#1⑩AngloAmerican 2022 Interim Results 28 July 2022 Anglo American#2Introductory comments. Stuart Chambers Chairman Anglo American#3Cautionary statement Disclaimer: This presentation has been prepared by Anglo American plc ("Anglo American") and comprises the written materials/slides for a presentation concerning Anglo American. By attending this presentation and/or reviewing the slides you agree to be bound by the following conditions. The release, presentation, publication or distribution of this document, in whole or in part, in certain jurisdictions may be restricted by law or regulation and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions. 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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, prospects and projects (including development plans and objectives relating to Anglo American's products, production forecasts and Ore Reserve and Mineral Resource positions) and sustainability performance-related (including environmental, social and governance) goals, ambitions, targets, visions, milestones 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 project development capabilities and delivery, recovery rates and other operational capabilities, safety, health or environmental incidents, the effects of global pandemics and outbreaks of infectious diseases, the impact of attacks from third parties on our information systems, natural catastrophes or adverse geological conditions, climate change and extreme weather events, the outcome of litigation or regulatory proceedings, the availability of mining and processing equipment, the ability to obtain key inputs in a timely manner, the ability to produce and transport products profitably, the availability of necessary infrastructure (including transportation) services, the development, efficacy and adoption of new technology, challenges in realising resource estimates or discovering new economic mineralisation, the impact of foreign currency exchange rates on market prices and operating costs, the availability of sufficient credit, liquidity and counterparty risks, the effects of inflation, political uncertainty, tensions and disputes, and economic conditions in relevant areas of the world, evolving societal and stakeholder requirements and expectations, shortages of skilled employees, the actions of competitors, activities by courts, regulators and governmental authorities such as in relation to permitting or forcing closure of mines and ceasing of operations or maintenance of Anglo American's assets and changes in taxation or safety, health, environmental or other types of regulation in the countries where Anglo American operates, conflicts over land and resource ownership rights and such other risk factors identified in Anglo American's most recent Annual Report. Forward-looking Anglo American 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 Services (UK) Ltd 2022. Anglo American TM, TM and FutureSmart Mining TM are Trade Marks of Anglo American Services (UK) Ltd. nuGENTM and VOX3LTM are Trade Marks of Anglo American Technical & Sustainability Services Ltd and Tracr™ is a Trade Mark of De Beers UK Ltd. Some of the images used are under licence from Getty Images and Adobe Stock. 3#4H1 2022 results agenda H1 2022 overview and look ahead Duncan Wanblad The numbers Stephen Pearce Enabling the future - sustainably Duncan Wanblad Anglo American Mogalakwena PV Field#5Focusing on our strategic priorities 1 Safety 2 Stability 3 Sustainability 4 Growth Anglo American#6SHE performance - focussed on a safe & healthy future Safety Group TRIFR1.2 3.17 Fatalities1 Health Environment Occupational health - new cases 1,3 Level 3 & above significant incidents 1,4 2.66 2.21 2.14 2.24 2.36 96 101 39 6 JLL 30 16 2 1 1 1 9 5 4 0 2 2 2017 2018 2019 2020 20211 H1 2022 2017 2018 2019 2020 2021 H1 2022 2017 2018 2019 2020 2021 H1 2022 Elimination of Fatalities programme ...driving our improvement journey Elimination of hazards at source ...key focus for sustaining zero new cases Increased focus on planning & controls ...supports continuous improvements Planned work drives safer outcomes ...operational stability refocus in H2 Focus on work environments & controls ...driving improved performance Proactive hazard & risk assessment tools ...facilitate real-time decision-making Anglo American 6#7Striving for a healthy environment & thriving communities. Energy mGJ 97 GHG emissions Mt CO2 equivalent emissions5 18 18 87 84 85 16 16 81 15 33 5 Social Social Way Implementation 49% 23% 96% 89% 91% Social Way 3.0 standards far exceed Social Way 2.0 2017 2018 2019 2020 2021 May 2017 2018 2019 2020 2021 2022 May 2022 2017 2018 2019 2020 2021 2022 Social Way 2.0 - Social Way 3.0 Operational performance impacting energy consumption Efficiency, technology & innovation drive longer term improvements South America - 100% renewable mains electricity supply Partnership with EDF Renewables, to develop solar and wind farms in South Africa Targeting 5 jobs in the community for every job on the mine by 2030 Schools in host communities to perform within the top 20% of state schools nationally Anglo American 7#8Operating context in 2022 Covid & absenteeism Weather Work routines impacted High levels of Covid-related absenteeism Extreme rainfall at many key operations Low water availability at Los Bronces Anglo American Supply chains Inflation Heavy mining equipment supply delays Tight labour markets High inflation & recessionary risks Weaker producer currencies partly mitigate 8#9H1 2022 summary EBITDA7 Production $8.7bn √9% Mining EBITDA margin⁹ Unit cost 10 52% Anglo American ↑18% 9#10H1 2022-operating performance Diamonds Solid demand recovery Strong unit cost performance PGMs Anglo American TracrTM assures provenance Wet weather impacts Mogalakwena Robust processing performance New five year labour settlement Base Metals11 Bulks Mitigating water challenges Production tracking to plan Stable Nickel performance Wet weather & covid impacts 3 Steelmaking Coal longwalls operating Expecting better H2 for KIO & Minas-Rio 10 10#11⑩AngloAmerican The numbers Stephen Pearce Anglo American#12H1 2022 financial results Anglo American EBITDA7 $8.7bn EPS7 $3.11/sh Unit cost 10 Shareholder returns 12 Net debt $4.9bn ROCE 13 ↑18% $1.5bn 40% of underlying earnings 36% 12#13Robust EBITDA supported by strong pricing Anglo American Diamonds $0.9bn 53% mining EBITDA margin⁹ $8.7bn 14 Base Metals¹¹ $1.4bn 49% mining EBITDA margin⁹ PGMs $2.7bn 55% mining EBITDA margin⁹ Bulks $3.9bn 55% mining EBITDA margin⁹ 13#14Solid H1 impacted by macros and operational factors EBITDA7 $bn 12.1 $0.1bn cumulative 2017-H1 2022 (1.5) 0.4 (0.4) (1.4) (0.5) 10.7 8.7 H12021 Price 15 Currency CPI16 Cost & volume 17 Other H1 2022 Anglo American 14#15Inflationary headwinds driven by strong prices 12% 7% H1 2022 unit cost performance10 FY unit cost outlook 6% (5)% (2)% Volumes expected to be flat YoY 18% Further cost inflation expected in H2... ...but mitigated by weaker producer currencies Volumes CPI Input costs FX Other 18 H1 2022 Anglo American 15#16Re-iterating full year capex guidance. Capex 19 $bn 6.1-6.6 1.6-2.1 Higher sustaining spend reflects Covid recovery & projects e.g. Collahuasi desal 2022 growth capex includes $0.6bn for Woodsmith 2.6 Growth 0.8 ~4.5 Sustaining 1.8 Anglo American H1 2022 2022F Expect seasonal pick-up in H2 16#17Robust cash generation and resilient balance sheet Net debt $bn 1.0 3.8 (3.1) 2.2 4.9 0.8 2021 Working Cash Shareholder capital generation returns Growth capex 19 Anglo American Build in working cap - mainly inventory H1 2022 Attractive shareholder returns from record 2021 earnings Investments in disciplined, value-adding growth 12% gearing First sustainability-linked loan 17#18Transparent taxes & royalties in host countries Anglo American Brazil $0.2bn Chile $0.8bn UK $0.3bn Australia/Asia Other Africa $0.5bn $0.4bn South Africa $1.2bn $3.5bn Taxes and royalties20 Paid in host country 6%20 increase from H1'21 Queensland royalty increase impacts H2 profitability Chilean tax stability agreement until end 2023 18#19Balanced capital allocation framework Anglo American flow after sustaining capital 2. Commitment to base dividend Balance sheet flexibility 3. Discretionary capital options H1 2022 allocation of capital 1) $2.4bn Sustaining attributable free cash flow21 2) $1.5bn H1 2022 dividend at 40% of underlying earnings 12 Future project options Portfolio upgrade Additional shareholder returns 3) $0.8bn Growth capex 19 19#20Our balanced offering: ongoing capital discipline as we invest in growth Strong balance sheet Attractive returns Quality growth 0.3x H1 2022 net debt:EBITDA7 40% payout base, through the cycle dividend 12 >90% growth capex in future-enabling & high margin products 19 Anglo American 20 20#21⑩AngloAmerican Enabling the future - sustainably Duncan Wanblad#22Our diversified portfolio is suited to future demand trends Suite of future-enabling products within a geographically diversified portfolio Copper equivalent production8 Steelmaking Coal Transition enabling Diamonds High quality Iron Ore ~85% Future enabling Anglo American Crop Nutrients Nickel & Manganese PGMs Attributable capital employed 22 Other 13% Chile & Peru 24% Australia 9% Copper Botswana 11% & Namibia 22% Brazil 21% South Africa 222 22#23A carbon neutral world requires metals and minerals Energy transition is metals and minerals intensive Copper demand (Mt) for the energy transition from key sectors in a 1.5°C scenario23 Anglo American ~6 ~17 2020 2040e Supply is constrained >10 years to bring on new mines ~60 new Quellaveco size copper mines needed by 2040 23#24Metals & minerals must be produced sustainably 2040 Scopes 1 & 2 carbon neutrality target24 Fossil fuels Electricity purchased Diesel Fugitive methane Carbon Negative Technologies 2016 2018 2020 2022e 2024e 2026e 2028e 2030e 2032e 2034e 2036e 2038e 2040e Anglo American Current operations 2040 Scope 3 50% cut ambition25 ~80% reduction if steel industry achieves a 1.5°C pathway | Thermal coal mines exit Steel making coal Production growth in future-enabling products outpaces steel value chain decarbonisation Iron ore Other 2020 2030e 2040e 24#25nuGen™ Zero emission haulage solution World's largest hydrogen powered mine haul truck Platinum Zero emissions powered hydrogen. 74 2MW 220 tonne truck with payload of 290 tonnes 900,000 litres of diesel saved per truck each year Up to 80% reduction in open pit diesel emissions To be cost competitive with diesel truck Combining nuGenTM with our partner, First Mode Accelerate development & commercialisation Anglo American 25#26Catalysing South Africa's grid decarbonisation through renewables ecosystem Anglo American Botswana Namibia Zimbabwe Venetia Mogalakwena Polokwane Mortimer. Amandelbult⚫Mototolo Rustenburg- ネード Sishen ⚫ Kolomela South Africa ゲード Key Off-site wind Regional energy storage Solar generated power- Partnership with EDF Renewables Increased grid capacity (3-5 GW) Investment majority funded by equity partners & debt financing Supporting Just Transition 26#27Quellaveco copper project: started up on time & budget. 3.176 Flotación 16 Anglo American །།།།[1] ། P A FutureSmart mine in Peru $5.5bn capex 19 - including $0.6bn Covid impact <4 yrs construction, despite ~2 yrs Covid disruption Modern and sustainable mining in action: - Autonomous drilling and hauling – a first for Peru - with Integrated Operations Centre Advanced processing technologies 100% renewable electricity 27#28Quellaveco: ramping up over next 12 months Anglo American Next steps Processing plant commissioning in progress • • 2 processing lines: each 50% throughput Line 1 started up Start of line 2 commissioning expected Q3 Shipments commence post licence receipt26 28#29Quellaveco: a world-class asset Detailed engineering Long life 50% at approval 36 yr life based on reserves 28 Copper production growth Expansion potential +300ktpa over first 10 years27 Anglo American ~1.5Bt resource 28#30Diversified, world class assets with value-enhancing growth Anglo American Largest diamond producer by value ~1 Mt copper producer Strong organic optionality Brownfield expansion options PGMs #2 producer; #1 processor Sakatti copper polymetallic project in Finland High grade iron ore & steelmaking coal producer Woodsmith fertiliser project in the UK 30#31Q&A Our investment proposition Competitive assets Differentiated capabilities Sustainable returns Strong cost position Technology-led Disciplined capital allocation Long-term growth options Sustainability leader EBITDA margins of 45-50% 29 Anglo American To ask a question: UK +44 20 3481 4247/SA +27 10 500 3945/US+18007159871 Conference ID: 4310130 31#32Footnotes 1. Recordable incidents. Data relates to subsidiaries and joint operations over which Anglo American has management control. Since 2018 data for fatalities, TRIFR and environmental metrics excludes results from De Beers' joint operations in Namibia and Botswana. 2021 fatalities has been restated as a colleague tragically passed away in 2022 following complications after an accident in 2021. Total Recordable Injury Frequency Rate per million hours worked. 16. 17. 2. 3. New cases of occupational disease. 4. 5. 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. Scopes 1 and 2 emissions. 18. 19. 516 7. 8. 9. In 2020, we launched a new integrated social performance management system (Social Way 3.0) which has raised performance expectations and has resulted in continued improvement in our social performance. Sites are expected to have implemented the Social Way 3.0 by the end of 2022. While sites are assessed annually against all requirements applicable to their context, for consistency during the transition period, the metric reflects performance against the Social Way foundational requirements. Metrics on an underlying basis - before special items and remeasurements adjusted to include the Group's attributable share of associates' and joint ventures' results. Copper equivalent production is calculated using long-term consensus parameters and is normalised to reflect the demerger of the South Africa thermal coal operations and the sale of our interest in Cerrejón. Future production levels are indicative and subject to final approval. 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. 20. 21. Inflation variance calculated using CPI on prior period cash operating costs that have been impacted directly by inflation. 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. Cumulative H1 2022 cost & volume improvement in EBITDA is impacted by above-CPI cost inflation of ~$0.5bn and is included within the total target. Other includes the impact of items such as deferred stripping and stock movements. 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. Taxes and royalties include all taxes and royalties both borne and collected by the Group. This includes corporate income taxes, withholding taxes, mining taxes and royalties, employee taxes and social security contributions and other taxes, levies and duties directly incurred by the Group, as well as taxes incurred by other parties (eg customers and employees) but collected and paid by the Group on their behalf. Figures disclosed are based on cash remitted, net of entities consolidated for accounting purposes, plus a proportionate share, based on the percentage shareholding, of joint operations. Taxes borne and collected by associates and joint ventures are not included. Numbers are rounded and not all countries are included on the map where not material and hence, rounding differences occur to Group total. For H1 2022, Peru taxes amounted to $17 million. Prior year comparative has been restated. 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. Capital employed on an attributable basis. Source: Anglo American internal analysis, based on sector outlooks in Wood Mackenzie's 1.5 Degree Scenario, March 2022. Operational carbon neutrality refers to Scopes 1 and 2 greenhouse gas emissions from current operations only. Goal and guidance as announced on 7 May 2020. 10. 11. Copper equivalent unit costs are shown on nominal terms and calculated as the total USD cost base divided by copper equivalent production. Copper equivalent unit cost is normalised to reflect the demerger of the South Africa thermal coal operations and the sale of our interest in Cerrejón. Base metals consists of Copper (Chile and Peru) and Nickel. 22. 23. 24. 12. 13. 14. $1.5bn represents the dividend declared in respect of H1 2022. $2,052m was paid during the period, reflecting the final 2021 dividend ($1.4bn base dividend and a $0.6bn special dividend). 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. Group EBITDA also includes Crop Nutrients, third party thermal coal, exploration expenditure and unallocated corporate costs. 25. Scope 3 reduction ambition refers to a 50% reduction by 2040 against a 2020 baseline. 26. Refer to appendix slide for accounting during ramp-up to commercial production. 27. 100% basis. 300kt average annual production over first ten years. 28. Reserves refers to Ore Reserves. Resource refers to Mineral Resource. Please refer to the most recent Anglo American plc Ore Reserves and Mineral Resources report for more details. 29. At long-term consensus commodity prices. 15. Price variance calculated as increase/(decrease) in price multiplied by current period sales volume. Anglo American 22 32#33⑩AngloAmerican Appendix Anglo American 33 Rope Shovel at Mogalakwena#34⑩AngloAmerican Simplified earnings & guidance Anglo American 34 Papujune Dome at Quellaveco#35H1 2022 simplified earnings by BU $m (unless stated) Sales volume (mined share) Average benchmark price De Beers (Diamonds) Steelmaking Copper Nickel PGMs Iron Ore¹ Coal Other² Total 15.3Mct³ 265kt 16.8kt 1,349koz4 28.3Mt 5.2Mt5 n/a $9,766/t6 $27,602/t6 n/a $150/t $452/t7 Product premium/(discount) per unit n/a n/a $(2,050)/t n/a $13/t8 $(62)/t⁹ Freight/moisture/provisional pricing per unit n/a $(925)/t10 n/a n/a $(28)/t11 n/a Realised FOB Price $163/ct12 $8,841/t $25,552/t $2,747/oz13 $135/t $390/t14 FOB/C1 unit cost $59/ct $3,307/t $10,736/t $948/oz $40/t $160/t14 Royalties per unit $3/ct - 15 $120/t16 $135/oz $6/t17 $52/t18 Other costs per unit 19 $20/ct20 $1,134/t21 $470/t $141/oz22 $8/t23 $(91)/t24 FOB Margin per unit $81/ct $4,400/t $14,226/t $1,523/oz $81/t $269/t Mining EBITDA 543 1,166 239 2,055 2,298 1,399 (77) 7,623 Material processing & trading 25 401 677 1,078 Total EBITDA 944 1,166 239 2,732 2,298 1,399 (77) 8,701 Attributable share ~85% ~85% 100% ~79% ~70%26 100% 100% ~80% See next slide for footnotes and supporting calculations. Anglo American 35#36price Volume Revenue $965/oz 606koz $585m $2,151/oz 467koz $1,005m H1 2022 simplified earnings by BU - notes. PGMs basket price Own mined PGMs basket Platinum Palladium Realised Iron Ore realised price Steelmaking Coal blended price Total iron ore Kumba Minas-Rio Sales Market price Volume Market price28 $150/t $140/t $174/t HCC $467/t 3.9Mt Freight $(23)/t $(20)/t $(29)/t PCI $406/t 1.3Mt Rhodium $17,127/oz 88koz $1,507m Moisture content29 $(5)/t $(2)/t $(13)/t Weighted average steelmaking coal $452/t 5.2Mt Iridium, ruthenium & gold 188koz $256m Lump premium³ $9/t $13/t Base metals & other27 $353m Fe premium³ $5/t $5/t $4/t Total revenue $3,706m Other8 $(1)/t $(1)/t $(2)/t PGM volume4 1,349koz Realised FOB price $135/t $135/t $134/t Basket price (per PGM oz) 13 $2,747/oz 1. Wet basis. Weighted average of Kumba and Minas-Rio. 2. Manganese ($223m), Crop Nutrients ($(18)m), Exploration ($(64)m), unallocated Corporate costs ($(218)m). 3. Proportionate share of sales volumes (19.2% Botswana, 50% Namibia): 6.7 Mct. 4. Own mined sales volumes including proportionate share of joint operation volumes. PGM ounces are reported on a 5E+Au basis. Differences to the half year financial report relate to rounding. Excludes thermal coal sales. 5. 6. LME price, c/lb converted to $/tonne (2,204.62 lbs/tonne). 7. Weighted average of HCC/PCI prices, FOB Aus. See Steelmaking Coal blended price table above. 8. Kumba: 64.0% Fe content, ~66% of volume attracting lump premium; Minas-Rio: 67% Fe content, pellet feed. Includes 'other' of product premium and provisional pricing. See Iron Ore realised price table above. 9. Sales volumes ~75% HCC, averaging 87% realisation of quoted low vol HCC price. 10. Provisional pricing & timing differences on sales. 11. Freight and moisture. See Iron Ore realised price table above. 15. Royalties for Copper Chile are recorded in the income tax expense line, after EBITDA. 16. Royalties for Nickel, in Brazil, are based on production costs incurred. 17. Weighted average. Kumba: $6/t; Minas-Rio: $5/t. 18. From 1 July 2022, additional tiers have been added to the Queensland royalty rates. 19. Includes market development & strategic projects, exploration & evaluation costs, restoration & rehabilitation costs and other corporate costs. 20. Higher than previous period due to increased corporate, marketing, admin costs and FX movements. 21. Includes costs related to Quellaveco, Chagres third-party purchases of concentrate, corporate allocations, offset by adjustments to rehabilitation provisions. 22. Higher than previous period as impacted by stock count adjustment. 23. Weighted average. Kumba: $6/t; Minas-Rio: $10/t. 24. Includes a one-off credit to EBITDA of $250m relating to the finalisation of the Grosvenor gas ignition claim as well as the benefit of the high margin achieved on the sales of thermal coal by- product in Australia. Refer to FY2020 presentation for more typical spend. 25. Principally processing & trading of product purchased from third parties. 26. Weighted average. Kumba: ~53%; Minas-Rio: 100%. 12. The realised price for proportionate share (19.2% Debswana, 50% Namibia) excluding the 12% 27. Nickel, copper, chrome & other metals. trading margin achieved in H1 2022. 13. Price for basket of own mined product per 5E+Au PGM oz. See PGMs basket price table above. 14. Realised price adjusted to include Jellinbah. Unit cost is for managed operations only. Anglo American 28. Kumba: Platts 62% Fe CFR China; Minas-Rio: MB 66% Fe concentrate CFR. 29. Moisture adjustment converts dry benchmark to wet product. Kumba: ~1.6%; Minas-Rio ~9%. 36#37Guidance summary Earnings Capex¹ Volumes Unit costs 2022 depreciation 2022 effective tax rate See slide 38-39 See slide 40 $2.8-3.0bn (previously $3.0bn-3.2bn) 2022 Growth Includes Woodsmith Sustaining ⚫ Baseline • Lifex • Collahuasi desal4 33-35%2 2023 31-35%2 Growth Base dividend pay-out ratio 40% of underlying earnings LT effective tax rate Sustaining ⚫ Baseline ⚫ Lifex ⚫ Collahuasi desal4 2024 Growth Sustaining ⚫ Baseline ⚫ Lifex Collahuasi desal4 LT sustaining $6.1-6.6bn $1.6-2.1bn ~$0.6bn ~$4.5bn ~$3.4bn ~$0.7bn ~$0.4bn $6.0-6.5bn $1.2-1.7bn ~$4.8bn ~$3.5bn ~$0.8bn ~$0.5bn $5.6-6.1bn $1.5-2.0bn ~$4.1bn ~$3.3bn ~$0.6bn ~$0.2bn ~$3.0bn + lifex Other Quellaveco copper project • 2022 capex³: 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 49) 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 49. 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. Excludes the coarse particle recovery capex approved in February 2021. 4. Attributable share of capex. Collahuasi desalination capex shown includes related infrastructure. Anglo American 37#38Production outlook Units 2019 2020 2021 H1 2022 2022F 2023F 2024F 17 32-34 30-33 30-33 Diamonds1 Mct 31 25 32 Copper² kt 638 647 647 273 660-750 910-1,020 910-1,020 Nickel³ kt 43 44 42 20 40-42 41-43 42-44 Platinum Group Metals4 Moz 4.4 3.8 4.3 2.0 3.9-4.3 4.1-4.5 4.1-4.5 Iron ore 5 Mt 66 62 64 28 60-64 64-68 67-71 Steelmaking coal Mt 23 17 15 5 15-17 22-24 24-26 See next slide for footnotes and additional guidance. All guidance subject to the extent of further Covid-19 related disruption. Anglo American 38#39Production outlook - supplementary guidance Copper² Units 2019 2020 2021 H1 2022 2022F 2023F 2024F Chile: 560-600 Chile: 590-650 Chile: 590-650 kt 638 647 647 273 Peru: 100-150 Peru: 320-370 Peru: 320-370 Platinum Group Metals - M&C by metal4 Moz 4.4 Pt: 1.8 Pd: 1.2 Other: 0.8 Pt: 1.99 Pd: 1.35 Other: 0.96 Pt: 0.92 Pd: 0.62 Other: 0.45 Pt: 1.8-2.0 Pd: 1.2-1.3 Other: 0.9-1.0 Pt: 1.9-2.1 Pd: 1.3-1.4 Other: 0.9-1.0 Pt: 1.9-2.1 Pd: 1.3-1.4 Other: 0.9-1.0 Platinum Group Metals - Refined Moz 4.7 2.7 5.1 1.96 4.0-4.4 3.8-4.2 4.1-4.5 Iron ore (Kumba)³ Iron ore (Minas-Rio)9 Mt 43 38 41 17.8 38-40 39-41 41-43 Mt 23 24 23 9.8 22-24 25-27 26-28 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. Venetia continues to transition to underground operations during 2022, with ramp-up expected from 2023. Copper business unit only. On a contained-metal basis. Total copper is the sum of Chile and Peru. Chile production is subject to water availability. Chile production in 2022 impacted by lower expected grades at Collahuasi and Los Bronces, and lower water availability at Los Bronces. Peru production in 2022 subject to progress on ramp-up of operations. All guidance subject to the extent of further Covid-19 related disruption. 1. 2. 3. 4. 5. Total iron ore is the sum of Kumba and Minas-Rio on a wet basis. 6. 7. 8. 9. Nickel operations in Brazil only. The Group also produces approximately 20 kt of nickel on an annual basis as a co-product from the PGM operations. 2023 and 2024 dependent on bulk ore sorting technology and briquetting. 5E+gold produced metal in concentrate ounces. Includes own mined production (~65%) and purchased concentrate volumes (~35%). Subject to the progress of ramp-up of the longwalls and exclude thermal coal by-product from Australia. 5E+gold produced refined ounces. Includes own mined production and purchased concentrate volumes. Refined production is subject to the potential impact of Eskom load-shedding. Volumes are reported as wet metric tonnes (wmt). Product is shipped with -1.6% moisture. Subject to the third-party rail and port performance, as well as weather-related disruptions. 2024 subject to UHDMS plant coming online. Volumes are reported as wet metric tonnes (wmt). Product is shipped with -9% moisture. Anglo American 39#40Unit costs performance by Business Unit De Beers (US$/ct)1 Copper (C1 USc/lb)² Nickel (C1 USc/lb) ~65 150 ~147 487 ~495 58 59 120 377 2021 H1 2022 2022F 2021 H1 2022 2022F 2021 H1 2022 2022F 3 Iron Ore (FOB US$/t)4 Steelmaking Coal (US$/t)5 PGMs (US$/PGM oz)³ 948 ~950 868 2021 H1 2022 2022F 40 ~40 160 33 33 105 ~110 2021 H1 2022 2022F 2021 H1 2022 2022F Spot (mid July) FX rates used for H2 2022 costs: ~17 ZAR:USD, ~1.5 AUD:USD, ~5.5 BRL:USD, ~1,000 CLP:USD, ~4 PEN:USD Note: Unit costs are subject to any further effects of Covid-19 and exclude royalties, depreciation and include direct support costs only. 1. De Beers unit cost is based on De Beers' share of production. 2. The total copper unit cost for 2022F is the weighted average of Copper Chile and Copper Peru based on the mid-point of production guidance. Chile 2022 unit cost is c.150c/lb and is subject to the impact of water availability on production volumes. Peru 2022 unit cost is c.135c/lb and is based on progressing the ramp-up of production volumes. 3. Unit cost is per own mined 5E+gold PGMs metal in concentrate ounce. 4. Wet basis. Total iron ore is the weighted average of Kumba and Minas-Rio based on the mid-point of production guidance. 2022 unit cost guidance for Kumba is $44/t. 2022 unit cost guidance for Minas-Rio is ~ $32/t. 5. Steelmaking Coal FOB/t unit cost comprises managed operations and excludes royalties and study costs. Anglo American 40#41Earnings sensitivities Sensitivity Analysis - H1 20221 Impact of 10% change in price/FX Commodity / Currency 30 June spot Average realised EBITDA ($m) Copper (c/lb)² Nickel ($/lb)³ Platinum ($/oz) Palladium ($/oz) 374 401 254 10.48 11.59 64 915 964 62 1,981 2,147 102 Rhodium ($/oz) 14,000 17,131 169 Iron Ore ($/t) 1204 1355 366 Steelmaking Coal (hard coking coal) ($/t) 302 407 141 Oil price 115 105 32 South African rand 16.38 15.40 425 Australian dollar 1.45 1.39 Brazilian real Chilean peso 5.24 5.07 440 60 925 827 46 46 1. Reflects change on actual results for H1 2022. 2. Includes copper from both the Copper and PGMs Business Units. 3. Includes nickel from both the Nickel and PGMs Business Units. 4. Platts 62% Fe CFR China. 5. Wet basis. Kumba: $135/t; Minas-Rio: $134/t. Anglo American 41#42Capex guidance reiterated. Capex¹ ($bn) Woodsmith ~0.6 Totals 1.2-1.7 Growth 1.0-1.5 1.5-2.0 Collahuasi → ~0.5 ~0.4 desal Collahuasi -0.2 ~0.8 Lifex ~0.7 desal ~0.6 Baseline sustaining ~3.0 ~3.4 ~3.5 + ~3.3 2022F 6.1-6.6 2023F 6.0-6.5 (excl. Woodsmith) 2024F 5.6-6.1 (excl. Woodsmith) 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. Collahuasi desalination capex shown includes related infrastructure. 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 42#43Life extension capex Major components of lifex¹ ($bn) Guidance ~0.7 ~0.8 ~0.6 Mototolo - Der Brochen (PGMs) ~0.1 Kolomela (Iron Ore) ~0.2 ~0.2 Approved ~0.1 Venetia (Diamonds) ~0.3 ~0.3 ~0.3 2022F 2023F 2024F Lifex projects - subject to disciplined capital allocation framework Capex (pa) Volume (pa) From 1 Forecast Returns LOM extension IRR Margin Aquila² (Steelmaking Coal) Venetia Underground (Diamonds) Mototolo - Der Brochen (PGMs) Kolomela (Iron Ore) 1111 Complete ~$0.1bn³ 3.5Mt 2022 7 years³ >30% >40% Approved ~$0.2-0.3bn 4Mct 2023 +24 years >15% >50% Approved ~$0.1bn4 0.25Moz PGMs 2023 +30 years4 >25% >35% Approved ~$0.2bn 4Mt 2024 +3 years5 >20% >35% Jwaneng (Diamonds) Approved ~$0.1bn6 9Mct6 2027 +9 years >15% >50% 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. Per the Anglo American plc Ore Reserves and Mineral Resources Report 2021, 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. Lifex for Grasstree underground mine within Capcoal complex. Reflects attributable share of capex and production. Longwall production commenced in February 2022. Remaining capex spend in 2022 is <$0.1bn. 4. 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 LOM beyond 30 years. 5. This project adds three years to the life of mine (LOM), which is included in the disclosed 13 year LOM. 6. Attributable share of capex. 100% of production volumes. Capex spend <$0.1bn in certain years therefore not shown on graph above. Anglo American 43#44Key projects driving growth capex Major components of growth capex¹ ($bn) Guidance 1.0-1.5 1.2-1.7 1.5-2.0 +0.6 Woodsmith ~0.22 Quellaveco2 (Copper) ~0.1 ~0.62 ~0.5 Mogalakwena (PGMs) Unapproved Sishen (Iron Ore) Approved ~0.1 Collahuasi 5th ball mill³ (Copper) ~0.13 ~0.4 ~0.2 Moranbah-Grosvenor (Steelmaking Coal) Unapproved ~0.1 ~0.5 Technology & innovation ~0.5 ~0.3 2022F 2023F 2024F 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. 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 -$0.1bn is the approved capex spend for the 5th ball mill only (first production expected in -2023), other near-term initiatives under phase 1 are under study. Anglo American 44#45Attractive greenfield and brownfield options Growth capex¹ ($bn) Long life greenfields and fast returning brownfields Capex Volume (pa) From¹ Payback Forecast Returns IRR Margin Quellaveco (Copper) Delivered ~$2.8bn² +300kt² 2022 ~4 years >15% >50% Marine Namibia (Diamonds) Delivered $0.2bn³ +0.5Mct³ 2022 ~3 years >25% >60% Sishen (Iron Ore) Approved ~$0.2bn ~$1/t4 premium 2023 & 3-4 year LOM ~6 years >30% >40% Collahuasi Phase 15 (Copper) Approved ~$0.3bn +50kt 2023 ~4 years >30% >50% Woodsmith (Crop Nutrients)6 Approved Mogalakwena expansion (PGMs) Ongoing Optimisation of development timeline and design ongoing Progressing the six workstreams for the Future of Mogalakwena to drive the best value outcome Moranbah-Grosvenor (Steelmaking Coal) -2023 ~$0.3bn +2.5Mt7 2025 ~5 years >15% >50% Collahuasi Phase 2 (Copper) ~2024 Studies underway for next stage expansion; potential up to +100ktpa from 2028 Technology & innovation Ongoing $0.2bn to $0.5bn pa 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. Excludes the impact of potential additional Covid-19 disruption. 100% of production volumes; 60% attributable share of production: 180ktpa. 3. Attributable share of capex. 100% of production volumes. 4. This capex refers to the implementation of Ultra High Dense Media Separation (UHDMS) technology at Sishen. -$1/t premium applies to -50% of volumes. 5. Attributable share of capex and production volumes. The 5th ball mill has been approved, other near-term initiatives (e.g. leaching) under phase 1 are under study. 6. Capex spend for 2020, 2021 and 2022 is approved. Ongoing technical review confirmed there are several improvements to modify design to bring it up to Anglo American's safety and operating integrity standards and optimise value for the long term. Final design engineering under way; capex & schedule then subject to Board approval. 7. Attributable share of capex and production volumes. Moranbah-Grosvenor complex processing capacity increases by +3.5Mtpa ROM. This is equivalent to +2.5Mtpa saleable production, our attributable share. Dependent on progress of longwall operations post-restart of Grosvenor mine. Anglo American 45#46Technology & 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 Initiative Application Bulk ore sorting Copper, PGMs & Nickel Coarse particle recovery (CPR) Copper, PGMs & Iron Ore Hydraulic dry stack Copper, PGMs nuGen™ Zero Emissions Haulage Solution (ZEHS) Portfolio-wide Impact Deliver improved feed grade to plants through early rejection of waste, resulting in energy, water and cost savings Innovative flotation process allows material to be ground to a larger particle size, rejecting coarse gangue and allowing water to release from coarser ore particles, improving energy efficiencies and water savings Engineering of geotechnically stable tailings facilities that dry out in weeks, facilitating up to 85% water recovery Developing the world's largest hydrogen powered mining truck and providing critical supporting infrastructure such as refuelling, recharging, and facilitation of hydrogen production to decarbonise high power transport, using renewable energy . • • Progress Mogalakwena (PGMs) North Concentrator (~70% of complex feed) and Los Bronces (Copper) Confluencia Plant (~65% of complex feed) units operational and integration to business as usual is under way Barro Alto (Nickel) in-pit unit to commence upgrades in H2 2022 for improved future sorting performance, and additional in-pit unit under technical evaluation Planning for trials at Kolomela (Iron Ore) under way Demonstration plant construction and commissioning completed in 2021 at El Soldado (Copper), with further testing in progress Constructing full scale system at Mogalakwena North concentrator (PGMs) - start-up anticipated Q4 2022 CPR approved at Quellaveco (Copper) to treat flotation tails, improving recoveries by ~3% over the LOM. Commissioning expected in late 2023 Feasibility work continues at Los Bronces (Copper) & Minas-Rio (Iron Ore). Options being investigated at Collahuasi (Copper) El Soldado (Copper) demonstration unit commissioned. Full-scale operation is under and validation will continue until Q1 2023 way Assessing application to tailings expansion at Mogalakwena (PGMs) with benefits from water quality and quantity improvements. Brownfield trial starting in Q3 2022 Launched prototype ZEHS hydrogen-powered mine haul truck at Mogalakwena (PGMS) - the world's largest, designed to operate in everyday mining conditions Non-binding terms to combine nuGenTM ZEHS with First Mode, specialist engineering technology company - our partners in prototype development Supporting decarbonisation of global fleet of ~400 ultra-class mine haul trucks Anglo American 46#47Quellaveco financial modelling Ownership Accounting treatment Project capex (nominal)1 Construction time / first production Production (copper equivalent)1 (ktpa) By-products³ 2022 C1 unit cost ($/lb) 4 Grade (%TCu)5 Anglo American 60%, Mitsubishi 40% Fully consolidated with a 40% minority interest Shareholder loans from minority shareholder consolidated in Anglo American net debt $5.5 billion (100% basis - Anglo American share 60%, Mitsubishi share 40%) <4 years, from August 2018. First production announced 12 July 2022 ~330 ave. over first 5 years ~300 ave. over first 10 years ~220 ave. over 36 year Reserve Life² ~6ktpa contained molybdenum (ave. over first 10 years), with silver content ~135c/lb (based on production guidance of 100-150kt) 0.84% ROM ave. over first 5 years 0.73% ROM ave. over first 10 years 0.53%² ROM ave. over 36 year Reserve Life² Stay-in-business capex (real)6 ~$70 million pa Tax rate ~40% 1. Excludes the coarse particle recovery unit approved in February 2021. Production volumes based on the feasibility study completed in 2018. 2. Please refer to the most recent Anglo American plc Ore Reserves and Mineral Resources Report for more details. 3. By-product credits are included in the C1 unit cost and volumes are based on the feasibility study completed in 2018. 4. Subject to progressing the ramp-up of production volumes. 5. Grade based on feasibility study completed in 2018. 6. 100% basis. Excludes deferred stripping. Anglo American 47 47#48Quellaveco accounting - ramp up & commercial production Ramp up from first production 12 months from first production 2022 Production C1 unit cost - nominal Accounting treatment considerations Ramp up to commercial production Accounting treatment considerations once commercial production is reached 100-150kt ~$1.35/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 1.2022 is a ramp-up year and therefore C1 unit costs will be highly dependent on production achieved, and subject to further Covid-19 impacts. 2. Revenue will be recognised in line with the IAS 16 amendment published in May 2020, which states that revenues generated (from first sale) by an asset in construction must be recognised in the income statement as revenue, along with the related cost of production. Anglo American 48#49Quellaveco accounting - debt After the initial $0.8bn equity injection by Mitsubishi, the project was 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 (~$5.5bn¹ total project capex) $bn 2018 2019 2020 2021 2022F2 2023F2 Total 100% project capex 0.3 1.3 1.3 1.3 1.0 <0.3 5.5 Less: subscription (0.3) (0.5) (0.8) Consolidated net Net capex 0.8 1.3 1.3 1.0 <0.3 4.7 debt (cash funded by Our 60% share 0.5 0.8 0.8 0.6 <0.2 2.8 Anglo and reported within growth capex) Mitsubishi 40% share 0.3 0.5 0.5 0.4 <0.1 1.9 Recognised as Interest on facility Capitalisation of borrowing costs on shareholder facility finance costs³ 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 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 Consolidated net debt (cash funded by Mitsubishi but reported within our other net debt movements) 49#50llo Map of Quellaveco Loader Transportation jetway Anglo American Moquegua River ~165km to port Storage dome Asana Moquegua Tambo River Tumilaca River Asana Capillune River PAPUJUNE CONCENTRATING PLANT 3.5 km conveyor 3.1 km belt tunnel Flotation Mill area area Dome PAPUJUNE CONCENTRATING 3.5 km conveyor 3.1 km PLANT Mill area Flotation Dome area Thickeners belt tunnel Thickeners. Primary crusher MINING AREA Site TAMBO RIVER Primary crusher MINING AREA Site Asana River diversion tunnel TITIRE RIVER Titire River water intake Coralaque Vizcachas River The water pipe is 95km long. Asana River diversion tunnel ASANA RIVER Asana River VIZCACHAS DAM The dam is 41 meters in height, with a capacity of 60 million m³. 50#51⑩AngloAmerican Business Units results BENGUELA GEM Anglo American Benguela Gem - Cape Town#52Diamonds strong demand & operational - performance Production1 Sales (Cons.)² Average price index Realised price³ Underlying Mining Unit cost4 EBITDA margin5 Capex H1 2022 16.9Mct 15.3Mct 140 $213/ct $59/ct $944m 53% $250m vs. H1 2021 ↑ 10% ↓20% ↑ 28% 58% 0% ↑ 55% ↑ 11pp ↑ 22% Underlying EBITDA ($m) 438 610 0 987 (61) -21- (64) 944 H1 2021 Price FX Inflation 1. Shown on a 100% basis except for the Gahcho Kué joint operation, which is on an attributable 51% basis. 2. Sales of 17.3Mct on a 100% basis. Cost & volume Other H1 2022 3. 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. 4. De Beers unit costs are based on consolidated production and operating costs, excluding depreciation and special items, divided by carats recovered. 5. Represents the underlying EBITDA margin for the mining business. It excludes the impact of the sale of non-equity product by De Beers. Anglo American 52#53Copper - solid performance despite water constraints H1 2022 vs. H1 2021 Underlying EBITDA ($m) Production Sales1 Realised price¹ Underlying Unit cost² EBITDA³ Mining margin³ 273kt 265kt 401c/lb 150c/lb $1,166m 47% Capex4 $953m 17% ↓13% 13% ↑ 29% ↓40% ↓ 19pp ↑ 24% 1,935 (228) 123 (112) 1,718 (411) (141) 1,166 H1 2021 Price FX Inflation Cost & volume Other H1 2022 1. Excludes impact of third-party sales. 2. Includes by-product credits. 3. Includes exploration and evaluation costs, restoration and rehabilitation costs, and other corporate costs, excludes impact of third party trading activities. Quellaveco included in underlying EBITDA but excluded from mining margin and unit costs due to production commencement in Q3 2022. 4. Includes Quellaveco capex of $376 million, which represents the Group's 60% share after deducting direct funding from non-controlling interests. H1 2022 Quellaveco capex on a 100% basis was $626 million. Anglo American 53#54Nickel - strong pricing underpins earnings H1 2022 vs. H1 2021 Production1 Sales1 Realised price Underlying Mining Unit cost EBITDA margin Capex 19.6kt 16.8kt 1,159c/lb 487c/lb $239m 59% $32m 5% ↓16% ↑ 61% ↑ 39% ↑ 77% ↑ 18pp ↑ 220% Underlying EBITDA ($m) 135 162 -(6) 278 (13) (45) 239 H1 2021 Price FX Inflation Cost & volume Other H1 2022 1. Nickel BU only. Anglo American 54 54#55PGMs - solid margins drive earnings Production1 Sales2 Realised basket price² Underlying Mining Unit cost³ EBITDA margin4 Capex H1 2022 1,988koz 2,044koz $2,671/PGM oz $948/PGM oz $2,732m 55% $394m vs. H1 2021 ↓4% ↓20% ↓7% ↑ 9% ↓38% ↓16pp ↑ 9% Underlying EBITDA ($m) 4,383 (947) 3,481 134 (89) (684) 2,732 (65) H1 2021 Price FX Inflation F Cost & volume Other H1 2022 1. Production is on a metal in concentrate basis. 2. Excludes trading volumes. Basket price on a per PGMs basis (own mined and purchased concentrate). 3. Own mined 5E+Au PGMs metal in concentrate production. 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. Anglo American 55#56Iron Ore Total - impacted by lower prices H1 2022 vs. H1 2021 Production¹ Sales1 Realised price (FOB)1 Unit cost (FOB)1 Underlying Mining EBITDA margin Capex 27.5Mt 28.3Mt $135/t $40/t $2,298m 51% $427m ↓14% ↓8% ↓36% ↑ 21% 53% 19pp ↑ 54% Underlying EBITDA ($m) 4,910 (2,216) 2,810 153 (37)- (374) 2,298 (138). H12021 Price FX Inflation Cost & volume Other H1 2022 1. Wet basis. Kumba product is shipped with -1.6% moisture. Minas-Rio product is shipped with -9% moisture. Anglo American 56 56#57Kumba (Iron Ore) - lower prices drive earnings H1 2022 vs. H1 2021 Realised price Production1 Sales1 (FOB) 1,2 Unit cost (FOB)1 Underlying EBITDA Mining margin Capex 17.8Mt 19.6Mt $135/t $43/t $1,570m 54% $355m ↓13% 0% ↓38% ↑ 8% ↓48% 15pp ↑ 69% Underlying EBITDA ($m) 3,033 (1,692) 1,492 1,570 171 (20) 93 (15) H1 2021 Price FX Inflation Cost & volume Other H1 2022 1. Wet basis. Product is shipped with -1.6% moisture. 2. Break-even price of $66/t for H1 2022 (H1 2021: $26/t) (62% CFR wet basis). Anglo American 57 57#58Minas-Rio (Iron Ore) - impacted by prices & operational performance H1 2022 vs. H1 2021 Underlying EBITDA ($m) Production1 Sales1 Realised price (FOB)1 Unit cost (FOB)1 Underlying EBITDA Mining margin Capex 9.8Mt 8.7Mt $134/t $35/t $728m 45% $72m ↓15% ↓22% 33% ↑ 59% ↓61% 28pp ↑ 6% 1,877 (524) 1,318 (18)- (17)- (467) 728 (123) H1 2021 Price FX Inflation Cost & volume Other H1 2022 1. Wet basis. Product is shipped with -9% moisture. Anglo American 58#59Steelmaking Coal – focused on a safe & stable ramp-up H1 2022 vs. H1 2021 Underlying EBITDA ($m) Production¹ Sales1 Realised price² Unit cost³ Underlying EBITDA Mining margin Capex 4.8Mt 5.2Mt $397/t $160/t $1,399m 63% $265m ↓22% ↓13% ↑ 245% ↑ 29% n/a ↑ 76pp ↑ 3% 1,121 1,399 283 1,053 63 44 (18) (94) H1 2021 Price FX Inflation Cost & volume Other4 H1 2022 1. Excludes thermal coal. 2. Weighted average HCC and PCI realised price at managed operations. Excludes thermal coal. 3. FOB unit cost at managed operations excluding royalties and study costs. 4. Includes a credit to EBITDA of $250m relating to the finalisation of the Grosvenor gas ignition claim. Anglo American 59#60⑩AngloAmerican Liquidity Anglo American 60 Stacker Reclaimer at Kolomela#61Strong liquidity & limited near-term debt maturities. Liquidity1 $17.3bn $9.2bn cash +$8.1bn undrawn committed facilities Majority of cash held centrally in US dollars Strong Investment Grade credit metrics and ratings with positive outlook² Weighted average bond maturity is 7.7 years, increased through recent 30 year issuance 1. At 30 June 2022. 2. S&P and Fitch - positive outlook; Moody's - stable outlook. Anglo American Debt repayments ($bn)1 2.0 1.8 1.4 1.2 1.2 1.0 0.9 0.7 0.6 0.4 0.3 0.8 0.5 0.5 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2050 2052 Euro bonds US$ bonds GBP bonds Subsidiary financing % of portfolio 19% 63% 3% 15% Capital markets 85% Bank 1% Other 14% US bonds Euro bonds GBP bonds Subsidiary financing 61#62⑩AngloAmerican Portfolio overview 62 Anglo American 62 Copper pipes#63Portfolio overview - key assets1 Gahcho Kué 3.2Mcts2 Quellaveco ~300kt4 Barro Alto 34kt Woodsmith project-10Mtpa³ Diamonds (De Beers) Copper PGMs Iron ore Steelmaking coal Nickel Crop nutrients Marine Namibia 1.1 Mcts² Jwaneng/Orapa 22.3Mcts2 Moranbah-Grosvenor 3.1 Mt8 Collahuasi 277kt5 Los Bronces 328kt 1.2021 production for operating assets. Minas-Rio 23Mt6 Sishen/Kolomela 41 Mt6 2. De Beers production is on a 100% basis, except for the Gahcho Kué joint venture which is on an attributable 51% basis. 3. Woodsmith polyhalite production estimate, post ramp up. 4. Quellaveco production average over first 10 years. 100% of production volumes. 5. Anglo American's 44% share of Collahuasi production. 6. Wet basis. Venetia 5.3Mcts² Mogalakwena 1.2Moz7 Amandelbult 0.8Moz7 7. Ounces refer to troy ounces. Own mined metal in concentrate production of PGMS: 5E+Au (platinum, palladium, rhodium, ruthenium and iridium plus gold). 8. 2021 production at Moranbah-Grosvenor was impacted by the suspension of longwall operations at Grosvenor following the underground gas incident, and at Moranbah from 21 February 2021 until 3 June 2021 in response to elevated gas levels. Production at Grosvenor restarted in February 2022. 2019 production is more reflective of a normal level of production for these assets, which was 10.9Mt. Anglo American 63#64A differentiated portfolio of high quality assets Revenue by product¹ % PGMs 29 Iron Ore 23 Diamonds (De Beers) 18 Copper Steelmaking Coal 11 Nickel Manganese Corporate & Other 1. Group revenue by product based on business unit. Anglo American 13 2 2 2 0 64#65Commodity outlook - medium to long term • Diamonds Global economic recovery and growing disposable income drives higher consumer demand • Global supply of rough diamonds expected to slightly decline due to lack of significant recent discoveries • Copper Demand is robust in the long term and accelerated decarbonisation presents further upside • PGMs Bulks • • • Supply growth is increasingly challenging due to heightened ESG, technical and sovereign risks PGM loadings to rise further with introduction of next generation of emissions standards in mid-2020s. Further substitution of platinum for palladium likely in petrol vehicles. BEV share continuing to expand over the near to long term Longer term: palladium and rhodium tightness eases; expected platinum demand growth from hydrogen fuel cells & industrial uses Supply expected to be, at most, stable Iron ore: In a decarbonising world, iron ore is vital and premium grade iron ore will be preferred. Expected growth in India and the rest of Asia to drive demand. Supply expected to be able to respond Steelmaking coal: Demand growth shifts from China to India, while supply growth is limited Other • • Anglo American • Nickel: Robust growth in stainless steel & EV battery demand matched by growth in primary supply and recycling Manganese: ~10kg alloy (approx. 6kg contained manganese) used per tonne of all steels POLY4: Fertiliser demand increasing owing to a growing, wealthier population and finite land resources 65#66De Beers: world leader in diamonds Best-in-class business... Mining EBITDA margin¹ 49% Trading margin (typical level)² ~7% ...focused on consumers Global Diamond Jewellery Demand³ USA China 11 Gulf India Rest of world % 54 255 2 26 4 Self purchases4 Millennials4 LGD price drops continue5 ~39% ~64% ~75% of demand of US demand discount to natural & growing 1. Represents an average underlying EBITDA margin for the mining business from 2019- H1 2022. It excludes the impact of the sale of non-equity product by De Beers. 2. Typical range for trading margin. Improved H1 2022 margin of 12% reflects trading benefits from the strong recovery in the market. 3. De Beers Strategy Insights and Analytics estimates - global diamond jewellery demand. 4. De Beers commissioned study, US Diamond Acquisition Study 2022. 5. At wholesale and retail, LGD prices have dropped and continue to drop, for all sizes and qualities, online and offline, vs natural diamond equivalent product. 6. Estimate using online prices for 1ct of all colours and clarities as of June 2022. Lab Grown Diamonds (LGD) continue to see significant price reductions at the retail level differentiating the product from natural diamonds. Anglo American 66#67A growing, world class copper business Quality assets with growth Collahuasi 277 ktpa¹ ktpa¹ (our share) Reserve life 86 years² High value portfolio with long term potential ~1 Mtpa1 from 2023 at mid to low Q2 cost position Los Bronces 328 ktpa¹ Reserve life 36 years² Quellaveco ~300 ktpa¹ Reserve life 36 years² ~950 ~1,000 647 20213 2023F Long term With further growth potential from new projects, such as Sakatti (Finland) 1. Reported basis. 100% for Los Bronces and Quellaveco. Attributable share for Collahuasi. Collahuasi & Los Bronces: 2021 production; Quellaveco: production average over first 10 years. 2. Please refer to the most recent Anglo American plc Ore Reserves and Mineral Resources Report for more details. 3. Includes production from Collahuasi, Los Bronces and El Soldado mine. Anglo American 67#68World leader in PGMs Asset focused Own mined production - by volume 1. Mogalakwena 2. Amandelbult 63% Mining EBITDA margin 54% Mining EBITDA margin 3. Processing purchased concentrate¹ 27% EBITDA margin¹ 1. Including tolling. Represents an average margin for processing purchased concentrate from 2020-H1 2022. Anglo American Own mined production - by revenue % % Platinum 46 Rhodium 45 Palladium 35 Palladium 30 Ruthenium Rhodium Gold Iridium 8632 Platinum Ruthenium 17 Gold Iridium 4014N N 2 68#69PGMs market Platinum demand¹ % Automotive 35 Jewellery 22 Industrial 43 ICE vehicles vast majority of light vehicles² Global light duty vehicle production outlook (million vehicles) 82 2022 106 2028F 1. Source: Johnson Matthey 2021 demand on a gross basis. 2. Source: LMC Automotive, Q1 Global Engine Forecast. Anglo American Battery Hybrid (Pt, Pd, Rh) Gasoline (Pd, Rh) Diesel (Pt) Basket price driven by Pd and Rh Ал Rhodium +469% 2019 2020 2021 2022 PGM Basket +149% Palladium +49% Platinum +15% 69#705E Platinum group metals Platinum Global mined supply1 Our supply Palladium ~6 ~2 ~$1.6bn Spot revenue² See previous slide for demand data Pt & Pd interchangeable in autocats ~4g Pt/diesel car Broad range of emerging applications Ruthenium Large producer ~95% Industrial demand Applications mainly in electronics & chemicals ~$300m • Hard disks • Semiconductors • Chloralkali electrodes Rhodium ~7 ~0.3 Industrial Pt & Pd convert harmful carbon monoxide & 14% ~$2.5bn hydrocarbons to CO2 ~$4.2bn 86% Autocatalysts ~2g/diesel car Autocatalysts ~4g/gasoline car ~0.7 ~90% of demand is autocatalysts demand Converts harmful NOx to nitrogen Not easily substituted ~0.5g/gasoline car Iridium Large producer Prices ($/oz) Spot² ~95% Platinum 800 Industrial demand Palladium 1,900 Hardness & high melting point support unique applications: Rhodium 13,900 ~$500m . Spark plugs Ruthenium 600 • Biomedical uses, crucibles ⚫PEM electrolysis (demand growth opportunity) Iridium 4,800 1. Our share & market supply data are million ounces based on 2021 refined production. Demand data is 2021 net of recycling. Sources: Platinum, Palladium, Rhodium: Johnson Matthey. 2. Illustrative revenue for 2022 based on rounded spot prices on 14 July 2022. Anglo American 70#71Structural trends favouring high quality bulks Iron Ore: high quality products Kumba production Minas-Rio production ~64% Fe of which 66% is lump ~67% Fe Pellet feed products Production (Mt)1 66 66 62 62 Steelmaking Coal: premium products High quality portfolio -80% Hard coking coal (typical level)² Production (Mt) 64 23 60-64 17 15-17 15 2019 2020 2021 2022F 2019 20203 20213 2022F3 1. Wet basis. 2. Production basis. 3. 2020-2022 production impacted by operational challenges. Anglo American 71#72Woodsmith: a clear strategic fit Quality asset Competitive product Progressing project infrastructure 27 year life1 Based on Ore Reserves ~10Mtpa POLY4 produced post ramp up ~$1.1bn invested to date Key permits in place $40-50/t unit cost >50% margin potential Low carbon, organic² 85% less carbon emissions³ ~$0.6bn 2022 capex Optimisation of development timeline and design ongoing5 1. Please refer to the most recent Anglo American plc Ore Reserves and Mineral Resources Report for more details. 2. Organically certified. Currently certified for organic use in EU and North America with other certification pending for approval. 3. Up to 85% lower carbon emissions than the equivalent conventional nutrient products, with little to no waste generated in its production and minimal processing required. 4. This represents capex invested to date by Anglo American: $0.3bn capex in 2020, $0.5bn capex in 2021 and H1 2022 $0.2m - difference due to rounding. 2022 capex guidance of -$0.6bn is approved. 5. Final design engineering under way; capex & schedule then subject to Board approval. Anglo American 72#73⑩AngloAmerican Our transformation journey Anglo American 73 Reforestation at Airton Costa, Codemin in Brazil#74Our improvement journey Portfolio restructuring Technical reconfiguration Operating Model & processes P101 cost & volume Incremental growth & debottlenecking New projects Mining EBITDA margin¹ 52% 45-50% 35% 2013 H1 2022 2023F Margin based on long- term consensus commodity prices (which are 35% lower than the H1 2022 basket price) 1. 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. Anglo American 74#75A transformed business... Portfolio restructuring Production index¹ Productivity index² Cu Eq unit cost³ Operating Model and technical improvements Covid disruption 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 1. 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. 2. Productivity is calculated as adjusted copper equivalent production divided by the average direct headcount from consolidated mining operations. 3. Copper equivalent unit costs are shown on nominal terms and calculated as the total USD cost base divided by copper equivalent production. Anglo American 86% Productivity2 ↓5% Unit costs³ ~60% Number of assets 75 15#76⑩AngloAmerican Innovation & technology Anglo American 76 Hydrogen Truck at Mogalakwena#77A sustainable future for mining 40kg Cu: 1900 Today Future 0.5% Cu 6m³ water 24t waste 160 KWhr 4% Cu 3m³ water 1t waste 10 KWhr 8t ore 1t ore Anglo American Ever increasing scale Reduced footprint Ore-only extraction Carbon neutral Water-less Precise. Predictable. Reliable 77#78Operational excellence underpins transformation Operating Model: delivering stable & predictable outcomes Work is planned, scheduled and properly resourced Stable and consistent performance Safer and lower cost P101: achieving & redefining best-in-class performance Focused on the key equipment for each asset Identify route to industry best-in-class and beyond Optimise: higher tonnes and/or lower equipment costs 1. Global throughput (Los Bronces and Confluencia) Anglo American Performance 200 Stabilisation at higher performance Target spec line 200 180- UCL 210.93 CL=104.00 Stabilisation at still 140 Further improvement impacting stability higher performance Low stability 120- & high variation Example: dominant constraint at various assets & their improvement to achieve P101 over the last 3 years (% Capacity) 3% 21% 10% 99 101 101 104 92 P100 84 79 82 82 Jwaneng (plant) Los Bronces (plant)1 Barro Alto (plant) 2019 2020 2021 78#79Innovative technologies in development & roll-out Bulk Ore Sorting Sensors determine ore content prior to processing Delivers improved feed grade to plants Waste rejected early: • • Grade uplift: +5% to 20% • Energy, water & cost savings Capital cost $10m to $80m (volume dependent) Deployed in Copper, Nickel and PGMs Planning for trials for Iron Ore Bulk Ore Sorter-Mogalakwena Mine Barro Alto (Nickel) • Initial installation October 2019 . Testing completed August 2020 . In-pit unit operational with upgrades commencing H2 2022 for improved future sorting performance & additional in-pit unit under technical evaluation Mogalakwena (PGMs) • Initial installation June 2019 Testing completed November 2020 • Full scale North Concentrator unit (~70% of total complex feed) operational, integration to business as usual is under way Los Bronces (Copper) • Initial installation and testing completed in 2021 • Confluencia Plant (~65% of complex feed) unit operational and integration to business as usual is under way Anglo American 79#80Innovative technologies in development & roll-out Coarse Particle Recovery Flotation process changed An enabler for hydraulic dry stacking Allows material to be crushed to larger particle size: ⚫Throughput increase: +15% to 20% • 20% energy reduction per tonne¹ • Up to 85% water recovery with hydraulic dry stack Capital cost $10m to $150m El Soldado (Copper) • Demo plant construction & commissioning completed in 2021 • Further testing in progress particle recovery unit Mogalakwena North (PGMs) • Constructing full scale system • 100% of volume Quellaveco (Copper) Commissioning expected late 2023 • Treatment of tailings • Start up anticipated Q4 2022 • Recoveries c. +3% over LOM Next planned rollouts Feasibility work continues at Los Bronces (Copper) & Minas-Rio (Iron Ore) • Collahuasi - investigating options 1. Total energy consumed remains the same, but CPR allows the throughput to increase, hence our energy efficiency improves, and energy consumed per tonne treated reduces. Anglo American 80#81Innovative technologies in development & roll-out Hydraulic Dry Stacking Low cost, safe, geotechnically stable dry tailings • Eliminate risk of liquefaction • Increases water recovery - 85% Can be repurposed, benefiting host communities and biodiversity Hydraulic Dry Stacking demonstration at El Soldado El Soldado (Copper) • El Soldado demonstration unit commissioned (pictured) • Full-scale operation is under way and validation will continue until Q1 2023 Mogalakwena (PGMs) Assessing application to tailings expansion with benefits from water quality and quantity improvements • Brownfield trial starting in Q3 2022 Anglo American 81#82Innovative technologies in development & roll-out nuGen™ Zero Emissions Haulage Solution • Developing world's largest hydrogen powered mine haul truck, including associated refuelling infrastructure Launched prototype in Q2 2022 50% to 70% reduction in emissions (Scopes 1 and 2 for open pit mines), while maintaining operating cost structure Powered by local solar plant to enable production of green hydrogen via electrolysis Non-binding terms to combine nuGenTM ZEHS with First Mode, specialist engineering technology company - our partners in prototype development Supporting decarbonisation of global fleet (currently ~400 trucks) PGMs ⚫ ~40 truck rollout planned to start in 2024 at Mogalakwena Anglo American Hydrogen fuel cell unit in haul truck at Mogalakwena Copper Diamonds • Assessing rollout plan for initial ~86 trucks starting in 2025 Assessing rollout plan for ~70 trucks Iron Ore •Assessing rollout plan for 119 trucks 22 82#83Innovative technologies in development & roll-out Advanced Process Control (APC) . • • Uses process models, replaces manual control of processes Optimises process performance Up to 40% improvements in stability & productivity at certain operations 4% reduction in water consumption at Los Bronces grinding mills 4-12% energy reductions from APCs controlling SAG mills 80% reduction in plant micro-stoppages from plant-wide optimisers in South Africa and Brazil Already delivering value at: • Minas Rio (Iron Ore) • Los Bronces (Copper) • Chagres (Copper) • Quellaveco (Copper) Anglo American Further roll-out: Control room at Polokwane smelter • Kumba (Iron Ore) • Mogalakwena (PGMs) • Venetia (Diamonds) . Benguela Gem (Diamonds) • Ambition for 95% of automatable processes within our plant flowsheets to be under Advanced Process Control by end of 2022 83#84Innovative technologies in development & roll-out Integrated Data Solutions • Industry-first dedicated digital platform to deliver data-driven insights for mining operations Integrated suite of applications across the mining value chain Creating a set of Digital Twins Enabling each application to deliver insights and optimisation powered by the full picture Creating a data-driven organisational culture to make our mining operations safer, more reliable, and more effective TM Delivers the Intelligent Mine pillar of FutureSmart Mining T For example, as an integrated digital platform, VOX3L™ allows geologists to rapidly develop ore body models using cloud computing, optimises the running of our processing plants using machine learning, and helps our business improvement team optimise mine planning across the value chain Technology • Built on a scalable, cloud-based platform ensuring common standards and cohesion • Connected to an industry-first data lake linked to live data from Anglo American operations Process • VOX3L™ Consultancy Services to support value realisation Deployment teams to ensure seamless integration & change management into Business Units and sites People • Data and Digital Literacy upskilling our workforce, preparing them for digital transformation . Enhancing the skills of the communities in which we operate Anglo American 84#85Innovative technologies in development & roll-out • • • Sustainability: Carbon Neutrality • Vent-air methane abatement • Developing improved Regenerative Thermal Oxidation and other technologies Addressing ~10-15% of Scopes 1 & 2 emissions Energy storage Novel "flow" battery technologies Energy eco-system models CO2 sequestration • Mineral and Nature based solutions Accelerating path to neutrality nuGen hydrogen trucks • Piloting the world's first Hydrogen Ultra-Class truck Deep development of on-site re-fuelling H2 infrastructure . • Others Hard rock cutting (safer, continuous production & reduction in GHG) Novel leaching (+15% recovery, +$3-6/t) EDS/Shockbreak (30% reduction in energy intensity, 3% increase in recovery and reduced water usage) Safety: collision avoidance, underground connectivity Pilot photovoltaic plant, built over a tailings pond - Las Tortolas, Chile Anglo American 85#86⑩AngloAmerican Sustainability performance Anglo American 86 Minas-Rio Seedling Nursery#87Our Purpose 'Re-imagine mining to improve people's lives' Our Strategy Anglo American Innovation Operating Model P101 Marketing Model FutureSmart Mining™ Technology, Digitalisation and Sustainability working hand in hand. Technology & Digitalisation Sustainability Sustainable Mining Plan Healthy environment Thriving communities Concentrating the Mine" Water-less Mine III Trusted Modern Mine Intelligent Mine corporate leader Collaborative Regional Development Regional spatial analysis Planning and implementation in partnership 87 88#88Our Sustainable Mining Plan at the heart of our strategy Our Sustainable Mining Plan Our Plan has three Global Sustainability Pillars, with three stretch goals under each one Partnership and engagement O Healthy Environment Climate change Biodiversity Water usage Environment Thriving Communities Education Health and wellbeing Livelihoods Social Governance Trusted Corporate Leader Accountability Policy advocacy Ethical value chains Collaborative Regional Development Our innovative partnership model to catalyse independent, scalable and sustainable economic development in regions around our operations - the objective being to improve lives by creating truly thriving communities that endure and prosper well beyond the life of the mine. Our five-year Group Function and site plans We have tailored five-year local plans for each of our sites and group functions to address the unique challenges across our operations. We've aligned each one to our Global Sustainability Pillars and stretch goals. Our Critical Foundations Leadership and culture The common requirements we've put in place to make sure we're operating all aspects of our business responsibly. Zero harm Human rights Inclusion and diversity Group standards and processes Compliance with legal requirements Anglo American Partnership and engagement 88#89Active route to a more sustainable world 2020 2021-22 2030 2040 8% energy efficiency¹ 22% saving in GHG emissions1 SA Thermal Coal demerger completed² Cerrejón sale of shareholding completed² 100% renewable South America electricity Advisory Resolution on Climate Change Report at 2022 AGM EDF Renewables MOU 30% improvement in energy efficiency³ 8 sites carbon neutral4 South Africa renewable energy 30% absolute reduction in GHG emissions³ Net positive impact delivered on biodiversity5 50% Reduction in water Carbon neutrality across our operations4 50% Scope 3 reduction ambition Improve efficiency Invest in innovation Switch to renewables Transition the portfolio Balance residual emissions 1. 2020 Energy and GHG (Scopes 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 was completed on 11 January 2022 following receipt of the relevant regulatory approvals. The agreement is effective 31 December 2020 and, therefore, economic benefits from 1 January 2021 have not accrued to Anglo American. 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 89#90Operations carbon neutral by 2040 Scopes 1 & 2 - GHG emissions South America renewable energy Three Solar PV plants in Hydrogen trucks pilot South Africa Regionally integrated solar and wind in South Africa VAM implementation - 2030 goal 30% reduction of GHG emissions vs 20161 Southern Africa electrical supply predominantly wind and solar PV Carbon neutrality across our operations² 2016 2018 2020 2022e 2024e 2026e 2028e 2030e 2032e Fossil fuels Electricity purchased Diesel Fugitive methane emissions 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 2034e Hydrogen and electric widely implemented 2036e 2038e 2040e Carbon negative technologies 90#91Ambition: 50% reduction in Scope 3 emissions by 2040 Scope 3 GHG emissions Thermal coal mines divested Steelmaking coal Anglo American 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 91#92Summary inventory of our Scope 3 emissions Scope 3 - GHG emissions 115Mt Total Scope 3 emissions Purchased goods & services Leased assets Transportation & distribution Anglo American Upstream Investments Capital goods Franchises 77% of our emissions driven by steel industry Operational Business travel waste generated Employee commuting Downstream Transportation & distribution Processing sold product Use of sold products 92#93Industry leading dam safety management Managing tailings safely Group Technical Specialists Internal risk assurance Tailings dams in our portfolio¹ Independent Technical Review Panel Downstream/ other BU Technical Standard expert Engineer of Record Operation 6 levels of assurance: 2 internal, 2 external, 2 independent 1. Managed operations Anglo American Upstream Southern Africa Australia 93#94ESG integrated into management remuneration SHE targets in annual bonus 20% ESG targets in LTIPS Anglo American 20% All employees incentivised on safety Critical tasks include Sustainable Mining Plan roll-out target LTIPS include metrics incentivising delivery of: • Reduction in GHG emissions reductions • Improved energy efficiency • Reduction in the abstraction of fresh water • Targets of off-site jobs supported for each on-site job 94#95A sustainable, responsible & transparent business ESG ratings Member of Dow Jones Sustainability Indices Powered by the S&P Global CSA Overall score 78/100 #4 out of 81 companies assessed in the mining & metals category Included in both European & World Index (top 10% of global companies) SUSTAINALYTICS MSCI 'A' rated On par with peers #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 Responsible Mining Index Prime Corporate ESG Performance RATED BY ISS ESG▷ 'Prime' rated Industry leader FTSE4Good Overall score of 4.5 (out of 5), which puts us in the top percentile and in joint second place Top mining company with the strongest results across five of six company-wide indicators covered in the assessment Tortoise The Responsibility 100 Index #1 extractives company (including oil & gas) in the FTSE 100 based on commitments 'talk' & measurable delivered actions 'walk' Accreditations & memberships IRMA Initiative for Responsible Mining Assurance Responsible Steel Anglo American EIT Extractive Industries Transparency Initiative RESPONSIBLE JEWELLERY COUNCIL ICMM International Council on Mining & Metals TCFD THE COPPER MARK RESPONSIBLY PRODUCED COPPER 95#96Measuring our ESG progress: 2022 targets¹ Pillar of value Metric Target H1 2022 H1 20212 Target achieved Safety & health Work-related fatal injuries³ 1 0 Zero Not achieved Total recordable injury frequency rate per million hours³ 2.36 2.34 Year-on-year reduction Not achieved New case of occupational disease 0 8 Year-on-year reduction On track Employees potentially exposed to noise over 85 dBA4,5 17,944 18,983 Year-on-year reduction On track Employees potentially exposed to inhalable hazards over the occupational exposure limit4.5 1,090 827 5% reduction year-on-year Not achieved Environment Energy consumption (million GJ)5 32.7 35.3 Improve energy efficiency by 30% by 2030 On track GHG emissions - Scopes 1 & 2 (Mt CO₂e)5 5.0 6.3 Reduce absolute GHG emissions by 30% by 2030 On track Freshwater withdrawals (million m³) 5,6 12.5 15.7 Reduce freshwater abstraction in water scarce areas by 50% by 2030 On track Level 4-5 environmental incidents5 0 0 Zero On track Socio-political Social Way 3.0 implementation 7.8 49% 23% Full compliance with Social Way 3.0 by end 2022 Behind schedule Local procurement spend ($bn)⁹ 6.1 5.9 Taxes & royalties ($m) 10 3,491 3,303 Jobs supported by Enterprise and Supplier Development (ESD) initiatives7.11 147,374 137,777 People Women in management 31% 28% To achieve 33% by 2023 On track Women in the workforce 24% 23% Voluntary labour turnover 2.3% 2.5% < 5% On track 1. Sustainability performance indicators for the six months to 30 June 2022, and the comparative period, are not externally assured, unless otherwise stated. 2. 2021 data includes Thermal Coal South Africa until the date of the Thungela demerger on 4 June 2021, unless otherwise stated. 3. Prior period safety data is externally assured and includes data for the six months to 30 June 2021. The TRIFR presented for H1 2021 has been restated to reflect the final 2021 externally assured safety statistics. 4. Reflects the number of employees who work in environments where there is potential for exposure above the exposure limit. All employees working in such environments are issued with protective equipment to prevent occupational illness. Prior period data excludes Thermal Coal South Africa. 5. Energy, GHG emissions and water-withdrawal data for the current period and prior period is shown to end of May. Occupational exposure data for the current period is to the end of May 2022, and to the end of June for the prior period. Energy, GHG emissions, occupational exposure, and Level 4-5 environmental incidents data for the prior period is externally assured. 6. Water metric and data have been revised in line with our freshwater definition. Data represents total Group water withdrawals. 7. Data presented for the years ended 31 December 2021 and 2020. 8. While sites are assessed annually against all requirements applicable to their context, for consistency during the transition period, the metric reflects performance against the Social Way foundational requirements. For further information on progress, see half year financial report. 9. Local procurement spend relates to spend within the country where an operation is located. The basis of calculation has been amended to more closely reflect the Group's financial accounting consolidation, i.e. 100% of subsidiaries and a proportionate share of joint operations, based on Anglo American's shareholding. The prior period comparative has been restated to reflect the new basis of preparation. 10.Taxes and royalties include all taxes and royalties both borne and collected by the Group. This includes corporate income taxes, withholding taxes, mining taxes and royalties, employee taxes and social security contributions and other taxes, levies and duties directly incurred by the Group, as well as taxes incurred by other parties (e.g. customers and employees) but collected and paid by the Group on their behalf. Figures disclosed are based on cash remitted, net of entities consolidated for accounting purposes, plus a proportionate share, based on the percentage shareholding, of joint operations. Taxes borne and collected by associates and joint ventures are not included. Prior year comparatives have been restated. 11.Includes the following enterprise development programmes: Crescer (Brazil), Emerge Chile (Chile), Emerge Peru (Peru), Takura (Zimbabwe), Tokafala (Botswana) and Zimele (South Africa). Data refers to the cumulative number of businesses and jobs supported since programme inception. Anglo American 96#97⑩AngloAmerican Investor Relations Paul Galloway [email protected] Tel: +44 (0)20 7968 8718 Emma Waterworth [email protected] Tel: +44 (0)20 7968 8574 Michelle Jarman [email protected] Tel: +44 (0)20 7968 1494 5050320134 90 1:00 Anglo American each(function(cide nede Anglo American KUMBARON 97 Kolomela Drone Survey