#1AngloAmerican Smart crop nutrition with POLY4 Dr. Alexander Schmitt Chief Marketing Officer, Crop Nutrients 3 October 2023#2Cautionary statement Disclaimer: This document 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 this document 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 American TMTM and Future Smart MiningTM are trade marks of Anglo American Services (UK) Ltd. Some of the images used are under licence from iStock by Getty Images. 2#3We are fast reaching the limit of what existing fertilisers can do. And many fertiliser practices are causing widespread environmental damage Our planet cannot continue on the same path A different approach is required if we are to sustainably feed 10bn people by 2050 The industry is on the cusp of change, and there is a better solution... Anglo American#4Global market reach & experience Experience in market development Technical & innovative Anglo American Global reach Customer centric Large, sophisticated scientific research program 1,800+ demonstrations 80+ crops trialled 40+ agronomists 43 countries Wide-reaching commercial strategy 4#5Smart crop nutrition with POLY4 The industry Anglo American Our product Our strategy The opportunity 5#6The fertiliser industry challenge Anglo American Cabbage harvest at POLY4 demonstration#7Fertilisers are fundamental to food security Farming nutrient cycle Nutrients removed at harvesting Water and air penetrate soil Natural nutrient cycle Plant/animal matter breaks down into soil Anglo American Nutrients used 1337 to grow Soil stores nutrients which plants absorb Nature provides plants with 17 essential nutrients in perfect balance for healthy growth Nutrients replaced through fertiliser Soil stores nutrients which plants absorb Nutrients used to grow Humans have turbocharged this process with chemically manufactured fertilisers Focusing only on the 3 biggest nutrients Fertilisers are now responsible for ~50% of global food production 7#8Industry recognises we are reaching the limit of what existing fertilisers can do Fertiliser nutrients (Mt) 200 150 100 50 0 1960 Anglo American Arable land1 Cereal production¹ Nutrient tonnes² 1970 1980 1990 2000 Cereal production (Bt) 3.0 2010 2.5 2.0 1.5 1.0 0.5 0.0 60% increase required in food production by 2050 - 15% decrease in arable land per person by 2050 Widening gap needs a solution 8#9Industry, governments & consumers are recognising the need for change "37% of global greenhouse gases caused by food production" Anglo American New Scientist Key Very degraded soil Degraded soil Stable soil Without vegetation State of global soil degradation³ "60 harvests left due to loss of topsoil" Food and Agriculture Organisation of the United Nations "Up to 40% of global land now degraded" United Nations 9#10What is crop nutrition? Plants need balanced nutrition Anglo American Macro nutrients N P S Nutrients contained in POLY4 Mg Micro nutrients B Cu Fe Mn Ni Mo (Zn) K Ca RIVE Plant nutrition ● ● Limited by scarcest nutrition available ● Plants need all key nutrients for healthy growth - every nutrient plays a vital role Liebig's Law of the Minimum ● Right quantity, right nutrients, at the right time, in the right place Nutrient losses Plant health is determined by the scarcest nutrient available Not all nutrients are taken up by the plant A fertiliser's nutrient release profile, a plant's nutrient use-efficiency, leaching and erosion all result in inefficiencies 10#11Farmers are constrained by existing fertiliser products ● ● ● Fertiliser products provide nutrients Nutrient demand is growing, but farmers are constrained by existing fertiliser products Product choice is influenced by several factors: Product value-in-use ● • Application (spreadability, solubility, storage) Price competitiveness Availability Product awareness ● ● ● The industry challenges mean a new fertiliser solution is needed Anglo American Other - Mg SOP-M- CAN Kieserite Other - S O TSP NPS Kieserite SOP-M SOP SSP AS Nutrients contained in POLY4 SSP Other - Ca NOP SOP-M Mg SOP S Ammonia AN Ca K MOP AS N P CAN MAP TSP DAP Urea SSP 11#12POLY4 A better solution Anglo American Stes کے POLY Anglo American#13POLY4 sits at the intersection of global, industry & environmental megatrends Increased food demand +2bn people by 2050 Higher calorific demands Flat/decreasing arable land Increases yields Anglo American Crop Environment POLY4 Soil Environmental responsibility Existing fertilisers CO₂ intensive Minimising waste streams Organic product desirability Low carbon4 & waste, organic Deteriorating soil health Nutrient depletion Soil strength & structure Improves soil health 13#14POLY4: Multiple key nutrients in a single granule A naturally occurring, single source of key nutrients from a distinct, low-chloride mineral POLY4 is not just a potassium source K₂0 14% Cu Se MgO 6% Anglo American Mn B Fe Zn S 19% Mo CaO 17% MOP SOP SOPM POLY4 An Anglo American Product N P K S Mg Ca M+1-C1² ✓✓✓✓ 1. Micronutrient traces in borehole samples 2. Low chloride 14#15Why is this good for farmers? Substituting POLY4 into the fertiliser programme delivers: 13% more nutrients One less field application (less soil compaction, ~$15 cost saving for each pass of the field) Two fewer products ● Typical fertilisation program for a European 3-year wheat-wheat- potato rotation Standard practice fertiliser application (kg) POLY4 practice fertiliser application (kg) Anglo American Year 1: Wheat 300 ASN 2 x 263 CAN 150 KMgS 209 POLY4 2 x 408 CAN Spread Grow Harvest Year 2: Wheat 300 ASN 2 x 263 CAN Year 1: Wheat 209 POLY4 2 x 408 CAN Year 3: Potato 700 SOPM 2 x 408 CAN 217 TSP 130 Kieserite 475 POLY4 475 SOPM 2 x 408 CAN 217 TSP Year 2: Wheat Total no. of applications 12 11 -1 Total no. of products 6 4 -2 Year 3: Potato Total nutrients (kg/ha) 1,527 1,721 +13% 15#16Benefits beyond the nutrients: a better holistic solution for farmers What matters to farmers 1. Maximising yield & ROI 2. Flexible in-field application 3. Minimising leaching 4. Improving crop quality & health 5. Minimising carbon footprint 6. Preserving soil quality Anglo American > POLY4 1. 3-5% yield uplift5 2. Sustained release, granules 3. Nutrient-use efficiency 4. Balanced nutrition, disease & drought resilience 5. Low carbon4, suitable for organic use 6. Better soil quality Generational shift taking place in farming & they want a better solution 16#17Yield: a trial example 1. POLY4 delivers an average 3-5%5 increase in crop yield Yield: tonnes of crop per area of land - a key driver in increasing food production & profitability Potassium (K) nutrient can be supplied from a MOP, SOP or POLY4 program Typical sources of K, lead to typical yields Anglo American The trial Potatoes grown substituting POLY4 against like-for-like control cases using typical MOP & SOP-based programs The results ● ● +5% yield increase in potato trial Trials have been conducted in diverse regions & crops, with strongly consistent results Average 3-5% yield benefit observed5 European potato trial 5% yield increase (t/ha) Additional 2t of potatoes/ha 36 35 Typical Typical NPK NPK program program with MOP with SOP 37 POLY4 program 17#18Superior in-field application 2. POLY4 - better for plant, better for farmer - sustained nutrient release profile provides flexibility & convenience in fertiliser application Legacy fertiliser Common fertilisers have short nutrient release profiles = more nutrient loss, less flexibility POLY4 ● ● Uniform granule, uniform spreading Fully soluble, sustained dissolution rate efficient & effective nutrient release better matching the plant's needs Easy to handle, store & blend Provides flexibility farmer in timing of application Anglo American = Common fertiliser practice Plant nutrient requirement POLY4 18#19Improved nutrient uptake by plant 3. Better nutrient uptake by the plant means less fertiliser loss Nutrient-use efficiency: ability of crops to take up & utilise available nutrients. A low nutrient-use efficiency results in nutrient losses to the environment POLY4 enables crops to use more nutrients from the soil compared to MOP Less fertiliser loss, more efficiency Anglo American N P K S Mg Ca % increase in nutrient uptake vs MOP blend N+P+MOP +7% +5% +5% +5% +5% +18% N+P+POLY4 JU 19#20Balanced nutrition for a healthier plant 4. The right balance of nutrients helps plants' resilience to drought & disease Drought resilience By increasing calcium within deeper soil layers, POLY4 helps increase root depth & mitigate drought stress POLY4 performs as well or better under drought vs non- drought conditions, helping mitigate yield loss in dry years Anglo American 90 80 70 60 50 201 10 0 20 Soyabean trial5 in Brazil: Longer, better-quality root development with POLY4 30 40 PADRÃO FAZENDA MOP program cibra POLY4 An Anglo Autorical Product POLY4 program 130 50 50 30 20 10 10 20 30 40 Disease resilience The sustained calcium release from POLY4 can reduce deficiencies in fruits (e.g. tomatoes and citrus), supporting plants against this cause of yield loss Blossom End Rot in tomato from calcium deficiency 20#21Better for the environment 5. POLY4 is positioned for the shift to better fertiliser practice & low emission food consumption ● ● Organic Compatible with organic & regenerative farming "2022 organic market ~$160bn, with ~13% CAGR to 2029" OMRI OF&G LISTE D For Organic Use . OMRI.org Organic Materials Review Institute certification Fortune Business Insights Anglo American ORGANIC Organic Farmers & Growers certification ● Low carbon Simple production & transport processes drive low carbon footprint Reduced pollution • Increases plant uptake of N & P- the most polluting nutrients [OFFICIAL] • Global government policies in development to cut N & P pollution &/or incentivise more efficient methods Nitrogen pollution in Chinese waterways 21#22Protecting a farmer's greatest asset - soil 6. POLY4 promotes better soil quality POLY4 enhances soil quality Balanced nutrition supports higher crop biomass, adding to soil organic matter ● ● • Calcium can improve resilience to soil compaction & reduces nutrient run-off ● Higher soil & seeding compatibility due to lower salt index than comparable alternatives, particularly beneficial in dry regions Anglo American 22#23Our commercial strategy Anglo American vican Cefetra positive impact on ed my nitrogen interacted B MART Crop Nutrients at Cereals Event 2023 A Angl PC Impr prese#24A growing nutrient market Annual global fertiliser market of 180m nutrient tonnes7 Other nutrients Potassium Phosphate Nitrogen Anglo American POLY4 addressable market N.Am Euro Brazil China India & SEA Africa RoW 180Mt total nutrient consumption today, growing to ~250Mt by 2050, fastest growing is potassium Potassium & other nutrients represent one-third of today's market, addressable by POLY4 POLY4 positioned to benefit from global shift to low-chloride potassium fertiliser, as an alternative low-cost source Agronomic advancements placing emphasis on balanced multi-nutrient application to address magnesium, calcium & sulphur deficiencies Product development presenting opportunities to participate in nitrogen & phosphorus 24#25Global reach, high quality partners North America ADM Top 5 global agri partner Market leading logistics Growth strategies tied to POLY4 High volume blend market with high premium pricing potential Brazil Top 5 Brazilian fertiliser distributor/blender cibra Omimex Group Fastest expanding Growth strategies tied to POLY4 High volume blend market with significant premium pricing pockets Anglo American Europe BayWa One of the largest agribusinesses in Europe Growth strategies tied to POLY4 Advanced, knowledgeable market with existing use of high value, multi-nutrient products & favourable regulatory direction India IFFCO पूर्णतः सहकारी स्वामित्व Wholly owned by Cooperatives Largest co-operative (+35k coops, 45m farmer members) Leading Indian fertiliser producer Large market with increasing interest in speciality fertilisers SE Asia wilmar Leading fertiliser producer Integrated agribusiness company Large volume, increasing focus on sustainability 25#26Getting closer to the farmgate Anglo American Primary distribution partners Value chain partners Influencers Distribution partners Engagement optimised, strategic agendas aligned Value chain partners Deeper engagement with distributors, retailers, co-operatives, blenders and manufacturers (350+ engagements) Influencers 500+ engagements with universities, NGOs, global research institutions, media, membership associations 26#27Innovative downstream activation 1 Agronomic foundation 2 3 Farmer engagement 5 Influencer activation 4 Advocacy "Pull" creation Anglo American Understanding product performance >1,800 on-field demonstrations Robust technical base ● ● Segmentation & specific activation Segment growers Optimise service / product portfolio Channel / influencer-based activation Engage wider buying centre Working with opinion leaders ● ● ● Regulatory work & advocacy Advance legacy frameworks Downstream pull creation Create loyal farmer network with early adopters ● Standard practices Advanced practices ngomar Mich Crop Nutrients agronomist at commercial demonstration, South Africa#28Unlocking the full potential of POLY4 Anglo American#29Modelling POLY4 price Anglo American 1 2 3 Nutrient content & blend substitution No extra cost to farmer Value for product benefits Value for sustainability benefits > Yield Application Nutrient uptake Crop health Organic Low carbon4 Soil 29#30Nutrient build-up pricing Calcium ~10% Magnesium ~10% Sulphur ~30% Low-chloride ~15% Potassium ~35% Calcium: granular calcium reference price, adjusting for calcium content Magnesium: Kieserite (magnesium & sulphur source), adjusting for magnesium content & removing sulphur value Anglo American Sulphur: Ammonium sulphate (sulphur & nitrogen source) reference price, adjusting for sulphur content & removing nitrogen value Low-chloride premium: SOP (low-chloride potassium source) vs MOP to guide low-chloride premium, adjusting for potassium content Potassium: MOP (high-chloride potassium source) reference price, adjusting for potassium content Full implied POLY4 nutrient value8 I 30#31Blend substitution implies $170/t POLY4 price for the same nutrients at no extra cost to farmer Standard Blend Fertiliser Urea Ammonium Inputs 9% sulphate 25% Standard Blend Fertiliser Inputs Nutrients in standard cereal NPK blend using typical existing fertiliser products N P 15 15 Anglo American N 15 POLY4 substitution blend matching minimum requirements? P K 15 15 Urea 20% K 15 DAP 32% DAP 32% MOP 18% S 6 CI 12 MOP 25% S Mg Ca CI 625 9 POLY4 30% Blends purchased according to required nutrients Standard cereal NPK blend uses 4 fertiliser products to source nutrients, with unwanted chlorine unavoidable in the mix Same blend can be assembled substituting in POLY4 Farmer receives same nutrients at no extra cost POLY4 blend substitution modelled across ~70 different typical blends implies ~$170/t POLY4 price? This does not yet value POLY4's additional beneficial nutrients nor the premium product qualities 31#32POLY4 delivers significant benefits beyond its nutrient content - taking yield as an example European potato trial showed 5% yield uplift with POLY46 35 Typical NPK program with MOP Anglo American 36 Typical NPK program with SOP 37 POLY4 program Additional revenue/ha POLY4 application/ha Value-add to farmer/t of POLY4 One-third pass through to producer Additional 2t of potatoes/ha Yield +5% = +2t/ha Crop price $130/t of potatoes 2tx $130/t = $260/ha Farmer yield Farmer profit POLY4 value added to farmer Producer pass- through at 33% Global average6 +3-5% crop yield5 +c.50% +$100/t +$300/t 0.4t of POLY4/ha +$260/0.4t = +$650/t of POLY4 ~$200/t of POLY4 3-5% yield5 = up to $100/t on POLY4, in addition to the $170/t blend substitution price 32#33Unlocking the full value potential of POLY4 Long-term price forecast at 13Mtpa Indicative price Anglo American Nutrient value Low-chloride potassium Sulphur Magnesium Calcium Micronutrient traces Product quality & performance 3-5% yield increase Granular product Nutrient-use efficiency Sustainable solution Organic Low carbon footprint4 Improved soil health High value demand, industry trends Significant upside potential ~$190/t ~$20/t ~$170/t Assumed upside¹1 Blend substitution value10 33#34Commercial strategies: focus on high value demand Customer-centric innovation Cost leadership $170/t based on 'plug & play' at no extra cost to farmer Anglo American Product performance Capture value of product's premium quality & performance Product differentiation Target the wider market: products to address demand into N/P Enabling activity for demand creation 34#35Wrap up Anglo American#36Smart crop nutrition with POLY4 Industry needs something new Anglo American POLY4 An Anglo American Product A superior future- enabling product Strong delivery capabilities & robust commercial strategy Unlocking the full potential of POLY4 36#37Appendix Anglo American Spinach harvest at POLY4 demonstration#38Nutrient build-up components Full implied POLY4 nutrient value8 Calcium ~10% Magnesium ~10% Sulphur -30% Low-chloride ~15% Potassium ~35% Anglo American This information is provided as one example of a method to value the individual components of POLY4 nutrients. It is not intended as a guide to pricing POLY4, & should not be relied upon as an estimate of the current or future indicative price of the product Using spot prices: MOP = $390/t SOP = $545/t AS = $284/t Urea = $395/t Kieserite = $232/t Granular calcium = $100/t Calcium content¹2 Granular calcium typically contains 50% calcium. POLY4 contains 17% calcium. To calculate the value POLY4 attributable to calcium, multiply the granular calcium price by the ratio of the calcium content of POLY4 & the calcium content of granular calcium: $100/tx (17%/50%) = $34/t Magnesium content¹3 Kieserite typically contains 25% magnesium & 20% sulphur. POLY4 contains 6% magnesium. Remove the value of kieserite attributable to sulphur by using the sulphur value derived from ammonium sulphate & you are left with the value of kieserite attributable to magnesium. To calculate the value of POLY4 attributable to magnesium, multiply this value of kieserite attributable to magnesium by the ratio of the magnesium content of POLY4 & the magnesium content of kieserite: (Kieserite price-Value of kieserite attributable to sulphur) x (6%/25%). Value of kieserite attributable to sulphur = Value of AS attributable to sulphur* (20%/24%) = $104/t* (20%/24%) = $86/t Value of POLY4 attributable to magnesium = (Kieserite price-Value of kieserite attributable to sulphur) x (6%/25%) = ($232/t-$86/t) * (6%/25%) = $35/t Sulphur content ¹4 AS typically contains 24% sulphur and 21% nitrogen. POLY4 contains 19% sulphur. Remove the value of AS attributable to nitrogen using the value of nitrogen derived from the urea reference price ¹4 & you are left with value of AS attributable to sulphur. Urea typically contains 46% nitrogen therefore the value of AS attributable to nitrogen is: urea price x (21%/46%). The value of AS attributable to sulphur is then simply: AS Price-[Urea Price x (21%/46%)] →$284/t- [$395 x (21%/46%)] = $104/t To calculate the value of POLY4 attributable to sulphur, multiply this value of AS attributable to sulphur ($104/t) by the ratio of the sulphur content of POLY4 and the sulphur content of AS: $104/t* (19% /24%) = $82/t Low chloride¹4 SOP typically contains 50% K₂O (low-chloride potassium) and 17% sulphur. Low-chloride potassium products are sold at a premium to high-chloride potassium products. To calculate the implied low-chloride premium of POLY4, derive the implied low-chloride premium of SOP and then apply the ratio of the K₂O content of POLY4 & SOP to this premium. POLY4 Low-Chloride Premium = [SOP price - Value of SOP attributable to potassium (based on MOP) - Value of SOP attributable to sulphur (based on AS)] x (14%/50%) POLY4 Low-Chloride Premium = [SOP price - {(MOP price x (50%/60%)}-{(AS price-[Urea price x (21%/46%)]) x (17%/24%)}]x (14%/50%) POLY4 Low-Chloride Premium = [$545/t-{($390/tx (50%/60%)}-{($284/t-[$395/tx (21%/46%)]) x (17%/24%)}]x (14%/50%) POLY4 Low-Chloride Premium = [$545/t-$325/t-{$104/tx (17%/24%)}]x (14%/50%) POLY4 Low-Chloride Premium = [$545/t-$325/t- $74/t] x (14%/50%) = $41/t Potassium content¹4 MOP typically contains 60% K₂O (high-chloride potassium). POLY4 contains 14% K₂O. To calculate the value of POLY4 attributable to potassium, multiply the MOP price by the ratio of the K₂O content of POLY4 & the K₂O content of MOP: $390/tx (14%/60%) = $91/t 38#39Footnotes 1. Source: FAO (Food and Agriculture Organization of the United Nations). 2. Source: IFA (International Fertilizer Association) 3. Source: WWF Living Planet Report, 2016. 4. Relative to comparable fertiliser products. 5. Observed yield increase in studies compared to conventional fertilisation programme. Source: Anglo American Crop Nutrients Agronomy Database. 6. Source: Anglo American Crop Nutrients Agronomy Database. 7. Source: Anglo American Crop Nutrients; IHS Markit; BCG analysis. 8. % contribution to the nutrient build-up price at spot. The relative contribution of the nutrient components to the price will vary with the relative pricing of the various reference prices. 9. Source: Anglo American Macro & Commodity Research; Anglo American Crop Nutrients Market Intelligence. 10. Long term 2023 real terms at 13Mtpa based on a blend substitution pricing methodology, which assesses whether a current fertiliser blend can be reassembled with the inclusion of POLY4 and the resulting price a purchaser would be willing to pay for the POLY4 without changing the total cost of the blend. In many cases, the inclusion of POLY4 offers further benefits such as providing Mg, Ca and micronutrient traces, enhancing the blend at no further cost. 11. Long term 2023 real terms premia at 13Mtpa based on risk-weighted price outcomes. 12. Granular calcium price benchmark not typically published. Available upon request from wholesale and retailers. 13. Kieserite price benchmark not typically published on a frequent basis. Available upon request from main fertiliser research houses (e.g. Argus, CRU and IHS). 14. MOP, SOP, AS and Urea in granular form. Price benchmarks published by main fertiliser research houses (e.g. Argus, CRU and IHS). Anglo American 39