2003 Interim Results

1
ANGLO AMERICAN ADDING VALUE TO NATURAL
RESOURCES 8 August 2003
This presentation is being made only to and is
directed only at (a) persons who have
professional experience in matters relating to
investments falling within Article 19(1) of the
Financial Services and Markets Act 2000
(Financial Promotion) Order 2001 (the Order) or
(b) high net worth entities, and other persons to
whom it may otherwise lawfully be communicated,
falling within Article 49(1) of the Order (all
such persons together being referred to as
relevant persons). Any person who is not a
relevant person should not act or rely on this
presentation or any of its contents.
2003 Interim Results
2
Key Financials

• Headline earnings up 2 at 856m despite stronger
  rand
• Outstanding contribution from Diamonds, strong
  performances from European Paper and Packaging
  and Industrial Minerals offset lower Platinum,
  Gold and Coal
• Interim dividend maintained at 15 US cents per
  share
• Strong EBITDA of 2.4bn up 9 EBITDA interest
  cover 14x
• Cost savings efficiency gains 127m

Headline EPS
3
Rand/US Exchange Rate
SA Rand 27 stronger vs. US
11.96
Average 10.99
R/
10.37
Average 8.03
8.58
7.48
H1 2003
H1 2002
4
Geographic Diversity
Headline Earnings -
Rest of World 18
Rest of World 28
Europe 21
Europe 30
Americas 7
South Africa 54
South Africa 30
Americas 12
H1 2003
H1 2002
5
Product Diversity
Headline Earnings -
Ferrous Industries 6
Ferrous Industries 5
Platinum 13
Platinum 19
Paper and Packaging 18
Paper and Packaging 21
Gold 10
Gold 12
Industrial Minerals 11
Industrial Minerals 13
Diamonds 29
Diamonds 20
Coal 17
Coal 13
Base Metals 4
Base Metals 7
H1 2003
H1 2002
6
Geographic Diversity
Balanced Asset Mix -
Rest of World 14
Europe 30
Americas 20
South Africa 36
30 June 2003
Net attributable operating assets, including
investment in associates JVs
7
Internal Growth
A Well-balanced 6bn Project Portfolio
Buxton 173m
RPM Tailings 186m
Kleinkopje 56m
Goiás 147m
Finsch 126m
Kriel 65m
Black Mtn 110m
Richards Bay 221m
Polokwane 190m
Capcoal 106m
Collahuasi 288m
CCV 203m
PMR Expan. 99m
HBMS 777 276m
RPM Ph 2 444m
TauTona 169m
Ruzomberok 233m
Skorpion 454m
ACP Project 250m
Cerrejón 50m
RPM Ph 1 210m
Dartbrook 55m
Moab Khot. 690m
Modikwa 311m
BRPM 317m
Mponeng 191m
2003
2004
2005
2006
2007
2008
2009
Major authorised projects. Full project list
included in appendix. 100 of subsidiaries and
AA plcs share of JVs and associates. Full
production dates.
8
Social Responsibility

• Safety performance continues to show encouraging
  improvements
• LTIFR improves 22 from 2002 total
• Fatal incidents levels unchanged from equivalent
  period last year area for intensive focus
• Good progress made in rolling out ART for
  HIV/AIDS infected employees - around 500
  employees already receiving ART - with
  encouraging results

9
Review of FinancialsTony Lea
2003 Interim Results
10
Headline Earnings
m H1 03 H1
02 Profit for the financial period 760
767 Exceptional items 7
(11) Amortisation of goodwill 98
82 Related tax minority interests (9)
2 Headline earnings for the period
856 840
11
Headline Earnings Variances
12
Headline Variance Exchange
Group Total -231m
13
Pre-tax Cost Savings 127m
Maintenance
Admin Overhead
84m
Labour
Materials Supplies
3m
7m
19m
29m
1m
14m
2m
55m
2m
26m
8m
4m
Operating efficiencies
Procurement
Restructuring synergies
14
Balance Sheet
m 30/06/2003 31/12/2002 Shareholders
Funds 18,371 16,261 Net Debt
South Africa 1,062 12 Rest
of World 5,927 6,989 5,566 5,578
Minority Interests 2,454
2,304 Total Capital 27,814
24,143 Net Debt/Total Capital 25.1
23.1 ROCE 12.7
17.5 EBITDA/Total Capital 18.8
23.6
15
Cash Flow Analysis
H1 03 H1 02 Operating cash
flow 1,286 1,381 Dividends from JVs
assocs. 203 115 Operating cash flow
including dividends from JVs assocs. 1,489
1,496 Net interest other dividend income
(75) 55 Taxation (413)
(567) Disposal of fixed assets 40
272 Available cash flow 1,041 1,256 Dividend
paid - company minorities
(739) (724) Net acquisitions disposals
(315) (1,752) Capital expenditure -
maintenance (547) (271) -
expansionary (625) (579) Other
(226) (128) Movements in net debt
(1,411) (2,198) Net debt at start of the
period (5,578) (2,018) Net debt at
end of the period (6,989) (4,216)
16
Review of OperationsTony Trahar
2003 Interim Results
17
Highlights - Diamonds

• Record headline earnings - up 49 to 248m
• DTC sales of 2.92bn up 3
• Operating cash flow of 1,115m
• Anglo total dividends for 2002 126m (2001
  71m)
• De Beers net debt reduced by 2,225m to 927m in
  1½ years
• De Beers debt refinanced at attractive rates

18
Highlights - Platinum

• Headline earnings 107m
• Lower earnings primarily due to strong SA
  rand/dollar exchange rate
• Mine production up 10
• Temporary increase in pipeline stock levels
  result in reduced production of refined metal
• AA plc holding in Anglo Platinum at 72.25
• 3.5m oz target remains in place
• Continued rand strength Project timing funding
  under review

Headline earnings down 32
19
Highlights - Gold

• Headline earnings 82m
• Gold production steady at 2.8m ozs despite lower
  grades
• Lower contribution due to stronger rand
• Hedge book continues to reduce - down 17 to 8.7m
  oz
• AngloGold/Ashanti merger proposal under
  consideration by Government of Ghana
• 117m new expansion projects at TauTona will
  deliver 1.8m oz over the next 10 years

Headline earnings down 18
100m
82m
H1 03
H1 02
20
Highlights - Coal

• Headline earnings 107m
• Lower export thermal coal prices and stronger
  rand Australian dollar drive earnings lower
• Sales volumes increased 5 to 43.0 mtpa
• Australia operating profit increases by 29 to
  74m, helped by steady coking coal prices and
  production
• Cerrejón commences expansion to 28 mtpa from 22
  mtpa

Headline earnings down 25
142m
107m
H1 03
H1 02
21
Highlights - Base Metals

• Headline earnings 60m
• Disputada performs well - initial headline
  contribution 39m
• Losses in zinc offset by higher contribution from
  copper, nickel niobium
• Skorpion zinc project commissioning first metal
  produced in May
• Restructuring continues Anaconda Nickel and
  Bindura Nickel sold

22
Highlights - Industrial Minerals

• Headline earnings 113m
• EBITDA up by 23 to 250m
• Increased earnings on the back of higher UK
  margins and improved European performance
• New Copebrás phosphate plant performing well
• 173m Buxton cement plant to be completed end 2003

23
Highlights - Paper and Packaging
Headline earnings up 16

• Headline earnings 178m
• Strong performance from Mondi Europe despite
  economic downturn
• Cost reductions, profit-improvement initiatives
  and strong Euro boost performance
• 221m expansion of Richards Bay mill announced
• 600m in expansionary projects underway

178m
153m
H1 03
H1 02
24
Highlights - Ferrous Metals
Headline earnings up 2

• Headline earnings 42m
• Difficult trading conditions with weaker SA
  domestic markets and impact of strong SA rand
• Avmin stake disposed of for 231m
• Stake in Kumba 20.1, right to acquire further
  shares subject to SA Competition Tribunal
  approval

42m
41m
H1 03
H1 02
25
Outlook

• Outlook remains challenging
• While geopolitical tensions have reduced somewhat
  following Iraq war, low growth forecasts for US,
  Japan and Europe
• Prospect of a continued strong rand/US exchange
  rate concerning
• Continued focus on cost savings and efficiency
  improvements
• Anglos product geographic asset mix and strong
  project pipeline will continue to underpin
  performance in years ahead

26
ANGLO AMERICAN ADDING VALUE TO NATURAL
RESOURCES 8 August 2003
2003 Interim Results
27
Additional Information Handout Only
2003 Interim Results
28
Key Dates
29
Market Prices

• H1 03 H1 02
• Gold 349 302
• Platinum 654 515
• Palladium 207 370
• Rhodium 557 952
• Copper 75 72
• Nickel 379 298
• Zinc 35 36
• Coal thermal (RSA - API 4 index
  average) 25.75 27
• Coal coking 45 44

30
Headline Earnings Sensitivities
USm 10 change in gold price
31 10 change in platinum price 32 10
change in palladium price 4 10 change in
coal price 54 10 change in copper price
55 10 change in nickel price 10 10
change in zinc price 17 10 movement in
diamond revenue 45 10 change in pulp
price 4 10 movement in SA rand/US
109 10 movement in AUD/US
18 10 movement in Euro/US 11
Estimated sensitivities represent 6 month
outlook. Excludes the impact of translation of
monetary assets liabilities and the effect of
any hedging activities. Stated after tax at
marginal rate. Pulp sensitivity depends on
recoveries. Diamond sensitivity dependent on
consistent volumes, mixes and pricing.
31
Projects
Gold Total additional Production Full Approved A
pproved production1 commences prod. capex
m2 Mponeng 4.0m oz 2004 2005
191 TauTona - Expansion project 2.3m oz
2004 2005 52 TauTona - VCR A
Pillar CLR lt120L 1.8m oz
2005 2008 117 Cripple Creek Victor
2.8m oz 2002 2002 203 Moab Khotsong
4.1m oz 2003 2008 690 Total
15.0m oz 1,253 Industrial
Minerals Total additional Production Full Approved
Approved production3 commences prod. cape
x m Goiás (completed under budget) 455,000
t 2002 2003 147 Buxton Cement Plant
425,000 t 2003 2004 173 Total
320
1 Gold incremental production is total
additional capacity over life of project. Capex
converted to US on date of project approval. 2
Nominal 3 Incremental production is a per year
amount once full production is reached. Capex
converted at date of project approval.
32
Projects
Platinum Total additional Production Full Approve
d Approved production1 commences prod. cape
x m2 ACP Convertor Phase 1 Meet
2003 2004 250 PMR Plant Expansion
expansion 2002 2005 99 Slag
Cleaning Furnace requirements
2003 2003 34 Rustenburg UG2 Phase 1
395,000 oz 2002 2006 210 Rustenburg
UG2 Phase 23 306,000 oz 2003 2007
444 RPM Tailings Retreatment 120,000 oz
2004 2006 186 Bafokeng-Rasimone Mine
(BRPM) 254,000 oz 1999 2004
317 Modikwa Mine 162,000 oz
2002 2003 311 Polokwane Smelter
650,000 t 2003 2003 190
concentrate Total 2,041
1 Incremental production is a per year amount
once full production is reached. 2 Capex
converted at date of project approval. 3
Replacement ounces
33
Projects
Coal Total additional Production Full Approved A
pproved production1 commences prod. capex
m Kleinkopje Expansion 1.3m tpa
2003 2005 56 Greenside Expansion
1.0m tpa 2003 2005 17 Cerrejón
Sur exploration
8 Cerrejón 2.0m tpa 2004 2007
50 Kriel South Project 5.0m tpa
2005 2007 65 German Creek - Capcoal
(Grasstree)2 3.9m tpa 2006 2007
106 Dartbrook (Kayuga) 3.6m tpa
2004 2005 55 Lake Lindsay
exploration 35 Total 16.8m
tpa 392 Base Metals Total
additional Production Full Approved Approved
production commences prod. capex m HBMS 777
Project3 2003 2004
276 Black Mountain Deeps 45,000 t Zn
2004 2005 110 Collahuasi Rosario Project
2002 2004 288 Skorpion
150,000 t Zn 2003 2004 454 Total
1,128
1 Incremental production is a per year amount
once full production is reached. Capex converted
at date of project approval. 2 To maintain
expand production levels at German Creek
Dartbrook. Incremental tonnes - German Creek
(1.6m tpa) Dartbrook (0.9m tpa). 3 Extends
HBMS life to 2018
34
Projects
Paper and Packaging Total additional Production Fu
ll Approved Approved production1
commences prod. capex m Frantschach Steti
PM3 20,000 t 2003 2003
20 Frantschach Swiecie Pulp Mill 50,000
t 2004 2004 13 Ruzomberok Pulp
Mill 103,000 t 2004 2005
129 Ruzomberok PM18 Expansion 100,000 t
2003 2004 104 Richards Bay BEKP Line
145,000 t 2005 2005 221 Merebank
PM2 Rebuild 40,000 t 2003 2003
26 Total 513 Total
converting Production Full Approved Approved
capacity commences prod. capex m Ybbstal
Flex 05 60,000 t2 2004 2005
51 Frantschach Inncoat Foils -
2003 2003 11 Syktyvkar A4
Cutter 150,000 t 2003 2003
15 Merebank A4 Cutter 92,000 t
2002 2003 12 Total 89
1 Incremental production is a per year amount
once full production is reached. Capex converted
at date of project approval 2 60,000 t increase
in cut size capacity plus 16,000t additional
production of UCWF paper
35
Projects
Diamonds Total additional Production Full Approve
d Current projects production1 commences pro
d. capex m2 !Gariep 3m carats
2003 2004 32 Finsch Block 4 16m
carats 2003 2007 126 Venetia
Upgrade 1.5m carats pa 2003 2004
1 BB1E Premier 3m carats
2004 2007 12 Elizabeth Basy Upgrade
2m carats 2004 2004 24 Total
24m carats 195 1.5m
carats pa Venetia Under review C-Cut
Premier 110m carats 2007 2011
454 Finsch Tailings 6m carats
2004 2004 16 Snap Lake 19m carats
2007 2008 315 Victor 6m
carats 2007 2008 305 Total 141m
carats 1,090
1 Total additional production shown for the life
of the project. Shown on a 100 basis. 2
Approved capex is AA plcs effective attributable
share (48.65), converted to US at R7.80US1,
C1US0.74
36
Analysis of Headline Earnings
m H1 03 H1
02 Platinum 107 158 Gold
82 100 Diamonds 248 166 Coal
107 142 Base Metals 60
37 Industrial Minerals 113 89 Paper
and Packaging 178 153 Ferrous Metals
42 41 Industries (1)
9 Exploration (39) (32) Corporate
Activities1 (41) (23) Headline
Earnings 856 840
1 includes Gold Fields
37
Analysis of Operating Profit
m H1 03 H1
02 Platinum 204 389 Gold 180
197 Diamonds 378 242 Coal
172 232 Base Metals 98
127 Industrial Minerals 136 113 Paper
and Packaging 357 291 Ferrous Metals
74 66 Industries 30
52 Exploration (50) (40) Corporate
Activities1 (45) (88) Operating
Profit2 1,534 1,581
1 includes Gold Fields 2 after operating
exceptional items
38
Capital Expenditure
m H1 03 H1
02 Platinum 394 229 Gold 117 107 Coal
74 41 Base Metals 155 146 Industrial
Minerals 136 159 Paper and Packaging 233 132
Ferrous Metals 22 8 Industries
37 25 Other 4 3 Total
1,172 850
39
Headline Variance Price
Group Total 127m
40
Headline Variance Volume
Group Total 28m
41
Operating Profit Variance
Operating profit after operating exceptional items
42
Regional Analysis
Operating Profit m H1
03 H1 02 South Africa
548 864 Rest of Africa 299
262 Europe 409 210 Americas 187
171 Australasia 91 74
1,534 1,581
Operating profit after operating exceptional items
43
Operating Cost Reconciliation
Subsidiary JV Operating Costs
m H1 2002 operating costs Subsidiaries
(5,756) JVs (share of turnover less operating
profit) (401) (6,157)
Inflation (235)
Exchange (1,222) Volume
(260) Depreciation amortisation
(49) Acquisitions disposals (414)
Operating impairments (28) Other
costs recovered through revenues (62)
Ramp up operations, costs higher than inflation
other (65) H1 2003 operating costs before
cost savings (8,492) Cost
saving initiatives 127 H1
2003 Operating costs
Subsidiaries (7,979) JVs (share of
turnover less operating profit) (386)
(8,365)
44
Anglo Platinum Reconciliation
m IAS net profit
(published) 148 STC adjustment 12
Movement on unrealised profit on FEC
2 Exploration 11 Prior year stock
adjustment change in AP accounting policy
13 Exceptional items (8) Weighted average
exchange impact 2 180 Minority
interest (51) Depreciation
on assets revalued on acquisition (22) UK
GAAP contribution to headline earnings 107
45
AngloGold Reconciliation
m IAS Headline earnings
(published)1 140 Exploration
18 Minority interest (76) UK
GAAP contribution to headline earnings 82
1 before unrealised non-hedge derivatives
46
De Beers Reconciliation
Ordinary Preference m Total
shares shares DBI headline earnings
(100) 414 - - UK GAAP
adjustments 58 - - DBI headline
earnings - UK GAAP (100) 472 417
55 AA plcs 45 ordinary share
interest 188 188 - Additional 3.65
ordinary share interest 15 15 - AA
plcs portion of preference shares 45
- 45 AA plc headline earnings
248 203 45
47
EBITDA Reconciliation
m H1 03 H1 02 Net cash
inflow from operating activities 1,286
1,381 Share of EBITDA of JVs associates
800 588 Working capital adjustments
375 290 Differences in adjustments
for (17) (22) exceptionals
non-cash EBITDA 2,444 2,237
48
EBITDA by Business H1 03
m Platinum Gold Diamonds Coal Base
Metals Industrial Minerals Paper
Packaging Ferrous Metals Industries Other Total
Operating Profit (incl JVs Associates) 204 180
378 172 98 136 357 74 30 (95) 1,534
EBITDA 303 323 411 256 235 250 523 115 89
(61) 2,444
Exclude Exceptional Items 12 12
Add Back Subsidiaries Depreciation 90 87 - 64 10
9 86 148 14 29 6 633
Add Back JVs Associates Depr.
Amort. 1 28 33 18 28 2 9 26 28 17 190
Add Back Subsidiaries Amortisation 8 16 - 2 - 26
9 1 2 11 75
49
EBITDA by Business H1 02
m Platinum Gold Diamonds Coal Base
Metals Industrial Minerals Paper
Packaging Ferrous Metals Industries Other Total
Operating Profit (incl JVs Associates) 389 197
242 232 127 113 291 66 52 (128) 1,581
EBITDA 445 324 266 302 179 203 407 95 95 (79)
2,237
Exclude Exceptional Items (46) 30 (16)
Add Back Subsidiaries Depreciation 44 81 - 51 57
67 104 9 17 8 438
Add Back JVs Associates Depr.
Amort. 4 31 24 17 41 1 8 20 25 - 171
Add Back Subsidiaries Amortisation 8 15 - 2 - 22
4 - 1 11 63
50
ANGLO AMERICAN ADDING VALUE TO NATURAL
RESOURCES 8 August 2003
2003 Interim Results