#1Anglo American BRAZIL: MINAS-RIO AND NICKEL Wilfred Bruijn, CEO Bulks Seminar & Site Visit: Brisbane, 12 November 2019 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 distribution of this document in certain jurisdictions may be restricted by law 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 an offer to sell or the solicitation, inducement or an offer to buy shares in Anglo American or any other securities. 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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#3ANGLO AMERICAN IN BRAZIL Anglo American Barro Alto & Codemin Minas-Rio Açu Port Export pipeline Iron Ore: Minas-Rio Nickel: Barro Alto & Codemin 3#4SAFETY IS OUR PRIMARY VALUE Minas-Rio 1.15 1.16 Performance 2.07 1.57 1.3 TRCFR1 ◆ Fatalities 2.14 Elimination of Fatalities LEADERSHIP CARING CULTURE 1.25 000 PLANNING & SCHEDULING 0 0 0 2013 2014 2015 2016 2017 2018 YTD 2019 RISK & CHANGE MANAGEMENT MONITORING & ASSURANCE LEARNING ORGANISATION Nickel TRCFR1 Fatalities 7.59 4.05 3.52 3.03 2.43 Focus areas Cultural and behavioral change Mobile equipment - fatigue management 2.01 1.67 0 0 0 0 0 0 0 Improving compliance, including contractors 2013 2014 2015 2016 2017 2018 YTD 2019 4 AngloAmerican#5AngloAmerican MINAS-RIO Real Mining. Real People. Real Difference.#6MINAS-RIO KEY MESSAGES Product quality 67% Fe with low impurities Operational excellence Strong ramp up 48 year mine life 3.2bt Ore Reserve² Strong local partnerships Collaboration with authorities and communities Anglo American 00 6#7MODERN INTEGRATED BUSINESS Mining Processing Export Open pit Low LOM strip ratio (0.2)³ 32 Komatsu haul truck fleet³ Crushing, screening, milling. Desliming, grinding, flotation 38% Fe grade ore upgraded to 67% pellet feed product 529km export pipeline JV managed facilities at Açu Port AngloAmerican 7#8MINAS-RIO OPERATIONAL PERFORMANCE Production (wmt) P101 improvement 2019 production guidance +21% -23 19-21 18-20 Previous H1 2019 Revised (PIG run) (PIG run) -30 -23 24-26 22-24 23-25 17 2017 2019F 2020F 2021F 2022F Long-term potential AngloAmerican Fe Content Feed 16% Mass Recovery 會 28% Beneficiation Plant Production Rate 34% 8#9MINAS-RIO OPERATIONAL PERFORMANCE FOB Unit Cost 5 ($/tonne) AngloAmerican 2019 cost guidance -20% Cost drivers Mining 0808 0000 28-31 24-27 ~24 Processing Original Previous Revised 30 ~24 -26 -21 2017 2019F 2020F Long-term potential 000000 000000 Pipeline & port loading 0000 = c.5% cost base 9#10QUALITY PRODUCTS SUITED TO FUTURE DEMAND AngloAmerican Blast Furnace Pellet Feed 66-67% Fe (~65-70% of production 6) Direct Reduction Pellet Feed 68% Fe (~30-35% of production) Modern steel production focused on quality Bigger blast furnaces and tighter emissions standards 10#11BEST-IN-CLASS TAILINGS MANAGEMENT Best-in-class design Industry leading safety management Starter dam Engineered construction More robust than tailings-built downstream dam Downstream Drainage Group Technical Specialists Internal risk assurance Independent TRP BU Technical Standard expert State-of-the-art monitoring: 16 Water level indicators 11 Piezometers 2 Internal drainage flow meters 1 Total monitoring station (24h x 7days) Orbital satellite INSAR 4 Sirens 12km downstream of the dam - Fibreoptic monitoring at the overflow system Engineer of Record Operation 6 levels of assurance: 2 internal, 2 external, 2 independent ⑩AngloAmerican 11#12ALTERNATIVE DEPOSITION TECHNOLOGIES: OUR PATHWAY Dam deposition Dry stacking AngloAmerican Downstream Starter dam Drainage Process improvement 12#13SETTING THE STANDARD IN PIPELINE MANAGEMENT Fibre optic monitoring Technology selected Other pipeline management Pressure cycles to estimate fatigue OptaSense® a QinetiQ company Water pH control optimisation Implementation by March 2020 PIG runs Internal scan of pipeline integrity Every 2 years, ~2Mt impact (1 month production) Less frequent water batches Previously pumping was focused on slurry quality, now also focused on pumping pressure Consistent pressure important for integrity Monitoring & assessment of corrosion New reagents to sequester oxygen Interconnected operation without surge tank Mapping slopes, tunnels & containment structures Revised pump design to improve availability & reliability External coating & cathodic protection inspection AngloAmerican 13#14P101 DRIVING HIGH PERFORMANCE 2015 AngloAmerican Ore feed rate Capacity increase Ultrafine re-addition into the process to improve slurry specifications Vertmills optimisation Access to higher grade ore Ore feed rate (dmt/h) 2016 Ramp up Grade decline (2017) Pipeline outage (2018) tep 3 Process Stabilization Step 1-Ramp-up Improvement in beneficiation Production increase New reagents Stable feed Optimised flotation setup Better quality ore feed Mass Recovery (% of recovery curve) Step 3: Feed grade accord Step 1-Process adjustments Step 2-Beginning mining in Plateau 20, Step 2 End Step 1 and reduction feed glade 2019 2015 2016 2017 Pipeline outage (2018) 2019 14#15LONG LIFE, HIGH QUALITY ASSET High quality resource 1.4 bt Saleable product² 48 year Mine life Delivering strong returns 67% Average grade? Production profile 5322515 30 20 ~30Mtpa 10 5- 0 2020 2030 2040 2050 2060 2066 AngloAmerican Expansion potential Current LOM ~60% Mining EBITDA margin³ 15#16AngloAmerican NICKEL Real Mining. Real People. Real Difference.#17NICKEL KEY MESSAGES Product quality Premium quality ferronickel Anglo American Operational excellence World class stability Markets Consistently outperform the market price 17#18OPERATIONS OVERVIEW Mining Processing Barro Alto 36ktpa average nickel production Large-scale, low-cost and attractive grades Codemin Integrated with Barro Alto 9ktpa average nickel production Barro Alto World class ferronickel producer 2 lines of rotary kiln and electric furnace 2 lines of ladle furnace refinery AngloAmerican 18#19FERRONICKEL DEMAND Class 1 (LME grade) Nickel Applications include stainless & speciality steel, electronics, EV batteries, plating & coating, castings Class 2 Ferronickel & nickel pig iron Mainly used for stainless & specialty steel Ferronickel is Class 2 ~95% of supply used in the manufacture of stainless steel Nickel enhances properties of stainless steel: corrosion resistance, weldability, formability & ductility Attractive to stainless steel producers as alloy with pure iron Stainless steel demand for nickel World class ferronickel producer <~70% Global nickel demand ~95% Ferronickel demand Low carbon Low phosphorus Low sulphur Highest quality product ~45kt Production AngloAmerican 19#20ELECTRIFICATION & CONSUMER DEMAND SUPPORT NICKEL GROWTH Nickel demand (kt) AngloAmerican Class 1 (substitutable) 282 Class 1 (critical) 83 Class 2 1,289 2019 Battery markets diverting Class 1 nickel 313 92 +11% 1,433 2022F 20 20#21ROBUST PERFORMANCE TO CONTINUE Production (kt) Operational stability 10 Kilns throughput improvement 4% 16 -50 ~50 42 42 42-44 42-44 42-44 2011 2018 2019F 2020F 2021F 2022F11 Long-term potential11 Including Class 1 nickel from Platinum Group Metals ~70 ktpa Anglo American is world's 5th largest nickel producer AngloAmerican Oil consumption improvement 65% Furnace energy consumption improvement 3% 21 24#22OPERATING MODEL IN ACTION JCL .CL Unstable process 2016 UCL 08000 Stable process 2017 2018 Rotary Kilns performance (t/day) UCL LCL Capable process 2019 Relentless performance and safety improvement, together with technology deployment programs AngloAmerican U 22 22#23OPTIMISING COSTS FROM A STABLE BASE C1 unit cost4 (c/lb) 622 Cost drivers Mining 0000 0000 Processing ~450 -450 -400 0000.00 00000000 2012 2019F AngloAmerican 2020F Long-term potential Export Q2 on cost curve Lower nickel production in 2020 P101 benefits from 2022 = c.5% cost base 23#24PREMIUM QUALITY PRODUCT Realised price vs ferronickel index % 102.0 102.0 102.7 103.0 2016 2017 2018 YTD 2019 AngloAmerican Delivered value to our customers Outperformed market price 24 24#25INNOVATION DRIVING PRODUCTION GROWTH Bulk ore sorting Trial to commence end 2019 Up to 30% grade improvement Briquetting Increase in safety by reducing gas build-up ~3ktpa increase in nameplate capacity ~5ktpa increase in production ~5% lower plant electricity consumption AngloAmerican Production (ktpa) 42-44 2019F Bulk ore sorting ~50 Briquetting Other investments e.g. VeRo crusher Long-term potential 25#26AngloAmerican A SUSTAINABLE BUSINESS Real Mining. Real People. Real Difference.#27FUTURESMART MINING TM: SUSTAINABLE MINING PLAN TM Sustainability approach integral to FutureSmart Mining T Supporting local municipalities: Trusted Corporate Leader projects & fundraising Thriving Communities Crescer: Supporting local value chains Healthy Environment Wind energy project AngloAmerican 27 27#28QUALITY PRODUCTS SUITED TO MODERN MARKETS Assets Capabilities Returns Products suited to modern demand Operating Model Steady cash generation Successfully ramped up FutureSmart Mining ™ Modest capital requirement Established mining jurisdiction Integrated Marketing function Robust margins ⑩AngloAmerican 28#29FOOTNOTES Please refer to the AA plc Ore Reserves and Mineral Resources Report 2018 for the tonnes, grades and a breakdown of the classification categories. Average during the next 20 years. -234 1. Total Recordable Cases Frequency Rate per million hours. 2. 3. 4. 5. Wet basis. Current guidance assumes receipt of final tailings licence by end 2019. Minas-Rio operations were suspended for the majority of 2018 following two leaks in iron ore pipeline. Unit costs exclude royalties, depreciation and include direct support only. Minas-Rio operations were suspended for the majority of 2018 following two leaks in iron ore pipeline. Saleable product, next 10 years average. 6. Indicative at steady state. 7. 8. LOM period at H1 2019 prices. 9. Nickel business unit only. 10. 2019 performance versus 2017. 11. ~50kt dependent on delivery of bulk ore sorting technology. AngloAmerican 29 29