ANGLO AMERICAN MEETING THE WORLDS NEEDS

1
ANGLO AMERICANMEETING THE WORLDS NEEDS

• 28 February 2005

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 results - Headline earnings up 59 at
  2,689m
• Cash generation (EBITDA) up by 2.3bn to 7,110m
• Total dividend up 30 at 70c per share
• Record performances from Base and Ferrous Metals
• 1.5bn of projects completed 4.7bn project
  pipeline on track
• Ongoing optimisation of asset base 2.1bn of
  disposals
• Record level of cost cutting and efficiencies of
  554m

3
Headline earnings by business unit
6
9
12
18
6
10
25
14
14
23
13
10
16
14
12
39
2003
2004
Platinum
Gold
Diamonds
Coal
Base Metals
Industrial Minerals
Paper and Packaging
Ferrous and Industries
4
Balance sheet
m 31/12/2004 31/12/2003 Shareholders
Funds 24,998 19,772 Net Debt South
Africa 3,337 3,145 Rest of
World 4,784 8,121 5,488 8,633
Minority Interests 4,620
3,396 Total Capital 37,739 31,801 Net
Debt/Total Capital 21.5 27.1 ROCE
13.4 10.7 EBITDA/Total Capital 20.4
17.3
5
EBITDA increases across the Group
1,626m
1,249m
996m
867m
701m
688m
686m
624m
12
36
8
9
29
2
183
186
6
2004 Improved cashflow returns
Cash flow return
Group 20.4
Group 17.3
2004
2003
Cash flow return is EBITDA divided by average
total capital. 100 basis.
7
Our strategy for growth
GROWTH THROUGH PROJECTS
GROWTH THROUGH ACQUISITIONS
VALUE FROM COST CUTTING AND EFFICIENCIES
8
Successful project execution
GROWTH THROUGH PROJECTS

• Commenced commissioning in March 2004
• Under budget
• Expected to achieve design capacity (800,000tpa)
  well ahead of schedule

Collahuasi Rosario Copper
Skorpion Zinc
454m
288m
Buxton Cement

• Commissioned in April 2004
• Under budget and ahead of schedule
• Achieved design capacity in Q3 2004

• Worlds first solvent extraction treatment plant
  for zinc ore
• Under budget
• Commercial production commenced in May 2004
• 95 of design capacity in December 2004

173m
?
?
?
9
Successful project execution
GROWTH THROUGH PROJECTS
Ruzomberok Pulp and Paper

• Fully commissioned ahead of schedule during 2004
• Improved smelting recoveries and unit cost
  reduction

233m
ACP Platinum

• 233m paper and pulp expansion completed end 2004
• Additional 110,000t of paper and 105,000t of pulp

250m
?
?
10
Substantial long term project portfolio
APPROVED 4.7bn
UNAPPROVED 8bn
GROWTH THROUGH PROJECTS
QUELLAVECO Copper
SISHEN SOUTH Iron ore
OBUASI DEEPS Gold
MEREBANK 174m
COLLAHUASI EXPANSION Copper
SIGUIRI 52m
ISIBONELO 65m
RICHARDS BAY 235m
W.L. TAILINGS 186m
GAMSBERG Zinc
MORRO SEM BONE Nickel
TICOR 2 54m
INYANDA 30m
FINSCH 130m
RPM PH 2 444m
CERREJÓN 50m
COPEBRAS 22m
WESTERN COMPLEX Coal
EL SOLDADO 80m
BARRO ALTO Nickel
BLACK MTN 110m
KROONDAL 138m
CUIABÁ 121m
LAKE LINDSAY Coal
MPONENG 191m
PMR Expan. 121m
MOAB KHOTSONG 690m
LOS BRONCES EXPANSION Copper
CHAGRES 21m
TICOR 1 137m
DAWSON 333m
TWICKENHAM 343m
VICTOR Diamonds
RPM PH 1 210m
GROOTEGELUK 55m
CODEMIN 2 67m
UNKI 84m
GRASSTREE 106m
SNAP LAKE Diamonds
SISHEN EXPANSION Iron ore
2005
2006
2007
2008
Selected major authorised projects. Unapproved
projects unshaded. 100 of subsidiaries and AA
plcs share of JVs and associates. Full
production dates. Platinum projects are subject
to change as part of ongoing reviews of the
project programme
11
Transforming the asset base
GROWTH THROUGH ACQUISITIONS
15bn acquired
Mantos Blancos minorities
Frantschach minority
Anglo Platinum (1999-2004)
Coal Colombia and CDG
AngloGold (1999-2004)
Bauernfeind
Copamex
La Rochette
Assi Sacks
Shell Coal
Disputada
Syktyvkar
Kumba
Ruzomberok
Ashanti
De Beers
Tarmac
Danisco
CZN
1999
2005
AECI
Salobo
Avmin
Avgold
HBMS
Polifin
Anaconda
Nkomati
Johnnic
SA Eagle
Billiton
Aracruz
Li Fung (2000-2003)
FirstRand (2000-2004)
Gold Fields
SA Breweries
Terra Industries
Samancor Chrome
9bn non-core sales
Selected acquisitions and disposals. 2004/5
transactions in bold type
12
Record cost savings and efficiencies
1.2bn since 2002
VALUE FROM COST CUTTING AND EFFICIENCIES
250m
TARGETED
2002
279m
ACHIEVED
200m
TARGETED
2003
335m
ACHIEVED
250m
TARGETED
2004
554m
ACHIEVED
350m
2005
TARGETED
13
2004 Cost savings from all operations
VALUE FROM COST CUTTING AND EFFICIENCIES
554m.. Offsetting real cash cost increases
m
160
144m
140
120
103m
100
80m
80
63m
64m
51m
47m
60
40
20
0
Platinum
Gold
Coal
Base Metals
Industrial
Paper and
Ferrous and
Minerals
Packaging
Industries
Total also includes 2m of Corporate and
Exploration savings
14
Outlook

• Positive global environment for commodities
• China growth story continues but OECD leading
  indicators point to a slower pace of growth
• Weak US dollar actively managing the cost base
• Anglos product and geographic diversity, organic
  growth and strong cash generation to underpin
  performance

15
ANGLO AMERICAN MEETING THE WORLDS NEEDS

• 23 February 2005

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.