ANGLOGOLD ASHANTI (AU $9.82; rated Neutral with $14 down from $18 price target) HIGHER COSTS AND LOWER GOLD PRICES; OBUASI REMOVED FROM OUR SIMULATIONS UNTIL NEW MODERN MINE PLAN IS ESTABLISHED 11/7/2014

ANGLOGOLD ASHANTI (AU $9.82; rated Neutral with $14 down from $18 price
target) HIGHER COSTS AND LOWER GOLD PRICES; OBUASI REMOVED FROM
OUR SIMULATIONS UNTIL NEW MODERN MINE PLAN IS ESTABLISHED 11/7/2014