ANGLO AMERICAN A WORLD OF DIFFERENCE

1
ANGLO AMERICANA WORLD OF DIFFERENCE

• 5 August 2004

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.
2
Highlights

• Record H1 - Earnings up 52 at 1,304m
• - EPS up 49 at 91c per share
• EBITDA up by 1bn to 3,433m
• Record performances from Base and Ferrous Metals
• Cost cutting and efficiencies of 248m
  (2003127m)
  
• Interim dividend up 27 at 19c per share

3
Headline earnings by business unit
H1 2003
H1 2004
NBHeadline earnings for Paper and Packaging
have been adjusted for the 6 months ended 30 June
2003 as net interest for wholly owned operations
in Paper and Packaging is now accounted for
centrally within Corporate Activities
4
Geographic headline earnings mix
H1 2004
H1 2003
5
EBITDA up 40
Strong cash generation into 2004
6
The economic cycle - where are we?
OECD industrial production

Source MSU
7
Falling inventories, rising prices
Total LME inventories MG base metals index
LME inventories (kt)
MG base metals
MG base metals
LME inventories (kt)
MG Base Metal Index Cash Price Index
Nickel, Aluminium, Copper LME inventories
Source UBS
8
H1Robust commodity prices
H1 2004
Coal
Copper
Platinum
Zinc
H1 2003
Gold
API4 FOB Richards Bay
Source MSU
9
Strategy for growth

• Growth through projects
• Growth through acquisitions
• Value from cost cutting and efficiencies

10
Approved 6bn project portfolio
Kleinkopje 56m
Isibonelo 65m
Buxton 173m
Ticor 2 54m
Merebank 150m
W.L. Tailings 186m
Richards Bay 235m
Finsch 130m
Skorpion 454m
Siguri 52m
Cerrejón 17m
El Soldado 80m
Copebras 22m
Black Mtn 110m
HBMS 777 276m
Unki 84m
Collahuasi 288m
PMR Expan. 99m
RPM Ph 2 444m
TauTona 52m
Ruzomberok 233m
Mponeng 191m
ACP Project 250m
BRPM 317m
Kroondal 138m
Ticor 1 137m
Twickenham 343m
RPM Ph 1 210m
Grasstree 106m
Dartbrook 55m
Chagres 21m
2004
2005
2006
2007
Selected major authorised projects. 100 of
subsidiaries and AA plcs share of JVs and
associates. Full production dates.
11
Longer term unapproved project portfolio
Rest of the World
South Africa
South America
2.0bn
2.6bn
2.5bn
Quellaveco Copper (Peru)
Hope Downs Iron ore (Australia)
Pandora
Western Complex
Obuasi Deeps (Ghana)
Morro Sem Bone Nickel (Brazil)
Gamsberg Zinc
Dawson Valley (Australia)
Barro Alto Nickel (Brazil)
Sishen South Iron ore
Lake Lindsay (Australia)
Los Bronces expansion Copper (Chile)
Sishen Expansion Iron ore
Snap Lake (Canada)
Collahuasi expansion Copper (Chile)
It is anticipated that final Kumba Board
approval to proceed will be sought before the end
of the year
12
Actively managing the asset base
H1 cash acquisitions and disposals (bn)

• Mining acquisitions for cash at current stage in
  the cycle unlikely
  
• But opportunities in IMD/Paper Packaging
• Acquisition of Frantschach minority
• Sale of Gold Fields stake (1.18bn)

13
Cost savings and efficiency improvements 248m
188m
60m
14
REVIEW OF FINANCIALS

• Tony Lea

15
Headline earnings
m H1 04 H1 03 Profit for the financial p
eriod 1,709 760 Exceptional items (535) 7
Amortisation of goodwill 112 98
Related tax minority interests 18 (9) Headl
ine earnings for the financial period 1,304 856
EPS (cents per share) 91 61 DPS (cents per share
) 19 15
ch
125
52
49
27
16
Headline earnings variances
m
17
Headline variance Exchange
Group total -216m
m
18
Headline variance Price
Group total 866m
m
19
Balance sheet
m 30/06/2004 31/12/2003
Shareholders Funds 22,531 19,772
Net Debt South Africa 2,702 3,145
Rest of World 6,028 8,730 5,488 8,633
Minority Interests 4,160
3,396 Total Capital 35,421 31,8
01 Net Debt/Total Capital 24.6 27.
1 ROCE 13.7 10.7 EBITDA/Total Capital 20
.4 17.3
20
Cash flow analysis

H1 04
H1 03 EBITDA 3,433 2,444 Share of EBITDA of JV
s associates (938) (800) Increase in working ca
pital (467) (375) Provisions other non cash 4
7 17 Operating cash flow 2,075 1,286 Dividend
s from JVs associates 147 203
Operating cash flow including dividends from JVs
associates 2,222 1,489 Net interest other d
ividend income (140) (75) Taxation (246) (413)
Disposal of fixed assets 56 40 Available cas
h flow 1,892 1,041 Dividends paid - company m
inorities (686) (739) Net acquisitions dispo
sals 618 (315) Capital expenditure - maintenance
(673) (547) - expansionary (724) (625) 427
(1,185) Other (524) (226) Increase in net de
bt (97) (1,411)
21
REVIEW OF OPERATIONS

• Tony Trahar

22
Highlights Base Metals
Headline earnings up 658 (m)

• Higher prices, acquisitions and new projects
  boost performance
  
• Minera Sur Andes contributes 194m
• Commissioning of Collahuasi Rosario project
  (654m) ahead of schedule and under budget
  
• Skorpion at 85 of design capacity - full
  production set for end 2004
  
• ROCE (annualised) of 23.5

23
Highlights Paper and Packaging
Headline earnings up 10 (m)

• European markets impacted by strong Euro and
  slower growth
  
• Bauernfeind (344m) and Frantschach minority
  (320m) acquired
  
• Structure creation of single global UCWF and
  packaging businesses
  
• Ruzomberok and Mondi SA expansions on track and
  within budget
  
• Previous reporting basis 2004 headline earnings
  of 174m (H1 2003 178m)
  

NBHeadline earnings for Paper and Packaging
have been adjusted for the 6 months ended 30 June
2003 as net interest for wholly owned operations
in Paper and Packaging is now accounted for
centrally within Corporate Archives
24
Highlights Diamonds
Headline earnings down 13 (m)

• Solid performance from De Beers
• DTC sales of 2.98bn up 2
• Operating cashflow of 870m
• Net Debt (including preference shares) reduced by
  34 to 1,169bn
  
• Preference share redemption of 175m
• US Department of Justice settlement in July

25
Highlights Ferrous Metals and Industries
Headline earnings up 405 (m)

• Improved prices for iron ore, steel, manganese,
  ferrochrome and vanadium
  
• Strong performances from Highveld, Scaw and
  Samancor improved results from Boart and Terra
  
• First fully consolidated contribution from
  Kumba
  
• Kumba attractive iron ore growth opportunities

26
Highlights Coal
Headline earnings up 37 (m)

• South African South American earnings up
  significantly (116)
  
• Australian earnings impacted by
• A strength
• Moranbah production resumption in H2
• H2 realised prices higher than H1
• Proposed Western Complex joint venture announced
  in May 2004
  
• Drilling commenced on Xiwan Lease Area (China) on
  1 July 2004

27
Highlights Platinum
Headline earnings up 30 (m)

• Revenues increased due to higher prices and
  greater sales volumes
  
• Platinum production up 26.6 at 1.16m oz
  (excluding pipeline movements, up 7.8)
  
• Cost initiatives gain momentum
• Target of 2.45m oz in 2004 remains on track

28
Highlights Industrial Minerals
Headline earnings stable (m)

• Solid performance despite difficult UK markets
• Strengthening market conditions in Czech
  Republic and Poland
  
• Copebrás operating profit doubled due to market
  strength and contribution from new Goiás plant
  
• New Buxton cement plant (UK) operating at
  capacity

29
Highlights Gold
Headline earnings down 20 (m)

• Lower earnings on the back of strong rand and
  lower production at Morila
  
• Cash costs of 260/oz
• AngloGold Ashanti transaction completed in April
  - integration of assets progressing well
  
• Acquisition of 29.9 stake in Trans-Siberian
  Gold
  

30
Outlook

• Positive global environment for commodities
• US/Japan GDP growth encouraging
• China set for soft landing?
• European growth remains sluggish
• Anglos product and geographic diversity to
  underpin performance

31
ANGLO AMERICANADDING VALUE TO NATURAL RESOURCES

• 5 August 2004

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.
32
ADDITIONAL INFORMATION

• Handout only

33
Key Dates

• Currency Conversion
• Ex-dividend (JSE)
• Ex-dividend (LSE)
• Record date
• Payment of Interim Dividend
• Annual Results

• 2 August 2004
• 16 August 2004
• 18 August 2004
• 20 August 2004
• 21 September 2004
• 23 February 2005

34
Market Prices

• m H1 04 H1 03
• Gold 401 349
• Platinum 850 654
• Palladium 248 207
• Rhodium 696 557
• Copper 125 75
• Nickel 619 379
• Zinc 48 35
• Coal thermal (RSA - API 4 index
  average) 49.15 25.75

35
Headline Earnings Sensitivities
USm 10 change in gold price 36 10
change in platinum price 51
10 change in palladium price 7
10 change in coal price 81
10 change in copper price 77
10 change in nickel price 9
10 change in zinc price 20
10 change in pulp price 4
10 movement in SA rand/US
249 10 movement in AUD/US 29 10 movement
in Euro/US 14 10 movement in /US 1
7
Estimated sensitivities represent 6 month
outlook. Excludes the effect of any hedging
activities. Stated after tax at marginal rate.
Pulp sensitivity depends on recoveries.
36
Projects
Gold Life of mine Production Full Approved
Approved production1 commences prod. capex m2
Mponeng 4.8m oz 2004 2007 191
TauTona - Expansion project 0.5m oz
2004 2006 52 TauTona - VCR A Pillar CL
R Moab Khotsong 4.9m oz 2003 2011 690
Siguri - CIP project 2.1m oz 2005 52
Total 14.7m oz 1,102 Industrial Minerals T
otal additional Production Full Approved
Approved production3 commences prod. capex m
Buxton Cement Plant 500,000 t 2004 2004
173 Copebras 121,000 t 2005 2005 22 Total
195
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 ye
ar amount once full production is reached. Capex
converted at date of project approval.
37
Projects
Platinum Total additional Full Approved
Approved production1 prod. capex m2
ACP Convertor Phase 1 2004 250
PMR Plant Expansion 2005
121 Rustenburg UG2 Phase 1 360,000 oz
2007 210 Bafokeng Rasimone Mine (BRPM)
250,000 oz 2005 317
W. Limb Tailings Retreatment 120,000
oz 2008 186 Rustenburg UG2 Phase 23 3
06,000 oz 2009 444
Twickenham 160,000 oz 2009 343
Kroondal 280,000 oz 2006 138
Unki 58,000 oz 2008 84
Total 2,093
Meet expansion
1 Incremental production is a per year amount
once full production is reached.
2 Capex converted at date of project approval.
3 Replacement ounces.
38
Projects
Coal Total additional Production Full Approved
Approved production1 commences prod. capex m2
Kleinkopje Expansion 1.3m tpa
2004 2004 56 Greenside Expansion 1.0m tpa
2003 2004 17 Cerrejón 2.0m t
pa 2005 2007 17 Isibonelo 5.0
m tpa 2005 2006 65
German Creek - Capcoal (Grasstree)2 3.9m tpa
2006 2006 106 Dartbrook (Kayuga) 3.7m tpa
2004 2004 55 Total 16.9m tpa
316 Base Metals Total additional Production
Full Approved Approved production commences pro
d. capex m HBMS 777 Project3 2003 2004
276 Black Mountain Deeps 2004 2006
110 Collahuasi Rosario Project 2004 2004
288 Skorpion 150,000 t Zn 2003 2004
454 El Soldado pit extension4 2008 2008 80 Co
demin II 4,000 t Ni 2005 2005 67
Total 1,275
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. 4 Extends El Solda
do life to 2027
39
Projects
Paper and Packaging Total additional Production Fu
ll Approved Approved production1 commences prod.
capex m1 Ruzomberok Pulp Mill 105,000 t
2004 2005 129 Ruzomberok PM18 Expansio
n 100,000 t 2003 2004 104
Richards Bay BEKP Line 145,000 t
2004 2005 235 Merebank PM31 Rebuild 16
0,000 t 2005 2006 150
Total 618 Total converting Produ
ction Full Approved Approved capacity3 commences
prod. capex m Ybbstal Flex 05 60,000 t³
2004 2005 51 Total 51
1 Incremental production is a per year amount
once full production is reached. Capex converted
at date of project approval. 2 Made up of 20,000
t pulp and 10,000t paper. 3 60,000 t increase in
cut size capacity plus 16,000t additional
production of UCWF paper.
40
Projects
Diamonds Total additional Production Full Approved
Current projects production1 commences prod. ca
pex m2 Finsch Block 4 17m carats 2004
2006 130 BB1E Cullinan 5m carats
2004 2007 12 Elizabeth Bay Upgrade
2m carats 2004 2004 27
Total 24m carats 169
Estimated Under review / await
ing approval capex m2 C-Cut Cullinan 97m
carats 2009 2014 473
C-Cut BA West Lower Cullinan 18m carats
2009 2012 45 Finsch Block 5 1
6m carats 2009 2010 180
Finsch Plant Upgrade 2m carats
2006 2007 32 Snap Lake 19m carats
2007 2008 282 Victor 6m carats
2008 2008 321 Total 158m carats 1,33
3
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).
41
Projects
Ferrous Metals and Industries Total additional
Production Full Approved Approved production1 co
mmences prod. capex m1 Sishen up current class
ifier 1 000 ktpa 2004 2004 13
Ticor Mineral Sands Furnace 1 125 kt slag
2003 2006 137 Ticor Mineral Sands Furnac
e 2 125 kt slag 2003 2007 54
Total 204 Estimated Await
ing approval capex m Hope Downs 25 mtpa Sis
hen Expansion 10 mtpa -
Sishen South 9 mtpa 300

• Incremental production is a per year amount once
  full production is reached. Capex converted at
  date of project approval.

42
Analysis of Headline Earnings

• m H1 04 H1 03
• Platinum 139 107
• Gold 66 82
• Diamonds 217 248
• Coal 147 107
• Base Metals 455 60
• Industrial Minerals 114 113
• Paper and Packaging¹ 226 205
• Ferrous Metals 207 41
• Exploration (42) (39)
• Corporate Activities¹² (225) (68)
• Headline Earnings 1,304 856

¹Headline earnings for Paper and Packaging have
been adjusted for the 6 months ended 30 June 2003
as net interest for wholly owned operations in
Paper and Packaging is now accounted for
centrally within Corporate Activities
² Includes Gold Fields
43
Analysis of Operating Profit

• m H1 04 H1 03
• Platinum 320 204
• Gold 133 180
• Diamonds 350 378
• Coal 196 172
• Base Metals 565 98
• Industrial Minerals 145 136
• Paper and Packaging 320 357
• Ferrous Metals and Industries 387 104
• Exploration (56) (50)
• Corporate Activities1 (112) (45)
• Operating Profit2 2,248 1,534

1 includes Gold Fields. 2 after operating exce
ptional items.
44
Capital Expenditure

• m H1 04 H1 03
• Platinum 292 394
• Gold 227 117
• Coal 64 74
• Base Metals 127 155
• Industrial Minerals 127 136
• Paper and Packaging 409 233
• Ferrous Metals and Industries 144 59
• Other 7 4
• Total 1,397 1,172

45
Headline variance Volume
Group total 75m
m
46
Operating Profit Variance
Operating profit after operating exceptional items
m
47
Regional Analysis
Operating profit

• m H1 04 H1 03
• South Africa 777 548
• Rest of Africa 241 299
• Europe 416 409
• Americas 723 187
• Australasia 91 91
• 2,248 1,534

48
Operating Cost Reconciliation
Subsidiary JV Operating Costs
m H1 2003 operating costs Subsidi
aries (7,979) JVs (share of turnover less oper
ating profit) (386) (8,365)
Inflation (247)
Exchange (945)
Volume (279) Depreciation amortisati
on (81) Structural changes (775)
Operating impairments 12
Costs higher than inflation other
(176) H1 2004 operating costs before cost savings
(10,856) Cost saving initiat
ives 248 H1 2004 Operating costs
Subsidiaries (10,279) JVs (share
of turnover less operating profit) (329)
(10,608)
49
Anglo Platinum Reconciliation

• m
• IAS net profit (published) 217
• STC adjustment (9)
• Movement on unrealised profit on FECs (9)
• Exploration 11
• Profit on assets exchanged not recognised for UK
  GAAP (10)
  
• Net exceptional items 22
• Weighted average exchange impact 3
• Other 4
• 229
• Minority interest (58)
• Depreciation on assets revalued on acquisition
  (32)
  
• UK GAAP contribution to headline earnings 139

50
AngloGold Ashanti Reconciliation

• m
• IAS Headline earnings (published)1 111
• Exploration (excluding joint ventures) 19
• Amortisation on bond discount 5
• Depreciation on assets revalued on
  acquisition (5)
  
• Minority interest (64)
• UK GAAP contribution to headline earnings 66

1 Before unrealised non-hedge derivatives and
fair value losses on interest rate swaps
51
De Beers Reconciliation
Ordinary Preference m Total shares
shares DBI headline earnings IFRS (1
00) 424 - - GAAP adjustments (14)
- - DBI headline earnings - UK GAAP (
100) 410 357 53
AA plcs 45 ordinary share interest 161
161 - Additional 3.65 ordinary share interest
13 13 - AA plcs portion of preferen
ce shares 43 - 43
AA plc headline earnings 217 174
43
52
EBITDA by Business H1 04
Operating Profit Exclude Add Back Add
Back Add Back JVs m (incl JVs Exceptional
Subsidiaries Subsidiaries Associates
Associates) Items Depreciation Amortisation De
pr. Amort. EBITDA Platinum 320 - 149 8 2 479 G
old 133 - 143 18 23 317 Diamonds 350 - - - 45 395
Coal 196 - 68 2 20 286 Base Metals 565 - 118 -
35 718 Industrial Minerals 145 - 105 30 1 281 Pa
per Packaging 320 - 184 14 14 532
Ferrous Metals Industries 387 - 127 3 46 563
Other (168) - 7 12 11 (138) Total 2,248 - 901 87
197 3,433
53
EBITDA by Business H1 03
Operating Profit Exclude Add Back Add
Back Add Back JVs m (incl JVs Exceptional
Subsidiaries Subsidiaries Associates
Associates) Items Depreciation Amortisation De
pr. Amort. EBITDA Platinum 204 90 8 1 303 Gol
d 180 12 87 16 28 323 Diamonds 378 - - 33 411 C
oal 172 64 2 18 256 Base Metals 98 109 - 28 235
Industrial Minerals 136 86 26 2 250 Paper Pa
ckaging 357 148 9 9 523 Ferrous Metals Industr
ies 104 43 3 54 204 Other (95) 6 11 17 (61) To
tal 1,534 12 633 75 190 2,444
54
ANGLO AMERICANADDING VALUE TO NATURAL RESOURCES

• 5 August 2004