Investors

• Metallurgical Coal production recovered strongly from severe flooding to benefit from record pricing, while export Thermal Coal production increased by 5% in South Africa
• Platinum refined production increased 17% to 1.2 million ounces
• Los Bronces 278 ktpa copper expansion – on schedule for Q4 2011
• Kumba sales levels maintained to take advantage of record export iron ore prices, despite Q1 rains

• $1.3 billion of benefit from asset optimisation and supply chain, having already exceeded $2 billion target in 2010
• $66 billion of unapproved projects across core commodities provides growth optionality for the long term
• Profit attributable to equity shareholders of $4.0 billion, up 93%
• Net debt of $6.8 billion at 30 June 2011

Anglo American believes that demand for commodities remains healthy, driven by the resources intensive growth in the emerging economies, particularly in China and India. However, the unfolding of sovereign debt crises in Europe and the United States, and policy tightening in the major emerging economies is expected to generate short-term volatility. In spite of that volatility, prices for commodities are expected to be robust as widespread supply constraints and the challenges producers face in bringing new supply into production will lead to tighter market fundamentals.

Costs will continue to be impacted by strong producer currencies and increasing prices for key inputs.

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