#1AngloAmerican The future is here: We all need to make it happen Bank of America 2022 Global Metals & Mining conference 18 May 2022 Anglo American WARAN 19 - picia DIHI Herefter an#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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Anglo AmericanTM and TM are Trade Marks of Anglo American Services (UK) Ltd. Some of the images used are under licence from Getty Images. 2#3What about long term trends? What about copper? Anglo American 3#4What about long term trends? The future is arriving sooner; behaviour trumps technology What about copper? Copper is favoured... but we do need help to make it happen Anglo American 4#5The future may be arriving sooner: is population growth slowing? World population forecasts¹ Billion people 16 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 0 1900 Anglo American 1920 1940 1960 Forecasts are the same through to 2040 1980 2000 2020 2040 2060 2080 UN 2019 Murray Model 2100 01 5#6There is already significant stress in the system, as we see for land Global land use for food production² Earth's surface Land surface Habitable land Agricultural land Anglo American 50% Agriculture 51M km² 77% Livestock: Meat & Dairy 40M km² 29% Land 149M km² 71% Habitable land 104M km² 37% Forests 39M km² 23% Crops 11M km² (Excluding feed) 11% Shrub 12M km² 10% Glaciers 15M km² (14M km² of which is the land area of Antarctica) 1% Urban 1.5M km² 1% Freshwater 1.5M km² 0.04% Mining 0.06M km² || 71% Ocean 361M km² // 19% Barren land 28M km² (Including the world's deserts, salt flats, exposed rocks, beaches and dunes) 6#7Technology has saved us before: it feeds close to 4 Bn of us today Growth in the consumption of inorganic fertiliser and population³ Nutrient Tonnes 200,000 180,000 160,000 140,000 120,000 100,000 80,000 60,000 40,000 20,000 Anglo American 1900 Potassium Phosphorus Nitrogen Global Population World Population fed by Haber-Bosch Nitrogen TTTTT 1910 1920 1930 1940 1950 1960 1970 1980 1990 2000 Billion People 3.8 bn 8.0 7.0 6.0 5.0 4.0 3.0 2.0 2010 2018 1.0 ______+ 0.0 7#8What can we learn from history? Guess the car4 Anglo American D AA A-Qil Every 200 Miles C-Grease Every 200 Miles B-Ol Every 500 Miles D-Grease Every 500 Miles E-Grease Every 1000 Miles F-Oil Motor Daily Keep od level between crank case pet cocks G.Grease Every 5000 Miles 8#9Light vehicle drivetrains are due to change, as we know, again United States: Share of Fuel Type5 100% 90%- 80% - 70% 60% 50% 40% 30% 20% 10% - 0% Anglo American 1910 Steam 1930 Gasoline Pb Gasoline 1950 Diesel 1970 Electric 1990 Fuel cell Flex fuel 2010 2030 Forecast 2050#10Technology change takes >30 years; behaviour change is faster Changes in behaviours and adoption of new technologies Years -100 Anglo American -80 -60 -40 Delay period -20 Market share/Change 100% 80% 60% 40% 20% -20% -40% -60% -80% -100% Jet airliners BOF steel 20 Nuclear (France) OH steel Wind power (Denmark) 40 Nuclear (World) Growth period Smoking (UK) Ozone (USA) Ozone (World) Leaded petrol (USA) 60 Asbestos (World) 10#11The next 25 years will need as much copper as the last 75 years Total copper demand estimated in a 1.5°C world' Mt 1950 Anglo American 1975 2000 2025 2050 11#12Markets resolve themselves in various ways, not all are benign Longer term Anglo American Supply expansions Recycled material Thrifting and substitution AA Resolved markets Production Creep Demand elasticity Stocks Shorter term 12#13Scrap can only be a part of the solution, even in the extreme Total copper demand and obsolete scrap usage and potential Mt 1950 Anglo American 1975 Total copper demand 2000 Obsolete scrap consumed 2025 Potential: flow of copper in retired products 2050 13#14Resources are abundant, but unevenly spread across regions⁹ Anglo American Key: Years of global supply 10 50 100 North America Europe & Middle East Russia China Other Asia Oceania Africa South America Cu Ni Fe Pt+Pd 14#15Copper: half of all known reserves needed to 2060 10 Copper cumulative availability curve¹0 Capex ($/t est) Other World Europe+Middle East Russia Africa Anglo American 200 00 North America China South America Other Asia Oceania 600 Cumulative demand to 2060 800 1,000 1,200 1,400 1,600 1,800 2,000 2,200 2,400 Mt Cumulative (Resource+Reserve) 2,600 Estimated capex per tonne Cash operating cost per tonne 15#16What about long term trends? The future is arriving sooner; behaviour trumps technology What about copper? Copper is favoured... but we do need help to make it happen Anglo American 16#17Thank you 17#18Footnotes 1. Source: Source: Anglo American Macro & Commodity Research, UN, IHME 2. Source: Anglo American Macro & Commodity Research, UN Food and Agriculture Organization (FAO) 3. Source: Anglo American Macro & Commodity Research, International Fertilizer Association 4. Source: Wikipedia. Top left: 1911 White steamer (steam driven vehicle); bottom left: 1900-1910 Baker Motor Vehicle Company (electric vehicle); right: Ford, Model T (ICE). 5. Source: Anglo estimates pre-2000 based on available sales, production and registration statistics from FRED, Autolife, Federal Statistics, darrinqualman.com, IHS from 2000 onwards 6. Source: University of Cambridge, additions by Anglo American Macro & Commodity Research 7. Source: Wood Mackenzie, Anglo American 8. Source: Wood Mackenzie, Anglo American 9. Source: S&P Global, Anglo American 10. Source: S. Nelson, J. Allwood, Department of Engineering, University of Cambridge. Additions by Anglo American. Anglo American 18.