Good day, ladies and gentlemen, and welcome to the AngloGold Ashanti results. [Operator Instructions]. Please also note that this conference is being recorded. I would now like to hand the conference over to Stewart Bailey. Please go ahead, sir.

Thanks, Dylan. And, everybody, welcome, to our Q3 results call. We've got a lot to get through today. So without much further ado I'm just going to read the Safe Harbor Statement, then give you the lineup of what to expect. Certain statements contained in this document, other than statements of historical fact including, without limitation, those concerning the economic outlook for the gold mining industry, expectations regarding gold prices, production, cash costs, all-in sustaining costs, all-in costs, cost savings and other operating results, return on equity, productivity improvements, growth prospects and outlook of our operations, individually or in the aggregate, include the achievement of project milestones, commencement and completion of commercial operations of certain of AngloGold Ashanti's exploration and production projects and completion of acquisitions and dispositions, AngloGold Ashanti's liquidity and capital resources and capital expenditures and the outcome and consequence of any potential or pending litigation or regulatory proceedings or environmental health or safety issues, these are forward-looking statements regarding AngloGold Ashanti's operations, economic performance and financial condition. These forward-looking statements or forecasts involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to differ materially from the anticipated results, performance or achievements expressed or implied in these forward-looking statements. Although we believe that the expectations reflected in such forward-looking statements and forecasts are reasonable, no assurance can be given that such expectations will prove to have been correct. Accordingly, results could differ materially from those set out in the forward-looking statements as a result of, amongst other factors, changes in the economic, social and political and market conditions, the success of business and operating initiatives, changes in the regulatory environments and other government actions, including environmental approvals, fluctuations in gold prices and exchange rates, the outcome of pending or…

Thank you, Stewart. Good morning, ladies and gentlemen. I'm sure you all have a copy of the slide show before you, so I'll be referring to the slides as we go in the presentation. Starting off with what should be slide number 4 in the pack, which you have before you, recapping on our strategy that we articulated, which we articulated in – every time when we present our quarterly results. Five building blocks towards sustainable free cash flow from a diversified quality portfolio. Firstly, the foundation, in terms of ensuring that safety remains our first value, retaining the good people and ensuring that our sustainability record improves. Secondly, proactively ensuring we have the financial flexibility that we need to implement the strategy. Third, optimizing all forms of expenditures, whether it's direct costs, overheads, exploration or capital expenditure. Fourth, improving the portfolio quality and sweating the assets harder. And finally, despite short-term priorities which the industry face, reminding ourselves constantly that mining is indeed a long-term business, and keeping optionality within the business open to help us improve returns over the longer term. With those introductory and contextual statements, if we can then move onto slide number 4, which gives you your third quarter highlights. Looking at our third quarter's results it's the seventh consecutive quarter of strong performance despite incredible headwinds in the sector. As you will see, we've beaten our guidance, our previous year performance and our prior quarter's performance on most if not all of the metrics. During the quarter, safety was a standout performer and more of it shortly. If we can look at some of the key numbers in terms of our third-quarter results, production despite the setback from the earthquake at the Vaal River operations, which we alluded to, and not having Navachab mine,…

Thanks, Venkat. And good morning. I will take you through the quarter-three operating results for the Continental Africa, Australia and Americas region. I will not discussing each asset individually as they are within the quarterly report. I would like to first start on a comment on safety. The company's safety performance was covered by Venkat, but I want to re-emphasize our fatal-free quarter and the continued quarter-on-quarter improvements. We as management are very appreciative of the hard work the operating teams have shown in obtaining these milestones, but understand the commitment and work required to continue driving these outcomes. Each quarter, I've commented on the cost rationalization work and I've asked you to watch the outcomes on a quarterly basis. If we remember, the objective of this was to removal $500m from the operating cost over an 18-month timeframe, ending in quarter four 2014. I guess I'd like to say that we have achieved this one quarter early. The cost rationalization work continues and has a maintenance objective, meaning maintain the current cost structures and a cost removal objective, identifying additional cost extractions. We've now moved the efforts of the process into asset scheduling and efficiency improvements. A good metric to utilize to understand the overall health in the work is the all-in sustainable costs. For quarter three 2014, the international assets produced 813,000 ounces at $789 cash costs and all-in-sustainable costs of $973. As Venkat mentioned, this is a 13% improvement year on year, which is encouraging. We also believe there is more to be done, although we'll wait until early next year for our 2015 guidance. Slide 11, Continental Africa, the region produced for quarter three 410,000 ounces at a cash cost of $799 compared to 383,000 (sic see slide 12 "382,000") ounces at a cash cost of…

Thanks, Ron. If I could give us an overview of the quarterly results for the South African region, let's start with the fact that production was affected by the earthquake. But good to say that the West Wits region, which is Mponeng and the TauTona mine worked really hard to offset some of those production impacts we felt as a result of the earthquake on the three Vaal River mines. That result, particularly at Mponeng, allowed us together with cost management to improve our cash cost to a credible number of $688 per ounce. I think at this stage, it's worthwhile commenting on why it's important to look at metrics for the South African region that measure dollar per ounce numbers rather than metrics such as dollar per tonne. Our assets are without exception narrow, high grade ore bodies, which generally means that what you want to do while you're mining is to decrease dilution as much as you can to increase the yield. As a result of working like this, you generally get lower costs, because you're mining less and you get more gold. Your mined gold factor is generally better, your production increases and of course you do have lower costs. So the regional objective is to actually increase the yield and reduce the dilution which effectively means you're mining lower tonnes. The surface operations during the quarter certainly faced a few challenges with some lower grades and mining volumes below what they have been over other quarters. We certainly have opportunities to improve the metrics there. And these are being implemented as we speak. We are not going to talk specifically about technology this quarter, safe to say that good progress with the production sites is being maintained. If I move over to the safety slide which…

Thanks, Mike. Today, I'd like to cover our projects and greenfield explorations. Firstly, in regard to Obuasi on slide 24, the two charts in the slide show the progress for the transition to care and maintenance and progress with the feasibility study. The transition to care and maintenance is on schedule. Mining production and development has ceased, and stoping will cease shortly. Mill operations will continue through November, and wind down in December. Agreement with the union on the retrenchments has been finalized and is tracking to schedule. Despite the wind down, Obuasi had quite a good quarter, producing 78,000 ounces, with an all-in sustaining cost of $1,169. The activities that will continue in parallel with care and maintenance are declined development with a single jumbo, diamond drilling in priority areas and tailings treatment. The feasibility study is progressing well. This is a feasibility study into the reopening of Obuasi and the reconfiguration into a new operation. The resource model has been updated. Mine planning is now well advanced, and the surface and underground engineering is progressing well. We're on schedule to complete the feasibility study in early 2015. Turning to Kibali, you'd be aware of the challenges with the commissioning of the sulfide circuit in quarter two. In quarter three, good progress has been made in resolving those issues. Quarter on quarter, gold production has increased from 91,000 to 145,000 ounces on a 100% basis. Ore characterization and predictive geometallurgy has led to improved operation and recovery on the various ore types. This has enabled improvements in flotation, fine grinding and concentrate leach circuits. And having dealt with the various commissioning engineering issues, plant operations have been considerably more stable. And towards the end of the quarter, recoveries have improved to over 80%, compared with designed plan of 86%.…

Thank you, Graham, and good morning and good afternoon to everyone. It's certainly good to be with you on the call today for the first time as part of the AngloGold Ashanti management team, presenting my first set of results. As we heard from Venkat, management has continued to deliver on its predetermined cost and production targets, beating market guidance amidst a continuing challenging environment. Our focus remains on strengthening the balance sheet while prioritizing the generation of sustainable free cash flow from our diversified portfolio of businesses through proactive self-help measures. I will now talk in more detail through our quarterly and year-to-date performance, as well as our balance sheet debt focus, before I end on the improved outlook for quarter four and the full year. Moving to slide 31, our favorable trajectory on costs reflects continued discipline on all costs and fixed capital allocations. Overall, improved production levels, both on Q3 performance and the year-to-date performance have been assisted by operational efficiencies. In addition, a strong focus on the run of corporate costs and exploration costs has enabled the Group to deliver significant savings of 59% and 54%, respectively, in the year-to-date numbers compared to last year. Capital expenditure has been reduced by more than 40%, both in Q3 and in the year-to-date numbers compared to last year, reflecting project delivery and capital prioritization. Slide 32. Our efforts to tackle costs across a broad front continued to bear fruit, as reflected in the 2% decrease in our all-in sustaining costs, from $1,060 per ounce in Q2 to $1,036 per ounce this quarter, driven by lower operating costs and lower sustaining CapEx. There are timing differences in our stay-in-business CapEx spend that would result in increased spend in Q4. All-in costs of $1,144 per ounce compared to Q2 is…

Thank you, Christine. Ladies and gentlemen, just to conclude, needless to say, our share price today grossly undervalues our Company's performance to date and true potential. As you would have seen in the last seven quarters, we have proved every skeptic wrong in terms of performance, and to leave you with some important takeaways here, message one, you've seen record safety and sustainability performance from AngloGold Ashanti. That will continue going into the future. Second key message, operations are firing on all cylinders, delivering the seventh consecutive quarter of strong performance, despite every bit of headwind coming as a sector, helping to improve annual guidance across the board, and certainly this is the first time in my memory we have actually done that. The third key message is we have and we will continue to be proactive managers of our balance sheet, and in that regard, the fourth message is that we are cognitive of shareholders' feedback, and we have prioritized a range of self-help measures that we have articulated today to voluntarily reduce our debt in the medium term. And this, whilst we are doing it, we are focused on delivering real returns from the business to our shareholders. With that note, happy to hand you over to Stewart to take any questions.

Thanks, Venkat.

[Operator Instructions]. Our first question comes from Andrew Byrne of Barclays. Please go ahead. Andrew Byrne – Barclays: Hi. Good afternoon, gents. Two questions, if I may, and not really big-picture questions, unfortunately, but just more on continental Africa, when we look at some of the assets that you potentially may have been viewed as being non-core, the likes of your Iduapriem and Sadiola, how should we think about productions from them over the next 18 to 24 months? What's the current thinking? Will they still be in production in 2016? And then the second question is, just get an understanding of how sensitive Group costs are to the oil price. What is the delta on that?

Okay. Let me pick up the first question jointly with Ron in terms of what you call the – you termed it as non-core assets. With regard to Iduapriem, Ron will elaborate. We are quite positive in terms of Iduapriem's true potential. This has been a very good cash generator, as you have seen for the Group, in the last two years, and it's actually pleasantly surprised us on every monthly performance. And there are options that Ron is looking at in terms of what can be done to Iduapriem in terms of adding value. And what we prefer to do, Andrew, is articulate this more when we get into our year-end numbers when we provide 2015 outlook. So we don't want to be cherry-picking selective assets to give forward-looking information. But Ron can comment on it at the end. With regard to Sadiola, the position is relatively simple. We see potential with regard to Sadiola sulfides project. That relies upon two conditions coming through from the Mali government. The Ministry of Mines is extremely positive in terms of providing us with an agreement to give us our reliable, affordable power for that particular project, and we are working closely with the Mali government and Iamgold in that regard, and at the same time, looking at providing us with the right fiscal concessions. What we have to decide when we complete that exercise is we have also got a finite balance sheet. We can't fund all of the projects, so this is a discussion which we are having with both Iamgold and the Mali government to see if there's a way where the project can go head, where we extract value from that as one of the shareholders. So, Ron, I'm not sure whether you have anything to add on Iduapriem?

No. We've just been working on a considerable amount of rescheduling and been testing some material to enhance our production profile over the next year, meaning old heap leach material, and we think we will have a changed mine plan into the future, and a changed production profile.

Excellent. And Christine will actually pick up the response in terms of your fuel sensitivity question.

Okay. So for every $10 change in the Brent crude oil price, it'll impact our cash cost by approximately $7.75. Andrew Byrne – Barclays: Perfect. Thank you very much.

Our next question comes from [Keshab Lao] of Bam. Please go ahead.

Hi. How are you? Thanks for taking my questions. I just wanted to ask you guys about the Siguiri asset. There's just been a lot of stuff in the press with the Ebola breakout. I just wanted to see what you guys were doing to mitigate the risk of that affecting your operations in Guinea, what you're seeing on the ground, and if it does come into areas closer to the mine, what sort of contingency plans you may have. Thank you.

Okay. I think your line was unfortunately not very clear. If I'm hearing it right, your question was around Ebola, is it affecting…

I apologize. Is this more clear?

Yes, this is more clear. As we understood your question, it's around Ebola and the impact it's having on our operations, and what is our plan, if there is going to be an impact on the operations. If I can give you the short answer, Ebola is not impacting any of our operations. Siguiri in Guinea has not been affected. Neither is the Sadiola and Morila operations in Mali. So short answer to that question. In terms of number of measures which we have taken to ensure that we actually manage any potential impact, if I can reel out a few, firstly, bringing the education and awareness of everyone working at the mines, not just the employees, the contractors, also, and the service providers, in terms of precautions that they need to take. Secondly, providing all of the preventive equipment and effectively disinfectant material, providing them with the required detergents which are needed to ensure that they maintain a cleanly lifestyle is also a second part of the arsenal we use. Thirdly, in terms of the type of diet which is made in the mess and actually in the mine, it's obviously being changed to take into account that there are certain aspects which actually are carriers of Ebola, so we have actually changed that, as well. Fourthly, we are working very, very closely with all of the government establishments, both locally and internationally, in terms of ensuring that our efforts are coordinated. Any travel to and from the mine sites, either to the neighboring villages or town is very tightly controlled. Every one of our employees and contractors go to health screening checks every day, and as part of that, if we identify even the slightest issue, they are treated by health personnel who wear protective clothing. And anybody identified in the town or probably even if it's 30, 40 kilometers, actually gets the relevant quarantine treatment. And so far, we have not had any impact in any one of our operations, either in Mali or in Guinea.

Dylan, any further questions?

There are no further questions. Do you have any closing comments?

The closing comments, again, Dylan, as we have said, we have certainly delivered a very good, strong seventh consecutive quarter in terms of delivery, where we have outperformed every metric. The ship is steady as she goes. Now the focus is on self-help measures. That's where the effort will go, and we look forward to speaking to everyone in February, when we announce our fourth quarter and year-end results. Thank you very much.

Thanks, Dylan.

Thank you. On behalf of AngloGold Ashanti, that concludes this conference. Thank you for joining us. You may now disconnect your lines.