AngloGold Ltd

1

• AngloGold Ltd
• Five years on achievements and targets

• Barrie Parker Operating General Manager
• AngloGold Australia Ltd
• Diggers Dealers Forum 2003, August 4

2
Disclaimer

• Except for the historical information contained
  herein, there are matters discussed in this
  presentation that are forward-looking statements.
  Such statements are only predictions and actual
  events or results may differ materially. For a
  discussion of important factors including, but
  not limited to, development of the Companys
  business, the economic outlook in the gold mining
  industry, expectations regarding gold prices and
  production, and other factors, which could cause
  actual results to differ materially from such
  forward-looking statements, refer to the
  Companys annual report on form 20F for the year
  ended December 31, 2002, which was filed with the
  Securities and Exchange Commission on 7 April,
  2003.

3
Competitive returns 1998-2003

25
20
15
ROE
ROC
10
5
-
1998 1999 2000 2001
2002 1H2003
4
AngloGold strategic objectives

• Developing downstream
• opportunities
• Modernizing jewelry markets
• Looking for value adding downstream opportunities
• Promoting gold in novel industrial applications

• Improving performance
• of current assets
• Continuous cost management performance and labour
  productivity improvement

• Value-adding growth
• Value-adding organic growth
• Brownfields exploration around existing
  operations
• Focused greenfields exploration program
• Disciplined acquisition strategy

5
AngloGold in 1998
Production
Other
4
South Africa
96
6
AngloGold in 2003
Production
EBITDA
Australia
Australia
East/West
8
8
Africa
East/West
South Africa
17
Africa
37
25
South
America
9
South Africa
North
South
57
North
America
America
8
America
22
9
7
AngloGolds ownership
Analysis of the free float, 1Q03
other
Australia
Europe (non-UK)
US
UK
South Africa
Source Thompson Financial
8
Improving performance 1998-2003
50
40
30

20
10
0
1998
1999
2000
2001
2002
1H03
EBITDA margin
Cash Operating Margin
9
Cash generation 1998-2003
1998 1999 2000
2001 2002 1H2003
10
Current project pipeline

• 3 current projects come into production in South
  Africa this year with a potential of 10Moz.
• A further 23Moz in new projects
• 15Moz in South Africa
• 6Moz in Australia (Boddington and Sunrise Dam)
• 2Moz in Brazil (Cuiaba Project at Morro Vehlo)
• 8Moz upside in tangible brownfields exploration
  projects

11
Sunrise Dam open pit growth
250m
12
Sunrise Dam - underground resources and
conceptual lodes
North
9m _at_ 7.7g/t incl. 5m _at_ 16.0g/t
South
0m
Cleo Upper Shear
Sunrise Shear
8m _at_ 26.5 g/t
5m _at_ 9.7 g/t
7m _at_ 82.0 g/t
5m _at_ 20.0 g/t
- 460m
Cosmo
Dolly
5m _at_ 20.7g/t
Hammerhead 1m _at_ 1,850 g/t 8m _at_ 5.3 g/t 11m _at_
36.6 g/t 5m _at_ 7.7 g/t 6m _at_ 3.9 g/t
3m _at_ 35.9g/t
Carey Shear
- 1200m
13
Sunrise Dam underground feasibility study
14
Sunrise Dam underground feasibility study
15
Sunrise Dam underground feasibility study
16
Sunrise Dam - the Carey Shear and below
North
South
0m
Cleo Upper Shear
Sunrise Shear
- 460m
Strong potential exists for repetition of
the mineralised system below the Carey Shear
Carey Shear
- 1200m
17
Exploration in 2003
GREENFIELDS US19.7 million
BROWNFIELDS US41.6 million

• Significant progress in 2003
• Increased resource potential at Geita
• Sadiola oxides
• Sunrise Dam underground potential
• Cripple Creek and Victor Wildhorse Extension

18
Exploration portfolio
Greenfields exploration
Mines with brownfields exploration
Alaska
Canada
Mongolia
Yatela
Mali
Sadiola
Morila
Geita
Serra
Brazil
Tanzania
Grande
Peru
Union Reefs
Navachab
Australia
Namibia
South African
Velho
Operations
Republic of
Sunrise Dam
South Africa
Argentina
Cerro Vanguardia
19
Exploration expenditure success
2003 budget
1998
1999
2000
2001
2002
Total Exp USm
37
47
63
44
50
61
Brownfields USm
13
20
34
28
32
42
Greenfields USm
24
27
29
16
19
19
/oz
Resources from Brownfields Moz
0
9.6
3.9
2.5
11.4
4.62
/oz
Resources from Greenfields Moz
3.9
0.5
0
0
1.3
20.05
20
Exploration new frontiers

• Challenge to major producers the maturing
  character of the traditional exploration fields
• New exploration frontiers (Central Africa, East
  Asia, Central America and parts of South America)
  are characterised by a higher risk profile than
  the traditional areas
• Some frontier areas may be more amenable to entry
  by acquisition to acquire a platform for future
  expansion
• Individual implementation strategies have been
  proposed for each region, based on geological
  prospectivity versus risk profile

21
New frontiers - East Asia
22
Developing downstream opportunities

• Modernising jewellery markets
• Looking for value adding downstream opportunities
• Promoting gold in jewellery and other applications

23
Conclusions

• On Growth
• Growing the business for the long-term
• Attractive portfolio of organic growth projects
• Focused greenfields exploration programme
• History of successful brownfields exploration
  programmes delivering ounces at low costs
  (ltUS5/Oz)

• On Value
• Competitive cash and total production costs
• Compelling cash generating capabilities
• Constantly managing capital and working costs
• Focused on financial returns to shareholders