ANGLOGOLD ASHANTI (AU $12.15 rated Neutral from Overweight with $15 down from $23 price target) LOWER GOLD PRODUCTION, HIGHER COSTS, HIGHER DISCOUNT RATES FOR AFRICAN MINES, AND A LOWER PREMIUM TO NPV 1/4/2014

ANGLOGOLD ASHANTI (AU $12.15 rated Neutral from Overweight with $15 down
from $23 price target) LOWER GOLD PRODUCTION, HIGHER COSTS, HIGHER
DISCOUNT RATES FOR AFRICAN MINES, AND A LOWER PREMIUM TO NPV 1/4/2014