WEST AFRICA’S NEWEST LARGE GOLD PRODUCER Review of Operations Revised CAGP Mine Plan An updated economic analysis  incorporating a revised Life of Mine  Plan (“LOMP”) for the CAGP was  completed in May 2011. The new  LOMP reflected upgraded crushing  and grinding capacity, upgraded  Mineral Reserves and the assumed  results of successful throughput  optimisation during the first 18  months of operation. Key elements of the LOMP  upgrade include:  •  Average process throughput  increased from 5.5Mtpa to  7.9Mtpa; •  Additional 1,000,000 ounces of  gold recovered; •  Average gold production to  increase 38% to approximately  265,000ozpa; •  C1 1  cash costs increase to  US$551/oz; base case gold  price increased to US$1,150/oz; •  EBITDA over life of project  increased 127% from $685M  (July 2009 Feasibility Study) to  $1,559M (US$1,150/oz gold  price); and •  Government royalties 5% and  a 1.5% royalty to AngloGold  Ashanti Limited which at a gold  price of US$1,150/oz equates  to a US$75/oz. 1 C1 defined as the cash cost incurred at each  processing stage, from mining through to  recoverable gold delivered to market, less net  by-product credits.  6 Mineralisation Abnabna STG1 Fobinso STG1 AF - GAP STG1