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Business and Financial Review • Sep 15, 2014

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ANGLOGOLD ASHANTI LIMITED - Update on Corporate Restructuring

PR Newswire

London, September 15

                       AngloGold Ashanti Limited                (Incorporated in the Republic of South Africa)                           Reg. No. 1944/017354/06)                  ISIN No. ZAE000043485 - JSE share code: ANG                    CUSIP: 035128206 - NYSE share code: AU15 September 2014NEWS RELEASEAngloGold Ashanti Provides Update on Proposed Restructuring, and WithdrawsCautionary Announcement(PRESS RELEASE) - Following the announcement of the proposed corporaterestructuring and capital raising on 10 September 2014, AngloGold Ashanti has,as planned, engaged extensively with shareholders holding almost two-thirds ofits issued share capital, to solicit feedback on these proposals. The proposedrestructuring would create a London-listed entity to house the company'sinternational assets with the South African assets remaining at AngloGoldAshanti, thus creating two simpler and more focused entities.There has been broad support for the strategic logic of the restructuring, buta number of shareholders have expressed concerns about certain aspects of theproposed transactions, in particular the quantum of the equity capital raisingneeded to enable the restructuring to be implemented in accordance withregulatory and other requirements.AngloGold Ashanti has, therefore, decided not to proceed with the restructuringand capital raising, as currently proposed. The company will continue toevaluate all options to address debt levels and unlock value, taking intoaccount the feedback from its shareholders and its business needs.AngloGold Ashanti has a world class portfolio of assets, growth projects and anexcellent track record of transforming its business to improve efficiency andcompetitiveness over the past two years, to deliver a record safety performancealongside production growth, operating and overhead cost reduction and improvedcash flows.Reducing current high debt levels and improving overall financial flexibilityremain priorities for AngloGold Ashanti, which will now intensify its focus onvalue creation opportunities deliverable within its current structure. Thecompany will continue to aggressively identify and implement furtheroperational efficiencies, reduce overhead structures and pursue otherinitiatives to improve underlying business performance. The company will alsoaccelerate actions to strengthen its balance sheet including debt reduction,portfolio simplification and options to unlock value from its Colombianportfolio.AngloGold Ashanti's Board and management would like to thank shareholders fortheir ongoing input and stakeholders, regulators and representatives oforganised labour, for their support.Further to the cautionary announcement dated 10 September 2014, caution is nolonger required to be exercised by shareholders when dealing in AngloGoldAshanti securities.ENDSSponsor to AngloGold AshantiUBS South Africa (Pty) LimitedCONTACTSMediaBrunswick Group   +44 (0) 20 7404 5959 / +27 (0) 11 502 7300   anglogoldashanti@brunswickgroup.comInvestorsStewart Bailey    +27 81 032 2563 / +27 11 637 6031            sbailey@anglogoldashanti.comFundisa Mgidi (South Africa) +27 11 6376763 / +27 82 821 5322  fmgidi@anglogoldashanti.comDisclaimerThis announcement includes "forward-looking information" within the meaning ofSection 27A of the United States Securities Act of 1933, as amended, andSection 21E of the United States Securities Exchange Act of 1934, as amended.All statements other than statements of historical fact are, or may be deemedto be, forward-looking statements, including, without limitation thoseconcerning: the economic outlook for the gold mining industry; expectationsregarding gold prices, production, cash costs, all-in sustaining costs, costsavings and other operating results; return on equity, productivityimprovements, growth prospects and outlook of AngloGold Ashanti's operations,individually or in the aggregate, including the achievement of projectmilestones, the commencement and completion of commercial operations at certainof AngloGold Ashanti's exploration and production projects and the completionof acquisitions and dispositions; AngloGold Ashanti's liquidity and capitalresources and expenditure; and the outcome and consequences of any potential orpending litigation or regulatory proceedings or environmental, health andsafety issues. These forward-looking statements are not based on historicalfacts, but rather reflect AngloGold Ashanti's current expectations concerningfuture results and events and generally may be identified by the use offorward-looking words or phrases such as "believe", "aim", "expect","anticipate", "intend", "foresee", "forecast", "likely", "should", "planned","may", "estimated", "potential" or other similar words and phrases. Similarly,statements that describe AngloGold Ashanti's objectives, plans or goals are ormay be forward-looking statements.These forward-looking statements involve known and unknown risks, uncertaintiesand other factors that may cause the AngloGold Ashanti's actual results,performance or achievements to differ materially from the anticipated results,performance or achievements expressed or implied by these forward-lookingstatements. Although AngloGold Ashanti believes that the expectations reflectedin these forward-looking statements are reasonable, no assurance can be giventhat such expectations will prove to have been correct.The forward-looking statements included in this announcement are made only asof the last practicable date. AngloGold Ashanti undertakes no obligation toupdate publicly or release any revisions to these forward-looking statements toreflect events or circumstances after the date of this announcement or toreflect the occurrence of unanticipated events. All subsequent written and oralforward-looking statements attributable to AngloGold Ashanti or any personacting on its behalf are qualified by the cautionary statement in this section.For a discussion of risk factors, shareholders should refer to the annualreport on Form 20-F for the year ended 31 December 2013, which was filed withthe Securities and Exchange Commission on 14 April 2014. These factors are notnecessarily all of the important factors that could cause AngloGold Ashanti'sactual results to differ materially from those expressed in any forward-lookingstatements. Other unknown or unpredictable factors could also have materialadverse effects on future results.