Teck's Financial and Operations Outlook

Teck Disciplined Capital Allocation Framework Commitment to return 30-100% of available cash flow to shareholders* Balancing growth with cash returns to shareholders while maintaining a strong balance sheet Cash Flow from Operations after interest and finance charges, lease payments and distributions to non-controlling interests Sustaining Capital including stripping Base Dividend $0.50 per share Supplemental Shareholder Distributions minimum 30% available cash flow RETURNS (S)= Committed Growth Capital IST =S= Capital Structure Share Buybacks additional buybacks will be considered regularly Balance for growth and cash returns to shareholders GROWTH * Our capital allocation framework describes how we allocate funds to sustaining and growth capital, maintaining solid investment grade credit metrics and returning excess cash to shareholders. This framework reflects our intention to make additional returns to shareholders by supplementing our base dividend with at least an additional 30% of available cash flow after certain other repayments and expenditures have been made. For this purpose, we define available cash flow (ACF) as cash flow from operating activities after interest and finance charges, lease payments and distributions to non-controlling interests less: (i) sustaining capital and capitalized stripping; (ii) committed growth capital; (iii) any cash required to adjust the capital structure to maintain solid investment grade credit metrics; (iv) our base $0.50 per share annual dividend; and (v) any share repurchases executed under our annual buyback authorization. Proceeds from any asset sales may also be used to supplement available cash flow. Any additional cash returns will be made through share repurchases and/or supplemental dividends depending on market conditions at the relevant time. 11 =1

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