Anglo American investor update

Anglo American plc ("Anglo American" or "the Group") is today hosting a briefing for investors and analysts to provide an update on the Group's current and projected operational and financial performance. The briefing will cover guidance for the next three financial years, including capital expenditure, and an update on Anglo American's broad range of organic growth options, which are subject to ongoing strict capital allocation discipline.

Mark Cutifani, Chief Executive of Anglo American, said: "We have completely transformed the quality of our asset portfolio and our performance as a whole over the last five years. We have created a highly competitive business, with Anglo American amongst the very best in the industry in terms of margin. We see considerable further opportunity ahead and continue to target $3-4 billion of incremental annual EBITDA by 2022. This will come from a combination of meeting or surpassing industry best-practice equipment performance across our operations; volume growth from existing and new operations, such as Quellaveco; and the deployment of our FutureSmart Mining™ technologies and digitalisation. It is these technologies that will transform how we mine, process and market our products, providing the next step change in our performance.

"We have continued to improve our performance during 2018. We now expect production to be 2% above previous guidance and costs 5% below. We are also confident about the outlook, with production expected to increase by 3% in 2019, with cost inflation fully absorbed by our productivity and cost improvements. We expect a further 5% production increase in both 2020 and 2021. In the last three years, we have reduced net debt by more than $9 billion and paid almost $2 billion in dividends to our shareholders in the last 18 months. We are now well positioned to drive enhanced returns through our capital allocation options, maintaining a strong balance sheet while delivering attractive shareholder returns and value-adding disciplined growth.

"Anglo American's portfolio spans the products and product qualities that will supply the needs of a cleaner, more electrified and richer world. We have a well sequenced range of high returning, quick payback growth options, from life extensions in diamonds and metallurgical coal, to growth across our copper, diamonds and met coal businesses in particular. Combined with our multi-stakeholder focus to create a truly sustainable business, we believe we are set to keep delivering on all fronts."

The presentation which contains the details relating to the information referred to above is available on the Anglo American website at: www.angloamerican.com/investors/investor-presentations/2018

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Notes to editors:

Anglo American is a global diversified mining business and our products are the essential ingredients in almost every aspect of modern life. Our portfolio of world-class competitive mining operations and undeveloped resources provides the metals and minerals to meet the growing consumer-driven demands of the world's developed and maturing economies. With our people at the heart of our business, we use innovative practices and the latest technologies to discover new resources and mine, process, move and market our products to our customers around the world.

As a responsible miner - of diamonds (through De Beers), copper, platinum and other precious metals, iron ore, coal and nickel - we are the custodians of what are precious natural resources. We work together with our key partners and stakeholders to unlock the sustainable value that those resources represent for our shareholders, the communities and countries in which we operate and for society at large. Anglo American is re-imagining mining to improve people's lives.

www.angloamerican.com

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Forward-looking statements

This announcement includes forward-looking statements. All statements other than statements of historical facts included in this announcement, including, without limitation, those regarding Anglo American's financial position, business, acquisition and divestment strategy, dividend policy, plans and objectives of management for future operations (including development plans and objectives relating to Anglo American's products, production forecasts and reserves and resources positions), are forward-looking statements. By their nature, such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Anglo American, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.

Such forward-looking statements are based on numerous assumptions regarding Anglo American's present and future business strategies and the environment in which Anglo American will operate in the future. Important factors that could cause Anglo American's actual results, performance or achievements to differ materially from those in the forward-looking statements include, among others, levels of actual production during any period, levels of global demand and commodity market prices, mineral resource exploration and development capabilities, recovery rates and other operational capabilities, the availability of mining and processing equipment, the ability to produce and transport products profitably, the availability of transportation infrastructure, the impact of foreign currency exchange rates on market prices and operating costs, the availability of sufficient credit, the effects of inflation, political uncertainty and economic conditions in relevant areas of the world, the actions of competitors, activities by governmental authorities such as permitting and changes in taxation or safety, health, environmental or other types of regulation in the countries where Anglo American operates, conflicts over land and resource ownership rights and such other risk factors identified in Anglo American's most recent Annual Report. Forward-looking statements should, therefore, be construed in light of such risk factors and undue reliance should not be placed on forward-looking statements. These forward-looking statements speak only as of the date of this announcement. Anglo American expressly disclaims any obligation or undertaking (except as required by applicable law, the City Code on Takeovers and Mergers (the "Takeover Code"), the UK Listing Rules, the Disclosure and Transparency Rules of the Financial Conduct Authority, the Listings Requirements of the securities exchange of the JSE Limited in South Africa, the SIX Swiss Exchange, the Botswana Stock Exchange and the Namibian Stock Exchange and any other applicable regulations) to release publicly any updates or revisions to any forward-looking statement contained herein to reflect any change in Anglo American's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.