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NEWS RELEASE19 April 2013Anglo American plcAnnual General Meeting − Address to shareholdersAnglo American plc held its Annual General Meeting for shareholders in London today. Sir JohnParker, Chairman, and Mark Cutifani, Chief Executive, made the following remarks:Sir John Parker, Chairman, Anglo American plc:Good afternoon, ladies and gentlemen. Many of you, I know, have travelled a long way. May Iextend a warm welcome to all of you to the Anglo American plc AGM.As you all know, 2012 was a very difficult year for the mining industry. Against a backdrop of amarked economic slowdown in China, a troubled euro zone and only a relatively weak andpatchy recovery in the United States, the industry faced falling prices, while profitability wasfurther eroded by above-inflation cost increases in many countries.As a consequence – and in line with a number of our peers – Anglo American experienced asharp decline in profitability. We reported an underlying operating profit of $6.2 billion, 44 percent down on the previous year; our underlying EBITDA decreased by 35 per cent to $8.7billion; while underlying earnings were 54 per cent lower at $2.8 billion.Our financial and operating performance further suffered as we experienced setbacks in keyareas of our business. In South Africa, we encountered lengthy illegal industrial action at ourPlatinum and Kumba Iron Ore operations – with Anglo American Platinum recording a loss forthe year. In the first six months, we also encountered operational setbacks in our Chileancopper business, though I am pleased to say that output there is now on a recovery track. Atour flagship Minas-Rio iron ore project in Brazil, a diversity of problems led to a revised deliverydate and capital-cost increases. This led us to review the carrying value of this asset, writing itdown by $4 billion.In spite of all these challenges affecting cash flow, the Board was able to recommend a finaldividend of 53 cents per share, giving a rebased total dividend for the year of 85 cents, a 15 percent increase, reflecting our confidence in the underlying business going forward. This increasecompletes the rebuilding of our dividend since its suspension in 2009 to a new base levelcompetitive with our diversified peer group.Continuing on a positive note, I should also like to add that the three major new miningoperations we have commissioned – Kolomela iron ore in South Africa, Barro Alto nickel inBrazil and our copper expansion at Los Bronces in Chile – are contributing strongly to cash flow.In 2012, our new mining operations and expansions generated $1.2 billion, almost 20 per centof total operating profit.Complementing the underlying cash flows from the business, our capital demands have alsobeen underpinned by the contributions from our successful disposal programme. By year-end,our divestment programme of non-core businesses, as announced in October 2009, hadgenerated proceeds of $4 billion on a debt- and cash-free basis.Anglo American‟s objective is to maintain a strong investment-grade rating – which demandsrigorous capital discipline. We recognise only too well that our major capital project, Minas-Rio,Anglo American plc20 Carlton House Terrace London SW1Y 5AN United KingdomTel: +44 (0)20 7968 8888 Fax: +44 (0)20 7968 8500Registered office as above. Incorporated in England and Wales under the Companies Act 1985. Registered Number 3564138

has been a much bigger challenge than any of us could have anticipated and that over the nexttwo years we will bear a heavier capital expenditure burden as we seek to complete itsdevelopment, after which we expect capital expenditure to be moderated.Given the increased challenges involved in developing large and complex greenfield sites, theBoard will apply a highly disciplined approach to the allocation of capital – with smaller, lowerriskbrownfield expansion projects more likely to find favour in the short term. We will alsoexplore the merits of seeking suitable partners in large greenfield projects.We are making real progress, however, towards first iron ore shipment from Minas-Rio by theend of 2014. We have secured the vast majority of the permits needed; the focus now is onworking towards converting our installation licences into operating licences. Earthworks at thebeneficiation plant are almost complete; around three-quarters of the civil works have beendone; and almost half of the 525-kilometre pipeline has been laid. Minas-Rio is a world-classiron ore project of rare magnitude and quality, in an established mining jurisdiction,representing one of the world‟s largest undeveloped resources of iron ore.I would also like to mention the successful outcome of the dispute with the Chilean state copperproducer, Codelco. We were able to retain majority control of Anglo American Sur and toestablish a new relationship that positions us to build a very strong future for our business inChile. We were also able to generate $2.3 billion of incremental proceeds for our shareholderscompared to the original option-price formulae.A further key development during the year was the completion of our acquisition from theOppenheimer family of its 40% shareholding in De Beers, which gives our shareholders greaterexposure to the world‟s No. 1 diamond company. De Beers is well positioned to capitalise onthe positive fundamentals in diamonds, with the supply of gem diamonds anticipated to fall wellshort of demand over the long term.In these volatile times especially, boards have a heightened responsibility to ensure thatmanagement delivers enduring value for shareholders. That is why, following almost a year ofstudying various options and social plans, we announced a major restructuring of our Platinumbusiness. We aim to return it to a sustainable profit and a more secure future for the 45,000employees who would remain in that business. We continue to engage positively with the SouthAfrican government on the finalisation of our recovery plans.Turning to safety, this is a constant challenge, and none of us can afford to let up our vigilancefor an instant. Last year, the number of people who lost their lives on company businessdecreased to 13, while our lost-time injury frequency rate also resumed a downward trend.I would like to take a moment now to pay tribute to Cynthia Carroll, who earlier this monthstepped down as chief executive and who leaves Anglo American at the end of this meeting.Overall, during her six-year watch, the annual number of people who died on the company‟sbusiness, on a like-for-like basis, was reduced by at least half. This step change in performanceis great testimony to Cynthia‟s safety leadership, as well as the commitment of all of her seniormanagement team. Their tireless endeavours in leading the safety agenda have brought aboutreal and lasting change in the way we approach our drive for zero harm.Cynthia‟s leadership has had a transformational impact on Anglo American. She developed aclear strategy, based on an attractive range of core commodities, and created a strong andunified culture and a streamlined organisation. Cynthia lived out Anglo American‟s values to thefull and her legacy includes, among many other things, a step-change improvement in safety,sustainability and the quality of our dialogue with governments, communities and otherstakeholders around the world.

As a Board, we not only thank her but wish her all success and good wishes in the years ahead.At this juncture, I would also like set some of the other changes to the Board in the context ofthe heightened responsibility boards now have. Over the past few years, governance pressureson listed companies have been growing in intensity. Both institutional and individualshareholders have sought to hold under-performing managements and boards to account. Andthat is right.In the three-plus years I have been chairman of your company, therefore, I have sought torefresh and strengthen the Board by bringing in members with a range of skill-sets andexperience that can add value to our business and maintain capital discipline. It is in that lightthat we appointed Anne Stevens in May 2012. Anne is an engineer with extensive industrialexperience, including operating in a range of South American countries in which we are present.I also wish to take this opportunity to thank Dr Mamphela Ramphele, who stepped down in July,for the wealth of experience and insight she brought to the Board‟s affairs. Mamphela, who wasa key figure in South Africa‟s struggle for democracy, later had a very distinguished career,including serving as vice-chancellor of the University of Cape Town and as a managing directorof the World Bank.Peter Woicke is also standing down from the Board. He has been a director since 2006 andchairman of the Safety and Sustainable (S&SD) Committee for the past three years. Peter hasbrought a wealth of experience and knowledge about development in emerging economies toour proceedings and has ensured that Anglo American remains at the forefront of the majorsustainability issues facing our industry.We are very fortunate to have someone of Jack Thompson‟s extensive mining experience andknowledge of safety to take over as chairman of the Committee and to build on Peter Woicke‟sexcellent work.The Board is also proposing the appointment of Dr Byron Grote as a non-executive director attoday‟s meeting. Byron Grote has more than three decades of broad-based businessexperience in the natural-resources sector, including mining and, more latterly, 10 years aschief financial officer of BP. Dr Grote will also join the Audit Committee and, in due course, takeover the chairmanship from David Challen, who has rendered outstanding service.I am particularly glad that David has agreed, given the extensive changes to Boardmembership since late 2009, to serve for at least another year as the senior independent nonexecutivedirector.And now to Mark Cutifani.The Board conducted a global search, which I led, to identify the best possible candidate for therole of chief executive. We had a very clear list of criteria of what we wanted to see in a CEOfor the next decade, and Mark was the Board‟s unanimous choice to succeed Cynthia.Mark, who took up his post on 3 April, was the CEO of AngloGold Ashanti, based in SouthAfrica, where he led the successful restructuring and development of its business. He is anexperienced listed-company chief executive who has a focus on creating value. Mark is aseasoned miner, with 36 years‟ experience in the industry and broad experience of miningoperations and projects across a wide range of commodities and geographies, including SouthAfrica and the Americas, as well as his native Australia. He is a highly respected leader in the

global mining industry, with values – and I include safety and sustainability foremost amongthese – strongly aligned to those of Anglo American.Finally, turning to the outlook for mining commodities and Anglo American in particular.There are now clear signs of an upturn in US housing, which should reinforce a broadereconomic recovery helped by ultra-loose monetary policy. In China, the authorities have alsoeased policy to stimulate faster growth. But the country‟s newly installed leadership is mindfulof the need to rebalance the economy, which will restrain growth over the next few years. InEurope and Japan, activity has been weak, but there are signs of improvement and changes inrecent policy should boost growth in 2013.In the medium term, we see continuing robust demand for industrial commodities as emergingeconomies continue to industrialise and advanced economies invest in upgrading theirinfrastructure.Mark Cutifani, Chief Executive, Anglo American plc:Sir John Parker, members of the Board, distinguished guests, shareholders, members of theExecutive Committee, colleagues, ladies and gentlemen.As the incoming Chief Executive in his first month, it is a privilege to be given the opportunity tospeak to our shareholders at an Annual General Meeting. In making my introductory remarks Iwould also like to acknowledge Cynthia Carroll‟s contribution to the organisation and to wishher well for the future. We share a passion for safety and I have made the point from day onethat my focus on people and the provision of a safe and healthy workplace is a pre-requisite fordoing business in, and with, Anglo American.It is a great honour to be appointed to the role of Chief Executive Officer of Anglo American.Our company has a storied history, beginning with its proud South African origins andextending to the international stage as it has established itself as a major l diversified mininggroup. However, while many things have been achieved, we cannot continue to do businessas usual. Our share price is languishing compared to our peers and we are not being rewardedfor the potential we have embedded in the asset portfolio.In that context, let me say that I recognise that South Africa remains critical to our shareholdervalueproposition. Likewise, we remain important to South Africa‟s longer term developmentprospects. I am confident that we can operate more effectively in all of our key jurisdictions,recognising that our local communities and our host nations are our most importantstakeholders. We must be driven by our desire to deliver value to our shareholders while beingguided by our understanding of the need to deliver long term sustainable social outcomes.On a broader front, in my previous roles with AngloGold Ashanti, Inco and Vale, WMC and RioTinto, I have had responsibilities in almost every one of Anglo American‟s development andoperational jurisdictions. Furthermore, that experience across more than 20 commodities hasextended from technical and commercial roles through to some unique experiences in socialdevelopments in both developed and developing countries across the globe.In my 36 years in this industry, I believe I can point to a track record of financial discipline andbusiness delivery, alongside a commitment to progressive social change that is consistent withthe Anglo American values around caring for people and for the communities in which weoperate.

In making my first specific remarks around my personal business philosophy I will start withleadership and people.As Henry Ford once said: “You can take my factories, burn up my buildings, but give me mypeople and I’ll build the business right back again.”People are the business. Anything that we accomplish with our resources, the assets we havebuilt and the capital we invest is through the design and actions of our people. Leadershipmust be focused on people, providing the vision and the drive to deliver on our potential.A team that has the vision to lead the industry in the delivery of sustainable value must do morethan merely talk about the word „value‟. We must create the conditions and live the values toallow people to trust each other, to work as a team and to hold each other accountable fordelivery on our commitments to one another. This is how we create an exceptional business.And this is how we will create relationships with our host communities in which people canbelieve.Leadership is about delivering on our potential.There has been considerable media commentary on strategy in our industry recently, with newchief executives promising not to make acquisitions, not to develop new projects and to returncash to shareholders in ever increasing amounts. I will not make promises where I am not surewe can consistently deliver value or where we do not have an execution strategy. In my viewthe difficult issues we have seen in the industry over the last five years relate to a lack of capitaldiscipline, a lack of focus on returns and incapacity to translate good intent into businessresults. In Anglo American, we take full responsibility for addressing that issue. We cannotover-simplify the issues by attributing poor performance to one or two philosophical mantras.We will build our strategy guided by the need to spend within our means and to deliverattractive capital returns within a risk profile that we are comfortable allows us to deliver on ourpromises. Delivery on commitments must be supported by the establishment of an executiondiscipline and structures that leave as little as possible to chance or factors outside of ourcontrol.As an industry, we have lost sight of what the obvious issues are. So, we will look at a newproject development, a potential acquisition or any other transaction on the basis that:It is the best place to commit that capital compared to all other options;We have enough information to be confident we have got the numbers right and thatwe have fully appraised the risks and the opportunities; andWe have the team that can execute in line with the plan.While it should go without saying, we will again reinforce the notion that all investments mustmore than compete with the natural alternative; that is, to return cash to shareholders. Thatsimply demands that our individual and portfolio focus must be on delivering returns well inexcess of our weighted average cost of capital.So, in collaboration with the executive team and the Board, over the next three months we areconducting a detailed strategic review. It will cover such fundamental aspects as:A compelling confirmation of our commitment to people and the provision of a safe,healthy and productive workplace.As a major diversified company, we need a more focused articulation of the valueproposition that will guide our strategic positioning.

An operating and project delivery model that takes inspiration from beyond the miningindustry, to support the implementation of the plans and disciplines necessary toimprove our ability to execute our strategy. In doing so we will also establish theunderlying processes necessary to improve our competitive operating position, toimprove margins and to increase capital returns.The basis of a capital-management regime, including “constructive competition” interms of capital allocation in order to drive a strong value-creating culture. This is theissue that is crucial: that we ensure that money goes to the right place. We will also beconsidering a different capital model that takes more cognisance of individual capitalrisk, more like the approach that the petroleum industry takes towards the syndicationof capital. That is, we will be more open to joint ventures where we partner with othersto tap broader operating or other experiences along with lowering our incrementalcapital risk on specific projects.A renewed focus on technical innovation, where the application of “intellectual capital”drives the creation of longer term competitive advantage.A consistent approach, wherever we work, towards strengthening our SustainabilityFramework. This local-focus approach will help us recalibrate our social developmentprograms so that our investments more effectively impact our most importantdevelopment partners. This approach will be developed consistent with, and within,broader government development structures – as it is not our intention to work outsidethese structures, but to better complement these frameworks with our local focus andmore effective community and engagement processes.Making sure we have the right people in the right roles doing the right work and thateveryone understands what they are individually accountable to deliver. This is acornerstone in delivering continuous improvement and shareholder value.An understanding that our shareholders provide us with capital and support in theexpectation we will take appropriate account of their views to deliver both exceptionaland sustainable long term value.As a point of principle, I believe that if there are no investment opportunities that deliver aboveour risk/return hurdles, we should return cash to our shareholders.To deliver on our potential we will have to put in place new processes that reach outside themining industry for their inspiration and application. To be brutally frank, our industry lags thepetroleum, manufacturing and aviation sectors and other more progressive and innovativeheavy industry players in terms of operating practices – there is no reason why our industryshould not use the best from all of these “restless innovators”.In the last 10 years I have worked with a select group of industry colleagues to develop andapply the mining industry‟s most comprehensive fully integrated operating model – it takes agood part of its design from a wide range of leading practices from outside the relatively narrowconfines of the mining industry. The consistent evidence is that this model delivers, over a fiveyear period, a material underlying improvement in the productivity of our operating processes –without any significant incremental capital investment. That is the challenge for us as amanagement team. The key measures for such improvement must be productivity, reduction ofwaste reflecting unit cost improvements and the delivery of improving capital returns.We must become leaders in the industry in innovation.When we integrate this type of approach with an experienced technical knowledge of how toextract value from our resources I have no doubt that we can lead the industry in value creation.