#1AngloAmerican INVESTOR UPDATE CALL 11 December 2020 Real Mining. Real People. Real Difference.#2CAUTIONARY STATEMENT Disclaimer: This presentation has been prepared by Anglo American plc ("Anglo American") and comprises the written materials/slides for a presentation concerning Anglo American. By attending this presentation and/or reviewing the slides you agree to be bound by the following conditions. The release, presentation, publication or distribution of this document, in whole or in part, in certain jurisdictions may be restricted by law or regulation and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions. This presentation is for information purposes only and does not constitute, nor is to be construed as, an offer to sell or the recommendation, solicitation, inducement or offer to buy, subscribe for or sell shares in Anglo American or any other securities by Anglo American or any other party. 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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 (including development plans and objectives relating to Anglo American's products, production forecasts and reserve and resource positions), are forward-looking statements. By their nature, such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Anglo American or industry results to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding Anglo American's present and future business strategies and the environment in which Anglo American will operate in the future. Important factors that could cause Anglo American's actual results, performance or achievements to differ materially from those in the forward-looking statements include, among others, levels of actual production during any period, levels of global demand and commodity market prices, mineral resource exploration and development capabilities, recovery rates and other operational capabilities, the effects of global pandemics and outbreaks of infectious diseases, the outcome of litigation or regulatory proceedings, sustainability aspirations, the availability of mining and processing equipment, the ability to produce and transport products profitably, the availability of transport infrastructure, the impact of foreign currency exchange rates on market prices and operating costs, the availability of sufficient credit, the effects of inflation, political uncertainty and economic conditions in relevant areas of the world, the actions of competitors, activities by governmental authorities such as permitting and changes in taxation or safety, health, environmental or other types of regulation in the countries where Anglo American operates, conflicts over land and resource ownership rights and such other risk factors identified in Anglo American's most recent Annual Report. Forward-looking statements should, therefore, be construed in light of such risk factors and undue reliance should not be placed on forward-looking statements. These forward-looking statements speak only as of the date of this presentation. Anglo American expressly disclaims any obligation or undertaking (except as required by applicable law, the City Code on Takeovers and Mergers, the UK Listing Rules, the Disclosure and Transparency Rules of the Financial Conduct Authority, the Listings Requirements of the securities exchange of the JSE Limited in South Africa, the SIX Swiss Exchange, the Botswana Stock Exchange and the Namibian Stock Exchange and any other applicable regulations) to release publicly any updates or revisions to any forward-looking statement contained herein to reflect any change in Anglo American's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. Nothing in this presentation should be interpreted to mean that future earnings per share of Anglo American will necessarily match or exceed its historical published earnings per share. Certain statistical and other information about Anglo American included in this presentation is sourced from publicly available third party sources. As such it has not been independently verified and presents the views of those third parties, but may not necessarily correspond to the views held by Anglo American and Anglo American expressly disclaims any responsibility for, or liability in respect of, such information. Group terminology In this presentation, references to "Anglo American", the "Anglo American Group", the "Group", "we", "us", and "our" are to refer to either Anglo American plc and its subsidiaries and/or those who work for them generally, or where it is not necessary to refer to a particular entity, entities or persons. The use of those generic terms herein is for convenience only, and is in no way indicative of how the Anglo American Group or any entity within it is structured, managed or controlled. Anglo American subsidiaries, and their management, are responsible for their own day-to-day operations, including but not limited to securing and maintaining all relevant licences and permits, operational adaptation and implementation of Group policies, management, training and any applicable local grievance mechanisms. Anglo American produces group-wide policies and procedures to ensure best uniform practices and standardisation across the Anglo American Group but is not responsible for the day to day implementation of such policies. Such policies and procedures constitute prescribed minimum standards only. Group operating subsidiaries are responsible for adapting those policies and procedures to reflect local conditions where appropriate, and for implementation, oversight and monitoring within their specific businesses. No Investment Advice This presentation has been prepared without reference to your particular investment objectives, financial situation, taxation position and particular needs. It is important that you view this presentation in its entirety. If you are in any doubt in relation to these matters, you should consult your stockbroker, bank manager, solicitor, accountant, taxation adviser or other independent financial adviser (where applicable, as authorised under the Financial Services and Markets Act 2000 in the UK, or in South Africa, under the Financial Advisory and Intermediary Services Act 37 of 2002 or under any other applicable legislation). Alternative Performance Measures Throughout this presentation a range of financial and non-financial measures are used to assess our performance, including a number of financial measures that are not defined or specified under IFRS (International Financial Reporting Standards), which are termed 'Alternative Performance Measures' (APMs). Management uses these measures to monitor the Group's financial performance alongside IFRS measures to improve the comparability of information between reporting periods and business units. These APMs should be considered in addition to, and not as a substitute for, or as superior to, measures of financial performance, financial position or cash flows reported in accordance with IFRS. APMs are not uniformly defined by all companies, including those in the Group's industry. Accordingly, it may not be comparable with similarly titled measures and disclosures by other companies. ⑩AngloAmerican 2#3DRIVING TOWARDS A SAFE & HEALTHY FUTURE Safety Group TRCFR 1,2 Fatalities1 5.4 15 4.7 4.0 6 6 3.6 3.2 11 2.7 9 2.2 2.1 5 4 2 Health Environment Significant incidents 1,4 Occupational health - new cases 1,3 30 209 175 159 111 101 96 39 14 15 6 6 4 2 1 1 2013 2014 2015 2016 2017 2018 2019 Q3 YTD 2013 2014 2015 2016 2017 2018 2019 Q3 YTD 2013 2014 2015 2016 2017 2018 2019 Q3 YTD Elimination of Fatalities Taskforce ...driving our improvement journey Serious incident at Met Coal ...upgrading/increasing automation Elimination of Hazards at Source ...key focus for sustainable improvement Best ever health results ... upgraded work environments & controls Upgraded Planning & Controls ...supports continuous improvements Environmental factors integrated in asset plans ...support effective social engagement ✓ Anglo American 3#4COMMITTED TO DELIVERY Effectiveness Efficiency Sustainability >10% Free cash flow5 ✓ AngloAmerican 15-20% ROCE6 7 Performance pillars embedded 4#5COVID RESPONSE Responsible & holistic approach Reinforcing our contribution to host communities AngleAmerican KUMBA IRON ORE "WeCare" - focused on Lives & Livelihoods Socio-economic contribution napmany surpurpose to magne manngo mprove peopes, we are com wing berficial co-axisence with fost communities and to working collatly with our supplies, communities and partners to oroure the development of thriving, healthy and nclave communes beyond mining in aning to run that our host communitie of mine, we plane an amphale m prigoskoly incasing bul of procurement from localised suppliers, supported by our supplier and enterprise ANGLDAMERICANONIC CINTUTION IN SOUTHAFRICA IN 20 R131bn Safe & disciplined operations recovery Flexibility & re-phasing of projects & initiatives ✓ AngloAmerican R55bn Top R34bn Lockpor R33.4bn 52 42.4Mt Production ve AngloAmerican PERU QUELLAVECO у 2018, до Апресия протолия ва винорить отаны аиманию сорт рговиот риц Wete and on bed with trat near muction during 20 but who nothing buy with our suppor count and past andangment of thing, healthy and incom beyond mining striving to ensure that our host communitare stable beyond ife-of-mine we pace an impass on progressly nomaning invel of pmcurement from a suppliers supported by our suppler dans cement in S/.6,963m Total tax and economic contribution R24.6m Jobs & social investment R32.8m Anglo American Local procurement & Investment WAR CONTRIBUTION 1 BRAZIL raz, we producer Moteins of Moses and moderandoer om operation then your mining to that our host commune ne sustainable beyond-line wwplace an emphasis on incre of procurement from focal supelion, supported by our supplier and enterprise development inves R$7,038m Total tax and economic contribution S/.6.0m 1 >1,870 7.52.8m 0 1.48 TROR R$4,310m $ R$4,598m 50% Tots procurement 23.1 M >1,400 0 2.75 Farka TROFR R$754m 33% 42,6001 R$371m Local procurement R$976m Coplas investment R$689m R$1,038m R$26m Wages and Tual taxos bone Corporate *** ATHON CHICOD SUPORTE FACE OF 12 during bookdown and beyond. Our contribution to ution to the COMD LO 5#6A TRANSFORMED, ROBUST BUSINESS Mining EBITDA margin - Cu Eq production³ Portfolio Restructuring Operating Model & Technical Improvements ✓ Anglo American 30% ~45-50% 42% ~42% 2012 2019 2020F9 2023F 6#72020: A SOLID PORTFOLIO PERFORMANCE Diamonds Copper PGMs Bulks Recovering demand Production on track Business transformation - focus on value delivery Industry supply reduced Water challenges mitigated Strong cost performance ✓ Anglo American Strong mining performance Minas-Rio strong performance ACP back in operation Solid performance at Kumba Focus on technology & stability Met coal restoring stability 7#8AngloAmerican THE NUMBERS Stephen Pearce Real Mining. Real People. Real Difference.#9BALANCED AND DISCIPLINED APPROACH ✓ Anglo American Cash returns Resilient balance sheet ~$5bn Dividends & buybacks since 2017 <1.5x Bottom of cycle net debt: EBITDA 10 Attractive growth Strong margin ~20% Cu Eq production - by 20238 ~45-50% Mining EBITDA margin? 9#102020 FULL YEAR GUIDANCE Capex 11 ~$4.0bn Lower due to Covid & FX Inventory build ~$1.7bn PGMs & diamonds Cu Eq unit cost 8,12 ↓2% 9% lower production driven by Covid Depreciation 13 ~$2.7bn Net interest paid ~$0.4bn Lower due to FX ~$0.8bn in P&L 13 Tax rate 13,14 ~32% 30-33% going forward AngloAmerican 10#11HIGH-RETURNING GROWTH OPTIONS AND BUSINESS IMPROVEMENT DRIVE NEAR-TERM CAPEX Capex 11 ($bn) Woodsmith ~0.5 1.5-2.0 1.5-2.0 Growth 1.5-2.0 ~0.3 Collahuasi desal -0.3 Lifex ~0.7 ~0.9 ~0.8 Baseline sustaining ~$0.6bn 11 carried over from 2020 into 2021 & 2022 Woodsmith ~$0.5bn capex in 202111 -3.0 Lifex spend in Diamonds, PGMs & Iron Ore ~3.0 ~3.0 -3.0 + Lifex 2021F $5.7 -6.2bn (previously $4.7-5.5bn exc Woodsmith) 2022F 2023F Long-term $5.7 -6.2bn $5.6 - 6.1bn (previously $4.7-5.5bn) AngloAmerican Business improvement & sustainability related capex 11#12IMPROVEMENT INITIATIVES ON TRACK FOR 2022 DELIVERY Operating Model & P101 Copper mine & plant Minas-Rio AngloAmerican -$1.5bn15 Technology & Innovation Bulk Ore Sorting Coarse Particle Recovery up to $1.0bn 15 Project Delivery Quellaveco (Copper) Marine Namibia (Diamonds) up to ~$1.5bn 15 12#13DISCIPLINED, MARGIN ENHANCING GROWTH Cu Eq production8 ~20-25% AngloAmerican 2021 unit costs 8,12 1-3% 13#14AngloAmerican VALUE ADDED GROWTH Mark Cutifani Real Mining. Real People. Real Difference.#15COPPER: WORLD CLASS GROWTH Quellaveco 2021 Capex 11 ~$1.3 to $1.6bn (our share -$0.8 to ~$1.0bn) Total Capex 11 ~$5.3 to $5.5bn (our share -$2.7 to ~$2.8bn) Construction progressing well >9,000 staff now on site Project remains on schedule ✓ AngloAmerican Collahuasi Targeting -20% initial capacity expansion Permitting process ongoing Los Bronces Underground project, adding production/life Permitting process ongoing Future options Sakatti (Finland) - EIA submitted Quellaveco district 15#16WOODSMITH - MAJOR RESOURCE & UNIQUE ASSET Scale, geology and geography drive Tier 1 potential Suited to modern mining methods Q1 on cost curve; low carbon, organic 16 product POLY4 demand driven by qualities & global customers Positive market feedback for product Increasing support for organic products in EU & China Effectiveness confirmed by crop trials at increasing scale 2020 capex on target for ~$0.3bn Strong tunnel progress; shafts and associated developments on critical path Technical review on-going - completion mid-2021 2021 Capex -$0.5bn (previously $0.3bn) ✓ AngloAmerican 16#17AngloAmerican A SUSTAINABLE FUTURE Mark Cutifani Real Mining. Real People. Real Difference.#18PORTFOLIO POSITIONED FOR A SUSTAINABLE FUTURE Consumer World Electrified World Greener World Cu Eq production -55% later cycle -65% later cycle Diamonds Copper PGMs Nickel & manganese Crop nutrients Steel-making17 Thermal coal ✓ AngloAmerican 18#19HIGH QUALITY BULKS FOR A DEVELOPING WORLD Growth in quality steel-making products Mt 18 AngloAmerican 80 -30 ~30 ~17 17 ~75 ~61 43 2012 2020F Exit from SA thermal coal operations expected within 1.5 to 2.5 years Increasing steel demand integral to economic development Long-term Our focus on high quality helps manage carbon emissions Iron ore Met coal Thermal coal 19#20DE BEERS POSITIONED FOR DIAMONDS RECOVERY Demand recovering Pandemic impacting supply Strong fundamentals 2020 YTD Sales ($m) 19 Capacity offline De Beers quality assets 600 300 Sight: 1 2 3 4 5 6 7 8 9 ✓ Anglo American ~30Mct ~50% >20% of industry annual production, response to Covid & closures Mining EBITDA margin 20 20#21ENVIRONMENTAL FOCUS DRIVING PGM DEMAND PGM price basket20 Tighter emissions standards Euro 7: +15% PGMs loadings by 2026 -150% 2016 2017 2018 2019 2020 ✓ Anglo American China VI: ~500koz PGMs for heavy diesel vehicles Diverse applications Chemicals, glass manufacturing, emerging demand in food storage and 5G technology Hydrogen fuel cells & PEM electrolysis driving longer term demand 21 24#22HYDROGEN DRIVES LONG TERM PLATINUM DEMAND A clean & potentially abundant fuel... ...supporting greener operations. Hydrogen haul truck Biomass Batteries High energy density H₂ ✓ Anglo American Easy transport & storage Clean at point of use 559-55 Hydrogen haulage reduces emissions ~4-8oz per truck vs ~2oz for diesel Potential green production Full cost parity by ~2030 22 22#23ACTIVE ROUTE TO A GREENER WORLD Carbon neutral operations by 204021 Technology minimises environmental footprint Chile & Brazil 100% renewable by 2021/22, Hydrogen haulage in development 8 sites carbon neutral by 203021 Bulk Ore Sorting installation for Copper, PGMs & Nickel Coarse Particle Recovery being installed in Copper 2030 improvement targets 22 Energy efficiency ✓ AngloAmerican 30% GHG 30% emissions Water abstraction 50% 23 23#24Q&A Our investment proposition Competitive Assets Differentiated Sustainable Capabilities Returns "Leading capabilities actively improving a competitive, world-class asset base to drive sustainable, attractive returns" ✓ Anglo American 24 24#25FOOTNOTES All metrics in presentation shown on an underlying basis. 1. 234 56 7. 8. 9. Recordable incidents. Data relates to subsidiaries and joint operations over which Anglo American has management control. Since 2018 data for fatalities, TRCFR and environmental metrics excludes results from De Beers' joint operations in Namibia and Botswana. Prior years' data includes 100% of De Beers' joint operations in Namibia and Botswana. Total Recordable Cases Frequency Rate per million hours. New cases of occupational disease. 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. Long term target for 'Cash flow after sustaining capital'/ capital employed. 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. 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 JV. Mining margin for De Beers on a stand alone basis is based on proportionate consolidation of mining businesses in De Beers only. 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. ~20% growth from 2018 to 2023, ~25% growth from 2018 to 2025. At spot prices and foreign exchange rates. 10. Underlying EBITDA is operating profit before special items and remeasurements adjusted to include the Group's attributable share of associates' and joint ventures' operating profit and exclude depreciation and amortisation. 11. Cash expenditure on property, plant and equipment including related derivatives, net of proceeds from disposal of property, plant and equipment and includes direct funding for capital expenditure from non-controlling interests and reimbursement of capital expenditure. Shown excluding capitalised operating cash flows. Consequently, for Quellaveco, reflects attributable share of capex, see appendix. Capex guidance is subject to progress of growth project studies. Woodsmith spend post-2021 not included pending completion of technical review. 12. Copper equivalent unit costs are shown on nominal terms and calculated as the total USD cost base divided by copper equivalent production. 13. Metrics on an underlying basis. 14. ETR is highly dependent on a number of factors, including the mix of profits, and may vary from the guided ranges. 15. Underlying run-rate improvement vs 2017. 16. Certified for organic use and suitable for organic farming. 17. High quality iron ore and metallurgical coal. 18. Production from primary thermal coal mines (ie excluding thermal coal produced as a by product). 19. Based on released sight data. Sales values are quoted on a consolidated accounting basis. Auction sales included in a given cycle are the sum of all sales between the end of the preceding cycle and the end of the noted cycle. 20. Price for a basket of goods per platinum oz. The dollar basket price is the net sales revenue from all metals (PGMs, base metals and other metals) per platinum ounce sold - excluding trading. 21. For more information on carbon neutral targets see Sustainable Performance presentation from 30 October 2020. 22. Included within Healthy Environment related Global Stretch Goals in Sustainable Mining Plan (https://www.angloamerican.com/sustainability/environment). ✓ Anglo American 25#26AngloAmerican APPENDIX Real Mining. Real People. Real Difference.#27GUIDANCE SUMMARY Earnings Volumes: See slide 28-29 2020 Unit costs: See slide 30 Growth 2020 depreciation: ~$2.7bn Previously: $2.7-2.9bn Sustaining 2021 depreciation: $3.2-3.4bn 2020 net interest expense: ~$0.8bn 2020 effective tax rate: ~32%2 Previously: 31-33% 2021 effective tax rate: 30-32%2 Effective tax rate going forward: 30-33%2 Dividend pay-out ratio: 40% 2021 Previously: $2.7-3.0bn $5.7-6.2bn Growth $1.5-2.0bn Woodsmith ~$0.5bn Sustaining ~$3.7bn Capex¹ ~$4.0bn Previously: $4.0-4.5bn ~$1.4bn Previously: $1.3-1.5bn -$2.6bn Other Quellaveco copper project - 2020 capex: 100% ~$1.3bn; our share $0.8bn Previously: 100% $1.2-1.5bn; our share: $0.7-0.9bn - 2021 capex: 100% $1.3-1.6bn; our share $0.8-1.0bn Our share of capex included in capex guidance 2022 $5.7-6.2bn - Mitsubishi share of capex Growth Sustaining 2023 Growth Sustaining LT sustaining ~$4.1bn ~$3.0bn + lifex increase to net debt (slide 34) Net debt:EBITDA: <1.5x bottom of cycle 2020 inventory build: $1.7bn 2020 net interest paid: ~$0.4bn 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 and reimbursement of capital expenditure. Shown excluding capitalised operating cash flows. Consequently, for Quellaveco, reflects attributable share of capex, see slide 34. Capex guidance is subject to progress of growth project studies and Woodsmith is excluded after 2021 pending completion of technical review. See slide 11 for previous 2021-22 guidance and further detail on sustaining capex guidance. 2. ETR is highly dependent on a number of factors, including the mix of profits, and may vary from the guided ranges. ⑩AngloAmerican 27 27 $1.5-2.0bn -$4.2bn $5.6-6.1bn $1.5-2.0bn#28PRODUCTION OUTLOOK Units 2019 2020F 2021F 2022F 2023F (New) Diamonds1 Mct 31 -26 Previously: 25-27 33-35 Previously: 34-36 30-33 Previously: 33-35 30-33 Copper² kt 638 640-650 Previously: 630-660 640-680 Previously: 620-680 680-790 Previously: 700-810 890-1,000 Platinum Group Metals³ Moz 4.4 3.6-3.8 4.2-4.6 4.2-4.6 4.2-4.6 Iron ore4 Mt 66 Metallurgical coal5 Mt 23 60-61 Previously: 59-63 ~17 Previously: 16-18 64-67 Previously: 66-69 65-68 66-69 22-24 18-20 23-25 Previously: 25-27 Thermal coal6 Ž Mt 26 -19 ~24 Previously: ~26 ~24 ~24 Previously: ~26 Nickel7 ~43 42-44 kt 43 42-44 47-49 Previously: 42-44 Previously: ~50 See next slide for footnotes and additional guidance provided on a transitional basis. AngloAmerican 28#29PRODUCTION OUTLOOK - SUPPLEMENTARY GUIDANCE Copper² Units 2019 2020F 2021F 2022F kt 638 640-650 Previously: 630-660 640-680 Previously: 620-680 Chile: 580-640 Previously: 600-660 Peru: 100-150 Platinum Group Metals - M&C by metal³ Moz 4.4 Pt: 1.7-1.8 Pd: 1.1-1.2 Other: ~0.8 Pt: 1.9-2.1 Previously: 2.0-2.2 Pd: 1.4-1.5 Previously: ~1.4 Other: 0.9-1.0 Pt: 1.9-2.1 Previously: 2.0-2.2 Pd: 1.4-1.5 Previously: 1.4-1.5 Other: 0.9-1.0 4.7-5.1 2023F (New) Chile: 590-650 Peru: 300-350 Pt: 1.9-2.1 Pd: 1.4-1.5 Other: 0.9-1.0 Platinum Group Metals - Refined Moz 4.7 2.6-2.7 4.6-5.0 4.2-4.6 Iron ore (Kumba)9 Mt 42 ~37 Previously: 37-39 40-41 Previously: 42-43 41-42 41-42 Previously: 42-43 Iron ore (Minas-Rio) 10 Mt 23 23-24 Previously: 22-24 24-26 24-26 25-27 Previously: 23-25 Thermal coal6 Mt South Africa: 18 Colombia: 9 South Africa: ~15 Colombia: ~4 South Africa: ~16 Colombia: ~8 Previously: ~26Mt total South Africa: ~16 Colombia: ~8 Previously: ~26Mt total South Africa: ~16 Colombia: ~8 1. Production is subject to trading conditions and reported on a 100% basis except for the Gahcho Kué joint operation, which is on an attributable 51% basis. Reduction in 2022 as Venetia completes transition to underground operations. 23 2. 3. 4. 5. 6. 45 7. 8. Copper business unit only. On a contained-metal basis. Decrease in Chile production from 2022 driven by lower expected grades at Collahuasi and Los Bronces. 5E+ gold produced metal in concentrate ounces. Includes own mined production (~65%) and purchased concentrate volumes (~35%). The split of metals differs for own mined and purchased concentrate refer to FY2019 results presentation slide 30 for indicative split of own mined volumes. Total iron ore is the sum of Kumba (dry basis) and Minas-Rio (wet basis). Excludes thermal coal production in Australia. Lower production in 2020 and 2021 owning to Grosvenor stoppage. Lower volumes in 2022 versus previous guidance owing to revised timing for the Moranbah-Grosvenor plant expansion project. Export South Africa including production sold domestically at export parity pricing and Colombia production. Planned divestment of SA thermal coal production capacity expected no later than May 2022 - May 2023. Lower volumes in 2021 and 2022 versus previous guidance reflecting lower Colombian volumes in response to market demand and revised South African production. Nickel business unit only. Lower volumes in 2022 versus previous guidance as benefit from bulk ore sorting technology and briquetting is now expected in 2023. 5E+ gold produced refined ounces. Includes own mined production and purchased concentrate volumes. Refer to Anglo American Platinum release for split of guidance by metal. 9. Dry basis. Subject to rail and port performance. Lower guidance from 2021 reflects logistical constraints. 10. Volumes are reported as wet metric tonnes (wmt). Product is shipped with -9 per cent moisture. Pipeline inspections impact 2020 and 2022 volumes. AngloAmerican 29 29#30UNIT COSTS PERFORMANCE BY BUSINESS UNIT De Beers (US$/ct)¹ Copper (C1 USc/lb)² PGMS (US$/PGM oz)³ Kumba (FOB US$/t)4 63 -60 126 ~55 -110 -120 703 ~720 -700 33 ~32 ~34 2019 2020F 2021F 2019 2020F 2021F 2019 2020F 2021F 2019 2020F 2021F Minas-Rio (FOB US$/t)5 Met Coal (US$/t)6 Thermal Coal SA export (US$/t)7 Nickel (C1 USc/lb) Previously: -$80/16 21 ~22 ~22 ~85 45 63 ~75 -40 ~40 380 ~350 ~360 2019 2020F 2021F 2019 2020F 2021F 2019 2020F 2021F 2019 2020F 2021F Note: Unit costs are subject to any further effects of Covid-19 and exclude royalties, depreciation and include direct support costs only. FX rates for 2021 costs: ~16 ZAR:USD, ~1.4 AUD:USD, ~5.3 BRL:USD, ~760 CLP:USD. 1. 2. 3. 45698 4. 5. 6. 7. 8. De Beers unit cost is based on De Beers' share of production. Improvement in 2021 reflects higher volumes from Venetia open pit as it reaches end of life. 2021 unit cost increase vs 2020 reflects stronger Chilean peso, impact of inflation and ongoing Covid-19 mitigation activities. Numbers given are per own mined 5E+Au PGMs metal in concentrate ounce. 2020 guidance was previously issued at $1,600 per platinum ounce, which is equivalent to $720/PGM oz. 2021 guidance is equivalent to $1,600 per platinum ounce. Unit costs are reported based on dry metric tonnes (wmt). Benefit of higher volumes in 2021 offset by unfavourable foreign exchange and inflation. Unit costs are reported based on wet metric tonnes (wmt). Product is shipped with ~9 per cent moisture. Benefit of higher volumes in 2021 offset by inflation. Metallurgical Coal FOB/t unit cost excludes royalties and study costs. 2020 unit cost increase vs previous guidance due to geotechnical challenges. Improvement in 2021 reflects higher volumes. Thermal Coal - SA FOB/t unit cost comprises trade mines only, excludes royalties. Benefit of higher volumes in 2021 offset by unfavourable foreign exchange 2021 unit cost increase vs 2020 reflects inflation. ⑩AngloAmerican 30 30#31ATTRACTIVE GREENFIELD AND BROWNFIELD OPTIONS Long life greenfields and fast returning brownfields Our share: From: Quellaveco (Copper) APPROVED $2.7bn to $2.8bn¹ +180ktpa 2022 ~4 year payback >15% IRR >50% margin Marine Namibia (Diamonds) APPROVED ~$0.2bn +0.5Mctpa 2022 ~3 year payback >25% IRR >60% margin Woodsmith (Crop Nutrients)² APPROVED ~$3.3bn² +10Mtpa Mogalakwena expansion (PGMs) Optimisation of development timeline and design ongoing -2021 Studies ongoing, expected ~500koz PGMs, 2025 Sishen (Kumba Iron Ore) -2021 Studies ongoing Collahuasi Phase 1 (Copper) -2021 ~$0.6bn +50ktpa Collahuasi Phase 2 (Copper) 2023/24 ~4 year payback >20% IRR >50% margin ~2024 Moranbah-Grosvenor (Met Coal) Studies underway for next stage expansion; potential up to +100ktpa from 2028 ~2022 $0.3bn to $0.4bn +4-6Mtpa³ 2024 3-4 year payback >30% IRR Technology & Innovation >50% margin ONGOING $0.2bn to $0.5bn pa multiple options - rapid payback, high profitability, sustainability benefits 1. 23 2. Attributable share post syndication proceeds. Project capex approved prior to acquisition in March 2020, subject to optimisation of development timeline and design post acquisition. Not included in capex guidance after 2021. 3. Initial stage of upgrade work completed in 2019, increasing capacity by ~1 Mtpa, remaining capacity increase 3-5Mtpa. AngloAmerican 31#32LIFE EXTENSIONS WILL DELIVER VALUE; HIGHER NEAR-TERM SUSTAINING CAPEX Sustaining capex¹: 2020 ~$2.6bn helped by deferrals & favourable Fx 2021 2022 2023 ~$3.7bn ~$4.2bn ~$4.2bn ~$4.1bn deferrals from 2020, lifex & Fx Lifex projects - subject to disciplined capital allocation framework Long-term ~$3.0bn + lifex Venetia Underground (Diamonds) ~$0.2-0.4bn pa 5 Mctpa from 2023 +22 years >15% IRR >50% margin Aquila² (Met Coal) ~$0.1bn pa 3.5 Mtpa from 2022 +6 years >30% IRR >40% margin Kolomela (Kumba Iron Ore) -$0.2bn pa 4 Mtpa from 2024 +3 years³ >25% IRR >35% margin Jwaneng (Diamonds) ~$0.1bn pa 9 Mctpa from 2027 +7 years >15% IRR >50% margin 1. 2. Cash expenditure on property, plant and equipment including related derivatives, net of proceeds from disposal of property, plant and equipment and includes direct funding for capital expenditure from non-controlling interests and reimbursement of capital expenditure. Long-term sustaining capex excludes Woodsmith. Lifex for Grasstree underground mine within Capcoal complex. 3. The three year life extension was already reflected in the previously disclosed LOM of 13 years. ⑩AngloAmerican 32 32#33QUELLAVECO FINANCIAL MODELLING Ownership Accounting treatment Project capex (nominal) Construction time / first production Production (copper equivalent) (ktpa) By-products C1 cash cost ($/lb) (2018 real) Grade (%TCu) Stay-in-business capex (real) Tax rate Anglo American 60%, Mitsubishi 40% Fully consolidated with a 40% minority interest Shareholder loans from minority shareholder consolidated in Anglo American net debt $5.3-5.5 billion (100% basis - Anglo American share 60%, Mitsubishi share 40%) <4 years, from August 2018. First production in 2022 ~330 average over first five years ~300 average over first 10 years ~240 average over 30 year Reserve Life ~6ktpa contained molybdenum (average over first 10 years), with silver content 0.96 average over first five years 1.05 average over first 10 years 1.24 average over 30 year Reserve Life 0.84% ROM average over first five years 0.73% ROM average over first 10 years 0.57% average over 30 year Reserve Life1 ~$70 million pa ~40% 1. Please refer to the Anglo American plc Ore Reserves and Mineral Resources Report 2019 for more details. ⑩AngloAmerican 33 33#34QUELLAVECO ACCOUNTING Anglo American consolidates 100% of Quellaveco's P&L and Balance Sheet. Mitsubishi's 40% share is shown as a non-controlling interest. After the initial $0.8bn equity injection by Mitsubishi, the project is now funded 60:40 through shareholder debt. Group net debt by the end of the project is expected to include ~$1.8bn debt from Mitsubishi (40% of shareholder debt); which is funded from their 40% of Quellaveco. Illustrative project spend post approval (mid point of $5.3-5.5bn project total capex range) $bn 2018 2019 2020 2021 2022 Total 100% project capex 0.3 1.3 1.3 1.5 1.0 5.4 Less: subscription (0.3) (0.5) (0.8) Net capex 0.8 1.3 1.5 15 1.0 100 4.6 Our 60% share 0.5 0.8 0.9 0.6 2.8 Mitsubishi 40% 0.3 0.5 0.6 0.4 1.8 share 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. ⑩AngloAmerican Consolidated net debt (cash funded by Anglo and reported within growth capex). Consolidated net debt (cash funded by Mitsubishi but reported within our other net debt movements). 34 ==#35AngloAmerican INNOVATION & TECHNOLOGY Highlights recap from our October Sustainability event Real Mining. Real People. Real Difference. H HYDROGEN ENERGY STORAGE#36INNOVATIVE TECHNOLOGIES IN DEVELOPMENT & ROLL-OUT Bulk Ore Sorting Sensors determine ore content prior to processing Waste rejected early: Grade uplift: +7% to 20% Energy, water & cost savings Capital cost $10m to $70m (volume dependent) 12 months full scale testing at El Soldado complete, 9% average grade uplift Deployed in Copper, Nickel and PGMS Barro Alto • Initial installation October 2019 • Testing completed August 2020 • $40m capex for 100% throughput - phased upgrade through 2022 Mogalakwena • Initial installation June 2019 Testing completed November 2020 • $30m capex for up to 100% of throughput due end-2021 Los Bronces • Initial installation and testing complete through Q1 2021 • Phase 1 $10m capex for up to ~60% of throughput (90ktpd) • Phase 2 $70m for 100% of throughput mid-2023 AngloAmerican 36 46#37INNOVATIVE TECHNOLOGIES IN DEVELOPMENT & ROLL-OUT Coarse Particle Flotation Flotation process changed Allows material to be crushed to larger particle size: Throughput increase: +15% to 20% 20% energy reduction Up to 85% water recovery with hydraulic dry stack Capital cost $10m to $50m El Soldado • Start up in Q1 2021 • 80% of volume Mogalakwena North • Start up in Q3 2021 . • 100% of volume Next planned rollouts • Los Bronces • Quellaveco • Minas-Rio ⑩AngloAmerican ATS CL Genie 37 37#38INNOVATIVE TECHNOLOGIES IN DEVELOPMENT & ROLL-OUT Hydraulic dry stack Engineer tailings facilities that dry out in weeks Geotechnically stable Can be repurposed and terraformed Up to 85% water recovery El Soldado unit under construction, complete in Q3 2021 Hydrogen powered haulage Full cost comparable to diesel today, parity by 2030 ~4-8oz per truck vs ~2oz for diesel 50% to 70% reduction in emissions (Scope 1 and 2 for open pit mines), while maintaining operating cost structure First motion at Mogalakwena in 2021, with 40 truck rollout from 2024.~320-340 MW Solar array power generating green hydrogen via electrolysis 7 sites in planning for rollout completion by 2030 Advanced Process Control Uses process models, replaces manual control of processes Optimises process performance Up to 40% improvements in stability & productivity at certain operations Others Safety: collision avoidance, underground connectivity Sustainability: gas management Shock break Data analytics ⑩AngloAmerican 38 88#39TECHNOLOGY MINIMISES OUR ENVIRONMENTAL FOOTPRINT Energy usage 30% reduction by 2030 2020 8% energy reduction 22% saving in GHG emissions against projected BAU Improve efficiency Invest in innovation ⑩AngloAmerican GHG emissions 30% reduction by 2030 Water abstraction 50% reduction by 2030 2030 2040 30% improvement in energy efficiency 8 sites carbon neutral 30% absolute reduction in GHG emissions Net positive impact delivered on biodiversity Carbon neutrality across our operations Switch to renewables Transition the portfolio Balance residual emissions 39 49#40RESPONSIBLE EXIT: SA THERMAL COAL OPERATIONS Portfolio Progress on Reductions Production (Mt)¹ 80 Exit: SA Thermal Coal operations Current production capacity ~20Mtpa 2012 % Group revenue² 13% 2012 -30 2020F 5% H1 2020 Responsible approach to transition De-merger most likely route with primary JSE listing Timeframe expected within 1.5 - 2.5 years High quality, low cost assets 1. Production from primary thermal coal mines (ie excluding thermal coal produced as a by product). 2. Revenue from sales of mined coal as a proportion of total group revenue including share of revenue from associates and joint ventures. ⑩AngloAmerican 40 40#41AngloAmerican INVESTOR RELATIONS Paul Galloway [email protected] Tel: +44 (0)20 7968 8718 Robert Greenberg [email protected] Tel: +44 (0)20 7968 2124 Emma Waterworth [email protected] Tel: +44 (0)20 7968 8574 AngloAmerican Real Mining. Real People. Real Difference. 41 14