Our Origins

1
Our Origins
Witwatersrand Basin
2
The Problems

• Margin squeeze
• Low productivity
• Growth limitations
• Complex corporate structures

3
The Worlds Best Gold Company

• Emphasis on
• Growth
• Earnings, dividends

4
Our Core Objectives

• Competitive current production
• Growth prospects for future production
• Right company structure for new times

5
Our Strategy

• Cash cost and productivity targets
• Sell/close unproductive shafts
• Productivity linked wage deals
• Manpower and mining innovations

6
Productivity Improvements
7
The Elandsrand Example
8
Spreading The Message
9
Cash Cost Improvements
10
Cash CostsWhere We Rank Globally
1998 Cash Costs (US)
Source Merrill Lynch
11
Growth in South Africa
12
Global Growth
13
Navachab and Sadiola
Sadiola JV1998 gold production 177 000 ozCash
cost 115 US/0z Resources including
reserves 3.3 m oz
Navachab1998 gold production 36 000 oz Cash
cost 277 US/0zResources including
reserves 2.3 m oz
Sadiola JV
Navachab
14
African Exploration
15
The Worlds Biggest Gold Company
Production 1998 (Koz)
Reserves 1998 (Moz)
Source Merrill Lynch
16
Life of Mine Gold Production
7000
6000
5000
4000
ANNUAL PRODUCTION, '000 oz
3000
2000
1000
0
1998
2000
2002
2004
2006
2008
2010
2012
2014
2016
2018
2020
2022
2024
2026
2028
2030
2032
YEARS
17
Corporate Structure Post Anglogold Merger
ANGLOGOLD
21,1
100
DRIEFONTEIN
SA OPERATIONS
MINERAL RIGHTS
18
Large Market CapitalisationUS bn
Source Merrill Lynch
19
Adjusted Market Capitalisation
US m/oz of reserves
20
Good Half Year Pro Forma Earnings
Based on a convenience translation from Rand to
US dollars at the average rate for the period -
5.92
21
Strong Balance Sheet
Based on a convenience translation from Rand to
US dollars at the average rate for the period -
5.92
22
ANGLOGOLD SHARE PRICE vs INTERNATIONAL INDICES
23
ANGLOGOLD SHARE PRICE vs INTERNATIONAL INDICES
24
The Future

• Competitive production
• Growth
• Exploration
• Acquisition
• JVs
• Market development

25
IN GOLD WE TRUST