#1ⒶAngloAmerican OFFER FOR SIRIUS MINERALS 20 January 2020 Real Mining. Real People. Real Difference.#2CAUTIONARY STATEMENT NOT FOR RELEASE, PRESENTATION, PUBLICATION, OR DISTRIBUTION IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION This presentation has been prepared by Anglo American plc ("Anglo American") solely for information and for use in connection with the recommended cash offer for Sirius Minerals plc ("Sirius") by Anglo American Projects UK Limited, an indirect wholly owned subsidiary of Anglo American, (the "Offer") and does not purport to contain all the information that may be necessary or desirable to fully and accurately evaluate Anglo American, Sirius or the business prospects of the Offer. For the purposes of this notice, "Presentation" means this document, any oral presentation, any question and answer session and any written or oral material discussed or distributed by Anglo American or Sirius during the presentation. This presentation (including any oral briefing and any question-and-answer in connection with it) is not intended to, and does not constitute, represent or form part of any offer, invitation or solicitation of any offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities or the solicitation of any vote or approval in any jurisdiction. No shares are being offered to the public by means of this presentation. You should conduct your own independent legal analysis of Anglo American, Sirius and the Offer, including consulting your own independent legal advisers in order to make an independent determination of the suitability, merits and consequences of the Offer. We do not consider the information contained in this presentation to amount to inside information for the purposes of the EU Market Abuse Regulation. However, you should make your own assessment as to whether you possess inside information and you should not use any inside information to deal in financial instruments related to Anglo American or Sirius' securities or any other securities and investments until after such information is made publicly available. Any dealing or encouraging others to deal whilst in possession of inside information may amount to insider dealing under the Criminal Justice Act 1993 and the Market Abuse Regulation. The release, presentation, publication or distribution of this presentation in a jurisdiction other than the United Kingdom may be restricted by law and therefore any persons who are subject to the laws of any jurisdiction other than the United Kingdom should inform themselves about and observe any applicable requirements. Any failure to comply with applicable requirements may constitute a violation of the laws and/or regulations of any such jurisdiction. To the extent available, the industry, market and competitive data contained in this presentation has come from official third party sources. Third party industry publications, surveys and studies generally state that the data contained therein have been obtained from sources believed to be reliable, but that there is no guarantee of the accuracy or completeness of such data. While Anglo American believes that each of the publications, studies and surveys has been prepared by a reputable source, neither Anglo American nor Sirius has independently verified the data contained therein. In addition, certain of the industry, market and competitive data contained in this presentation are sourced from the internal research and estimates of Anglo American based on the knowledge and experience of Anglo American management. While Anglo American believes that such research and estimates are reasonable and reliable, they and their underlying methodology and assumptions have not been verified by any independent source for accuracy and completeness and are subject to change without notice. Accordingly, undue reliance should not be placed on any of the industry, market or competitive data contained in this presentation. None of Anglo American, Sirius, their shareholders, subsidiaries, affiliates, or their respective directors, officers, partners, employees, representatives and advisers (the "Relevant Parties") makes any representation or warranty, express or implied, as to the accuracy or completeness of the information contained in this presentation, or otherwise made available, nor as to the reasonableness of any assumption contained herein or therein, and any liability therefor (including in respect of direct, indirect, consequential loss or damage) is expressly disclaimed. Nothing contained herein or therein is, or shall be relied upon as, a promise or representation, whether as to the past or the future and no reliance, in whole or in part, should be placed on the fairness, accuracy, completeness and correctness of the information contained herein or therein. Further, nothing in this presentation should be construed as constituting legal, business, tax or financial advice. The information contained in this presentation relating to Sirius is derived from publicly available information only. None of the Relevant Parties has independently verified the material in this presentation. Unless specified otherwise, no statement in this presentation (including any statement of estimated synergies) is intended as a profit forecast or estimate for any period and no statement in this presentation should be interpreted to mean that earnings or earnings per share for Anglo American or Sirius for the current or future financial years would necessarily match or exceed the historical published earnings per share for Anglo American or Sirius. The companies in which Anglo American directly and indirectly owns investments are separate entities. In this presentation Anglo American is sometimes used for convenience where references are made to Anglo American and its subsidiaries in general. Likewise, the words "we", "us" and "our" are also used to refer to subsidiaries in general or to those who work for them. These expressions are also used where no useful purpose is served by identifying the particular company or companies. Similar references are made to "Sirius" with similar logical application. This presentation and any materials distributed in connection with this presentation may contain certain 'forward-looking statements', beliefs or opinions, including statements with respect to the current goals and expectations relating to future financial condition, performance, results, strategy and objectives of Anglo American or Sirius and, following completion of the Offer, if made, the combined group ("Combined Group"). For example, statements containing words such as 'may', 'will', 'should', 'continue', 'aims', 'estimates', 'projects', 'believes', 'intends', 'expects', 'plans', 'pursues', 'seeks', 'targets' and 'anticipates', and words of a similar meaning (or their negative) may be forward looking. By their nature, all forward looking statements involve risk and uncertainty because they are based on information available at the time they are made, including current expectations and assumptions, and relate to future events and circumstances which may be or are beyond Anglo American or Sirius' control, including among other things: UK domestic and global political, economic and business conditions (such as the United Kingdom's exit from the European Union); market related risks such as fluctuations in interest rates and exchange rates, and the performance of financial markets generally; the impact of inflation and deflation; the impact of competition; the timing, impact and other uncertainties of future acquisitions or combinations with relevant industries; default by counterparties; information technology or data security breaches; natural or man-made catastrophic events; the future to attract or retain necessary key personnel; the policies and actions of regulatory authorities; and the impact of changes in capital, solvency or accounting standards, and tax and other legislation and regulations in the jurisdictions in which Anglo American, Sirius or any of their affiliates operate. These may for example result in changes to assumptions used for determining results of operations or re-estimations of reserves for future policy benefits/ as a result Anglo American or Sirius' actual future financial condition, performance and results may differ materially from the plans, goals, strategy and expectations set forth in the forward-looking statements. Persons receiving this presentation should not place undue reliance on forward looking statements. Anglo American and Sirius undertake no obligation to update any of the forward-looking statements contained in this presentation or any other forward-looking statements it may make. Past performance is not an indicator of future results and the results of Anglo American or Sirius in this presentation may not be indicative of, and are not an estimate, forecast or projection of Anglo American, Sirius, or the Combined Group's future results. By attending (whether in person, by telephone or webcast) this presentation or by reading the presentation slides, you agree to be bound by the foregoing limitations and conditions. The information set out in this presentation is not intended to form the basis of any contract. AngloAmerican 2#3A COMPELLING FIT AND OPPORTUNITY Clear Strategic Fit Competitive Product Well Progressed Project Potential Tier 1 asset Long life, low cost, scaleable Multi-nutrient, low-chloride POLY4 contains established nutrients, suited to population growth Attractive returns $1.1bn invested, key permits in place, potential for >50% EBITDA margins Leveraging our capabilities Operating excellence, technology & global marketing expertise Low cost to market Dedicated infrastructure, favourable geography Sustainable Low carbon, chemical-free production Anglo American 3#4AGENDA Introduction Mark Cutifani POLY4: A Multi-nutrient product Duncan Wanblad Potential Tier 1 asset Fit with our strategy and capabilities Anglo American Duncan Wanblad Mark Cutifani 4#5OFFER SUMMARY Recommended cash offer for the entire share capital of Sirius 5.5 pence in cash for each Sirius share Overview Process Anglo American Values issued share capital of Sirius at ~£405m (~$529m)¹ funded from existing cash balances Sirius net debt of ~£119m (~$157m) (as at 31 December 2019)² Transaction to be implemented by means of a scheme of arrangement³ Directors have irrevocably committed to vote in favour of the scheme of arrangement Subject to Sirius shareholder approval Completion expected by 31 March 2020 Please refer to Rule 2.7 announcement for full terms and conditions 5#6SIGNIFICANT DEVELOPMENT PROGRESS MADE -25% of expected capex spent... Spend broadly aligned to Sirius's revised plan $1.1bn ...and remaining capex to be optimised Committed to disciplined capital allocation framework 2020/21: update & optimise development timeline / design Integrate with Operating Model & Marketing function ~$0.3bn ~$0.3bn ~$2.7bn capex from 2022 onwards to reach ~10Mtpa4 Incurred4 2020 2021 Quellaveco production expected 2022, ahead of project capex ramp up Anglo American 6#7DISCIPLINED CAPITAL MANAGEMENT Resilient balance sheet AngloAmerican Commitment to dividend payout ratio <1.5x bottom of the cycle net debt: EBITDA5 40% of underlying earnings With value adding, disciplined growth 7#8ⒶAngloAmerican POLY4: A MULTI-NUTRIENT PRODUCT Duncan Wanblad Real Mining. Real People. Real Difference. RU#9POLY4 CONTAINS ESTABLISHED NUTRIENTS N P K Key nutrient Nitrogen Phosphates Potassium Secondary nutrients S Sulphur Ca Calcium Mg Magnesium Other key benefits Low chloride Micro-nutrients Organic & Low carbon Anglo American 9#10A MULTI-NUTRIENT FERTILISER Current main potassium fertiliser sources MOP (Muriate of potash)6 SOP (Sulphate of potash)6 Chloride Potassium ~65Mt market Chloride Sulphur Potassium ~7Mt premium market Chloride Calcium Magnesium Sulphur Potassium POLY46 Low cost, high value substitute High chloride: harmful to some plants Principally bulk crops & emerging markets Sulphur supports production of proteins, enzymes, vitamins and amino acids Principally specialist crops & developed markets Wide range of established nutrients and low in chloride Flexible product for blending Anglo American Total market: ~45Mt of potassium6 POLY4: ~1.4Mt potassium6 10#11WITH A LEADING COST POSITION ~65Mt MOP cost curve POLY4 cost expected to fall within Q17 Anglo American ~7Mt SOP cost curve POLY4 cost expected to fall within Q17 11#12ⒶAngloAmerican HOW WE REALISE VALUE FROM POLY4 Duncan Wanblad Real Mining. Real People. Real Difference.#13UNDERPINNED BY ESTABLISHED NUTRIENTS Value-in-use³ from key nutrients Upside from micro-nutrients ~$200/t Low chloride MgO S K₂O POLY4 Implied value-in-use based on current market prices of underlying components assuming full value of each individual nutrient component. This is not a forecast of future pricing, which could be materially different. Anglo American Sustainable product ~4% yield improvement, plus improved resistance to disease and drought⁹ Low carbon, chemical-free production 13#14IDENTIFIED DEMAND BASED ON SUBSTITUTION Market attractiveness by nutrient 10 More attractive Less attractive Low-CI K₂O MgO Anglo American S Low-CI K₂O MgO S Low-CI K₂O MgO S Sharing incentives with established players Low-CI K₂O Low-Cl K₂O MgO S Low-Cl K₂O MgO S MgO S >10Mtpa offtake agreements Weighted ave price ~$140/t11 Based on January 2019 prices. Indicative weighted average FOB price for POLY4 under the offtake agreements outlined in Sirius Minerals' May 2019 prospectus. This figure is not a forecast of future pricing and future pricing could be materially different 14#15ⒶAngloAmerican POLY4: A SUSTAINABLE PRODUCT Duncan Wanblad Real Mining. Real People. Real Difference.#16SIMPLE, CLEAN AND SUSTAINABLE PRODUCTION MOP12 SOP 12 Ore mined Brine from solution Residue removal Anglo American Ore mined Evaporation & crystallisation Salt separation & de-bringing Crushing Calcination Hot leaching KCI crystallisation KCI separation Water Leach Filtration Evaporation POLY412 Ore mined Crushing De-watering & Drying Crystallisation Granulation ↓ Granulation Granulation Drying 16#17LOW CARBON FOOTPRINT POLY4 production generates 93% less CO2 than SOP and 85% less than MOP 13 Kg CO₂e per tonne fertiliser POLY4 51 SSP/TSP MOP MAP SOP DAP AS Anglo American 200 350 500 766 Common chemical fertilisers 800 840 17#18AngloAmerican POTENTIAL TIER 1 ASSET Duncan Wanblad Real Mining. Real People. Real Difference.#19MECHANISED OPERATIONS AND SIMPLE PROCESSING Mine Underground conveyor Processing & port facilities 1500m access and hoisting shafts 37km conveyor Mechanised underground operation: 25m seam thickness Through a single strata 500mm- 1500m- Not to scale Anglo American Ave 25m POLY4 Dedicated export facilities Granulation plant: energy efficient, chemical-free $1.1bn already invested4; key permits in place 19#20POTENTIAL TIER 1 ASSET Integrated operation: mine, conveyor, processing plant & port facility Anglo American Long life & large scale Low cost 290Mt JORC reserve 14 29 year life at 10Mtpa Unit cost $40-50/t15 Potential >50% EBITDA margin Scaleable 2.69Bt JORC resource Potential expansion opportunities 20 20#21ⒶAngloAmerican FIT WITH OUR STRATEGY & CAPABILITIES Mark Cutifani Real Mining. Real People. Real Difference.#22PROJECTS ON TIME AND ON BUDGET Quellaveco (Copper) 2020 capex (100%) -$1.5bn to ~$1.7bn Our share 16: -$0.9bn to ~$1.0bn Marine Namibia (Diamonds) Project on track Plant earthworks complete, concrete progressing well, first steel and equipment installed High value diamonds Construction under way Minas-Rio licence approval (Iron Ore) Tailings dam operating licence received 23Mt production 17 in 2019 at $24/t FOB cost 17 Ramp to full rate under way Anglo American 2020 capex 16 ~$0.1bn Aquila (Met Coal) 2020 capex 16 ~$0.1bn High quality met coal Construction under way 22 22#23PROJECT SUPPORTING A SUSTAINABLE FUTURE Environmental benefit Social benefit More productive farming, supporting a greener, lower carbon world Anglo American Governance High quality industrial jobs supporting local regeneration Developed jurisdiction: strong governance and corporate standards Underpinned by FutureSmart Mining TM: Technology & Sustainability 23 23#24LEVERAGING OUR CAPABILITIES Operating capabilities Marketing & Sustainability Disciplined capital allocation Operating Model/P101 driving benchmark performance Integrated Marketing Model with phosphates experience Optimisation of development profile & process Leading solutions through FutureSmart Mining™ Anglo American Sustainability leader ~$0.3bn pa capex in first 2 years 24#25ⒶAngloAmerican Q&A Real Mining. Real People. Real Difference.#26FOOTNOTES 1. £59.9m unrestricted cash, $236.6m value of outstanding convertible bonds. USD/GBP FX rate as at 31 December 2019 of 1.32475. USD/GBP FX rate as at 16 January 2020 of 1.3006. 2. 3. With rights reserved to switch to an offer. 4. 5. 6. 7. 8. 9. $1.1bn project spend incurred to 30 September 2019 excludes exploration pre-stage1 financing, and financing costs. Total capex on a P90 confidence level as assessed by Sirius management. Net debt and EBITDA both on an underlying basis. Net debt excludes the own credit risk fair value adjustment on derivatives. Charts show split of product by mass with potassium, calcium and magnesium expressed as oxides for comparison. Oxygen component of sulphate for SOP and POLY4 included in unlabelled segment of chart. Internal analysis. Co-product basis, consistent margin applied to potassium units in POLY4 only. Implied value-in-use based on current market prices of underlying components assuming full value of each individual nutrient component. This is not a forecast of future pricing, which could be materially different. Based on studies conducted by Sirius. 10. Internal analysis. 11. Based on January 2019 prices. Indicative weighted average FOB price for POLY4 under the offtake agreements outlined in Sirius Minerals' May 2019 prospectus. This figure is not a forecast of future pricing and future pricing could be materially different. 12. Source: Sirius - Investor Presentation, 2017. 13. Source: Sirius - Sustainability Report, September 2017. 14. Probable. 15. Including royalties and SIB capex. 16. Anglo American attributable share. 17. Wet basis. AngloAmerican 26#27AngloAmerican 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 Anglo American Real Mining. Real People. Real Difference. 27 27