Chief Executive Cynthia Carroll presented at the UBS European Conference in London. You can find out more about Anglo American here: http://www.angloamerican.com/ http://www.facebook.com/angloamerican http://www.twitter.com/angloamerican http://www.youtube.com/angloamerican http://www.flickr.com/photos/angloamerican http://www.linkedin.com/company/anglo-american

1. UBS EUROPEAN CONFERENCE
Cynthia Carroll, Chief Executive
15 November 2011

2. CAUTIONARY STATEMENT
Disclaimer: This presentation has been prepared by Anglo American plc (“Anglo American”) and comprises the written materials/slides for a presentation concerning Anglo
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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 securities. 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. 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 strategies 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 Services 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.).
2

3. HIGHLIGHTS
•
1 A consistent strategy and simplified organisation delivering results
2 Long term fundamentals remain robust. Anglo American is uniquely
positioned to benefit with a strong exposure to the late cycle
development of the emerging economies
•
3 Delivering shareholders value through recent acquisition and disposal
transactions
4 Well placed to deliver future growth through material organic growth
pipeline
3

4. A CONSISTENT STRATEGY AND SIMPLIFIED
ORGANISATION DELIVERING RESULTS
Well diversified portfolio(1) Improving productivity performance(3)
Diamonds Iron Ore 150
& Manganese Copper
11% 140
26% 130
Kumba
Platinum 23% 120
110 Met Coal
11% Platinum
Met Coal 100
2%
Nickel 11% 90
16%
Thermal Coal 80
Copper
2008 2009 2010 Q1 Q2
11 11
Structurally attractive commodities(2) Delivering commodity positions in
China’s share of global consumption 2010 (%)
lower half of cost curves(4)
0% 20% 40% 60% 80% 100%
Met Coal 62%
2008
Iron Ore 54% Export Iron Ore 2011
Steel 41% Export Hard 2008
Coking Coal 2011
Copper 38%
2008
Nickel 33% Copper 2011
Platinum 25%
Nickel(5) 2011
Palladium 21%
Thermal Coal 2009
11% Platinum 2011
Imports
(1) Core revenue split (2) Source: AME, Brook Hunt - a Wood Mackenzie company, Johnson Matthey. Thermal Coal represents share of internationally traded market, nickel and
copper represent share of world mined production (3) Productivity based on material moved, mined or processed per operational headcount, excluding projects. Kumba refers to 4
Sishen only (4) Source: AME, Brook Hunt - a Wood Mackenzie company, Anglo American Platinum. Represents % of attributable production in lower half of the cost curve (5) In 2008
all Nickel operations in H2

5. LONG TERM DEMAND GROWTH REMAINS HEALTHY
Chinese Regional Urbanisation(1) 2009 China’s expected growth 2010 to 2018
Heilongjiang
Truck output 100%
Jilin
Inner
Mongolia Liaoning
Xinjiang
Huang River
Beijing Car output 85%
Tianjin
Hebei
Shanxi
Qinghai Shandong
Ningxia
Gansu Jiangsu
Urban floor space 84%
Shaanxi Henan
Anhui
Tibet Shanghai
Hubei
Chongqing
Sichuan
Zhejiang
Yangtze River
Hunan
Jiangxi
Steel for ship building 82%
Guizhou Fujian
Xun River
Yunnan Guangdong
Guangxi
Macau
Hong Kong
Expressways (Km) 78%
>80% 70%-80% Hainan
60%-70% 50-60%
<50%
(1) The analysis excludes Taiwan. Source: NBS, CEIC, Anglo American Analysis 5

6. UNIQUE EXPOSURE TO THE LATE CYCLE
DEVELOPMENT OF EMERGING ECONOMIES
2010 portfolio composition5 China’s share of global demand
60% Nickel
Anglo
Copper
American
50%
Finished
BHP Steel
40%
Light duty
vehicles
Rio Tinto 30%
20%
Vale
Polished
diamonds
10%
Xstrata
0%
0% 20% 40% 60% 80% 100% 2000 2005 2010 2015 2020
Investment¹ Consumption² Late cycle³ Other4
Source: Company information
Notes:
1 Includes iron ore, met coal, thermal coal, manganese
2 Includes aluminium, copper, nickel, zinc
3 Includes petroleum, platinum, diamonds
4 Includes other mining & industrial (Anglo American), Other (Rio Tinto), fertilisers & logistics (Vale), Other (Xstrata)
5 Based on 2010 EBITDA contribution (operating profit in the case of Vale). Anglo American is based on pro-forma full consolidation of De Beers 2010 EBITDA. 6

7. SUPPLY CONSISTENTLY UNDER DELIVERS
Infrastructure project delays Copper industry grade declines, Copper mine
a long term downward trend underperformance ‘04 – ‘11e
3 1.7 9.0
1.6 8.0
2 2 ? 2010
1.5 7.0
2 planned
Copper grade Cu %
6.0
1.4
5.0
Years
1.3
4.0
1 1.2
1 3.0
1.1
2.0
1.0 1.0
0 0.9 0.0
DBCT 7X Northern RBCT Oakajee 1990 2000 2010 2020 2004 2005 2006 2007 2008 2009 2010 2011
Missing Port &
Link Rail
Pit Walls Strikes Technical Ramp-up
Weather Grades Other
Source: Anglo American, Brook Hunt - a Wood Mackenzie Company
7

8. FUTURE SUPPLY WILL BE IMPACTED
BY INCREASING CAPITAL INTENSITY
$ per t/yr Cu
25,000
Conc Producers
SxEw
Annual Prod Scale kt/yr Cu
20,000
Projects Under Construction
Projects Probable
15,000
10,000,
30
5,000
15
5
0
1980 1985 1990 1995 2000 2005 2010 2015 2020 2025
Source: Brook Hunt – Wood Mackenzie
8

9. DE BEERS’ TRANSACTION SUMMARY
 Anglo American would increase its shareholding in De Beers from 45% to 85% for a total cash
Consideration consideration of US$5.1 billion assuming the Government of the Republic of Botswana (GRB)
does not exercise pre-emptive rights
 Recently renewed 10-year sales agreement
 Under shareholders agreement GRB has a pre-emption right enabling it to participate in the sales
GRB process and to increase its interest in De Beers pro-rata up to 25%
 In the event of the GRB exercising its pre-emption right in full Anglo American would acquire 75%
of De Beers and the consideration payable would be reduced proportionately
 Transaction expected to be accretive to underlying earnings before depreciation and amortisation
Financial implications
on fair value adjustments in the year of acquisition1
 Transaction remains subject to shareholder as well as customary regulatory and other approvals
Closing conditions – shareholder vote expected in January 2012
– closing expected in the H2 2012
Note:
1 See note 9 to the Condensed financial statements for basis of calculation of underlying earnings
9

10. LARGE SCALE, HIGHER MARGIN ASSETS
Large scale1 Higher margin assets
Access to significant reserve base and sustainable 70% of De Beers production is located on the lower half of
production / competitive growth position the cost curve
2.5
Hope
Alrosa 2.0
Rio Tinto
1.5
Cost/revenue (x)
Snap lake
Namdeb operations
Petra
Gahcho Kue (project)
1.0
Damtshaa
BHP Billiton
Orapa
Venetia
Jwaneng
0.5
Gem
Harry Winston 0.0
0
12,000
2,000
4,000
6,000
8,000
10,000
14,000
16,000
Source: De Beers, Company reports and announcements Cumulative revenue (US$m)
Note: Source: De Beers (2010)
1 Inclusive of reserves and resources 10

11. HIGHLY ATTRACTIVE INDUSTRY FUNDAMENTALS
Key suppliers (by value)1 Demand growth driven by emerging economies2
7% CAGR
100%
Others4, 25% De Beers, 36%
80%
Emerging
economies
60%
Zimbabwe, 3% 36%
Petra, 1%
Gem, 1%
40%
Harry Winston, 2%
Rio Tinto, 4%
Developed
BHP Billiton, 4% economies
20%
43%
Catoca, 6% Alrosa3, 18%
0%
2005 2010 2015
USA Japan India China HK, Taiw an Gulf ROW
 Demand growth led by emerging economies
 Emerging economies are expected to account for
c.36% by 2015, which is approximately the size of
US
Source: De Beers
Notes:
1 Share of estimated total production (US$) by main producers
2 Share of diamond demand at Polished Wholesale Prices (PWP); 2010 are preliminary numbers
3 Alrosa figures exclude company’s share in Catoca production
4 Artisanal, junior and informal producers 11

12. STRONG LONG TERM FUNDAMENTALS BASED
ON STRUCTURAL SUPPLY DEFICIT
Major diamond discoveries1 Emerging supply demand gap2
New production unable to keep pace with
125 growing demand
Siberia
1960’s Orapa
100 1971
Jwaneng Expected demand
1982 (nominal pipeline call)
PWP (polished wholesale price)
75
(US$bn)
. Supply
50 (at constant prices)
Catoca
1957
International
South Africa 1999
Argyle
25 early 1900’s Ekati
1983
1998 Dlavik
2003
Victor
2008
0 14
1870
1906
1940
1952
1956
1960
1964
1968
1972
1976
1980
1984
1988
1992
1996
2000
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Source: Anglo American; De Beers exploration data; as estimated from company reports
Note:
1 Year on top of bars are the date mining began
2 Indicative supply demand view based on current assumptions 12

13. DISPOSAL OF 24.5% ANGLO AMERICAN SUR FOR
$5.39 BILLION
• Sale of Anglo American Sur (AAS) demonstrates commitment to delivering value for our shareholders
• 24.5% disposal of AAS to Mitsubishi Corporation for $5.39 billion, valuing AAS at US$22 billion
• Sale completed on 9 November 2011
• Transaction is fully compliant with the provisions of the option agreement between Anglo American,
certain of its affiliates and Codelco, which expressly contemplates the eventuality of Anglo American
disposing of its AAS shares at any time prior to the date on which the option may be exercised and
therefore no longer holding 100% of the shares in AAS
Broker 2011 EBITDA Estimates Recent Transactions
12
2,000 Equinox
10 / Lundin Transaction EV/ EBITDA
multiple of 17.6x (1)
1,600 9.6x
EV/ EBITDA multiple
8
Invecture /
1,200 7.5x
US$’000
6
Frontera
800 5.5x
4
400
2
0
0
High Low Median High Low Median
(1) Calculated based on implied transaction EV of $23 billion (including $0.9 billion debt) and 2011 EBITDA median broker consensus.
13

14. MATERIAL ORGANIC GROWTH IN THE SHORT AND
LONG TERM
220 >100%
200
180
Indexed production growth (2010 = 100)
>65%
160
>35%
140
120
Continuing to
100 Nickel Existing invest in
Future growth
Copper operations Near term exploration
options
80 & approved approvals and
projects restocking the
PGM pipeline
60
40 Met Coal
20 Thermal Coal
Iron Ore
0
2010 2014 Medium term Future options
growth
Indexed production growth charts exclude Diamonds, Manganese, niobium and phosphates as at 29 July 2011.
14

15. DELIVERING VALUE FROM A CONSISTENT STRATEGY
• Consistent strategy and simple organisational Operational improvements realised across businesses
structure delivering results Indexed productivity(2) (2008 = 100)
150
Copper
– Comprehensive improvements undertaken 140
over the last three years 130
Kumba
120
– Delivering on key near-term growth projects,
110 Met coal
major volume growth is under way Platinum
100
– Operations moving down the cost curve 90
80
• Longer term fundamentals remain unchanged 2008 2009 2010 Q1 11 Q2 11
• Supply challenges and increasing capital Material growth in the short and long term
intensity underpinned longer term Indexed production growth (2010 = 100)
>100%
fundamentals 220
200
180 >65%
• Unique exposure to late cycle development of 160 >35%
140
emerging economies 120 Existing
Near term Future
operations
100 & approved
approvals growth
• Delivering shareholders value through 80
60
projects
($16bn) options
acquisition and divestment transactions 40
20
• Well placed to deliver material future growth 0
2010 2014 Medium term Future options
growth
(1) 100% basis (2) Productivity based on material moved, mined or processed per operational headcount, excluding projects. Kumba refers to Sishen only 15

16. APPENDIX
APPENDIX

17. STRONG DOWNSTREAM EXPERTISE AND TRACK
RECORD IN CREATING DEMAND WILL UNLOCK
FURTHER VALUE
De Beers has a track record of creating demand for diamonds in different countries
% of first time brides who receive a diamond only engagement ring
USA … … Japan … … and now China
50 years 30 years 16 years
CAGR: 4.2% CAGR: 9.5% CAGR: 23.9%
Peak
Peak
(%)
(%)
(%)
80% 77% ?
31%
10%
5%
1940 1990 1965 1995 1994 2010 Peak year
1
Source: De Beers
17

18. MOVING TO INDUSTRY LEADING COST POSITIONS
Export Hard
Copper Nickel Platinum Export Iron Ore
Coking Coal
100%
80% 2nd
half
cost
60% curve
40%
1st
half
20% cost
curve
0%
2008 2015 2008 2015 2009 2015 2008 2015 2008 2015
Anglo American Platinum cost curve based on internal estimates; all other data sourced from 3rd party data providers. Source: AME, Brook Hunt - a Wood Mackenzie
company, Anglo American Platinum 18