AngloGold Ashanti : 2020 Notice of Annual General Meeting

March 25, 2021

OUR VISION, MISSION AND VALUES

VALUES

VISION

TO BE THE

LEADING

MINING COMPANY

PURPOSE

To ensure the responsible development of natural resources and create long-term partnerships to leave behind a better world

MISSION

To create value for our shareholders, our employees and our business, and social partners through safely and responsibly exploring, mining and marketing our products.

We are accountable for our actions and undertake to deliver on our commitments.

We want the communities and societies in which we operate to be better off for AngloGold Ashanti having been there.

We value diversity.

We respect the environment.

> Contents / Notice of Annual General Meeting / Director proﬁles / Annexure 1 / Annexure 2 / Summarised ﬁnancial information / Non-GAAP disclosure / Forward-looking statements / Administration and corporate information

CONTENTS

AngloGold Ashanti Limited (AngloGold Ashanti) is an independent, global gold mining company with a diverse, high-quality portfolio of operations, projects and exploration activities across nine countries on four continents. While gold is our principal product, we also produce silver (Argentina) and sulphuric acid (Brazil) as by-products. In Colombia, feasibility studies are currently underway at two of our projects, one of which will produce both gold and copper.

SECTION 1:	SECTION 2:	SECTION 3:	SECTION 4:
NOTICE OF	ANNEXURES	FINANCIAL INFORMATION	OTHER
ANNUAL GENERAL MEETING

For noting:

The following key parameters should be noted in respect of our reports:

• Production is expressed on an attributable basis unless otherwise indicated.
• The average workforce, including employees and contractors, is reported for AngloGold Ashanti, its subsidiaries and its joint ventures. The joint ventures are reported on an attributable basis.
• Unless otherwise stated, $ or dollar refers to US dollars throughout the suite of reports.
• 'Statement of ﬁnancial position' and 'balance sheet' are used interchangeably

Stakeholder feedback

We welcome stakeholder feedback on our reporting. Should you have any
Supporting ﬁnancial, operational, and
sustainability data are available at	comments or suggestions on this report, contact our investor relations team at:
www.aga-reports.com	investor.relations@anglogoldashanti.com

ANGLOGOLD ASHANTI'S 2020 SUITE OF REPORTS

Throughout this report, the icons below are hyperlinked to the relevant report

Integrated Report
<_r26_r>
Mineral Resource and Ore Reserve Report
Sustainability Report

Annual Financial Statements

Notice of Annual General Meeting and Summarised Financial Information (Notice of Meeting)

Reporting website

NOTICE OF ANNUAL GENERAL MEETING

AngloGold Ashanti Limited

Registration number 1944/017354/06 (Incorporated in the Republic of South Africa) Ordinary share code: ANG ISIN: ZAE000043485

(AngloGold Ashanti or the Company)

Notice is hereby given that the 77th annual general meeting of the shareholders of AngloGold Ashanti (the AGM) for the year ended 31 December 2020 will be held at 14:00 (South African time) on Tuesday, 4 May 2021.

The Company has appointed The Meeting Specialist (Pty) Ltd (TMS) for purposes of hosting its AGM entirely by way of electronic communication and, in particular, for TMS to provide the Company and its shareholders with access to its electronic communication platform (the Platform) for purpose of enabling all of the shareholders, who are present at the AGM, to communicate concurrently with each other, without an intermediary, and to participate reasonably effectively in the AGM and exercise their voting rights at the AGM.

Please note that in terms of Section 63(1) of the Companies Act 71 of 2008 (the Companies Act), before any person may attend or participate in the AGM, (a) that person must present reasonably satisfactory identiﬁcation and (b) the person presiding at the AGM must be reasonably satisﬁed that the right of the person to participate in and vote at the AGM, either as a shareholder (or shareholder's representative), or as a proxy for a shareholder, has been reasonably veriﬁed. Forms of identiﬁcation include a valid identity document, driver's licence or passport. Accordingly, the Company has appointed TMS to verify the identity of any shareholder who wishes to attend the AGM and shareholders will only be granted access to the Platform once they have been veriﬁed by TMS.

Please also note that in order to attend and participate in the AGM, shareholders are required to be granted access to the Platform by TMS and any shareholder who wishes to attend the AGM is encouraged to contact TMS onproxy@tmsmeetings.co.zaor +27 11 520 7950/1/2 as soon as possible, but not later than 14:00 on Friday, 30 April 2021 to enable TMS to verify its/his/her identity and thereafter to grant that shareholder access to the Platform. Notwithstanding the aforegoing, any shareholder who wishes to attend the AGM is entitled to contact TMS at any time prior to the conclusion of the AGM, in order to be veriﬁed and provided with access to the Platform by TMS. In order to avoid any delays in being provided with access to the Platform by TMS, shareholders are encouraged to contact TMS at their earliest convenience.

The purpose of the AGM is:

a) To present shareholders with the annual ﬁnancial statements of the Company and its subsidiaries for the year ended 31 December 2020, a summarised form of which was distributed to the shareholders with this Notice.
b) For the chairman of the Audit and Risk Committee to present to the shareholders a report on the matters within the committee's mandate.
c) For the chairman of the Social, Ethics and Sustainability Committee (being AngloGold Ashanti's Social and Ethics Committee as contemplated in the Companies Act) to present to the shareholders a report on the matters within the committee's mandate.
d) To consider all and any matters of the Company as may lawfully be dealt with at the AGM.
e) To consider and, if deemed ﬁt, to pass, with or without modiﬁcation, the ordinary and special resolutions of shareholders set out hereunder in the manner required by the Companies Act.

A copy of the complete annual ﬁnancial statements can be found on AngloGold Ashanti's annual report website: www.aga-reports.com.

Record dates

The board of directors (the board) has determined, in accordance with Sections 59(1)(a) and (b) of the Companies Act, that:

• The record date for the purposes of receiving notice of the AGM (being the date on which a shareholder must be registered in the Company's register of shareholders in order to receive notice of the AGM) shall be the close of business on Friday, 19 March 2021 (Notice Record Date); and
• The record date for the purposes of participating in and voting at the AGM (being the date on which a shareholder must be registered in the Company's register of shareholders in order to participate in and vote at the AGM) shall be the close of business on Friday, 23 April 2021 (Voting Record Date). Accordingly, the last day to trade in AngloGold Ashanti securities in order to be eligible to participate in and vote at the AGM is Tuesday, 20 April 2021.
Included in this document are the following:
- • The Notice of Annual General Meeting (the Notice) setting out the resolutions to be proposed at the meeting, together with explanatory notes. There are also guidance notes if you wish to attend the AGM or to vote by proxy.
- • A form of proxy for completion, signature and submission by shareholders holding AngloGold Ashanti ordinary shares in certiﬁcated form or in dematerialised form with "own name" registration.
- • A CDI voting instruction form for completion, signature and submission by holders of CHESS Depositary Interests (CDIs) trading on the Australian Securities Exchange.
- • A GhDS voting instruction form for completion, signature and submission by holders of Ghanaian Depositary Shares (GhDSs).

Voting and proxies at the AGM

All shareholders of the Company are entitled to attend and speak, through the use of the Platform, at the AGM or any cancellation, postponement or adjournment thereof. All holders of ordinary shares will be entitled to vote on each resolution at the AGM or any cancellation, postponement or adjournment thereof.

A shareholder entitled to attend, participate in and vote at the AGM is entitled to appoint one or more proxies (who need not be a shareholder of the Company) to attend, participate in and vote at the meeting in the place of the shareholder.

The attached form of proxy is only to be completed by those shareholders who:

• Hold shares in certiﬁcated form; or
• Are recorded on the sub-register in dematerialised electronic form with "own name" registration.

All other beneﬁcial owners who have dematerialised their shares through a Central Securities Depository Participant (CSDP) or broker and wish to attend, speak or vote at the AGM, must instruct their CSDP or broker to provide them with the necessary letter of representation, or they must provide the CSDP or broker with their voting instructions in terms of the relevant custody agreement entered into between them and the CSDP or broker. These shareholders must not use a form of proxy.

It is requested that the Company receives completed forms of proxy by no later than 14:00 (South African time) on Friday, 30 April 2021 by way of electronic mail to the Company's share registrars in South Africa, Computershare Investor Services, atProxy@Computershare.co.za. Any forms of proxy not lodged by this time may be sent to Computershare Investor Services immediately prior to the proxy exercising any rights of the shareholder at the AGM.

Any shareholder who completes and lodges a form of proxy will nevertheless be entitled to attend, speak and vote at the AGM should the shareholder decide to do so, provided that such shareholder has been provided with access to the Platform by TMS. A summary of the shareholders' rights in respect of proxy appointments as contained in Section 58 of the Companies Act is set out in the attached proxy form.

All voting at the AGM shall be conducted by way of polling, and every person entitled to vote on any matter that is being voted on at the AGM shall have one vote for every ordinary share held by that person, and will be administered by TMS through the Platform. TMS will also act as scrutineer in respect of any votes that are exercised at the AGM.

Lodging of voting instruction forms

• Duly completed CDI voting instruction forms must be received by the share registrars in Perth, Australia, no later than 14:00 (Perth time) on Friday, 30 April 2021.
• In accordance with the AngloGold Ashanti Ghanaian Depositary Shares Agreement dated 26 April 2004, the Ghanaian Depositary will mail all appropriate notices, together with a voting instruction form, to holders of GhDSs who have elected to receive same. Holders of GhDSs may direct the Depositary, via the voting instruction form, to vote on their behalf in the manner such holders may direct. Duly completed GhDS voting instruction forms must be received by the share registrars in Ghana, no later than 14:00 (Accra time) on Friday, 30 April 2021.

Electronic participation in the AGM

In compliance with the provisions of the Companies Act, the Company intends to conduct the AGM entirely by electronic communication through the Platform. Through the use of the Platform, shareholders will be able to listen to the proceedings and raise questions should they wish to do so and exercise their voting rights at the AGM.

TMS will only provide shareholders who have been veriﬁed by it, with access to the Platform.

Voting will be possible through the Platform but shareholders are encouraged to vote by way of proxy forms which will have been delivered to Computershare Investor Services, the share registrars, atProxy@Computershare.co.za.

The cost of procuring the services of TMS and the use of the Platform will be for the account of the Company. However, the cost of the shareholders'/proxies' participation at the meeting through the Platform will be at their own expense. Any such charges will not be for the account of the Company, the JSE, and/or TMS.

None of the Company, the JSE or TMS can be held accountable in the case of loss of network connectivity or other network failure due to insufﬁcient airtime, internet connectivity, internet bandwidth and/or power outages which prevents any shareholder from participating in and/ or voting at the AGM.

Resolutions

1. Ordinary resolution 1 (1.1 to 1.3) - Re-election of directors

RESOLVED THAT, the three directors listed in ordinary resolutions 1.1 to 1.3 shall retire from ofﬁce at the AGM in accordance with the Company's Memorandum of Incorporation (MOI) and, being eligible and having offered themselves for re-election, each by way of separate resolution be re-elected as a director of the Company with immediate effect:

1.1 Mr AM Ferguson
1.2 Mrs KC Ramon
1.3 Mr JE Tilk

Percentage of voting rights required to pass each of these resolutions: 50% plus one vote of the voting rights exercised.

Motivation for ordinary resolutions 1.1 to 1.3

In terms of the MOI, one-third of the directors are required to retire at each annual general meeting of the Company, accordingly, three directors are required to retire at the AGM. In terms of the MOI, the directors to retire at the AGM must be selected from those directors who have served longest in time since their last election or re-election.

Applying these requirements, the directors listed in ordinary resolutions 1.1 to 1.3 are required to retire and they are entitled and have offered themselves for re-election. The board recommends to shareholders the re-election of these three directors.

The proﬁles of the directors standing for re-election in terms of ordinary resolutions numbers 1.1 to 1.3 appear at the end of this Notice (page 12).

2. Ordinary resolution 2 - Election of a director

RESOLVED THAT, the appointment of Dr KOF Busia, who was appointed since the last annual general meeting in accordance with the provisions of clause 7.1.4 of the Company's MOI, be appointed.

Percentage voting rights required to pass this resolution: 50% plus one vote of the voting rights exercised.

Motivation for ordinary resolution 2

Based on the recommendations of the Nominations Committee, which has conducted a formal assessment of Dr Busia, the board recommends his election as a director of the Company.

The proﬁle of the director standing for election in terms of ordinary resolution 2 appears at the end of this Notice (page 12).

3. Ordinary resolution 3 (3.1 to 3.5) - Appointment of Audit and Risk Committee members

RESOLVED THAT, the following independent non-executive directors, each by way of separate resolutions, be appointed as members of the Company's Audit and Risk Committee from the conclusion of the AGM until the next annual general meeting of the Company:

3.1 Mr AM Ferguson
3.2 Mr R Gasant
3.3 Ms NVB Magubane
3.4 Ms MC Richter
3.5 Mr JE Tilk

Messrs Ferguson and Tilk will be appointed, subject to their re-election as directors pursuant to ordinary resolution 1.

For the detailed curriculum vitae of each director, refer to the section entitled THE BOARD at our 2020 online report website:www.aga-reports.com/20/ir/leadership/board-executive

Percentage of voting rights required to pass each of these resolutions: 50% plus one vote of the voting rights exercised.

Motivation for ordinary resolutions 3.1 to 3.5

Ordinary resolutions 3.1 to 3.5 are proposed to appoint members of the Audit and Risk Committee in accordance with the guidelines of King IV Report on Corporate Governance for South Africa, 2016 (King IV) and the requirements of the Companies Act. In terms of the aforementioned requirements, the Audit and Risk Committee should comprise a minimum of three members, all of whom must be independent non-executive directors of the Company and membership of the Audit and Risk Committee may not include the chairman of the board.

Furthermore, in terms of the Companies Regulations, 2011, at least one-third of the members of the Audit and Risk Committee at any particular time, must have academic qualiﬁcations, or experience in economics, law, corporate governance, ﬁnance, accounting, commerce, industry, public affairs or human resource management. Mindful of the aforegoing, the Nominations Committee recommendedto the board that the aforementioned persons be members of the Audit and Risk Committee and the board has approved such recommendations.

In terms of the requirements of the US Sarbanes-Oxley Act, the board is required to identify a ﬁnancial expert from within its ranks for appointment to the Audit and Risk Committee. The board has resolved that Mr AM Ferguson is the board's designated ﬁnancial expert on the Audit and Risk Committee.

4. Ordinary resolution 4 - Re-appointment of Ernst & Young Inc. as auditors of the Company

RESOLVED THAT, Ernst & Young Inc. be re-appointed as the independent registered auditor of the Company from the conclusion of the AGM until conclusion of the next annual general meeting of the Company.

Percentage of voting rights required to pass this resolution: 50% plus one vote of the voting rights exercised.

Motivation for ordinary resolution 4

At an AngloGold Ashanti Audit and Risk Committee meeting held on 16 February 2021, the committee considered the independence of the auditor, Ernst & Young Inc., in accordance with Section 94(8) of the Companies Act and also considered the suitability of the audit ﬁrm in terms of paragraph 3.84(g)(iii) of the Listings Requirements (following receipt of the information detailed in paragraph 22.15(h) of the Listings Requirements). The committee also considered whether Ernst & Young Inc. is independent, as prescribed by the Independent Regulatory Board for Auditors established by the Auditing Profession Act and was satisﬁed that Ernst & Young Inc. was independent. The Audit and Risk Committee nominates Ernst & Young Inc. for re-appointment as registered auditor of the Company in accordance with Section 94(7)(a) of the Companies Act.

Furthermore, the AngloGold Ashanti Audit and Risk Committee has, in terms of paragraph 3.86 of the JSE Listings Requirements, considered and satisﬁed itself that Ernst & Young Inc., the reporting accountant and the aforementioned individual auditor are not on the list of disqualiﬁed individual auditors and are accredited and recorded on the JSE List of Auditors and their advisors, in compliance with Section 22 of the JSE Listings Requirements.

Ernst & Young Inc. has indicated its willingness to continue in ofﬁce as auditors of the Company and ordinary resolution 4 proposes the re-appointment of that ﬁrm as the Company's auditor until the conclusion of the next annual general meeting of the Company.

Considering the length of time of the audit relationship between AngloGold Ashanti and Ernst & Young Inc., and in terms of the requirements of the Independent Regulatory Board of Auditors regarding mandatory audit ﬁrm rotation, the Company's Audit and Risk Committee has taken the decision to commence an audit tender process in 2021 with the view to seek shareholder approval at the next annual general meeting to rotate the external audit ﬁrm, effective for the 2023 ﬁnancial year.

5. Ordinary resolution 5 - General authority to directors to allot and issue ordinary shares

RESOLVED THAT, subject to the provisions of the Companies Act and the JSE Listings Requirements, from time to time, that the directors of the Company be and are hereby authorised, as a general authority and approval, to allot and issue, for such purposes and on such terms as they may in their discretion determine, ordinary shares in the authorised but unissued share capital of the Company (and/or any options/ convertible securities that are convertible into ordinary shares) up to a maximum of 5% of the Company's listed equity securities (excluding treasury shares) as at 19 March 2021, such number being 20,862,088 ordinary shares in the Company's issued share capital.

Percentage of voting rights required to pass this resolution: 50% plus one vote of the voting rights exercised.

Motivation for ordinary resolution 5

The reason for proposing ordinary resolution 5 is to seek a general authority and approval for the directors to allot and issue ordinary shares in the authorised but unissued share capital of the Company (and/or any options/convertible securities that are convertible into ordinary shares), up to 5% of the number of ordinary shares of the Company in issue as at 19 March 2021, in order to enable the Company to take advantage of business opportunities which might arise in the future.

6. Ordinary resolution 6 (6.1 and 6.2) - Separate non-binding advisory endorsements of the AngloGold Ashanti remuneration policy and implementation report

RESOLVED THAT, the shareholders hereby endorse, through separate non-binding advisory votes:

6.1 the Company's remuneration policy (excluding the remuneration of non-executive directors for their services as directors and members of the board or statutory committees) as set out in the remuneration report contained in the Integrated Report 2020; and
6.2 the implementation report in relation to the remuneration policy, as set out in the remuneration report contained in the Integrated Report 2020.

The complete remuneration policy is attached as Annexure 1 (page 13) and the implementation report as Annexure 2 (page 21).

Percentage of voting rights required to pass these resolutions: As these are not matters that require to be resolved or approved by shareholders, no minimum voting threshold is required. Nevertheless, for record purposes, the minimum percentage of voting rights to adopt these resolutions as non-binding advisory votes is 50% plus one vote of the voting rights exercised. Should 25% or more of the votes cast be against these resolutions, the Company undertakes to engage with dissenting shareholders as to the reasons why and to appropriately address legitimate and reasonable objections and concerns raised.

Motivation for ordinary resolution 6

In terms of King IV and paragraph 3.84 (j) of the JSE Listings Requirements, separate non-binding advisory votes should be obtained from shareholders on the Company's remuneration policy and implementation report. These votes allow shareholders to express their views on the remuneration policies adopted and their implementation, but will not be binding on the Company.

The Company's remuneration policy is designed to deliver the key principles of its remuneration which are meant to:

• inﬂuence and reward behaviours and performance of the Company's employees and executives, which align the strategic goals of the organisation, shareholders and employees;
• ensure that performance metrics are demanding, sustainable and cover all aspects of the business, including key ﬁnancial and non-ﬁnancial drivers;
• structure compensation to ensure that AngloGold Ashanti's values are maintained and that the correct governance frameworks are applied across its compensation decisions and practices;
• apply the appropriate remuneration benchmarks; and
• provide competitive rewards to attract, motivate and retain highly skilled executives, management and staff vital to the ongoing success of the organisation.

The Company's implementation report, which includes the remuneration disclosure in terms of the Companies Act, sets out compliance with and any deviation from the remuneration policy and the following additional information:

• the remuneration of each member of executive management;
• the details of all awards made under variable remuneration incentive schemes;
• the cash value of all awards made under variable remuneration incentive schemes that were settled during the reporting period;
• an account of the performance measures used and the relative weighting of each, as a result of which awards under variable remuneration incentive schemes have been made; and
• a statement regarding compliance with, and any deviations from, the remuneration policy.

7. Special resolution 1 - Remuneration of non-executive directors

RESOLVED THAT, as a special resolution, the remuneration payable quarterly in arrears to the non-executive directors, as contemplated in the table below, be and is hereby approved. Such approval shall be effective from the date of this annual general meeting until the next annual general meeting of the Company.

Emoluments payable to non-executive directors

Current

2020/2021

Proposed 2021/2022

Change

US$

Board meetings

• The remuneration payable in terms of board fees for six board meetings per annum will be in proportion to the period during which the ofﬁce of the non-executive director, chairman or lead independent as the case may be, has been held during the year.
• Each non-executive director will be entitled to an allowance for each board meeting attended by such director, in addition to the six scheduled board meetings per annum.

Chairman

Lead independent director Non-executive directors

Allowance per meeting for attendance at special board meetings by the Chairman

Allowance per meeting for attendance at special board meetings by each non-executive director

290,000 160,000 120,000 13,000 3,500

295,800* 163,200* 122,400* 13,000

222-

3,500

Committee meetings

• Remuneration payable for four meetings per annum.
• Each non-executive director will be entitled to an allowance for each board committee meeting attended by such director in respect of those committees which meet on an ad hoc basis, including any special purpose committee established by the board or required by statutes or regulation as follows:

Chairman of the Audit and Risk Committee Members of the Audit and Risk Committee

35,000

20,000

Chairman of the Remuneration and Human Resources Committee Members of the Remuneration and Human Resources Committee Chairman of the Investment Committee

35,000

20,000

32,500

Members of the Investment Committee

20,000

Chairperson of the Social, Ethics and Sustainability Committee Members of the Social, Ethics and Sustainability Committee Chairman of the Nominations Committee

32,500

20,000

32,500

Members of the Nominations Committee

20,000

Additional fee per meeting for ad hoc committee meetings

Board travel allowance per overnight away (in addition to the travel allowance payable, the Company will cover all accommodation and sundry costs)

3,500 1,250

3,500

-----------

1,250

*A 2% inﬂationary increase has been applied to amounts appearing with an asterix next to them in the above table.

Percentage of voting rights required for this resolution: 75% of the voting rights exercised.

Motivation for special resolution 1

In terms of Section 66(8) and (9) of the Companies Act, remuneration may only be paid to directors for their service as directors in accordance with a special resolution approved by the shareholders and if not prohibited in a company's MOI. The Company's MOI does not prohibit the payment of such remuneration. The remuneration sought to be approved is to be paid to the non-executive directors, as they are not remunerated as employees of the Company, as in the case of the executive directors. Remuneration is VAT exclusive where/if applicable.

8. Special resolution 2 - General authority to acquire the Company's own shares

RESOLVED THAT, as a special resolution, and pursuant to the Company's MOI and subject to the Companies Act and the JSE Listings Requirements, that the Company or any subsidiary of the Company, be and is hereby authorised, by way of a general approval, from time to time, to acquire ordinary shares issued by the Company, provided that:

• any such acquisition of shares shall be effected through the order book operated by the JSE Limited trading system or on the open market of any other stock exchange on which the shares are or may be listed, subject to the approval of the JSE and any other relevant stock exchange, as necessary, in either event without any prior understanding or arrangement between the Company and the counterparty;
• this approval shall be valid only until the next annual general meeting of the Company, or for 15 months from the date of passing of this resolution, whichever period is shorter;
• shares issued by the Company may not be acquired at a price greater than 10% above the weighted average of the market value of the Company's shares for the ﬁve business days immediately preceding the date of the acquisition being effected;
• at any point in time, the Company only appoints one agent to effect any acquisitions on its behalf;
• the board has resolved to authorise the acquisition, that the Company and its subsidiaries will satisfy the solvency and liquidity test immediately after the acquisition and that since the test was done, there have been no material changes in the affairs or the ﬁnancial position of the group since signature of the annual ﬁnancial statements and up to the date of the this Notice;
• the Company may not, in any one ﬁnancial year, acquire in excess of 5% of the Company's issued ordinary share capital as at the date of passing of this special resolution number 2;
• an announcement containing details of such acquisitions will be published as soon as the Company and/or the subsidiaries, collectively, shall have acquired ordinary shares issued by the Company constituting, on a cumulative basis, not less than 3% of the number of ordinary shares in the Company in issue as at the date of this approval; and an announcement containing details of such acquisitions will be published in respect of each subsequent acquisition by either the Company and/or by the subsidiaries, collectively, of ordinary shares issued by the Company, constituting, on a cumulative basis, not less than 3% of the number of ordinary shares in the Company in issue as at the date of this approval;
• the acquisition of shares by the Company or its subsidiaries may not be effected during a prohibited period, as deﬁned in the JSE Listings Requirements, unless there is in place a repurchase programme as contemplated in the JSE Listings Requirements;
• the Company's subsidiaries shall not be entitled to acquire ordinary shares issued by the Company if the acquisition of shares will result in them holding, on a cumulative basis, more than 10% of the number of ordinary shares in issue in the Company; and
• no voting rights attached to the shares acquired by the Company's subsidiaries may be exercised while the shares are held by them and they remain subsidiaries of the Company.

Percentage of voting rights required to pass this resolution: 75% of the voting rights exercised.

Motivation for special resolution 2

The reason for special resolution 2 is to grant a general authority for the acquisition of the Company's ordinary shares by the Company, or by a subsidiary or subsidiaries of the Company. The effect of special resolution 2, if passed, will be to authorise the Company or any of its subsidiaries to acquire ordinary shares issued by the Company on the JSE or any other stock exchange on which the Company's shares are or may be listed subject to the provisions of the Company's MOI, Companies Act and the JSE Listings Requirements.

The directors of AngloGold Ashanti believe that the Company should retain the ﬂexibility to take action if future acquisitions of its shares were considered desirable and in the best interests of the Company and its shareholders.

After considering the effect of acquisitions, up to the maximum limit, of the Company's issued ordinary shares, the directors are of the opinion that if such acquisitions were implemented:

• the Company and the group would be able in the ordinary course of business to pay its debts for a period of 12 months after the date of the notice issued in respect of the AGM;
• the assets of the Company and the group would be in excess of the liabilities of the Company and the group for a period of 12 months after the date of the notice issued in respect of the AGM. For this purpose, the assets and liabilities would be recognised and measured in accordance with the accounting policies used in the latest audited group annual ﬁnancial statements;
• the ordinary capital and reserves of the Company and the group would be adequate for ordinary business purposes for a period of 12 months after the date of the notice issued in respect of the AGM; and the working capital of the Company and the group would be adequate in the ordinary course of business for a period of 12 months after the date of the notice issued in respect of the AGM.

9. Special resolution 3 - General authority for directors to issue for cash, those ordinary shares which the directors are authorised to allot and issue in terms of ordinary resolution 5

RESOLVED THAT, as a special resolution, subject to ordinary resolution 5 being passed, that the directors of the Company be and are hereby authorised, in accordance with the Companies Act and the JSE Listings Requirements, to allot and issue for cash, on such terms and conditions as they may deem ﬁt, all or any of the ordinary shares in the authorised but unissued share capital of the Company (and/or any options/convertible securities that are convertible into ordinary shares), which they shall have been authorised to allot and issue in terms of ordinary resolution number 5, subject to the following conditions:

• This authority is valid until the Company's next annual general meeting, provided that it will not extend beyond 15 (ﬁfteen) months from the date that this authority is given.
• The equity securities which are the subject of the issue for cash must be of a class already in issue, or where this is not the case, must be limited to such securities or rights that are convertible into or represent options in respect of a class already in issue.
• Any such issue will only be made to 'public shareholders' as deﬁned in the JSE Listings Requirements and not to related parties, unless the JSE otherwise agrees.
• The number of shares issued for cash will not in aggregate exceed 5% of the Company's listed equity securities (excluding treasury shares) as at 19 March 2021, such number being 20,862,088 ordinary shares in the Company's issued share capital.
• Any equity securities issued under the authority during the period contemplated in the ﬁrst bullet above must be deducted from such number in the preceding bullet.
• In the event of a sub-division or consolidation of issued equity securities during the period contemplated in the ﬁrst bullet above, the existing authority must be adjusted accordingly to represent the same allocation ratio.
• The maximum discount at which the equity securities may be issued is 10% of the weighted average of the market value of the Company's shares for the 30 business days prior to the date that the price of the issue is agreed between the Company and the party subscribing for the shares.

Percentage of voting rights required to pass this resolution: In terms of the JSE Listing Requirements, a 75% majority is required of votes cast in favour of such ordinary resolution. Since this is the Company's threshold for special resolutions, the resolution is instead proposed as a special resolution.

Motivation for special resolution 3

The reason for proposing special resolution 3 is that the directors consider it advantageous to have the authority to issue ordinary shares for cash in order to enable the Company to take advantage of any business opportunity which might arise in the future. At present, the directors have no speciﬁc intention to use this authority, and the authority will thus only be used if circumstances are appropriate.

It should be noted that this authority relates only to those ordinary shares which the directors are authorised to allot and issue in terms of ordinary resolution 5 and is not intended to (nor does it) grant the directors authority to issue ordinary shares for cash over and above, and in addition to, the ordinary shares which the directors are authorised to allot and issue in terms of ordinary resolution 5, when ordinary shares are issued for such purposes and on such terms as the directors may deem ﬁt.

10. Special resolution 4 - General authority to provide ﬁnancial assistance in terms of Sections 44 and 45 of the

Companies Act

RESOLVED THAT, as a special resolution, to the extent required by the Companies Act, that the board may, subject to compliance with the requirements of the Company's MOI, the Companies Act and the JSE Listings Requirements, each as presently constituted and as amended from time to time, authorise the Company to provide direct or indirect ﬁnancial assistance as contemplated in Sections 44 and 45 of the Companies Act, including by way of loan, guarantee, the provision of security or otherwise, to any of its present or future subsidiaries and/or any other company or entity that is or becomes related or interrelated to the Company, for any purpose or in connection with any matter, including, but not limited to, the subscription of any option, or any securities issued or to be issued by the Company or a related or interrelated company, or for the purchase of any securities of the Company or a related or interrelated company, for such amounts and on such terms as the board may determine. This authority will expire on the second anniversary of the date on which this special resolution is adopted, unless renewed prior thereto.

Percentage of voting rights required to pass this resolution: 75% of the voting rights exercised.

Motivation for special resolution 4

Section 45 of the Companies Act applies to ﬁnancial assistance provided by a company to any related or interrelated company or corporation, a member of a related or interrelated corporation, and to a person related to any such company, corporation or member.

Further, Section 44 of the Companies Act may also apply to the ﬁnancial assistance so provided by a company to any related or interrelated company or corporation, a member of a related or interrelated corporation, or a person related to any such company, corporation ormember, in the event that the ﬁnancial assistance is provided for the purpose of, or in connection with, the subscription of any option, or any securities, issued or to be issued by the Company or a related or interrelated company, or for the purchase of any securities of the Company or a related or interrelated company.

Both Sections 44 and 45 of the Companies Act provide, inter alia, that the particular ﬁnancial assistance must be provided only pursuant to a special resolution of shareholders, adopted within the previous two years, which approved such assistance either for the speciﬁc recipient, or generally for a category of potential recipients, and the speciﬁc recipient falls within that category and the board is satisﬁed that: (i) immediately after providing the ﬁnancial assistance, the Company would satisfy the solvency and liquidity test (as contemplated in the Companies Act); and (ii) the terms under which the ﬁnancial assistance is proposed to be given are fair and reasonable to the Company.

As part of the normal conduct of the business of the Company and its subsidiaries or associates (AngloGold Ashanti Group), the Company, where necessary, usually provides guarantees and other support undertakings to third parties on behalf of its local and foreign subsidiaries and joint ventures or partnerships in which the Company or members of the AngloGold Ashanti Group have an interest. This is particularly so where funding is raised by the foreign subsidiaries of the Company, whether by way of borrowings or the issue of bonds or otherwise, for the purposes of the conduct of their operations. Previously in terms of the Company's articles of association and the now repealed Companies Act 61 of 1973, as amended, the Company was not precluded from providing the aforementioned ﬁnancial assistance.

The Company would like the ability to provide ﬁnancial assistance, if necessary, also in other circumstances, in accordance with Sections 44 and 45 of the Companies Act. Furthermore, it may be necessary for the Company to provide ﬁnancial assistance to any of its present or future subsidiaries, and/or to any related or interrelated company or entity and/or to a person related to any such company or entity, to subscribe for options or securities of the Company or another company related or interrelated to it. Under the Companies Act, the Company will however, require the special resolution referred to above to be adopted. It is difﬁcult to foresee the exact details of ﬁnancial assistance that the Company may be required to provide over the upcoming months. It is essential however, that the Company is able to organise effectively its internal ﬁnancial administration. For these reasons, it is necessary to obtain the approval of shareholders as set out in special resolution 4.

It should be noted that this resolution does not authorise ﬁnancial assistance to a director or a prescribed ofﬁcer of the Company or any company or person related to such a director or prescribed ofﬁcer.

11. Ordinary resolution 7 - Directors' authority to implement special and ordinary resolutions

RESOLVED THAT, as an ordinary resolution, each and every director of the Company be and is hereby authorised to do all such things and sign all such documents as may be necessary for or incidental to the implementation of the resolutions passed at this meeting.

Percentage of voting rights required to pass this resolution: 50% plus one vote of the voting rights exercised.

Motivation for ordinary resolution 7

This resolution is to provide the directors with the necessary authority to do all things necessary to act under or implement the decisions and resolutions passed at this AGM.

Further disclosure

In terms of paragraph 11.26 of the JSE Listings Requirements, the following information is disclosed in the Annual Financial Statements 2020:

• Major shareholders;
• Material change statement; and
• Share capital of the Company.

Directors' responsibility statement

The directors, whose names appear in the Integrated Report 2020, collectively and individually accept full responsibility for the accuracy of the information given in this Notice and certify that to the best of their knowledge and belief there are no facts that have been omitted which would make any statement false or misleading and that all reasonable enquiries to ascertain such facts have been made and that this Notice contains all information required by law and the JSE Listings Requirements.

By order of the board of AngloGold Ashanti Limited

Ms MML Mokoka	Registered and corporate ofﬁce
Group Company Secretary	76 Rahima Moosa Street, Newtown,
Johannesburg 2001, South Africa
PO Box 62117, Marshalltown, 2107,
26 March 2021	South Africa
10

IMPORTANT NOTES REGARDING THE ANNUAL GENERAL MEETING

Date	Tuesday, 4 May 2021
Venue	The Platform hosted by TMS - further details of which will be provided to the shareholders upon
making contact with TMS
Timing	The AGM will start promptly at 14:00 (South African time)
Admission	Shareholders and others attending the AGM are asked to register with TMS by not later than
14:00 (South African time) on 4 May 2021. Shareholders and proxies are required to provide proof
of identity to TMS prior to being granted access to the Platform by TMS
Electronic participation	Every shareholder may only participate in the meeting through electronic communication by making use
of the Platform
Enquiries and questions	Shareholders who intend to ask questions related to the business of the AGM or on related matters
are asked to furnish their name, address and question(s) to TMS, which will be available to provide any
advice and assistance required
Queries about the AGM	If you have any queries about the AGM, please telephone any of the contact names listed on the inside
back cover
AngloGold Ashanti Limited

> Director proﬁles / Annexure 1 / Annexure 2 / Summarised ﬁnancial information / Non-GAAP disclosure / Forward-looking statements / Administration and corporate information

DIRECTOR PROFILES

Proﬁles of the directors being re-elected and elected at the AGM:

Kojo Busia (58)

BA, MA, PhD

Independent Non-Executive Director Appointed: 1 August 2020

Board committee memberships:

• Social, Ethics & Sustainability Committee (Chairman)
• Investment Committee
• Nominations Committee

Kojo Busia has over 25 years of professional experience in African natural resources governance and management working at both bilateral and multilateral organisations. He recently held the position of Chief of the Natural Resources Management Section, Technology, Climate Change and Natural Resource Management Division, at the United Nations Economic Commission for Africa (UNECA).

He previously served as coordinator of the African Mineral Development Centre (AMDC) at the UNECA, where he was charged with the implementation of the African Mining Vision, an African Union policy framework for sustainable mineral resources development. Prior to heading the AMDC, Dr Busia spent nearly a decade leading the African Peer Review Mechanism Support Section, Governance and Public Administration Division, also at the UNECA. In addition, Dr Busia has served on several advisory boards including the Responsible Mining Foundation Advisory Council, Advisory Director of Global Mining Sustainability, and Mining Indaba's Sustainability Advisory Committee. He is a founding director of the Africa Resource Management, Environment and Climate Change (ARMECC) Institute, a think-do-tank recently established in Accra, Ghana.

Alan Ferguson (63)

BSc, CA (Institute of Chartered Accountants of Scotland)

Independent Non-Executive Director

Appointed: 1 October 2018

Board committee memberships:

• Audit and Risk Committee (Chairman)
• Remuneration and Human Resources Committee
• Nominations Committee

Alan Ferguson is an Independent Non-Executive Director and is the chairman of the Audit and Risk Committee. As a chartered accountant, Mr Ferguson is highly experienced in a range of ﬁnance roles. He was a former chief ﬁnancial ofﬁcer of a number of FTSE-listed entities, including Lonmin Plc. Since 2011 he has held non-executive directorships on a number of boards including Johnson Matthey, Croda International and the Weir Group where he chaired their Audit Committees. He currently sits on the board of Marshall Motors Holdings where he chairs the Audit Committee and is Senior Independent Director. All these companies are listed on the FTSE in the UK.

In addition, Mr Ferguson sits on the Business Policy Panel of the Institute of Chartered Accountants of Scotland and works for the UK Audit Committee Chair's Independent Forum.

Christine Ramon (53)

BCompt, BCompt (Hons), CA(SA), Senior Executive Programme (Harvard)

Interim Chief Executive Ofﬁcer and Executive Director Appointed: 1 October 2014

Board committee memberships:

• Investment Committee

Christine Ramon was appointed Interim Chief Executive Ofﬁcer of AngloGold Ashanti with effect from 1 September 2020. Prior that she served as AngloGold Ashanti's Chief Financial Ofﬁcer and has been an executive director of the Company since 1 October 2014. Ms Ramon has held senior ﬁnancial management and executive positions in various companies. She previously served as Chief Financial Ofﬁcer and Executive Director of Sasol from 2006 to 2013. Prior to this, she was CEO of Johnnic Holdings, having previously served as Financial Director. She serves as a director of the World Gold Council and the International Council on Mining and Metals. She previously served on the boards of MTN Group, International Federation of Accountants, Rand Reﬁnery, Lafarge SA (France), Transnet and Johnnic Communications.

Ms Ramon is a member of the South African Institute of Chartered Accountants. She was recently appointed on the Presidential Council for State Owned Enterprises in South Africa. She was nominated as a Young Global Leader of the World Economic Forum in 2007. Christine previously served as the Chairperson of the listed companies CFO Forum in South Africa and was awarded CFO of the Year in 2018. She also previously served as a member of the Standing Advisory Committee to the International Accounting Standards Board and as Deputy Chair of the Financial Reporting Standards Council of South Africa.

Jochen Tilk (57)

Bachelors in Mining Engineering, Masters in Mining Engineering

Independent Non-Executive Director

Appointed: 1 January 2019

Board committee memberships:

• Investment Committee (Chairman)
• Social, Ethics and Sustainability Committee
• Nominations Committee
• Audit and Risk Committee

Jochen Tilk is an Independent Non-Executive Director. He is the former Executive Chair of Nutrien Inc., a Canadian global supplier of agricultural products and services based in Saskatoon, Saskatchewan. He is the former President and Chief Executive Ofﬁcer of Potash Corporation of Saskatchewan. Mr Tilk, previously spent 25 years with Inmet Mining Corporation, a Canadian-based, international metals company, with ﬁve of those years as the company's president and chief executive ofﬁcer. He is also a director of Emera Inc., a publicly listed energy utility company and the Princess Margaret Cancer Foundation, a not-for-proﬁt organisation, which raises funds to support the Princess Margaret Cancer Centre.

Remuneration policy

Remuneration strategy

AngloGold Ashanti's remuneration policy is aligned to the business strategy and aims to ensure that we attract, retain and motivate high quality people, who are capable of consistently achieving exceptional performance and maximising shareholder value. Our remuneration strategy and approach aims to enable strategy execution and focuses on driving our ﬁve business objectives namely:

(1) Maintain the strong foundation - People are the foundation of our business. Our business must operate according to our values if it is to remain sustainable in the long term. This includes a drive to improve safety performance, reduce fatalities, and retain key skills;
(2) Improve ﬁnancial ﬂexibility - Ensure that our balance sheet remains able to meet our funding needs;
(3) Optimise cost base - Ensure that all spend is optimally structured and necessary to fulﬁl the core business objectives;
(4) Improve portfolio quality - Focus on a portfolio of assets that must be actively managed to improve the overall mix of our production base as we strive for a competitive valuation as a business; and
(5) Maintain long-term optionality, albeit at a reasonable cost - Creating a competitive pipeline of long-term opportunities.

Policy

Based on the alignment to the remuneration strategy, and the achievement of the Company's remuneration objectives, this policy applies to all AngloGold Ashanti operations globally and sets out policies and parameters relating to the establishment and application of employee remuneration. In determining a holistic approach to employee remuneration AngloGold Ashanti applies the following key principles:

• Alignment with strategic objectives and shareholder interests;
• Remunerate to motivate and reward the right behaviour and performance of employees and executives;
• Ensure that performance metrics are challenging, sustainable and cover all aspects of the business including both ﬁnancial and non-ﬁnancial drivers, and do not reward excessive risk taking;
• Ensure that the remuneration structure is aligned to AngloGold Ashanti's values and that the correct governance frameworks are applied across remuneration decisions and practices;
• Promote an ethical culture and responsible corporate citizenship;
• Ensure that the remuneration of executive management is fair, responsible and transparent in the context of overall employee remuneration in the organisation;
• Apply the appropriate global remuneration benchmarks;
• Provide competitive rewards to attract, motivate and retain highly skilled executives and staff vital to the success of the organisation; and
• The use of performance measures that support positive outcomes across the economic, social and environmental context in which AngloGold Ashanti operate.

In order to address the above key principles and to ensure that employees feel that they are equitably rewarded for their input, AngloGold Ashanti applies the following framework:

• A pay curve designed according to the applicable job level/ stratum (grade) and substratum;
• Pay for performance, differentiation in pay according to an employee's deliverables;
• Internal equity; and
• Market benchmarking using the AngloGold Ashanti principle of positioning guaranteed pay at the median of the applicable markets and where there is a shortage of specialist and/or key technical skills paying higher than the median.

The policy should be followed and applied in conjunction with any local AngloGold Ashanti practices and applicable local government legislation.

As required by King IV™, AngloGold Ashanti's remuneration policy and implementation report as detailed in this Remuneration Report will be tabled for separate non-binding advisory votes by shareholders at the upcoming annual general meeting (AGM).

In the event that either the remuneration policy or the implementation report, or both, are voted against by 25% or more of the voting rights entitled to be exercised by shareholders at the AGM, the committee will ensure that the following measures are taken in good faith and with best reasonable efforts:

• An engagement process with shareholders to ascertain the reasons for the dissenting votes; and
• Appropriately addressing legitimate and reasonable objections and concerns raised which may include amending the remuneration policy or clarifying or adjusting remuneration governance and/or processes.

1. Reward components

Base salary

A competitive salary is provided to all employees to ensure their experience, contribution and appropriate market comparisons are fairly reﬂected and applied. For non-bargaining unit employees' base salaries are increased in January of each year, in accordance with a Remuneration and Human Resources Committee (the committee) approved inﬂationary pool. In high inﬂation countries increases may be adjusted by an individual's performance, but in low inﬂation countries a ﬂat inﬂation is typically applied. Bargaining unit employees' base salaries are increased in line with union negotiated agreements.

Deferred Share Plan (DSP)

Incentives form a key part of total remuneration and eligible AngloGold Ashanti employees will participate in an incentive bonus plan. With effect from 1 January 2018, the Company has been using a single incentive for short-term and long-term performance. The Deferred Share Plan (DSP) is designed to reward employees to meet the strategic short, medium and long-term objectives that will enable them to deliver value to shareholders, by achieving deﬁned Company objectives.

Remuneration policy continued

Permanent employees who do not participate in a production bonus are eligible to participate in the DSP. Participation is at the discretion of the committee.

A portion of the award is paid in cash as a bonus, and the balance is delivered as either deferred cash (for stratum level III - middle management - and below) or deferred shares (for stratum level IV - senior management - and above), vesting equally over a period of two to ﬁve years.

The total incentive is determined based on a combination of company and individual performance measures, deﬁned annually and weightings are applied to each measure. The metrics are deﬁned against the objectives that most strongly drive company performance and are weighted to ﬁnancial outcomes, production, cost, sustainability and people.

Each metric is weighted and has a threshold, target and stretch deﬁnition based on the company budget and the desired stretch targets for the year.

The table below sets out the performance measure weightings (company and individual); threshold, target and maximum award of the DSP scheme:

At the end of each ﬁnancial year, the performance of the Company, Chief Executive Ofﬁcer (CEO) and the Chief Financial Ofﬁcer (CFO) is assessed by both the committee and the board against the deﬁned metrics to determine the quantum of the cash portion and the quantum of the deferred portion as per the calculations below:

Cash portion:

Base pay x individual performance weighting x on-target cash percentage x individual performance modiﬁer

(KPIs: 1 - 5 rating)

Base pay x company performance weighting x on-target cash percentage x company performance modiﬁer

Deferred cash/shares:

Base pay x individual performance weighting x on-target deferred percentage x individual performance modiﬁer (KPIs: 1 - 5 rating)

Base pay x company performance weighting x on-target deferred percentage x company performance modiﬁer

Vesting of the deferredportion (cash or shares) occurs over either a two, three, or ﬁve-year period, depending on the level of the participant.

Employee level and stratum

Deferralperiod(years)

Company

Individual

Cashaward

Deferredcashaward

Deferredshareaward

TotalDSPaward(cash+deferred)

Cashaward

Deferredcashaward

Deferredshareaward

TotalDSPaward(cash+deferred)

Cashaward

Deferredcashaward

Deferredshareaward

TotalDSPaward(cash+deferred)

CE0 (VII)	5	80%	20%	50.0%	-	100.0%150.0%100.0%	-	200.0%300.0%150.0%	-	300.0%450.0%
CFO (VIH)	5	80%	20%	42.5%	-	92.5%135.0%85.0%	-	185.0%270.0%127.5%	-	277.5%405.0%
Executive management (VIL)	5	80%	20%	37.5%	-	87.0%124.5%75.0%	-	174.0%249.0%112.5%	-	261.0%373.5%
Senior management (IVH - V)	3	50%	50%	26.0%	-	39.0%65.0%52.0%	-	78.0%130.0%78.0%	-	117.0%195.0%
Senior management (IVL)	2	50%	50%	24.0%	-	27.0%51.0%48.0%	-	54.0%102.0%72.0%	-	81.0%153.0%
Middle management (IIIH)	2	60%	60%	16.5%	16.5%	33.0%	49.5%
Middle management (IIIL - IIIM)	2	60%	60%	12.5%	12.5%	25.0%	37.5%

99.0%75.0%

- -

33.0%33.0%25.0%25.0%

- -

66.0%49.5%50.0%37.5%

- -

The deferred shares are awarded as conditional rights to shares with dividend equivalents. Vesting of the deferred portion occurs equally over either a two, three, or ﬁve- year period, depending on the level of the participant.

Remuneration policy continued

The DSP performance metrics for 2021 are as follows:

2021 DSP performance measureTarget weighting

Threshold measuresTarget measuresStretch measures

Halfway between median and upper quartile

Financial measures : 62.5%

Relative total shareholder return (TSR) (measured in US$)

10.00%Absolute TSR (measured in US$) Normalised cash return on equity (nCROE) Production

All-in sustaining costs

Future optionality measures: 12.5%

Ore Reserve additions (pre-depletion, asset sales, mergers and acquisitions)

Mineral Resources (pre-depletion, asset sales, mergers and acquisitions)

All-injury frequency rate (AIFR) - one yearMajor hazard management critical control percentage compliance

ESG Measures: 19.5%

Cumulative number of critical control registers established for site-speciﬁc, material health risks (as captured in AuRisk) at each operation Compliance with occupational exposure monitoring programmes for noise and dust at each operation

10.00% 15.00% 12.50% 15.00%

6.25%

4.00%

1.50%

Number of reportable environmental incidents at operating mines

Greenhouse gas emissions intensity at gold-producing operations, measured in kg CO2e/tonne

Number of material business disruptions as a result of community unrest

Core value - people: 5.5%

Succession bench strength in talent for Exco (2) roles

Key staff retention

Gender diversity

3.00%

2.50% 2.00% 1.00%

2.50%

Total

Median TSR of comparatorsUS$ COE (1)

US$ COE 2,700oz (000) US$1,230/ozPlus 1.4MozPlus 3.8Moz

≥ 2.5% performance improvement

(2.33)

95% critical control compliance

60% compliance

80% of operations

15 successors

85% pa 21% female representation

US$ COE + 2% US$ COE + 9% 2,800oz (000) US$1,205/oz

Plus 2.9MozPlus 7.5Moz

≥ 5% performance improvement

(2.27)

99% critical control compliance

70% compliance

90% of operations

16 successors

90% pa 23% female representation

Upper quartile TSR of comparators

US$ COE + 6% US$ COE + 18% 2,900oz (000) US$1,180/oz

Plus 4.3MozPlus 11.3Moz

≥ 7.5% performance improvement

(2.21)

99.5% critical control compliance

90% compliance

100% of operations

18 successors

95% pa 25% female representation

100%

(1)

Cost of equity

(2) Executive Committee

Remuneration policy continued

Malus and claw-back

The committee may determine that an unvested award or part of an award may not vest, or may determine that any cash bonus, vested shares, or their equivalent value in cash be returned to the Company in the event that any of the following matters is discovered:

• Material misstatement of the Company results which may have caused the over allocation of cash bonus, deferred cash and deferred share allocations;
• Misconduct, including but not limited to the participant acting fraudulently or dishonestly or being in material breach of their obligations to AngloGold Ashanti as described in our Disciplinary Code and Procedure policy, will result in the lapse of all deferred cash and deferred shares, both vested and unvested, in line with the rules of the DSP;
• Where there is an error in the calculation of any performance condition which may have resulted in an overpayment; and
• Under both "malus" and "claw-back" provisions, where the committee determines that an exceptional circumstance has occurred, the committee may, at its discretion, reduce the number of shares to be received on vesting of an award, or, for a period of two years after the vesting of an award, the committee can claw-back from a participant.

Employee beneﬁts and allowances

Other components of reward are detailed under separate AngloGold Ashanti policy documents. However, subject to local competitive practice and legislation, AngloGold Ashanti policy is to provide, where appropriate, additional elements of compensation from the following list:

• Retirement schemes

Provides a deﬁned contribution retirement beneﬁt aligned to the schemes in the respective country in which the employee operates. The funds vary depending on jurisdiction and legislation. Deﬁned beneﬁt schemes are not available.

• Medical beneﬁts

Provides medical aid assistance aligned to the schemes in the respective country in which the employee operates. Provided to all executives through either a percentage of fee contribution, reimbursement or company provided healthcare providers. Contributions are in line with the approved company policy. It is no longer AngloGold Ashanti's practice to provide a post-retirement medical care beneﬁt. Existing plans have been closed to new entrants or converted to employee paid plans.

• Life assurance

Comprising a ﬁxed amount or a multiple of base salary.

• Disability insurance (short- or long-term)

Comprising an amount to partially replace lost compensation during a period of medical incapacity or multiple of base salary.

• Accidental death and dismemberment cover

Usually comprising a schedule of ﬁxed amounts or multiple of base salary.

• Relocation allowances

To enable an employee and their family to relocate for business purposes from one location to another. Allowances may be once only or extend over a determined period of time and cover such expenses as house sale and purchase, transportation of effects, costs of living, rental expenses and school fees.

2. Compensation structure

AngloGold Ashanti uses the stratum structure to determine the levels of work and the pay scales associated with those levels of work.

The pay ranges cover each stratum or level in the location in which jobs are situated. Each stratum is divided into an upper, middle and lower section and a pay range is constructed for each.

Pay ranges represent the level of compensation paid to similar positions in the market. The median (50th percentile) of market comparators becomes the midpoint of the AngloGold Ashanti range and the minimum and maximum of the range is informed by the lower and upper market quartile.

An individual promoted to a particular position entering the appropriate range for that position typically receives a salary toward the minimum. Over time as they approach full competency, they move toward the midpoint through annual salary awards.

Increases above the midpoint will typically be lower as performance expectations become higher. Individuals approaching the maximum of their range would usually be candidates for promotion or are considered to be exceptionally competent and performing at a consistently high level over long periods or have identiﬁed scarce skills. Only in special circumstances of particularly scarce skills or experience shortages may an individual be compensated beyond the maximum of the range.

An individual's salary relative to the midpoint of the range for the position occupied is referred to as the compa-ratio. Aggregated compa-ratios provide an indication of the populations' overall competitiveness.

3. Competitive positioning

Market comparison

For executive management, the Mercer Survey methodology known as international position evaluation (IPE) is used for market benchmarking. For senior management and below globally, benchmarking is done using locally available reputable surveys including, Remchannel (South Africa), Hay evaluation methodology and others. The executive comparison which includes all executive committee members and the selected global roles in senior management (stratum IV and V) are benchmarked against the following selected group of global comparator companies:

Remuneration policy continued

2020 Comparator benchmark group
Agnico Eagle Mines	Canada
Anglo American Platinum Limited	South Africa
Antofagasta	United Kingdom
Barrick Gold Corporation	Canada
B2Gold Corporation	Canada
Gold Fields Limited	South Africa
Kinross Gold Corporation	Canada
Newcrest Mining Limited	Australia
Newmont/Goldcorp	United States
South32	Australia
Yamana Gold Incorporated	Canada

The benchmark list of comparator companies is reviewed on an annual basis to ensure that they remain appropriate. In reviewing the participants, the committee considers:

• Global spread and complexity;
• Nature of business;
• Size; and
• The peer group should also be large enough to create a sufﬁcient benchmark to draw information and to not create any concerns from an antitrust legislative perspective.

Each component of remuneration (base salary, variable pay and beneﬁts) is analysed and compared with the market information and the overall package is reviewed accordingly. The global market is used for the executive team and then dependent on level and global reach the stratum IV and V (senior management) employees are benchmarked against the relevant global and/or local markets. Typically for stratum III (middle management) and below, local benchmarking is done. This benchmarking is usually completed on an annual basis.

On the global benchmark survey, each executive's role is individually sized to ensure the best match possible. The comparison is then done on the same or similar roles irrespective of place of work (and includes a review of purchasing power parity between countries).

For the stratum III (middle management) and below surveys, the individual roles are matched to the survey data and measured against the local roles. The surveys must be done utilising reputable survey houses that have a sufﬁcient spread of participants with a robust job matching and detailed validation process.

To determine competitive positioning in these surveys, guaranteed salaries are compared with guaranteed salaries paid for similar positions. Short-term incentive (STI) targets are compared with recently paid incentives, proﬁt sharing or bonus payments made by the competitive marketplace.

4. Expatriate compensation

Being a global organisation with a requirement for specialist skills, AngloGold Ashanti employs a skilled workforce with members who are globally mobile to service the organisation primarily in remote locations or areas where the skill set is not available locally. The mobile workforce is tasked to develop and grow skills locally.

The mobile workforce is given expatriate beneﬁts including housing, schooling, international medical aid, international pension funds (where appropriate) and home leave trips in line with the nature, duration and location of the assignment. Where appropriate, tax equalisation principles are followed for base pay (exclusive of shares and other beneﬁts not agreed up front).

AngloGold Ashanti's mobility policy is contained in a separate policy document.

5. Retention

Retention is a key requirement for AngloGold Ashanti which operates in a global arena where fewer people are moving into the mining industry and there is a limited talent supply.

A retention strategy is in place whereby AngloGold Ashanti can pay between 50% and up to one times base pay for identiﬁed retention risks that require additional pay due to external offers or similar situations, delivered in cash (or shares where approved by the board) over a period of 12 - 36 months to employees identiﬁed as key skills who are identiﬁed retention risks. All retention payments are approved by the Executive Vice President - Group Human Resources.

6. Recruitment policy

When recruiting a member of the executive management team, a comparative benchmarking exercise is undertaken to determine the size, nature and complexity of the role, and skills availability in the market prior to making a competitive offer.

The following principles are applied when recruiting external hires:

• External appointments will not be paid more than what they would have lost at their previous employer within a 12-month period. The terms of the payment will reﬂect the nature of the remuneration forfeited (salary, other contractual payments, annual bonus and/or share based elements including in-ﬂight share awards), time horizons and any performance requirements. The committee will not offer any sign-on bonus for example, a "golden hello";
• In the case of share awards forfeited they will have equivalent performance conditions unless the committee determines otherwise;
• The committee will also take into account both market practice and any relevant commercial factors in considering the terms of the buy-out award;
• A time period is applied to a buy-out with a minimum claw-back; and
• A buy-out award will only be granted on proof of forfeiture of compensation from previous employer.

Remuneration policy continued

7. Termination guidelines

Legislation and contractual obligations take precedent in any termination agreement however the table below recommends the typical standard group practice:

Voluntary resignation

Base salary Base pay will be paid over the notice period or as a lump sum

PensionMedical provisionsBeneﬁtsDSP cash bonus

Deferred cash awards

Pension contributions for the notice period will be paid; any lump sum does not include pension contributions unless contractually agreedWhere applicable, medical provision for the notice period will be paid; any

Reasons for termination

Dismissal/termination for cause

Base pay will be paid untilemployment ceases as employees have different employment entitiesPension contributions will be paid until employment ceasesMedical provision/ payment will be provided untillump sum does not include employment ceases contributions unless contractually agreed

Applicable beneﬁts may continue to be providedBeneﬁts will fall away whenduring the notice period but employment ceases will not be paid on a lump sum basis

Forfeit, no bonusUnvested awards lapseNo bonus

Base pay is paid for a deﬁned period based on cause and local policyPension contributions will be paid until employment ceases

Medical provision/payment will be provided until employment ceasesBeneﬁts will fall away when employment ceasesDiscretion to pro-rate for period worked

Normal and early retirement, retrenchment and death

Base pay will be paid over the notice period or as a lump sumPension contributions for the notice period will be paid; any lump sum would not include pension contributions unless contractually agreed

Where applicable, medical provision for the notice period will be paid; any lump sum would not include contributions unless contractually agreed

Applicable beneﬁts may continue to be provided during the notice period but will not be paid on a lump sum basis

Discretion to pro-rate for period worked

Unvested awards lapse

The vesting date will be accelerated to the date of separation and the participant shall be entitled to receive a pro-rated deferred cash value taking into account the period that the participant has been in employment during the vesting period

Mutual separation

Remuneration policy continued

Voluntary	Dismissal/termination
resignation	for cause
Deferred	Unvested awards lapse	Unvested awards
share	lapse
awards

Reasons for termination

Normal and early retirement, retrenchment and deathMutual separation

Retrenchment and retirement (early,

normal and late):

Senior managers - upon termination,

the vesting date will be accelerated

to the date of separation and the

participant shall be entitled to receive

pro-rated shares taking into account

the period that the participant has

been in employment during the

vesting period. Vested shares may be

exercised within six months following

termination date.

Executives - upon termination of

employment, vested shares may be

exercised within six months following

termination date. The participant will

continue to hold unvested shares post

termination of employment to vest at

the original vesting date. Upon vesting

of these shares, participant has up to

six months to exercise vested shares.

Death:

All participants - upon death of an

employee, the vesting date will be

accelerated, and the participant's

estate shall be entitled to receive the

full vested and unvested deferred

shares within 12 months from date

of death.

Senior managers - upon termination, the vesting date will be accelerated to the date of separation and the participant shall be entitled to receive pro-rated shares taking into account the period that the participant has been in employment during the vesting period. Vested shares may be exercised within six months following termination date.

Executives - upon termination of employment, vested shares may be exercised within six months following termination date. The participant will continue to hold unvested shares post termination of employment to vest at the original vesting date. Upon vesting of these shares, participant has up to six months to exercise vested shares.

Remuneration policy continued

Remuneration and Human Resources Committee
The purpose of the committee is to assist the board in discharging
its oversight responsibilities relating to all compensation, including
annual base salary, annual incentive compensation, long-term
incentive compensation, employment, severance pay and ongoing
•	Executive directors are required to accumulate AngloGold	perquisites or special beneﬁt items and equity compensation of
Ashanti shares as follows:	the Company's executives, including the CEO as well as retention
strategies, design and application of material compensation
• CEO: 150% of net annual base salary within three years of
programmes, and share ownership guidelines.
appointment and 300% of net annual base salary within six
years of appointment;
The committee operates in an independent role, operating as an
overseer with accountability to the board. This is accomplished by:
• CFO: 125% of net annual base salary within three years of
appointment and 250% of net annual base salary within six
years of appointment.
•	Executive Committee members: 100% of net annual base salary
within three years of appointment and 200% of net annual base
salary within six years of appointment.

To ensure that executive and shareholder objectives are aligned, a minimum shareholding requirement (MSR) applies to all Executive Committee members on the following basis (effective January 2020):

8. Minimum shareholder requirements

The MSR is calculated as follows:

Deemed value of the shares on the MSR measurement date = cost of shares acquired x CPI index on MSR measurement date/CPI index on the share acquisition date.

9. Governance

Legislation and statutory compliance

The Remuneration Policy is adhered to in line with AngloGold Ashanti policy and local government legislation; where local legislation deviates from policy the applicable legislation should be applied.

Furthermore, we ensure that our remuneration practices are designed to be fair, transparent and compliant with legislative requirements within all the jurisdictions that we operate in. This is achieved through ongoing compliance benchmarking and implementation of legislative requirements, for example King IV and SEC.

Budgeting compensation increases

As part of the business planning and operational budgeting cycle, annual compensation increases are budgeted for. The budgeted amount takes into consideration the current average consumer price index (CPI) (where applicable) as well as AngloGold Ashanti's overall market competitiveness and industry trends. Approval for these increases is in line with the business planning and budget cycle.

• Reviewing and approving corporate goals and objectives relevant to the compensation of the executive management team;
• Evaluating the performance of the executive management team in light of these goals and objectives annually and setting each executive's compensation based on such evaluation;
• Ensuring that the mix of ﬁxed and variable pay, in base pay and other elements of compensation meets the Company's requirements and strategic objectives;
• Linking individual pay with operational and Company performance in relation to strategic objectives;
• Considering the sentiments and views of the Company's investors;
• Overseeing and reviewing all aspects of any share option scheme operated by or to be established by the Company;
• Regularly reviewing incentive schemes to ensure continued contribution to shareholder value and ensure that these are administered in terms of the rules;
• Regularly reviewing human resources strategy aimed at ensuring the supply and retention of sufﬁcient skilled resources to achieve the Company's objectives;
• Ensure that the remuneration policy and implementation report is put to a non-binding advisory vote at the general meeting of shareholders once every year; and
• Review the outcome of the implementation of the remuneration policy to ensure that the set objectives are being achieved and fairness is addressed.

Remuneration implementation report - January to December 2020

This section of the Remuneration Report explains the implementation of the remuneration policy by providing details of the remuneration paid to executives and non-executive directors for the financial year ended 31 December 2020

Executive pay

On behalf of AngloGold Ashanti, Mercer conducts a biennial bespoke survey of executive remuneration. For 2020, the committee reviewed the comparator group against AngloGold Ashanti to ensure that changes in the market had not led to variances that made the current matches inappropriate. The review consisted of a detailed analysis of companies who it was felt were appropriate for inclusion in the benchmark.

The companies included in the comparator group were ranked in terms of a number of criteria selected in areas which were aligned with AngloGold Ashanti. The table below summarises the ﬁnal comparator group.

2020 Comparator benchmark group

Agnico Eagle Mines	Canada
Anglo American Platinum Limited	South Africa
Antofagasta	United Kingdom
Barrick Gold Corporation	Canada
B2Gold Corporation	Canada
Gold Fields Limited	South Africa
Kinross Gold Corporation	Canada
Newcrest Mining Limited	Australia
Newmont/Goldcorp	United States
South32	Australia
Yamana Gold Incorporated	Canada
Annual salary review

In 2020, the January annual increases resulted in each member of the executive management team receiving an increase in line with the CPI in their respective jurisdictions. This is in line with increases for all AngloGold Ashanti employees. The respective CPI increases applicable to the executive management team were as follows:

Region

Inﬂationary salary increase

Australia 2%

South Africa 5%

USA 2%

It is to be noted that special salary increase adjustments were implemented effective 1 January 2020 for Mr Ntuli and Mr Bailey for purposes of market alignment.

Details available in the single total ﬁgure reporting table on page 22.

Executive movements

The Company announced on 30 July 2020 that former CEO, Mr Dushnisky, was to step down effective 1 September 2020. AngloGold Ashanti CFO, Ms Ramon was appointed Interim CEO, and Mr Ian Kramer, Senior Vice President: Group Finance was appointed Interim CFO. These interim appointments were effective 1 September 2020.

Effective 1 September 2020, Mr Dushnisky stepped down from all Directorships of the Company but remained as an employee of the Company for the six-month period to 28 February 2021 to ensure an orderly transition. On cessation of his employment, on 28 February 2021 he was paid the balance of his 12-month notice period of USD2.8m, which included his Deferred Shared Plan (DSP) FY2020 cash bonus. These payments are in accordance with our termination policy on pages 18-19. The details of his remuneration for FY2020 is reﬂected in the single total ﬁgure reporting on page 22. All payments made to Mr Dushnisky were made and disclosed in accordance with JSE listing requirements, King IV guidelines and our shareholder approved remuneration policy. No ex-gratia payments were made, and no additional payments are owed to Mr Dushnisky.

The Interim CEO and Interim CFO's remuneration details are reﬂected as follows on pages 22 to 25:

• Ms Ramon: CFO from 1 January 2020 to 31 August 2020 and Interim CEO from 1 September 2020 to 31 December 2020; and
• Mr Kramer: Interim CFO (in his capacity as a prescribed ofﬁcer) from 1 September 2020 to 31 December 2020.

An allowance aligned to the Company's acting allowance policy formed part of Ms Ramon and Mr Kramer's remuneration to recognise the additional responsibilities associated with these roles, for the period 1 September 2020 to 31 December 2020.

Ms Maria Sanz Perez, Executive Vice President: General Counsel and Company secretary resigned effective 30 June 2020.

Ms Lizelle Marwick was promoted to the role of Executive Vice President: General Counsel and Acting Company secretary, effective 1 July 2020. Ms Marwick received an allowance in recognition of acting in the Company secretary role from 1 July 2020 to 10 January 2021. The promotion of Ms Marwick illustrates the success of the strong bench strength and talent management within the Company.

Mr Pierre Chenard, Executive Vice President: Strategy and Business Development, retired effective 31 January 2021.

Ms Tirelo Sibisi, Executive Vice President: Group Human Resources, resigned effective 1 April 2021; her last day of employment will be 30 September 2021.

The single total ﬁgure reporting on page 22 provides the remuneration details of Executive Directors and Prescribed Ofﬁcers aligned to the shareholder approval standard conditions of employment. It comprises an overview of all the pay elements available to the executive management team for the year ended 31 December 2020.

Remuneration implementation report - January to December 2020 continued

Single total ﬁgure of remuneration

The following are deﬁnitions of terminology used in the adoption of the reporting requirements under King IV:

Reﬂected

In respect of the DSP awards, remuneration is reﬂected when performance conditions have been met during the reporting period.

Settled

This refers to remuneration that has been included in prior reporting periods and has now become payable (may not yet have been paid) to the executive in the current period.

Single total ﬁgure of remuneration

Base salary
ZAR	USD/AUD
denominated	denominated	Pension	Once-off	Cash in lieu of
portion (1)	portion (1)	scheme beneﬁts	relocation costs	dividends
ZAR '000	ZAR '000	ZAR '000	ZAR '000	ZAR '000
Executive directors
KPM Dushnisky (4)	2020	-	21,657	5,266	-	13
2019	-	18,608	4,648	2,726	142
KC Ramon (5)	2020	5,864	4,594	834	-	385
2019	5,585	3,981	779	-	194
Total executive directors	2020	5,864	26,251	6,100	-	398
2019	5,585	22,589	5,427	2,726	336
Prescribed ofﬁcers
SD Bailey	2020	4,465	3,305	-	-	75
2019	3,879	2,560	-	-	37
PD Chenard	2020	5,282	4,255	-	-	-
2019	2,933	3,900	-	1,270	-
GJ Ehm	2020	-	10,462	284	-	409
2019	-	9,074	251	-	163
L Eybers	2020	-	10,832	284	-	377
2019	1,377	7,945	251	1,135	64
I Kramer (6)	2020	1,156	-	144	-	-
2019	-	-	-	-	-
L Marwick (7)	2020	1,896	939	256	-	-
2019	-	-	-	-	-
S Ntuli	2020	5,202	3,851	728	-	95
2019	4,607	2,871	631	-	36
ME Sanz Perez (8)	2020	2,353	1,763	514	-	300
2019	4,481	3,184	958	-	169
TR Sibisi	2020	4,484	3,518	1,000	-	258
2019	4,944	2,337	910	-	158
Total prescribed ofﬁcers	2020	24,838	38,925	3,210	-	1,514
2019	22,221	31,871	3,001	2,405	627

(1)	Salary denominated in USD/AUD for global roles and responsibilities converted to ZAR on payment date.
(2)	Other beneﬁts include health care, group personal accident, disability, funeral cover, accommodation allowance, pension allowance, airfare and surplus
leave encashed. Surplus leave days accrued are automatically encashed unless work requirements allow for carry over.
(3)	The fair value of the DSP comprises a cash bonus and share awards for the year ended 31 December 2020. The cash bonus is payable in February 2021
and the share awards are allocated in February 2021. Shares vest over a ﬁve-year period in equal tranches.
(4)	KPM Dushnisky received the cash portion only for 2020 due to his resignation, aligned to the standard terms and conditions of termination.
(5)	KC Ramon was appointed as Interim CEO effective 1 September 2020. Included in the DSP award is the DSP cash bonus and share award for 2020
calculated on the CFO role for 8 months only. Other payments reﬂect the acting allowance paid and the DSP cash bonus and share award for the acting
period of 4 months calculated on the CEO target bonus opportunity.
22

Remuneration implementation report - January to December 2020 continued

Awards earned during the period reﬂected but not yet settled

Other	DSP	CSLTIP	Sign-on awards	Other	Single total ﬁgure
beneﬁts (2)	awards (3)	awards	granted	payments	of remuneration
ZAR '000	ZAR '000	ZAR '000	ZAR '000	ZAR '000	ZAR '000	USD '000 (9)
1,759	25,796	-	-	-	54,491	3,312
2,578	61,842	-	-	-	90,544	6,268
924	22,507	-	-	16,513	51,621	3,138
893	29,135	33,064	-	-	73,631	5,097
2,683	48,303	-	-	16,513	106,112	6,450
3,471	90,977	33,064	-	-	164,175	11,365
1,259	24,103	-	-	-	33,207	2,019
1,160	18,087	5,917	-	-	31,640	2,190
2,468	8,554	-	-	-	20,559	1,250
1,729	18,362	-	19,356	-	47,550	3,292
710	32,108	-	-	-	43,973	2,673
611	25,329	33,064	-	-	68,492	4,742
798	31,896	-	-	-	44,187	2,686
2,310	25,054	29,160	-	-	67,296	4,659
24	6,085	-	-	289	7,698	468
-	-	-	-	-	-	-
136	16,615	-	-	571	20,413	1,241
-	-	-	-	-	-	-
1,387	26,942	-	-	-	38,205	2,322
343	21,041	7,526	-	-	37,055	2,565
1,809	-	-	-	-	6,739	410
68	20,567	26,447	-	-	55,874	3,868
58	20,802	-	-	-	30,120	1,831
61	19,638	22,713	-	-	50,761	3,514
8,649	167,105	-	-	860	245,101	14,900
6,282	148,078	124,827	19,356	-	358,668	24,830

(6) I Kramer was appointed as Interim CFO and prescribed ofﬁcer effective 1 September 2020. All salary payments including, pension and other beneﬁts were pro-rated and aligned to the appointment date. Included in the DSP award is the DSP cash bonus and share award for the full year of 2020 (DSP award was not pro-rated. It was calculated based on his normal Senior Vice President salary plus four months acting allowance on the Senior Vice President target bonus opportunity). Other payments reﬂect the acting allowance for the acting period from 1 September to 31 December 2020.
(7) L Marwick was appointed as prescribed ofﬁcer and Interim Company Secretary effective 1 July 2020. All salary payments including, pension and other beneﬁts were pro-rated and aligned to the appointment date. Included in the DSP award is the DSP cash bonus and share award for the full year of 2020 (DSP award was not pro-rated. It was calculated based on the prescribed ofﬁcer target bonus opportunity for the full year aligned to the standard conditions of employment). Other beneﬁts reﬂect the acting allowance for the acting period in the Company Secretary role from 1 July 2020 to 10 January 2021.
(8) ME Sanz Perez resigned from Company Secretary effective 30 June 2020. All salary payments including, pension and other beneﬁts are pro-rated in accordance with the resignation date.
(9) Convenience conversion to USD at the year-to-date average exchange rate of $1: R16.4506 (2019: $1: R14.445).

Remuneration implementation report - January to December 2020 continued

Total cash equivalent received reconciliation

Awards earned during the period reﬂected but

not yet settled
Single total	Sign-on	DSP 2019
ﬁgure of	CSLTIP	awards	cash portion	Grant fair	since grant	Vesting fair
remuneration	DSP awards (1)	awards	granted	settled	value (2)	date (2)	value (2)
ZAR '000	ZAR '000	ZAR '000	ZAR '000	ZAR '000	ZAR '000	ZAR '000	ZAR '000
Executive directors
KPM Dushnisky (3)	2020	54,491	(25,796)	-	-	9,177	2,770	1,810	4,579
2019	90,544	(61,842)	-	-	7,119	-	-	-
KC Ramon	2020	51,621	(38,137)	-	-	9,214	22,804	24,878	47,682
2019	73,631	(29,135)	(33,064)	-	8,378	21,504	2,849	24,353
Total executive directors	2020	106,112	(63,933)	-	-	18,391	25,574	26,688	52,261
2019	164,175	(90,977)	(33,064)	-	15,497	21,504	2,849	24,353
Prescribed ofﬁcers
SD Bailey	2020	33,207	(24,103)	-	-	5,473	4,960	5,278	10,237
2019	31,640	(18,087)	(5,917)	-	2,613	4,066	724	4,789
PD Chenard	2020	20,559	(8,554)	-	-	5,557	-	-	-
2019	47,550	(18,362)	-	(16,191)	-	-	-	-
GJ Ehm	2020	43,973	(32,108)	-	-	8,612	20,969	21,781	42,750
2019	68,492	(25,329)	(33,064)	-	7,113	19,622	(198)	19,424
L Eybers	2020	44,187	(31,896)	-	-	8,518	19,688	21,295	40,983
2019	67,296	(25,054)	(29,160)	-	6,701	7,463	2,825	10,289
I Kramer	2020	7,698	(6,085)	-	-	-	-	-	-
2019	-	-	-	-	-	-	-	-
L Marwick	2020	20,413	(16,615)	-	-	-	-	-	-
2019	-	-	-	-	-	-	-	-
S Ntuli	2020	38,205	(26,942)	-	-	6,367	6,289	6,710	12,999
2019	37,055	(21,041)	(7,526)	-	3,269	3,956	1,046	5,002
ME Sanz Perez	2020	6,739	-	-	-	6,224	17,588	18,861	36,448
2019	55,874	(20,567)	(26,447)	-	5,864	18,839	1,460	20,299
TR Sibisi	2020	30,120	(20,802)	-	-	5,943	15,258	16,122	31,380
2019	50,761	(19,638)	(22,713)	-	5,495	17,709	876	18,585
Total prescribed ofﬁcers	2020	245,101	(167,105)	-	-	46,694	84,752	90,047	174,797
2019	358,668	(148,078)	(124,827)	(16,191)	31,055	71,655	6,733	78,388

BSP, CIP, DSP and LTIP share awards settled

Market movement

(1)	The fair value of the DSP comprises a cash bonus and share awards for the year ended 31 December 2020. The cash bonus is payable in February 2021
and the share awards are allocated in February 2021. Shares vest over a 5-year period in equal tranches.
(2)	Reﬂects the sum of all the grant fair value, the sum of all the share price movements since grant to vesting date and the sum of all the vesting fair value
for the vested DSP 2019, vested CSLTIP 2017, vested BSP 2018, vested CIP 2018 and vested sign-on share awards and difference in the currency
movements for the vested sign-on cash settled award.
(3)	KPM Dushnisky's cash portion of the DSP 2019 award was reduced by USD800,000. This is in lieu of the sign-on bonus which Mr Dushnisky voluntarily
repaid after his former employer paid him a discretionary cash incentive for the same period.
(4)	Convenience conversion to USD at the year-to-date average exchange rate of $1: R16.4506 (2019: $1: R14.445).
24

Remuneration implementation report - January to December 2020 continued

Sign-on cash settled	Sign-on shares settled
Currency
movement since	Settlement fair	Grant fair	Market movement	Vesting fair
grant date (2)	value (2)	value (2)	since grant date (2)	value (2)
ZAR '000	ZAR '000	ZAR '000	ZAR '000	ZAR '000	US$ '000 (4)
(245)	14,435	10,094	18,379	28,473	85,359	5,189
(1,010)	16,606	20,188	18,357	38,545	90,972	6,298
-	-	-	-	-	70,380	4,278
-	-	-	-	-	44,163	3,057
(245)	14,435	10,094	18,379	28,473	155,739	9,467
(1,010)	16,606	20,188	18,357	38,545	135,135	9,355
-	-	-	-	-	24,814	1,508
-	-	-	-	-	15,038	1,041
-	3,165	6,513	9,012	15,525	36,252	2,204
-	-	-	-	-	12,997	900
-	-	-	-	-	63,227	3,843
-	-	-	-	-	36,636	2,536
-	-	-	-	-	61,792	3,756
-	-	-	-	-	30,072	2,082
-	-	-	-	-	1,613	98
-	-	-	-	-	-
-	-	-	-	-	3,798	231
-	-	-	-	-	-	-
-	-	-	-	-	30,629	1,862
-	-	-	-	-	16,759	1,160
-	-	-	-	-	49,411	3,004
-	-	-	-	-	35,023	2,425
-	-	-	-	-	46,641	2,835
-	-	-	-	-	32,490	2,249
-	3,165	6,513	9,012	15,525	318,177	19,341
-	-	-	-	-	179,015	12,393
25

14,680 17,616 - - 14,680 17,616

- - 3,165 - - - - - - - - - - - - - - - 3,165 -

Remuneration implementation report - January to December 2020 continued

Minimum shareholding requirements

For the purposes of the MSR calculation, only fully owned and vested awards will count towards the determination of the MSR.

MSR holding as at

31 December 2020

Six-year target as a percentage Three-year MSR target Six-year MSR targetExecutive

achievement date of net base pay achievement percentage achievement percentage

Executive directors

KPM Dushnisky (1)	-	141	150	300
KC Ramon	March 2021	553	125	250
Prescribed ofﬁcers
SD Bailey	January 2025	115	100	200
PD Chenard (2)	-	119	100	200
GJ Ehm	March 2019	279	100	200
L Eybers	March 2023	291	100	200
I Kramer (3)	September 2026	27	100	200
L Marwick (4)	July 2026	78	100	200
S Ntuli	March 2025	95	100	200
TR Sibisi	March 2022	282	100	200

(1) Resigned as director with his last day being 28 February 2021. MSR holding not required.
(2) Retired prescribed ofﬁcer with effect from 31 January 2021. MSR holding not required.
(3) Appointed prescribed ofﬁcer with effect from 1 September 2020; the three-year MSR achievement is due in September 2023.

(4)

Appointed prescribed ofﬁcer with effect from 1 July 2020; the three-year MSR achievement is due in July 2023.

DSP performance outcomes

The DSP measures resulted in an achievement of 116.57%.

The table below summarises AngloGold Ashanti's remuneration metrics, their weightings, and performance against these metrics applicable to the DSP during 2020:

2020 DSP performance measure

WeightingThreshold measuresTarget measuresStretch measuresActual achievement

2020 achievement %

Financial Measures

Relative total shareholder return (measured in US$) Absolute total shareholder return (measured in US$) Normalised cash return on equity (nCROE) Production

10.00%Median TSR of comparatorsHalfway between Upper quartile

*133.67%

15.00%

median and upper quartileTSR of comparators

10.00%US$ COEUS$ COE + 2%US$ COE + 6%

133.67%

15.00%

15.00% 12.50%US$ COEUS$ COE + 2%US$ COE + 6%

24.50%

2,941/oz (000)

3,062/oz (000)

3,182/oz (000)

3,047/oz

(000)

All-in-sustaining costs

15.00%US$1,101/ozUS$1,071/ozUS$1,041/ozUS$1,059/oz

Future Optionality

Ore Reserve additions (pre-depletion, asset sales, mergers and acquisitions) Mineral Resource (pre-depletion, asset sales, mergers and acquisitions)

6.25%Plus 1.2MozPlus 2.3MozPlus 3.5Moz

5.97Moz

22.50%11.76%18.17%9.38%

6.25%Plus 3.5MozPlus 7.0MozPlus 10.5Moz

6.73Moz

6.01%

Remuneration implementation report - January to December 2020 continued

Threshold	Actual	2020
achievement	achievement %
2.39	0.00%
99.23%	6.00%
5	2.25%
88.50%	2.25%
8	0.00%
7.9683	0.00%
0	3.75%
15	3.00%
successors
96.43%	1.50%
16.96%	0.00%
116.57%

Total

2020 DSP performance measure

Safety, health, environment and community

All-injury frequency rate (AIFR) - one yearMajor hazard management critical control percentage compliance Number of Critical Control Registers established for site-speciﬁc, material health risks (as captured in AuRisk) at each operation Compliance with occupational exposure monitoring programmes for Noise and Dust at each operation Number of reportable environmental incidents at operating mines Greenhouse gas emissions intensity at gold producing operations, measured in Kg CO2e/tonne Number of business disruptions as a result of community unrest

Core value: People

Strategic coverage

Key staff retention Gender diversity

Weightingmeasures

4.00%

≥ 2.5% performance improvement (3.24)

4.00%

92.5% critical control compliance

1.50%

50% compliance

3.00%

7.299 -0.3% off base

2.50%

2.00% 11 successors
1.00% 85% pa
2.50% 19% female representation

100%

*Performance achievement in upper quartile of comparator group

Target measures

≥ 5% performance improvement (3.14)

95% critical control compliance

60% compliance

7.277 -0.6% off base

13 successors 90% pa 21% female representation

Stretch measures

≥ 7.5% performance improvement (3.06)

97.5% critical control compliance

70% compliance

7.248 -1% off base

15 successors 95% pa 23% female representation

The DSP measures resulted in an achievement of 122.57%. The committee applied downward discretion removing the incentive award for safety in light of the total accidents at the South Africa and Ghana operations. The ﬁnal DSP achievement was thus 116.57%; maximum opportunity is 150%.

Remuneration implementation report - January to December 2020 continued

Non-executive directors' fees and allowances

The board elected not to take an increase in 2020, given the COVID-19 pandemic. Non-executive directors have not received an increase in their fees since 2014. Note that while the fees have not changed, the absolute ﬁgures will vary according to the number of meetings held in the particular year.

Proposed 2021 board fees

Based on market data provided by PwC in accordance with the selected peer group, a 2% US dollar inﬂationary increase will be proposed to the non-executive director board fees only, for 2021. No increase will be proposed to committee fees as these remain favourably positioned against the market.

The table below details the fees payable to Non-executive directors in accordance with the company's shareholder approved policy together with allowances paid in the year. It is to be noted that certain of the Non-executive directors either waived an element of their fees or donated part of their fees to the SA Solidarity Fund or associated funds, and as such the table does not reﬂect the fees that were actually paid or received by these Non-executive directors.

Director fees	Total	Total
2020	2019	2018
M Ramos (Chairperson)	130,500	71,875	-	202,375	106,750	-
R Gasant
(Lead independent Director)	150,500	72,000	-	222,500	193,250	229,500
K Busia (1)	63,500	28,500	11,250	103,250	-	-
AM Ferguson	130,500	59,000	7,500	197,000	216,500	52,500
AH Garner	130,500	35,500	7,500	173,500	195,500	200,000
NP January-Bardill (2)	33,500	16,625	-	50,125	185,750	197,500
N Magubane (3)	130,500	40,000	-	170,500	-	-
MDC Richter	130,500	67,000	11,250	208,750	230,250	235,250
RJ Ruston (2)	33,500	13,125	10,000	56,625	218,250	260,750
JE Tilk	130,500	67,875	7,500	205,875	230,500	-
SM Pityana (4)	329,000	77,250	-	406,250	386,750	441,000
Total	1,393,000	548,750	55,000	1,996,750	1,963,500	1,616,500

Committee fees Travel allowance

(1)	Director joined on 1 August 2020
(2)	Directors retired effective 6 May 2020
(3)	Director joined on 1 January 2020
(4)	Director resigned effective 7 December 2020
28

SUMMARISED FINANCIAL INFORMATION

The summarised consolidated results for the year ended 31 December 2020 were approved on 26 March 2021 by the AngloGold Ashanti Board of Directors and were signed on its behalf by the Chairman, Maria Ramos, the Chairman of the Audit and Risk Committee, Alan Ferguson, Interim Chief Executive Officer, Christine Ramon and Interim Chief Financial Officer, Ian Kramer.

The summarised consolidated ﬁnancial statements have been prepared by the corporate reporting staff of AngloGold Ashanti, headed by Alexandra Strobl, the group's Vice President: Finance. This process was supervised by Christine Ramon, the group's Interim Chief Executive Ofﬁcer and Ian Kramer, the group's Interim Chief Financial Ofﬁcer.

This document is a summary of the information contained in the consolidated annual ﬁnancial statements of AngloGold Ashanti for the year ended 31 December 2020, but is not itself audited. Should you wish to obtain hard copies of the consolidated annual ﬁnancial statements for the year ended 31 December 2020, please contactcompanysecretary@anglogoldashanti.comor visit our website atwww.anglogoldashanti.com.

In accordance with Section 30(2) and 30(3) of the Companies Act, the consolidated annual ﬁnancial statements for the year ended 31 December 2020, have been audited by Ernst & Young Inc., the company's independent external auditors, whose unqualiﬁed audit report can be found under Independent Auditor's Report in the Annual Financial Statements 2020.

Basis of preparation

The summarised consolidated ﬁnancial results for the year ended 31 December 2020 have been prepared in compliance with the framework concepts and the measurement and recognition requirements of IAS 34 Interim Financial Reporting, International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board, the South African Institute of Chartered Accountants Financial Reporting Guides as issued by the Accounting Practices Committee, Financial Reporting Pronouncements as issued by the Financial Reporting Standards Council, JSE Listings Requirements and in the manner required by the South African Companies Act, No. 71 of 2008. These summarised consolidated ﬁnancial results do not include all the information required for complete annual ﬁnancial statements prepared in accordance with IFRS. The ﬁnancial statements are prepared according to the historical cost convention, except for the revaluation of certain ﬁnancial instruments to fair value. The group's accounting policies are consistent in all material respects with those applied in the previous year.

The group ﬁnancial statements are presented in US dollars.

All notes are from continuing operations unless otherwise stated.

The group ﬁnancial statements incorporate the ﬁnancial statements of the company, its subsidiaries and its interests in joint ventures and associates. The ﬁnancial statements of all material subsidiaries, joint ventures and associates, are prepared for the same reporting period as the holding company, using the same accounting policies.

Subsidiaries are all entities over which the group has control.

The group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Control would generally exist where the group owns more than 50% of the voting rights, unless the group and other investors collectively control the entity where they must act together to direct the relevant activities. In such cases, as no investor individually controls the entity the investment is accounted for as an associate, joint venture or a joint operation. Subsidiaries are fully consolidated from the date on which control is transferred to the group. They are deconsolidated from the date on which control ceases. The group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control.

Intra-group transactions, balances and unrealised gains and losses on transactions between group companies, including any resulting tax effects are eliminated.

Independent audit by the auditors

These summarised consolidated ﬁnancial results for the year ended 31 December 2020 have been extracted from the complete set of annual ﬁnancial statements on which the auditors, Ernst & Young Inc., has expressed an unqualiﬁed audit opinion. The auditor's opinion and annual ﬁnancial statements are available for inspection at the registered ofﬁce of the Company.

Related party transactions

The group, in the ordinary course of business, entered into various sale and purchase transactions with related parties. Related parties include directors and prescribed ofﬁcers as members of key management personnel.

Compensation to directors and other key management personnel includes the following:

Restatement of prior year disclosures Statement of comprehensive income

During 2020, the group completed the sale of its South African operations, including several South African subsidiaries. As a result of the sale, the Foreign Currency Translation Reserve (FCTR) balance was reassessed. It was determined that the FCTR which had originated from non-foreign operations would not recycle through the income statement.

Non-foreign operations are those entities with the same functional currency (ZAR) as the AngloGold Ashanti Limited parent company, which is different to the group presentation currency (USD). IAS 21 is silent regarding such a situation where a subsidiary is partially or fully disposed of resulting in a partial or full release of the FCTRassociated with the subsidiary. The statement of comprehensive income previously disclosed all foreign currency translation differences as "Items that will be reclassiﬁed subsequently to proﬁt or loss". As a result of the reassessment, the FCTR has been split between "Items that will be reclassiﬁed subsequently to proﬁt or loss" and "Items that will not be reclassiﬁed subsequently to proﬁt or loss". The comparatives have been restated to include the revised disclosure.

The restatement has no impact on reported totals in the statement of comprehensive income of proﬁt (loss) for the period; other comprehensive income (loss) for the period, net of tax; total comprehensive income (loss) for the period, net of tax; or on earnings per share or headline earnings per share for the period.

2019	2018
As previously reportedAdjustmentsRestated	As previously reportedAdjustmentsRestated

(7)

Proﬁt (loss) for the period

Items that will be reclassiﬁed subsequently to proﬁt or loss:

Exchange differences on translation of foreign operations

Items that will not be reclassiﬁed subsequently to proﬁt or loss:

Exchange differences on translation of non-foreign operations

Net gain on equity investments Actuarial gain recognised Deferred taxation thereon

Other comprehensive (loss) income for the period, net of tax

Total comprehensive income (loss) for the period, net of tax

(7)

150

(4)

150

(150)

100 (50)

4 - - - 4

(100) (100)

6 9 - 9

2 5 - 5

2 14

(5) - (5)

(100) (91)

(141)

- (141)

Use of estimates

The preparation of the ﬁnancial statements requires the group's management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the ﬁnancial statements, and the reported amounts of revenues and expenses during the reporting period. The determination of estimates requires the exercise of judgement based on various assumptions and other factors such as historical experience, current and expected economic conditions, and in some cases actuarial techniques. Actual results could differ from those estimates.

The more signiﬁcant areas requiring the use of management estimates and assumptions relate to Ore Reserve that are the basis of future cash ﬂow estimates and unit-of-production depreciation, depletion and amortisation calculations; environmental, reclamation and closure obligations; asset impairments/reversals (including impairments of goodwill); recoverability of indirect taxes; recoverability of deferred tax assets; and write-downs of inventory to net realisable value. Other estimates include employeebeneﬁt liabilities, unrecognised tax positions and deferred compensation assets.

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The uncertainty of the impact of the COVID-19 pandemic on the global economy and on the group has been considered in judgements made and in the key assumptions used in management's estimates. Key assumptions include items such as commodity prices, exchange rates and changes in interest rates.

The judgements management has applied in the application of accounting policies, and the estimates and assumptions that have a signiﬁcant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next ﬁnancial year, are discussed as follows:

Carrying value of tangible assets

Amortisation

The majority of mining assets are amortised using the units-of-production method where the mine operating plan calls for production from a well-deﬁned proved and probable Ore Reserve.

For other tangible assets, the straight-line method is applied over the estimated useful life of the asset which does not exceed the estimated mine life based on proved and probable Ore Reserve as the useful lives of these assets are considered to be limited to the life of the relevant mine.

The calculation of the units-of-production rate of amortisation could be impacted to the extent that actual production in the future is different from current forecast production based on proved and probable Ore Reserve. This would generally arise from the following factors:

• changes in proved and probable Ore Reserve;
• the grade of Ore Reserve may vary signiﬁcantly from time to time;
• differences between actual commodity prices and commodity price assumptions;
• unforeseen operational issues at mine sites; and
• changes in capital, operating, mining, processing and reclamation costs, discount rates and foreign exchange rates.

Changes in proved and probable Ore Reserve could similarly impact the useful lives of assets amortised on the straight-line method, where those lives are limited to the life of the mine.

Stripping costs

The group has a number of surface mining operations that are in the production phase for which production stripping costs are incurred. The beneﬁts that accrue to the group as a result of incurring production stripping costs include (a) ore that can be used to produce inventory and (b) improved access to further quantities of material that will be mined in future periods.

The production stripping costs relating to improved access to further quantities of material in future periods are capitalised as a stripping activity asset, if and only if, all of the following are met:

• It is probable that the future economic beneﬁt (improved access to the orebody) associated with the stripping activity will ﬂow to the group;
• The group can identify the component of the orebody for which access has been improved; and
• The costs relating to the stripping activity associated with that component or components can be measured reliably.

Components of the various orebodies at the operations of the group are determined based on the geological areas identiﬁed for each of the orebodies and are reﬂected in the Ore Reserve reporting of the group. In determining whether any production stripping costs should be capitalised as a stripping activity asset, the group uses three operational guidance measures; two of which relate to production measures, while the third relates to an average stripping ratio measure.

Once determined that any portion of the production stripping costs should be capitalised, the group determines the amount of the production stripping costs that should be capitalised with reference to the average mine costs per tonne of the component and the actual waste tonnes that should be deferred. Stripping activity assets are amortised on the units-of-production method based on the Ore Reserve of the component or components of the orebody to which these assets relate.

This accounting treatment is consistent with that for stripping costs incurred during the development phase of a pit, before production commences, except that stripping costs incurred during the development phase of a pit, before production commences, are amortised on the units-of-production method based on the Ore Reserve of the pit.

Deferred stripping costs are included in 'Mine development costs', within tangible assets. These costs form part of the total investment in the relevant cash-generating unit, which is reviewed for impairment if events or a change in circumstances indicate that the carrying value may not be recoverable. Amortisation of stripping activity assets is included in cost of sales.

Impairment

The group reviews and tests the carrying value of tangible assets when events or changes in circumstances indicate that the carrying amount may not be recoverable. Assets are grouped at the lowest level for which identiﬁable cash ﬂows are largely independent of cash ﬂows of other assets, which is generally at the individual mine level. If there are indications that impairment may have occurred, estimates are prepared of expected future cash ﬂows for each group of assets. Expected future cash ﬂows used to determine the value in use of goodwill and tangible assets are inherently uncertain and could materially change over time and impact the recoverable amounts. The cash ﬂows and value in use are signiﬁcantly affected by a number of factors including published Ore Reserve, Mineral Resource, exploration potential and production estimates, together with economic factors such as spot and future metal prices, discount rates, foreign currency exchange rates, estimates of costs to produce Ore Reserve and future capital expenditure. At the reporting date the group assesses whether any of the indicators which gave rise to previously recognised impairments have changed such that the impairment loss no longer exists or may have decreased. The impairment loss is then assessed on the original factors for reversal and if indicated, such reversal is recognised.

The recoverable amount is estimated based on the positive indicators. If an impairment loss has decreased, the carrying amount is recorded at the recoverable amount as limited in terms of IAS 36 Impairment of Assets.

The carrying value of tangible assets at 31 December 2020 was $2,884m (2019: $2,592m; 2018: $3,381m). The impairment and derecognition of tangible assets recognised in the consolidated ﬁnancial statements for the year ended 31 December 2020 (including impairment of tangible assets transferred to held for sale) was nil (2019: $505m; 2018: $104m).

Production start date

The group assesses the stage of each mine construction project to determine when a project moves into the production stage. The criteria used to assess the start date are determined by the unique nature of each mine construction project and include factors such as the complexity of a plant and its location. The group considers various relevant criteria to assess when the construction project is substantially complete and ready for its intended use and moves into the production stage. The criteria used in the assessment include, but are not limited to, the following:

• the level of capital expenditure compared to the construction cost estimates;
• completion of a reasonable period of testing of the constructed asset;
• ability to produce metals in saleable form (within speciﬁcations); and
• ability to sustain ongoing production of metal.

When a mine construction project moves into the production stage, the capitalisation of certain mine construction costs ceases and costs are either regarded as inventory or expensed, except for capitalisable costs related to mining asset additions or improvements, underground mine development, deferred stripping activities, or Ore Reserve development.

Phase 1 of the Obuasi mine re-development project moved into the production stage on 1 October 2020 when it was determined that the Phase 1 assets were capable of operating in the manner intended by management.

Carrying value of goodwill

Where an investment in a subsidiary, joint venture or an associate is made, any excess of the consideration transferred over the fair value of the attributable Mineral Resource including value beyond proved and probable Ore Reserve, exploration properties and net assets is recognised as goodwill.

Goodwill is not subject to amortisation and is tested annually for impairment and whenever events or changes in circumstance indicate that the carrying amount may not be recoverable.

An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identiﬁable cash ﬂows (cash-generating units).

An individual operating mine is not a typical going-concern business because of the ﬁnite life of its Ore Reserve. The allocation of goodwill to an individual mine will result in an eventual goodwill impairment due to the wasting nature of the mine reporting unit. In accordance with the provisions of IAS 36, the group performs its annual impairment review of assigned goodwill during the fourth quarter of each year.

The carrying value of goodwill in the consolidated ﬁnancial statements at 31 December 2020 was $126m (2019: $116m; 2018: $116m). No impairment of goodwill was recognised in the consolidated ﬁnancial statements for the years ended 31 December 2020, 2019 and 2018.

Income taxes

The group is subject to income taxes in numerous jurisdictions. Signiﬁcant judgement is required in determining the worldwide provision for income taxes due to the complexity of legislation. There are many transactions and calculations for which the ultimate tax determination is uncertain during the ordinary course of business. The group recognises liabilities for anticipated tax audit issues based on estimates of whether additional taxes will be due. Where the ﬁnal tax outcome of these matters is different from the amounts that were initially recorded, such differences will impact the income tax and deferred tax provisions in the period in which such determination is made.

The group tax reconciliation between tax expense and the product of accounting proﬁt multiplied by the applicable tax rate, prepared in accordance with IAS 12 Income Taxes, applies the South African corporate tax rate of 28%.

The group recognises the net future tax beneﬁt related to deferred income tax assets to the extent that it is probable that the deductible temporary differences will reverse in the foreseeable future. Assessing the recoverability of deferred income tax assets requires the group to make signiﬁcant estimates related to expectations of future taxable income. Estimates of future taxable income are based on forecast cash ﬂows from operations and the application of existing tax laws in each jurisdiction. To the extent that future cash ﬂows and taxable income differ signiﬁcantly from estimates, the ability of the group to realise the net deferred tax assets recorded at the reporting date could be impacted.

Additionally, future changes in tax laws in the jurisdictions in which the group operates could limit the ability of the group to obtain tax deductions in future periods.

Carrying values of the group at 31 December 2020:

• deferred tax asset: $7m (2019: $105m; 2018: nil);
• deferred tax liability: $246m (2019: $241m; 2018: $315m);
• taxation liability: $153m (2019: $72m; 2018: $60m); and
• taxation asset: $14m (2019: $10m; 2018: $6m), included in trade, other receivables and other assets.

Unrecognised value of deferred tax assets: $487m (2019: $389m; 2018: $501m).

Provision for environmental rehabilitation obligations

The group's mining and exploration activities are subject to various laws and regulations governing the protection of the environment. The group recognises management's best estimate for decommissioning and restoration obligations in the period in which they are incurred. Future changes to environmental laws and regulations, technology, life of mine estimates, inﬂation rates, foreign currency exchange rates and discount rates could affect the carrying amount of this provision.

The carrying amount of the rehabilitation obligations (including held for sale rehabilitation obligations) for the group at 31 December 2020 was $674m (2019: $730m; 2018: $637m).

Stockpiles, metals in process and ore on leach pad

Costs that are incurred in or beneﬁt the production process are accumulated in stockpiles and metals in process values. Net realisable value tests are performed at least annually and represent the estimated future sales price of the product, based on prevailing and long-term metals prices, less estimated costs to complete production and bring the product to sale.

Surface and underground stockpiles and metals in process are measured by estimating the number of tonnes added and removed from the stockpile, the number of contained ounces based on assay data, and the estimated recovery percentage based on the expected processing method. Stockpile ore tonnages are veriﬁed by periodic surveys.

Although the quantities of recoverable metal are reconciled by comparing the grades of ore to the quantities of metals actually recovered (metallurgical balancing), the nature of the process inherently limits the ability to precisely monitor recoverability levels. As a result, the metallurgical balancing process is constantly monitored and engineering estimates are reﬁned based on actual results over time.

Variations between actual and estimated quantities resulting from changes in assumptions and estimates that do not result in write-downs to net realisable value are accounted for on a prospective basis.

The carrying value of inventories (excluding ﬁnished goods and mine operating supplies) for the group at 31 December 2020 was $382m (2019: $377m; 2018: $404m).

Recoverable tax, rebates, levies and duties

In a number of countries, particularly in the Africa Region and Argentina, AngloGold Ashanti is due refunds of indirect tax which remain outstanding for periods longer than those provided for in the respective statutes.

In addition, AngloGold Ashanti has unresolved non-income tax disputes in a number of countries, particularly in the Africa region and in Brazil and Argentina. If the outstanding input taxes are not received and these disputes are not resolved in a manner favourable to AngloGold Ashanti, it could have a material adverse effect upon the carrying value of these assets and our results of operations.

The net carrying value of recoverable tax, rebates, levies and duties for the group at 31 December 2020 was $280m (2019: $227m; 2018: $194m).

Post retirement obligations

The determination of the group's obligation and expense for post-retirement liabilities depends on the selection of certain assumptions used by actuaries to calculate amounts. These assumptions include, among others, the discount rate, the expected long-term rate of return of plan assets, health care inﬂation costs, rates of increase in compensation costs and the number of employees who reach retirement age before the mine reaches the end of its life. While AngloGold Ashanti believes that these assumptions are appropriate, signiﬁcant changes in the assumptions may materially affect post-retirement obligations aswell as future expenses, which may result in an impact on earnings in the periods that the changes in these assumptions occur.

The carrying value of the post-retirement obligations at

31 December 2020 was $83m (2019: $100m; 2018: $100m).

Ore Reserve estimates

An Ore Reserve estimate is an estimate of the amount of product that can be economically and legally extracted from the group's properties. In order to calculate the Ore Reserve, estimates and assumptions are required about a range of geological, technical and economic factors, including quantities, grades, production techniques, recovery rates, production costs, transport costs, commodity demand, commodity prices and exchange rates.

Estimating the quantity and/or grade of the Ore Reserve requires the size, shape and depth of orebodies to be determined by analysing geological data such as the logging and assaying of drill samples. This process may require complex and difﬁcult geological judgements and calculations to interpret the data.

The group is required to determine and report its Ore Reserve in accordance with the minimum standards described by the South African Code for the reporting of Exploration Results, Mineral Resources and Mineral Reserves (The SAMREC Code, 2016 Edition).

Because the economic assumptions used to estimate changes in the Ore Reserve from period to period, and because additional geological data is generated during the course of operations, estimates of the Ore Reserve may change from period to period. Changes in the reported Ore Reserve may affect the group's ﬁnancial results and ﬁnancial position in a number of ways, including the following:

• asset carrying values may be affected due to changes in estimated future cash ﬂows;
• depreciation, depletion and amortisation charged in the income statement may change where such charges are determined by the units-of-production method, or where the useful economic lives of assets change;
• overburden removal costs, including production stripping activities, recorded on the statement of ﬁnancial position or charged in the income statement may change due to changes in stripping ratios or the units-of-production method of depreciation;
• decommissioning site restoration and environmental provisions may change where changes in the estimated Ore Reserve affect expectations about the timing or cost of these activities; and
• the carrying value of deferred tax assets may change due to changes in estimates of the likely recovery of the tax beneﬁts.

Development expenditure

Development activities commence after project sanctioning by the appropriate level of management. Judgement is applied by management in determining when a project has reached a stage at which economically recoverable reserves exist such that development may be sanctioned. In exercising this judgement, management is required to make certain estimates and assumptions that may change as new information becomes available. If, after having started the development activity, a

judgement is made that a development asset is impaired, the appropriate amount will be written off to the income statement. Capitalised development costs are included as assets under construction and mine development costs in tangible assets.

Provision for silicosis

Signiﬁcant judgement is applied in estimating the costs that will be incurred to settle the silicosis class action claims and related expenditure. The ﬁnal costs may differ from current cost estimates. The provision is based on actuarial assumptions including:

• silicosis prevalence rates;
• estimated settlement per claimant;
• beneﬁt take-up rates;
• disease progression rates;
• timing of cash ﬂows; and
• discount rate.

Management believes the assumptions are appropriate, however changes in the assumptions may materially affect the provision and ﬁnal costs of settlement.

The carrying value of the silicosis provision at 31 December 2020 was $61m (2019: $65m; 2018: $63m).

Identiﬁcation, classiﬁcation and disposal of discontinued operations held for sale

During 2019, the decision to sell the remaining South African operations was made, judgement was applied regarding classiﬁcation of the disposal group as held for sale at year end, and whether the disposal group should be classiﬁed as a discontinued operation. The South African asset sale was assessed as a major geographical area of operations and part of a single co-ordinated plan to dispose of a major geographical area of operations and accordingly, it was classiﬁed as a discontinued operation. The sale was announced on 12 February 2020 and closed on 30 September 2020. The fair value less costs to sell of the held for sale disposal group at date of sale is included in note 9.

As a consequence of the sale, a deferred compensation asset was recognised. The deferred compensation asset is included at fair value in level 3 of the fair value hierarchy. Management used a probability weighted discounted cash ﬂow model to measure the deferred compensation asset. The signiﬁcant inputs and assumptions used in the discounted cash ﬂow calculation, included the production plan over the deferred compensation period and the weighted average cost of capital. Details of the valuation, including a sensitivity assessment, are included in note 14.

The carrying value of the deferred compensation asset at 31 December 2020 was $28m.

Contingencies

By their nature, contingencies will only be resolved when one or more future events occur or fail to occur. The assessment of such contingencies inherently involves the exercise of signiﬁcant judgement and estimates of the outcome of future events. Such contingencies include, but are not limited to environmental obligations, litigation, regulatory proceedings, tax matters and losses resulting from other events and developments. Refer to note 8 for tax uncertainties and contingencies, and note 15 for litigation claims and other contingencies.

When a loss is considered probable and reasonably estimable, a liability is recorded in the amount of the best estimate for the ultimate loss. The likelihood of a loss with respect to a contingency can be difﬁcult to predict and determining a meaningful estimate of the loss or a range of loss may not always be practicable based on the information available at the time and the potential effect of future events and decisions by third parties that will determine the ultimate resolution of the contingency. It is not uncommon for such matters to be resolved over many years, during which time relevant developments and new information is continuously evaluated to determine both the likelihood of any potential loss and whether it is possible to reasonably estimate a range of possible losses. When a loss is probable but a reasonable estimate cannot be made, disclosure is provided.

In determining the threshold for disclosure on a qualitative and quantitative basis, management considers the potential for a disruptive effect on the normal functioning of the group and/or whether the contingency could impact investment decisions. Such qualitative matters considered are reputational risks, regulatory compliance issues and reasonable investor considerations. For quantitative purposes, an amount of $18m has been considered.

As a global company, the group is exposed to numerous legal risks. The outcome of currently pending and future proceedings cannot be predicted with certainty. Litigation and other judicial proceedings as a rule raise difﬁcult and complex legal issues and are subject to uncertainties and complexities including, but not limited to, the facts and circumstances of each particular case, issues regarding the jurisdiction in which each suit is brought and differences in applicable law. Upon resolution of any pending legal matter, the group may be forced to incur charges in excess of the presently established provisions and related insurance coverage.

It is possible that the ﬁnancial position, results of operations or cash ﬂows of the group could be materially affected by the unfavourable outcome of litigation.

COVID-19 pandemic

AngloGold Ashanti recognises that all our stakeholders have a direct and material interest in the way in which we, as a business, prepare for and respond to COVID-19 at our operations, in our communities and in the regions and countries in which we operate. We are guided by our values and a pledge to protect the health of our employees and host communities, while working to ensure business continuity.

The group has worked alongside authorities and key stakeholders in each operating country to assist public health efforts and to help slow the spread of the virus. Measures have been taken to help protect the well-being of our employees and communities.

AngloGold Ashanti continues to respond to the evolving COVID-19 pandemic while contributing to the global effort to stop the spread of the virus and provide public health and economic relief to local communities. The Company has taken a number of proactive steps to protect employees, host communities and the business itself. These steps have been in line with the Company's values, the requirements of the countries in which we operate, and guidelines provided by the World Health Organisation (WHO). The health and wellbeing of our employees and our host communities remains our key priority.

The Company continues to conduct increased screening and surveillance of employees, allowing only essential travel. Mandatory quarantine has been instituted for arriving travelers and increased hygiene awareness campaigns and facilities, are present across its operations. These protocols are in addition to a range of other measures to mitigate the risks presented by the virus. It has also worked with local communities to help bolster their responses to the outbreak. These initiatives have complemented government responses in each of its operating jurisdictions. Our thoughts and prayers are with the families, colleagues and loved ones of those who have been impacted by the virus.

Consumable inventory levels were increased at certain operations to mitigate potential supply chain challenges resulting from the pandemic. As of 19 March 2021, all of AngloGold Ashanti's mines are operating normally subject to updated protocols and various travel restrictions, except for Cerro Vanguardia which is currently running at between 60% to 80% mining capacity due to continuing inter-provincial travel restrictions in Argentina, which prevent certain employees getting to site.

Second waves of the outbreak are being experienced in several of our operating jurisdictions, coinciding with the prevalence of new, more contagious variants of the virus. As with the ﬁrst wave, the current increase in cases is being countered by government-imposed movement restrictions, including mandatory isolation and quarantine measures. Continued diligence is being observed to strict health protocols and vigilance in relation to business continuity including supply chain. We remain mindful that the COVID-19 pandemic, its impacts on communities and economies, and the actions authorities may take in response to it, are subject to change in response to current conditions.

Summary of Mineral Resource and Ore Reserve Mineral Resource

Gold:

The AngloGold Ashanti Mineral Resource reduced from 175.6Moz in December 2019 to 124.5Moz in December 2020. This gross annual decrease of 51.1Moz includes depletion of 3.7Moz, and disposal of assets in the South African region and Sadiola of 54.1Moz. This is partly offset by additions due to exploration and modelling changes of 2.9Moz, changes in economic assumptions of 3.5Moz and other factors of 0.3Moz. The Mineral Resource was estimated using a gold price of US$1,500/oz (2019: US$1,400/oz).

Copper:

The AngloGold Ashanti Mineral Resource of 4.39Mt (9,677Mlbs) remained unchanged between December 2019 and December 2020. The Mineral Resource was estimated at a copper price of US$3.30/lb (2019: US$3.30/lb).

Ore Reserve

Gold:

The AngloGold Ashanti Ore Reserve reduced from 43.9Moz in December 2019 to 29.7Moz in December 2020. This gross annual decrease of 14.2Moz includes depletion of 3.4Moz, and disposal of assets in the South African region and Sadiola of 16.7Moz. This is partly offset by additions due to exploration and modelling changes of 4.5Moz, changes in economic assumptions of 1.0Moz and other factors of 0.4Moz.

The Ore Reserve was estimated using a gold price of US$1,200/oz (2019: US$1,100/oz).

Copper:

The AngloGold Ashanti Ore Reserve increased from 1.39Mt (3,068Mlbs) in December 2019 to 1.41Mt (3,105Mlbs) in December 2020. This gross annual increase of 0.02Mt is due to optimisation of the production levels. The Ore Reserve was estimated at a Copper price of US$2.65/lb (2019: US$2.65/lb).

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

Disclaimer

The information in this report is based on information signed off by Mr VA Chamberlain, a Competent Person who is a full-time employee of AngloGold Ashanti Ltd. Mr VA Chamberlain consents to the inclusion in this report of the matters based on his information in the form and context in which it appears. AngloGold Ashanti conﬁrms that it is not aware of any new information or data that materially affects the information included in the original market announcement and, in the case of estimates of Mineral Resource or Ore Reserve, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The company conﬁrms that the form and context in which the Competent Person's ﬁndings are presented have not been materially modiﬁed from the original market announcement.

GROUP - INCOME STATEMENT

For the year ended 31 December

US dollar millions	Notes	2020	2019	2018
Revenue from product sales	2	4,427	3,525	3,336
Cost of sales	3	(2,699)	(2,626)	(2,584)
(Loss) gain on non-hedge derivatives and other commodity contracts	(19)	5	(2)
Gross proﬁt	1	1,709	904	750
Corporate administration, marketing and other expenses	4	(68)	(82)	(76)
Exploration and evaluation costs	(124)	(112)	(98)
Impairment, derecognition of assets and proﬁt (loss) on disposal	(1)	(6)	(7)
Other (expenses) income	5	(57)	(83)	(79)
Operating proﬁt	1,459	621	490
Interest income	27	14	8
Dividend received	2	-	2
Foreign exchange and other losses	-	(12)	(9)
Finance costs and unwinding of obligations	6	(177)	(172)	(168)
Share of associates and joint ventures' proﬁt	7	278	168	122
Proﬁt before taxation	1,589	619	445
Taxation	8	(625)	(250)	(212)
Proﬁt after taxation from continuing operations	964	369	233
Discontinued operations	-
Proﬁt (loss) from discontinued operations	9	7	(376)	(83)
Proﬁt (loss) for the year	971	(7)	150
Allocated as follows:
Equity shareholders
Continuing operations	946	364	216
Discontinued operations	7	(376)	(83)
Non-controlling interests
Continuing operations	18	5	17
971	(7)	150
Basic earnings (loss) per ordinary share (cents)	227	(3)	32
Earnings per ordinary share from continuing operations	225	87	52
Earnings (loss) per ordinary share from discontinued operations	2	(90)	(20)
Diluted earnings (loss) per ordinary share (cents)	227	(3)	32
Earnings per ordinary share from continuing operations	225	87	52
Earnings (loss) per ordinary share from discontinued operations	2	(90)	(20)
36

GROUP - STATEMENT OF COMPREHENSIVE INCOME

For the year ended 31 December

2019	2018
US dollar millions	2020	Restated	Restated
Proﬁt (loss) for the year	971	(7)	150
Items that will be reclassiﬁed subsequently to proﬁt or loss:
Exchange differences on translation of foreign operations (1)	38	-	50
Items that will not be reclassiﬁed subsequently to proﬁt or loss:	86	14	(91)
Exchange differences on translation of non-foreign operations (1)	(16)	4	(100)
Net gain on equity investments	98	6	9
Actuarial gain recognised	10	2	5
Deferred taxation thereon	(6)	2	(5)
Other comprehensive income (loss) for the year, net of tax	124	14	(141)
Total comprehensive income (loss) for the year, net of tax	1,095	7	9
Allocated as follows:
Equity shareholders
Continuing operations	1,121	378	75
Discontinued operations	(44)	(376)	(83)
Non-controlling interests
Continuing operations	18	5	17
1,095	7	9

(1) Exchange differences arising on translation of foreign and non-foreign operations have been restated to reﬂect those that will be reclassiﬁed subsequently to proﬁt or loss and those that will not be reclassiﬁed subsequently to proﬁt or loss.

GROUP - STATEMENT OF FINANCIAL POSITION

As at 31 December

US dollar millions	Notes	2020	2019	2018
ASSETS
Non-current assets
Tangible assets	2,884	2,592	3,381
Right of use assets	142	158	-
Intangible assets	131	123	123
Investments in associates and joint ventures	1,651	1,581	1,528
Other investments	188	76	141
Inventories	69	93	106
Trade, other receivables and other assets	235	122	102
Deferred taxation	7	105	-
Cash restricted for use	31	31	35
5,338	4,881	5,416
Current assets
Other investments	-	10	6
Inventories	733	632	652
Trade, other receivables and other assets	229	250	209
Cash restricted for use	42	33	31
Cash and cash equivalents	1,330	456	329
2,334	1,381	1,227
Assets held for sale	-	601	-
2,334	1,982	1,227
Total assets	7,672	6,863	6,643
EQUITY AND LIABILITIES
Share capital and premium	11	7,214	7,199	7,171
Accumulated losses and other reserves	(3,519)	(4,559)	(4,519)
Shareholders' equity	3,695	2,640	2,652
Non-controlling interests	45	36	42
Total equity	3,740	2,676	2,694
Non-current liabilities
Borrowings	16	1,789	1,299	1,911
Lease liabilities	116	126	-
Environmental rehabilitation and other provisions	731	697	827
Provision for pension and post-retirement beneﬁts	83	100	100
Trade, other payables and provisions	8	15	3
Deferred taxation	246	241	315
2,973	2,478	3,156
Current liabilities
Borrowings	142	734	139
Lease liabilities	37	45	-
Trade, other payables and provisions	627	586	594
Taxation	153	72	60
959	1,437	793
Liabilities held for sale	-	272	-
959	1,709	793
Total liabilities	3,932	4,187	3,949
Total equity and liabilities	7,672	6,863	6,643
38

GROUP - STATEMENT OF CASH FLOWS

For the year ended 31 December

US dollar millions	2020	2019	2018
Cash ﬂows from operating activities
Receipts from customers	4,411	3,535	3,339
Payments to suppliers and employees	(2,583)	(2,433)	(2,408)
Cash generated from operations	1,828	1,102	931
Dividends received from joint ventures	148	77	91
Taxation refund	-	7	5
Taxation paid	(431)	(228)	(171)
Net cash inﬂow from operating activities from continuing operations	1,545	958	856
Net cash inﬂow from operating activities from discontinued operations	109	89	1
Net cash inﬂow from operating activities	1,654	1,047	857
Cash ﬂows from investing activities
Capital expenditure
- project capital	(331)	(336)	(170)
- stay-in-business capital	(370)	(367)	(405)
Interest capitalised and paid	(17)	(336)	(170)
Acquisition of intangible assets	(1)	(367)	(405)
Dividends from other investments	9	(6)	-
Proceeds from disposal of tangible assets	3	-	-
Other investments acquired	(8)	-	2
Proceeds from disposal of other investments	9	3	10
Investments in associates and joint ventures	-	(9)	(13)
Proceeds from disposal of joint ventures	26	3	7
Loans advanced to associates and joint ventures	-	(5)	(8)
Loans repaid by associates and joint ventures	12	-	-
Loans advanced	2	(3)	(5)
Proceeds from disposal of discontinued assets and subsidiaries	200	23	22
Increase in cash restricted for use	(9)	-	-
Interest received	27	-	-
Net cash outﬂow from investing activities from continuing operations	(448)	(683)	(561)
Net cash (outﬂow) inﬂow from investing activities from discontinued operations	(31)	(54)	226
Cash in subsidiaries sold and transferred to held for sale	3	(6)	-
Net cash outﬂow from investing activities	(476)	(743)	(335)
Cash ﬂows from ﬁnancing activities
Proceeds from borrowings	2,226	168	753
Repayment of borrowings	(2,310)	(123)	(967)
Repayment of lease liabilities	(47)	(42)	-
Finance costs - borrowings	(110)	(128)	(130)
Finance costs - leases	(8)	(9)	-
Other borrowing costs	(33)	-	(10)
Dividends paid	(47)	(43)	(39)
Net cash outﬂow from ﬁnancing activities from continuing operations	(329)	(177)	(393)
Net cash inﬂow (outﬂow) from ﬁnancing activities from discontinued operations	-	-	-
Net cash outﬂow from ﬁnancing activities	(329)	(177)	(393)
Net increase in cash and cash equivalents	849	127	129
Translation	25	-	(5)
Cash and cash equivalents at beginning of year	456	329	205
Cash and cash equivalents at end of year	1,330	456	329
AngloGold Ashanti Limited	39

GROUP - STATEMENT OF CHANGES IN EQUITY

Equityholdersoftheparent

133 - 133 - - (24)

(141) - (141)

(8) 17 9

37 - 37

(17) - (17)

(24) - (24)

(15) (15)

- -

- (1)

42 2,694 5 (7)

- - 1 2,652

(12)

14 - 14

2 5 7

28 - 28

(10) - (10)

(27) - (27)

(16) (16)

- -

4 1

(4)

(1)

(150)

(1,413)

- 4 4 - - - - - -

(12)

- 2 2 - - - - - -

OCI 33 - 5 5 - - - - (1) - 37 - 8 8 - - - - - - 45 - 92 92 - - - -

- 1 12

(3,227)

(12) - (12)

- - (27)

- - (2)

(17)

(11)

(10)

(4)

- 7,171 - - - 28 - - - - - 7,199 - - - 15 - - -

USdollarmillions

Balance at 31 December 2017

Proﬁt (loss) for the year

Other comprehensive income (loss) Total comprehensive income (loss) Shares issued

Share-based payment for share awards net of exercised Dividends paid

Dividends of subsidiaries

Transfer of gain on disposal of equity investments Translation

Balance at 31 December 2018

Proﬁt (loss) for the year

Other comprehensive income (loss) Total comprehensive income (loss) Shares issued

Share-based payment for share awards net of exercised Dividends paid

Dividends of subsidiaries

Transactions with non-controlling interests Translation

Dividends of subsidiaries

Balance at 31 December 2019

Proﬁt (loss) for the year

Other comprehensive income (loss) Total comprehensive income (loss) Shares issued

Share-based payment for share awards net of exercised Dividends paidRecognition of joint operation - - 4 - - - 4 - 4

Transfer on disposal and derecognition of equity investments Translation

Balance at 31 December 2020

For the year ended 31 December

1. Segmental reporting

AngloGold Ashanti Limited's operating segments are reported based on the ﬁnancial information provided to the Chief Executive Ofﬁcer and the Executive Committee, collectively identiﬁed as the Chief Operating Decision Maker (CODM). The group produces gold as its primary product and does not have distinct divisional

Group analysis by origin is as follows:

segments in terms of principal business activity, but manages its business on the basis of different geographic segments (including equity accounted joint venture investments). Individual members of the Executive Committee are responsible for geographic regions of the business.

US dollar millions	2020	2019	2018
Gold income
Africa	2,769	2,203	1,983
Australia	989	851	780
Americas	1,211	1,000	1,021
4,969	4,054	3,784
Equity-accounted joint ventures included above	(647)	(615)	(581)
Continuing operations	4,322	3,439	3,203
Discontinued operations - South Africa	408	554	602
4,730	3,993	3,805
By-product revenue
Africa	4	3	4
Australia	3	3	2
Americas	99	81	128
106	87	134
Equity-accounted joint ventures included above	(1)	(1)	(1)
Continuing operations	105	86	133
Discontinued operations - South Africa	1	1	6
106	87	139
Gross proﬁt
Africa	1,201	605	380
Australia	286	221	160
Americas	532	265	310
Corporate and other	(2)	1	2
2,017	1,092	852
Equity-accounted joint ventures included above	(308)	(188)	(102)
Continuing operations	1,709	904	750
Discontinued operations - South Africa	83	79	22
1,792	983	772
Cost of sales
Africa	1,572	1,601	1,607
Australia	705	632	622
Americas	764	822	838
Corporate and other	(2)	(1)	(3)
3,039	3,054	3,064
Equity-accounted joint ventures included above	(340)	(428)	(480)
Continuing operations	2,699	2,626	2,584
Discontinued operations - South Africa	287	479	589
2,986	3,105	3,173
AngloGold Ashanti Limited	41

For the year ended 31 December continued

US dollar millions

Amortisation

Africa

Australia

Americas

Other, including non-gold producing subsidiaries

Equity-accounted joint ventures included above

Continuing operations

Discontinued operations - South Africa

Capital expenditure

Africa

Australia

Americas

Other, including non-gold producing subsidiaries

Continuing operations

Discontinued operations - South Africa

Equity-accounted joint ventures included above

Non-current assets

Non-current assets considered material, by country are:

South Africa

Foreign entities

DRC

Ghana

Tanzania

Australia

Brazil

Total assets

South Africa

Africa

Australia

Americas

Corporate and other

2020	2019	2018
349	367	379
160	173	149
163	177	192
2	3	3
674	720	723
(104)	(137)	(165)
570	583	558
-	61	72
570	644	630
397	410	313
143	149	156
217	195	176
-	-	-
757	754	645
35	60	76
792	814	721
(56)	(51)	(69)
736	763	652
59	25	1,005
5,053	4,644	4,234
1,604	1,506	1,439
915	758	550
425	379	369
849	817	718
627	625	615
-	697	1,106
3,956	3,514	3,135
1,044	972	888
1,626	1,427	1,286
1,046	253	228
7,672	6,863	6,643
US dollar millions	2020	2019	2018
Gold income	4,322	3,439	3,203
By-products	105	86	133
Revenue from product sales	4,427	3,525	3,336
42

Revenue from product sales

For the year ended 31 December continued

3. Cost of sales

US dollar millions

Finance costs on bonds, corporate notes, bank loans and other

Amortisation of fees

Lease ﬁnance charges

Less: interest captalised

Unwinding of obligations

Total ﬁnance costs and unwinding of obligations

AngloGold Ashanti Limited

5. Other expenses (income)
4. Corporate administration, marketing and other expenses
6. Finance costs and unwinding of obligations

US dollar millions

Corporate administration expenses

Share scheme and related costs

US dollar millions

Cash operating costs

Royalties

Other cash costs

Total cash costs

Retrenchment costs

Rehabilitation and other non-cash costs

Amortisation of tangible assets

Amortisation of right of use assets

Amortisation of intangible assets

Inventory change

2020	2019	2018
1,881	1,831	1,850
181	137	133
12	13	13
2,074	1,981	1,996
2	4	4
32	53	17
521	538	553
47	42	-
2	3	5
21	5	9
2,699	2,626	2,584
2020	2019	2018
59	63	60
9	19	16
68	82	76
US dollar millions	2020	2019	2018
Care and maintenance	-	47	39
Governmental ﬁscal claims, cost of old tailings operations and other expenses	20	21	14
Guinea public infrastructure contribution	-	8	-
Pension and medical deﬁned beneﬁt provisions	8	9	10
Royalty receivable impaired	4	-	-
Royalties received	(2)	(3)	(10)
Brazilian power utility legal settlement	-	(16)	-
Retrenchment and related costs	-	3	6
Legal fees and project costs	9	11	16
Refund from insurance claim	(5)	-	-
Other indirect taxes	23	3	4
57	83	79
2020	2019	2018
124	135	128
23	4	7
8	10	5
(17)	(6)	-
138	143	140
39	29	28
177	172	168
43

For the year ended 31 December continued

Share of associates and joint ventures' proﬁt

US dollar millions Revenue

Operating costs and other expenses Proﬁt on sale of joint ventures

(353)

Net interest received (paid) Proﬁt before taxation Taxation

Proﬁt after taxation

348

(70)

Impairment reversal of investments in associates Impairment reversal of investments in joint ventures Share of associates and joint ventures' proﬁt

278--

2019 616 (452)

10 (8)

174 102

(35) (9)

139 93

23 15

6 14

278

2018 582 (472)

168

122

Taxation

US dollar millions

South African taxation

Non-mining tax

Prior year over provision

Deferred taxation

Other temporary differences

Change in estimated deferred tax rate

Foreign taxation

Normal taxation

Prior year under (over) provision

Deferred taxation

Temporary differences

Prior year (over) under provision Change in estimate

Change in statutory tax rate

5538

(6)

(14)

550

625

299 243

(1) 1

(28) (6)

1 4

9 (7)

2 (1)

282 250

234 212

Income tax uncertainties

AngloGold Ashanti operates in numerous countries around the world and accordingly is subject to, and pays annual income taxes under, the various income tax regimes in the countries in which it operates. Some of these tax regimes are deﬁned by contractual agreements with local government, and others are deﬁned by the general corporate income tax laws of the country. The group has historically ﬁled, and continues to ﬁle, all required income tax returns and to pay the taxes reasonably determined to be due. In some jurisdictions, tax authorities are yet to complete their assessments for previous years. The tax rules and regulations in many countries are highly complex and subject to interpretation. From time to time, the group is subject to a review of its historic income tax ﬁlings and in connection with such reviews, disputescan arise with the tax authorities over the interpretation or application of certain rules in respect of the group's business conducted within the country involved. Signiﬁcant judgement is required in determining the worldwide provisions for income taxes due to the complexity of legislation. There are many transactions and calculations for which the ultimate tax determination is uncertain during the ordinary course of business.

Irrespective of whether potential economic outﬂows of matters have been assessed as probable or possible, individually signiﬁcant matters are included below, to the extent that disclosure does not prejudice the group.

For the year ended 31 December continued

Argentina - Cerro Vanguardia SA

The Argentina Tax Authority has challenged the deduction of certain hedge losses, with tax and penalties amounting to $8m (2019: $10m; 2018: $14m). Management has appealed this matter which has been heard by the Tax Court, with ﬁnal evidence submitted in 2017. The matter is pending and judgement is expected in the next 24 months. Management is of the opinion that the hedge losses were claimed correctly and no provision has therefore been made.

Brazil - AGA Mineração and Serra Grande

The Brazil Tax Authority has challenged various aspects of the Companies' tax returns for periods from 2003 to 2016 which individually and in aggregate are not considered to be material. Based on the engagement with the Tax Authority, certain amounts have been allowed and assessments reduced, whilst objections have been lodged against the remainder of the ﬁndings. In December 2019, Serra Grande received a tax assessment of $20m (2019: $25m) relating to the amortisation of goodwill on the acquisition of mining interests, which is permitted as a tax deduction when the acquirer is a domiciled entity. Management is of the opinion that the Tax Authority is unlikely to succeed in this matter. This is supported by external legal advice and therefore no provision has been made.

Colombia - La Colosa and Gramalote

The tax treatment of exploration expenditure has been investigated by the Colombian Tax Authority which resulted in claims for taxes and penalties of $86m (1) (2019: $88m; 2018: $144m) pertaining to the 2010 to 2014 tax years.

These assessments were appealed in 2016 (in the case of La Colosa) and resulted in an adverse judgement on 22 October 2018, in the Administrative Court of Cundinamarca. An appeal was lodged and all arguments submitted to the Council of State on 21 August 2018, with an expected judgement in the next 12 to 18 months. In July 2019, the Supreme Administrative Court issued a ruling that duplicate penalties may not be charged. The impact of the ruling is that certain penalties will be waived, which reduces the overall exposure by $76m (2019: $76m). The matter is pending and may take two to four years to be resolved. Management is of the opinion that the Colombian Tax Authority is unlikely to succeed in this matter and therefore no provision is made. The deduction of exploration costs is prohibited from 2017 onwards following a change in legislation. Subsequent to this date, exploration costs have been treated in accordance with the amended legislation.

(1) Includes reduction of overall exposure by $76m (2019: $76m) as described above.

Ghana - Iduapriem

The Ghana Revenue Authority completed a tax audit for the 2018 year of assessment claiming a tax liability of $15m. The claim relates to corporate income taxes, where certain business expenses have been disallowed as a deduction for tax purposes. Management ﬁled an objection to the assessment in September 2020 and is of the opinion that the Ghana Revenue Authority is unlikely to succeed in this matter and therefore no provision has been made.

Guinea - Siguiri

The Guinea Tax Authority has challenged various aspects of the

Companies' tax returns for periods of 2010, and 2014 to 2016

totalling $8m (attributable) (2019: $12m (attributable); 2018: $8m

(attributable)). An amount of $4m relating to the years 2014 to 2016 was paid in settlement of $10m of tax claims during the second half

of 2020.

Tanzania - Geita Gold Mine

The Tanzania Revenue Authority has raised audit ﬁndings on various tax matters for years from 2009 to 2019 amounting to $254m (2019: $164m; 2018: $163m) including additional tax assessments of $94m received in 2020. In addition, the Tanzania Revenue Authority has issued Agency Notices on various local bank accounts of the Company in Tanzania, enforcing payments from those bank accounts, despite the matters being on appeal. In order to continue operating its bank accounts and to not impact operations, Geita paid various amounts under protest. Management has objected and appealed through various levels of the legislative processes. Management is of the opinion that the claims of the Tanzania Revenue Authority are unlikely to succeed.

In addition, it should be noted that amendments passed to Tanzanian legislation in 2017 amended the 2010 Mining Act and new Finance Act. Effective from 1 July 2017, the gold mining royalty rate increased to 6% (from 4%) and further a 1% clearing fee on the value of all minerals exported was imposed. The group has been paying the higher royalty and clearing fees since this date, under protest, and is of the view that this is in contravention of its Mining Development Agreement.

Discontinued operations and assets and liabilities held for sale

South African asset sale

On 12 February 2020, AngloGold Ashanti announced that it has reached an agreement to sell its remaining South African producing assets and related liabilities to Harmony Gold Mining Company Limited ("Harmony") - following receipt of all regulatory approvals, the transaction closed on 30 September 2020. Consideration for the transaction was $200 million in cash and deferred payments subject to subsequent performance, and with additional proceeds if the West Wits assets are developed below current infrastructure. The deferred compensation is payable as follows:

and

2. $20 per ounce payable on underground production sourced within the West Wits mineral rights (comprising the Mponeng, Savuka and TauTona mines) below the datum of current infrastructure.

For the year ended 31 December continued

The transaction included the following assets and liabilities:

• The Mponeng mine and its associated assets and liabilities;
• The TauTona and Savuka mines and associated rock-dump and tailings storage facility reclamation sites, mine rehabilitation and closure activities located in the West Wits region and their associated assets and liabilities;
• First Uranium (Pty) Limited which owns Mine Waste Solutions (Pty) Limited and Chemwes (Pty) Limited as well as associated tailings assets and liabilities;
• Covalent Water Company (Pty) Limited, AngloGold Security Services (Pty) Limited and Masakhisane Investments (Pty) Limited; and

Discontinued operations

• Certain rock-dump reclamation, mine rehabilitation and closure activities located in the Vaal River region and their associated assets and liabilities.

The transaction excluded the silicosis obligation of $61m at

31 December 2020 and the post-retirement medical obligation of $77m at 31 December 2020 relating to South African employees, which were both retained by AngloGold Ashanti. The South African producing assets and related liabilities sold to Harmony are treated as a discontinued operation. AngloGold Ashanti incurred a loss of $81m after tax on disposal of the South African portfolio.

The results of the South Africa disposal group for the year ended 31 December are presented below:

US dollar millions

Revenue from product sales Cost of sales

(Loss) gain on non-hedge derivatives and other commodity contracts

Gross proﬁt

Other expenses

Derecognition of assets and loss on disposal of assets

Impairment reversal (loss) recognised on remeasurement to fair value less costs to sell

(23)

(80)

Loss before taxation

Normal and deferred taxation on operations

Deferred tax on impairment loss (reversal), derecognition and proﬁt (loss) on disposal of assets

Deferred taxation on unrealised movement on derivatives and other commodity contracts

Total proﬁt (loss) from discontinued operations

The major classes of assets and liabilities of the South African disposal group were as follows:

(3)-

(1)

117

US dollar million

Tangible assets and right of use assets Other investments

Inventories

Trade, other receivables and other assets Deferred taxation

Cash and cash restricted for use

Assets held for sale

555

79 22

(44) (72)

(3) (118)

(549)

(517) (168)

(23) 38

164 47

- (376)

- (83)

581

Lease liabilities

Environmental rehabilitation and other provisions Trade and other payables

Liabilities held for sale

Net assets held for sale

The discontinued operations' net cash ﬂows are reﬂected in the Statement of Cash Flows.

198

211

255

272

300

309

For the year ended 31 December continued

Impairment of South African assets

At 30 June 2020, an impairment reversal of $17m and taxation on impairment reversal of nil was recognised, to increase the carrying amount of the assets in the disposal group to their fair value less costs to sell.

The loss on the sale of the South African assets was calculated as follows:

US dollar millions

Held for sale assets derecognised Held for sale liabilities derecognised Net carrying value derecognised Less:

Cash consideration

Costs to sell, exchange impact and sale of houses Deferred compensation asset

2020555

(255)300

(200)

(28)

Loss on disposal of assets before taxation Deferred taxation on sale of assets

Loss on sale of assets after taxation

Sale of interest in the Sadiola mine

On 23 December 2019, AngloGold Ashanti announced that it together with its joint venture partner, IAMGOLD Corporation ("IAMGOLD"), had agreed to sell their interests in Société d'Exploitation des Mines d'Or de Sadiola S.A. ("SEMOS") to Allied Gold Corp (Allied Gold). SEMOS' principal asset is the Sadiola Mine located in the Kayes region of Western Mali. The investment in Sadiola of $20m as at 31 December 2019 was included in assets held for sale.

On 30 December 2020, AngloGold Ashanti together with its joint venture partner IAMGOLD, completed the sale of their entire interests in SEMOS to Allied Gold (the "Transaction").

Prior to the completion of the Transaction, a dividend of $20m was declared and paid by SEMOS pro rata to its shareholders. AngloGold Ashanti received a cash dividend of $8.2m.

Upon completion, AngloGold Ashanti received $25m from Allied Gold Corp and the Republic of Mali. Subsequently, AngloGold Ashanti received an agreed additional consideration of $1.8m.

In terms of the Transaction, AngloGold Ashanti and IAMGOLD remain entitled to the following deferred consideration:

• $25m ($12.5m each to AngloGold Ashanti and IAMGOLD) upon the production of the ﬁrst 250,000 ounces from the Sadiola Sulphides Project ("SSP");
• $25m ($12.5m each to AngloGold Ashanti and IAMGOLD) upon the production of a further 250,000 ounces from the SSP; and
• $2.5m ($1.25m each to AngloGold Ashanti and IAMGOLD) in the event a favourable settlement is achieved by SEMOS in the litigation pending before the Malian courts.

The proﬁt from the disposal of AngloGold Ashanti's entire interest in SEMOS is $14m (including the dividend received). Prior to the completion of the Transaction and the dividend declaration, AngloGold Ashanti's net carrying value for SEMOS, on an attributable basis, was $20m and was included in the Africa Region segment.

For the year ended 31 December continued

10. Headline earnings

2020	2019	2018
953	(12)	133
(17)	549	(2)
-	(165)	-
-	10	104
-	-	(26)
80	-	24
1	-	(20)
(19)	-	-
2	(3)	8
-	-	(1)
1,000	379	220
Headline earnings per ordinary share (cents)	238	91	53
Diluted headline earnings per ordinary share (cents)	238	91	53
Number of shares
Ordinary shares	411,412,947
Fully vested options and currently exercisable	5,709,208
Weighted average number of shares	417,122,155
Dilutive potential of share options	257,250
Fully diluted number of ordinary shares	417,379,405
48

US dollar millions

Headline earnings (loss)

The proﬁt (loss) attributable to equity shareholders was adjusted by the following to arrive

at headline earnings (loss):

Proﬁt (loss) attributable to equity shareholders from continuing and discontinued operations

Net (impairment reversal) impairment on held for sale assets

Taxation on net impairment (impairment reversal) on held for sale assets

Derecognition of assets

Taxation on derecognition of assets

Loss on disposal of discontinued operations

Taxation on loss on disposal of discontinued operations

Proﬁt on sale of joint ventures (1)

Net loss (proﬁt) on disposal of assets

Taxation on net (proﬁt) loss on disposal of assets

(1) Tax effect has not been disclosed as the tax is less than $1m

416,399,307414,407,622 2,634,209

3,942,155

419,033,516418,349,777 447,934

419,481,450418,349,777

For the year ended 31 December continued

11. Share capital and premium

US dollar millions	2020	2019	2018
Share capital
Authorised:
600,000,000 Ordinary shares of 25 SA cents each	23	23	23
2,000,000 A redeemable preference shares of 50 SA cents each	-	-	-
5,000,000 B redeemable preference shares of 1 SA cent each	-	-	-
30,000,000 C redeemable preference shares at no par value	-	-	-
23	23	23
Issued and fully paid:
416,890,087 (2019: 415,301,215; 2018: 412,769,980) ordinary shares
of 25 SA cents each	17	17	16
2,000,000 A redeemable preference shares	-	-	-
778,896 B redeemable preference shares	-	-	-
17	17	16
Treasury shares held within the group
2,778,896 A and B redeemable preference shares	-	-	-
17	17	16
Share premium
Balance at beginning of year	7,235	7,208	7,171
Ordinary shares issued	15	27	37
7,250	7,235	7,208
Less: held within group
Redeemable preference shares	(53)	(53)	(53)
Balance at end of year	7,197	7,182	7,155
Share capital and premium	7,214	7,199	7,171
12. Exchange rates
2020	2019	2018
ZAR/US$ average for the year	16.45	14.44	13.25
ZAR/US$ closing	14.69	13.99	14.35
AUD/US$ average for the year	1.45	1.44	1.34
AUD/US$ closing	1.30	1.42	1.42
BRL/US$ average for the year	5.15	3.94	3.66
BRL/US$ closing	5.20	4.03	3.87
ARS/US$ average for the year	70.71	48.29	28.14
ARS/US$ closing	84.15	59.90	37.81
13. Capital commitments
US dollar millions	2020	2019	2018
Orders placed and outstanding on capital contracts at the prevailing rate of exchange	120	161	99
AngloGold Ashanti Limited	49

For the year ended 31 December continued

Liquidity and capital resources

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

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

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

14. Financial risk management activities

Borrowings

The rated bonds are carried at amortised cost and their fair values are their closing market values at the reporting date which results in the difference noted in the table below. The interest rate on the remaining borrowings is reset on a short-term ﬂoating rate basis, and accordingly the carrying amount is considered to approximate fair value.

(a)
US dollar millions	2020	2019	2018	(b)
Carrying amount	1,931	2,033	2,050
Fair value	2,131	2,135	2,084

Fair value of ﬁnancial instruments

The group uses the following hierarchy for determining and disclosing the fair value of ﬁnancial instruments:

Level 1:	Quote prices (unadjusted) in active markets for identical
assets or liabilities;
Level 2:	Inputs other than quoted prices included in level 1 that
are observable for the asset or liability, either directly
(as prices) or indirectly (derived from prices); and
Level 3:	Inputs for the asset or liability that are not based on
observable market data (unobservable inputs).

Type of instrument Equity securities

On 12 February 2020, AngloGold Ashanti announced that it had reached an agreement to sell its remaining South African producing assets and related liabilities to Harmony Gold Mining Company Limited ("Harmony"). The transaction closed on 30 September 2020. Consideration for the transaction is in cash and deferred payments, subject to subsequent performance, and with additional proceeds if the West Wits assets are developed below current infrastructure.

The two components of the deferred compensation assets are calculated as follows:

$260 per ounce payable on all underground production sourced within the West Wits mineral rights (comprising the Mponeng, Savuka and TauTona mines) in excess of 250,000 ounces per annum for six years commencing 1 January 2021. Using a probability weighted calculation of unobservable market data and estimated with reference to expected underlying discounted cash ﬂows a deferred compensation asset of $28m is being recognised in the statement of ﬁnancial position as at 31 December 2020. If the weighted number of ounces used in the weighted probability calculation increases with 10% over the period calculated, the asset value would increase with approximately $3m and if the weighted number of ounces used in the weighted probability calculation decreases with 10% over the period calculated the value of the asset would decrease with approximately $3m. The sensitivity on the weighted number of ounces included within the weighted probability calculation has been based on the range of possible outcomes expected from Harmony's mining plans, which could differ from the actual mining plans followed by Harmony.

$20 per ounce payable on underground production sourced within the West Wits mineral rights (comprising the Mponeng, Savuka and TauTona mines) below the datum of current infrastructure. At transaction date this constituted 8.53 million ounces of reserves. The consideration is dependent on Harmony developing below infrastructure. The performance of this obligation is outside the inﬂuence of AngloGold Ashanti as it depends on Harmony's future investment decisions. Under the conditions prevailing as at 31 December 2020, no portion of deferred compensation below infrastructure has been included in the loss on disposal of assets of discontinued operations.

Level1

Level2

Level3

Total

Level1

Level2

Level3

Total

Level1

Level2

Level3

Total

For the year ended 31 December continued

15. Contingencies

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

Contingencies and guarantees

US dollar millions	2020	2019	2018
Contingent liabilities
Litigation - Ghana (1) (2)	97	97	97
97	97	97
Litigation claims

(1) Litigation - On 11 October 2011, AngloGold Ashanti (Ghana) Limited (AGAG) terminated Mining and Building Contractors Limited's (MBC) underground development agreement, construction on bulkheads agreement and diamond drilling agreement at Obuasi mine. The parties reached agreement on the terms of the separation and concluded a separation agreement on 8 November 2012. On 20 February 2014, AGAG was served with a demand issued by MBC claiming a total of $97m. In December 2015, the proceedings were stayed in the High Court pending arbitration. In February 2016, MBC submitted the matter to arbitration. The arbitration panel has been constituted and on 26 July 2019 held an arbitration management meeting to address initial procedural matters. On 1 May 2020, the Ghana Arbitration Centre notiﬁed the parties that the Tribunal has granted the Claimant's request to adjourn the proceedings indeﬁnitely to enable the parties to explore possible settlement.
(2) Litigation - AGAG received a summons on 2 April 2013 from Abdul Waliyu and 152 others in which the plaintiffs allege that they were or are residents of the Obuasi municipality or its suburbs and that their health has been adversely affected by emission and/or other environmental impacts arising in connection with the current and/ or historical operations of the Pompora Treatment Plant (PTP), which was decommissioned in 2000. The plaintiffs' alleged injuries include respiratory infections, skin diseases and certain cancers. The plaintiffs subsequently did not timely ﬁle their application for directions.
On 24 February 2014, executive members of the PTP (AGAG) Smoke Effect Association (PASEA), sued AGAG by themselves and on behalf of their members (undisclosed number) on grounds similar to those discussed above, as well as economic hardships as a result of constant failure of their crops. This matter has been adjourned indeﬁnitely. In view of the limitation of current information for the accurate estimation of a liability, no reliable estimate can be made for AGAG's obligation in either matter.

Tax claims

For discussion on tax claims and uncertainties refer to note 8.

Other

Groundwater pollution - AngloGold Ashanti had previously identiﬁed groundwater contamination plumes at certain of its South African operations, which have occurred primarily as a result of seepage from mine residue stockpiles. Numerous scientiﬁc, technical and legal studies were undertaken to assist in determining the magnitude of the contamination and to ﬁnd sustainable remediation solutions. The group instituted processes to reduce future potential seepage and it was demonstrated that Monitored Natural Attenuation (MNA) by the existing environment will contribute to improvements in some instances. Furthermore, literature reviews, ﬁeld trials and base line modelling techniques suggested, but have not yet proven, that the use of phyto-technologies can address the soil and groundwater contamination. Upon completion of the sale of the remaining South African producing assets to Harmony Gold Company Limited (Harmony Gold) effective 30 September 2020, Harmony Gold became liable for the obligation.

Deep groundwater pollution - The group had previously identiﬁed potential water ingress and future pollution risk posed by deep groundwater in certain underground mines in Africa. Various studies have been undertaken by AngloGold Ashanti since 1999 to understand this potential risk. In South Africa, due to the interconnected nature of mining operations, any proposed solution needs to be a combined one supported by all the mines located in these gold ﬁelds. As a result, the South African Mineral and Petroleum Resources Development Act, No. 28 of 2002, as amended (MPRDA) requires that the affected mining companies develop a Regional Mine Closure Strategy to be approved by the Department of Mineral Resources and Energy. Upon completion of the sale of the remaining South African producing assets to Harmony Gold effective 30 September 2020, Harmony Gold became liable for the obligation of deep groundwater pollution pertaining to the South African assets. In view of current information, the group has concluded that the risk with regards to deep groundwater pollution with respect to other underground mine operations in the Africa Region is considered to be remote.

16. Borrowings

AngloGold Ashanti's borrowings are interest bearing.

17. Subsequent events

Dividend declaration - On 22 February 2021, the directors of AngloGold Ashanti declared a gross cash dividend per ordinary share of 705 South African cents (assuming an exchange rate of ZAR14.70/$, the gross dividend payable per ADS is equivalent to ~48 US cents).

> Non-GAAP disclosure / Forward-looking statements / Administration and corporate information

NON-GAAP DISCLOSURE

For the year ended 31 December

Summary

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

The group uses certain Non-GAAP performance measures and ratios in managing the business and may provide users of this ﬁnancial information with additional meaningful comparisons between current results and results in prior operating periods. The Non-GAAP ﬁnancial measures are used to adjust for fair valuemovements on the highly volatile marked-to-market movements on unrealised non-hedge derivatives and other commodity contracts, which can only be measured with certainty on settlement of the contracts. Non-GAAP ﬁnancial measures should be viewed in addition to, and not as an alternative to, the reported operating results or any other measure of performance prepared in accordance with IFRS. In addition, the presentation of these measures may not be comparable to similarly titled measures that other companies use. The Non-GAAP metrics are as follows:

2020	2019	2018
1	Price received - continuing operations
- Gold sold (2)	000oz	2,834	2,854	2,922
- Revenue price per unit	$/oz	1,778	1,394	1,266
2	Total cash cost, all-in sustaining costs and all-in costs per unit
from continuing operations
- Gold produced (2)	000oz	2,806	2,862	2,913
- Total cash costs	$/oz	790	746	729
- All-in sustaining costs	$/oz	1,037	978	942
- All-in costs	$/oz	1,185	1,151	1,034
3	Adjusted EBITDA (1) - continuing operations	$m	2,470	1,580	1,388
4	Interest cover - continuing operations	times	16	11	10
5	Free cash ﬂow	$m	743	127	67
6	Adjusted net debt - continuing operations	$m	597	1,581	1,659
7	Net asset value	US cps	897	644	653
8	Net tangible asset value	US cps	865	615	623
9	Market capitalisation
Number of listed ordinary shares in issue at year-end (millions)	417	415	413
Closing share price as quoted on the New York Stock Exchange	22.62	22.34	12.55
Market capitalisation	$m	9,430	9,278	5,180

(1) Adjusted EBITDA is prepared in terms of the formula set out in the Revolving Credit Agreements.

(2)

Includes pre-production ounces.

> Forward-looking statements / Administratiion and corporate information

FORWARD-LOOKING STATEMENTS

Certain statements contained in this document, other than statements of historical fact, including, without limitation, those concerning the economic outlook for the gold mining industry, expectations regarding gold prices, production, total cash costs, all-in sustaining costs, all-in costs, cost savings and other operating results, return on equity, productivity improvements, growth prospects and outlook of AngloGold Ashanti's operations, individually or in the aggregate, including the achievement of project milestones, commencement and completion of commercial operations of certain of AngloGold Ashanti's exploration and production projects and the completion of acquisitions, dispositions or joint venture transactions, AngloGold Ashanti's liquidity and capital resources and capital expenditures and the outcome and consequence of any potential or pending litigation or regulatory proceedings or environmental health and safety issues, are forward-looking statements regarding AngloGold Ashanti's operations, economic performance and ﬁnancial condition.

These forward-looking statements or forecasts involve known and unknown risks, uncertainties and other factors that may cause AngloGold Ashanti's actual results, performance or achievements to differ materially from the anticipated results, performance or achievements expressed or implied in these forward-looking statements. Although AngloGold Ashanti believes that the expectations reﬂected in such forward-looking statements and forecasts are reasonable, no assurance can be given that such expectations will prove to have been correct. Accordingly,results could differ materially from those set out in the forward-looking statements as a result of, among other factors, changes in economic, social and political and market conditions, the success of business and operating initiatives, changes in the regulatory environment and other government actions, including environmental approvals, ﬂuctuations in gold prices and exchange rates, the outcome of pending or future litigation proceedings, any supply chain disruptions, any public health crises, pandemics or epidemics (including the COVID-19 pandemic), and other business and operational risks and other factors. For a discussion of such risk factors, refer to AngloGold Ashanti's annual report on Form 20-F has each been ﬁled with the United States Securities and Exchange Commission (SEC). These factors are not necessarily all of the important factors that could cause AngloGold Ashanti's actual results to differ materially from those expressed in any forward-looking statements. Other unknown or unpredictable factors could also have material adverse effects on future results. Consequently, readers are cautioned not to place undue reliance on forward-looking statements.

AngloGold Ashanti undertakes no obligation to update publicly or release any revisions to these forward-looking statements to reﬂect events or circumstances after the date hereof or to reﬂect the occurrence of unanticipated events, except to the extent required by applicable law. All subsequent written or oral forward-looking statements attributable to AngloGold Ashanti or any person acting on its behalf are qualiﬁed by the cautionary statements herein.

> Administratiion and corporate information

ADMINISTRATION AND CORPORATE INFORMATION

AngloGold Ashanti Limited

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

Share codes:

ISIN: ZAE000043485 JSE: ANG

NYSE: AU ASX: AGG

GhSE: (Shares) AGA GhSE: (GhDS) AAD

JSE Sponsor:

The Standard Bank of South Africa Limited

Auditors:

Ernst & Young Inc.

Ofﬁces

Registered and Corporate 76 Rahima Moosa Street

Newtown 2001

(PO Box 62117, Marshalltown 2107) South Africa

Telephone: +27 11 637 6000

Fax: +27 11 637 6624

Australia AMP Building

140 St George's Terrace Perth, WA 6000

(PO Box Z5046, Perth WA 6831) Australia

Telephone: +61 8 9425 4600 Fax: +61 8 9425 4662

Ghana Gold House

Patrice Lumumba Road (PO Box 2665)

Accra

Ghana

Telephone: +233 303 773400 Fax: +233 303 778155

Directors

Executive KC Ramon ^

(Interim Chief Executive Ofﬁcer)

Non-executive

MDC Ramos ^ (Chairman) KOF Busia°

AM Ferguson * AH Garner # R Gasant ^

NVB Magubane ^ MC Richter #~ JE Tilk §

*British §Canadian # American ~Panamanian ^ South African ° Ghanaian

Ofﬁcers

Interim Chief Financial Ofﬁcer: I Kramer

Group Company Secretary: MML Mokoka

Investor relations contacts

Sabrina Brockman

Telephone: +1 646 880 4526 Mobile: +1 646 379 2555

E-mail:sbrockman@anglogoldashanti.com

Fundisa Mgidi

Telephone: +27 11 637 6763 Mobile: +27 82 821 5322

E-mail:fmgidi@anglogoldashanti.com

Yatish Chowthee

Telephone: +27 11 637 6273 Mobile: +27 78 364 2080

E-mail:yrchowthee@anglogoldashanti.com

General e-mail enquiriesInvestors@anglogoldashanti.com

AngloGold Ashanti websitewww.anglogoldashanti.com

Company secretarial e-mailCompanysecretary@anglogoldashanti.com

Share registrars

South Africa

Computershare Investor Services (Pty) Limited Rosebank Towers, 15 Biermann Avenue, Rosebank, 2196

(Private Bag X9000, Saxonwold, 2132) South Africa

Telephone: 0861 100 950 (in SA) Fax: +27 11 688 5218

E-mail:queries@computershare.co.zaWebsite:www.computershare.com

Australia

Computershare Investor Services Pty Limited

Level 11, 172 St George's Terrace Perth, WA 6000

(GPO Box D182 Perth, WA 6840) Australia

Telephone: +61 8 9323 2000 Telephone: 1300 55 2949 (Australia only)

Fax: +61 8 9323 2033

Ghana

NTHC Limited Martco House

Off Kwame Nkrumah Avenue PO Box K1A 9563 Airport Accra

Ghana

Telephone: +233 302 235814/6 Fax: +233 302 229975

ADR Depositary

BNY Mellon (BoNY)

BNY Shareowner Services PO Box 30170

College Station, TX 77842-3170 United States of America Telephone: +1 866 244 4140 (Toll free in USA) or +1 201 680 6825 (outside USA) E-mail:shrrelations@cpushareownerservices.comWebsite:www.mybnymdr.com

Global BuyDIRECTSM

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

www.anglogoldashanti.com

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AngloGold Ashanti Ltd. published this content on 26 March 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 March 2021 07:27:02 UTC.

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