#1AngloAmerican Investor update call 10 December 2021 Anglo American NE BATIK RACKED C MEMPERT CHEE DOT SHARRAP wwwwwwww#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. This presentation is for information purposes only and does not constitute, nor is to be construed as, an offer to sell or the recommendation, solicitation, inducement or offer to buy, subscribe for or sell shares in Anglo American or any other securities by Anglo American or any other party. Further, it should not be treated as giving investment, legal, accounting, regulatory, taxation or other advice and has no regard to the specific investment or other objectives, financial situation or particular needs of any recipient. No representation or warranty, either express or implied, is provided, nor is any duty of care, responsibility or liability assumed, in each case in relation to the accuracy, completeness or reliability of the information contained herein. None of Anglo American or each of its affiliates, advisors or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this material or otherwise arising in connection with this material. Forward-looking statements and third party information This presentation includes forward-looking statements. All statements other than statements of historical facts included in this presentation, 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 Ore Reserve and Mineral Resource positions) and environmental, social and corporate governance goals and aspirations, 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, safety, health or environmental incidents, the effects of global pandemics and outbreaks of infectious diseases, the outcome of litigation or regulatory proceedings, the availability of mining and processing equipment, the ability to produce and transport products profitably, the availability of transport 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 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 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 presentation. Anglo American expressly disclaims any obligation or undertaking (except as required by applicable law, the City Code on Takeovers and Mergers, the UK Listing Rules, the Disclosure and Transparency Rules of the Financial Conduct Anglo American 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. Nothing in this presentation should be interpreted to mean that future earnings per share of Anglo American will necessarily match or exceed its historical published earnings per share. Certain statistical and other information about Anglo American included in this presentation is sourced from publicly available third party sources. As such it has not been independently verified and presents the views of those third parties, but may not necessarily correspond to the views held by Anglo American and Anglo American expressly disclaims any responsibility for, or liability in respect of, such information. Group terminology In this presentation, references to "Anglo American", the "Anglo American Group", the "Group", "we", "us", and "our" are to refer to either Anglo American plc and its subsidiaries and/or those who work for them generally, or where it is not necessary to refer to a particular entity, entities or persons. The use of those generic terms herein is for convenience only, and is in no way indicative of how the Anglo American Group or any entity within it is structured, managed or controlled. Anglo American subsidiaries, and their management, are responsible for their own day-to-day operations, including but not limited to securing and maintaining all relevant licences and permits, operational adaptation and implementation of Group policies, management, training and any applicable local grievance mechanisms. Anglo American produces group-wide policies and procedures to ensure best uniform practices and standardisation across the Anglo American Group but is not responsible for the day to day implementation of such policies. Such policies and procedures constitute prescribed minimum standards only. Group operating subsidiaries are responsible for adapting those policies and procedures to reflect local conditions where appropriate, and for implementation, oversight and monitoring within their specific businesses. No Inve This presentation has been prepared without reference to your particular investment objectives, financial situation, taxation position and particular needs. It is important that you view this presentation in its entirety. If you are in any doubt in relation to these matters, you should consult your stockbroker, bank manager, solicitor, accountant, taxation adviser or other independent financial adviser (where applicable, as authorised under the Financial Services and Markets Act 2000 in the UK, or in South Africa, under the Financial Advisory and Intermediary Services Act 37 of 2002 or under any other applicable legislation). 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. 2#3Our 'WeCare': Covid and resilience Responsible & holistic approach protecting lives & livelihoods in our workforce & communities Robust operating protocols & controls Anglo American Mental health support Rigorous testing approach Active support to drive vaccine uptake 3#4SHE performance - drive for a safe & healthy future Safety Group TRCFR 1,2 3.6 11 3.2 9 2016 2017 2.7 5 Anglo American Fatalities¹ 2018 2.2 4 39 30 ........... 2018 2019 2020 2019 2.1 2 2020 Elimination of Fatalities Taskforce ...driving our improvement journey Culture focus on behaviours ...required for step to zero and sustainability 2.2 1 YTD 2021 Health Occupational health - new cases 1,3 111 96 2016 101 2017 Elimination of hazards at source ...key focus for sustainable improvement Best ever health results ...upgraded work environments & controls 15 Environment YTD 2021 Significant incidents 1,4 4 2016 2 6 2017 2018 1 2019 1 2020 Upgraded planning & controls ...supports continuous improvements 1 YTD 2021 Environmental factors integrated in asset plans...support effective social engagement 4#5Driving towards a sustainable future Greener World Cu Eq production 5 Diamonds Anglo American Copper ~75% Future enabling PGMs Electrified World Î Nickel & manganese Crop nutrients Consumer World ~85% Future enabling High quality iron ore Transition enabling Met coal Thermal coal Exit announced or complete 5#6By 2040 - operations carbon neutral & 50% cut in Scope 3 Operations carbon neutral by 2040 Scope 1 & 2 GHG emissions 2016 2018 Anglo American / ©2021 Anglo American 2020 Fossil fuels South America renewable energy Hydrogen trucks pilot 2022e Three Solar PV plants in South Africa 2024e Electricity purchased Regionally integrated solar and wind in South Africa VAM implementation 2026e Diesel 2028e 2030e Southern Africa electrical supply predominantly wind and solar PV 2032e Fugitive methane emissions 2030 goal -30% reduction of GHG emissions vs 2016 20340 Carbon neutrality across our operations Hydrogen and electric widely implemented 2036e 2038e Carbon negative technologies 2040e 14 Ambition: 50% reduction in Scope 3 emissions by 2040 Scope 3 GHG emissions Thermal coal mines divested Met coal Iron ore Other Anglo American / ©2021 2020 Production growth outpaces steel value chain decarbonisation 2030e Production growth in future enabling products Steel value chain decarbonisation takes effect Our ambition: 50% reduction 2040e See footnotes 6 & 7 6#72021-solid performance, reiterating operating guidance Diamonds Ongoing demand recovery Strong YTD sight sales Solid unit cost performance Anglo American Base Metals Solid Copper performance Los Bronces water challenges Stable Nickel performance PGMs u ium 1 Rh rhodium 102.9 77 Ir iridium 192.2 Pd 106.4 78 Pt platinum 195.1 Production on track Strong ACP performance WIP to more normal levels Bulks8 Robust Iron Ore performance Moranbah steady progress Grosvenor restart prep completed 7#8AngloAmerican Guiding to the numbers Stephen Pearce Anglo American#9Balanced, disciplined and sustainable approach Cash returns $10.3bn Dividends & buybacks since 2017 Resilient balance sheet 0.1x H1 2021 Net debt: EBITDA⁹ Anglo American Attractive growth ~18% Production growth by ~20235 Strong margin ~45-50% Target mining EBITDA margin¹0 9#102021 full year guidance Capex¹1 ~$5.2bn Lower due to Covid deferrals Unit cost, FX neutral13 个 10% Due to above CPI inflation & production disruptions Up 16% on total basis Anglo American H2 cash returns ~$4bn Ordinary, special & buyback $0.7bn of $1bn buyback completed ¹2 Production5 7% Driven by strong PGM performance and higher rough diamond demand 10#11Capex continues to be impacted by Covid Capex1¹1 $bn Woodsmith ~0.6 Growth Lifex ~0.5 Baseline sustaining Totals ~1.2 Anglo American ~2.9 2021F ~5.2 ~0.7 1.0-1.5 ~0.4 desal ~0.7 ~3.4 Collahuasi 2022F 6.2-6.7 1.2-1.7 ~0.5 ~0.8 ~3.5 2023F 6.0-6.5 Collahuasi desal 1.5-2.0 ~0.2 ~0.6 ~3.3 2024F 5.6-6.1 ~3.0 + Lifex Long-term (real) 2021 impacted by Covid delays & supply chain disruption ~$0.8bn carried over to future years SIB increases driven by major investment projects -$3.0bn long-term SIB 11#12Inflationary pressures offset by volume increases 2022 forecast unit costs 13 个~4% Higher inflation and input costs offset higher production volumes Inflation ~5% Above CPI inflation set to continue Anglo American General inflationary pressures: Input cost prices Supply chain disruption Tax and royalty focus Expected to remain in near term Some impact on capex - steel & materials 12#13Cost and volume target increased by $0.5 billion 2021F delivery vs 2017 $1.4bn Delivered improvement¹4 Anglo American $3.5-4.5bn (prev. $3.0-4.0bn) Up to $2.0bn (prev. up to $1.5bn) Up to $2.5bn 2023 target Projects: 2022-23 Quellaveco Marine Diamonds Namibia Technology & Innovation: 2020-23+ Predictive Maintenance Bulk Ore Sorting rollout Coarse Particle Recovery Operating Model & P101: 2017-23 Copper mine & plant performance Minas-Rio ramp up Operational stability 13#14Value-adding, future-enabling growth >90% growth capex allocated to future-enabling products CU Eq production5 Baseline portfolio Anglo American +18% (prev. 20%) Met Coal ~2023 Iron Ore PGMs ~50% margin¹5 projects focus on high quality, low-cost assets +21% (prev. 25%) ~2025 Copper Crop Nutrients +35% ~20305 14#15AngloAmerican Positioned for a sustainable future Mark Cutifani 00 FutureSmart Mining M At Anglo American we are re-imagining mining to improve people's lives ACESSO AUTORIZADO HANSA SE#16Innovative technologies in development Anglo American Advanced Process Control Delivered at Minas Rio, Los Bronces, Kumba & Mogalakwena Up to 40% improvement in stability & productivity ● Bulk Ore Sorting Deployed in Copper, Nickel and PGMs Potential grade uplift 5%-20% Energy, water and cost savings ● Coarse Particle Recovery Commissioned at El Soldado Q1'21 and Mogalakwena Q1'22 Potential throughput increase 15%-20% Up to 20% energy reduction, up to 85% water recovery with dry stack Hydraulic dry stacking Construction at El Soldado to complete Q1'22 Increases water recovery ~85% Hydrogen truck Delivered at Mogalakwena in Q4 & commissioning Q1'22 Potential to eliminate 46% of diesel related GHG emissions (1MtCO₂e pa) ● 16#17Met Coal operations set to ramp back up ——--- Anglo American Production • Moranbah back up running; Grosvenor restart prep completed • 2022 guidance 20-22Mt, with focus on safety & stability • 2022 unit costs of ~$80/t High quality product • Premium products: ~85% premium HCC and ~15% PC|16 Moranbah-Grosvenor debottlenecking • Now expected 2025, following 2023 targeted approval • Increases plant capacity by 2.5Mt (saleable, our share) Aquila project • On track for 2022 start - replaces Grasstree ● 7 year mine life¹7 at ~3.5Mt pa 17#18Building a world class copper business MATSU Anglo American 980 160 OTO -980 GP KOMATSU Strong fundamentals ● Disciplined growth with future potential Quellaveco, long life, low cost greenfield project Collahuasi implementing the 5th ball mill • Los Bronces underground project Progressing Sakatti in Finland ● ● ● Three world class assets, each with significant endowment options 2022 Guidance ● Production - 680-760kt Production boosted with first contribution from Quellaveco (Peru) Chile lower - expected lower grades plus water availability • Unit costs ~140c/lb Chile up as a result of lower volumes, inflation & water purchases Now includes Quellaveco at ~125c/lb 18#19Quellaveco remains on time and on budget Anglo American Wat Quellaveco Greenfield copper project On track for 2022 delivery despite Covid challenges First ore delivered October 2021 ● ● ● On budget: $0.8-1.0bn¹8 capex to go (our share) ✓ FY 2021 capex ~$0.75bn¹8 (our share) Upcoming 2022 milestones on track Completion of pipeline Primary crusher commissioning Completion of plant ● ● Processing plant - Line 1 nearing completion Water dam complete - provider of fresh water to communities 100% renewable electricity ● 19#20Quellaveco looking ahead Guidance Production (kt) Mid 2022 First production Anglo American On track C1 unit cost - nominal (c/lb) Capex - growth ($m)60% b basis ~12 month ramp up 2022F 120-160 320-370 (prev 100-150) (prev 300-350) ~125 2023F 500-700 n/a <250 Commercial production 2024F 320-370 2023 n/a On track Future Expansion options ● Mid & long term ~10% CuEq growth (~300ktpa¹⁹) Since approval, first 5 years' unit cost down from ~96c/lb to ~85c/lb (2018 real basis) (nominal:~105c/lb to ~95c/lb) Production brought forward - significant value enhancement 20#21Woodsmith project update Prior design Anglo American assumption Anglo American Mining method Hybrid model Continuous miner Ventilation Scheduled post possible expansion Required earlier due to mining method da Marketing Value in use estimated Value in use opportunities identified Woodsmith Greenfield crop nutrients project L Construction continues Good progress on conveyor tunnel ~17km complete Shaft boring commenced in service shaft ● ● FY 2021 capex ~$0.55bn Technical review largely complete - more detailed engineering to optimise key elements ● Adjusting mine method, shaft schedule & ventilation to our standards Upgrading project scope to increase efficiency & scalability for long term value Final design engineering, capex & schedule at the end of 2022 POLY4: multinutrient, low chloride fertiliser Low carbon, organically certified 2⁰ Farm demos confirm crop yields & quality improvements "Value in Use" work also positive 21#22Quality portfolio complemented by high value growth options21 Moranbah-Grosvenor (Metallurgical Coal)--2025 ~$0.3bn capex on washplant Anglo American >15% IRR +2.5Mtpa saleable tonnes Collahuasi (Copper) - Phase 2 -2028 Next stage expansion Studies ongoing +100ktpa CuEq Mogalakwena (PGMS)- -2025 Number of options being considered Studies expect to complete H1 2022 World class resource with 50 yr asset life Sakatti (Copper) - ~2028 Rich polymetallic deposit in Finland Pre-feasibility studies for permitting 80-100ktpa CuEq 22#23Ongoing shaping of the Discovery portfolio Canada Anglo American Ecuador- Peru Chile MOVEL Brazil Greenland Angola Zambia South Africa Australia Highlighted Anglo American Discovery presence Focused on future-enabling metals & minerals: copper, nickel and PGMs Leading Mineral Systems Science District-scale positions in compelling search space Portfolio diversification 23#24Q&A Our investment proposition Competitive assets Strong cost position +35% long term growth5 Anglo American Differentiated capabilities Technology-led Sustainability leader Sustainable returns $3.5-4.5bn EBITDA improvement Disciplined capital allocation To ask a question, Standard International Dial-in: UK +44 (0) 2071 928338/ SA 0800 014552/ US 1 87787 09135 Conference ID: 9693449 24#25Footnotes 1. 234 Total Recordable Cases Frequency Rate per million hours. 3. New cases of occupational disease. 4. Environmental incidents are classified in terms of a 5-level severity rating. Incidents with medium, high and major impacts, as defined by standard internal definitions, are reported as level 3-5 incidents. 5. Copper equivalent production is calculated using long-term consensus parameters. 2021 copper equivalent production is normalised to reflect the demerger of the South Africa thermal coal operations, the announced sale of our interest in Cerrejón and the closure of the manganese alloy operations. Growth is calculated with reference to a 2021F baseline (previously 2018 baseline shown with growth milestones of 2023: 20%, 2025:25%, ~2030: 35%). Future production levels are indicative and subject to final approval. 2030 target based on an absolute reduction in GHG emissions across the business vs 2016 baseline adjusted for structural changes. For more information on carbon neutral targets see Sustainable Performance presentation from 29 October 2021. Targets and guidance as announced on 7 May 2020. For more information on carbon neutral targets see Sustainable Performance presentation from 29 October 2021. Bulks excludes thermal coal businesses. 6. 7. Recordable incidents. Data relates to subsidiaries and joint operations over which Anglo American has management control. Since 2018 data for fatalities, TRCFR and environmental metrics excludes results from De Beers' joint operations in Namibia and Botswana. 8. 9. Metrics on an underlying basis - before special items and remeasurements adjusted to include the Group's attributable share of associates' and joint ventures' results. 10. Margin represents the Group's underlying EBITDA margin for the mining business. 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) & at Group level reflects Debswana accounting treatment as a 50/50 joint operation. Mining margin for De Beers on a stand alone basis is based on proportionate consolidation of mining businesses in De Beers only. Anglo American 11. 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. Shown excluding capitalised operating cash flows. Consequently, for Quellaveco, reflects attributable share of capex, see appendix. Collahuasi desalination capex shown includes related infrastructure which was excluded in previous presentations. Guidance includes unapproved projects and is, therefore, subject to progress of growth project studies and Woodsmith is excluded after 2022. Long-term sustaining capex guidance is shown on a real basis. Buyback refers to the programme announced on 29 July 2021. Copper equivalent unit costs are shown on nominal terms and calculated as the total USD cost base divided by copper equivalent production. 2021 copper equivalent unit cost is normalised to reflect the demerger of the South Africa thermal coal operations. Cost & volume improvement in EBITDA also impacted by above-CPI cost inflation of ~$0.3bn across 2018-2021. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. The margin reflects the targeted potential margin for our growth and lifex projects. Reflects long-term asset potential, subject to review. Per the Ore Reserves and Mineral Resources Report 2020, the Reserve Life for Aquila is reported at 6 years. 7 years reflects the life of mine which considers the Inferred Mineral Resource in mine plan. Anglo American 60% share. H1 2021 capex $0.3bn (60% share). Average over first ten years. Currently certified for organic use in EU and North America with other certification pending for approval. Growth options that are not yet approved. 25#26AngloAmerican Appendix L C:B Exoti O L w LAL TWEE ha A Free M ALLA W BUS UN Th 26#27Guidance summary Earnings (numbers in brackets are previous guidance) Volumes Unit costs 2021 depreciation 2022 depreciation 2021 effective tax rate 2022 effective tax rate LT effective tax rate Dividend pay-out ratio Anglo American See slide 28-29 See slide 30 ~$2.9bn ($3.0-3.2bn) $3.0-3.2bn 31-33%² (30-32%) 33-35%² 31-35%2 (30-33%) 40% of underlying earnings Capex¹ (numbers in brackets are previous guidance) 2021 Growth • Includes Woodsmith Sustaining Baseline ● •. Lifex 2022 Growth Includes Woodsmith ● Sustaining • Baseline Lifex Collahuasi desal5 ● 2023 Growth Sustaining • Baseline • Lifex . Collahuasi desal5 2024 Growth Sustaining • Baseline • Lifex Collahuasi desal5 LT sustaining ~$5.2bn ($5.5-6.0bn) $1.8bn ($1.9-2.4bn) ~$0.6bn ($0.5bn) -$3.4bn (-$3.6bn) -$2.9bn (-$3.0bn) -$0.5bn (-$0.6bn) $6.2-6.7bn ($5.7-6.2bn) $1.7-2.2bn3 ($1.5-2.0bn) ~$0.7bn -$4.5bn (-$4.2bn) -$3.4bn (-$3.0bn) -$0.7bn (-$0.9bn) ~$0.4bn ($0.3bn) $6.0-6.5bn ($5.6-6.1bn) $1.2-1.7bn ($1.5-2.0bn) -$4.8bn (-$4.1bn) -$3.5bn (-$3.0bn) ~$0.8bn ~$0.5bn ($0.3bn) $5.6-6.1bn $1.5-2.0bn ~$4.1bn -$3.3bn ~$0.6bn ~$0.2bn ~$3.0bn + lifex Other (numbers in brackets are previous guidance) Quellaveco copper project 2021 capex4: 100% ~$1.25bn; our share ~$0.75bn (100% $1.3-1.6bn; our share $0.8-1.0bn) • 2022 capex4: 100% $0.8-1.1bn; our share $0.5-0.7bn Our share of capex included in capex guidance¹ ● ● ● Mitsubishi share of capex increase to net debt (slide 37) Dividends paid to NCI in FY21:~$2.8bn Net debt: EBITDA: <1.5x bottom of cycle 1. 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. Shown excluding capitalised operating cash flows. Consequently, for Quellaveco, reflects attributable share of capex, see slide 37. Guidance includes unapproved projects and is, therefore, subject to progress of growth project studies and Woodsmith is excluded after 2022. Long-term sustaining capex guidance is shown on a real basis. 2. ETR is highly dependent on a number of factors, including the mix of profits, and may vary from the guided ranges. 3. Growth of $1.7bn-2.2bn includes the 2022 Woodsmith capex of $0.7bn, previous growth capex guidance of $1.5-2.0bn excludes the $0.7 bn of Woodsmith capex. 4. Excludes the coarse particle recovery capex approved in February 2021. 5. Attributable share of capex. Collahuasi desalination capex shown includes related infrastructure, which was excluded in previous presentations. 27#28Production outlook Diamonds¹ Copper² Platinum Group Metals³ Iron ore4 Metallurgical coal5 Nickel Units Anglo American Mct kt Moz Mt Mt kt 2019 31 638 4.4 66 23 43 2020 25 647 3.8 61 17 44 See next slide for footnotes and additional guidance. All guidance subject to the extent of further Covid-19 related disruption. 2021F ~32 650-660 ~4.3 ~63.5 (prev.~64.5) ~15 ~42 (prev. 42-44) 2022F 30-33 680-760 (prev. 680-790) 4.1-4.5 (prev. 4.2-4.6) 63-67 (prev. 65.5-68.5) 20-22 (prev. 22-24) 40-42 (prev. 42-44) 2023F 30-33 910-1,020 (prev. 890-1,000) 4.1-4.5 (prev. 4.2-4.6) 64-68 (prev. 66.5-69.5) 22-24 (prev. 23-25) 41-43 (prev. 47-49) 2024F (new) 30-33 910-1,020 4.1-4.5 67-71 24-26 42-44 28#29Production outlook - supplementary guidance Copper² Platinum Group Metals - Refined Platinum Group Metals - M&C by metal³ Moz Iron ore (Kumba)8 Iron ore (Minas-Rio)⁹ Units 4. 5. kt 6. 7. Moz Mt Mt 2019 638 4.4 4.7 43 23 2020 647 Pt: 1.8 Pd: 1.2 Other: 0.8 2.7 38 24 2021F 650-660 Pt:~2.0 Pd: 1.35 Other:~0.95 5.0-5.1 (prev. 4.8-5.0) ~40.5 ~23 (prev.-24) 2022F Chile: 560-600 (prev. 580-640) Peru: 120-160 (prev. 100-150) Pt: 1.9-2.1 Pd: 1.3-1.4 (prev. 1.4-1.5) Other: 0.9-1.0 4.2-4.6 (prev. 4.7-5.1) 39-41 (prev. 41.5-42.5) 24-26 2023F Chile: 590-650 Peru: 320-370 (prev. 300-350) Pt: 1.9-2.1 Pd: 1.3-1.4 (prev. 1.4-1.5) Other: 0.9-1.0 3.8-4.2 (prev. 4.2-4.6) 39-41 (prev. 41.5-42.5) 25-27 2024F (new) Chile: 0-650 Peru: 320-370 Pt: 1.9-2.1 Pd: 1.3-1.4 Other: 0.9-1.0 4.1-4.5 41-43 All guidance subject to the extent of further Covid-19 related disruption. 1. Production on a 100% basis except for the Gahcho Kué joint operation, which is on an attributable 51% basis, and is subject to trading conditions and ongoing operational challenges. Venetia continues to transition to underground operations during 2022, with ramp-up expected from 2023. 2. Copper business unit only. On a contained-metal basis. Decrease in Chile production from 2022 driven by lower expected grades at Collahuasi and Los Bronces, and lower water availability at Los Bronces. Upgrade in Peru production. 5E + gold produced metal in concentrate ounces. Includes own mined production (~65%) and purchased concentrate volumes (~35%). 3. Total iron ore is the sum of Kumba and Minas-Rio on a wet basis. Excludes thermal coal production in Australia. Lower production in 2022 principally owing to a focus on safety and stable ramp-up of Grosvenor operations, following the suspension from May 2020. Decrease in 2023 guidance owing to revised timing for the Moranbah-Grosvenor plant expansion project, which will be submitted for approval in 2023 with production benefits expected from -2025. Nickel business unit only. Decrease in 2022 driven by lower expected ore grades. 2023 volumes impacted by deferrals on bulk ore sorting technology and briquetting project. 5E + gold produced refined ounces. Includes own mined production and purchased concentrate volumes. Higher refined volumes in 2021 owing to the ACP outperformance and release of majority of the work-in-progress inventories from FY2020. 8. Volumes are reported as wet metric tonnes (wmt). Product is shipped with ~1.6% moisture. Subject to rail and port performance. 9. Volumes are reported as wet metric tonnes (wmt). Product is shipped with ~9% moisture. Pipeline inspections impact 2020 and 2023 volumes. Anglo American 26-28 29#30Unit costs performance by Business Unit De Beers (US$/ct)¹ 57 2020 27 ~62 2020 2021F Iron Ore (FOB US$/t)4 ~34 ~65 2021F 2022F ~35 2022F Copper (C1 USc/lb)² 113 2020 86 ~120 2020 2021F Met Coal (US$/t)5 ~105 ~140 2021F 2022F -80 2022F PGMs (US$/PGM oz)³ 713 2020 334 ~870 2020 2021F Nickel (C1 USC/lb)6 ~360 ~900 2021F 2022F ~450 2022F Note: Unit costs are subject to any further effects of Covid-19 and exclude royalties, depreciation and include direct support costs only. FX rates for 2022 costs: ~16 ZAR:USD, ~1.4 AUD:USD, ~5.6 BRL:USD, ~830 CLP:USD, ~4 PEN:USD. 1. De Beers unit cost is based on De Beers' share of production. The 2022 unit cost increase reflects the impact of inflation. 2. For 2022F, the total copper unit cost is the weighted average of Copper Chile and Copper Peru based on the mid-point of production guidance (the 2020 and 2021F unit cost represents Copper Chile only). Copper Chile unit cost of -145c/lb (2021F of ~120c/lb), the 2022 unit cost increase reflects lower production volumes, the impact of inflation, higher input costs and water purchases, as well as lower by-product credits. Copper Peru unit cost of ~125c/lb, represents all costs allocated to cost of production and no normalization of production levels. 3. Unit cost is per own mined 5E + gold PGMs metal in concentrate ounce. The 2022 unit cost increase reflects the impact of inflation, higher input costs and labour. 4. Wet basis. Total iron ore is the weighted average of Kumba and Minas-Rio based on the mid-point of production guidance. Kumba unit cost of -$41/tonnes (2021F-$40/tonnes) and Minas-Rio unit cost of ~$25/tonnes (2021F-$23/tonnes), both reflecting the impact of inflation and higher input costs. 5. Metallurgical Coal FOB/t unit cost comprises managed operations and excludes royalties and study costs. The 2022 unit cost guidance reflects the benefit of higher production volumes from Moranbah and Grosvenor in 2022, offset by the impact of inflation and higher input costs. 6. Nickel 2022 unit cost increase reflects impact of inflation, higher input costs and lower production volumes. Anglo American 30#31Capex continues to be impacted by Covid (new and previous guidance) Capex¹ ($bn) Woodsmith Growth Lifex Baseline sustaining Totals ~0.6 (prev. ~0.5) ~1.2 (prev. 1.4-1.9) ~0.5 (prev. ~0.6) ~2.9 (prev.-3.0) 2021F ~5.2 (prev. 5.5-6.0) ~0.7 1.0-1.5 (prev. 1.5-2.0) ~0.4 ~0.7 (prev. ~0.9) ~3.4 (prev.-3.0) 2022F 6.2-6.7 (prev. 5.7-6.2, which excluded Woodsmith) Collahuasi desal (prev. 0.3 in '22F & '23F) 1.2-1.7 (prev. 1.5-2.0) ~0.5 ~0.8 ~3.5 (prev. ~3.0) 2023F 6.0-6.5 (prev. 5.6-6.1) Collahuasi desal 1.5-2.0 -0.2 ~0.6 ~3.3 2024F 5.6-6.1 ~3.0 + Lifex Long-term (real) 1. 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. Shown excluding capitalised operating cash flows. Consequently, for Quellaveco, reflects attributable share of capex, see appendix. Collahuasi desalination capex shown includes related infrastructure which was excluded in previous presentations. Guidance includes unapproved projects and is, therefore, subject to progress of growth project studies and Woodsmith is excluded after 2022. Long-term sustaining capex guidance is shown on a real basis. Anglo American 31#32Life extension capex Major components of lifex¹ ($bn) Approved Kolomela (Iron Ore) Venetia (Diamonds) Aquila (Met Coal) Guidance Venetia Underground (Diamonds) Aquila² (Met Coal) Kolomela (Iron Ore) Jwaneng (Diamonds) Lifex projects - subject to disciplined capital allocation framework Capex (pa) Approved Approved Approved Approved ~0.5 ~0.1 Approved ~0.2 ~0.1 2021F ~$0.2-0.4bn ~$0.1bn ~$0.2bn ~$0.1bn4 ~0.7 ~0.1 ~$0.1bn5 ~0.2 ~0.3 2022F Volume (pa) 5Mct 3.5Mt 4Mt 9Mct4 From ¹ 0.25Moz PGMs 2023 2022 2024 2027 ~0.8 ~0.1 2023 ~0.2 ~0.3 2023F LOM extension +22 years 7 years² +3 years ³ +9 years ~0.6 ~0.1 ~0.3 2024F IRR Forecast Returns >15% >30% >20% >15% Mototolo (PGMS) Approved >25% Margin Mototolo - Der Brochen (PGMs) +30 years5 1. 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. Shown excluding capitalised operating cash flows. Guidance includes unapproved projects and is, therefore, subject to progress of project studies. 'From' column represents first production. 2. Lifex for Grasstree underground mine within Capcoal complex. Per the Anglo American plc Ore Reserves and Mineral Resources Report 2020, the Reserve Life for Aquila is reported at 6 years, 7 years reflects the life of mine which considers the Inferred Mineral Resource in mine plan. 3. The three-year life extension was already reflected in the previously disclosed LOM of 12 years. 4. Attributable capex. Capex spend <$0.1bn in certain years therefore not shown on graph above. 100% of production volumes. 5. Capex spend is over 6 years, with most of this capex in 2022-2024. Leverages the existing Mototolo infrastructure, enabling mining to extend into the Der Brochen Mineral resource, which will potentially extend the life-of-mine beyond 30 years. Anglo American >50% >40% >35% >50% >35% 32#33Breakdown of projects driving growth capex Major components of growth capex¹ ($bn) Approved Guidance Namibia (Diamonds) Quellaveco (Copper) Sishen (Iron Ore) Collahuasi Phase 13 (Copper) ~1.2 +0.6 Woodsmith Technology & innovation ~0.1 ~0.8² ~0.3 2021F 1.0-1.5 + 0.7 Woodsmith ~0.6² ~0.1 ~0.13 ~0.1 ~0.3 2022F 1.2-1.7 ~0.2² ~0.1 ~0.4 ~0.5 2023F 1.5-2.0 ~0.5 ~0.2 ~0.5 2024F Mogalakwena (PGMS) Unapproved Moranbah-Grosvenor (Met Coal) Unapproved 1. 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. Shown excluding capitalised operating cash flows. Consequently, for Quellaveco, reflects attributable share of capex, see appendix. Guidance includes unapproved projects and is, therefore, subject to progress of growth project studies and Woodsmith is excluded after 2022. 2. This capex relates to Quellaveco, attributable share. 3. This capex relates to Collahuasi Phase 1 (Copper), attributable share. The ~$0.1bn is the approved capex spend for the 5th ball mill only (first production expected in ~2023), other near-term initiatives under phase 1 are under study. Anglo American 33#34Attractive greenfield and brownfield options. Growth capex¹ ($bn) Long life greenfields and fast returning brownfields Quellaveco (Copper) Marine Namibia (Diamonds) Woodsmith (Crop Nutrients)< Sishen (Iron Ore) Collahuasi Phase 16 (Copper) Mogalakwena expansion (PGMs) Moranbah-Grosvenor (Met Coal) Collahuasi Phase 2 (Copper) Technology & innovation Approved Approved Approved 0000 Approved Approved H1 2022 -2023 -2024 Ongoing Capex $2.7 bn to $2.8bn² ~$0.2bn³ ~$0.2bn ~$0.3bn ~$0.3bn Volume (pa) +300kt² $0.2bn to $0.5bn pa +0.5Mct3 From¹ 2022 +2.5Mt8 2022 2023 2023 Payback -4 years 2025 ~3 years Optimisation of development timeline and design ongoing ~$1/t5 premium & 3-4 year LOM +50kt ~6 years ~4 years Forecast Returns IRR >15% ~5 years >25% >30% >30% Number of options being considered, third concentrator feasibility studies due to complete in H1 20227 >15% Studies underway for next stage expansion; potential up to +100ktpa from 2028 Margin >50% >60% >40% >50% >50% Multiple options - rapid payback, high profitability, sustainability benefits 1. 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. Shown excluding capitalised operating cash flows. Guidance includes unapproved projects and is, therefore, subject to progress of growth project studies and Woodsmith is excluded after 2022. 'From' column represents first production. 2. Attributable share post syndication proceeds. 100% of production volumes; 60% attributable share of production: 180ktpa. 3. Attributable capex. 100% of production volumes. 4. Capex spend for 2020, 2021 and 2022 is approved. The technical review is largely complete, with further engineering ongoing to enhance the configuration of the project to optimise long term value. Final design engineering, capex & schedule at the end of 2022 and subject to Board approval. 5. -$1/t premium applies to ~50% of volumes. 6. The 5th ball mill has been approved, other near-term initiatives under phase 1 are under study. 7. Previously showed $0.8-1.4bn capex, 0.3-0.6Moz PGMs, 2025. 8. Moranbah-Grosvenor complex processing capacity increases by +3.5Mtpa ROM. This is equivalent to +2.5Mtpa saleable production, based on our attributable share. Anglo American 34#35Quellaveco financial modelling Ownership Accounting treatment Project capex (nominal)¹ Construction time / first production Production (copper equivalent)¹ (ktpa) By-products² C1 unit cost ($/lb) (2018 real)³ Grade (%TCu)4 Stay-in-business capex (real) Tax rate Anglo American 60%, Mitsubishi 40% Fully consolidated with a 40% minority interest Shareholder loans from minority shareholder consolidated in Anglo American net debt $5.3-5.5 billion (100% basis - Anglo American share 60%, Mitsubishi share 40%) <4 years, from August 2018. First production in mid-2022 ~330 ave. over first 5 years ~300 ave. over first 10 years ~240 ave. over 30 year Reserve Life ~6ktpa contained molybdenum (ave. over first 10 years), with silver content 0.96 ave. over first 5 years 1.05 ave. over first 10 years 1.24 ave. over 30 year Reserve Life 0.84% ROM ave. over first 5 years 0.73% ROM ave. over first 10 years 0.57% ave. over 30 year Reserve Life5 -$70 million pa ~40% 1. Excludes the coarse particle recovery unit approved in February 2021. Production volumes based on the feasibility study completed in 2018, expected update in 2022. 2. By-product credits are included in the C1 unit cost. 3. Based on assumptions (e.g. input costs) as at July 2018, when the feasibility study was completed, expected update in 2022. 4. Grade based on feasibility study completed in 2018, expected update in 2022. 5. Please refer to the Anglo American plc Ore Reserves and Mineral Resources Report 2020 for more details. 6. 100% basis. Excludes deferred stripping. Anglo American 35#36Quellaveco accounting - ramp up & commercial production First ore, ramp up and commissioning 2022 Production C1 unit cost - nominal Accounting treatment considerations Ramp up to commercial production Accounting treatment considerations once commercial production is reached First ore: October 2021, Commissioning: mid-2022 followed by 12-month ramp up Anglo American 120-160kt (prev. 100-150kt) ~$1.25/lb1 ● ● ● Inventory recognised when first ore extracted, at cost of production, including element of waste stripping Revenue recognised in income statement² with costs of production recognised in cost of sales Project team and ongoing direct construction costs will continue to be capitalised Ramp-up of production levels to full design capacity is expected 12 months after first production Mine depreciation commences Cessation of capitalisation of borrowing costs; interest on Mitsubishi shareholder facility will be expensed in finance costs on consolidation ● 1. C1 unit cost represents all costs allocated to cost of production, and no normalization of production levels. 2. Revenue will be recognised in line with the IAS 16 amendment published in May 2020, which states that revenues generated (from first production date) by an asset in construction must be recognized in the income statement as revenue, along with the related cost of production. 36#37Quellaveco accounting - debt After the initial $0.8bn equity injection by Mitsubishi, the project is now funded 60:40 through shareholder debt Group net debt by the end of the project is expected to include ~$1.9bn debt from Mitsubishi (40% of shareholder debt); which is funded from their 40% share of Quellaveco Illustrative project spend post approval ($5.3-5.5bn project total capex range¹) $bn 100% project capex Less: subscription Net capex Our 60% share Mitsubishi 40% share Interest on facility 2018 0.3 (0.3) 2019 1.3 (0.5) 0.8 0.5 0.3 2020 1.3 1.3 0.8 0.5 Reported in 'Other net debt movements' in 2018 - representing cash received but not spent at 2018 year end 2021F Reverses with $0.5bn outflow in 2019 'Other net debt movements' representing pre-funded capex 1.25 1.25 0.75 Capitalisation of borrowing costs on shareholder facility 0.5 2022F² 1.0 1.0 0.6 0.4 1. Excludes the coarse particle recovery capex approved in February 2021. 2. Project spend extended into 2023 due to more than 6-month Covid-19 related delay. 3. Cessation of capitalisation of borrowing costs once commercial production begins, this is expected following a 12-month ramp up from commissioning. Anglo American 2023F² <0.3 <0.3 <0.2 <0.1 Recognised as finance costs3 Total 5.5 (0.8) 4.7 2.8 1.9 Consolidated net debt (cash funded by Mitsubishi but reported within our other net debt movements) Consolidated net debt (cash funded by Anglo and reported within growth capex) 37#38AngloAmerican Sustainability performance#39Our Purpose 'Re-imagine mining to improve people's lives' Anglo American Concentrating the Mine' Our Strategy Innovation Modern Mine P101 Operating Model Technology & Digitalisation FutureSmart Mining™ Technology, Digitalisation and Sustainability working hand in hand. Water-less Mine Marketing Model Intelligent Mine Sustainability Sustainable Mining Plan Healthy environment Trusted corporate leader Thriving communities Collaborative Regional Development SHR Planning and implementation in partnership Regional spatial analysis 39#40Our Sustainable Mining Plan at the heart of our strategy Anglo American Environment Healthy Environment Climate change Biodiversity Water usage Leadership and culture Zero harm Social Thriving Communities Education Health and wellbeing Livelihoods Collaborative Regional Development Our Critical Foundations Human rights Inclusion and diversity Governance Trusted Corporate Leader Accountability Policy advocacy Ethical value chains Group standards and processes Compliance with legal requirements 40#41Active route to a greener world 2020 8% energy efficiency¹ 22% saving in GHG emissions¹ Improve efficiency 2021-22 SA Thermal Coal demerger completed² Cerrejón sale of shareholding in progress² 100% renewable South America electricity Advisory Resolution on climate at 2022 AGM Invest in innovation 2030 30% improvement in energy efficiency³ 8 sites carbon neutral4 South Africa renewable energy Switch to renewables 30% absolute reduction in GHG emissions³ Net positive impact delivered on biodiversity5 Transition the portfolio 2040 Carbon neutrality across our operations4 50% Scope 3 reduction ambition Balance residual emissions 1. 2020 Energy and GHG (Scope 1 & 2) savings are calculated relative to projected 'business as usual consumption levels. 2. The demerger of the South Africa thermal coal operations was completed on 4 June 2021. The sale of Anglo American's 33% interest in Cerrejón is expected to complete in H1 2022, subject to regulatory approvals. The agreement is effective on the 31 December 2020 and, therefore, economic benefits from 1 January 2021 onwards will not accrue to Anglo American, should the transaction complete. 3. 2030 target based on an absolute reduction in GHG emissions across the business vs 2016 baseline adjusted for structural changes. De Beers is targeting carbon neutrality across its operations by 2030. For more information on our targets, see our 2021 Climate Change Report or Sustainable Performance presentation from 29 October 2021. 4. Targets and guidance as announced on 7 May 2020. 5. Included within Healthy Environment related Global Stretch Goals in Sustainable Mining Plan (https://www.angloamerican.com/sustainability/environment). For more information on our 50% scope 3 reduction and renewable energy ambitions, see our 2021 Climate Change Report or Sustainable Performance presentation from 29 October 2021. Anglo American 41#42Operations carbon neutral by 2040 Scope 1 & 2 - GHG emissions 2016 2018 2020 Fossil fuels South America renewable energy Hydrogen trucks pilot 2022e 2024e Three Solar PV plants in South Africa Regionally integrated solar and wind in South Africa VAM implementation 2026e 2028e 2030e Electricity purchased Diesel 1. 2030 target based on an absolute reduction in GHG emissions across the business vs 2016 baseline adjusted for structural changes. 2. Targets and guidance as announced on 7 May 2020. Anglo American Southern Africa electrical supply predominantly wind and solar PV 2032e 2030 goal - 30% reduction of GHG emissions vs 2016¹ 2034e Carbon neutrality across our operations² Hydrogen and electric widely implemented 2036e Fugitive methane emissions Carbon negative technologies 2038e 2040e 42#43Ambition: 50% reduction in Scope 3 emissions by 2040 Scope 3 GHG emissions Thermal coal mines divested Anglo American Met coal Iron ore Other 2020 Production growth outpaces steel value chain decarbonisation 2030e Production growth in future enabling products Steel value chain decarbonisation takes effect Our ambition: 50% reduction 2040e 43#44Summary inventory of our Scope 3 emissions. Scope 3 - GHG emissions 115Mt Total Scope 3 emissions Purchased goods & services Anglo American Leased assets Investments Transportation & distribution Upstream Franchises Capital goods Operational waste generated 77% of our emissions driven by steel industry Business travel Transportation & distribution Employee commuting Downstream Processing sold product Use of sold products 44#45A sustainable, responsible & transparent business ESG ratings Member of Dow Jones Sustainability Indices Powered by the S&P Global CSA 78/100 Only diversified miner to be included in both European & World Index (top 10% of global companies) SUSTAINALYTICS #5 in diversified metals and mining, rated in the top category for ESG Management of Material risk, whilst perceived risk associated with exposure to South Africa & South America remains IRMA Initiative for Responsible Mining Assurance MSCI Accreditations & memberships Anglo American 'A' rated Joint top diversified miner Responsible Steel Responsible Mining Index Corporate ESG Performance EiTi Extractive Industries Transparency Initiative RATED BY ISS ESG Prime 'Prime' rated Industry leader Top mining company with the strongest results across all six company-wide indicators covered in the assessment Yj RESPONSIBLE JEWELLERY COUNCIL FTSE4Good Overall score of 4.5 (out of 5), which puts us in the top percentile and in joint second place Tortoise. The ICMM International Council on Mining & Metals Responsibility 100 Index #1 extractives company (including oil & gas) in the FTSE 100 based on commitments 'talk' & measurable delivered actions 'walk' TCFD 45#46AngloAmerican Investor Relations Paul Galloway [email protected] Tel: +44 (0)207968 8718 Juliet Newth [email protected] Tel: +44 (0)207968 8830 Michelle Jarman [email protected] Tel: +44 (0) 207968 1494