The financial community visits key assets in Anglo American’s De Beers and Platinum businesses, showcasing two of the Group’s world class assets.

1. ANGLO AMERICAN SITE VISIT
MOGALAKWENA MINE – PLATINUM
23 NOVEMBER 2016
PLATINUM
Mogalakwena Mine – load and haul operations
including rope shovel

2. 2
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presents the views of those third parties, which does not necessarily correspond to the views held by Anglo American Platinum.
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(including development plans and objectives relating to Anglo American Platinum’s products, production forecasts and reserve and resource positions). Known and
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• This presentation has been prepared without reference to your particular investment objectives, financial situation, taxation position and particular needs. You should
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CAUTIONARY STATEMENT

3. 3
MOGALAKWENA MINE – OVERVIEW
 The Northern Limb of the Bushveld
Complex is located in the Limpopo
Province of South Africa
 The Northern Limb is approximately
120km in length
 Anglo American Platinum operates the
Mogalakwena open pit mine – currently
the only operating mine on the Northern
Limb
Mogalakwena overview
Reserves
(Contained 4E million troy ounces)
116.0
Inclusive Resources
(Contained 4E million troy ounces)
286.4
Life of mine (years) >100
Number of employees 1,816
Annual Platinum production (koz) c.400
Mogalakwena mine Mogalakwena - drilling and load and haul operations

4. 4
MOGALAKWENA LEADERSHIP TEAM
World class leadership team adding value through the cycle

5. 5
SAFETY PERFORMANCE
Safest platinum mine in the world
 Mogalakwena operation benchmarks
favourably with international best
practice safety performance
 The team has a well structured safety
strategy in place
 Risk approach and progressing priority
unwanted events and critical controls
 Notable recent safety achievements:
- North concentrator - 489 days LTI free
- South concentrator - 315 days LTI free
- Mining - 226 days LTI free
- Mogalakwena operation - 4.3 million
fatality free shifts (+4 years)
- The concentrator team recently
surpassed 3 million fatality free shifts
(>6 years)
- Awarded the John T Ryan award for
best in class safety performance
0.44
1.14
1.05
1.45
1.63
2.02
2015
Incidentsper200000hours
2016 YTD2014201320122011
0.15
0.17
0.21
0.45
0.42
0.36
2011 20132012
Incidentsper200000hours
2016 YTD20152014
Total recordable case frequency rate (per 200,000 hrs)
Lost time injury frequency rate (per 200,000 hrs)

6. 6
GEOLOGY AND
RESOURCES

7. 7
GEOLOGICAL SETTING & REGIONAL ACTIVITY
Uniquely positioned for open pit mining
Waterberg
PGM
Platreef
Ivanhoe Mines
Kwanda North
Atlatsa/Anglo Plat
Tweespalk
PGM
Boikgantsho
Anglo Platinum
Harriet’s Wish
Sylvania
Central Block
Atlatsa
Akanani
Lonmin
Activity
Mining
Actively exploring
Not exploring
Project
Southern Platreef
+120km
Mogalakwena
Anglo Platinum
24km
 The Northern Limb complex of the
Bushveld complex has a strike of 120km
 Mogalakwena is the only operational
mine in the region currently
 The Boikgantsho mineral right added to
Mogalakwena to give a strike of 24km
 It is unlikely that any other company in
the region will be able to start an open pit
mine of scale
 Ivanhoe Mines is actively developing an
underground project
 PTM are developing the Waterberg
region which sits under significant
amounts of sedimentary rock

8. 8
3,712
2,751
1,391 1,260
852
Mogalakwena Impala Northam Lonmin Ivanplats
RESOURCE ENDOWMENT
Most valuable PGM resource in the world
 Yellow areas are scheduled resource which is within
AAP’s mine plans
 Highlighted within the yellow cut outs are the profiles of
current pits
 Green areas highlight the exclusive resource,
excluding our scheduled resource, both of which are
published as the inclusive mineral resource
 Grey areas emphasize the pre-resource. AAP does not
publish Platreef pre-resource unlike our competitors
Published inclusive mineral resources (million tonnes)
(1)
(1) 31 December 2015, (2) 30 June 2015, (3) 30 June 2016, (4) 30 September 2015, (5) Platreef
Project as at 22 April 2016, reported only (not inclusive) ~852 Mt at a 2 g/t 3PE+Au cut-off.
(2) (3) (4)
Mogalakwena super-pit Sandsloot Tweefontein North Tweefontein HillZwartfonteinBoikgantsho
100
600
1 100
1 600
2 100
Resource publication
boundary
Scheduled
resource
Pre-resource
boundary
Pre
resource
2 600
3 100
3 600
Drenthe
Fault
Mohlosane
Fault
Dolomite
Tongue
Sandsloot
River
≈ 6.5km ≈ 8.0km≈ 2.0km
Exclusive
resource
750 Extraction
limit
metres
(5)

9. 9
DELIVERING VALUE
Valuable basket of metals in high quality concentrate
14%
20%
6%
64%
30%
56%41%
39%
30%
23,961
6%
63%
31%
23,500
LonminImplats
32,850
Mogalakwena AAP Total
23,413
3E (Pd, Rh & Au) PlatinumBase metals
2015 revenue split between metals
 Highest Rand basket price in the
industry at R32,850 per platinum
ounce
 The major differentiator of
Mogalakwena concentrate is base
metal loading from nickel and
copper
 Relatively low amounts of impurities
in the concentrate is also favourable
from a smelting perspective – low
chrome content
(1)
1 Basket price = Total revenue from all metals / platinum ounces

10. 10
OPERATIONAL
PERFORMANCE

11. 11
A FOCUS ON CONTINUOUS IMPROVEMENT
Mining strategy improvements creating significant value
 Mine planning driving
significant value
 Optimised cut-back schedule
 Strike extensions preferred
to down dip pushbacks
 Slope angle optimisation
leading to further reduction
in stripping ratio
 For period 2017 to 2045
reduced waste mining by
~374Mt
0
20
40
60
80
100
120
140
160
180
200
220
14
16
18
20
22
24
26
28
30
32
34
36
38
40
42
44
2014 mine plan 2015 mine plan 2017 mine plan
Planned mining volumes (Mt)
Stripping ratio (waste to ore ratio)
10.8 10.9
8.4
5.8
6.7 6.8
3.9
5.9
4.8
2017 - 2031 2032 - 2041 2017 - 2045
2014 mine plan 2015 mine plan 2017 mine plan

12. 12
Platinum production (‘000 ounces)
DELIVERING HIGHER PRODUCTION AND CASH FLOW
Mogalakwena production continues to improve
304
325
354 369
4001
16
22
23
2012 21013 2014 2015 2016F
(inc Baobab)
Mogalakwena Baobab
Unit cost (R/Pt oz) & Cash operating margin (%)
305
341
376
392
c.400
15,464 16,148
18,930 17,502 17,647
39%
46% 49%
52%
49%
0%
10%
20%
30%
40%
50%
60%
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
2012 2013 2014 2015 H1 2016
Cash Operating cost / Pt oz Cash Operaing Margin
 Record production performance in 2015
– up 6% to 392 koz
 Forecast to improve production in 2016
 Unit costs reduced 7% in 2015 due to
cost management and productivity
initiatives
 Highest Rand basket price in the
portfolio at R32,850 per platinum ounce
 Generated R4.4bn of economic free
cash flow
 Cash operating margin maintained at
50% despite weaker prices due to
benefit of the basket of metals

13. 13
A FOCUS ON CONTINUOUS IMPROVEMENT
Ongoing concentrator improvements
12,754
33,215
11,031
2013
11,725
30,222
2014
+21%
10,480
2015
34,848
32,140
2016F
11,731
2012
28,712
North conc. (MNC)
South conc. (MSC)Daily mean (tonnes milled)
Baobab conc.
 Concentrator capacity increase –
exceeding expectation
 Baobab opportunity seized with further
benefits to come through as a result of
the Pandora transaction with Lonmin
 Asset management implemented since
2014 to eliminate defects
 Operating model implementation at
North and South concentrator
 Identifying opportunities for optimisation
of the North concentrator dry section to
increase stability and sustainability
 Assessing recovery improvement in the
wet section of North concentrator
 Expansion options study to look at where
further optimisation can exist in
downstream processing
Annual throughput (tonnes milled kt)

14. 14
TONNES MINED
Focus on stability and removing volatility has led to an increase in tonnes mined
 Average daily tonnes mined increased
48% between 2012 and 2016F
 Focus on maintaining stability and
removing volatility in mining
 Improvement in overall equipment
effectiveness on total heavy mining
equipment fleet
 Equipment availability and utilisation
improved through business
improvement initiatives
 Increased drilling accuracy improved
blasting fragmentation
 Improvement in fragmentation
positively impacting productivity to
negate increased vertical lift and
hauling distances
64,384
95,594
92,406
97,725
263
267
259
2012 2016F
180
+48%
2014
74,943
2013 2015
208
Annual tonnes minedDaily mean (kilo tonnes mined)
Annual mining volumes (tonnes mined kt)

15. 15
OVERALL EQUIPMENT EFFECTIVENESS
World-class performance from a world-class fleet
 Benchmarking of 170 operations
globally places Mogalakwena in the
top 10% of all global Komatsu 930E
truck fleets in terms of overall
equipment effectiveness
 Mogalakwena fleet’s annual truck
hours are sustainably above industry
benchmark
 Whole of life cost of the fleet trending
among the lowest globally
50% 60% 70% 80%
Frequency
Overall equipment effectiveness (avail.% x util.% x productivity %)
30%20% 40%
930E
OEE = 71%
930E
OEE = 68%
Global best in class
Current performance
40,0000 80,00060,000 100,00020,000
1,000
2,000
1,500
500
0
Equipment operating hours
Cumulativecosts(Rand/hr)
Global cost distribution
Actual Forecast
DT62
DT72
DT67
DT77
DT64
DT76
DT61
DT65
DT79
6,000
DT60
DT63
DT71
DT73
DT69
DT75
DT80
DT66
DT68
Ø 6,491
DT74
DT78
DT70
Industry benchmark
Mogalakwena fleet average
Komatsu 930E truck fleet hours for 2016 (annualised)
Global benchmark – overall equipment effectiveness Whole of life forecast – 930E fleet

16. 16
Baobab tonnes treated (kt)
BAOBAB CONCENTRATOR THROUGHPUT
Baobab increasing throughput with further value to be realised from Pandora transaction
 Optimised feed ore ratio resulting in
increased throughput
 Integrated into Mogalakwena North
concentrator dry circuit
 Additional value will be realised through
logistical optimisation of both ore
crushing and ore transportation
 As a result of Pandora transaction, will
be able to treat ore from mining
productivity improvements and from
value accretive stockpile blending
Baobab average monthly throughput (kt milled)
38
51 50
73
2013 2014 2015 2016 YTD
+94%
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
90,000
Jan-13 Jan-16Jan-15 Jul-15Jul-14Jan-14 Jan-17Jul-16Jul-13
+111%

17. 17
SOCIAL PERFORMANCE CLIMATE
Community relations improving through engagement at all levels
 Good relations with the National Union of
Mineworkers (NUM) – the major union
 All engagement structures in place and effective
 High literacy level with minimum entry level
matric mathematics and science
 Challenge on improving literacy levels
(employment pipeline)
 High performance culture
 93% of our total workforce are local
 Weekly bilateral leadership forum is in place
 Several award winning community engagement
projects
 Three communities have been relocated, two in
total and one near completion
 Line management direct involvement with
communities yielding results
Mogalakwena Groenfontein Training Initiative, a partnership with local
residents from surrounding villages
Aletuke Community Centre, built by Mogalakwena Mine. Pictured,
community members being trained to be community care givers

18. 18
CONCLUSION
 World class operation in the Northern limb with the only operational
open-pit mine
 Safest platinum mine in the world – no fatalities for 5 years
 Extremely long life asset with large reserves and resources
 Expansion potential – but competing for capital in current
environment
 Sustainable production – no major project capital needed to
increase production 31% since 2012 – but maintained waste
stripping and SIB capital
 Focus on community relationships as our social license to operate

19. PLATINUM
Q&A