2002 Annual Results 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. ANGLO AMERICAN ADDING VALUE TO NATURAL RESOURCES 28 February 2003

2002 Annual Results2  Record headline EPS of $1.25, up 10% on 2001  Headline earnings for the year $1,759m  Cost & efficiency improvements of $279m  Total dividend increased to 51 US cents per share  Strong EBITDA of $4.8bn: EBITDA interest cover 20.0x *  Net Debt/Total Capital of 23.1%  Obtained strong, single “A” credit ratings All prior year figures restated for FRS19 Key Financials 2002 $ $1.14 Headline EPS * Annualised

2002 Annual Results3  Minerals & Petroleum Resources Development Act signed and promulgated, will be effective at a future date  Empowerment Charter & Scorecard finalised  Money Bill still to be published  Anglo making good progress towards 5 year target of 15% HDSA involvement  To date Anglo American has undertaken ›Over $1.8bn of black empowerment transactions in SA ›Over $800m of procurement from black-owned businesses SA Mining Legislation Update

2002 Annual Results4 Europe 35% South Africa 31% 31 December June 1999 Americas 16% South Africa 67% Balanced Asset Mix Net attributable operating assets, including investment in associates & JVs Rest of Africa 2% Europe 14% Australasia 1% Rest of Africa 7% Americas 21% Australasia 6%

2002 Annual Results5 South Africa Mining 42% 2002 SA Other 12% 2001 South Africa Mining 54% SA Other 18% Headline Earnings Australasia 4% Americas 3% Europe 15% Rest of Africa 6% Rest of Africa 11% Europe 22% Americas 9% Australasia 4%

2002 Annual Results6 Key: Base Metals Ferrous Metals Forest Products Industrial Minerals Platinum Coal Gold Gold Fields $252m Moura & Jellinbah East Syktyvkar $252m La Rochette $110m Mavike & other Europe $101m Kumba & Avmin $365m Moly Cop $105m Durox & other UK $89m Flexing Our Balance Sheet: $3.7bn in Acquisitions Anglo Plat. $847m Cerrejón Acquisitions Disputada $1.3bn Cerro Vanguardia $105m

2002 Annual Results7  Industrial Minerals - Tarmac acquired in November 1999  Fully integrated & delivering strong cash flows  EBITDA/Total Capital: 16% 1  Australian/South American Coal Acquisitions - since 2000  Global coal asset base established  EBITDA/Total Capital: 21%  Syktyvkar - March 2002  Low cost producer integrated into European marketing network  EBITDA/Total Capital: 33% 2  Disputada - 13 November 2002  World class, low cost integrated copper producer  Corporate offices integrated Acquisition Track Record 1 EBITDA/Total Capital shown for Industrial Minerals as calculation for original Tarmac acquisition is not possible due to integration with previously held Industrial Minerals assets in the UK. Total Capital adjusted for projects in progress. 2 Annualised.

2002 Annual Results Twickenham $343m 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. Key: Base Metals Diamonds Forest Products Industrial Minerals Platinum Coal Gold Cerrejón $50m Styldrift $344m Moab Khot. $419m Polokwane $190m Modikwa $311m 2009 CC&V $194m Collahuasi $286m ACP Project $250m Skorpion $454m Finsch $107m Buxton $173m Internal Growth A Well-balanced $5.8bn Project Portfolio RPM Ph 2 $444m HBMS 777 $276m RPM Ph 1 $203m RPM Tailings $186m Mponeng $152m Goiás $147m Capcoal $107m Ruzomberok $233m BRPM $317m

2002 Annual Results9 A Steady Performance Operating Margins Total operating profit before exceptional items divided by turnover % % % %

2002 Annual Results10  Leading the way in anti-retroviral treatment provision for HIV/AIDS employees  Strong focus on safety leading to 39% reduction in fatal injury frequency rate & 42% reduction in LTIFR  Launch of ‘Good Citizenship: Our Business Principles’ across managed operations  Group continues to maintain significant corporate social investments & has strengthened management of relations with communities  Participation in international policy debates - WSSD, Global Mining Initiative, Extractive Industries Review, Extractive Industries Transparency Initiative Social Responsibility

Review of Financials Tony Lea 2002 Annual Results

Headline EPS ($) Headline earnings($m)1,7591,681 Total dividend (US cents) Average shares in issue1,411m1,474m EBITDA ($m)4,7924,647 Highlights 2002

2002 Annual Results13 $m Profit for the financial year1,563 3,085 Operating exceptional items Non-operating exceptional items (64)(2,148) Profit for the year pre exceptionals1,580 1,450 Amortisation of goodwill Related tax & minority interests (10) 64 Headline earnings for the year1,759 1,681 Headline Earnings

2002 Annual Results14 Headline Earnings Variances

2002 Annual Results15 Headline Variance: Price Group Total: -$36m

2002 Annual Results16 Headline Variance: Volume Group Total: +$206m

2002 Annual Results17 Rand/US$ Exchange Rate R/$ Jan MarMayJulSepNovMarMayJulSepNovJan

2002 Annual Results18 $m Conversion of local currency costs 273 (weaker average rand – vs 8.62) Exchange losses on non-rand monetary assets(263) (stronger closing rand – 8.58 vs 11.96) Net exchange variance 10 Headline Variance: Exchange

2002 Annual Results19 Pre-tax Cost Savings: $279m Operating efficiencies $154m $96m $33m $21m $4m Maintenance Admin & Overhead Labour Materials & Supplies Restructuring & synergies $77m $20m $42m $12m $3m Procurement $48m $45m $1m $2m

2002 Annual Results20 Balance Sheet $m 31/12/ /12/2001 Shareholders’ Funds 16,261 12,856 Net Debt/(Funds): South Africa 12 (1,571) Rest of World 5,5665,578 3,5892,018 Minority Interests 2,304 1,607 Total Capital 24,143 16,481 Net Debt/Total Capital 23.1% 12.2% ROCE 17.5% 19.0% EBITDA/Total Capital 23.6% 25.0%

2002 Annual Results21 Cash Flow Analysis Net cash inflow from operating activities 3,618 3,539 Net interest & dividend income Taxation (722) (637) Disposal of fixed assets Available cash flow3,544 3,486 Dividend paid - company & minorities (1,107)(1,168) Net acquisitions & disposals (3,717) 1,672 Capital expenditure (2,139)(1,787) Other (141) (631) Movements in net (debt)/funds (3,560) 1,572 Net debt at start of the period (2,018)(3,590) Net debt at end of the period (5,578)(2,018)

2002 Annual Results22 Cash Flow Analysis 1 Cash flow for subsidiaries, excludes associates & JVs $1,329m Cash flow from operations 1 $810m Expansionary capital expenditure SIB capital expenditure AA plc Dividend Taxation $732m $722m $3,618m InflowOutflow

2002 Annual Results23 Effective Tax Rate  Effective tax rate (pre-exceptionals) decreased from 36.4% in 2001 to 33.0% in 2002  Reduction in tax is primarily due to changes in the mix of contributions by divisions with differing effective tax rates  Adoption of FRS19 decreased headline earnings in 2002 by $166m (2001: $89m taken as a prior year adjustment)

Review of Operations Tony Trahar 2002 Annual Results

25  Headline earnings: $351m  Weaker results primarily due to lower palladium & rhodium prices  Refined Pt production up 7% to 2.25m ounces  Revised project suite on track to produce 3.5m refined platinum ounces per annum by end 2006  70.0% stake in Anglo Platinum; average cost of R371 per share since January 2001 Highlights - Platinum 2002 $351m 2001 $478m Headline earnings down 27%

2002 Annual Results26 Highlights - Gold 2002 $205m 2001 $162m Headline earnings up 27%  Headline earnings: $205m  Cash costs reduced by 10% to $161/oz  Stake in Cerro Vanguardia (Argentina) doubled to 92.5%  Hedge book reduced by 4.3m ounces to 10.3m ounces  Gold production down 15% to 5.9m ozs due to sale of Free State assets  Average realised price*: 2002: $303 /oz 2001: $287 /oz * Including realised non-hedge derivative gains

2002 Annual Results27 Highlights - Diamonds 2002 $324m 2001 $234m Headline earnings up 38%  Headline earnings: $324m  DTC sales of $5.2bn up 16%  Stocks reduced by nearly $1bn  Solid Thanksgiving/Christmas retail sales in the US  EU approves Supplier of Choice  Free cash flow of $1,549m; net debt reduced by 46% to $1,716m in 2002  Further voluntary repayment of $355m in 2003

2002 Annual Results28 Highlights - Coal 2002 $266m 2001 $387m Headline earnings down 31%  Headline earnings: $266m  Lower export thermal coal prices offset by higher export coking coal prices (net impact -$41m)  Significantly impacted by stronger rand at 31 December 2002  Sales volumes increased 9% to 84.5m tonnes

2002 Annual Results29 Highlights - Base Metals 2002 $69m 2001 ($18m) $87m turnaround in performance  Headline earnings: $69m  Improved financial performance despite lower copper & zinc prices  Acquisition of Disputada for $1.3bn completed in November 2002  Significant progress made in restructuring the business:  Disposal of KCM, Tati Nickel, BCL, Salobo and Kolwezi  Sale of stake in Anaconda Nickel in February 2003  Skorpion to be commissioned in 2003

2002 Annual Results30 Highlights - Industrial Minerals 2002 $231m 2001 $160m Headline earnings up 44%  Headline earnings: $231m  EBITDA up by $89m to $468m  Tarmac improved margins despite mixed market conditions.  Improved performance at Copebrás  Buxton cement ($173m) & Copebrás phosphates ($147m) commissioning in 2003

2002 Annual Results31 Highlights - Forest Products 2002 $376m 2001 $272m Headline earnings up 38%  Headline earnings: $376m  Strong performance in challenging markets  Successful integration of Syktyvkar and La Rochette acquisitions  Increased volumes from European and South African operations

2002 Annual Results $88m 2001 $48m Headline earnings up 83%  Headline earnings: $88m  Strong operating performances from Scaw, Highveld & Samancor  Memorandum of Understanding signed in December 2002 with SA Government on iron ore strategy  Stimela option over 10.5% of Kumba implemented  Accordingly, stake in Kumba increased to 20.1%, further 10% awaits SA Competition Tribunal approval Highlights - Ferrous Metals

2002 Annual Results33  Outlook remains mixed  Current global political, economic and currency uncertainties  Possible military action in Iraq could see short term volatility  Anglo’s commodity & geographic asset mix and strong project pipeline will underpin performance in years ahead Outlook

2002 Annual Results34  Ongoing focus on efficiencies & cost savings  Seeking acquisitions that meet our investment criteria, including new markets  Developing the value chain in our businesses & to improve focus on marketing & customer relationships  Continuing with a balanced portfolio of greenfield & brownfield projects - project pipeline of $5.8bn Strategy

2002 Annual Results ANGLO AMERICAN ADDING VALUE TO NATURAL RESOURCES 28 February 2003

Additional Information Handout Only 2002 Annual Results

37 Key Dates Currency Conversion Ex-dividend (JSE) Ex-dividend (LSE) AGM Payment of Final Dividend Forest Products Site Visit Interim Results 25 February March March April April June August 2003

2002 Annual Results Gold Platinum Palladium Rhodium 838 1,606 Copper Nickel Zinc Coal: thermal (RSA)* Coal: coking (Aus)* Market Prices *Thermal & metallurgical coal prices are strictly indicative as wide variations occur in relation to region, product quality, contract volume and timing.

2002 Annual Results39 US$m 10% change in gold price ± 34 10% change in platinum price ± 51 10% change in palladium price ± 15 10% change in coal price ± 98 10% change in copper price ± 65 10% change in nickel price ± 16 10% change in zinc price ± 16 10% change in pulp price ± 6 10% movement in SA rand/US$ ± % movement in AUD/US$ ± 26 10% movement in Euro/US$ ± 44 Headline Earnings Sensitivities 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.

2002 Annual Results40 1 Gold incremental production is total additional capacity over life of project. Capex converted to US$ on date of project approval. 2 Incremental production is a per year amount once full production is reached. Capex converted at date of project approval. Projects Gold Total additionalProductionFullApproved Approved production 1 commencesprod.capex $m Mponeng 2.8m oz TauTona 2.7m oz Cripple Creek & Victor 2.8m oz Moab Khotsong 4.5m oz Total 12.8m oz 813 Industrial Minerals Total additionalProductionFullApproved Approved production 2 commencesprod.capex $m Goiás (completed under budget) 455,000 t Buxton Cement Plant 425,000 t Total 320

2002 Annual Results41 1 Incremental production is a per year amount once full production is reached. Capex converted at date of project approval. 2 RPM - Rustenburg Platinum Mines Projects Platinum Total additionalProductionFullApproved Approved production 1 commencesprod.capex $m ACP Project Meet PMR Plant Expansion expansion Slag Cleaning Furnace requirements Rustenburg UG2 Phase 1 395,000 oz Rustenburg UG2 Phase 2 260,000 oz RPM Tailings Treatment 2 110,000 oz Styldrift Mine 245,000 oz Bafokeng Rasimone Mine (BRPM) 254,000 oz Modikwa Mine 162,000 oz Twickenham Mine 160,000 oz Total 2,525 Polokwane Smelter 650,000 t concentrate Total 2,715

2002 Annual Results42 1 Incremental production is a per year amount once full production is reached. Capex converted at date of project approval. Capcoal project to maintain current production levels. 2 Extends HBMS life to 2018 Projects Coal Total additionalProductionFullApproved Approved production 1 commencesprod.capex $m SACE Expansion 1.3m tpa Greenside Expansion 1.0m tpa Cerrejón Sur feasibility 8 Cerrejón 2.0m tpa Kriel South Project 5.1m tpa Capcoal 5.5m tpa Total 14.9m tpa 302 Base Metals Total additionalProductionFullApproved Approved productioncommencesprod.capex $m HBMS 777 Project Black Mountain Deeps 45,000 t Zn Collahuasi Rosario Project Skorpion 150,000 t Zn Total 1,126

2002 Annual Results43 1 Incremental production is a per year amount once full production is reached. Capex converted at date of project approval. Projects Forest Products Total additionalProductionFullApproved Approved production 1 commencesprod.capex $m Frantschach: Evap. Plant 8,000 t Frantschach: Steti PM3 20,000 t Ruzomberok: Mill Reconstruct. 105,000 t Ruzomberok: PM18 Expansion 100,000 t Neusiedler: PM4 5,000 t Merebank PM2 Rebuild 40,000 t Total 297 Total convertingProductionFullApproved Approved capacity commencesprod.capex $m Frantschach: Inncoat Foils Neusiedler: Sykt. Cutter 150,000 t Merebank A4 Cutter 92,000 t Total 38

2002 Annual Results44 Projects Diamonds Total additionalProductionFullApproved Current projects production 1 commencesprod.capex $m 2 CTP Kimberley 20m carats !Gariep 3m carats Finsch Block 4 16m carats Venetia Upgrade 1.5m carats pa BB1E Premier 3m carats Total 42m carats m pa Venetia Under review C-Cut Premier 110m carats Elizabeth Bay Upgrade 2m carats Finsch Tailings 6m carats Snap Lake 19m carats Victor 6m carats Total 143m carats 1,144 1 Total additional production shown for the life of the project. Shown on a 100% basis. 2 Approved capex is AA plc’s effective attributable share (48.65%), converted to US$ at R9.15=US$1, C$1=US$0.68

2002 Annual Results45 $m Platinum Gold Diamonds Coal Base Metals 69 (18) Industrial Minerals Forest Products Ferrous Metals Industries Exploration (77) (85) Corporate Activities 1 (112) (60) DB Investments - 65 Headline Earnings1,7591,681 Analysis of Headline Earnings 1 Includes Gold Fields earnings in 2002 of $27m. Prior to equity accounting dividends were included in Corporate

2002 Annual Results46 Headline Variance: Exchange $m Platinum 99(131)(32) Gold Coal 28(109)(81) Base Metals 21 (23) (2) Industrial Minerals Forest Products Ferrous Metals Industries (4) (14)(18) Corporate Activities (263) 10 Conversion of local currency results/costs Translation of monetary assets/liabilities Actual variance

2002 Annual Results47 $m Platinum 8021,345 Gold Diamonds Coal Base Metals 82 (510) Industrial Minerals Forest Products Ferrous Metals Industries Exploration (93) (101) Corporate Activities 1 (161) (170) Operating Profit3,2512,785 Analysis of Operating Profit 1 Includes Gold Fields $41m in 2002 & Financial Services $2m in Operating profit after operating exceptional items

2002 Annual Results48 $m Platinum Gold Coal Base Metals Industrial Minerals Forest Products Ferrous Metals Industries Other 6 33 Total 2,139 1,787 Capital Expenditure

2002 Annual Results49 Operating Profit Variance Operating profit before operating exceptional items

2002 Annual Results50 Regional Analysis Operating profit after operating exceptional items Operating Profit $m South Africa 1,7902,269 Rest of Africa 439 (121) Europe Americas Australasia ,2512,785

2002 Annual Results51 Operating Cost Reconciliation Subsidiary & JV Operating Costs $m 2001 operating costs Subsidiaries(12,638) JVs (share of turnover less operating profit) (931) (13,569) Inflation (484) Exchange 138 Volume (288) Depreciation & amortisation (45) Acquisitions & disposals (7) Operating impairments 432 Aggregates levy & coal purchases 1 (180) Other Operating costs before cost savings (13,964) Cost reduction initiatives Operating costs Subsidiaries(12,804) JVs (share of turnover less operating profit) (881) (13,685) 1 recovered through increased prices at Tarmac & revenues at Coal

2002 Annual Results52 $m IAS net profit (published)548 STC adjustment 23 Movement on unrealised profit on FEC 8 Exploration 14 Exceptional items (10) Weighted average exchange impact Minority interest (214) Depreciation on assets revalued on acquisition (29) Other (3) UK GAAP contribution to headline earnings351 Anglo Platinum Reconciliation

2002 Annual Results53 $m IAS Headline earnings (published) Exploration 27 Other Minority interest (193) UK GAAP contribution to headline earnings205 AngloGold Reconciliation 1 before unrealised non-hedge derivatives

2002 Annual Results54 $mTotal Equity Non-equity DBI headline earnings UK GAAP adjustments DBI headline earnings - UK GAAP AA plc’s 45% equity interest Additional 3.65% effective equity interest AA plc’s portion of preference shares AA plc headline earnings De Beers Reconciliation

2002 Annual Results55 EBITDA Reconciliation $m Net cash inflow from operating activities3,618 3,539 Share of EBITDA of JVs & associates1, Working capital adjustments Differences in adjustments for (131) (21) exceptionals & non-cash EBITDA 4,792 4,647

2002 Annual Results56 EBITDA by Business: 2002 $m Platinum Gold Diamonds Coal Base Metals Industrial Minerals Forest Products Ferrous Metals Industries Other Total Operating Profit (incl JVs & Associates) (254) 3,251 EBITDA (168) 4,792 Exclude Exceptional Items Add Back Subsidiaries Depreciation Add Back JVs & Associates Depr. & Amort Add Back Subsidiaries Amortisation

2002 Annual Results57 EBITDA by Business: 2001 $m Platinum Gold Diamonds Coal Base Metals Industrial Minerals Forest Products Ferrous Metals Industries Other Total Operating Profit (incl JVs & Associates) 1, (510) (271) 2,785 EBITDA 1, (214) 4,647 Exclude Exceptional Items Add Back Subsidiaries Depreciation Add Back JVs & Associates Depr. & Amort Add Back Subsidiaries Amortisation

2002 Annual Results ANGLO AMERICAN ADDING VALUE TO NATURAL RESOURCES 28 February 2003