)

(3)

(15)

(45)

(72)

(189)

Deferred taxation

Temporary differences

(610)

(446)

(71)

(210)

(45)

(61)

(57)

(11)

(13)

(7)

Unrealised non-hedge derivatives and

other commodity contracts

(254)

(9)

337

(1,219)

681

(14)

(132)

100

Disposal and impairment of tangible

assets (note 9)

3,933

(13)

(2)

3,915

397

(2)

395

Change in estimated deferred tax rate

(62)

(62)

(57)

(6)

(6)

(8)

Change in statutory tax rate

190

3,008

(468)

298

2,614

597

316

(55)

269

Total taxation

2,978

(577)

(4)

2,078

(734)

313

(69)

(1)

197

(101)

8. Discontinued Operations

The Ergo surface dump reclamation, which forms part of the South Africa operations, has been
discontinued as the operation has reached the end of its useful life. The results of Ergo are presented
below:

Quarter ended

Year ended

Quarter ended

Year ended

Dec Sep Dec

Dec

Sep Dec Dec Dec

2008 2008 2007

2008

2007

2008

2008 2007 2008 2007

Restated

Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited

SA Rand million

US Dollar million

Gold income

Cost of sales

(4)

(17)

(1)

(2)

Gross profit (loss)

(4)

(17)

(1)

(2)

Other (expenses) income

(4)

Profit (loss) before taxation

(8)

(1)

Normal taxation

(17)

(2)

Deferred tax

(1)

(21)

(4)

Net profit (loss) after tax

(26)

(3)

Profit on disposal of assets (note 9)

218

Deferred tax on disposal of assets

(note 9)

Profit from discontinued operations

198

The Ergo reclamation surface operation, which formed part of the South African operations and was included under South Africa for segmental reporting,
reached the end of its useful life on 1 February 2005 and mining operations ceased on 31 March 2005. The site restoration activities continued after the
mining operation was discontinued.

On 8 June 2007, AngloGold Ashanti sold the remaining assets of Ergo, the surface reclamation operation east of Johannesburg, to a consortium of Mintails
South Africa (Pty) Limited / DRD South African operations (Pty) Limited. The Competition Commissioner approved the transaction on 5 May 2008 without
conditions. One of the main resolutive conditions which is still outstanding, is the approval by the Minister of the cession of the mining rights from
AngloGold Ashanti to ERGO Mining (Pty) Limited currently owned by Mintails South Africa (Pty) Limited and DRD South African Operations (Pty) Limited.
The environmental rehabilitation liability remains with AngloGold Ashanti until all the resolutive sale conditions have been met.

Rounding of figures may result in computational discrepancies.

9. Headline earnings (loss)

Quarter ended

Year ended

Quarter ended

Year ended

Dec Sep

Dec

Sep Dec Dec Dec

2008 2008

2007

2008

2007

2008

2008 2007 2008 2007

Restated

Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited

SA Rand million

US Dollar million

The (loss) profit attributable to equity

shareholders has been adjusted by
the following to arrive at headline
earnings (loss):

(Loss) profit attributable to equity

shareholders

(11,869)

(247)

(3,199) (16,105)

(4,269)

(1,016)

(482)

(1,195)

(668)

Impairment net of reversals of tangible

assets (note 6)

14,786

14,792

1,492

1,493

Impairment of goodwill (note 6)

1,080

1,080

109

109

Impairment of investments (note 6)

Profit on disposal and abandonment of

assets (note 6)

(101)

(400)

(56)

(14)

(55)

(7)

Loss (profit) on disposal of investment in

associate (note 6)

(14)

(2)

Profit on disposal of discontinued assets

(note 8)

(1)

(218)

(27)

Impairment of investment in associate

347

389

161

Profit on disposal of assets in associate

(30)

(3)

Taxation on items above - current portion

(note 7)

Taxation on items above - deferred portion

(note 7)

(3,933)

(3,915)

(18)

(397)

(395)

(3)

Discontinued operations taxation on items

above (note 8)

(6)

(1)

Headline earnings (loss)

516

(298)

(3,095)

(4,375)

(4,136)

234

(466)

(30)

(648)

Cents per share

(1)

Headline earnings (loss)

145

(86)

(1,099)

(1,379)

(1,470)

(165)

(9)

(230)

(1)

Calculated on the basic weighted average number of ordinary shares.

10. Shares

Quarter ended

Year ended

Dec

Sep

Dec

Dec Dec

2008

2007

2008 2007

Unaudited

Unaudited Audited

Authorised:
Ordinary shares of 25 SA cents each

400,000,000

400,000,000

400,000,000 400,000,000

E ordinary shares of 25 SA cents each

4,280,000

4,280,000

4,280,000 4,280,000

A redeemable preference

shares of 50 SA cents each

2,000,000

2,000,000

2,000,000 2,000,000

B redeemable preference

shares of 1 SA cent each

5,000,000

5,000,000

5,000,000 5,000,000

Issued and fully paid:
Ordinary shares in issue

353,483,410

350,677,750

277,457,471

353,483,410 277,457,471

E ordinary shares in issue

3,966,941

4,002,887

4,140,230

3,966,941

4,140,230

Total ordinary shares:

357,450,351

354,680,637

281,597,701

357,450,351 281,597,701

A redeemable preference shares

2,000,000

2,000,000

2,000,000 2,000,000

B redeemable preference shares

778,896

778,896

778,896 778,896

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

351,517,689

342,692,446

277,119,778

312,610,124 276,805,309

E ordinary shares

3,980,034

4,018,901

4,080,713

4,046,364 4,117,815

Fully vested options

440,430

405,584

457,601

547,460 531,983

Weighted average number of shares

355,938,153

347,116,931

281,658,092

317,203,948 281,455,107

Dilutive potential of share options

786,816

Diluted number of ordinary shares

(1)

355,938,153

347,903,747

281,658,092

317,203,948 281,455,107

(1)

The basic and diluted number of ordinary shares is the same for the December 2008 quarter, December 2007 quarter, year ended December 2008
and year ended December 2007 as the effects of shares for performance related options are anti-dilutive.

Rounding of figures may result in computational discrepancies.

11. Share capital and premium

As at

Dec

Sep

Dec

Dec Sep Dec

2008

2007

2008 2008 2007

Restated

(1)

Restated

Unaudited

SA Rand million

US Dollar million

Balance at beginning of period

23,322

23,322

23,045

3,425

3,425

3,292

Ordinary shares issued

14,946

14,140

283

1,875

1,794

E ordinary shares cancelled

(22)

(17)

(6)

(2)

(2)

(1)

Translation

(1,253)

(687)

Sub-total

38,246

37,445

23,322

4,045

4,530

3,425

Redeemable preference shares held within the group

(312)

(312)

(33)

(38)

(46)

Ordinary shares held within the group

(273)

(278)

(292)

(29)

(34)

(43)

E ordinary shares held within group

(325)

(330)

(347)

(34)

(40)

(51)

Balance at end of period

37,336

36,525

22,371

3,949

4,418

3,285

(1)

The September 2008 quarter has been restated to reflect the shares issued for Golden Cycle Corporation and the rights issue at the rate prevailing
on the transaction date.

12. Retained earnings and other reserves

Foreign

Other Retained

Non-

currency

Actuarial

compre- earnings

Retained distributable translation

(losses)

hensive and other Minority

SA Rand million

earnings

reserves

reserve

gains

income reserves interests

Total

Balance at December 2006

(214)

138

436

(45)

(1,503)

(1,188)

436

(752)

Actuarial loss recognised

(99)

Net loss on cash flow hedges removed from

equity and reported in gold sales

1,407

1,421

Net loss on cash flow hedges

(1,161)

(12)

(1,173)

Hedge ineffectiveness

Gain on available-for-sale financial assets

Share-based payment for share awards

190

Deferred taxation on items above

(Loss) profit for the year

(4,269)

222

(4,047)

Dividends

(919)

(131)

(1,050)

Acquisition of minority interest

(1)

(81)

(91)

(172)

Transfers to foreign currency translation reserve

(41)

Translation

(139)

(21)

(160)

(9)

(169)

Balance at December 2007

(5,524)

138

338

(108)

(1,011)

(6,167)

429

(5,738)

Actuarial losses recognised

(364)

Net loss on cash flow hedges removed from

equity and reported in gold sales

1,758

1,782

Net loss on cash flow hedges

(719)

(2)

(721)

Hedge ineffectiveness

Realised losses on capital hedges

(18)

Loss on available-for-sale financial assets

(74)

Release on disposal of available-for-sale

financial assets

(9)

Share-based payment for share awards

118

Deferred taxation on items above

124

(243)

(119)

(Loss) profit for the year

(16,105)

323 (15,783)

Dividends

(324)

(131)

(455)

Acquisition of minority interest

(1)

(914)

(908)

Transfers to foreign currency translation reserve

(12)

Translation

8,713

(221)

8,493

142

8,634

Balance at December 2008

(22,879)

138

9,063

(347)

(355) (14,380)

790 (13,590)

Rounding of figures may result in computational discrepancies.

12. Retained earnings and other reserves

Foreign

Other Retained

Non-

currency

Actuarial

compre- earnings

Retained distributable translation

(losses)

hensive and other Minority

US Dollar million

earnings

reserves

reserve

gains

income reserves interests

Total

Balance at December 2006

(209)

241

(6)

(215)

(169)

(107)

Actuarial loss recognised

(14)

Net loss on cash flow hedges removed from

equity and reported in gold sales

200

202

Net loss on cash flow hedges

(166)

(2)

(168)

Hedge ineffectiveness

Gain on available-for-sale financial assets

Share-based payment for share awards

Deferred taxation on items above

(Loss) profit for the year

(668)

(636)

Dividends

(125)

(19)

(144)

Acquisition of minority interest

(1)

(12)

(13)

(25)

Transfers to foreign currency translation reserve

(6)

Translation

(1)

(5)

Balance at December 2007

(1,020)

258

(16)

(148)

(906)

(843)

Actuarial losses recognised

(44)

Net loss on cash flow hedges removed from

equity and reported in gold sales

213

216

Net loss on cash flow hedges

(87)

Hedge ineffectiveness

Realised losses on capital hedges

(2)

Loss on available-for-sale financial assets

(9)

Release on disposal of available-for-sale

financial assets

(1)

Share-based payment for share awards

Deferred taxation on items above

(27)

(12)

(Loss) profit for the year

(1,195)

(1,155)

Dividends

(41)

(17)

(58)

Acquisition of minority interest

(1)

(111)

(110)

Transfers to foreign currency translation reserve

(1)

Translation

(5)

648

652

(7)

645

Balance at December 2008

(2,368)

907

(37)

(38)

(1,521)

(1,438)

(1)

With effect from 1 July 2008, AngloGold Ashanti acquired the remaining 33% shareholding in Cripple Creek and Victor Gold Mining Company from

Golden Cycle Gold Corporation. Effective 1 September 2008, AngloGold Ashanti acquired a 70% interest in the Gansu Joint Venture and on
1 September 2007, AngloGold Ashanti acquired the remaining effective 15% minorities of Iduapriem.

13. Borrowings

On 20 November, 2008, AngloGold Ashanti Holdings plc, a wholly-owned subsidiary of AngloGold
Ashanti Limited, entered into a $1 billion syndicated term loan facility agreement (the “2008 Term
Facility”). The 2008 Term Facility is available to be drawn during February 2009 to redeem the
$1 billion convertible bond due 27 February 2009 issued by AngloGold Ashanti Holdings plc upon its
maturity, in full and for general corporate purposes.

The 2008 Term Facility is for an initial one year period from the date of first drawdown and is extendible,
if required, at the option of AngloGold Ashanti Holdings plc until 30 November 2010. The amounts
drawn under the 2008 Term Facility will bear an interest margin over the lenders’ cost of funds (subject
to a cap of 1.75 times applicable LIBOR) of 4.25% until six months after the date of first drawdown and
5.25% thereafter. Interest is payable quarterly. AngloGold Ashanti Limited, AngloGold Ashanti USA
Incorporated and AngloGold Ashanti Australia Limited have each guaranteed all payments and other
obligations of AngloGold Ashanti Holdings plc under the 2008 Term Facility.

AngloGold Ashanti’s interest expense will increase substantially as a result of the higher interest rates
and fees associated with the 2008 Term Facility. These fees will be amortized over the expected term of
the 2008 Term Facility.

Rounding of figures may result in computational discrepancies.

Based on an assumed cost of funds of 100 basis points and assuming that the Term Facility is fully
drawn, the effective borrowing cost (including fees and applicable margin) on the Term Facility is
estimated at approximately 10% per annum. The actual interest expense in 2009, will depend upon the
amount actually drawn under the 2008 Term Facility, the lenders’ actual costs of funds and prevailing
LIBOR rates and will be partially mitigated by the application of the proceeds from the Boddington
transaction that was announced in January 2009.

Amounts outstanding under the 2008 Term Facility may be prepaid at any time prior to the maturity
date. AngloGold Ashanti intends to refinance the 2008 Term Facility through one or more of the
following: the proceeds of asset sales (which may include the sale of significant assets), long-term debt
financing and/or the issuance of an equity linked instrument. The nature and timing of the refinancing of
the 2008 Term Facility will depend upon market conditions.

14. Derivatives

The reduction of non-hedge derivatives (fair valued on the balance sheet) during 2008 is as a result of
the accelerated hedge close outs implemented during the year and the implementation of FAS157.

15. Exchange rates

Dec

Sep Dec

2008

2008 2007

Unaudited

Unaudited Unaudited

ZAR/USD average for the year to date

8.25

7.69 7.03

ZAR/USD average for the quarter

9.92

7.77 6.76

ZAR/USD closing

9.46

8.27 6.81

ZAR/AUD average for the year to date

6.93

7.02 5.89

ZAR/AUD average for the quarter

6.67

6.86 6.00

ZAR/AUD closing

6.57

6.66 5.98

BRL/USD average for the year to date

1.84

1.69 1.95

BRL/USD average for the quarter

2.28

1.67 1.78

BRL/USD closing

2.34

1.93 1.78

ARS/USD average for the year to date

3.16

3.11 3.12

ARS/USD average for the quarter

3.33

3.04 3.15

ARS/USD closing

3.45

3.12 3.15

16. Capital commitments

Dec

Sep

Dec

Dec Sep Dec

2008

2007

2008 2008 2007

Unaudited

Audited

Unaudited

Audited

SA Rand million

US Dollar million

Orders placed and outstanding on capital contracts at

the prevailing rate of exchange

(1)

1,414

2,292 2,968 162

277

436

(1)

Includes capital commitments relating to equity accounted joint ventures.

Liquidity and capital resources:

To service the above capital commitments and other operational requirements, the group is dependent on existing cash resources, cash generated
from operations and borrowing facilities.

Cash generated from operations is subject to operational, market and other risks. Distributions from operations may be subject to foreign investment
and exchange control laws and regulations and the quantity of foreign exchange available in offshore countries. In addition distributions from joint
ventures are subject to the relevant board approval.

The credit facilities and other financing arrangements contain financial covenants and other similar undertakings. To the extent that external borrowings
are required, the groups covenant performance indicates that existing financing facilities will be available to meet the above commitments. To the
extent that any of the financing facilities mature in the near future, the group believes that these facilities can be refinanced.

Rounding of figures may result in computational discrepancies.

17. Contingent liabilities

AngloGold Ashanti’s material contingent liabilities at 31 December 2008 are detailed below:

Groundwater pollution – South Africa – AngloGold Ashanti has identified a number of groundwater

pollution sites at its current operations in South Africa, and has investigated a number of different

technologies and methodologies that could possibly be used to remediate the pollution plumes. The

viability of the suggested remediation techniques in the local geological formation in South Africa is

however unknown. No sites have been remediated and present research and development work is

focused on several pilot projects to find a solution that will in fact yield satisfactory results in South African

conditions. Subject to the technology being developed as a remediation technique, no reliable estimate

can be made for the obligation.

Deep groundwater pollution – South Africa – AngloGold Ashanti has identified a flooding and future

pollution risk posed by deep groundwater, due to the interconnected nature of operations in the West Wits

and Vaal River operations. AGA is involved in Task Teams and other structures to find long term

sustainable solutions for this risk, together with industry partners and government. There is too little

foundation for the accurate estimate of a liability and thus no reliable estimate can be made for the

obligation.

Soil and Sediment Pollution – South Africa – AngloGold Ashanti identified offsite pollution impacts in the

West Wits Area. This can be attributable to a long period of gold and uranium mining activity by a number

of mining companies, as well as millennia of weathering of natural reef outcrops in the catchment areas.

Investigations are underway to confirm, quantify and, if necessary, address these impacts. It is however

too early in the process to make an estimate of the liability.

Provision of surety – South Africa – AngloGold Ashanti has provided sureties in favour of a lender on a

gold loan facility with its affiliate Oro Africa (Pty) Ltd and one of its subsidiaries to a maximum value of

R100m ($11m). The suretyship agreements have a termination notice period of 90 days.

Sales tax on gold deliveries – Brazil – Mineração Serra Grande S.A. (MSG), the operator of the Crixas

mine in Brazil, has received two tax assessments from the State of Goiás related to payments of sales

taxes on gold deliveries for export, one for the period between February 2004 and June 2005 and the

other for the period between July 2005 and May 2006. The tax authorities maintain that whenever a

taxpayer exports gold mined in the state of Goiás, through a branch located in a different Brazilian State, it

must obtain an authorisation from the Goiás State Treasury by means of a Special Regime Agreement

(Termo de Acordo re Regime Especial – TARE). The MSG operation is co-owned with Kinross Gold

Corporation. AngloGold Ashanti Brasil Mineração Ltda. manages the operation and its attributable share

of the first assessment is approximately $34m Although MSG requested the TARE in early 2004, the

TARE, which authorised the remittance of gold to the company’s branch in Minas Gerais specifically for

export purposes, was only granted and executed in May 2006.

In November 2006 the administrative council’s second chamber ruled in favour of MSG and fully cancelled

the tax liability related to the first period. The State of Goiás has appealed to the full board of the State of

Goiás tax administrative council. The second assessment was issued by the State of Goiás in October

2006 on the same grounds as the first one, and the attributable share of the assessment is approximately

$21m. The company believes both assessments are in violation of Federal legislation on sales taxes.

VAT Disputes – Brazil – MSG received a tax assessment in October 2003 from the State of Minas Gerais

related to sales taxes on gold allegedly returned from the branch in Minas Gerais to the company head

office in the State of Goiás. The tax administrators rejected the company’s appeal against the assessment.

The company is now discussing the case at the judicial sphere. The company’s attributable share of the

assessment is approximately $6m.

Tax Disputes – Brazil – Morro Velho, AngloGold Ashanti Brasil Mineração and Mineração Serra Grande

are involved in disputes with tax authorities. These disputes involve federal tax assessments including

income tax, social contributions and annual property tax based on ownership of properties outside of

urban perimeters (ITR). The amount involved is approximately $12m.

18. Concentration of risk

There is a concentration of risk in respect of reimbursable value added tax and fuel duties from the Malian

government:

• Reimbursable value added tax due from the Malian government amount to an attributable $27m at

31 December 2008 (30 September 2008: attributable $42m). The last audited value added tax return

was for the period ended 30 June 2008 and at the balance sheet date an attributable $20m was

audited and $7m 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.

• Reimbursable fuel duties from the Malian government amounts to an attributable $5m at 31 December

2008 (30 September 2008: attributable $7m). Fuel duty refund claims 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 Custom and Excise authorities. An attributable $5m is still subject to

authorisation by the authorities. The accounting processes for the unauthorised amount are in

accordance with the processes advised by the Malian government in terms of the previous

authorisations. As from February 2006 all fuel duties have been exonerated.

The government of Mali is a shareholder in all the Malian entities. Management is in negotiations with the

Government of Mali to agree a protocol for the repayment of the outstanding amounts due to Sadiola and

Yatela. These amounts outstanding at Sadiola and Yatela have been discounted at 18% based on the

provisions of the proposed protocol. The amounts outstanding at Morila have been discounted to their

present value at a rate of 6.0%.

There is a concentration of risk in respect of reimbursable value added tax and fuel duties from the

Tanzanian government:

• Reimbursable value added tax due from the Tanzanian government amounts to $16m at 31 December

2008 (30 September 2008: $16m). The last audited value added tax return was for the period ended

30 November 2008 and at the balance sheet date was $16m. 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 outstanding amounts have been discounted to their present value at

a rate of 7.8%.

• Reimbursable fuel duties from the Tanzanian government amounts to $37m at 30 December 2008

(30 September 2008: $42m). 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 refund

of fuel duties amounting to $16m have been audited and lodged with the Customs and Excise

authorities, whilst claims for refund of $21m have not yet been lodged. 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 outstanding amounts have been discounted to their

present value at a rate of 7.8%.

19. Announcements

On 30 September 2008 AngloGold Ashanti announced that following the publication the unaudited results

for the quarter and six months ended 30 June 2008, it reassessed the accounting estimate for income

taxes, for the effects and impact of the accelerated non-hedge derivative settlements in accordance with

IAS34 – Interim Financial Reporting. Following this reassessment, the income tax expense was reduced

by R641 million (US$81m) for the period. This was as a result of IAS34 requiring that the income tax

expense for interim reporting purposes to be calculated by applying to an interim period’s pre-tax income,

the estimated average annual effective income tax rate that would be applicable to the expected total

annual earnings. It should be noted that the overprovision would have been reversed by financial year-

end and therefore would not have had any effect on the full year’s income tax expense and earnings.

Nevertheless, in compliance with IAS34, AngloGold Ashanti decided to revise its results for the quarter

and six months ended 30 June 2008. It is anticipated that the audit report for the year ended on

31 December 2008 will include a reference to the above.

On 17 October 2008, AngloGold Ashanti announced that it had been notified of an unsolicited below-

market "mini-tender offer" by TRC Capital Corporation of Toronto, Canada to purchase up to

approximately 4,000,000 American depositary shares ("ADSs") of AngloGold Ashanti Limited (each of

which represents one ordinary share), representing approximately 1.14% of AngloGold Ashanti's

outstanding share capital, at a price of US$18.00 per ADS. AngloGold Ashanti cautions shareholders

that this offer represented a 2.65% discount to the US$18.49 closing price of ADSs on the New York

Stock Exchange on 15 October, 2008, the day prior to the date of the offer and a 2.39% discount to the

US$18.44 closing price of ADSs on 16 October, 2008.

On 21 November 2008, AngloGold Ashanti Limited announced that it had entered into a US$1 billion

term loan facility agreement (the "Term Facility") with Standard Chartered Bank to refinance its

convertible bond.

The Term Facility would be drawn during February 2009 for the purpose of repaying the US$1 billion

convertible bond due on 27 February 2009 issued by AngloGold Ashanti Holdings plc and guaranteed by

AngloGold Ashanti. The Term Facility is for an initial one year period from the date of the first drawdown

in February 2009 and the Term Facility is extendable, if required, at the option of AngloGold Ashanti until

30 November 2010.

The terms and covenants of the Term Facility are similar to those of AngloGold Ashanti's existing

US$1.15 billion Revolving Credit Facility, save that the amounts drawn under the Term Facility will bear an

interest margin of 4.25% for the first six months after the first drawdown and 5.25% thereafter.

On 15 December 2008, further to its announcement of 31 July 2008, AngloGold Ashanti announced that

it had completed the purchase of São Bento Gold Company Limited ("SBG") and its wholly-owned

subsidiary, São Bento Mineração S.A. ("SBMSA") from Eldorado Gold Corporation ("Eldorado") for a

consideration of US$70 million. The purchase price was settled through the issuance of 2,701,660

AngloGold Ashanti shares.

The purchase of SBG and SBMSA gives AngloGold Ashanti access to the São Bento mine, a gold

operation located in the immediate vicinity of AngloGold Ashanti's proposed Córrego do Sítio mine,

located in the municipality of Santa Bárbara, Iron Quadrangle region of Minas Gerais State, Brazil. The

acquisition of the São Bento mine provides AngloGold Ashanti with the potential to double the scale of

the proposed Córrego do Sítio mine, which once developed will significantly enhance AngloGold

Ashanti's Brazilian asset base.

On 23 January 2009, AngloGold Ashanti Australia Ltd announced that Mineral Resource increase for the

Tropicana Gold Project in Western Australia. The Tropicana Gold Project, located 330 kilometres east

north-east of Kalgoorlie, is part of the Tropicana Joint Venture, which is 70% owned by AngloGold Ashanti

Australia (the manager) and 30% by Independence Group NL. The Measured, Indicated and Inferred

Mineral Resource for the project is now 75.3 million tonnes grading 2.07 grams/tonne for 5.01 million

ounces of gold. This represents an increase of approximately 1 million ounces from the first Mineral

Resource estimate released for the project in December 2007, and the new estimate is predominantly in

the Measured and Indicated category, providing a higher level of confidence. AngloGold Ashanti

Australia's share of the upgraded resource is 3.51 Moz.

On 28 January 2009, AngloGold Ashanti Limited announced that it had agreed to sell its indirect

33.33% joint venture interest in the Boddington Gold Mine in Western Australia to Newmont Mining

Corporation for an aggregate consideration of up to US$1.1 billion (the "Transaction").

The Transaction is consistent with AngloGold Ashanti's strategy of focusing on its core, controlled asset

portfolio and realising value from any minority, non-managed interests as and when appropriate. It will

also immediately strengthen the Company's balance sheet, result in lower financing costs due to early

repayment of the recently announced US$1.0 billion bridge facility and create additional flexibility to

participate in further investment and growth opportunities.

20. Dividend

The directors have today declared Final Dividend No. 105 of 50 (Final Dividend No. 103: 53) South

African cents per ordinary share for the year ended 31 December 2008. In compliance with the

requirements of Strate, given the company's primary listing on the JSE Limited, the salient dates for

payment of the dividend are as follows:

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

Each CDI represents one-fifth of an ordinary share.

2009

Currency conversion date for UK pounds, Australian dollars and Ghanaian cedis

Thursday, 26 February

Last date to trade ordinary shares cum dividend

Friday, 27 February

Last date to register transfers of certificated securities cum dividend

Friday, 27 February

Ordinary shares trade ex dividend

Monday, 2 March

Record date

Friday, 6 March

Payment date

Friday, 13 March

On the payment date, dividends due to holders of certificated securities on the South African share
register will either be electronically transferred to shareholders' bank accounts or, in the absence of
suitable mandates, dividend cheques will be posted to such shareholders.

Dividends in respect of dematerialised shareholdings will be credited to shareholders' accounts with the
relevant CSDP or broker. To comply with the further requirements of Strate, between Monday, 2 March
2009 and Friday, 6 March 2009, both days inclusive, no transfers between the South African, United
Kingdom, Australian and Ghana share registers will be permitted and no ordinary shares pertaining to
the South African share register may be dematerialised or rematerialised.

To holders of American Depositary Shares

Each American Depositary Share (ADS) represents one ordinary share.

2009

Ex dividend on New York Stock Exchange

Wednesday, 4 March

Record date

Friday, 6 March

Approximate date for currency conversion

Friday, 13 March

Approximate payment date of dividend

Monday, 23 March

Assuming an exchange rate of R9.84/$1, the dividend payable on ADS is equivalent to 5.1 US cents.

This compares with the final dividend of 6.6 US cents per ADS paid on 17 March 2008. However, the

actual rate of payment will depend on the exchange rate on the date for currency conversion.

To holders of Ghanaian Depositary Shares (GhDSs)

100 GhDSs represent one ordinary share.

2009

Last date to trade and to register GhDSs cum dividend

Friday, 27 February

GhDSs trade ex dividend

Monday, 2 March

Record date

Thursday, 5 March

Approximate payment date of dividend

Monday, 16 March

Assuming an exchange rate of R1/¢0.1341, the dividend payable per GhDS is equivalent to 0.067 cedis.

This compares with the final dividend of 0.065 cedis per Ghanaian Depositary Share (GhDS) payable

on 10 March 2009. However, the actual rate of payment will depend on the exchange rate on the date

for currency conversion. In Ghana, the authorities have determined that dividends payable to residents

on the Ghana share register be subject to a final withholding tax at a rate of 10%, similar to the rate

applicable to dividend payments made by resident companies which is currently at 10%.

In addition, directors declared Dividend No. E5 of 25 South African cents per E ordinary share, payable

to employees participating in the Bokamoso ESOP and Izingwe Holdings (Proprietary) Limited. These

dividends will be paid on Friday, 13 March 2009.

By order of the Board

R P EDEY

M CUTIFANI

Chairman

Chief Executive Officer

6 February 2009

Segmental reporting

for the quarter and year ended 31 December 2008

Dec

Sep

Dec

Sep

Dec

2008

2007

2008

2007

2008

2007

2008

2007

Restated

Unaudited

Gold income
South Africa

3,508

2,986

2,292

12,068

9,843

353

388

339

1,466

1,399

Argentina

397

241

198

984

988

116

140

Australia

937

582

684

2,338

2,437

101

280

348

Brazil

993

719

495

2,739

2,001

100

330

285

Ghana

968

937

601

3,982

2,365

119

486

337

Guinea

682

601

492

2,724

1,483

334

211

Namibia

141

327

364

Tanzania

360

397

111

2,628

807

328

114

USA

531

303

280

1,984

813

240

116

8,517

6,851

5,249

29,774

21,101

858

885

777

3,619

3,002

Gross profit (loss) adjusted for
the gain (loss) on unrealised non-
hedge derivatives and other
commodity contracts

South Africa

1,243

536

502

(253)

2,845

126

(55)

403

Argentina

(129)

(260)

338

(16)

(34)

Australia

(77)

228

(480)

960

(10)

(61)

137

Brazil

415

239

277

472

987

141

Ghana

(288)

(181)

(150)

(1,210)

(29)

(23)

(22)

(145)

Guinea

142

222

101

Mali

183

165

(252)

646

(34)

Namibia

(12)

(2)

Tanzania

(570)

(350)

(110)

(1,545)

(58)

(44)

(16)

(181)

USA

195

190

155

518

Other

(24)

(34)

(3)

(4)

Sub-total

1,425

249

1,309

(3,140)

6,590

143

195

(412)

935

Less equity accounted investments

(184)

(65)

(263)

195

(697)

(18)

(9)

(40)

(100)

1,241

184

1,046

(2,945)

5,893

125

155

(384)

835

Adjusted gross profit (loss)
normalised for accelerated
settlement of non-hedge
derivatives
South Africa

1,243

536

502

3,883

2,845

126

466

403

Argentina

(129)

(104)

338

(16)

(14)

Australia

(77)

228

256

960

(10)

137

Brazil

415

239

277

1,252

987

152

141

Ghana

(288)

(181)

(150)

(385)

(29)

(23)

(22)

(41)

Guinea

142

601

101

Mali

183

165

618

646

Namibia

Tanzania

(570)

(350)

(110)

(1,054)

(58)

(44)

(16)

(119)

USA

195

190

601

518

Other

(24)

(34)

(102)

(3)

(4)

(13)

Sub-total

1,425

249

1,309

5,621

6,590

143

195

693

935

Less equity accounted investments

(184)

(65)

(263)

(549)

(697)

(18)

(9)

(40)

(67)

(100)

1,241

184

1,046

5,072

5,893

125

155

626

835

Rounding of figures may result in computational discrepancies.

Based on risks and returns the directors consider that the primary reporting format is by business segment. The directors consider that there is only one business segment
being mining, extraction and production of gold. Therefore the disclosures for the primary segment have already been given in the abbreviated financial statements. The
secondary reporting format is by geographical analysis by origin.

US Dollar million

SA Rand million

Quarter ended

Year ended

Quarter ended

Year ended

Segmental reporting (continued)

Dec

Sep

Dec

Sep

Dec

2008

2007

2008

2007

2008

2007

2008

2007

Unaudited

Audited

Unaudited

Audited

Gold production

South Africa

16,185

16,733

17,503

65,283

72,429

520

538

563

2,099

2,328

Argentina

1,752

1,350

1,597

4,799

6,338

154

204

Australia

2,651

3,590

4,673

13,477

18,675

115

150

433

600

Brazil

3,346

3,207

3,480

12,669

12,689

108

103

112

407

408

Ghana

4,823

4,428

3,998

17,328

16,388

155

142

129

557

527

Guinea

2,533

2,235

2,567

10,350

8,715

333

280

Mali

3,489

3,003

3,536

12,707

13,703

112

114

409

441

Namibia

614

540

624

2,126

2,496

Tanzania

1,614

2,296

1,801

8,203

10,166

264

327

USA

2,422

1,955

2,778

8,016

8,766

258

282

39,429

39,336

42,556

154,958

170,365

1,268

1,265

1,368

4,982

5,477

Dec

Sep

Dec

Sep

Dec

2008

2007

2008

2007

2008

2007

2008

2007

Unaudited

Audited

Unaudited

Audited

Capital expenditure

South Africa

815

786

881

2,779

2,535

101

128

337

361

Argentina

135

141

Australia

1,054

936

651

3,618

1,975

105

121

439

281

Brazil

263

238

204

909

995

110

142

Ghana

533

383

260

1,370

836

166

119

Guinea

178

146

Mali

Namibia

Tanzania

105

103

433

187

USA

221

161

Other

103

364

2,994

2,623

2,315

9,905

7,444

302

338

339

1,201

1,059

As at

Dec

Sep

Dec

Sep

Dec

2008

2007

2008

2007

Restated

Unaudited

Total assets
South Africa

17,599

17,071

15,616

1,861

2,065

2,293

Argentina

2,121

1,923

1,659

224

233

244

Australia

12,936

11,982

8,705

1,368

1,449

1,278

Brazil

7,795

5,941

4,826

824

719

709

Ghana

9,576

16,582

13,301

1,013

2,006

1,953

Guinea

3,028

2,668

2,127

320

323

312

Mali

2,110

2,173

1,728

223

263

254

Namibia

668

617

536

Tanzania

7,895

12,112

9,654

835

1,465

1,418

USA

5,422

4,592

3,608

573

555

530

Other

7,052

5,704

4,353

748

688

638

76,202

81,365

66,113

8,060

9,842

9,708

Rounding of figures may result in computational discrepancies.

oz (000)

Year ended

Quarter ended

Year ended

Quarter ended

Year ended

Quarter ended

Year ended

Quarter ended

Investment held.

SA Rand million

US Dollar million

Gold production and capital expenditure includes equity accounted investments.

SA Rand million

US Dollar million

Non-GAAP

disclosure

Dec

Sep

Dec

Sep

Dec

2008

2007

2008

2007

2008

2007

2008

2007

Restated

Unaudited

Headline earnings (loss) (note 9)

516

(298)

(3,095)

(4,375)

(4,136)

234

(466)

(30)

(648)

(Gain) loss on unrealised non-hedge derivatives and
other commodity contracts (note 4)

(946)

(667)

3,666

(3,885)

7,202

(265)

(158)

551

(978)

1,083

Deferred tax on unrealised non-hedge derivatives and
other commodity contracts (note 7)

254

(337)

1,219

(681)

(4)

(50)

132

(100)

Associate's and equity accounted joint ventures share of
(gain) loss on unrealised non-hedge derivatives and
other commodity contracts in associates

(4)

(89)

(1)

(11)

Associate's and equity accounted joint ventures share
of deferred tax on unrealised non-hedge derivatives
and other commodity contracts

(2)

Fair value adjustment on option component of convertible
bond

(2)

(115)

(185)

(333)

(17)

(25)

(47)

Headline (loss) earnings adjusted for the gain (loss) on
unrealised non-hedge derivatives, other commodity
contracts and fair value adjustments on convertible
bond

(1)

(178)

(956)

117

(7,197)

1,971

(17)

(119)

(897)

278

Cents per share

(2)

Headline (loss) earnings adjusted for the gain (loss) on
unrealised non-hedge derivatives, other commodity
contracts and fair value adjustments on convertible
bond

(1)

(50)

(275)

(2,269)

700

(5)

(34)

(283)

Dec

Sep

Dec

Sep

Dec

2008

2007

2008

2007

2008

2007

2008

2007

Restated

Unaudited

Reconciliation of gross profit (loss) to gross profit
adjusted for the gain (loss) on unrealised non-hedge
derivatives and other commodity contracts:
Gross profit (loss)

2,187

851

(2,621)

939

(1,309)

390

186

(395)

594

(248)

(Gain) loss on unrealised non-hedge derivatives and
other commodity contracts (note 4)

(946)

(667)

3,666

(3,885)

7,202

(265)

(158)

551

(978)

1,083

Gross profit (loss) adjusted for the gain (loss) on unrealised
non-hedge derivatives and other commodity contracts

1,241

184

1,046

(2,945)

5,893

125

155

(384)

835

Realised loss on other commodity contracts (note 4)

253

Loss on accelerated settlement of non-hedge
derivatives (note 4)

7,764

979

Adjusted gross profit normalised for accelerated settlement
of non-hedge derivatives

1,241

184

1,046

5,072

5,893

125

155

626

835

Rounding of figures may result in computational discrepancies.

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

- The unrealised fair value change in contracts that are still open at the reporting date, as well as, the unwinding of the historic marked-to-market value of the position settled in
the period;

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

(2)

Calculated on the basic weighted average number of ordinary shares.

SA Rand million

(1)

(Gain) loss on non-hedge derivatives and other commodity contracts in the income statement comprise the change in fair value of all non-hedge derivatives and other commodity

contracts as follows:

US Dollar million

- Investment in hedge restructure transaction: During the hedge restructure in December 2004 and March 2005 quarters, $83m and $69m in cash was injected respectively into
the hedge book in these quarters to increase the value of long-dated contracts. The entire investment in long-dated derivatives (certain of which have now matured), for the
purposes of the adjustment to earnings, will only be taken into account when the realised portion of long-dated non-hedge derivatives are settled, and not when the short-term
contracts were settled;

- The unrealised fair value change on the option component of the convertible bond; and

US Dollar million

SA Rand million

Headline (loss) earnings adjusted for the gain (loss) on unrealised non-hedge derivatives, other commodity contracts and fair value adjustments on convertible bond

Quarter ended

Year ended

- The unrealised fair value change on the onerous uranium contracts.

Quarter ended

- Open positions: The change in fair value from the previous reporting date or date of recognition (if later) through to the current reporting date; and
- Settled positions: The change in fair value from the previous reporting date or date of recognition (if later) through to the date of settlement.

Year ended

Headline (loss) earnings adjusted for the effect of unrealised non-hedge derivatives, other commodity contracts and fair value adjustments on convertible bond, is intended to
illustrate earnings after adjusting for:

Gross profit (loss) adjusted for the gain (loss) on unrealised non-hedge derivatives and other commodity contracts

Year ended

Quarter ended

- In addition, during the June 2008 quarter the hedge book was reduced and contracts to the value of $1,1bn was early settled. Following the sale of the investment in Nufcor
International Ltd. (NIL) uranium contracts of 1m pounds were cancelled. The combined impact on earnings after taxation amounted to $996m;

Dec

Sep

Dec

Sep

Dec

2008

2007

2008

2007

2008

2007

2008

2007

Restated

Unaudited

Price received

Gold income (note 2)

8,517

6,851

5,249

29,774

21,101

858

885

777

3,619

3,002

Adjusted for minority interests

(308)

(256)

(211)

(1,078)

(889)

(31)

(33)

(32)

(131)

(127)

8,209

6,595

5,038

28,696

20,212

827

852

745

3,488

2,875

(Loss) gain on realised non-hedge derivatives (note 4)

(348)

(519)

740

(2,145)

2,033

(35)

(66)

110

(264)

291

Loss on accelerated settlement of non-hedge derivatives
(note 4)

(7,764)

(979)

Associate's and equity accounted joint ventures share of
gold income including realised non-hedge derivatives

748

473

534

1,568

1,951

185

278

Attributable gold income including realised non-hedge
derivatives

8,609

6,550

6,313

20,355

24,196

867

847

934

2,430

3,444

Attributable gold sold - kg / - oz (000)

39,249

40,902

42,278

155,954

170,265

1,262

1,315

1,359

5,014

5,474

Revenue price per unit - R/kg / - $/oz

219,329

160,127

149,312

130,522

142,107

687

644

687

485

629

Attributable gold income including realised non-hedge
derivatives as above

8,609

6,550

6,313

20,355

24,196

867

847

934

2,430

3,444

Loss on accelerated settlement of non-hedge derivatives
(note 4)

7,764

979

Associate's and equity accounted joint ventures share of
loss on accelerated settlement of non-hedge derivatives

871

109

Attributable gold income including realised non-hedge
derivatives normalised for accelerated settlement of
non-hedge derivatives

8,609

6,550

6,313

28,990

24,196

867

847

934

3,518

3,444

Attributable gold sold - kg / - oz (000)

39,249

40,902

42,278

155,954

170,265

1,262

1,315

1,359

5,014

5,474

Revenue price per unit normalised for accelerated
settlement of non-hedge derivatives - R/kg / - $/oz

219,329

160,127

149,312

185,887

142,107

687

644

687

702

629

Total costs

Total cash costs (note 3)

5,062

4,668

3,469

17,405

12,889

510

601

513

2,113

1,836

Adjusted for minority interests and non-gold producing
companies

(204)

(240)

(741)

(246)

(21)

(31)

(90)

(34)

Associate's and equity accounted joint ventures share of
total cash costs

457

349

219

1,538

1,070

187

152

Total cash costs adjusted for minority interests and non-
gold producing companies

5,315

4,777

3,734

18,202

13,713

535

615

552

2,210

1,954

Retrenchment costs (note 3)

131

Rehabilitation and other non-cash costs (note 3)

(2)

102

302

218

422

Amortisation of tangible assets (note 3)

1,387

1,111

1,063

4,620

3,980

140

143

158

560

567

Amortisation of intangible assets (note 3)

Adjusted for minority interests and non-gold producing
companies

(58)

(63)

(42)

(209)

(146)

(6)

(8)

(6)

(25)

(21)

Associate's and equity accounted joint ventures share of
production costs

126

343

186

Total production costs adjusted for minority interests
and non-gold producing companies

6,794

6,016

5,207

23,267

18,300

684

774

770

2,824

2,609

Gold produced - kg / - oz (000)

39,429

39,336

42,556

154,958

170,365

1,268

1,265

1,368

4,982

5,477

Total cash cost per unit - R/kg / -$/oz

134,813

121,440

87,744

117,462

80,490

422

486

404

444

357

Total production cost per unit - R/kg / -$/oz

172,312

152,945

122,344

150,149

107,415

540

612

563

567

476

EBITDA

Operating (loss) profit

(14,309)

415

(3,315)

(16,709)

(3,360)

(1,275)

130

(498)

(1,220)

(542)

Amortisation of tangible assets (note 3)

1,387

1,111

1,063

4,620

3,980

140

143

158

560

567

Amortisation of intangible assets (note 3)

Impairment net of reversals of tangible assets (note 6)

14,786

14,792

1,492

1,493

Impairment of goodwill (note 6)

1,080

1,080

109

109

(Gain) loss on unrealised non-hedge derivatives and other
commodity contracts (note 4)

(946)

(667)

3,666

(3,885)

7,202

(265)

(158)

551

(978)

1,083

Loss on realised other commodity contracts (note 4)

253

Loss on accelerated settlement of non-hedge derivatives
(note 4)

7,764

979

Share of associates' EBITDA

279

252

820

802

115

Discontinued operations EBITDA (note 8)

(4)

(17)

(1)

(2)

Loss (profit) on disposal and abandonment of assets (note 6)

(101)

(400)

(56)

(14)

(55)

(7)

Impairment of investments (note 6)

Loss (profit) on disposal of investment in associate
(note 6)

(14)

(2)

2,391

869

1,795

8,367

8,618

241

116

266

1,022

1,224

Rounding of figures may result in computational discrepancies.

Year ended

US Dollar million / Imperial

SA Rand million / Metric

Quarter ended

Year ended

Dec

Sep

Dec

Sep

Dec

2008

2007

2008

2007

2008

2007

2008

2007

Restated

Unaudited

Interest cover

EBITDA (note E)

2,391

869

1,795

8,367

8,618

241

116

266

1,022

1,224

Finance costs

225

235

227

926

845

114

120

Capitalised finance costs

263

300

314

252

1,189

913

146

130

Interest cover - times

Free cash flow

Net cash inflow (outflow) from operating activities

2,678

(7,108)

1,181

(3,127)

6,085

221

(899)

176

(529)

866

Stay-in-business capital expenditure

(1,317)

(1,173)

(1,202)

(4,452)

(3,726)

(132)

(151)

(176)

(540)

(530)

1,361

(8,281)

(21)

(7,579)

2,359

(1,050)

(1,069)

336

As at

Dec

Sep

Dec

Sep

Dec

2008

2007

2008

2007

Unaudited

Net asset value - cents per share

Total equity

23,746

30,601

16,633

2,511

3,702

2,442

Number of ordinary shares in issue - million (note 10)

357

355

282

357

355

282

Net asset value - cents per share

6,643

8,628

5,907

702

1,044

867

Total equity

23,746

30,601

16,633

2,511

3,702

2,442

Intangible assets

(1,403)

(3,287)

(2,859)

(148)

(398)

(420)

22,343

27,314

13,774

2,363

3,304

2,022

Number of ordinary shares in issue - million (note 10)

357

355

282

357

355

282

Net tangible asset value - cents per share

6,251

7,701

4,891

661

932

718

Net debt

Borrowings - long-term portion

8,224

6,865

10,416

870

830

1,529

Borrowings - short-term portion

10,046

8,581

2,173

1,063

1,038

319

Total borrowings

18,270

15,446

12,589

1,933

1,868

1,848

Corporate office lease

(254)

(253)

(249)

(27)

(31)

(37)

Unamortised portion on the convertible bond

(38)

157

(4)

Cash restricted for use

(415)

(499)

(264)

(44)

(60)

(39)

Cash and cash equivalents

(5,438)

(4,585)

(3,246)

(575)

(555)

(477)

Net debt

12,125

10,183

8,987

1,283

1,230

1,318

Rounding of figures may result in computational discrepancies.

SA Rand million

US Dollar million

Year ended

Quarter ended

SA Rand million

US Dollar million

Year ended

Key

operating results

PER REGION & OPERATION

Quarter

Year

Quarter

Year

ended

December

September

December

September

December

2008

2007

2008

2007

2008

SA Rand / US Dollar

SOUTH AFRICA

815

786

881

2,779

101

128

337

Vaal River
Great Noligwa

213

Kopanang

116

111

391

Moab Khotsong

205

224

195

736

Tau Lekoa

146

Surface Operations

(1)

West Wits
Mponeng

228

209

234

707

Savuka

TauTona

147

134

178

491

ARGENTINA

135

Cerro Vanguardia - Attributable 92.50%

125

Minorities and exploration

AUSTRALIA

1,054

936

651

3,618

105

121

439

Sunrise Dam

159

Boddington

1,007

904

580

3,457

100

116

419

Exploration

(1)

BRAZIL

263

238

204

909

110

AngloGold Ashanti Brasil Mineração

129

148

158

565

Serra Grande - Attributable 50%

168

Minorities, exploration and other

176

GHANA

533

383

260

1,370

166

Iduapriem

150

136

105

448

Obuasi

383

247

153

922

112

Minorities and exploration

(1)

GUINEA

178

Siguiri - Attributable 85%

151

Minorities and exploration

MALI

Morila - Attributable 40%

Sadiola - Attributable 38%

Yatela - Attributable 40%

NAMIBIA

Navachab

TANZANIA

105

103

433

Geita

105

103

433

USA

221

Cripple Creek & Victor

221

OTHER

103

ANGLOGOLD ASHANTI

2,994

2,623

2,315

9,905

302

338

339

1,201

Rounding of figures may result in computational discrepancies.

Capital expenditure - Rm

Capital expenditure - $m

Development

for the quarter ended 31 December 2008

Statistics are shown in metric units

Advanced

metres

Sampled

Ave. channel

(total)

metres

width (cm)

Ave. g/t

Ave. cm.g/t

Ave. kg/t

Ave. cm.kg/t

VAAL RIVER
Great Noligwa Mine
Vaal reef

880

100

125.5

8.28

1,039

0.99

127.90

Kopanang Mine
Vaal reef

6,721

952

21.8

64.17

1,399

4.47

91.68

Tau Lekoa Mine
Ventersdorp Contact reef

1,739

113.4

8.01

908

Moab Khotsong Mine
Vaal reef

4,404

428

131.8

17.48

2,304

1.05

125.36

WEST WITS
Tau Tona Mine
Ventersdorp Contact reef

Carbon Leader reef

2,238

17.0

127.65

2,170

1.90

31.74

Savuka Mine
Carbon Leader reef

669

27.5

153.71

4,227

Mponeng Mine
Ventersdorp Contact reef

4,540

546

78.4

33.69

2,641

AUSTRALIA
Sunrise Dam

889

3.67

BRAZIL
AngloGold Ashanti Mineração
Mina de Cuiabá

1,294

392

919.0

4.53

Córrego do Sitio

947

203

2.50

Lamego

1,018

235

60.0

5.28

Serra Grande
Mina III

947

203

2.50

GHANA
Obuasi

5,835

2,662

470*

8.00

3,760

Statistics are shown in imperial units

Advanced

feet

Sampled

Ave. channel

(total)

feet

width (inches)

Ave. oz/t

Ave. ft.oz/t

Ave. lb/t

Ave. ft.lb/t

VAAL RIVER
Great Noligwa Mine
Vaal reef

2,886

328

49.4

0.24

0.99

1.98

8.15

Kopanang Mine
Vaal reef

22,050

3,123

8.6

1.87

1.34

8.94

6.39

Tau Lekoa Mine
Ventersdorp Contact reef

5,705

249

44.6

0.23

0.87

Moab Khotsong Mine
Vaal reef

14,447

1,404

51.9

0.51

2.20

2.10

9.08

WEST WITS
Tau Tona Mine
Ventersdorp Contact reef

152

Carbon Leader reef

7,343

256

6.7

3.72

2.08

3.80

2.12

Savuka Mine
Carbon Leader reef

2,195

197

10.8

4.48

4.04

Mponeng Mine
Ventersdorp Contact reef

14,894

1,791

30.9

0.98

2.53

AUSTRALIA
Sunrise Dam

2,917

0.11

BRAZIL
AngloGold Ashanti Mineração
Mina de Cuiabá

4,245

1,286

361.8

0.13

Córrego do Sitio

3,105

666

0.07

Lamego

3,340

771

23.6

0.15

Serra Grande
Mina III

3,105

666

0.07

GHANA
Obuasi

19,143

8,734

185*

0.23

3.60

* Average ore body width.

Sampled

gold

uranium

Development values represent actual results of sampling, no allowances having been made for adjustments necessary in estimating ore reserves.

Sampled

gold

uranium

Key

operating results

PER REGION & OPERATION

Quarter

Year

Quarter

Year

ended

December

September

December

September

December

2008

2007

2008

2007

2008

Metric

SOUTH AFRICA

16,185

16,733

17,503

65,283

Vaal River
Great Noligwa

6.37

6.42

6.94

7.33

1,969

1,976

3,613

10,268

Kopanang

6.78

6.44

7.70

6.82

2,827

2,627

3,229

11,244

Moab Khotsong

9.03

9.37

9.12

9.31

2,194

2,127

726

5,965

Tau Lekoa

3.53

3.50

3.97

3.58

1,105

1,173

1,247

4,444

Surface Operations

0.42

0.36

0.46

0.36

848

773

920

2,864

West Wits
Mponeng

9.45

10.16

9.26

10.02

4,492

5,113

4,223

18,672

Savuka

6.96

5.80

6.73

6.28

566

481

540

2,057

TauTona

8.37

8.34

9.37

8.66

2,184

2,464

3,005

9,769

ARGENTINA

1,752

1,350

1,597

4,799

Cerro Vanguardia - Attributable 92.50%

7.44

6.25

6.88

5.44

1,752

1,350

1,597

4,799

AUSTRALIA

2,651

3,590

4,673

13,477

Sunrise Dam

2.33

3.72

4.84

3.46

2,651

3,590

4,673

13,477

BRAZIL

3,346

3,207

3,480

12,669

AngloGold Ashanti Brasil Mineração

7.77

8.28

7.84

7.62

2,596

2,583

2,826

9,960

Serra Grande

- Attributable 50%

8.00

7.64

6.65

7.58

750

624

654

2,709

GHANA

4,823

4,428

3,998

17,328

Iduapriem

1.83

1.79

1.90

1.76

1,761

1,566

1,387

6,221

Obuasi

4.62

4.45

4.34

4.37

3,062

2,862

2,611

11,107

GUINEA

2,533

2,235

2,567

10,350

Siguiri - Attributable 85%

1.10

1.06

1.18

1.20

2,533

2,235

2,567

10,350

MALI

3,489

3,003

3,536

12,707

Morila - Attributable 40%

3.31

2.67

3.91

3.08

1,456

1,170

1,607

5,298

Sadiola - Attributable 38%

3.58

3.37

3.00

3.42

1,530

1,281

1,252

5,357

Yatela

- Attributable 40%

2.60

2.36

2.60

2.66

503

552

677

2,052

NAMIBIA

614

540

624

2,126

Navachab

1.53

1.43

1.61

1.43

614

540

624

2,126

TANZANIA

1,614

2,296

1,801

8,203

Geita

1.68

2.12

1.46

1.92

1,614

2,296

1,801

8,203

USA

2,422

1,955

2,778

8,016

Cripple Creek & Victor

0.48

0.55

0.49

2,422

1,955

2,778

8,016

ANGLOGOLD ASHANTI

39,429

39,336

42,556

154,958

Underground Operations

6.72

6.84

6.96

6.89

21,679

21,737

22,505

85,025

Surface and Dump Reclamation

0.44

0.40

0.45

0.42

1,362

1,229

1,339

5,009

Open-pit Operations

2.01

2.15

2.33

2.12

13,240

13,573

15,047

53,930

Heap Leach Operations

0.61

0.56

0.70

0.62

3,148

2,797

3,665

10,994

39,429

39,336

42,556

154,958

The yield of Yatela and Cripple Creek reflects gold

placed/tonnes placed.

Rounding of figures may result in computational discrepancies.

The yield of TauTona, AngloGold Ashanti Brasil Mineração, Serra Grande and Obuasi represents underground

operations.

The yield of Sunrise Dam represents open-pit operations.

The yield is calculated on gold placed into leach pad inventory /

tonnes placed on to leach pad.

Yield - g/t

Gold produced - kg

Key

operating results

PER REGION & OPERATION

Quarter

Year

Quarter

Year

ended

December

September

December

September

December

2008

2007

2008

2007

2008

Metric

SOUTH AFRICA

204

209

216

204

16,179

17,921

17,432

65,398

Vaal River
Great Noligwa

125

120

177

143

1,967

2,169

3,616

10,282

Kopanang

188

177

215

188

2,823

2,800

3,230

11,253

Moab Khotsong

231

232

145

204

2,192

2,178

726

5,966

Tau Lekoa

124

132

147

127

1,104

1,248

4,447

Surface Operations

1,157

1,054

1,399

1,021

847

807

920

2,867

West Wits
Mponeng

289

327

267

296

4,496

5,511

4,181

18,720

Savuka

170

143

166

158

566

520

534

2,063

TauTona

209

223

243

214

2,184

2,687

2,976

9,800

ARGENTINA

822

603

800

559

1,528

1,325

1,092

5,169

Cerro Vanguardia - Attributable 92.50%

822

603

800

559

1,528

1,325

1,092

5,169

AUSTRALIA

2,150

2,959

3,994

2,741

2,734

3,440

4,796

13,455

Sunrise Dam

2,150

2,959

4,359

2,741

2,734

3,440

4,796

13,455

BRAZIL

612

593

671

586

3,372

3,543

3,364

13,157

AngloGold Ashanti Brasil Mineração

582

575

660

558

2,696

2,817

2,706

10,464

Serra Grande - Attributable 50%

745

680

722

716

676

726

658

2,693

GHANA

290

267

224

260

4,720

4,433

3,869

17,204

Iduapriem

679

604

525

600

1,717

1,583

1,384

6,230

Obuasi

218

204

171

197

3,003

2,850

2,485

10,974

GUINEA

637

520

626

625

2,680

2,422

2,661

10,469

Siguiri - Attributable 85%

637

520

626

625

2,680

2,422

2,661

10,469

MALI

977

785

893

839

3,376

2,918

3,597

12,914

Morila - Attributable 40%

1,021

757

1,041

873

1,438

1,183

1,729

5,446

Sadiola - Attributable 38%

1,102

894

808

931

1,459

1,210

1,166

5,418

Yatela - Attributable 40%

665

651

781

618

479

524

701

2,050

NAMIBIA

373

370

415

368

643

518

644

2,128

Navachab

373

370

415

368

643

518

644

2,128

TANZANIA

254

362

269

329

1,638

2,457

2,059

8,088

Geita

254

362

269

329

1,638

2,457

2,059

8,088

USA

2,318

1,825

2,721

1,909

2,380

1,925

2,764

7,972

Cripple Creek & Victor

2,318

1,825

2,721

1,909

2,380

1,925

2,764

7,972

ANGLOGOLD ASHANTI

295

321

342

309

39,249

40,902

42,278

155,954

Rounding of figures may result in computational discrepancies.

Productivity per employee - g

Gold sold - kg

Key

operating results

PER REGION & OPERATION

Quarter

Year

Quarter

Year

ended

December

September

December

September

December

2008

2007

2008

2007

2008

SA Rand / Metric

SOUTH AFRICA

101,675

102,682

87,949

95,144

141,898

131,412

120,358

126,673

Vaal River
Great Noligwa

144,190

149,915

117,918

119,140

179,299

177,388

141,474

145,120

Kopanang

99,050

104,669

71,498

91,516

135,067

141,600

94,086

129,241

Moab Khotsong

101,180

78,689

150,648

102,216

166,260

168,658

358,141

170,693

Tau Lekoa

152,541

141,990

112,042

140,368

197,435

173,421

143,944

173,780

Surface Operations

116,749

127,742

77,719

116,290

123,411

135,813

83,260

124,038

West Wits
Mponeng

71,022

72,238

66,025

65,365

85,700

92,238

85,608

84,523

Savuka

81,339

150,256

91,613

106,748

144,345

123,005

95,552

137,104

TauTona

103,961

110,722

77,572

97,483

186,583

113,079

120,443

135,160

ARGENTINA

148,549

169,690

67,924

164,239

183,729

232,406

93,954

204,626

Cerro Vanguardia - Attributable 92.50%

148,071

165,701

67,404

162,345

183,107

228,302

93,307

202,598

AUSTRALIA

162,701

158,442

77,570

143,892

193,158

186,275

95,297

171,135

Sunrise Dam

154,754

154,552

75,697

138,295

188,295

181,766

90,855

165,643

BRAZIL

81,364

88,553

59,734

84,287

120,190

121,179

83,294

117,534

AngloGold Ashanti Brasil Mineração

74,764

82,664

54,489

78,701

115,725

116,237

79,432

113,696

Serra Grande - Attributable 50%

82,975

80,959

63,381

77,872

114,416

109,668

80,962

104,690

GHANA

211,561

154,931

100,758

156,712

253,243

194,219

187,314

198,480

Iduapriem

184,109

140,977

90,069

141,662

205,867

162,809

142,865

164,300

Obuasi

227,350

169,796

106,434

171,223

280,492

219,100

210,918

224,223

GUINEA

152,574

131,846

95,414

123,442

177,449

148,498

137,446

143,801

Siguiri - Attributable 85%

152,574

131,846

95,414

123,442

177,449

148,498

137,446

143,801

MALI

130,954

116,005

86,769

114,453

167,175

139,935

103,609

141,497

Morila - Attributable 40%

122,592

115,396

76,254

111,128

146,612

134,074

90,194

131,341

Sadiola - Attributable 38%

123,137

99,175

91,160

106,486

186,097

134,129

109,626

148,948

Yatela - Attributable 40%

178,973

157,676

119,091

151,165

168,722

166,776

139,672

155,196

NAMIBIA

163,164

134,832

114,627

142,795

186,190

145,989

120,359

160,623

Navachab

163,164

134,832

114,627

142,795

186,190

145,989

120,359

160,623

TANZANIA

294,552

174,455

156,518

193,392

342,695

225,670

207,723

245,414

Geita

294,552

174,455

156,518

193,392

342,695

225,670

207,723

245,414

USA

113,386

83,685

63,481

90,397

147,583

109,703

86,701

118,636

Cripple Creek & Victor

102,980

80,496

60,401

83,448

137,163

106,494

83,611

111,667

ANGLOGOLD ASHANTI

134,813

121,440

87,744

117,462

172,312

152,945

122,344

150,149

Rounding of figures may result in computational discrepancies.

Total cash costs - R/kg

Total production costs - R/kg

Key

operating results

PER REGION & OPERATION

Quarter

Year

Quarter

Year

ended

December

September

December

September

December

2008

2007

2008

2007

2008

SOUTH AFRICA

1,243

536

502

(253)

1,243

536

502

3,883

Vaal River
Great Noligwa

(28)

(430)

(28)

421

Kopanang

240

180

(132)

240

180

644

Moab Khotsong

114

(27)

(151)

(138)

114

(27)

(151)

Tau Lekoa

(16)

(230)

(16)

Surface Operations

177

West Wits
Mponeng

594

382

263

772

594

382

263

1,887

Savuka

(8)

104

TauTona

130

(130)

130

495

ARGENTINA

(129)

(260)

(129)

(104)

Cerro Vanguardia - Attributable 92.50%

(114)

(231)

(114)

(87)

Minorities and exploration

(15)

(29)

(15)

(17)

AUSTRALIA

(77)

228

(480)

(77)

228

256

Sunrise Dam

(77)

228

(480)

(77)

228

256

BRAZIL

415

239

277

472

415

239

277

1,252

AngloGold Ashanti Brasil Mineração

271

137

178

129

271

137

178

776

Serra Grande - Attributable 50%

213

Minorities and exploration

264

263

GHANA

(288)

(181)

(150)

(1,210)

(288)

(181)

(150)

(385)

Iduapriem

(8)

(165)

(8)

147

Obuasi

(330)

(173)

(160)

(1,063)

(330)

(173)

(160)

(550)

Minorities and exploration

(1)

GUINEA

142

222

142

601

Siguiri - Attributable 85%

103

438

Minorities and exploration

163

MALI

183

165

(252)

183

165

618

Morila - Attributable 40%

107

111

(20)

107

111

315

Sadiola - Attributable 38%

(180)

222

Yatela - Attributable 40%

(2)

(53)

(2)

NAMIBIA

(12)

Navachab

(12)

TANZANIA

(570)

(350)

(110)

(1,545)

(570)

(350)

(110)

(1,054)

Geita

(570)

(350)

(110)

(1,545)

(570)

(350)

(110)

(1,054)

USA

195

190

155

195

190

601

Cripple Creek & Victor

195

190

155

195

190

601

OTHER

(24)

(34)

(24)

(34)

(102)

SUB-TOTAL

1,425

249

1,309

(3,140)

1,425

249

1,309

5,621

Less equity accounted investments

(184)

(65)

(263)

195

(184)

(65)

(263)

(549)

ANGLOGOLD ASHANTI

1,241

184

1,046

(2,945)

1,241

184

1,046

5,072

Equity accounted investments.

Rounding of figures may result in computational discrepancies.

SA Rand

Gross profit (loss) adjusted for the gain (loss)on unrealised

non-hedge derivatives and other commodity contracts - Rm

Adjusted gross profit (loss) normalised for accelerated

settlement of non-hedges derivative - Rm

Key

operating results

PER REGION & OPERATION

Quarter

Year

Quarter

Year

ended

December

September

December

September

December

2008

2007

2008

2007

2008

Imperial

SOUTH AFRICA

520

538

563

2,099

Vaal River
Great Noligwa

0.186

0.187

0.202

0.214

116

330

Kopanang

0.198

0.188

0.225

0.199

104

362

Moab Khotsong

0.263

0.273

0.266

0.271

192

Tau Lekoa

0.103

0.102

0.116

0.104

143

Surface Operations

0.012

0.010

0.013

0.011

West Wits
Mponeng

0.276

0.296

0.270

0.292

144

164

136

600

Savuka

0.203

0.169

0.196

0.183

TauTona

0.244

0.243

0.273

0.253

314

ARGENTINA

154

Cerro Vanguardia - Attributable 92.50%

0.217

0.182

0.201

0.159

154

AUSTRALIA

115

150

433

Sunrise Dam

0.068

0.109

0.141

0.101

115

150

433

BRAZIL

108

103

112

407

AngloGold Ashanti Brasil Mineração

0.227

0.242

0.229

0.222

320

Serra Grande

- Attributable 50%

0.233

0.223

0.194

0.221

GHANA

155

142

129

557

Iduapriem

0.053

0.052

0.055

0.051

200

Obuasi

0.135

0.130

0.126

0.127

357

GUINEA

333

Siguiri - Attributable 85%

0.032

0.031

0.034

0.035

333

MALI

112

114

409

Morila - Attributable 40%

0.096

0.078

0.114

0.090

170

Sadiola - Attributable 38%

0.104

0.098

0.087

0.100

172

Yatela

- Attributable 40%

0.076

0.069

0.076

0.078

NAMIBIA

Navachab

0.045

0.042

0.047

0.042

TANZANIA

264

Geita

0.049

0.062

0.043

0.056

264

USA

258

Cripple Creek & Victor

0.014

0.016

0.014

258

ANGLOGOLD ASHANTI

1,268

1,265

1,368

4,982

Undergound Operations

0.196

0.200

0.203

0.201

697

699

723

2,734

Surface and Dump Reclamation

0.013

0.012

0.013

0.012

161

Open-pit Operations

0.059

0.063

0.068

0.062

426

436

484

1,734

Heap leach Operations

0.018

0.016

0.021

0.018

101

118

353

1,268

1,265

1,368

4,982

The yield of Yatela and Cripple Creek reflects gold

placed/tonnes placed.

Rounding of figures may result in computational discrepancies.

Yield - oz/t

Gold produced - oz (000)

The yield of TauTona, AngloGold Ashanti Brasil Mineração, Serra Grande and Obuasi represents underground

operations.

The yield of Sunrise Dam represents open-pit operations.

The yield is calculated on gold placed into leach pad inventory /

tonnes placed on to leach pad.

Key

operating results

PER REGION & OPERATION

Quarter

Year

Quarter

Year

ended

December

September

December

September

December

2008

2007

2008

2007

2008

Imperial

SOUTH AFRICA

6.57

6.72

6.95

6.55

520

576

560

2,103

Vaal River
Great Noligwa

4.01

3.87

5.70

4.60

116

331

Kopanang

6.06

5.69

6.92

6.04

104

362

Moab Khotsong

7.44

7.45

4.66

6.55

192

Tau Lekoa

4.00

4.25

4.72

4.08

143

Surface Operations

37.19

33.89

44.98

32.82

West Wits
Mponeng

9.31

10.50

8.58

9.53

145

177

134

602

Savuka

5.48

4.60

5.33

5.09

TauTona

6.73

7.17

7.80

6.89

315

ARGENTINA

26.43

19.40

25.71

17.98

166

Cerro Vanguardia - Attributable 92.50%

26.43

19.40

25.71

17.98

166

AUSTRALIA

69.12

95.15

128.41

88.12

111

154

433

Sunrise Dam

69.12

95.15

140.15

88.12

111

154

433

BRAZIL

19.67

19.07

21.57

18.83

108

114

108

423

AngloGold Ashanti Brasil Mineração

18.71

18.50

21.23

17.94

336

Serra Grande - Attributable 50%

23.95

21.86

23.21

23.04

GHANA

9.32

8.57

7.19

8.35

152

143

124

553

Iduapriem

21.83

19.41

16.87

19.30

200

Obuasi

7.01

6.57

5.51

6.34

353

GUINEA

20.47

16.72

20.13

20.09

337

Siguiri - Attributable 85%

20.47

16.72

20.13

20.09

337

MALI

31.43

25.24

28.71

26.98

109

116

415

Morila - Attributable 40%

32.84

24.34

33.47

28.05

175

Sadiola - Attributable 38%

35.44

28.74

25.98

29.95

174

Yatela - Attributable 40%

21.38

20.94

25.10

19.86

NAMIBIA

12.00

11.91

13.34

11.83

Navachab

12.00

11.91

13.34

11.83

TANZANIA

8.16

11.63

8.66

10.58

260

Geita

8.16

11.63

8.66

10.58

260

USA

74.51

58.68

87.48

61.39

256

Cripple Creek & Victor

74.51

58.68

87.48

61.39

256

ANGLOGOLD ASHANTI

9.48

10.32

10.99

9.94

1,262

1,315

1,359

5,014

Rounding of figures may result in computational discrepancies.

Productivity per employee - oz

Gold sold - oz (000)

Key

operating results

PER REGION & OPERATION

Quarter

Year

Quarter

Year

ended

December

September

December

September

December

2008

2007

2008

2007

2008

US Dollar / Imperial

SOUTH AFRICA

318

411

405

362

444

526

554

480

Vaal River
Great Noligwa

452

601

543

458

562

710

651

557

Kopanang

310

419

329

348

423

567

433

492

Moab Khotsong

317

316

693

379

520

677

1,640

632

Tau Lekoa

478

568

516

533

618

693

663

658

Surface Operations

366

513

357

440

387

545

383

469

West Wits
Mponeng

222

289

304

249

268

368

394

323

Savuka

255

603

422

411

452

489

441

518

TauTona

325

444

357

374

584

451

554

509

ARGENTINA

465

682

312

615

575

928

432

765

Cerro Vanguardia - Attributable 92.50%

464

666

310

608

573

911

429

757

AUSTRALIA

511

635

357

552

606

747

438

657

Sunrise Dam

486

619

348

531

590

729

418

635

BRAZIL

255

355

275

321

377

485

383

446

AngloGold Ashanti Brasil Mineração

234

331

251

300

363

465

366

432

Serra Grande - Attributable 50%

260

324

292

294

359

439

372

394

GHANA

663

637

463

594

793

795

859

754

Iduapriem

577

563

414

525

645

651

655

611

Obuasi

712

677

489

633

879

874

967

834

GUINEA

478

528

439

466

556

595

632

542

Siguiri - Attributable 85%

478

528

439

466

556

595

632

542

MALI

411

465

399

430

524

561

476

531

Morila - Attributable 40%

385

463

351

419

460

538

415

495

Sadiola - Attributable 38%

386

398

419

399

583

538

504

554

Yatela - Attributable 40%

561

631

547

572

529

667

642

591

NAMIBIA

512

539

527

534

584

583

554

601

Navachab

512

539

527

534

584

583

554

601

TANZANIA

921

699

722

728

1,071

904

956

929

Geita

921

699

722

728

1,071

904

956

929

USA

355

334

291

334

462

437

398

438

Cripple Creek & Victor

322

321

277

309

429

424

384

413

ANGLOGOLD ASHANTI

422

486

404

444

540

612

563

567

Rounding of figures may result in computational discrepancies.

Total cash costs - $/oz

Total production costs - $/oz

Key

operating results

PER REGION & OPERATION

Quarter

Year

Quarter

Year

ended

December

September

December

September

December

2008

2007

2008

2007

2008

SOUTH AFRICA

126

(55)

126

466

Vaal River
Great Noligwa

(3)

(55)

(3)

Kopanang

(22)

Moab Khotsong

(3)

(22)

(20)

(3)

(22)

Tau Lekoa

(2)

(30)

(2)

Surface Operations

West Wits
Mponeng

227

Savuka

(2)

TauTona 7

(17)

ARGENTINA

(16)

(34)

(16)

(14)

Cerro Vanguardia - Attributable 92.50%

(15)

(30)

(15)

(12)

Minorities and exploration

(1)

(4)

(1)

(2)

AUSTRALIA

(10)

(61)

(10)

Sunrise Dam

(10)

(61)

(10)

BRAZIL

152

AngloGold Ashanti Brasil Mineração

Serra Grande - Attributable 50%

Minorities and exploration

GHANA

(29)

(23)

(22)

(145)

(29)

(23)

(22)

(41)

Iduapriem

(1)

(21)

(1)

Obuasi

(33)

(22)

(23)

(126)

(33)

(22)

(23)

(61)

Minorities and exploration

(1)

GUINEA

Siguiri - Attributable 85%

Minorities and exploration

MALI

(34)

Morila - Attributable 40%

(4)

Sadiola - Attributable 38%

(23)

Yatela - Attributable 40%

(7)

NAMIBIA

(2)

Navachab

(2)

TANZANIA

(58)

(44)

(16)

(181)

(58)

(44)

(16)

(119)

Geita

(58)

(44)

(16)

(181)

(58)

(44)

(16)

(119)

USA

Cripple Creek & Victor

OTHER

(3)

(4)

(3)

(4)

(13)

SUB-TOTAL

143

195

(412)

143

195

693

Less equity accounted investments

(18)

(9)

(40)

(18)

(9)

(40)

(67)

ANGLOGOLD ASHANTI

125

155

(384)

125

155

626

Equity accounted investments.

Rounding of figures may result in computational discrepancies.

US Dollar

Gross profit (loss) adjusted for the gain (loss) on unrealised

non-hedge derivatives and other commodity contracts - $m

Adjusted gross profit (loss) normalised for accelerated

settlement of non-hedge derivatives - $m

South Africa

VAAL RIVER

Quarter

Year

Quarter

Year

ended

December

September

December

September

December

2008

2007

2008

2007

2008

GREAT NOLIGWA
OPERATING RESULTS
UNDERGROUND OPERATION
Area mined

- 000 m

/ - 000 ft

265

625

637

982

2,849

Milled

- 000 tonnes / - 000 tons

309

308

521

1,400

341

339

574

1,543

Yield

- g/t

/ - oz/t

6.37

6.42

6.94

7.33

0.186

0.187

0.202

0.214

Gold produced

- kg

/ - oz (000)

1,969

1,976

3,613

10,268

116

330

Gold sold

- kg

/ oz (000)

1,967

2,169

3,616

10,282

116

331

Total cash costs

- R

/ - $

- ton milled

918

963

818

874

113

110

- R/kg

/ - $/oz

- produced

144,190

149,915

117,918

119,140

452

601

543

458

Total production costs

- R/kg

/ - $/oz

- produced

179,299

177,388

141,474

145,120

562

710

651

557

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

191

188

238

181

6.14

6.05

7.64

5.82

Actual

- g

/ - oz

125

120

177

143

4.01

3.87

5.70

4.60

Target

- m

/ - ft

5.04

5.07

5.25

4.89

54.30

54.59

56.47

52.68

Actual

- m

/ - ft

3.68

3.60

4.48

3.69

39.59

38.80

48.19

39.70

FINANCIAL RESULTS (MILLION)
Gold income

433

356

467

1,894

234

Cost of sales

353

374

512

1,491

184

Cash operating costs

282

295

424

1,217

150

Other cash costs

Total cash costs

284

296

426

1,223

151

Retrenchment costs

Rehabilitation and other non-cash costs

(1)

(6)

(4)

(1)

Production costs

289

294

436

1,241

153

Amortisation of tangible assets

249

Inventory change

(19)

(45)

402

(2)

(7)

Realised non-hedge derivatives and other commodity contracts

(2)

(9)

(832)

(1)

(105)

(28)

(430)

(3)

(55)

Add back accelerated settlement of non-hedge derivatives

736

Add realised loss on other commodity contracts

115

(28)

421

(3)

Capital expenditure

213

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

Gross profit (loss) excluding the effect of unrealised non-hedge
derivatives and other commodity contracts

Adjusted gross profit (loss) normalised for accelerated
settlement of non-hedge derivatives

South Africa

VAAL RIVER

Quarter

Year

Quarter

Year

ended

December

September

December

September

December

2008

2007

2008

2007

2008

KOPANANG
OPERATING RESULTS
UNDERGROUND OPERATION
Area mined

- 000 m

/ - 000 ft

105

114

408

1,134

1,067

1,224

4,392

Milled

- 000 tonnes / - 000 tons

417

408

419

1,649

460

450

462

1,818

Yield

- g/t

/ - oz/t

6.78

6.44

7.70

6.82

0.198

0.188

0.225

0.199

Gold produced

- kg

/ - oz (000)

2,827

2,627

3,229

11,244

104

362

Gold sold

- kg

/ oz (000)

2,823

2,800

3,230

11,253

104

362

Total cash costs

- R

/ - $

- ton milled

672

674

550

624

- R/kg

/ - $/oz

- produced

99,050

104,669

71,498

91,516

310

419

329

348

Total production costs

- R/kg

/ - $/oz

- produced

135,067

141,600

94,086

129,241

423

567

433

492

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

217

216

238

204

6.97

6.95

7.65

6.56

Actual

- g

/ - oz

188

177

215

188

6.06

5.69

6.92

6.04

Target

- m

/ - ft

7.79

7.76

7.70

7.42

83.83

83.58

82.83

79.89

Actual

- m

/ - ft

7.02

6.67

7.58

6.81

75.57

71.84

81.64

73.35

FINANCIAL RESULTS (MILLION)
Gold income

624

462

416

2,107

255

Cost of sales

381

391

304

1,454

178

Cash operating costs

278

273

229

1,023

125

Other cash costs

Total cash costs

280

275

231

1,029

126

Retrenchment costs

Rehabilitation and other non-cash costs

(1)

(2)

Production costs

284

278

238

1,047

128

Amortisation of tangible assets

406

Inventory change

242

113

653

Realised non-hedge derivatives and other commodity contracts

(3)

(14)

(784)

(2)

(99)

240

180

(132)

(22)

Add back accelerated settlement of non-hedge derivatives

669

Add realised loss on other commodity contracts

107

240

180

644

Capital expenditure

116

111

391

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

Gross profit (loss) excluding the effect of unrealised non-hedge
derivatives and other commodity contracts

Adjusted gross profit normalised for accelerated settlement of
non-hedge derivatives

South Africa

VAAL RIVER

Quarter

Year

Quarter

Year

ended

December

September

December

September

December

2008

2007

2008

2007

2008

MOAB KHOTSONG
OPERATING RESULTS
UNDERGROUND OPERATION
Area mined

- 000 m

/ - 000 ft

379

371

119

1,039

Milled

- 000 tonnes / - 000 tons

243

227

641

268

250

707

Yield

- g/t

/ - oz/t

9.03

9.37

9.12

9.31

0.263

0.273

0.266

0.271

Gold produced

- kg

/ - oz (000)

2,194

2,127

726

5,965

192

Gold sold

- kg

/ - oz (000)

2,192

2,178

726

5,966

192

Total cash costs

- R

/ - $

- ton milled

914

737

1,373

951

184

103

- R/kg

/ - $/oz

- produced

101,180

78,689

150,648

102,216

317

316

693

379

Total production costs

- R/kg

/ - $/oz

- produced

166,260

168,658

358,141

170,693

520

677

1,640

632

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

166

164

190

154

5.33

5.27

6.10

4.96

Actual

- g

/ - oz

231

232

145

204

7.44

7.45

4.66

6.55

Target

- m

/ - ft

3.61

3.59

3.32

38.88

38.70

38.64

35.73

Actual

- m

/ - ft

3.72

3.76

2.21

3.30

40.02

40.45

23.83

35.49

FINANCIAL RESULTS (MILLION)
Gold income

480

346

1,118

131

Cost of sales

364

368

260

1,018

121

Cash operating costs

221

166

109

606

Other cash costs

Total cash costs

222

167

109

610

Retrenchment costs

Rehabilitation and other non-cash costs

(8)

(1)

Production costs

214

173

148

615

Amortisation of tangible assets

150

185

112

403

Inventory change

116

(22)

(166)

100

(3)

(24)

Realised non-hedge derivatives and other commodity contracts

(2)

(5)

(237)

(1)

(30)

114

(27)

(151)

(138)

(3)

(22)

(20)

Add back accelerated settlement of non-hedge derivatives

201

Add realised loss on other commodity contracts

114

(27)

(151)

(3)

(22)

Capital expenditure

205

224

195

736

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

Gross profit (loss) excluding the effect of unrealised non-
hedge derivatives and other commodity contracts

Adjusted gross profit (loss) normalised for accelerated
settlement of non-hedge derivatives

South Africa

VAAL RIVER

Quarter

Year

Quarter

Year

ended

December

September

December

September

December

2008

2007

2008

2007

2008

TAU LEKOA
OPERATING RESULTS
UNDERGROUND OPERATION
Area mined

- 000 m

/ - 000 ft

239

618

680

669

2,573

Milled

- 000 tonnes / - 000 tons

313

335

314

1,243

345

369

347

1,370

Yield

- g/t

/ - oz/t

3.53

3.50

3.97

3.58

0.103

0.102

0.116

0.104

Gold produced

- kg

/ - oz (000)

1,105

1,173

1,247

4,444

143

Gold sold

- kg

/ oz (000)

1,104

1,248

4,447

143

Total cash costs

- R

/ - $

- ton milled

538

497

444

502

- R/kg

/ - $/oz

- produced

152,541

141,990

112,042

140,368

478

568

516

533

Total production costs

- R/kg

/ - $/oz

- produced

197,435

173,421

143,944

173,780

618

693

663

658

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

162

160

168

152

5.22

5.14

5.42

4.89

Actual

- g

/ - oz

124

132

147

127

4.00

4.25

4.72

4.08

Target

- m

/ - ft

8.30

8.69

7.93

89.37

89.34

93.59

85.34

Actual

- m

/ - ft

6.46

7.12

7.32

6.82

69.58

76.68

78.83

73.46

FINANCIAL RESULTS (MILLION)
Gold income

241

205

161

834

101

Cost of sales

218

216

180

773

Cash operating costs

168

166

139

621

Other cash costs

Total cash costs

169

167

140

624

Retrenchment costs

Rehabilitation and other non-cash costs

Production costs

180

173

142

646

Amortisation of tangible assets

127

Inventory change

(11)

(19)

(1)

(3)

Realised non-hedge derivatives and other commodity contracts

(1)

(5)

(292)

(1)

(37)

(16)

(230)

(2)

(30)

Add back accelerated settlement of non-hedge derivatives

290

(16)

(2)

Capital expenditure

146

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

Gross profit (loss) excluding the effect of unrealised non-hedge
derivatives and other commodity contracts

Adjusted gross profit (loss) profit normalised for accelerated
settlement of non-hedge derivatives

South Africa

VAAL RIVER

Quarter

Year

Quarter

Year

ended

December

September

December

September

December

2008

2007

2008

2007

2008

SURFACE OPERATIONS
OPERATING RESULTS
Milled

- 000 tonnes / - 000 tons

2,039

2,150

2,005

7,922

2,248

2,370

2,210

8,733

Yield

- g/t

/ - oz/t

0.42

0.36

0.46

0.36

0.012

0.010

0.013

0.011

Gold produced

- kg

/ - oz (000)

848

773

920

2,864

Gold sold

- kg

/ - oz (000)

847

807

920

2,867

Total cash costs

- R

/ - $

- ton milled

- R/kg

/ - $/oz

- produced

116,749

127,742

77,719

116,290

366

513

357

440

Total production costs

- R/kg

/ - $/oz

- produced

123,411

135,813

83,260

124,038

387

545

383

469

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

676

656

1,282

711

21.72

21.11

41.23

22.87

Actual

- g

/ - oz

1,157

1,054

1,399

1,021

37.19

33.89

44.98

32.82

FINANCIAL RESULTS (MILLION)
Gold income

186

133

119

544

Cost of sales

105

110

355

Cash operating costs

333

Other cash costs

Total cash costs

333

Retrenchment costs

Rehabilitation and other non-cash costs

Production costs

333

Amortisation of tangible assets

Inventory change

189

Realised non-hedge derivatives and other commodity contracts

(1)

(4)

(146)

(1)

(19)

Add back accelerated settlement of non-hedge derivatives

134

177

Capital expenditure

(1)

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

Gross profit excluding the effect of unrealised non-hedge
derivatives and other commodity contracts

Adjusted gross profit normalised for accelerated settlement of
non-hedge derivatives

South Africa

WEST WITS

Quarter

Year

Quarter

Year

ended

December

September

December

September

December

2008

2007

2008

2007

2008

MPONENG
OPERATING RESULTS
UNDERGROUND OPERATION
Area mined

- 000 m

/ - 000 ft

359

963

990

816

3,859

Milled

- 000 tonnes / - 000 tons

475

503

456

1,863

524

555

503

2,054

Yield

- g/t

/ - oz/t

9.45

10.16

9.26

10.02

0.276

0.296

0.270

0.292

Gold produced

- kg

/ - oz (000)

4,492

5,113

4,223

18,672

144

164

136

600

Gold sold

- kg

/ - oz (000)

4,496

5,511

4,181

18,720

145

177

134

602

Total cash costs

- R

/ - $

- ton milled

671

734

611

655

- R/kg

/ - $/oz

- produced

71,022

72,238

66,025

65,365

222

289

304

249

Total production costs

- R/kg

/ - $/oz

- produced

85,700

92,238

85,608

84,523

268

368

394

323

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

279

274

295

266

8.96

8.81

9.49

8.55

Actual

- g

/ - oz

289

327

267

296

9.31

10.50

8.58

9.53

Target

- m

/ - ft

5.59

5.81

5.44

60.13

60.19

62.53

58.51

Actual

- m

/ - ft

5.77

5.87

4.79

5.69

62.09

63.23

51.58

61.25

FINANCIAL RESULTS (MILLION)
Gold income

954

931

564

3,403

121

414

Cost of sales

385

502

357

1,582

194

Cash operating costs

317

367

277

1,213

148

Other cash costs

Total cash costs

319

369

279

1,221

149

Retrenchment costs

Rehabilitation costs

(6)

(1)

Production costs

327

380

274

1,248

153

Amortisation of tangible assets

330

Inventory change

(4)

(1)

569

430

207

1,820

220

Realised non-hedge derivatives and other commodity contracts

(48)

(1,049)

(7)

(133)

594

382

263

772

Add back accelerated settlement of non-hedge derivatives

1,116

141

594

382

263

1,887

227

Capital expenditure

228

209

234

707

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

Gross profit excluding the effect of unrealised non-hedge
derivatives and other commodity contracts

Adjusted gross profit normalised for accelerated settlement of
non-hedge derivatives

South Africa

WEST WITS

Quarter

Year

Quarter

Year

ended

December

September

December

September

December

2008

2007

2008

2007

2008

SAVUKA
OPERATING RESULTS
UNDERGROUND OPERATION
Area mined

- 000 m

/ - 000 ft

156

188

179

675

Milled

- 000 tonnes / - 000 tons

328

361

Yield

- g/t

/ - oz/t

6.96

5.80

6.73

6.28

0.203

0.169

0.196

0.183

Gold produced

- kg

/ - oz (000)

566

481

540

2,057

Gold sold

- kg

/ - oz (000)

566

520

534

2,063

Total cash costs

- R

/ - $

- ton milled

566

872

616

670

102

- R/kg

/ - $/oz

- produced

81,339

150,256

91,613

106,748

255

603

422

411

Total production costs

- R/kg

/ - $/oz

- produced

144,345

123,005

95,552

137,104

452

489

441

518

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

158

160

127

156

5.07

5.15

4.09

5.01

Actual

- g

/ - oz

170

143

166

158

5.48

4.60

5.33

5.09

Target

- m

/ - ft

5.62

5.64

5.89

5.32

60.51

60.71

63.43

57.26

Actual

- m

/ - ft

4.37

5.20

5.09

4.83

47.01

55.99

54.84

51.95

FINANCIAL RESULTS (MILLION)
Gold income

121

375

Cost of sales

283

Cash operating costs

218

Other cash costs

Total cash costs

220

Retrenchment costs

Rehabilitation and other non-cash costs

(1)

Production costs

236

Amortisation of tangible assets

(14)

(2)

Inventory change

(1)

Realised non-hedge derivatives and other commodity contracts

(5)

(100)

(1)

(13)

(8)

(2)

Add back accelerated settlement of non-hedge derivatives

112

104

Capital expenditure

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

Gross profit (loss) excluding the effect of unrealised non-
hedge derivatives and other commodity contracts

Adjusted gross profit normalised for accelerated settlement of
non-hedge derivatives

South Africa

WEST WITS

Quarter

Year

Quarter

Year

ended

December

September

December

September

December

2008

2007

2008

2007

2008

TAUTONA
OPERATING RESULTS
UNDERGROUND OPERATION
Area mined

- 000 m

/ - 000 ft

164

376

445

438

1,769

Milled

- 000 tonnes / - 000 tons

254

292

315

1,106

280

322

347

1,220

Yield

- g/t

/ - oz/t

8.37

8.34

9.37

8.66

0.244

0.243

0.273

0.253

Gold produced

- kg

/ - oz (000)

2,126

2,435

2,946

9,580

308

SURFACE AND DUMP RECLAMATION
Treated

- 000 tonnes / - 000 tons

169

148

493

186

163

544

Yield

- g/t

/ - oz/t

0.34

0.46

0.40

0.38

0.010

0.013

0.012

0.011

Gold produced

- kg

/ - oz (000)

189

TOTAL

Yield

- g/t

/ - oz/t

8.37

8.34

9.37

8.66

0.244

0.243

0.273

0.253

Gold produced

- kg

/ - oz (000)

2,184

2,464

3,005

9,769

314

Gold sold

- kg

/ - oz (000)

2,184

2,687

2,976

9,800

315

Total cash costs

- R

/ - $

- ton milled

536

772

504

595

- R/kg

/ - $/oz

- produced

103,961

110,722

77,572

97,483

325

444

357

374

Total production costs

- R/kg

/ - $/oz

- produced

186,583

113,079

120,443

135,160

584

451

554

509

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

243

253

316

234

7.81

8.13

10.17

7.51

Actual

- g

/ - oz

209

223

243

214

6.73

7.17

7.80

6.89

Target

- m

/ - ft

4.25

4.39

5.36

4.11

45.70

47.22

57.65

44.20

Actual

- m

/ - ft

3.34

3.74

3.28

3.60

36.00

40.26

35.35

38.79

FINANCIAL RESULTS (MILLION)
Gold income

469

465

399

1,794

220

Cost of sales

407

306

358

1,324

160

Cash operating costs

225

271

231

947

117

Other cash costs

Total cash costs

227

273

233

952

117

Retrenchment costs

Rehabilitation and other non-cash costs

(7)

(1)

Production costs

286

276

227

1,032

126

Amortisation of tangible assets

121

135

289

Inventory change

(4)

(1)

159

470

Realised non-hedge derivatives and other commodity contracts

(30)

(600)

(4)

(76)

130

(130)

(17)

Add back accelerated settlement of non-hedge derivatives

625

130

495

Capital expenditure

147

134

178

491

Total yield excludes the surface and dump reclamation.

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

Gross profit (loss) excluding the effect of unrealised non-
hedge derivatives and other commodity contracts

Adjusted gross profit normalised for accelerated settlement of
non-hedge derivatives

Argentina

Quarter

Year

Quarter

Year

ended

December

September

December

September

December

2008

2007

2008

2007

2008

CERRO VANGUARDIA - Atrributable 92.50%
OPERATING RESULTS
OPEN-PIT OPERATION
Mined

- 000 tonnes / - 000 tons

5,397

5,421

6,222

22,902

5,949

5,976

6,859

25,245

Treated

- 000 tonnes / - 000 tons

235

216

232

883

260

238

256

973

Stripping ratio

- t (mined total-mined ore) / t mined ore

22.72

30.99

25.14

27.50

22.72

30.99

25.14

27.50

Yield

- g/t

/ - oz/t

7.44

6.25

6.88

5.44

0.217

0.182

0.201

0.159

Gold in ore

- kg

/ - oz (000)

1,822

1,439

1,675

5,070

163

Gold produced

- kg

/ - oz (000)

1,752

1,350

1,597

4,799

154

Gold sold

- kg

/ - oz (000)

1,528

1,325

1,092

5,169

166

Total cash costs

- R/kg

/ - $/oz

- produced

148,071

165,701

67,404

162,345

464

666

310

608

Total production costs

- R/kg

/ - $/oz

- produced

183,107

228,302

93,307

202,598

573

911

429

757

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

982

810

764

31.59

26.04

26.03

24.58

Actual

- g

/ - oz

822

603

800

559

26.43

19.40

25.71

17.98

FINANCIAL RESULTS (MILLION)
Gold income

367

223

184

910

108

Cost of sales

313

306

105

1,002

120

Cash operating costs

229

201

682

Other cash costs

Total cash costs

259

224

108

779

Rehabilitation and other non-cash costs

Production costs

265

271

112

833

100

Amortisation of tangible assets

139

Inventory change

(8)

(44)

(1)

(6)

(83)

(93)

(10)

(13)

Realised non-hedge derivatives and other commodity contracts

(38)

(31)

(23)

(139)

(4)

(3)

(17)

(114)

(231)

(15)

(30)

Add back accelerated settlement of non-hedge derivatives

144

(114)

(87)

(15)

(12)

Capital expenditure

125

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

Gross profit (loss) excluding the effect of unrealised non-
hedge derivatives and other commodity contracts

Adjusted gross profit (loss) normalised for accelerated
settlement of non-hedge derivatives

Australia

Quarter

Year

Quarter

Year

ended

December

September

December

September

December

2008

2007

2008

2007

2008

SUNRISE DAM
OPERATING RESULTS
UNDERGROUND OPERATION
Mined

- 000 tonnes

/ - ooo tons

246

152

104

668

271

167

114

736

Treated

- 000 tonnes

/ - 000 tons

179

129

116

513

197

142

128

566

Yield

- g/t

/ - oz/t

4.11

4.22

4.92

4.40

0.120

0.123

0.143

0.128

Gold produced

- kg

/ - oz (000)

736

544

572

2,261

OPEN-PIT OPERATION
Volume mined

- 000 bcm

/ - 000 bcy

1,638

1,719

2,242

9,146

2,142

2,249

2,933

11,963

Treated

- 000 tonnes

/ - 000 tons

824

818

847

3,239

908

902

934

3,570

Stripping ratio

- t (mined total-mined ore) / t mined ore

(21.82)

57.04

4.05

15.28

(21.82)

57.04

4.05

15.28

Yield

- g/t

/ - oz/t

2.33

3.72

4.84

3.46

0.068

0.109

0.141

0.101

Gold produced

- kg

/ - oz (000)

1,915

3,045

4,101

11,216

132

361

TOTAL

Yield

- g/t

/ - oz/t

2.33

3.72

4.84

3.46

0.068

0.109

0.141

0.101

Gold produced

- kg

/ - oz (000)

2,651

3,590

4,673

13,477

115

150

433

Gold sold

- kg

/ - oz (000)

2,734

3,440

4,796

13,455

111

154

433

Total cash costs

- R/kg

/ - $/oz

- produced

154,754

154,552

75,697

138,295

486

619

348

531

Total production costs

- R/kg

/ - $/oz

- produced

188,295

181,766

90,855

165,643

590

729

418

635

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

2,678

3,540

4,715

3,384

86.09

113.81

151.58

108.81

Actual

- g

/ - oz

2,150

2,959

4,359

2,741

69.12

95.15

140.15

88.12

FINANCIAL RESULTS (MILLION)
Gold income

937

582

684

2,338

101

280

Cost of sales

504

634

494

2,226

274

Cash operating costs

394

534

333

1,787

220

Other cash costs

Total cash costs

410

555

354

1,864

230

Rehabilitation and other non-cash costs

(20)

(3)

Production costs

415

557

334

1,873

231

Amortisation of tangible assets

359

Inventory change

(18)

(7)

(2)

(1)

433

(52)

191

112

(7)

Realised non-hedge derivatives and other commodity contracts

(345)

(25)

(592)

(35)

(3)

(66)

(77)

228

(480)

(10)

(61)

Add back accelerated settlement of non-hedge derivatives

736

(77)

228

256

(10)

Capital expenditure

159

Total yield excludes the underground operations.

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

Gross profit (loss) excluding the effect of unrealised non-hedge
derivatives and other commodity contracts

Adjusted gross profit (loss) normalised for accelerated
settlement of non-hedge derivatives

Brazil

Quarter

Year

Quarter

Year

ended

December

September

December

September

December

2008

2007

2008

2007

2008

ANGLOGOLD ASHANTI BRASIL MINERAÇÃO
OPERATING RESULTS
UNDERGROUND OPERATION
Mined

- 000 tonnes / - 000 tons

304

300

332

1,203

335

330

366

1,326

Treated

- 000 tonnes / - 000 tons

305

277

334

1,186

336

305

368

1,307

Yield

- g/t

/ - oz/t

7.77

8.28

7.84

7.62

0.227

0.242

0.229

0.222

Gold produced

- kg

/ - oz (000)

2,372

2,293

2,616

9,034

290

HEAP LEACH OPERATION
Mined

- 000 tonnes / - 000 tons

1,164

1,291

1,253

4,363

1,283

1,423

1,382

4,809

Placed

- 000 tonnes / - 000 tons

225

248

Stripping ratio

- t (mined total-mined ore) / t mined ore

25.05

17.02

24.11

18.40

25.05

17.02

24.11

18.40

Yield

- g/t

/ - oz/t

3.16

2.03

4.28

3.63

0.092

0.059

0.125

0.106

Gold placed

- kg

/ - oz (000)

144

143

217

816

Gold produced

- kg

/ - oz (000)

224

289

210

926

TOTAL

Yield

- g/t

/ - oz/t

7.77

8.28

7.84

7.62

0.227

0.242

0.229

0.222

Gold produced

- kg

/ - oz (000)

2,596

2,583

2,826

9,960

320

Gold sold

- kg

/ - oz (000)

2,696

2,817

2,706

10,464

336

Total cash costs

- R/kg

/ - $/oz

- produced

74,764

82,664

54,489

78,701

234

331

251

300

Total production costs

- R/kg

/ - $/oz

- produced

115,725

116,237

79,432

113,696

363

465

366

432

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

534

597

719

558

17.17

19.18

23.10

17.93

Actual

- g

/ - oz

582

575

660

558

18.71

18.50

21.23

17.94

FINANCIAL RESULTS (MILLION)
Gold income

673

442

303

1,673

200

Cost of sales

323

316

225

1,165

142

Cash operating costs

187

207

149

759

Other cash costs

Total cash costs

194

214

154

784

Rehabilitation and other non-cash costs

(5)

(3)

Production costs

189

214

151

781

Amortisation of tangible assets

111

351

Inventory change

350

126

509

Realised non-hedge derivatives and other commodity contracts

(79)

100

(380)

(8)

(46)

271

137

178

129

Add back accelerated settlement of non-hedge derivatives

647

271

137

178

776

Capital expenditure

129

148

158

565

Tonnes / Tons placed onto leach pad.

Total yield represents underground operations.

Gold placed / tonnes (tons) placed.

Gold placed into leach pad inventory.

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

Gross profit excluding the effect of unrealised non-hedge
derivatives and other commodity contracts

Adjusted gross profit normalised for accelerated settlement of
non-hedge derivatives

Brazil

Quarter

Year

Quarter

Year

ended

December

September

December

September

December

2008

2007

2008

2007

2008

SERRA GRANDE - Attributable 50%
OPERATING RESULTS
UNDERGROUND OPERATION
Mined

- 000 tonnes / - 000 tons

334

103

368

Treated

- 000 tonnes / - 000 tons

310

341

Yield

- g/t

/ - oz/t

8.00

7.64

6.65

7.58

0.233

0.223

0.194

0.221

Gold produced

- kg

/ - oz (000)

686

533

542

2,349

OPEN-PIT OPERATION
Mined

- 000 tonnes / - 000 tons

218

228

139

764

241

251

153

843

Treated

- 000 tonnes / - 000 tons

Stripping ratio

- t (mined total-mined ore) / t mined ore

8.11

7.95

7.44

6.73

8.11

7.95

7.44

6.73

Yield

- g/t

/ - oz/t

3.92

4.24

6.02

4.20

0.114

0.124

0.176

0.122

Gold in ore

- kg

/ - oz (000)

111

120

404

Gold produced

- kg

/ - oz (000)

112

360

TOTAL

Yield

- g/t

/ - oz/t

8.00

7.64

6.65

7.58

0.233

0.223

0.194

0.221

Gold produced

- kg

/ - oz (000)

750

624

654

2,709

Gold sold

- kg

/ - oz (000)

676

726

658

2,693

Total cash costs

- R/kg

/ - $/oz

- produced

82,975

80,959

63,381

77,872

260

324

292

294

Total production costs

- R/kg

/ - $/oz

- produced

114,416

109,668

80,962

104,690

359

439

372

394

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

690

734

685

705

22.18

23.59

22.03

22.67

Actual

- g

/ - oz

745

680

722

716

23.95

21.86

23.21

23.04

FINANCIAL RESULTS (MILLION)
Gold income

150

119

450

Cost of sales

280

Cash operating costs

196

Other cash costs

Total cash costs

211

Rehabilitation and other non-cash costs

Production costs

212

Amortisation of tangible assets

Inventory change

(7)

(3)

(4)

(1)

170

Realised non-hedge derivatives and other commodity contracts

(3)

(1)

(91)

(11)

Add back accelerated settlement of non-hedge derivatives

134

213

Capital expenditure

168

Total yield represents underground operations.

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

Gross profit excluding the effect of unrealised non-hedge
derivatives and other commodity contracts

Adjusted gross profit normalised for accelerated settlement of
non-hedge derivatives

Ghana

Quarter

Year

Quarter

Year

ended

December

September

December

September

December

2008

2007

2008

2007

2008

IDUAPRIEM
OPERATING RESULTS
OPEN-PIT OPERATION
Mined

- 000 tonnes

/ - 000 tons

4,997

4,292

5,285

17,397

5,508

4,731

5,825

19,177

Treated

- 000 tonnes

/ - 000 tons

964

874

729

3,535

1,063

963

804

3,897

Stripping ratio

- t (mined total-mined ore) / t mined ore

4.15

4.52

4.72

3.86

4.15

4.52

4.72

3.86

Yield

- g/t

/ - oz/t

1.83

1.79

1.90

1.76

0.053

0.052

0.055

0.051

Gold in ore

- kg

/ - oz (000)

1,189

1,470

1,491

5,916

190

Gold produced

- kg

/ - oz (000)

1,761

1,566

1,387

6,221

200

Gold sold

- kg

/ - oz (000)

1,717

1,583

1,384

6,230

200

Total cash costs

- R/kg

/ - $/oz

- produced

184,109

140,977

90,069

141,662

577

563

414

525

Total produced costs

- R/kg

/ - $/oz

- produced

205,867

162,809

142,865

164,300

645

651

655

611

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

718

704

679

672

23.07

22.65

21.83

21.61

Actual

- g

/ - oz

679

604

525

600

21.83

19.41

16.87

19.30

FINANCIAL RESULTS (MILLION)
Gold income

358

325

213

1,356

165

Cost of sales

352

256

195

1,007

121

Cash operating costs

306

209

116

830

Other cash costs

Total cash costs

324

221

125

881

105

Rehabilitation and other non-cash costs

(1)

Production costs

323

220

179

884

105

Amortisation of tangible assets

138

Inventory change

(11)

(3)

(15)

(1)

349

Realised non-hedge derivatives and other commodity contracts

(77)

(7)

(514)

(9)

(1)

(65)

(8)

(165)

(1)

(21)

Add back accelerated settlement of non-hedge derivatives

312

(8)

147

(1)

Capital expenditure

150

136

105

448

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

Gross profit (loss) excluding the effect of unrealised non-hedge
derivatives and other commodity contracts

Adjusted gross profit (loss) normalised for accelerated settlement
of non-hedge derivatives

Ghana

Quarter

Year

Quarter

Year

ended

December

September

December

September

December

2008

2007

2008

2007

2008

OBUASI
OPERATING RESULTS
UNDERGROUND OPERATION
Mined

- 000 tonnes

/ - 000 tons

517

494

451

1,923

570

545

497

2,119

Treated

- 000 tonnes

/ - 000 tons

564

546

519

2,096

622

602

572

2,311

Yield

- g/t

/ - oz/t

4.62

4.45

4.34

4.37

0.135

0.130

0.126

0.127

Gold produced

- kg

/ - oz (000)

2,605

2,434

2,250

9,151

294

SURFACE AND DUMP RECLAMATION
Treated

- 000 tonnes

/ - 000 tons

883

867

834

3,455

974

956

919

3,808

Yield

- g/t

/ - oz/t

0.52

0.49

0.43

0.57

0.015

0.014

0.013

0.017

Gold produced

- kg

/ - oz (000)

457

428

361

1,956

TOTAL

Yield

- g/t

/ - oz/t

4.62

4.45

4.34

4.37

0.135

0.130

0.126

0.127

Gold produced

- kg

/ - oz (000)

3,062

2,862

2,611

11,107

357

Gold sold

- kg

/ - oz (000)

3,003

2,850

2,485

10,974

353

Total cash costs

- R/kg

/ - $/oz

- produced

227,350

169,796

106,434

171,223

712

677

489

633

Total production costs

- R/kg

/ - $/oz

- produced

280,492

219,100

210,918

224,223

879

874

967

834

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

219

212

336

211

7.03

6.82

10.79

6.79

Actual

- g

/ - oz

218

204

171

197

7.01

6.57

5.51

6.34

FINANCIAL RESULTS (MILLION)
Gold income

611

612

388

2,626

321

Cost of sales

984

621

534

2,591

308

Cash operating costs

666

464

262

1,809

215

Other cash costs

Total cash costs

696

486

278

1,902

226

Retrenchment costs

Rehabilitation and other non-cash costs

(23)

120

(2)

Production costs

673

499

476

1,918

229

Amortisation of tangible assets

186

128

572

Inventory change

125

(6)

(17)

101

(1)

(3)

(374)

(9)

(145)

(38)

(2)

(21)

Realised non-hedge derivatives and other commodity contracts

(164)

(15)

(1,098)

(20)

(2)

(139)

(330)

(173)

(160)

(1,063)

(33)

(22)

(23)

(126)

Add back accelerated settlement of non-hedge derivatives

513

(330)

(173)

(160)

(550)

(33)

(22)

(23)

(61)

Capital expenditure

383

247

153

922

112

Total yield represents underground operations.

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

Gross loss excluding the effect of unrealised non-hedge
derivatives and other commodity contracts

Adjusted gross loss normalised for accelerated settlement of non-
hedge derivatives

Guinea

Quarter

Year

Quarter

Year

ended

December

September

December

September

December

2008

2007

2008

2007

2008

SIGUIRI - Attributable 85%
OPERATING RESULTS
OPEN-PIT OPERATION
Mined

- 000 tonnes

/ - 000 tons

5,887

4,783

5,887

24,131

6,489

5,273

6,489

26,600

Treated

- 000 tonnes

/ - 000 tons

2,303

2,109

2,181

8,612

2,539

2,325

2,404

9,493

Stripping ratio

- t (mined total-mined ore) / t mined ore

0.95

0.92

1.20

1.13

0.95

0.92

1.20

1.13

Yield

- g/t

/ - oz/t

1.10

1.06

1.18

1.20

0.032

0.031

0.034

0.035

Gold produced

- kg

/ - oz (000)

2,533

2,235

2,567

10,350

333

Gold sold

- kg

/ - oz (000)

2,680

2,422

2,661

10,469

337

Total cash costs

- R/kg

/ - $/oz

- produced

152,574

131,846

95,414

123,442

478

528

439

466

Total production costs

- R/kg

/ - $/oz

- produced

177,449

148,498

137,446

143,801

556

595

632

542

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

448

462

313

502

14.41

14.86

10.05

16.13

Actual

- g

/ - oz

637

520

626

625

20.47

16.72

20.13

20.09

FINANCIAL RESULTS (MILLION)
Gold income

561

508

411

2,297

282

Cost of sales

487

353

374

1,514

183

Cash operating costs

329

251

189

1,054

127

Other cash costs

224

Total cash costs

386

295

245

1,278

155

Rehabilitation and other non-cash costs

(11)

(2)

(1)

Production costs

375

293

289

1,289

157

Amortisation of tangible assets

200

Inventory change

155

783

Realised non-hedge derivatives and other commodity contracts

(108)

(10)

(724)

(13)

(1)

(92)

103

Add back accelerated settlement of non-hedge derivatives

379

103

438

Capital expenditure

151

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

Gross profit excluding the effect of unrealised non-hedge
derivatives and other commodity contracts

Adjusted gross profit normalised for accelerated settlement of
non-hedge derivatives

Mali

Quarter

Year

Quarter

Year

ended

December

September

December

September

December

2008

2007

2008

2007

2008

MORILA - Attributable 40%

OPERATING RESULTS
OPEN-PIT OPERATION
Volume mined

- 000 bcm

/ - 000 bcy

608

718

1,053

2,890

795

939

1,377

3,781

Mined

- 000 tonnes

/ - 000 tons

1,664

1,996

2,680

7,952

1,834

2,201

2,954

8,766

Treated

- 000 tonnes

/ - 000 tons

440

439

411

1,718

485

484

453

1,893

Stripping ratio

- t (mined total-mined ore) / t mined ore

2.97

3.23

2.98

3.00

2.97

3.23

2.98

3.00

Yield

- g/t

/ - oz/t

3.31

2.67

3.91

3.08

0.096

0.078

0.114

0.090

Gold produced

- kg

/ - oz (000)

1,456

1,170

1,607

5,298

170

Gold sold

- kg

/ - oz (000)

1,438

1,183

1,729

5,446

175

Total cash costs

- R/kg

/ - $/oz

- produced

122,592

115,396

76,254

111,128

385

463

351

419

Total production costs

- R/kg

/ - $/oz

- produced

146,612

134,074

90,194

131,341

460

538

415

495

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

1,180

1,157

1,383

1,123

37.93

37.20

44.45

36.10

Actual

- g

/ - oz

1,021

757

1,041

873

32.84

24.34

33.47

28.05

FINANCIAL RESULTS (MILLION)
Gold income

321

190

256

690

Cost of sales

215

156

145

710

Cash operating costs

152

117

102

503

Other cash costs

Total cash costs

179

135

123

589

Rehabilitation and other non-cash costs

(1)

(3)

(1)

Production costs

177

135

120

588

Amortisation of tangible assets

108

Inventory change

(1)

107

111

(20)

(4)

Realised non-hedge derivatives and other commodity contracts

107

111

(20)

(4)

Add back accelerated settlement of non-hedge derivatives

335

107

111

315

Capital expenditure

Morila is an equity accounted joint venture.

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

Gross profit (loss) excluding the effect of unrealised non-hedge
derivatives and other commodity contracts

Adjusted gross profit normalised for accelerated settlement of
non-hedge derivatives

Mali

Quarter

Year

Quarter

Year

ended

December

September

December

September

December

2008

2007

2008

2007

2008

SADIOLA - Attributable 38%

OPERATING RESULTS
OPEN-PIT OPERATION
Volume mined

- 000 bcm

/ - 000 bcy

1,251

944

1,487

4,742

1,636

1,235

1,945

6,203

Mined

- 000 tonnes

/ - 000 tons

2,447

1,831

2,834

9,158

2,698

2,018

3,124

10,095

Treated

- 000 tonnes

/ - 000 tons

428

380

418

1,564

471

419

460

1,724

Stripping ratio

- t (mined total-mined ore) / t mined ore

3.02

4.22

3.45

2.95

3.02

4.22

3.45

2.95

Yield

- g/t

/ - oz/t

3.58

3.37

3.00

3.42

0.104

0.098

0.087

0.100

Gold produced

- kg

/ - oz (000)

1,530

1,281

1,252

5,357

172

Gold sold

- kg

/ - oz (000)

1,459

1,210

1,166

5,418

174

Total cash costs

- R/kg

/ - $/oz

- produced

123,137

99,175

91,160

106,486

386

398

419

399

Total production costs

- R/kg

/ - $/oz

- produced

186,097

134,129

109,626

148,948

583

538

504

554

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

791

751

1,185

720

25.42

24.16

38.09

23.15

Actual

- g

/ - oz

1,102

894

808

931

35.44

28.74

25.98

29.95

FINANCIAL RESULTS (MILLION)
Gold income

321

198

175

619

Cost of sales

273

165

130

799

Cash operating costs

159

109

482

Other cash costs

Total cash costs

188

127

114

570

Rehabilitation and other non-cash costs

(5)

(1)

Production costs

202

122

128

579

Amortisation of tangible assets

219

Inventory change

(11)

(7)

(1)

(180)

(23)

Realised non-hedge derivatives and other commodity contracts

(180)

(23)

Add back accelerated settlement of non-hedge derivatives

402

222

Capital expenditure

Sadiola is an equity accounted joint venture.

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

Gross profit (loss) excluding the effect of unrealised non-hedge
derivatives and other commodity contracts

Adjusted gross profit normalised for accelerated settlement of
non-hedge derivatives

Mali

Quarter

Year

Quarter

Year

ended

December

September

December

September

December

2008

2007

2008

2007

2008

YATELA - Attributable 40%

OPERATING RESULTS
HEAP LEACH OPERATION
Mined

- 000 tonnes

/ - 000 tons

977

913

1,374

4,061

1,077

1,007

1,515

4,476

Placed

- 000 tonnes

/ - 000 tons

305

214

349

1,088

336

235

385

1,200

Stripping ratio

- t (mined total-mined ore) / t mined ore

5.15

4.38

9.21

7.09

5.15

4.38

9.21

7.09

Yield

- g/t

/ - oz/t

2.60

2.36

2.60

2.66

0.076

0.069

0.076

0.078

Gold placed

- kg

/ - oz (000)

793

504

905

2,895

Gold produced

- kg

/ - oz (000)

503

552

677

2,052

Gold sold

- kg

/ - oz (000)

479

524

701

2,050

Total cash costs

- R/kg

/ - $/oz

- produced

178,973

157,676

119,091

151,165

561

631

547

572

Total production costs

- R/kg

/ - $/oz

- produced

168,722

166,776

139,672

155,196

529

667

642

591

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

573

488

776

634

18.41

15.68

24.94

20.39

Actual

- g

/ - oz

665

651

781

618

21.38

20.94

25.10

19.86

FINANCIAL RESULTS (MILLION)
Gold income

106

104

259

Cost of sales

312

Cash operating costs

277

Other cash costs

Total cash costs

310

Rehabilitation and other non-cash costs

(11)

(10)

(1)

Production costs

300

Amortisation of tangible assets

Inventory change

(8)

(4)

(7)

(1)

(2)

(53)

(7)

Realised non-hedge derivatives and other commodity contracts

(2)

(53)

(7)

Add back accelerated settlement of non-hedge derivatives

134

(2)

Capital expenditure

Yatela is an equity accounted joint venture.

Tonnes / Tons placed on to leach pad.

Gold placed / tonnes (tons) placed.

Gold placed into leach pad inventory.

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

Gross profit (loss) excluding the effect of unrealised non-hedge
derivatives and other commodity contracts

Adjusted gross profit (loss) normalised for accelerated settlement
of non-hedge derivatives

Namibia

Quarter

Year

Quarter

Year

ended

December

September

December

September

December

2008

2007

2008

2007

2008

NAVACHAB
OPERATING RESULTS
OPEN-PIT OPERATION
Volume mined

- 000 bcm

/ - 000 bcy

744

842

661

2,956

973

1,101

864

3,867

Mined

- 000 tonnes

/ - 000 tons

1,997

2,272

1,768

7,864

2,201

2,504

1,949

8,669

Treated

- 000 tonnes

/ - 000 tons

401

377

388

1,481

442

415

428

1,633

Stripping ratio

- t (mined total-mined ore) / t mined ore

3.84

4.65

3.97

5.39

3.84

4.65

3.97

5.39

Yield

- g/t

/ - oz/t

1.53

1.43

1.61

1.43

0.045

0.042

0.047

0.042

Gold produced

- kg

/ - oz (000)

614

540

624

2,126

Gold sold

- kg

/ - oz (000)

643

518

644

2,128

Total cash costs

- R/kg

/ - $/oz

- produced

163,164

134,832

114,627

142,795

512

539

527

534

Total production costs

- R/kg

/ - $/oz

- produced

186,190

145,989

120,359

160,623

584

583

554

601

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

539

488

458

485

17.31

15.70

14.73

15.60

Actual

- g

/ - oz

373

370

415

368

12.00

11.91

13.34

11.83

FINANCIAL RESULTS (MILLION)
Gold income

141

327

Cost of sales

118

339

Cash operating costs

288

Other cash costs

Total cash costs

100

304

Rehabilitation and other non-cash costs

(1)

(8)

(1)

Production costs

105

307

Amortisation of tangible assets

Inventory change

(3)

(2)

(12)

(2)

Realised non-hedge derivatives and other commodity contracts

(12)

(2)

Add back accelerated settlement of non-hedge derivatives

Capital expenditure

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

Gross profit (loss) excluding the effect of unrealised non-hedge
derivatives and other commodity contracts

Adjusted gross profit normalised for accelerated settlement of
non-hedge derivatives

Tanzania

Quarter

Year

Quarter

Year

ended

December

September

December

September

December

2008

2007

2008

2007

2008

GEITA

OPERATING RESULTS
OPEN-PIT OPERATION
Volume mined

- 000 bcm

/ - 000 bcy

4,934

4,659

6,307

19,829

6,454

6,093

8,249

25,936

Mined

- 000 tonnes

/ - 000 tons

13,728

12,119

16,460

52,794

15,132

13,359

18,144

58,195

Treated

- 000 tonnes

/ - 000 tons

963

1,084

1,230

4,270

1,061

1,195

1,356

4,707

Stripping ratio

- t (mined total-mined ore) / t mined ore

12.11

9.27

8.65

9.69

12.11

9.27

8.65

9.69

Yield

- g/t

/ - oz/t

1.68

2.12

1.46

1.92

0.049

0.062

0.043

0.056

Gold produced

- kg

/ - oz (000)

1,614

2,296

1,801

8,203

264

Gold sold

- kg

/ - oz (000)

1,638

2,457

2,059

8,088

260

Total cash costs

- R/kg

/ - $/oz

- produced

294,552

174,455

156,518

193,392

921

699

722

728

Total production costs

- R/kg

/ - $/oz

- produced

342,695

225,670

207,723

245,414

1,071

904

956

929

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

482

495

819

445

15.50

15.92

26.32

14.31

Actual

- g

/ - oz

254

362

269

329

8.16

11.63

8.66

10.58

FINANCIAL RESULTS (MILLION)
Gold income

360

397

111

2,628

328

Cost of sales

930

747

410

2,534

301

Cash operating costs

453

376

265

1,500

181

Other cash costs

Total cash costs

466

392

276

1,555

188

Rehabilitation and other non-cash costs

(41)

(23)

(4)

(2)

Production costs

425

400

311

1,533

186

Amortisation of tangible assets

119

110

449

Inventory change

386

237

552

(570)

(350)

(299)

(58)

(44)

Realised non-hedge derivatives and other commodity contracts

189

(1,639)

(207)

(570)

(350)

(110)

(1,545)

(58)

(44)

(16)

(181)

Add back accelerated settlement of non-hedge derivatives

491

(570)

(350)

(110)

(1,054)

(58)

(44)

(16)

(119)

Capital expenditure

105

103

433

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

Gross loss excluding the effect of unrealised non-hedge
derivatives and other commodity contracts

Adjusted gross loss normalised for accelerated settlement of non-
hedge derivatives

USA

Quarter

Year

Quarter

Year

ended

December

September

December

September

December

2008

2007

2008

2007

2008

CRIPPLE CREEK & VICTOR

OPERATING RESULTS
HEAP LEACH OPERATION
Mined

- 000 tonnes

/ - 000 tons

11,571

11,271

12,337

46,330

12,755

12,424

13,599

51,071

Placed

- 000 tonnes

/ - 000 tons

5,511

5,741

5,452

22,149

6,075

6,329

6,010

24,415

Stripping ratio

- t (mined total-mined ore) / t mined ore

1.16

1.08

1.22

1.12

1.16

1.08

1.22

1.12

Yield

- g/t

/ - oz/t

0.48

0.55

0.49

0.014

0.016

0.014

Gold placed

- kg

/ - oz (000)

2,641

2,729

2,993

10,784

347

Gold produced

- kg

/ - oz (000)

2,422

1,955

2,778

8,016

258

Gold sold

- kg

/ - oz (000)

2,380

1,925

2,764

7,972

256

Total cash costs

- R/kg

/ - $/oz

- produced

102,980

80,496

60,401

83,448

322

321

277

309

Total production costs

- R/kg

/ - $/oz

- produced

137,163

106,494

83,611

111,667

429

424

384

413

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

2,440

2,458

2,467

2,210

78.44

79.02

79.32

71.06

Actual

- g

/ - oz

2,318

1,825

2,721

1,909

74.51

58.68

87.48

61.39

FINANCIAL RESULTS (MILLION)
Gold income

531

303

280

1,984

240

Cost of sales

332

208

232

895

106

Cash operating costs

328

266

200

1,054

127

Other cash costs

(4)

(1)

Total cash costs

329

283

196

1,092

132

Rehabilitation and other non-cash costs

Production costs

357

301

215

1,158

140

Amortisation of tangible assets

243

Inventory change

(96)

(153)

(39)

(506)

(10)

(20)

(6)

(63)

198

1,089

134

Realised non-hedge derivatives and other commodity contracts

(3)

(2)

143

(934)

(118)

195

190

155

Add back accelerated settlement of non-hedge derivatives

446

195

190

601

Capital expenditure

221

Tonnes / Tons placed onto leach pad.

Gold placed / tonnes (tons) placed.

Gold placed into leach pad inventory.

Total cash cost calculation includes inventory change.

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

Gross profit excluding the effect of unrealised non-hedge
derivatives and other commodity contracts

Adjusted gross profit normalised for accelerated settlement of
non-hedge derivatives

Shareholders’ notice board

Diary:

Financial year-end

31 December

Annual financial statements

posting on or about

23 March 2009

Annual general meeting

11:00 SA time

14 May 2009

Quarterly reports released:

Quarter ended 31 March 2009

15 May 2009

Quarter ended 30 June 2009

31 July 2009

Quarter ended 30 September 2009

2 November 2009

Quarter ended 31 December 2009

*11 February 2010

Dividends /

Dividend Number

Declared

Last date to trade

ordinary shares

cum dividend

Payment date to

shareholders

Payment date to ADS

holders

Interim – No. 104

30 July 2008

15 August 2008

29 August 2008

8 September 2008

Final – No. 105

6 February 2009

27 February 2009

13 March 2009

23 March 2009*

Interim – No. 106

29 July 2009

14 August 2008*

28 August 2008*

7 September 2008*

* Approximate dates.

Dividend policy: Dividends are proposed by, and approved by the board of directors of AngloGold Ashanti, based on
the interim and year-end financial statements. Dividends are recognised when declared by the board of directors of
AngloGold Ashanti. AngloGold Ashanti expects to continue to pay dividends, although there can be no assurance that
dividends will be paid in the future or as to the particular amounts that will be paid from year to year. The payments of
future dividends will depend upon the Board’s ongoing assessment of AngloGold Ashanti’s earnings, after providing for
long term growth and cash/debt resources, the amount of reserves available for dividend using going concern
assessment and restrictions placed by the conditions of the convertible bond and other factors.

Annual general meeting: Shareholders on the South African register who have dematerialised their shares in the
company (other than those shareholders whose shareholding is recorded in their own name in the sub-register
maintained by their CSDP) and who wish to attend the annual general meeting in person, will need to request their
CSDP or broker to provide them with the necessary authority in terms of the custody agreement entered into between
them and the CSDP or broker.

Change of details: Shareholders are reminded that the onus is on them to keep the company, through its nominated
share registrars, apprised of any change in their postal address and personal particulars. Similarly, where shareholders
receive dividend payments electronically (EFT), they should ensure that the banking details which the share registrars
and/or CSDPs have on file are correct.

Certain statements contained in this document, including, without limitation, those concerning AngloGold Ashanti’s strategy to reduce its gold hedging
position including the extent and effect of the hedge reduction, the economic outlook for the gold mining industry, expectations regarding gold prices,
production, cash costs and other operating results, growth prospects and outlook of AngloGold Ashanti’s operations, individually or in the aggregate,
including the completion and commencement of commercial operations of certain of AngloGold Ashanti’s exploration and production projects and
completion of acquisitions and dispositions, AngloGold Ashanti’s liquidity and capital resources and expenditure, including its intentions and ability to
refinance its $1 billion convertible bond, and the outcome and consequences of any pending litigation proceedings, contain certain forward-looking
statements regarding AngloGold Ashanti’s operations, economic performance and financial condition. Although AngloGold Ashanti believes that the
expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been
correct. Accordingly, results could differ materially from those set out in the forward-looking statements as a result of, among other factors,
changes in economic and market conditions, success of business and operating initiatives, changes in the regulatory environment and other
government actions, fluctuations in gold prices and exchange rates, and business and operational risk management. For a discussion of such
factors, refer to AngloGold Ashanti's annual report on Form 20-F for the year ended 31 December 2007 dated 19 May 2008, which was filed with the
Securities and Exchange Commission (SEC) on 19 May 2008. AngloGold Ashanti undertakes no obligation to update publicly or release any revisions
to these forward-looking statements to reflect events or circumstances after the date of this document or to reflect the occurrence of unanticipated
events. All subsequent written or oral forward-looking statements attributable to AngloGold Ashanti or any person acting on its behalf are qualified by
the cautionary statements herein.

Administrative

information

ANGLOGOLD ASHANTI LIMITED

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

Share codes:

ISIN: ZAE000043485
JSE:

ANG

LSE:

AGD

NYSE:

ASX:

AGG

GhSE (Shares):

AGA

GhSE (GhDS):

AAD

Euronext Paris:

Euronext Brussels:

ANG

JSE Sponsor:

UBS

Auditors:

Ernst & Young Inc

Offices

Registered and Corporate

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

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

Ghana
Gold House
Patrice Lumumba Road
(P O Box 2665)
Accra
Ghana
Telephone: +233 21 772190
Fax: +233 21 778155

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

Directors

Executive
M Cutifani ~ (Chief Executive Officer)
S Venkatakrishnan *

Non-Executive
R P Edey * (Chairman)
Dr T J Motlatsi (Deputy Chairman)
F B Arisman

R E Bannerman
J H Mensah
W A Nairn
Prof W L Nkuhlu
S M Pityana

* British

American

##Ghanaian

~ Australian

Officers
Company Secretary:

Ms L Eatwell

Contacts

Himesh Persotam
Telephone: +27 11 637 6647
Fax: +27 11 637 6400
E-mail: hpersotam@AngloGoldAshanti.com

Renee Beyers
Telephone: +27 11 637 6302
Fax: +27 11 637 6400
E-mail: rbeyers@AngloGoldAshanti.com

General E-mail enquiries
investors@AngloGoldAshanti.com

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

PRINTED BY INCE (PTY) LIMITED

Share Registrars

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

United Kingdom
Computershare Investor Services PLC
P O Box 82
The Pavilions
Bridgwater Road
Bristol BS99 7NH
England
Telephone: +44 870 889 3177
Fax: +44 870 703 6119

Australia
Computershare Investor Services Pty
Limited
Level 2, 45 St George's Terrace
Perth, WA 6000
(GPO Box D182 Perth, WA 6840)
Australia
Telephone: +61 8 9323 2000
Telephone: 1300 55 7010 (in Australia)
Fax: +61 8 9323 2033

Ghana
NTHC Limited
Martco House
Off Kwame Nkrumah Avenue
POBox K1A 9563 Airport
Accra
Ghana
Telephone: +233 21 238492-3
Fax: +233 21 229975

ADR Depositary
The Bank of New York ("BoNY")
Investor Services, P O Box 11258
Church Street Station
New York, NY 10286-1258
United States of America
Telephone: +1 888 269 2377 (Toll free
in USA) or +9 610 382 7836 outside
USA)
E-mail: shareowners@bankofny.com
Website: http://www.stockbny.com

Global BuyDIRECT

BoNY maintains a direct share purchase
and dividend reinvestment plan for
ANGLOGOLD ASHANTI.

Telephone: +1-888-BNY-ADRS

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this
report to be signed on its behalf by the undersigned, thereunto duly authorized.

AngloGold Ashanti Limited

Date: February 9, 2009

By:

/s/ L Eatwell

Name: L EATWELL
Title: Company Secretary