Investor Presentaiton

Commodity 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

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