#1AngloAmerican Sustainable resource development: Critical for a 1.5°C world Bank of America 2022 Global Metals & Mining conference 17 May 2022 Anglo American V#2Cautionary statement Disclaimer: This presentation has been prepared by Anglo American plc ("Anglo American") and comprises the written materials/slides for a presentation concerning Anglo American. By attending this presentation and/or reviewing the slides you agree to be bound by the following conditions. The release, presentation, publication or distribution of this document, in whole or in part, in certain jurisdictions may be restricted by law or regulation and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions. 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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 project development capabilities and delivery, recovery rates and other operational capabilities, safety, health or environmental incidents, the effects of global pandemics and outbreaks of infectious diseases, the impact of attacks from third parties on our information systems, natural catastrophes or adverse geological conditions, climate change and extreme weather events, the outcome of litigation or regulatory proceedings, the availability of mining and processing equipment, the ability to obtain key inputs in a timely manner, the ability to produce and transport products profitably, the availability of necessary infrastructure (including transportation) services, the development, efficacy and adoption of new technology, challenges in realising resource estimates or discovering new economic mineralisation, the impact of foreign currency exchange rates on market prices and operating costs, the availability of sufficient credit, liquidity and counterparty risks, the effects of inflation, political uncertainty, tensions and disputes, and economic conditions in relevant areas of the world, evolving societal and stakeholder requirements and expectations, shortages of skilled employees, the actions of competitors, activities by courts, regulators and governmental authorities such as in relation to permitting or forcing closure of mines and ceasing of operations or maintenance of Anglo American's assets 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 Anglo American ownership rights and such other risk factors identified in Anglo American's most recent Annual Report. 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Alternative Performance Measures Throughout this presentation a range of financial and non-financial measures are used to assess our performance, including a number of financial measures that are not defined or specified under IFRS (International Financial Reporting Standards), which are termed 'Alternative Performance Measures' (APMs). Management uses these measures to monitor the Group's financial performance alongside IFRS measures to improve the comparability of information between reporting periods and business units. These APMs should be considered in addition to, and not as a substitute for, or as superior to, measures of financial performance, financial position or cash flows reported in accordance with IFRS. APMs are not uniformly defined by all companies, including those in the Group's industry. Accordingly, it may not be comparable with similarly titled measures and disclosures by other companies. ©Anglo American Services (UK) Ltd 2022. 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Some of the images used are under licence from Getty Images. 2#3Climate Change & Environment Global themes drive demand for our products Anglo American People Future of Work Geopolitics Social Health Diversity Inequality Populism Activism Geopolitical Fracturing Resource Nationalism Protectionism Circular Economy Hydrogen Economy Biodiversity Low Carbon Transition GHG Abatement AngloAmerican Energy Water Food Income Automation Digital & Big Data Blockchain & Cryptocurrency Critical Resources Macroeconomics & Al Material Sciences Demographics Population Urbanisation Technology 3#4A carbon neutral world requires metals and minerals Copper demand (Mt) for the energy transition from key sectors in a 1.5°C scenario¹ Vehicles Power generation & grid Anglo American ~6 2020 ~17 2040e ~60 new copper mines the size of Quellaveco needed by 2040 4#5Supply is constrained in a depleting industry M 40 35 30 25 Mt 20 15 10 5 Committed mined copper supply² Copper scrap in smelting² Refined copper demand¹ 2020 Anglo American 2030e ~18 Mt 2040e >10 years to bring on new mines Depleting resource base Grade decline Smaller, deeper deposits Complex permitting & sustainability focus Investment requires tax & fiscal stability 5#6Do today's elevated prices need to persist to deliver a 1.5°C world? Copper price $/t ~7,700 20 year average price3 Anglo American ~7,700 Consensus long-term price4 ~10,000 Incentive price?5 Elevated pricing needed for next 10-20 years?#7Metals & minerals must be sustainably produced Our pathway to 2040 scopes 1 & 2 carbon neutrality Fossil fuels Electricity purchased Diesel Fugitive methane 2016 2018 2020 2022e Anglo American Carbon Negative Technologies 2024e 2026e 2028e 2030e 2032e 2034e 2036e 2038e 2040e Current operations 2040 scope 3 ambition? ↓ 50% ~80% reduction if steel industry achieves a 1.5°C pathway 2030 freshwater abstraction target8 ✓ 50% 7#8Technology will deliver improvements in safety, efficiency and sustainability Ang Anglo American Zero omissions Hydrogen truck Platinum powered hydrogen. 74 O Please click here to view the video: https://youtu.be/IkKpODtXqEQ Unlocking ore bodies Delivering safer outcomes Efficient, sustainable production 8#9Our unique ecosystem approach to decarbonisation is a catalyst for economic development within host countries Anglo American Namibia H Botswana Sishen Kolomela Ħ Zimbabwe South Africa 1 Venetia.. Mogalakwena Mortimer Amandelbult • Mototolo Rustenburg S X 1 Polokwane Key Off-site wind i Regional energy storage Solar generated power Partnership with EDF Renewables Increased grid capacity (3-5 GW) Investment majority funded by equity partners & debt financing Supporting Just Energy Transition 9#10Sustainable & long-term development. opportunities for all stakeholders Collaborative Regional Development Partnership-based model Anglo American Spatial & economic analysis Scalable & sustainable development Foster thriving & prosperous communities Partner of choice#11Attractive, high margin growth options Moranbah-Grosvenor (Metallurgical Coal) ~$0.3bn capex⁹ on washplant >15% IRR, +2.5Mtpa saleable tonnes9 Anglo American Mogalakwena (PGMS) Number of options being considered Good progress in the six workstreams Collahuasi Phase 2 (Copper) Next stage expansion, +100ktpa CuEq Reviewing scale-up options Sakatti (Copper) Rich polymetallic deposit in Finland, 80-100ktpa CuEq Pre-feasibility studies & permitting Woodsmith (Crop Nutrients) Multinutrient, low chloride, low carbon fertiliser Detailed engineering ongoing 11#12Quellaveco copper project delivering -10% volume growth in a future-enabling product Quality asset +300ktpa¹0 1 36 year life" Anglo American Low cost ~95c/lb¹² Competitive 12 Expansion potential ~1.5Bt resource" 6.1Mt copper¹¹ 12#13Our diversified portfolio Suite of future-enabling products Copper equivalent production 13 Anglo American Met Coal High quality Iron Ore Crop Nutrients Diamonds ~85% Future enabling Nickel & Manganese PGMs Copper within a geographically diversified portfolio Attributable capital employed¹4 Australia Other 9% Botswana 12% & Namibia 13% 21% South Africa 23% 22% Chile & Peru Brazil 13.#14Our balanced offering Strong balance sheet Anglo American 0.2x 2021 net debt: EBITDA15 Attractive returns 40% payout base, through the cycle dividend 16 Quality growth >90% growth capex in high margin & future-enabling products¹7 14#15Continuing to evolve our customer offering Mining Company Traditional model of extract and sell on market Anglo American Metals & Minerals Company Our Business Model is aligned with evolving customer needs Materials Solutions Provider Customer offering in new profit pools along value chain 15#16Focusing on our strategic priorities 1 Safety 2 Stability 3 Sustainability 4 Growth Anglo American MAX 16#17Purpose: to re-imagine mining to improve people's lives Our investment proposition Competitive assets Strong cost position Long term growth +35%13 Anglo American Differentiated capabilities Technology-led Sustainability leader Sustainable returns >45% EBITDA margin¹ Disciplined capital allocation 18 17#18Footnotes 1. 2. 3. 4. 5. Risk-adjusted incentive price for new copper projects required. Source: Anglo American internal analysis. 6. Operational carbon neutrality refers to scope 1 and 2 greenhouse gas emissions from current operations only. Goal and guidance as announced on 7 May 2020. Scope 3 reduction ambition refers to a 50% reduction by 2040 against a 2020 baseline. 7. 8. Water abstraction target refers to a 50% net reduction in fresh water withdrawal in water scarce areas by 2030 against a 2015 baseline. 9. Attributable share of capex and production volumes. 10. 11. 12. 13. 14. 15. 16. 17. Source: Anglo American internal analysis, based on sector outlooks in Wood Mackenzie's 1.5 Degree Scenario, March 2022. Source: Wood Mackenzie, Global Strategic Planning Outlook, March 2022, Base Case Outlook. Real 2022 terms. Source: Wood Mackenzie. Real 2022 terms. Source: Morgan Stanley. 18. 100% basis. 300kt average annual production over first ten years. Refer to the 2021 Anglo American plc Ore Reserves and Mineral Resources Report for more details. 'Life' refers to 'Reserve Life'. 'Resource' refers to 'Mineral Resource'. Average over first five years. Nominal basis. Includes by-product credits. Copper equivalent production is calculated using long-term consensus parameters. Future production levels are indicative and include growth options that are not yet approved. Attributable capital employed basis as at 31 December 2021. EBITDA is on an underlying basis (before special items and remeasurements adjusted to include the Group's attributable share of associates' and joint ventures' results). 40% payout of underlying earnings. Underlying earnings is profit/(loss) for the financial year attributable to equity shareholders of the Company before special items and remeasurements. Cash expenditure on property, plant and equipment including related derivatives, net of proceeds from disposal of property, plant and equipment and includes direct funding for capital expenditure from non-controlling interests. Excludes capitalised operating cash flows. Consequently, for Quellaveco, reflects attributable share of capex. Assumes long-term consensus commodity prices. Margin represents the Group's underlying EBITDA margin for the mining business, which is before special items and remeasurements and adjusted to include the Group's attributable share of associates' and joint ventures' results. It excludes the impact of non-mining activities (eg PGMs purchases of concentrate, sale of non-equity product by De Beers, 3rd-party trading activities performed by Marketing) & reflects Debswana accounting treatment as a 50/50 joint operation. Anglo American 18.