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ANGLO AMERICAN PLATINUM LIMITED
2012 INTERIM RESULTS
23 July 2012
Mogalakwena Central Pit
1

DISCLAIMER: CERTAIN FORWARD-LOOKING STATEMENTS
Certain statements made in this presentation constitute forward-looking statements. Forward looking statements are typically identified by the
use of forward-looking terminology such as 'believes', 'expects', 'may', 'will', 'could', 'should', 'intends', 'estimates', 'plans', 'assumes' or
'anticipates' or the negative thereof or other variations thereon or comparable terminology, or by discussions of, e.g. future plans, present or
future events, or strategy that involve risks and uncertainties. Such forward-looking statements are subject to a number of risks and
uncertainties, many of which are beyond the Company's control and all of which are based on the Company's current beliefs and expectations
about future events. Such statements are based on current expectations and, by their nature, are subject to a number of risks and uncertainties
that could cause actual results and performance to differ materially from any expected future results or performance, expressed or implied, by
the forward-looking statement. No assurance can be given that such future results will be achieved; actual events or results may differ
materially as a result of risks and uncertainties facing the Company and its subsidiaries. The forward-looking statements contained in this
presentation speak only as of the date of this presentation and the Company undertakes no duty to, and will not necessarily, update any of
them in light of new information or future events, except to the extent required by applicable law or regulation.
2

AGENDA
• Overview of 1H 2012
• Review of safety performance
• Review of markets
• Review of operational performance
• Review of financial performance
• Strategic review and outlook
• Question and answer session
3

OVERVIEW OF 1H 2012
4

KEY FEATURES
OPERATIONAL PERFORMANCE
FINANCIAL PERFORMANCE
• Notwithstanding a 38% year-on-year reduction
in fatalities,, 5 employees lost their lives during
the 1H 2012
• Equivalent refined platinum production up 1%
to 1.18 moz
–Mogalakwena’s platinum output up 9% and
concentrator recoveries improved by 15%
–Unki’s platinum production up 46%
• Headline earnings down 78% to R713 million,
driven by lower sales volumes and weaker
average realised prices
• Cash operating costs up 11% to R14,478 per
equivalent refined platinum ounce
• Negative operating free cash flow, leading to a
significant increase in net debt and a
suspension of dividend
• Productivity increased 11% to 6.54m 2 per total
operating employee
• Refined platinum production and sales
volume down 13% and 21% respectively
• Review of Anglo American Platinum portfolio is
continuing and expected to be completed by
year end
Rands cents per share
Headline earnings per share profile
2,500
HEPS - 1H
2,000
HEPS - 2H
1,500
1,000
500
0
2009 2010 2011 1H 2012
5

SAFETY
6

JOURNEY TO ZERO HARM
• LTIFR up 2% from 1.33 in 1H 2011 to 1.36 in
1H 2012
• Regrettably, 5 fatalities during 1H 2012
• Significant safety achievements during 1H 2012
– All projects: > 3 fatality free years
– Modikwa Mine: > 8.9 million fatality free shifts
– Siphumelele mine: > 1.6 million fatality free shifts
– Union South mine: > 1.6 million fatality free shifts
– Thembelani mine: > 1.3 million fatality free shifts
– Tumela mine: > 1.3 million fatality free shifts
30
25
20
15
10
5
0
2.50
Number of fatalities: down 72% since 1H 2007
7
10
4
4
18
3
10
8
8
5 5
2007 2008 2009 2010 2011 1H 2012
2.36
Fatalities - 1H
Fatalities - 2H
Lost-time injury frequency rate: down 42%
since 1H 2007
2.00
2.03
1.74
1.50
1.37
1.17
1.27
1.36
1.00
0.50
0.00
1H 2007 2007 2008 2009 2010 2011 1H 2012
7

REVIEW OF MARKETS
8

BASKET PRICE REMAINS UNDER PRESSURE
• Average platinum price decreased 13.2% to
US$1,546/oz in 1H 2012 compared to 1H 2011
• Realised average rand basket price down 1%
to R20,086/Pt oz in 1H 2012, remains below
the production incentive price
Rand basket price
22,000
21,000
20,000
19,000
18,000
17,000
Anglo American Platinum’s realised basket price
• Europe GDP change more influential on
platinum demand than global GDP
• Platinum price remains weak – poor investor
sentiment dominates
• Platinum’s discount to gold persists, reducing
metal investor participation
GDP - % change
16,000
6
5
4
3
2
1
0
Jan-10 May-10 Sep-10 Jan-11 May-11 Sep-11 Jan-12 May-12
ZAR basket price Average basket price - 1H 2010
Average basket price - 1H 2011 Average basket price - 1H 2012
Historic GDP and platinum demand
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
-1
-2
-3
-4
-5
World GDP, % change
Source: AAP, IMF, Johnson Matthey
Year
Euro Area GDP, % change
Pt Demand (koz) - RH Axis
Financial
Crisis
6.800
6.600
6.400
6.200
6.000
5.800
5.600
5.400
2012
5.200
5.000
4.800
4.600
4.400
Pt koz
9

PLATINUM DEMAND REMAINS WEAK IN SHORT TERM
• Platinum demand in 1H 2012 marginally
below demand in 1H 2011
• Jewellery demand firm, industrial demand
flat with autocatalyst and investment
demand weak
• Europe comprises 30% of global platinum
demand – autocatalyst demand driving
sentiment
• Increased loading from Euro 6 legislation –
early effects commence ahead of 2014 /
2015 implementation
100%
80%
60%
40%
20%
0%
Platinum demand 2011
Auto Investment Jewellery Industrial Total
Rest of the World European Union
Europe autocatalyst PGM demand split 2011
• GDP linked long-term demand supported
by tightening legislation and diverse
industrial uses
Gasoline Light duty diesel Heavy duty diesel
10

OPERATIONAL REVIEW
11

PRODUCTION PERFORMANCE IN 1H 2012
• Higher production volume due to improved
safety and operational performances from own
underground mines
• S54 stoppages are more localised and for a
shorter duration
• Own mines lost 14,300 ounces of platinum,
compared with 48,300 in 1H 2011, due to non
fatality related S54 stoppages
1,000
Own mines’ equivalent refined platinum production
90
80
70
60
50
40
30
20
10
0
Own mines’ safety stoppages (S54s)
S54s - 1H S54s - 2H
48
19
19
24
33
27
28
39
11
17
2007 2008 2009 2010 2011 1H 2012
Group equivalent refined platinum production
Equivalent refined platinum ounce ('000)
950
900
850
800
750
700
650
600
Equivalent refined platinum ounces ('000)
1,200
1,150
1,100
1,050
550
500
763 10 13 (10) 23 56 (29) (24) 803
1H 2011 Unki Mogala
kwena
Surface
material
Labour Localised
productivity and shorter
S54s
Own safety
initiatives
Other 1H 2012
1,000
1,160 40 (6) (17) 1,177
3.4% -0.5% -1.4% 1.4%
1H 2011 Own mines JVs and Associates 3rd party purchases 1H 2012
12

REFINED PRODUCTION IMPACTED BY OPERATIONAL
DIFFICULTIES AT THE CONVERTER PLANT
• Refined production down 13% year-on-year
• Operational difficulties experienced upon the
restart of the converter plant post annual
maintenance are resolved. Furnace matte
converted in June 2012 exceeded previous
monthly record by 5%
• Concentrator challenges at Amandelbult
impacting recoveries and equivalent refined
production
Recoveries (%)
88
87
86
85
84
83
82
81
80
79
78
Merensky and UG2 recoveries
87
86
86
85 85
85
84 84
82
81
2008 2009 2010 2011 2012 YTD
• UG2 recoveries up 5% from 2008
• Mogalakwena recoveries continue to improve
as the ramp up is complete
–Recoveries up 15% in 1H 2012 from 1H
2011
• Smelting reliability continues to improve
Recoveries (%)
80
75
70
65
60
UG2 recoveries Merensky recoveries
Mogalakwena concentrator recoveries
74
69
69
65
75
55
50
1H 2010 2H 2010 1H 2011 2H 2011 1H 2012
13

LABOUR PRODUCTIVITY
• Underground mine productivity improved 11% to
6.54 m 2 per employee
• Own mines productivity increased by 12% to
6.08m 2 per employee
Square metres
Labour productivity profile (M 2 /operating employee)
8.0
7.06
7.0
6.54
6.33
6.32
6.11
6.0
5.73
5.0
4.0
3.0
• Tonnes milled per employee was essentially in
line with the prior year
2.0
1.0
0.0
2007 2008 2009 2010 2011 1H 2012
• Underground mine productivity benefitted from
improved safety and operational performances
and absence of union related disruptions
Platinum ounces per employee
40
35
30
25
20
15
10
5
Platinum industry labour productivity profile
0
2007 2008 2009 2010 2011
Anglo American Platinum Peer 1 Peer 2 Peer 3 Peer 4
Source: Company reports, Deutsche bank
14

COST MANAGEMENT
• Cash operating costs per equivalent refined
platinum ounce up by 11% on higher-than inflation
increases in costs of electricity and electrical
components (up 20%), diesel (up 28%), labour
(up 10%)
Rand/ounce
Cash operating cost per equivalent refined Pt oz
16,000
14,478
14,066
14,000
12,991
11,598 11,736 11,945
12,000
11,493
10,498 10,775
10,000
8,000
6,000
• Mining inflation of 8.4% compared to average
inflation of 5.8%
• Cash on-mine cost per tonne up 14% to R560 in
1H 2012 due to decline in surface material
4,000
2,000
0
1,400
1H 2008 2H 2008 1H 2009 2H 2009 1H 2010 2H 2010 1H2011 2H2011 1H 2012
Platinum industry unit cost profile
Rand cost per tonne milled
1,200
1,000
800
600
400
200
-
2008 2009 2010 2011
Peer 3 Peer 4 Anglo American Platinum Peer 1 Peer 2
Source: Company reports, Deutsche bank
15

REVIEW OF FINANCIAL
PERFORMANCE
16

UNDERLYING FINANCIAL PERFORMANCE
R million 1H 2012 1H 2011
Change
Basket price per Pt oz ($) 2,532 2,927 13%
Basket price per Pt oz (R) 20,086 20,194 1%
Net sales revenue 19,410 24,805 22%
EBITDA 2,252 6,700 66%
Operating profit 399 4,752 92%
Headline earnings 713 3,233 78%
Headline earnings per share (cents) 273 1,236 78%
Ordinary dividends - 1,311 100%
Ordinary dividends per share (cents) - 500 100%
Operating free cash flow (2,622) 4,745 155%
Capital expenditure (excl. interest capitalised) 2,828 2,828 0%
Net debt 9,542 4,350 119%
17

HEADLINE EARNINGS
4,000
3,000
2,000
R m
1,000
0
-1,000
-2,000
-3,000
3,233 -2,175 1,468 -600 -3,152 -933 3,352 -133 -212 -278 143 713
1H 2011 Price Exchange Inflation Sales volume Costs Stock
movement
Depreciation Net interest Associates Other 1H 2012
18

COST MANAGEMENT AND OPERATING MARGIN
R million 1H 2012 1H 2011 Change
Cash operating costs 1 13,900 11,827 18%
Other costs 1,141 1,221 7%
Purchase of concentrate / metals 4,026 4,355 8%
Depreciation and waste stripping 2,354 2,159 9%
Cost of sales 17,331 20,038 14%
1 Cash operating costs comprise on-mine, smelting and refining costs
Margins 1H 2012 1H 2011 Change
Gross profit margin 11% 19% 42%
Headline earnings margin 4% 13% 69%
19

COSTS IMPACTED BY MINING INFLATION
16,000
14,000
Rand per equivalent refined Pt ounce
12,000
10,000
8,000
6,000
4,000
2,000
0
12,991 777 -755 490 295 680 14,478
6.0% -5.9% 3.8% 2.3% 5.2% 11.4%
1H 2011 Inflation Production Labour cost Utilities Other operating
costs (excl. labour)
1H 2012
20

OPERATING FREE CASH FLOW
6,000
5,000
Operating free cashflow (Rm)
4,000
3,000
2,000
1,000
0
-1,000
-2,000
-3,000
4,745 -5,476 -1,710 -181 (2,622)
1H 2011
Cash receipts from
customers
Cash paid to suppliers
and employees
SIB capex 1H 2012
21

STRATEGIC REVIEW
AND OUTLOOK
22

PORTFOLIO REVIEW UNDERWAY
• Since we announced the in-depth strategic
review the operating environment has
deteriorated further
–Rand basket price is under pressure, mining
inflation is higher than expected, labour unrest
presented new challenges and safety related
stoppages remain a challenge
–Resulting in the need to completely review the
operational and strategic plan
• The preferred portfolio should meet the
‘Strategic Intent’ of Anglo American Platinum:
1. Produce safe, profitable ounces
2. Transformation status must be maintained
3. Extract maximum value from assets
4. Move assets down the cost curve
5. Increase ratio of high margin to low margin
ounces
• Optimise value of the portfolio through economic
cycles and associated market variation
• All options still being considered as part of
portfolio review
Rand million
60,000
50,000
40,000
30,000
20,000
10,000
0
EBIT margin profile
FY90A FY93A FY96A FY99A FY02A FY05A FY08A FY11A
Revenue EBIT EBIT margin Average EBIT margin
70%
60%
50%
40%
30%
20%
10%
Competitor responses to prevailing market conditions
“The Board and management of Aquarius are acutely
aware of the difficulties facing the industry at present.”
Stuart Murray, CEO of Aquarius – 4 July 2012
“The continued cost pressures that we are experiencing
in South Africa, make the platinum sector an extremely
difficult space in which to operate. ” stated Ian Rozier,
President and CEO of Eastplat - 30 May 2012
“The inflationary increases in our costs and what
seemingly appears to be an unrelenting depressed
pricing environment also impacted our profitability and
cash flows.” Ian Farmer, CEO of Lonmin – 14 May 2012
0%
Percentage
Source: Company announcements.
23

PORTFOLIO REVIEW UNDERWAY
AIM: Develop a business which delivers “through the cycle” value to shareholders and stakeholders
“Safe, profitable platinum”
Deliver industry leading returns
Continue to improve the base business
Optimise portfolio value
Structure footprint for maximum value
1
Market and
Commercial
excellence
• Optimise margins
• Refresh market
development
4
Portfolio Alternatives
• Review and rebase the operational
footprint to drive sustainable long
term value growth
2
Operational
excellence
3
Projects
excellence
• Target top quartile
productivity and
cost performance
• Continue to
improve projects
delivery - on time
and on budget
Long term
value
creation
• Small number of discrete criteria to
drive decision making
• Focus on both improving safety
performance and profitability/returns
• Leverage AAP industry leading
resource base where possible
5 • Review of corporate, central services and operations
Overhead &
support costs
Organisational
Review • Organisational structure to ensure efficiency and
effectiveness
24

PORTFOLIO REVIEW UNDERWAY: ACTIONS TAKEN
• In light of further deterioration in the market,
near term actions have been taken:
–JV portfolio under review and effected the
closure of Marikana mine
–Capex target was reduced further to up to
6.0
R7.3 billion from R8 billion announced in
4.0
February, resulting in total cuts of R1.7 billion
from our original target of R9 billion 2.0
–Overhead review initiated
Rand billion
14.0
12.0
10.0
8.0
Capital expenditure profile
Cut capex by
R1.7 billion
2008 2009 2010 2011 2012 Initial
2012
forecast Current
focecast
Stay in business capital Project capital Waste stripping
25

2H 2012 OUTLOOK
• Journey to zero harm continues
• Expect a surplus platinum market in 2012
• Planning to refine and sell between 2.4 and 2.5 million ounces of platinum in 2012 subject to
market conditions
• Aiming to contain cash unit costs to up to R15,000 per equivalent refined platinum ounce,
assuming 2.5 million ounces production level
• CAPEX forecast revised to up to R7.3 billion for 2012
26

Q&A
27

THANK YOU
28