2003 Interim Results

1. ANGLO AMERICAN ADDING VALUE TO NATURAL RESOURCES 8 August 2003 This presentation is being made only to and is directed only at (a) persons who have professional experience in matters relating to investments falling within Article 19(1) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2001 (the “Order”) or (b) high net worth entities, and other persons to whom it may otherwise lawfully be communicated, falling within Article 49(1) of the Order (all such persons together being referred to as “relevant persons”). Any person who is not a relevant person should not act or rely on this presentation or any of its contents. 2003 Interim Results

2. $0.60 $0.61 H1 ‘02 H1 ‘03 Key Financials • Headline earnings up 2% at $856m despite stronger rand • Outstanding contribution from Diamonds, strong performances from European Paper and Packaging and Industrial Minerals offset lower Platinum, Gold and Coal • Interim dividend maintained at 15 US cents per share • Strong EBITDA of $2.4bn up 9%: EBITDA interest cover 14x • Cost savings & efficiency gains: $127m Headline EPS

3. Jan Jan Feb Feb Mar Mar Apr Apr May May Jun Jun Rand/US$ Exchange Rate SA Rand 27% stronger vs. US$ 11.96 Average 10.99 R/$ 10.37 Average 8.03 8.58 7.48 H1 2003 H1 2002

4. Geographic Diversity Headline Earnings - Rest of World 18% Rest of World 28% Europe 21% Europe 30% Americas 7% South Africa 54% South Africa 30% Americas 12% H1 2002 H1 2003

5. Product Diversity Headline Earnings - Ferrous & Industries 6% Ferrous & Industries 5% Platinum 13% Platinum 19% Paper and Packaging 18% Paper and Packaging 21% Gold 10% Gold 12% Industrial Minerals 11% Industrial Minerals 13% Diamonds 29% Diamonds 20% Coal 17% Coal 13% Base Metals 4% Base Metals 7% H1 2002 H1 2003

6. Geographic Diversity Balanced Asset Mix - Rest of World 14% Europe 30% Americas 20% South Africa 36% 30 June 2003 Net attributable operating assets, including investment in associates & JVs

7. Key: Base Metals Diamonds Paper & Packaging Industrial Minerals Platinum Coal Gold Internal Growth A Well-balanced $6bn Project Portfolio Buxton $173m RPM Tailings $186m Kleinkopje $56m Goiás $147m Finsch $126m Kriel $65m Black Mtn $110m Richards Bay $221m Polokwane $190m Capcoal $106m Collahuasi $288m CC&V $203m PMR Expan. $99m HBMS 777 $276m TauTona $169m RPM Ph 2 $444m Ruzomberok $233m Skorpion $454m ACP Project $250m Dartbrook $55m RPM Ph 1 $210m Cerrejón $50m Moab Khot. $690m Modikwa $311m BRPM $317m Mponeng $191m 2003 2004 2005 2006 2007 2008 2009 Major authorised projects. Full project list included in appendix. 100% of subsidiaries and AA plc’s share of JV’s and associates. Full production dates.

8. Social Responsibility • Safety performance continues to show encouraging improvements • LTIFR improves 22% from 2002 total • Fatal incidents levels unchanged from equivalent period last year – area for intensive focus • Good progress made in rolling out ART for HIV/AIDS infected employees - around 500 employees already receiving ART - with encouraging results

9. Review of FinancialsTony Lea 2003 Interim Results

10. Headline Earnings $m H1 ‘03 H1 ‘02 Profit for the financial period 760 767 Exceptional items 7 (11) Amortisation of goodwill 98 82 Related tax & minority interests (9) 2 Headline earnings for the period 856 840

11. Headline Earnings Variances

12. Headline Variance: Exchange Group Total: -$231m

13. Pre-tax Cost Savings: $127m Maintenance Admin & Overhead $84m Labour Materials & Supplies $3m $7m $19m $29m $1m $14m $2m $55m $2m $26m $8m $4m Operating efficiencies Procurement Restructuring & synergies

14. Balance Sheet $m 30/06/2003 31/12/2002 Shareholders’ Funds 18,371 16,261 Net Debt: South Africa 1,062 12 Rest of World 5,927 6,989 5,566 5,578 Minority Interests 2,454 2,304 Total Capital 27,814 24,143 Net Debt/Total Capital 25.1% 23.1% ROCE 12.7% 17.5% EBITDA/Total Capital 18.8% 23.6%

15. Cash Flow Analysis H1 ‘03 H1 ‘02 Operating cash flow 1,286 1,381 Dividends from JVs & assocs. 203 115 Operating cash flow including dividends from JVs & assocs. 1,489 1,496 Net interest & other dividend income (75) 55 Taxation (413) (567) Disposal of fixed assets 40 272 Available cash flow 1,041 1,256 Dividend paid - company & minorities (739) (724) Net acquisitions & disposals (315) (1,752) Capital expenditure - maintenance (547) (271) - expansionary (625) (579) Other (226) (128) Movements in net debt (1,411) (2,198) Net debt at start of the period (5,578) (2,018) Net debt at end of the period (6,989) (4,216)

16. Review of OperationsTony Trahar 2003 Interim Results

17. Headline earnings up 49% $248m $166m H1 ‘02 H1 ‘03 Highlights - Diamonds • Record headline earnings - up 49% to $248m • DTC sales of $2.92bn up 3% • Operating cash flow of $1,115m • Anglo total dividends for 2002: $126m (2001: $71m) • De Beers net debt reduced by $2,225m to $927m in 1½ years • De Beers debt refinanced at attractive rates

18. $158m $107m H1 ‘02 H1 ‘03 Highlights - Platinum Headline earnings down 32% • Headline earnings: $107m • Lower earnings primarily due to strong SA rand/dollar exchange rate • Mine production up 10% • Temporary increase in pipeline stock levels result in reduced production of refined metal • AA plc holding in Anglo Platinum at 72.25% • 3.5m oz target remains in place • Continued rand strength: Project timing & funding under review

19. Highlights - Gold • Headline earnings: $82m • Gold production steady at 2.8m ozs despite lower grades • Lower contribution due to stronger rand • Hedge book continues to reduce - down 17% to 8.7m oz • AngloGold/Ashanti merger proposal under consideration by Government of Ghana • $117m new expansion projects at TauTona will deliver 1.8m oz over the next 10 years Headline earnings down 18% $100m $82m H1 ‘02 H1 ‘03

20. Highlights - Coal • Headline earnings: $107m • Lower export thermal coal prices and stronger rand & Australian dollar drive earnings lower • Sales volumes increased 5% to 43.0 mtpa • Australia operating profit increases by 29% to $74m, helped by steady coking coal prices and production • Cerrejón commences expansion to 28 mtpa from 22 mtpa Headline earnings down 25% $142m $107m H1 ‘02 H1 ‘03

21. Headline earnings up 62% $60m $37m H1 ‘02 H1 ‘03 Highlights - Base Metals • Headline earnings: $60m • Disputada performs well - initial headline contribution $39m • Losses in zinc offset by higher contribution from copper, nickel & niobium • Skorpion zinc project commissioning; first metal produced in May • Restructuring continues: Anaconda Nickel and Bindura Nickel sold

22. Headline earnings up 27% $113m $89m H1 ‘02 H1 ‘03 Highlights - Industrial Minerals • Headline earnings: $113m • EBITDA up by 23% to $250m • Increased earnings on the back of higher UK margins and improved European performance • New Copebrás phosphate plant performing well • $173m Buxton cement plant to be completed end 2003

23. Highlights - Paper and Packaging Headline earnings up 16% • Headline earnings: $178m • Strong performance from Mondi Europe despite economic downturn • Cost reductions, profit-improvement initiatives and strong Euro boost performance • $221m expansion of Richards Bay mill announced • $600m in expansionary projects underway $178m $153m H1 ‘02 H1 ‘03

24. Highlights - Ferrous Metals Headline earnings up 2% • Headline earnings: $42m • Difficult trading conditions with weaker SA domestic markets and impact of strong SA rand • Avmin stake disposed of for $231m • Stake in Kumba 20.1%, right to acquire further shares subject to SA Competition Tribunal approval $42m $41m H1 ‘02 H1 ‘03

25. Outlook • Outlook remains challenging • While geopolitical tensions have reduced somewhat following Iraq war, low growth forecasts for US, Japan and Europe • Prospect of a continued strong rand/US$ exchange rate concerning • Continued focus on cost savings and efficiency improvements • Anglo’s product & geographic asset mix and strong project pipeline will continue to underpin performance in years ahead

26. ANGLO AMERICAN ADDING VALUE TO NATURAL RESOURCES 8 August 2003 2003 Interim Results

27. Additional Information Handout Only 2003 Interim Results

28. Currency Conversion Ex-dividend (JSE) Ex-dividend (LSE) Record date Payment of Interim Dividend Annual Results 5 August 2003 18 August 2003 20 August 2003 22 August 2003 15 September 2003 25 February 2004 Key Dates

29. MarketPrices H1 ‘03 H1 ‘02 Gold 349 302 Platinum 654 515 Palladium 207 370 Rhodium 557 952 Copper 75 72 Nickel 379 298 Zinc 35 36 Coal: thermal (RSA - API 4 index average)25.75 27 Coal: coking 45 44

30. Headline Earnings Sensitivities US$m 10% change in gold price ± 31 10% change in platinum price ± 32 10% change in palladium price ± 4 10% change in coal price ± 54 10% change in copper price ± 55 10% change in nickel price ± 10 10% change in zinc price ± 17 10% movement in diamond revenue ± 45 10% change in pulp price ± 4 10% movement in SA rand/US$ ± 109 10% movement in AUD/US$ ± 18 10% movement in Euro/US$ ± 11 Estimated sensitivities represent 6 month outlook. Excludes the impact of translation of monetary assets & liabilities and the effect of any hedging activities. Stated after tax at marginal rate. Pulp sensitivity depends on recoveries. Diamond sensitivity dependent on consistent volumes, mixes and pricing.

31. Projects Gold Total additional Production Full Approved Approved production1 commences prod. capex $m2 Mponeng 4.0m oz 2004 2005 191 TauTona - Expansion project 2.3m oz 2004 2005 52 TauTona - VCR A & Pillar & CLR <120L 1.8m oz 2005 2008 117 Cripple Creek & Victor 2.8m oz 2002 2002 203 Moab Khotsong 4.1m oz 2003 2008 690 Total 15.0m oz 1,253 Industrial Minerals Total additional Production Full Approved Approved production3 commences prod. capex $m Goiás (completed under budget) 455,000 t 2002 2003 147 Buxton Cement Plant 425,000 t 2003 2004 173 Total 320 1 Gold incremental production is total additional capacity over life of project. Capex converted to US$ on date of project approval. 2 Nominal 3 Incremental production is a per year amount once full production is reached. Capex converted at date of project approval.

32. Projects Platinum Total additional Production Full Approved Approved production1 commences prod. capex $m2 ACP Convertor Phase 1 Meet 2003 2004 250 PMR Plant Expansion expansion 2002 2005 99 Slag Cleaning Furnace requirements 2003 2003 34 Rustenburg UG2 Phase 1 395,000 oz 2002 2006 210 Rustenburg UG2 Phase 23 306,000 oz 2003 2007 444 RPM Tailings Retreatment 120,000 oz 2004 2006 186 Bafokeng-Rasimone Mine (BRPM) 254,000 oz 1999 2004 317 Modikwa Mine 162,000 oz 2002 2003 311 Polokwane Smelter 650,000 t 2003 2003 190 concentrate Total 2,041 1 Incremental production is a per year amount once full production is reached. 2 Capex converted at date of project approval. 3 Replacement ounces

33. Projects Coal Total additional Production Full Approved Approved production1 commences prod. capex $m Kleinkopje Expansion 1.3m tpa 2003 2005 56 Greenside Expansion 1.0m tpa 2003 2005 17 Cerrejón Sur exploration 8 Cerrejón 2.0m tpa 2004 2007 50 Kriel South Project 5.0m tpa 2005 2007 65 German Creek - Capcoal (Grasstree)2 3.9m tpa 2006 2007 106 Dartbrook (Kayuga) 3.6m tpa 2004 2005 55 Lake Lindsay exploration 35 Total 16.8m tpa 392 Base Metals Total additional Production Full Approved Approved production commences prod. capex $m HBMS 777 Project3 2003 2004 276 Black Mountain Deeps 45,000 t Zn 2004 2005 110 Collahuasi Rosario Project 2002 2004 288 Skorpion 150,000 t Zn 2003 2004 454 Total 1,128 1 Incremental production is a per year amount once full production is reached. Capex converted at date of project approval. 2 To maintain & expand production levels at German Creek & Dartbrook. Incremental tonnes - German Creek (1.6m tpa) & Dartbrook (0.9m tpa). 3 Extends HBMS life to 2018

34. Projects Paper and Packaging Total additional Production Full Approved Approved production1 commences prod. capex $m Frantschach: Steti PM3 20,000 t 2003 2003 20 Frantschach: Swiecie Pulp Mill 50,000 t 2004 2004 13 Ruzomberok: Pulp Mill 103,000 t 2004 2005 129 Ruzomberok: PM18 Expansion 100,000 t 2003 2004 104 Richards Bay: BEKP Line 145,000 t 2005 2005 221 Merebank: PM2 Rebuild 40,000 t 2003 2003 26 Total 513 Total converting Production Full Approved Approved capacity commences prod. capex $m Ybbstal: Flex 05 60,000 t2 2004 2005 51 Frantschach: Inncoat Foils - 2003 2003 11 Syktyvkar: A4 Cutter 150,000 t 2003 2003 15 Merebank: A4 Cutter 92,000 t 2002 2003 12 Total 89 1 Incremental production is a per year amount once full production is reached. Capex converted at date of project approval 2 60,000 t increase in cut size capacity plus 16,000t additional production of UCWF paper

35. Projects Diamonds Total additional Production Full Approved Current projects production1 commences prod. capex $m2 !Gariep 3m carats 2003 2004 32 Finsch Block 4 16m carats 2003 2007 126 Venetia Upgrade 1.5m carats pa 2003 2004 1 BB1E Premier 3m carats 2004 2007 12 Elizabeth Basy Upgrade 2m carats 2004 2004 24 Total 24m carats 195 +1.5m carats pa Venetia Under review C-Cut Premier 110m carats 2007 2011 454 Finsch Tailings 6m carats 2004 2004 16 Snap Lake 19m carats 2007 2008 315 Victor 6m carats 2007 2008 305 Total 141m carats 1,090 1 Total additional production shown for the life of the project. Shown on a 100% basis. 2 Approved capex is AA plc’s effective attributable share (48.65%), converted to US$ at R7.80=US$1, C$1=US$0.74

36. Analysis of Headline Earnings $m H1 ‘03 H1 ‘02 Platinum 107 158 Gold 82 100 Diamonds 248 166 Coal 107 142 Base Metals 60 37 Industrial Minerals 113 89 Paper and Packaging 178 153 Ferrous Metals 42 41 Industries (1) 9 Exploration (39) (32) Corporate Activities1 (41) (23) Headline Earnings 856 840 1includes Gold Fields

37. Analysis of Operating Profit $m H1 ‘03 H1 ‘02 Platinum 204 389 Gold 180 197 Diamonds 378 242 Coal 172 232 Base Metals 98 127 Industrial Minerals 136 113 Paper and Packaging 357 291 Ferrous Metals 74 66 Industries 30 52 Exploration (50) (40) Corporate Activities1 (45) (88) Operating Profit2 1,534 1,581 1includes Gold Fields 2after operating exceptional items

38. Capital Expenditure $m H1 ‘03 H1 ‘02 Platinum 394 229 Gold 117 107 Coal 74 41 Base Metals 155 146 Industrial Minerals 136 159 Paper and Packaging 233 132 Ferrous Metals 22 8 Industries 37 25 Other 4 3 Total 1,172 850

39. Headline Variance: Price Group Total: +$127m

40. Headline Variance: Volume Group Total: +$28m

41. Operating Profit Variance Operating profit after operating exceptional items

42. Regional Analysis Operating Profit $m H1 ‘03 H1 ‘02 South Africa 548 864 Rest of Africa 299 262 Europe 409 210 Americas 187 171 Australasia 91 74 1,534 1,581 Operating profit after operating exceptional items

43. Operating Cost Reconciliation Subsidiary & JV Operating Costs $m H1 2002 operating costs Subsidiaries (5,756) JVs (share of turnover less operating profit) (401) (6,157) Inflation (235) Exchange (1,222) Volume (260) Depreciation & amortisation (49) Acquisitions & disposals (414) Operating impairments (28) Other costs recovered through revenues (62) Ramp up operations, costs higher than inflation & other (65) H1 2003 operating costs before cost savings (8,492) Cost saving initiatives 127 H1 2003 Operating costs Subsidiaries (7,979) JVs (share of turnover less operating profit) (386) (8,365)

44. Anglo Platinum Reconciliation $m IAS net profit (published) 148 STC adjustment 12 Movement on unrealised profit on FEC 2 Exploration 11 Prior year stock adjustment change in AP accounting policy 13 Exceptional items (8) Weighted average exchange impact 2 180 Minority interest (51) Depreciation on assets revalued on acquisition (22) UK GAAP contribution to headline earnings 107

45. AngloGold Reconciliation $m IAS Headline earnings (published)1 140 Exploration 18 Minority interest (76) UK GAAP contribution to headline earnings 82 1 before unrealised non-hedge derivatives

46. De Beers Reconciliation Ordinary Preference $m Total shares shares DBI headline earnings (100%) 414 - - UK GAAP adjustments 58 - - DBI headline earnings - UK GAAP (100%) 472 417 55 AA plc’s 45% ordinary share interest 188 188 - Additional 3.65% ordinary share interest 15 15 - AA plc’s portion of preference shares 45 - 45 AA plc headline earnings 248 203 45

47. EBITDA Reconciliation $m H1 ‘03 H1 ‘02 Net cash inflow from operating activities 1,286 1,381 Share of EBITDA of JVs & associates 800 588 Working capital adjustments 375 290 Differences in adjustments for (17) (22) exceptionals & non-cash EBITDA 2,444 2,237

48. EBITDA by Business: H1 ‘03 $m Platinum Gold Diamonds Coal Base Metals Industrial Minerals Paper & Packaging Ferrous Metals Industries Other Total Operating Profit (incl JVs & Associates) 204 180 378 172 98 136 357 74 30 (95) 1,534 Exclude Exceptional Items 12 12 Add Back Subsidiaries Depreciation 90 87 - 64 109 86 148 14 29 6 633 Add Back Subsidiaries Amortisation 8 16 - 2 - 26 9 1 2 11 75 Add Back JVs & Associates Depr. & Amort. 1 28 33 18 28 2 9 26 28 17 190 EBITDA 303 323 411 256 235 250 523 115 89 (61) 2,444

49. EBITDA by Business: H1 ‘02 $m Platinum Gold Diamonds Coal Base Metals Industrial Minerals Paper & Packaging Ferrous Metals Industries Other Total Operating Profit (incl JVs & Associates) 389 197 242 232 127 113 291 66 52 (128) 1,581 Exclude Exceptional Items (46) 30 (16) Add Back Subsidiaries Depreciation 44 81 - 51 57 67 104 9 17 8 438 Add Back Subsidiaries Amortisation 8 15 - 2 - 22 4 - 1 11 63 Add Back JVs & Associates Depr. & Amort. 4 31 24 17 41 1 8 20 25 - 171 EBITDA 445 324 266 302 179 203 407 95 95 (79) 2,237

50. ANGLO AMERICAN ADDING VALUE TO NATURAL RESOURCES 8 August 2003 2003 Interim Results