In the normal course of its operations, the Group is exposed to gold price and other commodity price risk, foreign exchange risk and interest rate risk. In order to manage these risks, the Group may enter into transactions which make use of derivatives. The Group does not acquire, hold or issue derivatives for speculative purposes. The Group has developed a comprehensive risk management process to facilitate, control and monitor these risks. Commodity price risk Commodity price risk arises from the risk of an adverse effect on current or future earnings resulting from fluctuations in the price of gold. In order to manage gold price downside risk the Group may from time to time enter into transactions involving derivatives to hedge price risk for a portion of its production. The Group currently does not have any derivative financial instruments to manage this risk. Foreign exchange risk The Group has transactional foreign exchange exposures, which arise from sales or purchases by an operating unit in currencies other than the unit's functional currency. The gold market is predominantly priced in US dollars which exposes the Group to the risk of fluctuations in foreign exchange rates. The Group’s significant currency exposure arises from US dollar translations mainly on borrowings and cash denominated in Australian dollars, Tanzanian shillings and Ghanaian cedis. 243 Interest rate risk The Group's interest rate risk arises mainly from variable interest rate borrowings due to the volatility in the United States, Australian and Tanzanian interest rates. Interest rate risk arising from borrowings is offset by cash and cash equivalents and restricted cash held at variable rates. The following is a breakdown of our financial instruments and a summary of fixed versus floating interest rate exposures. US Dollar millions (1) 2026 2027 2028 2029 2030 Thereafter Total Fair value Borrowings (2) Fixed rate (US$) — — 750 — 700 300 1,750 1,729 Average interest rate 4.1% 4.1% 4.1% 4.6% 4.6% 6.5% Variable rate (US$) — — 180 — — — 180 180 Average interest rate 10.9% 10.9% 10.9% — — — Variable rate (TZS) — — 117 — — — 117 117 Average interest rate 12.8% 12.8% 12.8% — — — — — 1,047 — 700 300 2,047 2,026 Cash and cash equivalents Variable rate (US$) 1,158 — — — — — 1,158 1,158 Average interest rate 2.6% — — — — — Variable rate (ZAR) 27 — — — — — 27 27 Average interest rate 4.7% — — — — — Variable rate (AUD) 148 — — — — — 148 148 Average interest rate 3.5% — — — — — Variable rate (BRL) 27 — — — — — 27 27 Average interest rate 13.6% — — — — — Variable rate (GBP) 3 — — — — — 3 3 Average interest rate 0.8% — — — — — Variable rate (GHS) 58 — — — — — 58 58 Average interest rate 1.3% — — — — — Variable rate (EGP) 4 — — — — — 4 4 Average interest rate 13.9% — — — — — 1,425 — — — — — 1,425 1,425 Restricted cash Variable rate (US$) 23 — — 9 — 35 67 67 Average interest rate 1.1% — — 13.3% — 1.3% 23 — — 9 — 35 67 67 (1) Information is presented in US dollar, which is the reporting currency of AngloGold Ashanti. (2) Borrowings reflect principal repayments in each year. For further information on market risk, including on the sensitivity of our financial instruments to selected changes in interest rates and foreign exchange rates, refer to “Item 3D: Risk Factors—The price of gold, AngloGold Ashanti’s principal product, and other commodity market price fluctuations could adversely affect the profitability of operations”, “Item 3D: Risk Factors—Foreign exchange fluctuations may adversely affect the Company and may reduce the market value of AngloGold Ashanti’s securities, as well as the market value of any dividends or distributions paid by the Company”, “Item 3D: Risk Factors—The profitability of mining companies’ operations and the cash flows generated by these operations are significantly affected by fluctuations in input production prices”, and “Item 18: Financial Statements—Note 34—Financial risk management activities”. 244