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BAML GLOBAL METALS & MININGCONFERENCECYNTHIA CARROLL – 15 May 2012

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CAUTIONARY STATEMENTDisclaimer: This presentation has been prepared by Anglo American plc (“Anglo American”) and comprises the written materials/slides for a presentation concerning AngloAmerican. 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 notconstitute 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 statementsattributable to Anglo American or persons acting on their behalf are qualified in their entirety by these cautionary statements.Forward-Looking StatementsThis presentation includes forward-looking statements. All statements other than statements of historical facts included in this presentation, including, without limitation, thoseregarding Anglo American’s financial position, business and acquisition strategy, plans and objectives of management for future operations (including development plans andobjectives relating to Anglo American’s products, production forecasts and reserve and resource positions), are forward-looking statements. Such forward-looking statementsinvolve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Anglo American, or industry results, to bematerially 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 AngloAmerican will operate in the future. Important factors that could cause Anglo American’s actual results, performance or achievements to differ materially from those in theforward-looking statements include, among others, levels of actual production during any period, levels of global demand and commodity market prices, mineral resourceexploration and development capabilities, recovery rates and other operational capabilities, the availability of mining and processing equipment, the ability to produce andtransport products profitably, the impact of foreign currency exchange rates on market prices and operating costs, the availability of sufficient credit, the effects ofinflation, political uncertainty and economic conditions in relevant areas of the world, the actions of competitors, activities by governmental authorities such as changes in taxationor safety, health, environmental or other types of regulation in the countries where Anglo American operates, conflicts over land and resource ownership rights and such otherrisk 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 relianceshould not be placed on forward-looking statements. These forward-looking statements speak only as of the date of this presentation. Anglo American expressly disclaims anyobligation or undertaking (except as required by applicable law, the City Code on Takeovers and Mergers (the “Takeover Code”), the UK Listing Rules, the Disclosure andTransparency Rules of the Financial Services Authority, the Listings Requirements of the securities exchange of the JSE Limited in South Africa, the SWX Swiss Exchange, theBotswana Stock Exchange and the Namibian Stock Exchange and any other applicable regulations) to release publicly any updates or revisions to any forward-looking statementcontained 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 statementis 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 pershare.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 ofthose third parties, but may not necessarily correspond to the views held by Anglo American.No Investment AdviceThis presentation has been prepared without reference to your particular investment objectives, financial situation, taxation position and particular needs. It is important that youview 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 adviseror 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 FinancialAdvisory and Intermediary Services Act 37 of 2002.). 2

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DELIVERING REAL AND SUSTAINABLE VALUE Proceeds from divestments (excludes AA Sur) Improving cost positions Gross proceeds 1 Copper Nickel Platinum Export Export Hard Iron Ore Coking Coal $million a 100% Tarmac 551 2nd half 80% cost curve Scaw 1,538 60% Zinc 1,599 1st half 40% Coal 594 cost curve 20% Total divestment program 4,282 0% 1 Gross proceeds before transaction costs. 2011 2015 2011 2015 2011 2015 2011 2016 2011 2015 Source: AME, Brook Hunt - Wood Mackenzie company, Anglo American Platinum Optimised and simplified portfolio Capital allocation 2011 Underlying Earnings % 140 % Capex 1 Net equity distribution 2 Net acquisitions 3 2% 120 % 100 % 18 % 59 % 35 % 28 % 80 % 42 % 30% 40% 35 % 14 % 60 % 9% 40 % 66 % 58 % 65 % 20 % 47 % 49 % 0% 28% (1)% (24)% (20)% Anglo (40)% American Peer 1 Peer 2 Peer 3 Peer 4 Investment Consumption Late cycle Other Source: UBS and Capital IQ. Major Diversified Miners from 2003 to date 1 Includes purchase of property, plant and equipment; and exploration expenditure 3 2 Includes issuance and repurchase of common stock; and common, special and preference dividends paid 3 Includes cash acquisitions and divestitures

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STRONG PRODUCTION PERFORMANCE; PROJECTSRAMPING UP TO FULL CAPACITY Copper production (Q1 12 vs. Q1 11) Iron Ore, Kolomela (Mt) 21% 3% 78% (13%) 2011 1.5 (18%) (18%) 2012 production Q1 2012 peak utilisation Anglo Peer 1 Peer 2 Peer 3 Peer 4 American Copper, Los Bronces (kt) Iron Ore production (Q1 12 vs. Q1 11) 86% 2011 19 17% Q1 2012 peak utilisation 14% 2012 production 9% (2%) Nickel, Barro Alto (kt) Anglo Peer 1 Peer 2 Peer 3 American 2011 74% 6 Met Coal production (Q1 12 vs. Q1 11) 2012 production Q1 2012 peak utilisation Thermal Coal, Zibulo (Mt) 73% 100% 10% 5% (18%) 2011 3.4 Anglo Peer 1 Peer 2 Peer 3 American 2012 production Q1 2012 peak utilisation 4Source: Q1 2011 and Q1 2012 production reports. Peers consists of BHP Billiton, Rio Tinto and Xstrata.

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INDUSTRY WIDE CAPITAL AND OPERATINGCOST PRESSURE REMAINS 2011 vs. 2010 % cost increase Costs and commodity prices indexed to 100 Chile South Africa Australia Oil Hot rolled Copper Premium hard sheet steel price coking coal price 160 140 120 32%27% 26% 25% 22% 100 15% 16% 8% 5% 0 Electricity Labour Diesel Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 5

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RESILIENT PORTFOLIO WITH BALANCED EXPOSURETO ALL STAGES OF DEVELOPMENT Unique portfolio composition Long term fundamentals remain robust 2011 EBITDA % Indexed intensity of use – China 1.1 2011e 1.0 0.9 Peer 1 Demand per GDP 0.8 0.7 Peer 2 0.6 0.5 Peer 3 Steel 0.4 Copper Autocat PGMs 0.3 Peer 4 Diamonds 0.2 2 4 6 8 10 12 14 16 18 20 22 Investment 1 Consumption 2 Late cycle 3 Other 4 US$ PPP GDP per CapitaSource: Company information; peers include BHP Billiton, Vale, Rio Tinto and Xstrata. Based on 2011 EBITDA contribution (2010 operating profit in the case of Vale). Anglo American is based on pro-forma full consolidation of De Beers 2011 EBITDA1 Includes iron ore, metallurgical coal, manganese2 Includes aluminium, copper, nickel, zinc3 Includes thermal coal, petroleum, platinum, diamonds 64 Includes Other Mining & Industrial (Anglo American), other (Rio Tinto), other (Xstrata)

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A CHALLENGING AND EVOLVING SUPPLY LANDSCAPE Key Risks Taxes/ Royalties Availability of Human Resources Mongolia Canada Access to Infrastructure Community Opposition Licensing / Permitting Access to Water Guinea Electricity Supply USA Philippines DRC Peru Brazil Indonesia Australia Chile South Africa 7Source: Company Reports; Newsmedia

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TAKING THE LEAD IN SUSTAINABLE MINING Anglo American is the only mining company to achieve Platinum status in the UK’s leading voluntarybenchmark of corporate responsibility, the Business in the Community Corporate Responsibility IndexTripartite Health and Safety Significant contributor to Initiative in South Africa local economies e.g. Chile received Visible - $6.5bn invested sinceManagement Commitment 1980; 10,000 ChileansAward at the DuPont Safety employed Awards Committed to44% reduction in lost-time creating and sustaininginjury frequency rate since local jobs through 2007 Zimele, 19,500 jobs Isibonelo received South created, $78m invested in African national safety new businesses awards in 2011 Project Alchemy goes beyond BEE compliance - Kumba’s employees giving local communitiesrewarded through Envision equity ownership in – industry leading broad Platinum based share scheme 80% of our operations and planned projects are in water stressed environments; however in 2011, 66% of the water our operations used was re-used/recycled 8

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STRATEGIC PROJECT MANAGEMENT APPROACHMetallurgical Coal delivering four longwalls in the same region offers value accretive synergies Project delivery Our approach Target outcomes Benefits objectives Project Cost Planned growth profile 1. One standard design Progressive engineering 120% 100% requires a project that: & management efficiencies 80% & cost reductions 60% • Achieves lower 40% 20% capital costs 2. Partnerships with Reduced delivery 0% suppliers lead times 1 2 3 4 • Provides greater schedule Start-up Time 120% predictability Strategic equipment 3. Standard organisation sourcing 100% 80% • Reduces risk structures & integrated 60% resourcing 40% • Enhances public Construction safety and 20% 0% profile and productivity gains 4. Integrated community 1 2 3 4 corporate engagement and reputation management Improved production ramp-up Operability 115% (Moranbah 2020) and operability • Enhances 110% Sustainability 105% outcomes 5. Dedicated port terminal Team continuity and 100% 95% of 30 Mt performance 90% 1 2 3 4 Number of Longwalls 9

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MOST DIVERSIFIED AND BALANCED GROWTH OPTIONS Advanced stage projects (Approved or Feasibility) Minas-Rio Phase 1; Grosvenor Iron ore, Phase 1; Roman (Peace River >100% metallurgical Coal); Sishen Expansion Project Investment coal, phase 1B; Drayton South; Groote manganese Eylandt Expansion Project (GEEP 2) >75% >50% Copper, Collahuasi expansion Phase 2;Consumption nickel Quellaveco Cerrejón P500 Phase 1; Thermal coal, Twickenham; Bathopele Phases 4 Late cycle platinum, & 5; Jwaneng-Cut 8; Venetia UG; diamonds Gahcho Kué; Siphumelele 1 UG2; Modikwa Phase 2; New Largo Other Other mining Boa Vista Fresh Rock & industrial 2010 2014 Medium term Future growth options Investment Consumption Late Cycle OtherDe Beers assumed to be fully consolidated in 2014 forecast and thereafter. Transaction subject to regulatory and government approval 10

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INDUSTRY LEADING GROWTH IN HIGHLY ATTRACTIVEMETALLURGICAL COAL Met Coal production Competitor growth comparison (Hard Coking Coal) 2010 - 2020 12% CAGR 13.9 Mt 6% CAGR 3% CAGR 2011 2012 2013 Future Anglo American BHP Billiton Teck potential Advanced stage projects Capital intensity for Grosvenor Project is attractive $/t Project Stage Volume 1 2,500 Grosvenor Phase 1 2 Approved 5 Mtpa 2,000 Roman (Peace River) Feasibility 3 Mtpa Grosvenor Phase 2 Prefeasibility 6 Mtpa 1,500 Moranbah South Prefeasibility 12 Mtpa 1,000 Grosvenor 500 = $340/t 01 100% of average incremental production, at full production2 Capital expenditure of $1.7bn. First development coal expected in 2013 and the commissioning of the Grosvenor Bowen Basin Bowen Basin Bowen Basin 11 longwall in 2016 phase 1 1 2 3

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FLEXIBILITY TO GROW HIGH QUALITY AND LOW COSTIRON ORE BUSINESS Iron Ore Production 1 Average cash cost iron ore delivered to China $/t Range of Pilbara producers 41.3 Mt India Pilbara Sishen Minas-Rio 2011 2012 2013 Future Producers 3 at full production 4 potential Projects A quality proposition 10% 1 Australia - Project Type Volume Australia - high quality Minas-Rio Phase 1 2 Greenfield 26.5 Mtpa 8% medium quality India Alumina + silica content Other Africa Kolomela Expansion Brownfield 6 Mtpa CIS 6% Dotted bubble North America Sishen Expansion Brownfield 0.7 Mtpa indicates China 5 Project 1B 4% Sishen processed ore Minas-Rio Phase1 Minas-Rio Phase 2 Brownfield TBD Bubble size Amapá indicates an Brazil 2% average1 Excludes Amapá. Future potential excludes Minas-Rio Phase 2 as the scale of project is to be production of 50 determined Mtpa2 First production expected in H2 2013. As announced previously capital budget is under review Minas-Rio expansion and we expect to contain the increase to approximately15% of $5.0bn 0%3 Estimated range of 3 Pilbara producers (Rio Tinto, BHP Billiton and FMG) 56% 58% 60% 62% 64% 66% 68% 70% 124 On a fully ramped up 2011 real basis Grade5 Chinese production (rich ore equivalent) inferred from a small sample of mines Source: CRU, AME, Anglo American

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PRIORITISING THE NEXT PHASE OF COPPER GROWTHOPTIONS Copper production Hypothetical copper demand / supply gap Mt Cu 25 Demand 20 599 kt Supply 15 (firm supply excl. uncommitted projects) 10 Future 0 2011 2012 2013 2000 2004 2008 2012 2016 2020 potential Source: Anglo American Projects Copper supply - increasing capital intensity $ per /yr Cu eqProject Type Volume 1 25,000 Concentrate producersQuellaveco Greenfield 225 ktpa SxEw (solvent extraction / electro winning) Annual production scale kt/yr Cu 20,000Collahuasi Brownfield 469 ktpa Projects under constructionexpansion Phase 3 Projects probable 15,000Michiquillay Greenfield 187 ktpaMichiquillay Brownfield Expansion to 300 ktpa 10,000,expansionPebble Greenfield 175 ktpa 300 5,000 150 50Los Bronces District Brownfield TBD 13 01 100% of average incremental production, at full production 1980 1985 1990 1995 2000 2005 2010 2015 2020 2025 Source: Brook Hunt – Wood Mackenzie – May 2011

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CONSOLIDATING CONTROL OF THE WORLD’S LEADING DIAMOND COMPANY Access to significant reserve base and sustainable Emerging supply demand gap production / competitive growth position New production unable to keep pace with growing demand Hope PWP (polished wholesale price) Expected demand Expected demand Alros a (nominal pipeline call) (nominal pipeline call) Rio Tinto Supply Petra . (at constant prices) BHP Billiton Expected supply (at constant prices) Gem 14 Harry Wins ton 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Source: De Beers, Company reports and announcements. Note: Inclusive of reserves and resources Source: De Beers. Indicative supply demand view based on current assumptions Higher margin assets Share of Chinese households in each income level will shift dramatically by 2020 70% of De Beers production is located on the lower half of the cost curve Share of urban households by annual household Projected CAGR income 2000-2020, % 2.5 147m 226m 328m Total = 4.1 100% 20.4 2.0 80% Affluent (>34,000) Namdeb operationsCost/revenue (x) Gahcho Kue (project) Snap lake 1.5 26.6 60% Mainstream Damtshaa ($16,000-$34,000) 1.0 Orapa Venetia 40% Value ($6,000- Jwaneng $15,999) 1.2 0.5 20% Poor (<$6,000) 0.0 0% -3.8 12,000 10,000 14,000 16,000 2,000 4,000 6,000 8,000 0 2000 2010 2020 14 Source: McKinsey Quarterly Source: De Beers 2010 Cumulative revenue (US$m)

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REPLENISHING TIER ONE ASSETS WITH INDUSTRYLEADING EXPLORATION Industry leading exploration Discovery of world leading Tier 1 depositsCopper discovery & acquisition costs ($/lb) 5.50 • Industry leading greenfield exploration expertise delivering value • Sakatti is a significant grass roots discovery of copper, nickel, PGE in Northern Finland. Deposit is 2.70 located in an area of excellent infrastructure and is within an existing mining region • Early exploration results are promising based on 0.48 mineralised intersections • Drilling programmes continue to delineate the Anglo American Industry discovery Industry acquisition mineralisation Exploration cost 1 cost 21 Cu MEG 2011, Ni MEG 20102 MEG; 2006-2010, reserves & resources, non-producing Significant resource growth Sakatti – significant Tier 1 discovery Metallurgical Coal Minas-Rio Resources Resources Mt Mt +97% +363% 3,627 5,771 1,838 1,246 2005 2011 2007 2011 Project pipeline Project pipeline A 3D view of the Sakatti deposit showing an interpreted Operations & approved projects 0.2%Cu cut–off envelope with the current drillingSource: Anglo American Annual Reports and Competent Person Reports. Due to the uncertainty that may be attached to some Inferred Mineral Resources, it cannot be assumed that all or part of 15an Inferred Mineral Resource will necessarily be upgraded to an Indicated or Measured Resource after continued exploration. Minas-Rio project pipeline represents Itapahoacanga and Serra DoSapo only

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COMMITTED TO DELIVERING RETURN AND VALUE FORSHAREHOLDERS Annual dividends ($bn)• Reviewing the shape and size of Platinum portfolio in pursuit of maximising shareholder Minority 0.8 value and returns through the cycle Interests 0.8 1.4• Continue to prioritise the most value accretive options in our projects pipeline 0.6 AA plc 1.5 1.5• Committed to a base dividend that will be 0.8 0.9 maintained or increased through the cycle 0.5 2008 2009• Financial flexibility will increase as growth 2007 2010 2011 projects delivered in 2011 ramp-up to full Capital expenditure profile ($bn) 1 production De Beers Stay in business (SIB)• Surplus cash will be returned to shareholders; Approved Projects Future options 7.0 taking into account our disciplined investment 6.0 approach, future earnings potential and 5.3 5.1 5.0 5.0 preserving a robust balance sheet 4.7 3.5 2007 2008 2009 2010 2011 2012 2013 2014 16 1 Normalised capex profile on a continuing operations basis

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SUMMARY Capital allocation• Consistent strategy and simplified organisational structure delivering results 140 % Capex 1 Net equity distribution 2 Net acquisitions 3• Driving Tier 1 assets to deliver robust performance against a backdrop of challenging 120 % conditions• Delivery and strong ramp-up of key strategic 100 % projects demonstrates our ability to execute our 18 % 59 % growth strategy 80 % 35 % 28 % 42 %• Successful divestment programme despite 60 % 35 % 14 % challenging macroeconomic environment 9%• Rigorous and disciplined approach to capital 40 % allocation 66 % 58 % 65 % 20 % 47 % 49 %• Flexibility to prioritise growth options from a diversified and well balanced pipeline 0%• Leadership in social and sustainable (1)% (24)% development (20)% Anglo Peer 1 Peer 2 Peer 3 Peer 4• Commitment to return cash to shareholders (40)% American Source: BAML, UBS and Capital IQ. Major Diversified Miners from 2003 to Feb 2011. 1 Includes purchase of property, plant and equipment; and exploration expenditure 2 Includes issuance and repurchase of common stock; and common, special 17 and preference dividends paid 3 Includes cash acquisitions and divestitures