Srinivasan Venkatakrishnan - Chief Financial Officer, Executive Director, Member of Risk & Information Integrity Committee, Member of Investment Committee and Member of Executive Committee Stewart Bailey - Mark Cutifani - Chief Executive Officer, Executive Director, Chairman of Executive Committee, Member of Safety, Health & Sustainable Development Committee, Member of Investment Committee, Member of Risk & Information Integrity Committee, Member of Party Political Donations Committee and Member of Transformation & Human Resources Development Committee

Ladies and gentlemen, a very good afternoon to you, and welcome to the AngloGold Ashanti Q4 2010 Earnings Results Conference Call. [Operator Instructions] I would now like to hand the conference call over to Stewart Bailey. Thank you, and over to you.

Thanks Leeroy, and good afternoon, or good morning, everybody, and welcome to the presentation by the AngloGold Ashanti executives of our results for the quarter and for the year ended 31st of December, 2010. Turning to the presentation of the format. We will have Mark Cutifani reviewing the company's performance over the quarter before Venkat walks us through the financials. Mark will then wrap up and take questions. We do have members of our executive team present. We have Charles Carter, EVP, Strategy; and we've got Robbie Lazare, EVP, South Africa with us to field any questions you might have. As is customary, I'll read the Safe Harbor disclaimer before we proceed. Certain statements made in this communication, including without limitation, those concerning the economic outlook for the gold mining industry; expectations regarding gold prices, production, cash costs and other operating results; growth prospects and the outlook of AngloGold Ashanti's operations, individually or in the aggregate, including the completion, commencement of commercial operations of certain of AngloGold Ashanti's exploration and production projects; the completion of announced mergers and acquisitions transactions; AngloGold Ashanti's liquidity and capital resources and expenditure and the outcome and consequences of any litigation proceedings; and AngloGold Ashanti's Project ONE performance targets contain certain forward-looking statements regarding AngloGold Ashanti's operations, economic performance and financial condition. AngloGold Ashanti believes that the expectations reflected in such forward-looking statements are reasonable. No assurance can be given if such expectations will prove to be incorrect. Accordingly, results could differ materially from those set out in the forward-looking statements as a result of, among other factors: changes in economic and market conditions; success of business and operating initiatives; changes in the regulatory environment and other government actions, including environmental approvals and actions; fluctuations in gold price and exchange rates; and business and operational…

Well, thank you very much, Stewart, and welcome to everybody in tune to our results presentation. I'll swing straight into the fourth quarter overview. The good news is we've had a solid performance in the fourth quarter with operations under firm control. The significant highlight was the continuing improvement in safety as we recorded only the second fatality-free quarter in our recorded history. This represents another milestone for every individual in our business and is a performance that we're particularly proud of and particularly in the case of our South African operations. We saw Project ONE continue to make a difference with production of 1.148 million ounces at $672 an ounce. Again, ahead of guidance. It is no coincidence that delivery of five consecutive quarters on guidance, as well as making our annual guidance, coincides with the accelerated implementation of Project ONE. Adjusted headline earnings of $294 million were well ahead of last quarter once you strip out the one-off tax credit of $84 million that boosted the previous results. You'll also notice our improved cash generation capacity after elimination of the hedge, with operating cash flow at almost $700 million for the quarter. We saw another strong performance from the South African team, keeping a tight rein on the cost and maintaining production despite the sale of Tao Lekoa. Uranium also delivered another growing quarter, delivering increasing volumes into an increasingly positive market. Sunrise Dam delivered a strong result on all metrics, while Siguiri showed increased traction from the Project ONE intervention. Argentina, once again, shut the lights out in what is a difficult inflation environment. Our project teams have made good progress on all fronts with Córrego do Sítio, Tropicana and the Mponeng Deepening all moving ahead according to plan as did our feasibility studies in the DRC…

Thank you, Mark. Good morning, ladies and gentlemen. I'll be covering the following four areas in today's presentation: fourth quarter's financial results, two years financial results, free cash flow and balance sheet and finally, the 2011 outlook. Starting off with the fourth quarter's financial results. Record gold prices, full exposure to the spot price from the 7th of October, gold production and cost being marginally better than guidance helped push AngloGold Ashanti's adjusted headline earnings for the fourth quarter to $294 million, or USD $0.76 per share. This represents a $75 million uplift on third quarter's adjusted headline earnings after normalizing it for the one-off credit, which was taken during the third quarter. And this uplift is despite a $45 million after-tax impact following the annual reset of our environmental provisions. In other words, the improvement on net margins was close to $120 million. It was pulled back by the $45 million year-end annual reset of environmental provisions, giving us a net improvement of $75 million quarter-on-quarter. As flagged during the last quarter's earnings call, the hedge book closeout which traveled across quarters three and four was completed on 7th of October. This was haltered in a charge to earnings of USD $1.06 billion, which was within the guided range, and it gives me great pleasure, ladies and gentlemen, that we will not be referring to the hedge book in future earnings calls. The fourth quarter saw the South African rand, the Brazilian real and Australian dollar all strengthened with the average rand exchange rates strengthening by around 6%. This currency strength, higher royalties on the back of improved spot price and fuel prices saw unit cash cost at $672 per ounce, which was within the exchange rate's adjusted guidance. Excluding the accounting deferred stripping charge of $20 an ounce,…

Thanks very much, Venkat. Ladies and gentlemen, I'm going to ask you to try and multitask. I will be referring specifically to Overhead 21 and Overhead 22 in our presentation. So if you've got your eye on the monitor, I think it's important that you run your eye over our operating assessment. And this chart, which shows our assessment of the portfolio in 2008 -- and on the right-hand side of the chart, we show our cash flow. So the way we like to put it is engineering meets financial imparity. And for us, a very important way of thinking about the engine in the business, or the engines in the business and where they're performing. And as you can see, in 2008 -- and we've ranked our assets from one to five, a red representing a one, which indicates a cash drain material risk to the business; right up to a blue, which indicates best industry practice as we assess it; and then you've got brown, showing improvement needed; yellow is an operation with a turnaround plan that is delivering good trends; green being solid performance delivering solid cash flows. And you'll see that in 2008, looking at 16 asset clusters with a potential score out of 80, we scored 32. Obviously, lot of improvement needed. Lots of reds and browns. On the right-hand side, you can see the operating free cash flow. South Africa, $426 million, basically carrying the business. Australia making marginal cash. Continental Africa draining $126 million and the Americas making a solid contribution. But again, nothing to write home about. Total cash flow from the business, around $597 million. When you took capital and other costs into account, we were losing money hand over fist. And you roll the clock on two years and you…

[Operator Instructions] Our first question comes from Dan [ph] Kiskcuss from Morgan Stanley.

I was surprised to read in the press last week that you were considering spinning off your South African assets. Could you comment on that a little bit more?

Yes, we were surprised to read it as well, Dan. I was asked a question by a Bloomberg journalist regarding a rumor that we'd been planning to split our assets. In fact, in the last 12 months, that's been a conversation. We look at a whole range of options in terms of creating value. And that conversation has been one that's been around for quite a while, and I was asked the question point-blank, and I made it very clear. We are not considering, at this point in time, splitting the assets. We have the world's best development profile in terms of the business. We've outperformed all of our major competitors in terms of share price over the last two and half years, and we believe we can continue to outperform given the results and given the cash flows we're generating. So I want to make it clear, we have no immediate plans. We continue to keep a whole range of possibilities on the table in terms of creating value, and we'll continue to look at all options. But we have no plans, and I repeat, no plans, to split the company.

[Operator Instructions] We have no further questions from the conference call.

Thank you very much. Ladies and gentlemen, thank you very much for joining the call. Please do get in touch with us if there are any follow-ups. And we'll chat to you again in May for our Q1 results. Thank you.

Thanks, everyone.

On behalf of AngloGold Ashanti, that concludes this afternoon's conference. Thank you for dialing in. You may now disconnect your lines.