SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION

AngloGold Ashanti Holdings plc (“IOMco”), a 100 percent wholly-owned subsidiary of AngloGold Ashanti Limited, has issued debt securities which are fully and unconditionally guaranteed by AngloGold Ashanti Limited (being the “Guarantor”). See Note 26 and Note 34. IOMco is an Isle of Man registered company that holds certain of AngloGold Ashanti’s operations and assets located outside South Africa (excluding certain operations and assets in the United States of America). The following is condensed consolidating financial information for the Company as of 31 December 2019, 2018 and 2017 and for the years ended 31 December 2019, 2018 and 2017, with a separate column for each of AngloGold Ashanti Limited as Guarantor, IOMco as Issuer and the other subsidiaries of the Company combined (the “Non-Guarantor Subsidiaries”). For the purposes of the condensed consolidating financial information, the Company carries its investments under the equity method. The following supplemental condensed consolidating financial information should be read in conjunction with the Company’s condensed consolidated financial statements.



Figures in millions (US dollars)	2019		2019		2019		2019		2019
Condensed consolidating income statement	AngloGold Ashanti (the “Guarantor”)		IOMco (the “Issuer”)		Other subsidiaries (the “Non-Guarantor Subsidiaries”)		Consolidation adjustments		Total
Revenue from product sales	—		—		3,525		—		3,525
Cost of sales	(1	)	—		(2,625	)	—		(2,626	)
Gain (loss) on non-hedge derivatives and other commodity contracts	—		—		5		—		5
Gross profit (loss)	(1	)	—		905		—		904
Corporate administration, marketing and other income (expenses)	(41	)	(6	)	(17	)	(18	)	(82	)
Exploration and evaluation costs	—		—		(112	)	—		(112	)
Impairment, derecognition of assets and profit (loss) on disposal	—		(3	)	(6	)	3		(6	)
Other income (expenses)	(10	)	3		135		(211	)	(83	)
Operating profit (loss)	(52	)	(6	)	905		(226	)	621
Interest income	3		6		5		—		14
Foreign exchange losses	—		(4	)	(8	)	—		(12	)
Finance costs and unwinding of obligations	(16	)	(106	)	(56	)	6		(172	)
Share of associates and joint ventures’ profit (loss)	—		—		154		14		168
Equity gain (loss) in subsidiaries	302		815		—		(1,117	)	—
Profit (loss) before taxation	237		705		1,000		(1,323	)	619
Taxation	32		—		(282	)	—		(250	)
Profit (loss) after taxation from continuing operations	269		705		718		(1,323	)	369
Discontinued operations
Profit (loss) from discontinued operations	(281	)	—		(95	)	—		(376	)
Profit (loss) for the period	(12	)	705		623		(1,323	)	(7	)
Allocated as follows:
Equity shareholders
- Continuing operations	269		705		713		(1,323	)	364
- Discontinued operations	(281	)	—		(95	)	—		(376	)
Non-controlling interests
- Continuing operations	—		—		5		—		5
	(12	)	705		623		(1,323	)	(7	)
Comprehensive income (loss)	2		717		618		(1,330	)	7
Comprehensive (income) loss attributable to non-controlling interests	—		—		(5	)	—		(5	)
Comprehensive income (loss) attributable to AngloGold Ashanti	2		717		613		(1,330	)	2



Figures in millions (US dollars)	2018		2018		2018		2018		2018
Condensed consolidating income statement (restated)	AngloGold Ashanti (the “Guarantor”)		IOMco (the “Issuer”)		Other subsidiaries (the “Non-Guarantor Subsidiaries”)		Consolidation adjustments		Total
Revenue from product sales	—		—		3,336		—		3,336
Cost of sales	(2	)	—		(2,582	)	—		(2,584	)
Gain (loss) on non-hedge derivatives and other commodity contracts	—		—		(2	)	—		(2	)
Gross profit (loss)	(2	)	—		752		—		750
Corporate administration, marketing and other income (expenses)	(12	)	(20	)	(13	)	(31	)	(76	)
Exploration and evaluation costs	—		—		(98	)	—		(98	)
Impairment, derecognition of assets and profit (loss) on disposal	—		1		(9	)	1		(7	)
Other income (expenses)	(10	)	10		(70	)	(9	)	(79	)
Operating profit (loss)	(24	)	(9	)	562		(39	)	490
Interest income	—		4		4		—		8
Dividend received	2		—		—		—		2
Foreign exchange losses	—		(6	)	(3	)	—		(9	)
Finance costs and unwinding of obligations	(16	)	(107	)	(45	)	—		(168	)
Share of associates and joint ventures’ profit (loss)	5		—		108		9		122
Equity gain (loss) in subsidiaries	142		490		—		(632	)	—
Profit (loss) before taxation	109		372		626		(662	)	445
Taxation	23		—		(235	)	—		(212	)
Profit (loss) after taxation from continuing operations	132		372		391		(662	)	233
Discontinued operations
Profit (loss) from discontinued operations	1		—		(84	)	—		(83	)
Profit (loss) for the period	133		372		307		(662	)	150

Allocated as follows:
Equity shareholders
- Continuing operations	132		372		374		(662	)	216
- Discontinued operations	1		—		(84	)	—		(83	)
Non-controlling interests
- Continuing operations	—		—		17		—		17
	133		372		307		(662	)	150
Comprehensive income (loss)	(8	)	320		301		(604	)	9
Comprehensive (income) loss attributable to non-controlling interests	—		—		(17	)	—		(17	)
Comprehensive income (loss) attributable to AngloGold Ashanti	(8	)	320		284		(604	)	(8	)



Figures in millions (US dollars)	2017		2017		2017		2017		2017
Condensed consolidating income statement (restated)	AngloGold Ashanti (the “Guarantor”)		IOMco (the “Issuer”)		Other subsidiaries (the “Non-Guarantor Subsidiaries”)		Consolidation adjustments		Total
Revenue from product sales	—		—		3,424		(30	)	3,394
Cost of sales	(2	)	—		(2,606	)	1		(2,607	)
Gain (loss) on non-hedge derivatives and other commodity contracts	—		—		—		—		—
Gross profit (loss)	(2	)	—		818		(29	)	787
Corporate administration, marketing and other income (expenses)	(7	)	(7	)	(2	)	(48	)	(64	)
Exploration and evaluation costs	(1	)	—		(104	)	—		(105	)
Impairment, derecognition of assets and profit (loss) on disposal	—		2		(4	)	—		(2	)
Other income (expenses)	(71	)	(8	)	(79	)	8		(150	)
Operating profit (loss)	(81	)	(13	)	629		(69	)	466
Interest income	1		3		4		—		8
Foreign exchange losses	—		1		(12	)	—		(11	)
Finance costs and unwinding of obligations	(14	)	(107	)	(36	)	—		(157	)
Share of associates and joint ventures’ profit (loss)	13		—		9		—		22
Equity gain (loss) in subsidiaries	212		447		—		(659	)	—
Profit (loss) before taxation	131		331		594		(728	)	328
Taxation	32		—		(195	)	—		(163	)
Profit (loss) after taxation from continuing operations	163		331		399		(728	)	165
Discontinued operations
Profit (loss) from discontinued operations	(324	)	—		(12	)	—		(336	)
Profit (loss) after discontinued operations	(161	)	331		387		(728	)	(171	)
Preferred stock dividends	(30	)	—		—		30		—
Profit (loss) for the period	(191	)	331		387		(698	)	(171	)

Allocated as follows:
Equity shareholders
- Continuing operations	133		331		379		(698	)	145
- Discontinued operations	(324	)	—		(12	)	—		(336	)
Non-controlling interests
- Continuing operations	—		—		20		—		20
	(191	)	331		387		(698	)	(171	)
Comprehensive income (loss)	(37	)	365		422		(767	)	(17	)
Comprehensive (income) loss attributable to non-controlling interests	—		—		(20	)	—		(20	)
Comprehensive income (loss) attributable to AngloGold Ashanti	(37	)	365		402		(767	)	(37	)



Figures in millions (US dollars)	2019		2019		2019	2019		2019
Condensed consolidating statement of financial position	AngloGold Ashanti (the “Guarantor”)		IOMco (the “Issuer”)		Other subsidiaries (the “Non-Guarantor Subsidiaries”)	Consolidation adjustments		Total
ASSETS
Non-current assets
Tangible and right of use assets	4		—		2,740	6		2,750
Intangible assets	1		—		123	(1	)	123
Investments in subsidiaries, associates and joint ventures	2,646		4,612		1,459	(7,136	)	1,581
Other investments	2		2		74	(2	)	76
Inventories	—		—		93	—		93
Trade and other receivables	—		29		122	(29	)	122
Deferred taxation	105		—		—	—		105
Cash restricted for use	—		—		31	—		31
	2,758		4,643		4,642	(7,162	)	4,881
Current assets
Other investments	—		10		—	—		10
Inventories, trade and other receivables, intergroup balances and other current assets	333		619		1,247	(1,317	)	882
Cash restricted for use	—		—		33	—		33
Cash and cash equivalents	12		102		342	—		456
	345		731		1,622	(1,317	)	1,381
Assets held for sale	253		—		348	—		601
	598		731		1,970	(1,317	)	1,982

Total assets	3,356		5,374		6,612	(8,479	)	6,863

EQUITY AND LIABILITIES
Share capital and premium	7,199		6,096		837	(6,933	)	7,199
Retained earnings (accumulated losses) and other reserves	(4,559	)	(2,715	)	1,668	1,047		(4,559	)
Shareholders’ equity	2,640		3,381		2,505	(5,886	)	2,640
Non-controlling interests	—		—		36	—		36
Total equity	2,640		3,381		2,541	(5,886	)	2,676

Non-current liabilities	225		1,031		1,222	—		2,478
Current liabilities including intergroup balances	401		962		2,667	(2,593	)	1,437
Liabilities held for sale	90		—		182	—		272
Total liabilities	716		1,993		4,071	(2,593	)	4,187
Total equity and liabilities	3,356		5,374		6,612	(8,479	)	6,863



Figures in millions (US dollars)	2018		2018		2018	2018		2018
Condensed consolidating statement of financial position	AngloGold Ashanti (the “Guarantor”)		IOMco (the “Issuer”)		Other subsidiaries (the “Non-Guarantor Subsidiaries”)	Consolidation adjustments		Total
ASSETS
Non-current assets
Tangible assets	625		—		2,756	—		3,381
Intangible assets	1		—		123	(1	)	123
Investments in subsidiaries, associates and joint ventures	2,383		4,255		1,398	(6,508	)	1,528
Other investments	2		3		138	(2	)	141
Inventories	1		—		105	—		106
Trade and other receivables	—		29		102	(29	)	102
Cash restricted for use	—		—		35	—		35
	3,012		4,287		4,657	(6,540	)	5,416
Current assets
Other investments	—		6		—	—		6
Inventories, trade and other receivables, intergroup balances and other current assets	390		416		1,166	(1,111	)	861
Cash restricted for use	—		—		31	—		31
Cash and cash equivalents	7		97		225	—		329
	397		519		1,422	(1,111	)	1,227

Total assets	3,409		4,806		6,079	(7,651	)	6,643
EQUITY AND LIABILITIES
Share capital and premium	7,171		6,096		821	(6,917	)	7,171
Retained earnings (accumulated losses) and other reserves	(4,519	)	(3,310	)	1,406	1,904		(4,519	)
Shareholders’ equity	2,652		2,786		2,227	(5,013	)	2,652
Non-controlling interests	—		—		42	—		42
Total equity	2,652		2,786		2,269	(5,013	)	2,694

Non-current liabilities	319		1,734		1,103	—		3,156
Current liabilities including intergroup balances	438		286		2,707	(2,638	)	793
Total liabilities	757		2,020		3,810	(2,638	)	3,949
Total equity and liabilities	3,409		4,806		6,079	(7,651	)	6,643



Figures in millions (US dollars)	2017		2017		2017	2017		2017
Condensed consolidating statement of financial position	AngloGold Ashanti (the “Guarantor”)		IOMco (the “Issuer”)		Other subsidiaries (the “Non-Guarantor Subsidiaries”)	Consolidation adjustments		Total
ASSETS
Non-current assets
Tangible assets	739		—		3,003	—		3,742
Intangible assets	1		—		139	(2	)	138
Investments in subsidiaries, associates and joint ventures	2,371		4,376		1,371	(6,611	)	1,507
Other investments	2		6		125	(2	)	131
Inventories	—		—		100	—		100
Trade and other receivables	—		29		67	(29	)	67
Deferred taxation	—		—		4	—		4
Cash restricted for use	—		—		37	—		37
	3,113		4,411		4,846	(6,644	)	5,726
Current assets
Other investments	—		6		1	—		7
Inventories, trade and other receivables, intergroup balances and other current assets	471		145		1,166	(877	)	905
Cash restricted for use	—		1		27	—		28
Cash and cash equivalents	11		21		173	—		205
	482		173		1,367	(877	)	1,145
Assets held for sale	310		—		38	—		348
	792		173		1,405	(877	)	1,493

Total assets	3,905		4,584		6,251	(7,521	)	7,219
EQUITY AND LIABILITIES
Share capital and premium	7,134		6,096		824	(6,920	)	7,134
Retained earnings (accumulated losses) and other reserves	(4,471	)	(3,491	)	1,619	1,872		(4,471	)
Shareholders’ equity	2,663		2,605		2,443	(5,048	)	2,663
Non-controlling interests	—		—		41	—		41
Total equity	2,663		2,605		2,484	(5,048	)	2,704

Non-current liabilities	527		1,764		1,369	—		3,660
Current liabilities including intergroup balances	591		215		2,396	(2,473	)	729
Liabilities held for sale	124		—		2	—		126
Total liabilities	1,242		1,979		3,767	(2,473	)	4,515
Total equity and liabilities	3,905		4,584		6,251	(7,521	)	7,219



Figures in millions (US dollars)	2019		2019		2019		2019		2019
Condensed consolidating statement of cash flow	AngloGold Ashanti (the “Guarantor”)		IOMco (the “Issuer”)		Other subsidiaries (the “Non-Guarantor Subsidiaries”)		Consolidation adjustments		Total
Cash flows from operating activities
Cash generated from (used by) operations	(59	)	(8	)	1,165		4		1,102
Net movement in intergroup receivables and payables	35		(205	)	177		(7	)	—
Dividends received from joint ventures	—		77		—		—		77
Taxation refund	—		—		7		—		7
Taxation paid	—		—		(228	)	—		(228	)
Net cash inflow (outflow) from operating activities from continuing operations	(24	)	(136	)	1,121		(3	)	958
Net cash inflow (outflow) from operating activities from discontinued operations	58		—		31		—		89
Net cash inflow (outflow) from operating activities	34		(136	)	1,152		(3	)	1,047
Cash flows from investing activities
Capital expenditure	—		—		(703	)	—		(703	)
Interest capitalised and paid	—		—		—		(6	)	(6	)
Proceeds from disposal of tangible assets	—		—		3		—		3
Other investments acquired	—		—		(9	)	—		(9	)
Proceeds from disposal of other investments	—		—		3		—		3
Investments in associates and joint ventures	—		—		(5	)	—		(5	)
Net loans repaid by (advanced to) associates and joint ventures	17		4		(1	)	—		20
Disposal (acquisition) of subsidiaries	—		(8	)	8		—		—
Increase in investment in subsidiary	(16	)	—		—		16		—
Interest received	3		5		6		—		14
Net cash inflow (outflow) from investing activities from continuing operations	4		1		(698	)	10		(683	)
Net cash inflow (outflow) from investing activities from discontinued operations	(46	)	—		(8	)	—		(54	)
Cash in subsidiaries sold and transferred to held for sale	—		—		(6	)	—		(6	)
Net cash inflow (outflow) from investing activities	(42	)	1		(712	)	10		(743	)
Cash flows from financing activities
Increase in share capital	—		—		16		(16	)	—
Proceeds from borrowings	130		—		38		—		168
Repayment of borrowings	(124	)	—		(41	)	—		(165	)
Finance costs paid	(10	)	(102	)	(31	)	6		(137	)
Bond settlement premium, RCF and bond transaction costs	—		—		—		—		—
Dividends paid	(28	)	—		(15	)	—		(43	)
Intergroup dividends received (paid)	44		242		(286	)	—		—
Net cash inflow (outflow) from financing activities from continuing operations	12		140		(319	)	(10	)	(177	)
Net cash inflow (outflow) from financing activities from discontinued operations	—		—		—		—		—
Net cash inflow (outflow) from financing activities	12		140		(319	)	(10	)	(177	)
Net increase (decrease) in cash and cash equivalents	4		5		121		(3	)	127
Translation	1		—		(4	)	3		—
Cash and cash equivalents at beginning of year	7		97		225		—		329
Cash and cash equivalents at end of year	12		102		342		—		456



Figures in millions (US dollars)	2018		2018		2018		2018		2018
Condensed consolidating statement of cash flow (restated)	AngloGold Ashanti (the “Guarantor”)		IOMco (the “Issuer”)		Other subsidiaries (the “Non-Guarantor Subsidiaries”)		Consolidation adjustments		Total
Cash flows from operating activities
Cash generated from (used by) operations	(93	)	(18	)	1,034		8		931
Net movement in intergroup receivables and payables	73		(215	)	130		12		—
Dividends received from joint ventures	—		91		—		—		91
Taxation refund	—		—		5		—		5
Taxation paid	—		—		(171	)	—		(171	)
Net cash inflow (outflow) from operating activities from continuing operations	(20	)	(142	)	998		20		856
Net cash inflow (outflow) from operating activities from discontinued operations	(27	)	—		28		—		1
Net cash inflow (outflow) from operating activities	(47	)	(142	)	1,026		20		857
Cash flows from investing activities
Capital expenditure	—		—		(575	)	—		(575	)
Proceeds from disposal of tangible assets	—		—		4		6		10
Dividends from other investments	2		—		—		—		2
Other investments acquired	—		—		(13	)	—		(13	)
Proceeds from disposal of other investments	—		—		7		—		7
Investments in associates and joint ventures	—		—		(8	)	—		(8	)
Net loans repaid by (advanced to) associates and joint ventures	9		10		(2	)	—		17
Disposal (acquisition) of subsidiaries	—		(7	)	7		—		—
Decrease (increase) in cash restricted for use	—		1		(6	)	(1	)	(6	)
Interest received	—		1		4		—		5
Net cash inflow (outflow) from investing activities from continuing operations	11		5		(582	)	5		(561	)
Net cash inflow (outflow) from investing activities from discontinued operations	207		—		19		—		226
Net cash inflow (outflow) from investing activities	218		5		(563	)	5		(335	)
Cash flows from financing activities
Proceeds from borrowings	407		45		301		—		753
Repayment of borrowings	(570	)	(80	)	(317	)	—		(967	)
Finance costs paid	(12	)	(102	)	(16	)	—		(130	)
Bond settlement premium, RCF and bond transaction costs	—		(10	)	—		—		(10	)
Dividends paid	(24	)	—		(15	)	—		(39	)
Intergroup dividends received (paid)	25		360		(386	)	1		—
Net cash inflow (outflow) from financing activities from continuing operations	(174	)	213		(433	)	1		(393	)
Net cash inflow (outflow) from financing activities from discontinued operations	—		—		—		—		—
Net cash inflow (outflow) from financing activities	(174	)	213		(433	)	1		(393	)
Net increase (decrease) in cash and cash equivalents	(3	)	76		30		26		129
Translation	(1	)	—		22		(26	)	(5	)
Cash and cash equivalents at beginning of year	11		21		173		—		205
Cash and cash equivalents at end of year	7		97		225		—		329



Figures in millions (US dollars)	2017		2017		2017		2017		2017
Condensed consolidating statement of cash flow (restated)	AngloGold Ashanti (the “Guarantor”)		IOMco (the “Issuer”)		Other subsidiaries (the “Non-Guarantor Subsidiaries”)		Consolidation adjustments		Total
Cash flows from operating activities
Cash generated from (used by) operations	(61	)	(15	)	1,140		3		1,067
Net movement in intergroup receivables and payables	10		(102	)	123		(31	)	—
Dividends received from joint ventures	—		6		—		—		6
Taxation refund	3		—		11		—		14
Taxation paid	—		—		(174	)	—		(174	)
Net cash inflow (outflow) from operating activities from continuing operations	(48	)	(111	)	1,100		(28	)	913
Net cash inflow (outflow) from operating activities from discontinued operations	56		—		28		—		84
Net cash inflow (outflow) from operating activities	8		(111	)	1,128		(28	)	997
Cash flows from investing activities
Capital expenditure	(1	)	—		(674	)	—		(675	)
Proceeds from disposal of tangible assets	—		—		3		—		3
Other investments acquired	—		(5	)	(3	)	—		(8	)
Proceeds from disposal of other investments	—		—		—		3		3
Investments in associates and joint ventures	—		(15	)	(14	)	2		(27	)
Net loans repaid by (advanced to) associates and joint ventures	—		(6	)	2		(2	)	(6	)
Reduction in investment in subsidiary	42		—		—		(42	)	—
Disposal (acquisition) of subsidiaries	—		(2	)	2		—		—
Decrease (increase) in cash restricted for use	—		—		(8	)	—		(8	)
Interest received	—		3		4		—		7
Net cash inflow (outflow) from investing activities from continuing operations	41		(25	)	(688	)	(39	)	(711	)
Net cash inflow (outflow) from investing activities from discontinued operations	(139	)	—		(12	)	—		(151	)
Net cash inflow (outflow) from investing activities	(98	)	(25	)	(700	)	(39	)	(862	)
Cash flows from financing activities
Reduction in share capital	—		(43	)	—		43		—
Proceeds from borrowings	539		155		121		—		815
Repayment of borrowings	(428	)	(170	)	(169	)	—		(767	)
Finance costs paid	(15	)	(103	)	(20	)	—		(138	)
Dividends paid	(39	)	—		(19	)	—		(58	)
Intergroup dividends received (paid)	—		286		(286	)	—		—
Net cash inflow (outflow) from financing activities from continuing operations	57		125		(373	)	43		(148	)
Net cash inflow (outflow) from financing activities from discontinued operations	—		—		—		—		—
Net cash inflow (outflow) from financing activities	57		125		(373	)	43		(148	)
Net increase (decrease) in cash and cash equivalents	(33	)	(11	)	55		(24	)	(13	)
Translation	—		—		(21	)	24		3
Cash and cash equivalents at beginning of year	44		32		139		—		215
Cash and cash equivalents at end of year	11		21		173		—		205