#1AngloAmerican 2020 RESULTS 25 February 2021 只能叔精的 REBARAL Real Mining. Real People. Real Difference.#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 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 Investment Advice 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. Anglo American 2#32020 RESULTS AGENDA 2020 Overview and Look Ahead The Numbers Positioned for a Sustainable Future AngloAmerican Mark Cutifani Stephen Pearce Mark Cutifani 3#4DRIVING TOWARDS A SAFE & HEALTHY FUTURE Group TRCFR 1,2 3.6 11 2016 3.2 9 2017 Safety 2.7 AngloAmerican 5 2018 Fatalities ¹ 2.2 4 2019 Elimination of Fatalities Taskforce ...driving our improvement journey 2.1 2 2020 Culture focus on behaviours ...required for step to zero and sustainability Occupational health - new cases 1,3 111 2016 96 Health 2017 101 2018 39 2019 30 2020 Elimination of hazards at source ...key focus for sustainable improvement Best ever health results ...upgraded work environments & controls Significant incidents 1,4 4 Environment 2016 2 2017 6 2018 1 2019 Upgraded planning & controls ...supports continuous improvements 1 2020 Environmental factors integrated in asset plans ...support effective social engagement 4#5GOOD PROGRESS ON INTERIM ESG TARGETS 2020 target 5% 2016 Energy savings 5 6% 2017 6% AngloAmerican 2018 8% il 2020 5% 2019 Driven by operational efficiency and innovation 2020 target 19% 2016 GHG savings5 21% 2017 25% 2018 24% 2019 34% 2020 On track for 30% net reduction5 in GHG emissions by 2030 Social Way 2.0 66% Social Way compliance 2015 84% 2016 89% 2017 91% 2018 From 2020: Social Way 3.0 Raising the bar 96% 2019 Meeting society's ever-increasing expectations 5#6COMPREHENSIVE COVID RESPONSE Responsible & Holistic Approach AngloAmerican "WeCare" Lives & Livelihoods Operations Recovery Safe & Disciplined Operating Practices Prevention & Care 6#7FY 2020 RESULTS Production 6 10% Unit cost⁹ + 2% AngloAmerican EBITDA7 $9.8bn EPS7 $2.53/share Mining EBITDA margin Ⓡ 43% ROCE 10 17% 7#8SOLID RECOVERY IN H2 Diamonds Encouraging signs of recovery Strong fundamentals Copper Production response to pandemic Improved access to water AngloAmerican Strong cost performance Leading portfolio growth ium 1 PGMs Rh rhodium 102.9 77 Ir iridium 192.2 Pd palladium 106.4 78 Pt platinum 195.1 Solid mining performance ACP back in operation Fundamentals drive strong prices Bulks Minas-Rio performing well Record iron ore margin since 2011 Met coal challenging 8#9OUR CONTINUING IMPROVEMENT JOURNEY Portfolio restructuring Technical reconfiguration Operating Model & processes Mining EBITDA margin8 AngloAmerican 35% 2016 H1 2020 38% 43% 2020 P101 cost & volume Incremental growth & debottlenecking New projects H2 2020 47% 45-50% 2023F 9#10VALUE ADDING, FUTURE ENABLING GROWTH Cu Eq production Current portfolio Quellaveco -300ktpa copper +10% cu eq prodn AngloAmerican Marine Namibia ~500kctpa¹1 diamonds +1% cu eq prodn + 20% by 2023 Mogalakwena ~0.3-0.6Mozpa PGMs +3% cu eq prodn Collahuasi +25% by 2025 -150ktpa copper +5% cu eq prodn Moranbah-Grosvenor ~5Mtpa HCC +3% cu eq prodn +35% post 20256 Woodsmith -10Mtpa POLY4 +5% cu eq prodn 10#11PERFORMANCE DELIVERY AND MINIMISING FOOTPRINT Delivery of operating improvements 2020 improvement run-rate (vs 2017) -$2bn P101, Operating Model, Tech & Innovation AngloAmerican ~$1bn Timing & instability Operating control & stability delivers improvement ~$1bn Net benefit to EBITDA Technology driving sustainability Bulk Ore Sorting Copper, PGMs & Nickel Hydrogen Haulage integrated with solar Coarse Particle Recovery installing in Copper & PGMs. 11#12AngloAmerican THE NUMBERS Stephen Pearce Real Mining. Real People. Real Difference.#13FY 2020 RESULTS EBITDA7 $9.8bn Unit cost⁹ 2% AngloAmerican EPS7 $2.53/sh Dividends $1.00/sh Net debt: EBITDA7 0.6x Free cash flow 12 $2.7bn 13#14STRONG MARGINS ACROSS THE BUSINESS Anglo American Diamonds $0.4bn 54% mining EBITDA margin? PGMs $2.6bn 51% mining EBITDA margin' $9.8bn13 Copper $1.9bn 45% mining EBITDA margin7 Bulks $5.1bn 14 46% mining EBITDA margin7 14#15SOLID RECOVERY IN H2 EBITDA7 $bn 10.0 2019 AngloAmerican 2.2 Price 15 0.5 Currency & CPI16 (1.1) Covid 11.7 (0.8) Met Coal (0.9) PGMS Operational disruption 0.3 Cost & volume 17 (0.5) Other 9.8 2020 15#16ROBUST BALANCE SHEET Net debt $bn Quellaveco Sirius Minerals 4.6 2019 AngloAmerican 2.2 0.8 1.0 Growth 1.6 Inventory 2.8 Cash generation 5.6 2020 $2bn reduction in net debt in H2 15% gearing PGM inventory unwind expected in 2021 & 2022 Supporting disciplined, value-added growth 16#17BALANCED CAPITAL ALLOCATION FRAMEWORK AngloAmerican scretionary options Portfolio upgrade Balance sheet flexibility Commitment to base dividend sustaining capital Cash flow after Discretionary capital options Future project options Additional shareholder returns 2020 allocation of capital $2.7bn Sustaining attributable free cash flow ¹2 $1.2bn FY 2020 dividend at 40% of underlying earnings $2.4bn Discretionary options: growth capex ($1.4bn), M&A ($0.7bn), share buyback ($0.2bn) 17#18VALUE ADDING LIFE EXTENSION PROJECTS Sustaining capex ¹8 $bn 0.3 2.3 2020 AngloAmerican 0.7 3.0 2021 0.9 3.3 2022 0.8 3.3 2023 Lifex SIB & Stripping HH 0.5 3.0 LT ~$0.6bn deferred from 2020 ~$0.6bn Collahuasi desalination plant Lifex: Venetia UG, Aquila, Kolomela Growing portfolio 18#19VALUE ADDING, FUTURE ENABLING GROWTH ◆-20% AngloAmerican Production growth by 20236 -25% Production growth by 20256 Growth capex 18 $bn 0.5 Woodsmith 1.5-2.0 2021 1.5-2.0 2022 Margin accretive & value disciplined Innovation & technology enabled 1.5-2.0 2023 19#20WELL SEQUENCED, DISCIPLINED INVESTMENT Jes Re BAIKY AngloAmerican Quellaveco (Copper) -$1.5bn capex¹8 to go >15% IRR -10% Cu Eq6 growth (-2022) Collahuasi (Copper) Phase 1:~$0.6bn capex¹8 >20% IRR, -2% Cu Eq6 growth (~2024) Phase 2: studies under way Marine Namibia (Diamonds) ~$0.1bn 18 >25% IRR capex in 2021 ~1% Cu Eq6 growth (~2023) Mogalakwena (PGMs) -$0.8-1.4bn capex¹8 >25% IRR -3% Cu Eq6 growth (2024) 20#21WELL SEQUENCED, DISCIPLINED INVESTMENT Sishen (Iron Ore) AngloAmerican UHDMS project, ~$0.2bn capex ¹8 >30% IRR Grade and quality increase Moranbah-Grosvenor (Metallurgical Coal) -$0.3-0.4bn capex ¹8 >30% IRR -3% Cu Eq6 growth (~2024) Woodsmith (Crop Nutrients) ~$0.5bn capex ¹8 in 2021 Technical review nearing completion +5% Cu Eq6 growth (subject to technical review) Technology & Innovation Hydrogen haulage development under way Mogalakwena rollout ~2024, Group-wide -2024-30 Bulk ore sorting rollout under way at Mogalakwena, Los Bronces, Barro Alto 21#22IMPROVEMENT INITIATIVES ON TRACK FOR 2022 DELIVERY Operating Model & P101 Copper mine & plant performance Minas-Rio ramp up ✓ Next... Operational stability to realise full benefits up to $1.5bn AngloAmerican I I Delivery 2021/22 Delivered $0.8bn by 202019 Technology & Innovation Predictive Maintenance ✓ Next... Bulk Ore Sorting rollout Coarse Particle Recovery up to $1.0bn 2021/22 $0.2bn by 202019 Project Delivery On track... ✔ Quellaveco Marine Namibia Diamonds up to $1.5bn 2022 On schedule 22#23BALANCED AND DISCIPLINED APPROACH Cash returns $6.1bn Dividends & buybacks since 2017 AngloAmerican Attractive growth -20% Production growth by 20236 Resilient balance sheet <1.5x Bottom of cycle net debt: EBITDA¹ Strong margin ~45-50% Mining EBITDA margin 8 23#24AngloAmerican POSITIONED FOR A SUSTAINABLE FUTURE Mark Cutifani Real Mining. Real People. Real Difference. HYDROGEN FUEL CELL ELECTRIC VEHICLE POTA ZAVARE#25DIAMONDS - STRONG FUNDAMENTALS Demand driven by 3% pa growth in income Personal Disposable Income 20 2020 2025 GDP 20 -$80bn pa diamond jewellery market21, correlates to GDP growth China & India, millennial consumers & growing middle class Anglo American 2030 Incremental China diamond jewellery demand -$100bn ²2 by 2030 Global production forecast range 23 Mct 200 150 100 50 Supply outlook flat to down 0 2019 2021 2023 -20% of global diamond production offline in 2020 Almost no major projects in global supply outlook New diamond discoveries are rare 2025 25#26DE BEERS - FOCUSING ACROSS VALUE CHAIN Targeting cost savings & operational efficiency Anglo American Implementing technology & digital architecture Higher quality customer relationships Improving selling efficiency De Beers Jewellery & Brands Product to customer faster Unlock price growth potential DE BEERS 26#27PGM PRICES - REFLECTING STRONG FUNDAMENTALS Auto loadings drive Pd/Rh Gasoline autocat PGM loadings 24 2014 2019 1-40% AngloAmerican 2024F 2029F Loadings increase to meet higher emissions standards Euro 7 & China 7 to drive further rise in mid-2020s Significant industrial demand Chemical Glass Electrical Medical Petroleum Other Industrial Platinum (Pt) demand 25 32% Investment 13% Autocatalyst Promising new uses, including electrolysers & fuel cells 23% Increasing Pt demand in existing applications (e.g. glass making) 32% Jewellery Basket shift towards Rh & Pd PGMS price basket 2018 Rhodium 2019 Palladium 2020 Platinum 51% increase in 2020 PGM basket price26 Long-term PGM supply constrained 27#28WELL POSITIONED IN THE PGM INDUSTRY Diverse products driving margins PGMs business revenue at spot prices (own mined) >$3,000/PGM oz Copper Nickel Rhodium Palladium Platinum AngloAmerican Revenue Chrome Gold Iridium Ruthenium -70% margin Costs Industry supply constrained -20% Industry supply base depletion by 204027 Existing mines deeper Relatively few major projects Processing: a high-capital bottleneck 28#29PORTFOLIO POSITIONED FOR A SUSTAINABLE FUTURE Greener World Cu Eq production 5 Diamonds Anglo American Copper 1-55% Future Enabling Electrified World PGMs Î Nickel & manganese Crop nutrients Consumer World -65% Future Enabling Steel-making 28 Thermal coal 29#30ACTIVE ROUTE TO A GREENER WORLD 2020 8% energy efficiency5 22% saving in GHG emissions 5 Improve efficiency AngloAmerican 2021-22 2030 SA Thermal Coal operations 30% exit29 Chile & Brazil energy 100% renewable Invest in innovation Switch to renewables improvement in energy efficiency5 8 sites carbon neutral 30 30% net reduction in GHG emissions5 2040 Net positive impact delivered on biodiversity 31 Transition the portfolio Carbon neutrality across our operations 30 Balance residual emissions 30#31AMBITIOUS AND HOLISTIC CARBON STRATEGY Portfolio evolution Growing greener commodities, thermal coal operations exit & asset depletion Anglo American Scope 1 & 2 targets in place. E Downstream partnerships Focus on technology, partnering with sustainable & responsible customers Working towards Scope 3 goals HIND Controllable improvement Optimise products for low carbon processing, ocean freight emissions & supply chain 31#32RE-IMAGINING MINING TO IMPROVE PEOPLE'S LIVES Effectiveness >10% Free Cash Flow 32 AngloAmerican Efficiency 15-20% ROCE 10 Sustainability 7 Pillars of Value embedded 32#33Q&A Our investment proposition... Competitive Anglo American Assets Differentiated TIK Capabilities Sustainable Returns "Leading capabilities actively improving a competitive, world-class asset base to drive sustainable, attractive returns" 33#34FOOTNOTES 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. 1. 2. 3. 4. 5. 6. 7. 8. Total Recordable Cases Frequency Rate per million hours. New cases of occupational disease. 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. Copper equivalent unit costs are shown on nominal terms and calculated as the total USD cost base divided by copper equivalent production. 10. Attributable ROCE is defined as attributable underlying EBIT divided by average attributable capital employed. It excludes the portion of the return and capital employed attributable to non-controlling interests in operations where the Group has control but does not hold 100% of the equity. 11. 100% basis. 9. 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. 2020 Energy and GHG (Scope 1 & 2) savings are calculated relative to projected 'business as usual' consumption levels. 2030 target based on a net 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 30 October 2020. Copper equivalent production is calculated using long-term consensus parameters. Excludes domestic / cost-plus production. Includes assets sold, closed or placed on care and maintenance. Future production levels are indicative. Metrics on an underlying basis - before special items and remeasurements adjusted to include the Group's attributable share of associates' and joint ventures' results. 12. Sustaining attributable free cash flow is defined as net cash inflows from operating activities net of capital expenditure (sustaining/lifex only), net interest paid, dividends paid to minorities and capital repayment of lease obligations. 13. Group EBITDA also includes thermal coal, exploration expenditure and unallocated corporate costs. Anglo American 14. Bulks excludes thermal coal businesses. 15. Price variance calculated as increase/(decrease) in price multiplied by current period sales volume. 16. 17. Cost plus volume. Volume: increase/(decrease) in sales volumes multiplied by prior period EBITDA margin (ie flat unit costs, before CPI). Cost: change in total USD costs, again, before CPI inflation. For assets with no prior period comparative (eg in ramp up) all EBITDA is included in the volume variance. Excludes impact of production and sales disruption due to Covid-19 as well as Met Coal and PGMs operational incidents - both excluded and shown separately. 18. 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 and reimbursement of capital expenditure. 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 2021 pending completion of technical review. 19. Cost & volume improvement in EBITDA also impacted by above-CPI cost inflation of $0.2bn across 2018-2020. Inflation variance calculated using CPI on prior period cash operating costs that have been impacted directly by inflation. 20. Oxford Economics. 21. 2019 Diamond Jewellery Market size: $78bn. 22. $100bn represents potential cumulative incremental demand from China by 2030. 23. Industry analyst range. 24. Internal forecasts. 25. Johnson Matthey Platinum Survey 2021. 26. Based on Anglo American mix of PGMs sold. 27. Internal analysis, existing production capacity and projects in execution. 28. High quality iron ore and metallurgical coal. 29. It is also our intention to exit from our 33.3% shareholding in the Cerrejón thermal coal operation in Colombia in a responsible way and within three years. Targets and guidance as announced on 7 May 2020. 30. 31. Included within Healthy Environment related Global Stretch Goals in Sustainable Mining Plan (https://www.angloamerican.com/sustainability/environment). 32. Long-term target for 'Sustaining attributable free cash flow'/ capital employed. 34#35*** Real Mining. Real People. Real Difference. Fin PAST y to da Be Bilder til 79 more pol MGA A overtoning 336776 (FOZTEN HAAR Tida TO JE 11143 KING GATE PRE TELE PARTEME DE wwwww EBEK APPENDIX AngloAmerican#36AngloAmerican SIMPLIFIED EARNINGS & GUIDANCE VOT 315.51 306 HGK 389.46 399.25 XAM 718.39- MSW 795.13 LBY 924.32 CFY 950.33 J&T 278 73 AMS 514.79 525.19 10.4 YJS 541.32 557.20 15.9M DVD 155.59 148.57 702- 119.231.37 236 706.54 659 Real Mining. Real People. Real Difference. 2:13 - 03040 99191 0.14 0.91% 24.514-0.82 $55 45021 9.66 9.66 2:19 PPJ 91263 85 PNR 654 33 64 120 905.74#372020 SIMPLIFIED EARNINGS BY BU $m (unless stated) Sales volume (mined share) Average benchmark price Product premium/discount per unit Freight/moisture/provisional pricing per unit Realised FOB Price FOB/C1 unit cost Royalties per unit Other costs per unit22 FOB Margin per unit Mining EBITDA Processing & trading 27 Total EBITDA Attributable share De Beers (Diamonds) 21.4Mct² n/a n/a $6,173/t6 n/a $118/ct18 $57/ct $4/ct $20/ct23 $37/ct 337 80 417 ~85% Copper See next slide for footnotes and supporting calculations. AngloAmerican 648kt n/a $419/t15 $2,491/t $1,226/124 $2,875/t 1,864 $6,592/t $2,152/oz 1⁹ 1,864 PGMs -77% 1,916koz³ n/a n/a n/a $713/oz $85/oz $261/0z25 $1,093/oz 2,095 460 2,555 -79% Kumba Minas-Rio (Iron Ore) 39.8Mt $109/t7 $12/t11 $(6)/t16 $115/t $31/t $5/t $11/126 $68t 2,702 2,702 -52% 23.8Mt $120/t8 $6/112 $(19)/t17 $107/t $21/t $3/t $5/t $78/t 1,863 1,863 100% Met Coal Thermal Coal 16.9Mt4 $116/t⁹ $(10)/t13 n/a $106/t20 $86/t20 $10/t $7/t $3/t 50 50 100% 21.1Mt5 $(6)/t14 $61/t1⁰ $13,779/t6 n/a $38/121 $1/t $19/t $55/t21 $12,412/t $(3)/t (55) 4028 Nickel (15) 43.0kt 100% $(1,367)/t n/a $7,363/t $72/t $186/t $4,791/t 206 206 100% Other¹ 160 160 100% Total 9,222 580 9,802 ~80% 37#382020 SIMPLIFIED EARNINGS BY BU - NOTES PGMs basket price Iron ore realised price Own mined PGMs basket Platinum Palladium Rhodium Iridium, ruthenium & gold Base metals & other²9 Total revenue PGM volume ³ Price Volume Revenue Market price $2,254/oz 689koz $1,552m Freight $10,710/oz 122koz $1,312m Moisture content $876/oz 792koz $694m Basket price (per PGM oz) 1⁹ 313koz $239m Lump premium Fe premium $4,123m Product premium 1,916koz Timing $2,152/oz Realised FOB price $326m 1. Manganese ($304m), Crop Nutrients ($1m), exploration ($(101)m) & central corporate activities ($ (44)m). 2. Proportionate share of sales volumes (19.2% Botswana, 50% Namibia): 9.1 Mct. 3. Own mined sales volumes including proportionate share of joint operation volumes. PGM ounces are reported on a 5E+Au basis. 4. Excludes thermal coal sales. 5. Thermal Coal - South Africa & Cerrejón. Export sales & domestic sales at export parity pricing. 6. LME price, c/lb converted to $/tonne (2,204.62 lbs/tonne). 7. Platts 62% Fe CFR China. 8. MB 66% Fe concentrate CFR. 9. Weighted average of HCC/PCI prices, FOB Aus. 10. Weighted average FOB SA, FOB Col. 11. 64.3% Fe content, -68% of volume attracting lump premium. 12. 67.2% Fe content, pellet feed. 13. Volumes 82% HCC averaging 90% realisation of quoted low vol HCC price. 14. Total average ~90% realisation of quoted price. 15. Provisional pricing & timing differences on sales. 16. Freight partly offset by provisional pricing & other adjustments. Anglo American Kumba $109/t7 $(12)/t $7/t $4/t $1/t $6/t $115/t Minas-Rio $120/18 HCC $(17)/t PCI $(11)/t Weighted ave. $2/t Coal blended prices & unit costs Coal weighted average Unit cost market prices & unit cost $4/t $9/t metallurgical coal⁹ Thermal FOB South Africa $86/t Thermal FOB Colombia Price Volume $124/t 13.8Mt $38/t $65/t $39/t $48/t $107/t Weighted ave. thermal coal 10 $38/t $61/t 21.1Mt $78/t 3.0 Mt $116/t 16.9 Mt 16.6Mt 4.5Mt 17. Freight & -9% moisture adjustment (converts dry benchmark to wet product) partly offset by provisional pricing & other adjustments. 18. The realised price for proportionate share (19.2% Debswana, 50% Namibia) excluding the 3% trading margin achieved in 2020. 19. Price for basket of own mined product per 5E+Au PGM oz. Covid & ACP disruptions impacting mix relative to previous periods. Refer to FY 19 presentation for more typical mix. 20. Realised price adjusted to include Jellinbah. Unit cost is for managed operations only. 21. Weighted average Thermal Coal - South Africa export & Cerrejón. 22. Includes market development & strategic projects, exploration & evaluation costs, restoration & rehabilitation costs and other corporate costs. 23. Includes release of royalty provision in H2 2020 as well as cost saving initiatives. Refer to FY 19 presentation for more typical spend, which is usually skewed to H2. 24. Includes costs related to Quellaveco. Higher than previous periods largely due to adjustments to rehabilitation provisions, foreign exchange impacts & Covid-related costs. 25. Higher than previous periods due to Covid & ACP disruptions & foreign exchange impacts. 26. Higher than previous periods due to adjustments to stocks and rehabilitation & other provisions. 27. Principally processing & trading of product purchased from third parties. 28. Trading & Isibonelo domestic operation. 29. Nickel, copper, chrome & other metals. 38#39GUIDANCE SUMMARY: ALL GUIDANCE UNCHANGED Earnings Volumes: See slide 40-41 Unit costs: See slide 42 2021 depreciation: $3.2-3.4bn 2021 effective tax rate: 30-32% ² Effective tax rate going forward: 30-33%² Dividend pay-out ratio: 40% 1. 2021 - Growth 2. 3. Includes Woodsmith - Sustaining Baseline Lifex 20221 Capex1 - Growth¹ Sustaining Baseline Lifex Collahuasi desal $5.7-6.2bn $2.0-2.5bn 20231 - Growth¹ - Sustaining Baseline Lifex Collahuasi desal -$0.5bn -$3.7bn ~$3.0bn ~$0.7bn $5.7-6.2bn $1.5-2.0bn -$4.2bn -$3.0bn -$0.9bn -$0.3bn $5.6-6.1bn $1.5-2.0bn -$4.1bn -$3.0bn ~$0.8bn -$0.3bn LT sustaining¹ -$3.0bn + lifex Other Quellaveco copper project 2021 capex³: 100% $1.3-1.6bn; our share $0.8-1.0bn - Our share of capex included in capex guidance - Mitsubishi share of capex increase to net debt (slide 51) 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 and reimbursement of capital expenditure. Shown excluding capitalised operating cash flows. Consequently, for Quellaveco, reflects attributable share of capex, see slide 51. Guidance includes unapproved projects and is, therefore, subject to progress of growth project studies and Woodsmith is excluded after 2021 pending completion of technical review. ETR is highly dependent on a number of factors, including the mix of profits, and may vary from the guided ranges. Excludes the coarse particle recovery capex approved in February 2021. AngloAmerican Net debt:EBITDA: <1.5x bottom of cycle 39#40PRODUCTION OUTLOOK Diamonds ¹ Copper² Platinum Group Metals³ Iron ore4 Metallurgical coal5 Thermal coal6 Nickel7 Units Anglo American Mct kt Moz Mt Mt Mt kt 2019 31 638 4.4 66 23 26 43 2020 25 647 3.8 61 17 21 44 2021F 32-34 640-680 4.2-4.6 64-67 18-20 -24 42-44 See next slide for footnotes and additional guidance provided on a transitional basis. All guidance subject to the extent of further Covid-19 related disruption. 2022F 30-33 680-790 4.2-4.6 65-68 22-24 ~24 42-44 2023F 30-33 890-1,000 4.2-4.6 66-69 23-25 ~24 47-49 40#41PRODUCTION OUTLOOK - SUPPLEMENTARY GUIDANCE Copper² Platinum Group Metals - M&C by metal³ Platinum Group Metals - Refined Ⓡ Iron ore (Kumba)⁹ Iron ore (Minas-Rio) ¹0 Thermal coal6 1. 2. 3. 4. 5. 6. 7. 8. Units kt Moz Anglo American Moz Mt Mt Mt 2019 638 4.4 4.7 42 23 South Africa: 18 Colombia: 8 2020 647 Pt: 1.8 Pd: 1.2 Other: 0.8 2.7 37 24 South Africa: 16.5 Colombia: 4 2021F 640-680 Pt: 1.9-2.1 Pd: 1.4-1.5 Other: 0.9-1.0 4.6-5.0 40-41 24-26 South Africa: ~16 Colombia: 8 2022F Chile: 580-640 Peru: 100-150 Pt: 1.9-2.1 Pd: 1.4-1.5 Other: 0.9-1.0 4.7-5.1 41-42 24-26 South Africa: -16 Colombia: 8 2023F (New) Chile: 590-650 Peru: 300-350 Pt: 1.9-2.1 Pd: 1.4-1.5 Other: 0.9-1.0 4.2-4.6 41-42 25-27 South Africa: -16 Colombia: 8 Production on a 100% basis except for the Gahcho Kué joint operation, which is on an attributable 51% basis, subject to trading conditions and ongoing operational challenges. Reduction in 2022 as Venetia continues transition to underground operations. Total iron ore is the sum of Kumba (dry basis) and Minas-Rio (wet basis). Excludes thermal coal production in Australia. 2021 production is expected to be at the lower end of the range following a suspension of operations at Moranbah in response to elevated gas levels on 20 February 2021, subject to the timing of a safe restart at Moranbah. Lower production in 2020 and 2021 owing to Grosvenor stoppage (restart expected in H2 2021). Volume benefit from Moranbah-Grosvenor plant expansion project begins from 2024. Export South Africa including production sold domestically at export parity pricing and Colombia production. Planned divestment of SA thermal coal production capacity expected no later than May 2022 - May 2023. Nickel business unit only. 2023 includes expected volume benefit from bulk ore sorting technology and briquetting. 5E + gold produced refined ounces. Includes own mined production and purchased concentrate volumes. Higher refined volumes in 2021 and 2022 owing to release of work-in-progress inventories. 2021 Pt: 2.1-2.3 Moz; Pd: 1.5-1.6Moz; Other PGMs & Au: 1.0-1.1 Moz. 2022 Pt: 2.2-2.4Moz; Pd: 1.5-1.6Moz; Other PGMs & Au: 1.0-1.1 Moz. 2023 Pt: 1.9-2.1 Moz; Pd: 1.4-1.5Moz; Other PGMs & Au: 0.9-1.0Moz. Dry basis. Subject to rail and port performance. 9. 10. Volumes are reported as wet metric tonnes (wmt). Product is shipped with ~9 per cent moisture. Pipeline inspections impact 2020 and 2022 volumes. 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. 5E + gold produced metal in concentrate ounces. Includes own mined production (~65%) and purchased concentrate volumes (~35%). The split of metals differs for own mined and purchased concentrate refer to FY2019 results presentation slide 30 for indicative normal split of own mined volumes. 41#42UNIT COSTS PERFORMANCE BY BUSINESS UNIT 63 5. 6. 7. 8. De Beers (US$/ct)¹ 2019 21 57 2019 2020 Minas-Rio (FOB US$/t)5 21 ~55 2020 2021F ~22 2021F Copper (C1 US c/lb)² 126 2019 63 2019 113 2020 Met Coal (US$/t)6 86 2020 -120 2021F ~75 2021F PGMS (US$/PGM oz)³ 703 2019 45 713 2019 2020 Thermal Coal SA export (US$/t)7 38 ~700 2020 2021F ~40 2021F Kumba (FOB US$/t)4 33 2019 380 31 2019 2020 Nickel (C1 US c/lb)8 334 2020 -34 2021F Metallurgical Coal FOB/t unit cost comprises managed operations and excludes royalties and study costs. Improvement in 2021 reflects higher volumes. Thermal Coal - SA FOB/t unit cost comprises trade mines only, excludes royalties and study costs. Benefit of higher volumes in 2021 offset by unfavourable foreign exchange 2021 unit cost increase vs 2020 reflects inflation. AngloAmerican -360 Note: Unit costs are subject to any further effects of Covid-19 and exclude royalties, depreciation and include direct support costs only. FX rates for 2021 costs: ~16 ZAR:USD, -1.4 AUD:USD, ~5.3 BRL:USD, ~760 CLP:USD. 1. De Beers unit cost is based on De Beers' share of production. Improvement in 2021 reflects the increase in production volumes and the benefits of the restructuring undertaken in 2020. 2. 2021 unit cost increase vs 2020 reflects stronger Chilean peso, impact of inflation and ongoing Covid-19 mitigation activities. 3. Numbers given are per own mined 5E+Au PGMs metal in concentrate ounce. 4. Unit costs are reported based on dry metric tonnes (dmt). Benefit of higher volumes in 2021 offset by unfavourable foreign exchange and inflation. Unit costs are reported based on wet metric tonnes (wmt). Product is shipped with ~9 per cent moisture. Benefit of higher volumes in 2021 offset by inflation. 2021F 42#43EARNINGS SENSITIVITIES Sensitivity Analysis - 2020¹ Commodity / Currency Copper (c/lb)² Platinum ($/oz) Palladium ($/oz) Rhodium ($/oz) Iron Ore ($/t) Hard Coking Coal ($/t) Thermal Coal (SA) ($/t) Nickel (c/lb)4 Oil price South African rand Australian dollar Brazilian real Chilean peso 1. Reflects change on actual results for 2020. 2. Includes copper from both the Copper and PGMs Business Units. 3. Reported based on wet metric tonnes (wmt). 4. Includes nickel from both the Nickel and PGMs Business Units. Anglo American 31 December spot 351 1,075 2,370 17,000 159 103 91 750 51 14.69 1.30 5.19 712 Average realised 299 880 2,214 10,628 Kumba: 115 IOB: 107³ 112 57 563 42 16.46 1.45 5.16 792 Impact of 10% change in price / FX EBITDA ($m) 390 58 144 101 674 136 88 81 35 374 196 73 73 43#44HIGH-RETURNING GROWTH OPTIONS AND BUSINESS IMPROVEMENT DRIVE NEAR-TERM CAPEX 1. Capex¹ ($bn) 2. Woodsmith -0.5 Growth 1.5-2.0 Lifex Baseline sustaining ~0.7 -3.0 2021F $5.7-6.2bn Capex guidance unchanged. 1.5-2.0 ~0.3 -0.9 -3.0 2022F Collahuasi desal² $5.7 - 6.2bn 1.5-2.0 ~0.3 ~0.8 -3.0 2023F $5.6 - 6.1bn 11 -3.0 + Lifex Long-term Woodsmith $0.5bn capex in 20211 ~$0.6bn deferred from 2020 ~$0.6bn² Collahuasi desalination plant Lifex: Venetia UG, Aquila, Kolomela 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 and reimbursement of capital expenditure. Shown excluding capitalised operating cash flows. Consequently, for Quellaveco, reflects attributable share of capex, see slide 51. Guidance includes unapproved projects and is, therefore, subject to progress of growth project studies and Woodsmith is excluded after 2021 pending completion of technical review. Excludes $0.1bn pa of associated electrical infrastructure. Anglo American Growing portfolio 44#45LIFE EXTENSIONS SUSTAIN HIGH QUALITY PRODUCTION Major components of lifex¹ ($bn) APPROVED Jwaneng (Diamonds) 1. Venetia (Diamonds) -$0.7bn Kolomela (Iron Ore) ~0.2 Aquila (Met Coal) ~0.1 ~0.2 ~0.1 2021F -$0.9bn ~0.1 ~0.1 ~0.2 ~0.4 2022F -$0.8bn ~0.1 ~0.1 ~0.2 ~0.3 2023F Mototolo (PGMS) UNAPPROVED 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 and reimbursement of capital expenditure. Shown excluding capitalised operating cash flows. Guidance includes unapproved projects and is, therefore, subject to progress of project studies. Anglo American 45#46LIFE EXTENSIONS WILL DELIVER VALUE; HIGHER NEAR-TERM SUSTAINING CAPEX Sustaining capex¹ 2021 -$3.7bn 2022 ~$4.2bn 2021-2023 capex driven by deferrals from 2020, life extensions & foreign exchange 1. Lifex projects - subject to disciplined capital allocation framework Venetia Underground (Diamonds) Aquila2 (Met Coal) Kolomela (Kumba Iron Ore) Jwaneng (Diamonds) Mototolo (PGMs) APPROVED APPROVED APPROVED APPROVED -2021 Capex ~$0.2-0.4bn pa -$0.1bn pa ~$0.2bn pa -$0.1bn pa 2023 -$4.1bn Volume First production LOM extension 5 Mctpa from 2023 +22 years 3.5 Mtpa 4 Mtpa 9 Mctpa from 2022 from 2024 from 2027 +6 years +9 years Long-term - $3.0bn Studies ongoing, expected ~$0.2bn capex, +30 year LOM extension >15% IRR +3 years³ >20% IRR >30% IRR >15% IRR + lifex Returns >50% margin >40% margin >30% margin >50% margin Sustaining cash expenditure on property, plant and equipment including related derivatives, net of proceeds from disposal of property, plant and equipment, includes direct funding for capital expenditure from non-controlling interests & reimbursement of capital expenditure & excludes capitalised operating cash flows and growth projects. Long-term sustaining capex excludes Woodsmith. 2. Lifex for Grasstree underground mine within Capcoal complex. 3. The three year life extension was already reflected in the previously disclosed LOM of 12 years. AngloAmerican 46#47MARGIN ACCRETIVE PROJECTS DRIVE GROWTH CAPEX Major components of growth capex¹ ($bn) APPROVED 1. + $0.5bn Woodsmith Namibia (Diamonds) Quellaveco (Copper) UNAPPROVED Collahuasi Phase 1 (Copper) AngloAmerican ~0.1 Technology & innovation ~0.3 0.8 1.0 ~0.1 2021F $1.5 2.0bn p.a. ~0.1 0.5-0.6 ~0.1 ~0.3 -0.2 0.1 -0.2 ~0.1 2022F ~0.1 ~0.5 0.2 - 0.3 ~0.2 Sishen (Iron Ore) 0.3 0.5 Mogalakwena (PGMS) 2023F APPROVED UNAPPROVED Moranbah-Grosvenor (Met Coal) UNAPPROVED 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 and reimbursement of capital expenditure. Shown excluding capitalised operating cash flows. Consequently, for Quellaveco, reflects attributable share of capex, see slide 51. Guidance includes unapproved projects and is, therefore, subject to progress of growth project studies and Woodsmith is excluded after 2021 pending completion of technical review. 47#48ATTRACTIVE GREENFIELD AND BROWNFIELD OPTIONS Long life greenfields and fast returning brownfields Quellaveco (Copper) Marine Namibia (Diamonds) Woodsmith (Crop Nutrients)4 1. 2. 3. 4. Sishen (Kumba Iron Ore) Mogalakwena expansion (PGMS) Collahuasi Phase 1 (Copper) Collahuasi Phase 2 (Copper) Moranbah-Grosvenor (Met Coal) APPROVED APPROVED APPROVED APPROVED -2021 -2021 -2024 -2022 Capex $2.7bn $2.8bn² ~$0.2bn³ -$3.3bn4 -$0.2bn ~$0.6bn Volume +180ktpa +0.5M ctpa³ $0.3bn to $0.4bn +10Mtpa ~$1/t5 premium & +3 year LOM +50ktpa From 1 2022 2022 +4-6 Mtpa6 Returns -4 year payback >15% IRR Studies ongoing, expected $0.8-1.4bn capex, 0.3-0.6Moz PGMs, 2024 -3 year payback >25% IRR 2023 -6 year payback >30% IRR Optimisation of development timeline and design ongoing Studies underway for next stage expansion; potential up to +100ktpa from 2028 2023/4 -4 year payback >20% IRR >50% margin 2024 3-4 year payback >30% IRR >60% margin >40% margin >50% margin >50% margin First production. Attributable share post syndication proceeds. Attributable capex. 100% of production volumes. Project capex approved prior to acquisition in March 2020, subject to optimisation of development timeline and design post acquisition. Not included in capex guidance after 2021. 5. -$1/t premium applies to -50% of volumes. 6. Initial stage of upgrade work completed in 2019, increasing capacity by ~1Mtpa, remaining capacity increase 3-5Mtpa. Anglo American 48#49TECHNOLOGY & INNOVATION WILL TRANSFORM THE PHYSICAL FOOTPRINT OF MINING $0.2-0.5bn pa technology capex to more precisely target metal & mineral with less water, waste & energy Application Initiative Bulk ore sorting Coarse particle recovery (CPR) Smart power hydrogen trucks Hydraulic dry stack Anglo American Copper, PGMs & Nickel Copper, PGMs & Iron Ore Portfolio-wide Copper, PGMs & Iron Ore Impact Deliver improved feed grade to plants through early rejection of waste, improving energy efficiencies Innovative flotation process allows material to be crushed to a larger particle size, rejecting coarse gangue and allowing water to release from coarser ore particles, improving energy efficiencies and water savings Developing the world's first hydrogen powered mining truck to decarbonise high power transport, using renewable energy Engineering of geotechnically stable tailings facilities that dry out in weeks, facilitating up to 85% water recovery Progress Full scale testing underway at El Soldado (Copper) Testing complete at Mogalakwena (PGMs). Commissioning of full scale North Concentrator unit in Q1 2021 (~70% of feed) Testing complete at Barro Alto (Nickel). $40m capex to scale up to 100% throughput through 2021-22 Initial installation & testing at Los Bronces (Copper) during 2021. $10m capex for initial deployment (up to -60% of throughput). Phase 2 study work under way ● ● ● ● ● ● Full scale demo plant installed at El Soldado (Copper) with ramp up to full capacity expected by mid 2021 Full scale system under construction at Mogalakwena North concentrator (PGMS). Commissioning expected Q4 2021 CPR approved at Quellaveco (Copper) to re-treat coarse particles from flotation tailings, improving recoveries by ~3% over the life of mine. Commissioning expected in 2022 Feasibility work continues at Los Bronces (Copper) & Minas-Rio (Iron Ore) Engineering under way with first motion at Mogalakwena (PGMs) in 2021, with 40 truck roll-out starting 2024, powered by a 75Mw solar plant on site. Targeting roll-out at 7 sites by 2030 El Soldado (Copper) unit under construction, due to complete in Q3 2021 Sequencing and application of future roll-outs to be determined 49#50QUELLAVECO FINANCIAL MODELLING Ownership Accounting treatment Project capex (nominal)¹ Construction time / first production Production (copper equivalent)¹ (ktpa) By-products C1 cash cost ($/lb) (2018 real)² Grade (% TCU) Stay-in-business capex (real)4 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 2022 ~330 average over first five years -300 average over first 10 years ~240 average over 30 year Reserve Life ~6ktpa contained molybdenum (average over first 10 years), with silver content 0.96 average over first five years 1.05 average over first 10 years 1.24 average over 30 year Reserve Life 0.84% ROM average over first five years 0.73% ROM average over first 10 years 0.57% average over 30 year Reserve Life³ -$70 million pa -40% 1. Excludes the coarse particle recovery unit approved in February 2021. 2. Based on assumptions (e.g. input costs) as at July 2018. 3. 4. AngloAmerican Please refer to the Anglo American plc Ore Reserves and Mineral Resources Report 2020 for more details. Excludes deferred stripping. 50#51QUELLAVECO ACCOUNTING Anglo American consolidates 100% of Quellaveco's P&L and Balance Sheet. Mitsubishi's 40% share is shown as a non-controlling interest. 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 ~$1.8bn debt from Mitsubishi (40% of shareholder debt); which is funded from their 40% of Quellaveco. Illustrative project spend post approval (mid point of $5.3-5.5bn project total capex range¹) $bn 100% project capex Less: subscription 1. Net capex Our 60% share Mitsubishi 40% share 2018 0.3 (0.3) 2019 1.3 (0.5) 0.8 0.5 0.3 Reported in 'Other net debt movements' in 2018 - representing cash received but not spent at 2018 year end. Reverses with $0.5bn outflow in 2019 'Other net debt movements' representing pre-funded capex. Excludes the coarse particle recovery capex approved in February 2021. Anglo American 2020 1.3 1.3 0.8 0.5 2021 1.5 1.5 0.9 0.6 2022 1.0 1.0 0.6 0.4 Total 5.4 (0.8) 4.6 2.8 1.8 Consolidated net debt (cash funded by Anglo and reported within growth capex). Consolidated net debt (cash funded by Mitsubishi but reported within our other net debt movements). 51#52Anglo American LIQUIDITY BUT HE AL GAR 0 EQUIR Real Mining. Real People. Real Difference. M form five T#53STRONG LIQUIDITY OF $17.5BN AT 31 DECEMBER 2020 $7.5bn Cash + $10.0bn Anglo American Undrawn committed facilities Majority of cash held centrally in US dollars Investment grade credit ratings No plc financial covenants in debt facilities 53#54LIMITED NEAR-TERM DEBT MATURITIES 0.7 2021 Anglo American 1.1 2022 1.4 2023 % of portfolio 0.8 2024 Euro Bonds US bonds 26% 2.1 2025 Euro bonds Debt repayments ($bn) US$ Bonds 57% 0.6 2026 1.5 2027 GBP bond 3% Capital markets 87% 1.5 2028 0.4 GBP bond Other bonds (e.g. ZAR) 2029 Other Bonds 1.8 L 0.5 HH 1% 2030 Subsidiary Financing 13% Bank 6% Other 7% Subsidiary financing 2050 54#55Anglo American PORTFOLIO OVERVIEW BARBA Copper: renewables-driven electrification Diamonds: aspiration & growing prosperity Real Mining. Real People. Real Difference. PGMS: air quality & lower emissions Quality bulks: modern infrastructure development#56DIAMONDS - SIGNIFICANT COVID-19 IMPACT ON DEMAND 2020 vs. 2019 558 4. 5. Production¹ 2019 25.1 Mct Underlying EBITDA ($m) 18% 58 Price Sales (Cons.)² 21.4Mct 127% 58 FX Average price index 104 10% (33) Inflation Realised price ³ $133/ct 13% (568) Covid 1. Shown on a 100% basis except for the Gahcho Kué joint operation, which is on an attributable 51% basis. 2. Sales of 22.7Mct on a 100% basis (27% decrease). 3. Unit cost4 $57/ct 10% 73 Underlying EBITDA $417m 125% 440 Cost & volume Mining margin 5 54% 111pp (96) Other Capex $381m ¹33% 417 2020 Pricing for the mining business units is based on 100% selling value post-aggregation of goods. Realised price includes the price impact of the sale of non-equity product and, as a result, is not directly comparable to the unit cost. De Beers unit costs are based on consolidated production and operating costs, excluding depreciation and special items, divided by carats recovered. Represents the underlying EBITDA margin for the mining business. It excludes the impact of the sale of non-equity product by De Beers. AngloAmerican 56#57COPPER STRONG COST PERFORMANCE 2020 vs. 2019 - 1,618 2019 Production 647kt Underlying EBITDA ($m) 11% 412 Price Sales 1 Realised price¹ C1 unit cost² 648kt 11% 53 FX 299c/lb 110% (60) Inflation 113c/lb 10% 2,023 Underlying EBITDA $1,864m 115% 46 Cost & volume Mining margin ³ 45% 11pp (205) Other Capex4 $1,433m 134% 1,864 2020 1. Excludes impact of third-party sales. 2. Includes by-product credits. 3. Includes Quellaveco, exploration and evaluation costs, restoration and rehabilitation costs, and other corporate costs, excludes impact of third party trading activities. 4. Includes Quellaveco capex of $788 million which represents the Group's 60% share after deducting direct funding from non-controlling interests. 2020 Quellaveco capex on a 100% basis was $1,314 million. Anglo American 57#58PGMS-51% INCREASE IN BASKET PRICE Realised basket price² $2,035/PGM oz $713/PGM oz 2020 vs. 2019 2,000 2019 Production ¹ Underlying EBITDA ($m) 3,809koz Anglo American 14% 1,606 Price 256 FX Sales² 2,869koz 138% (81) Inflation 151% (92) Covid Unit cost³ 11% 3,689 Underlying EBITDA $2,555m 128% (885) ACP (214) Cost & volume Mining margin4 51% 111pp (35) Other 1. Production is on a metal in concentrate basis. 2. Excludes trading volumes. Basket price on a per PGMs basis. 3. Own mined production and equity production of joint operations. 4. Represents the underlying EBITDA margin for the mining business. It excludes the impact of purchases of concentrate, tolled material and third-party trading activities. Capex $571m 0% 2,555 2020 58#595E PLATINUM GROUP METALS Platinum ~2 Our supply ~$2.9bn Global mined supply¹ See previous slide for dem and data Pt & Pd interchangeable in autocats -4g Pt/diesel car Spot revenue ² ~$160m2 Broad range of emerging applications Ruthenium Large producer 9 ~95% Industrial demand Applications mainly in electronics & chemicals Hard disks Semiconductors Chloralkali electrodes Palladium ~1 Industrial Other -$3.7bn² Iridium 15% O ¹84% ~$425m² Pt & Pd convert harmful carbon monoxide & hydrocarbons to CO₂ Autocatalysts ~2g/diesel car -4g/gasoline car Large producer ~95% Industrial demand Hardness & high melting point support unique applications: Spark plugs Biomedical uses, crucibles PEM electrolysis (demand growth opportunity) Rhodium ~0.3 ~$6.6bn² Platinum Prices ($/oz) Rhodium ~90% Autocatalysts demand Converts harmful NOx to nitrogen Not easily substituted ~0.5g/gasoline car Palladium Iridium Ruthenium Spot 1,300 2,400 22,100 320 ~0.8 4,250 Long-term consensus ~1,100 ~1,400 -4,800 -180 (5 year average) ~1,200 (5 year average) 1. Our share & market supply data are million ounces based on 2019 refined production. Demand data is 2019 net of recycling. Sources: Platinum, Palladium, Rhodium: Johnson Matthey. Illustrative revenue for 2021 based on rounded spot prices on 15 February 2021. 2. 3. Long-term prices for platinum, palladium & rhodium reflect consensus averages in 2020 real terms; such forecasts are not readily available for ruthenium & iridium so the 5 year average is shown. 59 Anglo American#60KUMBA IRON ORE - RECORD MARGINS Realised price (FOB)¹ Unit cost (FOB) $115/t $31/t 2020 vs. 2019 2,243 Production 2019 37.0 Mt Underlying EBITDA ($m) 13% 637 Price Sales 39.8Mt 15% 237 FX 119% 1. Break-even price of $48/t for 2020 (2019: $45/t) (62% CFR dry basis). 2. Includes corporate and projects cost of $80m. Anglo American (55) Inflation (284) Covid 16% 2,778 Underlying EBITDA $2,702m² 120% (11) Cost & volume Mining margin 55% 15pp (65) Other Capex $354m 19% 2,702 2020 60#61MINAS-RIO - CONTINUED STRONG PERFORMANCE Iron Ore Production 24.1Mt¹ 2020 vs. 2019 Underlying EBITDA ($m) 1,164 14% 2019 672 Price Sales 23.8Mt¹ 14% 165 FX Realised price Unit cost (FOB) (FOB) $107/t1 $21/t1 135% (80) Inflation 0% 1,921 1. Volumes and costs are reported based on wet metric tonnes (wmt). Product is shipped with 9 per cent moisture. 2. Includes corporate and projects cost of $63m. AngloAmerican Underlying EBITDA $1,863m² 160% -0 Cost & volume Mining margin 62% 112% (58) Other Capex $163m +20% 1,863 2020 61#62METALLURGICAL COAL - A CHALLENGING YEAR Metallurgical Metallurgical FOB realised production¹ sales 1 price² 16.8Mt 16.9Mt $109/t 2020 vs. 2019 Underlying EBITDA ($m) 1,707 2019 (789) Price 126% Anglo American -2- (11) (10) FX Inflation Covid 125% 899 (755) 134% (88) Operational Cost & incidents volume 50 (6) - Other 2020 1. Excludes thermal coal. 2. Weighted average HCC and PCI realised price at managed operations. Excludes thermal coal. FOB unit cost at managed operations excluding royalties and study costs. 3. 4. Includes corporate and projects costs of $74m. Unit cost³ $86/t 137% Underlying EBITDA4 $50m ● 197% ● Mining margin 3% 142pp Capex $683m Grosvenor restart • Queensland Coal Mining Board of Inquiry began hearings in 2020 & delivered a preliminary report on 30 November 2020 12% • Hearings will resume on 9 March 2021 ● • Final report expected by 31 May 2021 In parallel to our full cooperation with the Board of Inquiry, preparations for a H2 2021 restart are under way: Learnings are being incorporated into enhanced processes & controls A new longwall has been procured & is available for installation from June 2021 Works to permanently seal off the affected longwall panel are complete Following regulatory clearance to re-enter the mine, safety and compliance inspections will take place, followed by development work & installation of the new longwall, with various regulatory approvals required 62#63THERMAL COAL - PRICE AND COVID-19 IMPACTS Sales SA² / Col 2020 vs. 2019 3. 4. 125 Export prod. SA¹ / Col 16.5Mt/4.1 Mt 16.6Mt/4.5Mt Underlying EBITDA ($m) 2019 17% / 152% (98) 19% / 148% Price 126 FOB price ³ SA / Col FX $57/t/ $46/t 17% / 18% (55) Unit cost4 SA / Col $38/t/ $39/t 16% / 118% (55) 43 Covid Underlying EBITDA SA5 / Col $(15)m / $0m n/a / n/a 5. Includes corporate and project costs of $42m. 6. Represents the underlying EBITDA margin for the mining business. It excludes the impact of third-party trading activities. Anglo American 76 Mining margin SA6 / Col (6)% / 0% 13pp / 126pp Inflation SA = South Africa, Col = Colombia/Cerrejón mine (Anglo American share: 33.3%) 1. Export primary production, secondary production sold into export markets and production sold domestically at export parity pricing. Excludes other domestic production. Export primary production, secondary production sold into export markets and production sold domestically at export parity pricing. Excludes other domestic production and sales of third-party purchases. 2. Weighted average export thermal coal price achieved. SA FOB price excludes third party sales from locations other than Richards Bay. FOB unit cost excluding royalties and study costs. SA unit cost is for the trade operations. (134) Cost & volume SA Capex Other $184m 130% (15) 2020 63#64NICKEL - CONSISTENT PERFORMANCE C1 unit cost 334c/lb 2020 vs. 2019 191 Production ¹ 2019 43.5kt Underlying EBITDA ($m) 12% (72) Price 1. Nickel BU only. 2. Includes corporate and projects costs of $14m. AngloAmerican Sales1 43.0kt 13% 78 FX Realised price 563c/lb 10% (13) Inflation 12% 184 Underlying EBITDA $206m² 18% ↓ 8 Cost & volume Mining margin 36% 13pp 14 Other Capex $33m 121% 206 2020 64#65Anglo American SUSTAINABILITY Real Mining. Real People. Real Difference.#66MEASURING OUR ESG PROGRESS: 2020 TARGETS Safety & health Recordable injury rate Yo Y reduction New cases occupational disease Yo Y reduction Environment Socio-political 1. People Production Cost Fatal injuries 0 Noise exposure Yo Y reduction Social Way compliance 100% by 20221 Inhalable hazards exposure 10% reduction Energy savings 8% by 2020 Local procurement n/a Women in senior management YoY increase; 33% by 2023 HIV status known >90% GHG savings 22% by 2020 Jobs supported by Enterprise Dev. initiatives n/a Women in management positions YoY increase HIV+ employees undergoing ART >90% Level 4-5 environmental incidents 0 Businesses supported by Enterprise Dev. initiatives n/a Voluntary turnover <5% Financial In 2020, we launched a new integrated social performance management system (Social Way 3.0) that has raised performance expectations & resulted in continued improvement in our social performance. Prior to 2020, our target was full compliance against our previous standard. As we implement the new standard, sites have been required to set milestone targets on the way to the requirement of full compliance with Social Way 3.0 by end of 2022. Anglo American 66#672020 ESG SCORECARD Safety & health Environment 3. Socio-political People Production Cost Financial Fatal injuries¹ 2 Recordable injury rate ¹ 2.14 New cases occupational disease ¹ 30 Noise exposure ² 72% Social Way compliance 23% (on track) Inhalable hazards exposure ² 6% Energy savings³ 8% Local procurement $10.0bn Women in senior management 27% HIV status known 89% GHG savings 3 34% Jobs supported by Enterprise Dev. initiatives 137,777 Women in management positions 27% HIV+ employees undergoing ART 93% Level 4-5 environmental incidents ¹ Businesses supported by Enterprise Dev. initiatives 66,625 Voluntary turnover 1.5% 1. Refer to slide 34 for definitions. 2. This measure reflects the number employees exposed to noise over the occupational exposure lim it as a percentage of the total employees exposed to noise. Employees exposed over the occupational exposure limit are issued with, and trained in the use of PPE. Energy and GHG savings are calculated relative to projected 'business as usual' consumption levels. AngloAmerican 67#68Anglo American INVESTOR RELATIONS Paul Galloway [email protected] Tel: +44 (0)20 7968 8718 Robert Greenberg [email protected] Tel: +44 (0)20 7968 2124 Emma Waterworth [email protected] Tel: +44 (0)20 7968 8574 AngloAmerican Real Mining. Real People. Real Difference. 68