AngloAmerican Investor Update

Copper supply challenges indicate pricing upside Project capital intensity consistently underestimated across the industry And yet current project forecasts assume lower capital intensity than installed stock 10,634 Pre-feasibility Anglo American Capital intensity, $/tpa Cu³ +29% 13,718 +56% Final investment decision 21,400 Achieved Capital intensity, $/tpa Cu4 25,426 Installed base -15% 21,557 Average estimates of future projects 5

View entire presentation