MORGAN STANLEY INDUSTRIALS &

NATURAL RESOURCES SUMMITTony O’Neill, Technical Director, 10 September 2015

Kolomela mine – Kumba Iron Ore

2

CAUTIONARY STATEMENTDisclaimer: This presentation has been prepared by Anglo American plc (“Anglo American”) and comprises the written materials/slides for a presentation concerning

Anglo American. By attending this presentation and/or reviewing the slides you agree to be bound by the following conditions.

This presentation is for information purposes only and does not constitute an offer to sell or the solicitation of an offer to buy shares in Anglo American. Further, it does not

constitute a recommendation by Anglo American or any other party to sell or buy shares in Anglo American or any other securit ies. All written or oral forward-looking statements

attributable to Anglo American or persons acting on their behalf are qualified in their entirety by these cautionary statements.

Forward-Looking Statements

This presentation includes forward-looking statements. All statements other than statements of historical facts included in this presentation, including, without limitation, those

regarding Anglo American’s financial position, business and acquisition strategy, plans and objectives of management for future operations (including development plans and

objectives relating to Anglo American’s products, production forecasts and reserve and resource positions), are forward-looking statements. By their nature, such forward-looking

statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Anglo American, or industry

results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.

Such forward-looking statements are based on numerous assumptions regarding Anglo American’s present and future business strateg ies and the environment in which

Anglo American will operate in the future. Important factors that could cause Anglo American’s actual results, performance or achievements to differ materially from those in the

forward-looking statements include, among others, levels of actual production during any period, levels of global demand and commodity market prices, mineral resource

exploration and development capabilities, recovery rates and other operational capabilities, the availability of mining and processing equipment, the ability to produce and

transport products profitably, the impact of foreign currency exchange rates on market prices and operating costs, the availability of sufficient credit, the effects of inflation, political

uncertainty and economic conditions in relevant areas of the world, the actions of competitors, activities by governmental authorities such as changes in taxation or safety, health,

environmental or other types of regulation in the countries where Anglo American operates, conflicts over land and resource ownership rights and such other risk factors identified

in Anglo American’s most recent Annual Report. Forward-looking statements should, therefore, be construed in light of such risk factors and undue reliance should not be placed

on forward-looking statements. These forward-looking statements speak only as of the date of this presentation. Anglo American expressly disclaims any obligation or undertaking

(except as required by applicable law, the City Code on Takeovers and Mergers (the “Takeover Code”), the UK Listing Rules, the Disclosure and Transparency Rules of the

Financial Conduct Authority, the Listings Requirements of the securities exchange of the JSE Limited in South Africa, the SWX Swiss Exchange, the Botswana Stock Exchange

and the Namibian Stock Exchange and any other applicable regulations) to release publicly any updates or revisions to any forward-looking statement contained herein to reflect

any change in Anglo American’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.

Nothing in this presentation should be interpreted to mean that future earnings per share of Anglo American will necessarily match or exceed its historical published earnings

per share.

Certain statistical and other information about Anglo American included in this presentation is sourced from publicly available third party sources. As such it presents the views of

those third parties, but may not necessarily correspond to the views held by Anglo American.

No Investment Advice

This presentation has been prepared without reference to your particular investment objectives, financial situation, taxation position and particular needs. It is important that you

view this presentation in its entirety. If you are in any doubt in relation to these matters, you should consult your stockbroker, bank manager, solicitor, accountant, taxation adviser

or other independent financial adviser (where applicable, as authorised under the Financial Services and Markets Act 2000 in the UK, or in South Africa, under the Financial

Advisory and Intermediary Services Act 37 of 2002).

3

• MAJOR PROJECTS…on track and below budget

• OPERATIONS…improvements accelerating

• VALUE LEAKAGE…revenues and cost focus

• NEXT 18 MONTHS…improvements accelerated

– $400m production driven volume benefits

– $800m operating cost reduction

– $300m support cost reduction

– Capex guidance reduced by up to $1bn

FOCUS ON DELIVERY

At the mid-point of our transformation programme…

…we are well on track to meet our delivery targets.

1.7

1.1 0.3

0.3

Volume -

productivity

Total

0.6

Costs

$1.7bn delivered 2013, 2014 & H1 2015

0.8

1.5

0.4

0.3

Costs TotalVolume -

productivity

1.1

$1.5bn target H2 2015 & 2016

Operating costs

Studies & exploration

4

Afterdisposals

PORTFOLIO QUALITY…COMPETITIVE POSITIONS

Reflecting current project completions and portfolio restructure…

…with industry leading assets driving returns across the portfolio.

Before

WithQuellaveco

Afterdisposals

Q1 Q2

Aggregate Business Unit cost curve position - 2014

Q3 Q4

Cu equiv.

production

400kt

De Beers

Nickel

Platinum

Iron Ore

Met Coal

Thermal Coal

Copper

Before

Afterdisposals

MoranbahGrasstree

Mogalakwena

Jwaneng

Cerrejon

Quellaveco(1)

With

Minas-RioAfterdisposals

After Barro Alto re-build

WithQuellaveco

Afterdisposals

Before

Before

Before

Before

Before

Notes: Cost curve positions reflect the aggregate of 2014 individual mine site cost curves positions weighted by 2014 production. Mogalakwena reflects 2015 performance. Thermal

Coal is on an energy adjusted basis. Met Coal is on value in use adjusted basis. Phosphates and Niobium not shown as standard industry cost curve not available. Source: Wood

MacKenzie, CRU and internal analysis. (1) Quellaveco unapproved.

5

TECHNICAL EXCELLENCE IS DRIVING BUSINESS PERFORMANCE

Working together with operations to deliver step change value…

…through integrated technical excellence.

T&S plays a key role in all four strategic imperatives:

– Deliver Driving Value

– Focus the portfolio

– Develop core business processes

– Create high performance culture

6

We have the right people in place:

Capability and deep knowledge

Building on a strong foundation

Implementing the Operating Model

Focus on core assets

Wave 1 has been defined and is in progress

Do the fundamentals better

What good looks like

Technological Innovation

Deriving multi-industry solutions

CREATING A HIGH PERFORMANCE CULTURE

Leverage the Business Units’ delivery…

…technical excellence across all disciplines.

Technological Innovation

Technical Leverage

Geosciences Mining Processing

Supply chainSafety and

Sustainability

Information

Management

Operating Model

Projects Asset Strategy

7

Operational planning

Specifications for the most cost effective way to

operate a business

Work management

Reliably deliver the right work at the right time in

the right way

Measures & analysis

Use information from performance measures and

statistical process control to identify opportunities

Continuous improvement

Institute a system to continually examine our

performance and look for opportunities to improve

IMPLEMENTATION OF THE OPERATING MODEL IS

ACCELERATING DELIVERY OF “DRIVING VALUE”

Ensuring that we have the right architecture…

…this is the new language of the business.

Operating Model – key attributes

Set

Performance

Targets

Set

Production

Strategy

Set

Service

Strategy

Set Operating

Master

Schedule

Set

Expenditure

Schedule

Approve

Work/Cost

Commitments

Plan

Work

Schedule

Work

Resourcing

Execute

Work

Process

PerformanceSet

Business

Expectations

Modify or

Adapt the

Business

Measure

Social

Process

Performance

Measure

Work

Management

Performance

Measure Process

Performance

Labour, Materials &

Equipment

Analyse &

Improve

Operational Planning Work Management

Feedback

Do

Plan

Act

Check

Source: Copyright © McAlear Management Consultants 2000

8

THREE PRINCIPLES OF THE OPERATING MODEL

2. Produce stabilityCopy of Generic Control Chart (3)

Control Limits - Set 3: UCL = 4,595, Mean = 4,303, LCL = 4,010 (06/06/2014 - 07/07/2014) (mR = 2)

UCL = 4588

Mean = 3883

LCL = 3178

UCL = 4707

Mean = 4047

LCL = 3388

UCL = 4595

Mean = 4303

LCL = 4010

Week

1

Week

2

Week

3

Week

4

Week

5

Week

6

Week

7

Week

8

Week

9

Week

10

Week

11

Week

12

Week

13

Week

14

Week

15

Week

16

Week

17

Week

18

Week

19

Week

20

Week

21

Week

22

Week

23

Week

24

Week

25

Week

26

Week

27

Week

28

Week

29

Week

30

2014

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

UNSTABLE PROCESS

STABLE PROCESS

CAPABLE

PROCESS – ready

for the next stage

of improvement

3. Reduce variability

1. Provide clarity

9

OPERATING MODEL – ROLLING OUT ACROSS THE GROUP

Implementation well progressed at Sishen and Minas Rio…

…assets prioritised according to impact and readiness.

2014 2015 2016 2017 2018

Sishen - rest of mine

Mogalakwena

Minas-Rio

Barro Alto

De Beers

Phosphates

SA Coal - other

Corporate – various

Australia Coal - other

Sishen - North mine

Moranbah North

Kolomela

Tumela

Los Bronces

POTENTIAL

10

TAKING US TO THE NEXT LEVEL

Enablers for further safety performance improvement…

…Mogalakwena and Los Bronces Operating Model roll-out highlight improvement potential.

0

1

2

3

4

Jan

-2006

May-2

006

Se

p-2

006

Jan

-2007

May-2

007

Se

p-2

007

Jan

-2008

May-2

008

Se

p-2

008

Jan

-2009

May-2

009

Se

p-2

009

Jan

-2010

May-2

010

Se

p-2

010

Jan

-2011

May-2

011

Se

p-2

011

Jan

-2012

May-2

012

Se

p-2

012

Jan

-2013

May-2

013

Se

p-2

013

Jan

-2014

May-2

014

Se

p-2

014

Jan

-2015

May-2

015

Los Bronces TRCFR

TRCFR Mean

0

2

4

6

8

10

12

Jan

-2006

Ma

y-2

006

Se

p-2

006

Jan

-2007

Ma

y-2

007

Se

p-2

007

Jan

-2008

Ma

y-2

008

Se

p-2

008

Jan

-2009

Ma

y-2

009

Se

p-2

009

Jan

-2010

Ma

y-2

010

Se

p-2

010

Jan

-2011

Ma

y-2

011

Se

p-2

011

Jan

-2012

Ma

y-2

012

Se

p-2

012

Jan

-2013

Ma

y-2

013

Se

p-2

013

Jan

-2014

Ma

y-2

014

Se

p-2

014

Jan

-2015

Ma

y-2

015

Mogalakwena TRCFR

TRCFR Mean

11

LOS BRONCES MINE PRODUCTIVITY

6,379

6,093

5,715

5,472

2012 2013 2014 2015 YTD

+17%

KOM930 Annual Operating Hours

• Significant improvements in truck operating

hours delivered

• Now focused on achieving leading practice

12

Processing “What good looks like” example

Processing

stabilityAdaptive processing to ensure stability

Recovery

optimisationSystems optimised to metallurgical response

Asset Strategy “What good looks like” example

Delivering

design OEE(1) Plant OEE’s of 90-95%

Maintenance Active defect elimination process

Fuel efficiency Fuel consumption reduced by 3-7%

Geosciences “What good looks like” example

Grade control

and

reconciliation

Fully-integrated grade control system at all

operations

End-value

estimation

approach

Recovered value rather than metal content

Mining “What good looks like” example

Drill & blast Mine-to-Plan compliance >90%

Load & haul Payloads consistently at 95-100% of design

Fleet utilisation Shift changeover of <30mins

Fragmentation <2% of unloadable oversized material

DEVELOPING CORE BUSINESS PROCESSES

It’s the detail that matters…

…ensuring excellence comes as standard.

(1) OEE: Overall Equipment Efficiency = availability x utilisation x appropriate performance factor

13

Reduced FOB unit cost guidance at full capacity to $28-$30/t (previously $33-$35/t)

MINAS RIO: RAMP UP

On track for 2015 production between 11 and 14Mt (wet basis)...

…improving performance at the filtration plant.

37439,32

13490,57

43305,43

18039,47

72037,64

20546,64

73819,49

29542,07

66290,65

36678,17

7065,68

29427,45

9004,73

31046,00

9500,00

63270,49

19360,62

54406,68

16648,31

36386,87

11134,29

01/01/15 16/01/15 31/01/15 15/02/15 02/03/15 17/03/15 01/04/15 16/04/15 01/05/15 16/05/15 31/05/15 15/06/15 30/06/15 15/07/15 30/07/15 14/08/15 29/08/15

0

10.000

20.000

30.000

40.000

50.000

60.000

70.000

0

10.000

20.000

30.000

40.000

50.000

60.000

37439,32

13490,57

43305,43

18039,47

72037,64

20546,64

73819,49

29542,07

66290,65

36678,17

7065,68

29427,45

9004,73

31046,00

9500,00

63270,49

19360,62

54406,68

16648,31

36386,87

11134,29

01/01/15 16/01/15 31/01/15 15/02/15 02/03/15 17/03/15 01/04/15 16/04/15 01/05/15 16/05/15 31/05/15 15/06/15 30/06/15 15/07/15 30/07/15 14/08/15 29/08/15

0

10.000

20.000

30.000

40.000

50.000

60.000

70.000

0

10.000

20.000

30.000

40.000

50.000

60.000

Filtration Production (wmt)

14

LOS BRONCES: FOCUS ON DELIVERING THE PLAN

Mine plan spatial compliance Tonnes and Metal Reconciliation YTD 2015

91%

78%

97%

67%

2012 2013 2014 2015 YTD

0

5

10

15

20

25

30

35

Ore tonnes mined

ActualBudget

0

5

10

15

20

25

30

35

Total metal tonnes delivered

15

Current maintenance approach delivers cost per hour in line with industry average

Higher early life cost vs peers

Industry leading component life performance for wheel motors and hoist cylinders

Key areas of focus

– increasing shovel & truck availability

– operating efficiency

– component life

– ‘pushout’ shovel replacements

Significant potential value opportunity

LOS BRONCES: LOAD AND HAUL OPPORTUNITY

Whole of life Komatsu 930E industry cost comparison

- 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000

Cu

mu

lati

ve C

ost

s ($

/hr)

Engine Hours (SMU hrs)

AA Los Bronces 930E - Current

AA Los Bronces 930E - Opportunity

16

Grade control determines ore destination (flotation,

leach, waste)

Traditional grade control based on Cu grade only

Substantial additional value by taking into account

Mo content, flotation and leach recovery

No capex requirement

Value based grade control sends the right minerals

to the right processing destination

…and therefore optimises the value recovered from

the mineral resource

LOS BRONCES: VALUE BASED GRADE CONTROL

17

IMPROVEMENT INITIATIVES ARE

DELIVERING RESULTS ACROSS ALL OF OUR KEY ASSETS

Inventory

optimisation

JIG plant

optimisation

Sishen mine plan

optimisation

HME fleet size

reduction

Longwall cutting

hours and rates

Water

management at

Los Bronces

18

FOCUSSING THE PORTFOLIO

Optimising our capex, undeveloped projects and exploration expenditure…

…will support cash flow improvement post 2015.

Capital expenditure ($bn)

(1) Capital expenditure here excludes capitalised operating cash profits and losses and is net of proceeds on disposal of PP&E. The expansionary category includes the cash flows from

derivatives related to capital expenditure and is net of direct funding for capital expenditure received from non-controlling interests. Excludes disposal assets in 2016.

(2) 2012 presented on a pro-forma basis to reflect the De Beers acquisition from 1 January 2012.

Capex excludes operating cash

profits and losses capitalised ~25% decline in SIB capex between 2012 and 2015

Lower expansion capex as projects are completed

$0.7-$1.0bn reduction in 2015/16 total capex

announced in July 2015

Optimising our undeveloped projects and

exploration portfolio

2.3 2.1 1.8

0.90.8 0.9

3.0 3.4 3.5

1.0

0.6

4.5

0.4

H1 2015 2015F

-1.7

6.26.2

20142013

6.3

2012

3.6-3.9

2016F

SIBExpansionary Development & stripping

19

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

01-Jul-14 29-Sep-14 30-Mar-15 28-Jun-15

Throughput

Mean

Step change

Project's strategic planning for success

Best practices in safety. Project is LTI free to date

First rebuild commissioned ahead of schedule

Accelerated ramp up to design capacity

Step change in average daily throughput achieved

First metal from the second furnace expected

before the end of Q3

Currently tracking well ahead of plan and below

budget

2015 production guidance raised to 25-30kt

Integrated Project Team concept adopted with

experienced owners and contractors

BARRO ALTO: FURNACE REBUILD AHEAD OF SCHEDULE

0%

20%

40%

60%

80%

100%

06-Apr 04-May 01-Jun 29-Jun 27-Jul 24-Aug

Plan

Actual

Furnace 2 throughput (tonnes dry ore feed)

Furnace 1 rebuild (% completion)

Mean throughput up to 29 Sept 2014 is based on actual performance from 31 July 2013

Pre-rebuild ShutdownRamp

upCompletion

20

DELIVERING STEP CHANGE VALUE

THROUGH INTEGRATED TECHNICAL EXCELLENCE

Delivering Driving Value Accelerating implementation of the Operating Model

Delivering results from “Wave One” initiatives

Focussing the portfolio Focussing efforts on key world class assets

Improving cash flow by optimising our capex, undeveloped projects

and exploration expenditure

Developing core business

processes

Defining “What good looks like”

Demonstrating a pathway to step changes in value through technical

innovation

Creating a high

performance culture

Highly capable teams in place

Deep technical knowledge and expertise

21

INVESTOR RELATIONS

London

Paul Galloway

Tel: +44 20 7968 8718

Ed Kite

Tel: +44 20 7968 2178