March 1, 2016

Forward Looking Information

Both these slides and the accompanying oral presentations contain certain forward-looking statements within the meaning of the United States Private SecuritiesLitigation Reform Act of 1995 and forward-looking information within the meaning of the Securities Act (Ontario). Forward-looking statements involve known andunknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Teck to be materially different from anyfuture results, performance or achievements expressed or implied by the forward-looking statements. These forward-looking statements include statementsrelating to the long-life our assets and estimated resource life, estimated profit and estimated EBITDA, our expectation regarding market supply and demand inthe commodities we produce, the effect of US dollar oil price changes on our Canadian dollar cost savings, our goal to maintain the core of our business at leastfree cash flow neutral, our expectation that we will end 2016 with at least $500 million in cash, the availability of options to strengthen our liquidity and our abilityto take advantage of any of those options, the expectation that Fort Hills will generate cash flow in 2018, 2016 production and cost guidance, 2016 capitalexpenditure guidance including our expectation that capitalized stripping costs will be reduced by $120 million, our statements regarding the Fort Hills capitalexpenditures and our ability to fund those, our statements regarding our liquidity, 2016 total spending reduction expectations, capital and operating cost savings,our level of liquidity, statements regarding our credit rating, the availability of or credit facilities and other sources of liquidity, forecast 2016 steelmaking coal cashcosts, statements regarding our coal growth potential, the potential benefits of LNG use in haul trucks, all projections for Project Corridor and statements madeon the “Corridor Project Summary” slide, statements regarding the production and economic expectations for the Fort Hills project, including but not limited tooperating and sustaining cost projections, sustaining capital projection, free cash flow projections, netback assumptions and calculations, operating margin,Alberta oil royalty, net margin, Teck’s share of go-forward capex, mine life, capital cost projections, transportation capacity and our ability to secure transport forour Fort Hills production, and management’s expectations with respect to production, demand and outlook in the markets for coal, copper, zinc and energy.

These forward-looking statements involve numerous assumptions, risks and uncertainties and actual results may vary materially, which are described in Teck’spublic filings available on SEDAR (www.sedar.com) and EDGAR (www.sec.gov). In addition, the forward-looking statements in these slides and accompanyingoral presentation are also based on assumptions, including, but not limited to, regarding general business and economic conditions, the supply and demand for,deliveries of, and the level and volatility of prices of, zinc, copper and coal and other primary metals and minerals as well as oil, and related products, the timingof the receipt of regulatory and governmental approvals for our development projects and other operations, our costs of production and production andproductivity levels, as well as those of our competitors, power prices, continuing availability of water and power resources for our operations, market competition,the accuracy of our reserve estimates (including with respect to size, grade and recoverability) and the geological, operational and price assumptions on whichthese are based, conditions in financial markets, the future financial performance of the company, our ability to attract and retain skilled staff, our ability toprocure equipment and operating supplies, positive results from the studies on our expansion projects, our coal and other product inventories, our ability tosecure adequate transportation for our products, our ability to obtain permits for our operations and expansions, our ongoing relations with our employees andbusiness partners and joint venturers. Management’s expectations of mine life are based on the current planned production rates and assume that all resourcesdescribed in this presentation are developed. Certain forward-looking statements are based on assumptions regarding the price for Fort Hills product and theexpenses for the project, as disclosed in the slides. Our estimated profit and EBITDA statements are based on budgeted commodity prices and a 1.40CAD/USD exchange rate. Our estimated year-end cash balance assumes current commodity prices and exchange rates, our 2016 guidance for production,costs and capital expenditures, existing US$ debt levels and no unusual transactions. Cost statements are based on assumptions noted in the relevantslide. Assumptions regarding liquidity are based on the assumption that Teck’s current credit facilities remain fully available. Assumptions regarding Fort Hillsalso include the assumption that project development and funding proceed as planned, as well as assumptions noted on the relevant slides discussing Fort Hills.Assumptions regarding our potential reserve and resource life assume that all resources are upgraded to reserves and that all reserves and resources could bemined. The foregoing list of assumptions is not exhaustive. Assumptions regarding the Corridor project include that the project is built and operated inaccordance with the conceptual preliminary design from a preliminary economic assessment.

2

Forward Looking Information

Factors that may cause actual results to vary materially include, but are not limited to, changes in commodity and power prices, changes in market demand forour products, changes in interest and currency exchange rates, acts of foreign governments and the outcome of legal proceedings, inaccurate geological andmetallurgical assumptions (including with respect to the size, grade and recoverability of mineral reserves and resources), unanticipated operational difficulties(including failure of plant, equipment or processes to operate in accordance with specifications or expectations, cost escalation, unavailability of materials andequipment, government action or delays in the receipt of government approvals, industrial disturbances or other job action, adverse weather conditions andunanticipated events related to health, safety and environmental matters), union labour disputes, political risk, social unrest, failure of customers orcounterparties to perform their contractual obligations, changes in our credit ratings, unanticipated increases in costs to construct our development projects,difficulty in obtaining permits, inability to address concerns regarding permits of environmental impact assessments, and changes or further deterioration ingeneral economic conditions. We will not achieve the maximum mine lives of our projects, or be able to mine all reserves at our projects, if we do not obtainrelevant permits for our operations. Our Fort Hills project is not controlled by us and construction and production schedules may be adjusted by our partners. TheCorridor project is jointly owned. The effect of the price of oil on operating costs will be affected by the exchange rate between Canadian and U.S. dollars.

Statements concerning future production costs or volumes are based on numerous assumptions of management regarding operating matters and onassumptions that demand for products develops as anticipated, that customers and other counterparties perform their contractual obligations, that operating andcapital plans will not be disrupted by issues such as mechanical failure, unavailability of parts and supplies, labour disturbances, interruption in transportation orutilities, adverse weather conditions, and that there are no material unanticipated variations in the cost of energy or supplies.

We assume no obligation to update forward-looking statements except as required under securities laws. Further information concerning assumptions, risks anduncertainties associated with these forward-looking statements and our business can be found in our most recent Annual Information Form, as well assubsequent filings of our management’s discussion and analysis of quarterly results, all filed under our profile on SEDAR (www.sedar.com) and on EDGAR(www.sec.gov).

3

Agenda

Teck Overview & Strategy

Commodity Market Observations

Teck Update

4

• Based in Vancouver, Canada, with operations in the Americas

• Strategy focused on long life assets in stable jurisdictions

• Sustainability: Key to managing risks and developing opportunities

Strong Resource Position1

With Sustainable Long-Life AssetsCoal Resources ~100 years

Copper Resources ~30 years

Zinc Resources ~15 years

Energy Resources ~50 years

Attractive Portfolio of Long-Life Assets

1. Reserve and resource life estimates refer to the mine life of the longest lived resource in the relevant commodity assuming production at planned rates and in some cases development of as yet undeveloped projects. See the reserve and resource disclosure in our most recent Annual Information Form, available on SEDAR and EDGAR, for additional detail regarding underlying assumptions.

5

Long-Term Strategy

Diversification to expand opportunity set

Long life assets

Low half of the cost curve

Appropriate scale

Low risk jurisdictions

6

Teck has good leverage to stronger zinc and copper markets, and benefits from the weaker Canadian dollar

The Value of Our Diversified Business Model

Cash Operating Profit 2015

Production Guidance1

Unit of Change

Estimated Profit 2

EstimatedEBITDA2

$C/$US C$0.01 $22M /$.01∆ $34M /$.01∆

Coal 25.5 Mt US$1/tonne $23M /$1∆ $35M /$1∆

Copper 312 kt US$0.01/lb $6M /$.01∆ $9M /$.01∆

Zinc 940 kt US$0.01/lb $9M /$.01∆ $14M /$.01∆

2016 Leverage to Commodities & FX

1. Based on mid-point of 2016 guidance ranges. Zinc includes 645 kt of zinc in concentrate and 295 kt of refined zinc.2. Based on budgeted commodity prices and a 1.40 CAD/USD exchange rate. The effect on our profit and EBITDA will vary with

commodity price and exchange rate movements, and sales volumes.

Coal~30%

Copper 35%

Zinc35%

Base Metals~70%

7

Agenda

Teck Overview & Strategy

Commodity Market Observations

Teck Update

8

Commodity Market Observations

• Current cycle longest and deepest for decades

• Coal market curtailments reaching point where global demand growth is a factor

• ~Two years for oil market to correct prior to Fort Hills production ramp-up

• Industry costs declining, but still higher than appreciated

• Zinc market poised for change9

Commodity Market Observations

• Current cycle longest and deepest for decades

10

• Up cycles in green and down cycles in orange; plotted against duration in years on the right scale• Peak-to-trough price moves during the cycle in blue; plotted against the left axis• Up cycles tend to be longer, with higher percentage gains

Copper Price Cycles –Current Cycle Deepest since 1920’s

YearsP

eak

to T

roug

h C

ycle

% C

hang

e

72%

-37%

132%

-57%

45%

-68%

284%

-13%

115%

-37%

121%

-12%

50%

-15%

54%

-35%

98%

-30%

51%

-45%

333%

-26%

68%

49%

64

64

8

3

16

1

7

2

12

2 24

2

6

3 42

4

8

2 2

5

0

5

10

15

20

25

30

35

40

-500.0%

-400.0%

-300.0%

-200.0%

-100.0%

0.0%

100.0%

200.0%

300.0%

400.0%

Source: Wood Mackenzie, USGS, WBMS, Teck11

Commodity Market Observations

• Current cycle longest and deepest for decades

• Coal market curtailments reaching point where global demand growth is a factor

12

Steelmaking Coal Will Slowly Rebalance

• Excess supply continues to pressure prices & margins• US exports declining but still >1.5 times above historical average levels• Reduced imports into China, although some evidence of destocking• Stronger fundamentals ex-China

Tighter Market ex-ChinaUS Steelmaking Coal Exports (ex. Canada)

-25

-20

-15

-10

-5

0

5

10

China EU LatinAmerica

India JKTSe

abor

nem

et. c

oal i

mpo

rts c

hang

e,

2019

vs.

201

5, M

t

Decline in China offset by growth in other Asian countries and Latin America

38 Mt

0

10

20

30

40

50

60

70

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

Mt

2000-2009average at

23Mt

2010-2014average at 55Mt

Source: GTIS, CRU13

Commodity Market Observations

• Current cycle longest and deepest for decades

• Coal market curtailments reaching point where global demand growth is a factor

• Industry costs declining, but still higher than appreciated

14

0

1000

2000

3000

4000

5000

6000

7000

8000

9000

10000

0 10 20 30 40 50 60 70 80 90 100

$/to

nne

Cumulative Production %

2013 Cash Costs 2013 Total Costs 2014 Cash Costs 2014 Total Costs

Copper Costs Higher Than Understood

GFMS Net Cash and Total Cost Curves

2013 Price2014 Price

2015 Price

Current Price (2/10/2016)

Source: GFMS, Thomson Reuters15

Commodity Market Observations

• Current cycle longest and deepest for decades

• Coal market curtailments reaching point where global demand growth is a factor

• ~Two years for oil market to correct prior to Fort Hills production ramp-up

• Industry costs declining, but still higher than appreciated

16

Global Oil Market to Rebalance

World Production & Consumption Balance

Source: Consensus Economics, February 201617

Commodity Market Observations

• Current cycle longest and deepest for decades

• Coal market curtailments reaching point where global demand growth is a factor

• ~Two years for oil market to correct prior to Fort Hills production ramp-up

• Industry costs declining, but still higher than appreciated

• Zinc market poised for change18

$0

$100

$200

$300

$400

$500

$600

Spot Annual

Spot TCs vs. Realized Annual TCs

LME Zinc Stocks – Since Dec 2012

Zinc Market Changing Rapidly

• Supply situation tightening in concentrates

• Growth in zinc demand expected to outpace negative supply growth

• Demand growth still positive, but weaker growth has slowed inventory drawdown

• Terminal Market Stocks continue to decline, market tightness should draw out hidden stocks

4005006007008009001,0001,1001,200

50¢

60¢

70¢

80¢

90¢

100¢

110¢

120¢

Stocks Price

US

¢/lb

thou

sand

tonn

es

plotted to Feb. 12, 2015

US$

/dm

t

plotted to January 2016

Source: Teck, CRU19

Agenda

Teck Overview & Strategy

Commodity Market Observations

Teck Update

20

Plan to Navigate an Extended Low Price Environment & Emerge Stronger

• Continuing to deliver excellent operating execution− Reduced our cash unit costs at all

operations in 20151

− All major operating mines cash flow positive after sustaining capex2

• Finish building Fort Hills− >50% complete; on schedule and

on budget

• Protecting our strong financial position− Evaluating options to further

strengthen liquidity

• Staying true to our core values− Recognized once again for

sustainability

1. Compared with 2014.2. In the fourth quarter and full year 2015. Major operating mines exclude Quebrada Blanca and Pend Oreille.

21

Guidance Results

Steelmaking CoalProduction1 25-26 Mt 25.3 Mt

Site costs C$49-53/t C$45/t

Transportation costs C$37-40/t C$36/t

Combined costs2 C$86-93 /t C$83/tUS$64/t Lower unit costs at all mines

CopperProduction 340-360 kt 358 kt Record mill throughput at Antamina

Cash unit costs3 US$1.45-1.55 /lb US$1.45/lb Lower unit costs at all mines

ZincMetal in concentrate production4 635-665 kt 658 kt

Refined production 280–290 kt 307 kt Record production at Trail

Capital Expenditures5 $2.3B $2.2B Lower capex

Solid Delivery Against 2015 Guidance

1. Reflects mid-year revision for temporary shutdowns.2. Combined coal costs are site costs, inventory adjustments and transportation costs.3. Net of by-product credits.4. Including co-product zinc production from our copper business unit.5. Including capitalized stripping.

22

46 35

31

1512

35

28

2014 20152014 2015

Significant Unit Cost ReductionsUnit costs reduced at all of our operations1

1. In 2015 as compared with 2014. 2. Steelmaking coal unit cost of sales include site costs, inventory adjustments and transport costs. Total cash costs are unit cost

of sales plus capitalized stripping. 3. Copper C1 unit costs are net of by-product margins. Total cash costs are C1 unit costs plus capitalized stripping.

23%

Total Cash Costs (US$/tonne)2

76

99

Site

Transport

Inventory

Total Cash Costs (US$/lb)3

xx%

14%

Copper3

C1 Unit Costsdown US$0.20/lb

Total Cash Costsdown US$0.27/lb

Total

Capitalized Stripping

Site

Total

Capitalized Stripping

1.661.93

2014 2015

24%

Unit Cost of Sales (US$/tonne)2

64

84

C1 Unit Costs (US$/lb)3

xx%

12%

1.45

1.65

Steelmaking Coal2

Unit Cost of Salesdown US$20/t

Total Cash Costsdown US$23/t

1.65 1.45

0.28 0.21

2014 2015

23

Core Business Free Cash Flow vs. Development Project Cash Flow

Cost management delivering improvements in Free Cash Flow2, despite weakening prices

Target to be at least cash flow neutral

Fort Hills capital expenditures are fully funded1

Development Project Core Business

Potential future free cash flow

Teck’s total share of capital $2.94BRemaining capital (as of February 10th, 2016)

$1.2B

Teck cash balance ~$1.8B

(100)

-

100

200

Q1 14 Q2 14 Q3 14 Q4 14 Q1 15 Q2 15 Q3 15 Q4 15C

$ M

illion

s

Free Cash Flow, Before Fort Hills Capex

1. As of February 10, 2016. Based on Suncor’s planned project spending. Sanction capital is the go-forward amount from the date of the Fort Hills sanction decision (October 30, 2013), denominated in Canadian dollars and on a fully-escalated basis.

2. Free Cash Flow is Net Cash from Operations, before changes in Working Capital, less Investing activity excluding Fort Hills capital expenditures, not including proceeds from sales of investments, less interest paid and distributions to minority interests.

24

$0

$250

$500

$750

$1,000

$1,250

$1,500

$1,750

$2,000

$2,250

$2,500

$2,750

$3,000

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026

2027

2028

2029

2030

2031

2032

2033

2034

2035

2036

2037

2038

2039

2040

2041

2042

2043

US$

M

251. As at February 10, 2016.2. Assumes current commodity prices and exchange rates ,Teck’s 2016 guidance for production, costs and capital expenditures.,

existing US$ debt levels and no unusual transactions.

Strong Financial Position

• Cash balance of ~$1.8B1

− Includes ~$1B in cash generated via two precious metal streaming agreements

− Repaid US$300M of notes in Q4 2015• No debt due until 2017

2017Q1: US$300MQ3: US$300M

Expect to achieve year-end cash balance of >$500M2

Options to Strengthen Liquidity

• Further cost & capital reductions• Additional precious metal

streaming transactions• Asset value realization

opportunities− Infrastructure assets− Non-operating assets

• Minority interests in assets• Royalties on future cash flows

26

Near-Term Priorities

• Keeping operations cash flow positive

• Funding Fort Hills from internal sources

• Maintaining a strong financial position− Target for US$3B credit facility

to remain undrawn in 2016− Expect year-end cash balance

of >$500M1

• Evaluating opportunities to further strengthen liquidity

27 1. Assumes current commodity prices and exchange rates, Teck’s 2016 guidance for production, costs and capital expenditures., existing US$ debt levels and no unusual transactions.

Plan to Navigate an Extended Low Price Environment & Emerge Stronger

Attractive portfolio of long-life assets & resources

Good leverage to base metals markets

Fort Hills capital fully funded

Target for core business to remain at least free cash flow neutral

Solid liquidity & opportunities to strengthen further

28

Additional Information

• In 2011, we launched our formal sustainability strategy

• Organized around 6 focus areas representing our most material sustainability challenges and opportunities

• Set short-term (2015) and long-term (2030) goals and vision for each area

• On track to achieve all of our 2015 goals

Our Sustainability Strategy

30

Received the PDAC 2014 Environmental and Social Responsibility Award

Best 50 Corporate Citizens in Canada 2015

On the Dow Jones Sustainability World Index six years in a row

One of top 100 most sustainable companies in the world and one of Canada’s most sustainable companies

Top 50 Socially Responsible Corporations in Canada

Received the Globe Foundation Environment Award in 2014

31

External Recognition

Diversified Portfolio of Key Commodities

NorthAmerica

~23%Europe~15%

LatinAmerica

~2%

China~20%

Asia excl. China~40%

32

Diversified Global Customer Base

Coking coal CopperZinc LeadMoly SilverGermanium Indium

Source: Teck; 2015 revenue

2015 Results 2016 GuidanceSteelmaking Coal

Production 25.3 Mt 25-26 MtSite costs $45/t $45-49/tCapitalized stripping $16/t $11/t1

Transportation costs $36/t $35-37/t

Total cash costs2 $99/tUS$76/t

$91-97/tUS$65-69/t

CopperProduction 358 kt 305-320 ktC1 unit costs3 US$1.45/lb US$1.50-1.60/lbCapitalized stripping US$0.21/lb US$0.21/lb1

Total cash costs4 US$1.66/lb US$1.71-1.81/lbZinc

Metal in concentrate production5 658 kt 630-665 ktRefined production 307 kt 290-300 kt

2016 Production & Site Cost Guidance

1. Approximate, based on capitalized stripping guidance and mid-point of production guidance range.2. Steelmaking coal unit cost of sales include site costs, inventory adjustments and transport costs. Total cash costs are unit cost

of sales plus capitalized stripping. 3. Net of by-product credits.4. Copper total cash costs Include cash C1 unit costs (after by-product margins) and capitalized stripping. 5. Including co-product zinc production from our copper business unit.

33

($M) SustainingMajor

EnhancementNew Mine

Development Sub-totalCapitalized

Stripping Total

Coal $50 $40 $ - $90 $290 $380

Copper 120 5 80 205 190 395

Zinc 130 10 - 140 60 200Energy 5 - 1,000 1,005 - 1,005

TOTAL $305 $55 $1,080 $1,440 $540 $1,980

Total capex of ~$1.4B, plus capitalized stripping

2015A $397 $64 $1,120 $1,581 $663 $2,244

2016 Capital Expenditures Guidance

34

Operation Expiry DatesCoal Mountain In Negotiations - December 31, 2014Elkview In Negotiations - October 31, 2015Fording River April 30, 2016Highland Valley Copper September 30, 2016Trail May 31, 2017Cardinal River June 30, 2017

Quebrada BlancaOctober 30, 2017

November 30, 2017December 31, 2017

Quintette April 30, 2018Antamina July 31, 2018Line Creek May 31, 2019

Carmen de Andacollo September 30, 2019December 31, 2019

Collective Agreements

35

Credit Ratings

S&P Moody’s Fitch DBRS

BBB Baa2 BBB BBB

BBB- Baa3 BBB- BBB (low)

BB+ Ba1 BB+negative

BB (high)negative

BB Ba2 BB BB

BB- Ba3Negative BB- BB (low)

B+negative B1 B+ B (high)

B B2 B B

B- B3 B- B (low)

Inve

stm

ent

Gra

deN

on-In

vest

men

t G

rade

Supported by:• Diversified business model• Low risk jurisdictions• Low cost assets• Conservative financial policies• Significant cost reductions• Capital discipline• Achieving production guidance• Production curtailments in coal• Dividend cut• Streaming transactions

Constrained by:• Debt-to-EBITDA metric, due to weak prices

Ratings reflect the current economic environment

As at February 18, 2016.36

Teck Credit Ratings vs. London Metal Exchange Index

Credit Ratings Reflect Commodity Prices

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

5,000Ja

n-05

Jan-

06

Jan-

07

Jan-

08

Jan-

09

Jan-

10

Jan-

11

Jan-

12

Jan-

13

Jan-

14

Jan-

15

Jan-

16

Moody's S&P Fitch London Metal Exchange Index (Right Axis)

BBB/Baa2

BBB-/Baa3

BB+/Ba1

BB/Ba2

BB-/Ba3

BBB+/Baa1

B+/B1

B/B2

B-/B3

A+/A1

A/A2

A-/A3

Inve

stm

ent G

rade

Non

-Inve

stm

ent G

rade

37

Substantial Credit Facilities1

Amount (M) Commitment Maturity

Letters of Credit Limit

($M)

Letters of Credit Drawn

($M)

Total Available

($M)

US$3,000 Committed July 2020 US$1,000 Undrawn US$3,000

US$1,200 Committed June 2017 None US$740 US$460Expect to keep available for letter of credit requirements

~C$1,700 Uncommitted n/a n/a ~C$1,500 ~C$200

Total1 ~C$2,500 ~C$5,000

• Unsecured; any borrowings rank pari passu with outstanding public notes• Only financial covenant is debt to debt-plus-equity of <50%; excludes issued letters of credit• Availability not affected by commodity price changes or credit rating actions• Available for general corporate purposes

1. As of December 31, 2015. Assumes a 1.38 CAD/USD exchange rate.2. Includes cash and US$3B credit facility. Excludes US$1.2B credit facility and uncommitted bilateral credit facilities.

Ample liquidity for remaining Fort Hills capital expenditure of ~$1.2B

38

Relative Commodity Price Changes

Relative Price Changes

0.00

0.20

0.40

0.60

0.80

1.00

1.20

Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15

Zn CuAg AuGSCI WTIHot Rolled Coil Plotted to

Feb 2, 2016

Peak Since 2014

SinceOctober 2015

Oil $108/bbl -71% -37%

GSCI 5,185 -60% -23%

Zinc $1.10/lb -33% -12%

Copper $3.37/lb -39% -15%

Gold $1,385/oz -19% -2%

Silver $22/oz -35% -10%

Steel $690/st -42% -2%

Source: LME, GSCI, BEA, LBMA, Teck 39

$0

$10

$20

$30

$40

$50

$60

$70

50

70

90

110

130

150

170

190

210

230

250

Bloomberg Commodity Index (Left Axis) Teck (Right Axis)

Teck Stock Price vs. Bloomberg Commodity Price Index (2000-present)

Commodity Prices Impact Stock Price

Plotted to February 10, 2016

40

Steelmaking CoalBusiness Unit & Markets

• Up cycles in green and down cycles in orange; plotted against duration in years on the right scale• Peak-to-trough price moves during the cycle in blue; plotted against the left axis• Up cycles tend to be similar in duration but with higher percentage gains

Source: CRU, Teck

Steelmaking Coal Price Cycles -Current Cycle Long and Deep

-2%

1%

-26%

13%

-12%

19%

-25%

17%

-0.1%

146%

-13%

144%

-31%

68%

-72%

1 12 2

43 3

21

3

1 1 12

5

0

3

6

9

12

15

-250%

-200%

-150%

-100%

-50%

0%

50%

100%

150%

200%

250%

Pea

k to

Tro

ugh

Cyc

le %

Cha

nge

Years

42

AUS$

Stronger US dollar favours producers outside of the US

Source: Argus, Bank of Canada

• >60 Mt cutbacks announced with over 55% implemented by the end of 2015

• Require additional cutbacks to achieve market balance

• US coal production high end of cost curve and no currency benefit

Coal Prices By CurrencyArgus FOB Australia

CDN$

US$

Met Coal Market Slowly Rebalancing; FX Assisting Producers Outside USA

plotted to February 10, 2016

70

80

90

100

110

120

130

140

150

$ / t

onne

43

Traditional Steel Markets

• China slowing

• JKT slowing

• EU slowing

Rest of the World

• India good growth

• Brazil stable

• US slowing

Monthly Hot Metal Production

Source: WSA, based on data reported by countries monthly; NBS

Mt

Update to December 2015

Global Hot Metal Production

JKT

India

Europe

USA

Brazil

0

3

6

9

12

15

Jan-

10A

pr-1

0Ju

l-10

Oct

-10

Jan-

11A

pr-1

1Ju

l-11

Oct

-11

Jan-

12A

pr-1

2Ju

l-12

Oct

-12

Jan-

13A

pr-1

3Ju

l-13

Oct

-13

Jan-

14A

pr-1

4Ju

l-14

Oct

-14

Jan-

15A

pr-1

5Ju

l-15

Oct

-15

45 55 65 75

China

44

Source: WSA, NBS, Wood Mackenzie, CRU1. Europe includes 12 countries.

Crude steel production to grow at 1.3% CAGR between 2015 and 2020

Ex-China seaborne demand for steelmaking coal is forecasted to increase

by ~3% CAGR in the same period

Crude Steel Production 2014-2020Crude Steel Production (Mt) 2015

Global 1,623 (-2.8% YoY)

China 804 (-2.3% YoY)

Global, ex-China 819 (-3.4% YoY)

JKT 196 (-4.4% YoY)

Europe 202 (-2.5% YoY)

India 90 (+2.6% YoY)

Crude Steel Production Continues to Grow

45

Relocation to China’s coastline facilitates access to seaborne raw materials

Sources: NBS, CISA

Chinese Steel Industry Moving to the Coast

46

Xinjiang

Tibet

Qinghai

Sichuan

InnerMongolia

Henan

Shanxi

Guangxi Guangdong

Fujian

Zhejiang

Jiangsu

Shandong

Liaoning

Jilin

Heilongjiang

GuizhouHunan

Hubei

Jiangxi

Anhui

ShaanxiGansu

Ningxia

Qinghai

Sichuan

Yunnan

BeijingHebei

WISCO Fangchenggang Project• Planned capacity: hot metal 8.5Mt, crude steel

9.2Mt, steel products 8.6Mt• Cold roll line (2.1Mt) commissioned in Jun 2015.• No timeline for BFs yet.

Baosteel Zhanjiang Project• Capacity: hot metal 8.2Mt, crude steel 8.7Mt,

steel products 8.2Mt, coke 3.2Mt. • BF #1 commissioned in Sep 2015• BF #2 to be commissioned in Jun 2016

Ningde Steel Base• Proposed but no progress yet.

Ansteel Bayuquan Project• Phase 1 (~ 5.4 Mt pig iron, 5.2 Mt crude

steel and 5 Mt steel products) in 2013.• Phase 2 (5.4 Mt BF) planned but no

progress yet.

Capital Steel Caofeidian Project• Phase 1 (10 Mt) completed in 2010.• Phase 2, planned with the investment of ~

US$7 billion, kicked off in Aug 2015 and scheduled to be completed by 2018. Capacity: hot metal 8.9Mt, crude steel 9.4Mt, steel products 9.0Mt.

Shandong Steel Rizhao Project• Capacity: hot metal 8.1 Mt (2 BFs), crude

steel 8.5Mt, steel products 7.9Mt. • BF #1 started construction in Sep 2015.

50%52%54%56%58%60%62%64%66%68%

0100200300400500600700800900

2000 2003 2006 2009 2012 2015Non-coastal (Mt, lhs) Coastal (Mt, lhs)Coastal share (%, rhs)

We Are a Leading Steelmaking Coal Supplier To Steel Producers Worldwide

NorthAmerica

~5%Europe~20%China

~20%

High quality, consistency, reliability, long-term supply

Asia excl. China~50%

Source: Teck, based on 2015 sales volumes.

LatinAmerica

~5%

Proactively realigning sales with changing market47

0

50

100

150

200

250

300

350

Q1

2010

Q2

2010

Q3

2010

Q4

2010

Q1

2011

Q2

2011

Q3

2011

Q4

2011

Q1

2012

Q2

2012

Q3

2012

Q4

2012

Q1

2013

Q2

2013

Q3

2013

Q4

2013

Q1

2014

Q2

2014

Q3

2014

Q4

2014

Q1

2015

Q2

2015

Q3

2015

Q4

2015

US$

/ to

nne

Teck Realized Price (US$) Benchmark Price

Discount to the benchmark price is a function of:

1. Product mix: >90% hard coking coal

2. Direction of quarterly benchmark prices and spot prices- Q1 2016 benchmark for

premium products is US$81/t

Historical Average Realized Prices

Average Realized Price in Steelmaking Coal

Average realized price discount: ~8-9%Average realized % of benchmark: 91-92% (range: 88%-96%)

96%

88%

93%

94%92%

91%

48

4635 34

3

1

35

28 26

15

128

2014 2015 2016

Total cash costs down 31% from 2014 to 2016F2

Total Cash Costs2

49

US$/t 2014 2015 20163 Change

Site $46 $35 $34 -26%

Inventory Adjustments $3 $1 $0 -100%

Transportation $35 $28 $26 -25%

Unit Cost of Sales (IFRS) $84 $64 $60 -28%

Capitalized Stripping $15 $12 $84 -45%

Total Cash Costs2 $99 $76 $68 -31%

Sustaining Capital $6 $2 $14 -76%

All In Sustaining Costs $105 $78 $69 -34%

1. In US dollars per tonne. Assumes a Canadian dollar to US dollar exchange rate of 1.10 in 2014, 1.28 in 2015 and 1.38 in 2016.2. Steelmaking coal unit cost of sales include site costs, inventory adjustments and transport costs. Total cash costs are unit cost

of sales plus capitalized stripping. All in sustaining costs are total cash costs plus sustaining capital.3. Based on the mid-point of guidance ranges.4. Approximate, based on capital expenditures guidance and mid-point of production guidance ranges.

IFRS

Steelmaking Coal Costs1

$99

$76

IFRS IFRS

$68

Site

Inventory

Transport

Capitalized Stripping

Significant Long-Term Coal Growth Potential

Potential Production Increase ScenariosTeck’s large resource base supports several options for growth:• Quintette restart (up to 4 Mtpa)

fully permitted

• Brownfields expansions- Elkview expansion - Fording River expansion- Greenhills expansion

• Capital efficiency and operating cost improvements will be key drivers

-

10

20

30

40

50

Prod

uctio

n (M

t)

FRO GHO CMO EVO LCO

CRO QCO 28 Mt 40 Mt

Time Conceptual

Potential to grow production when market conditions are favourable50

>75 Mt of West Coast Port Capacity PlannedTeck Portion at 40 Mt

• Exclusive to Teck • Recently expanded to 12.5 Mt • Planned growth to 18.5 Mt

Westshore Terminals

Neptune Coal Terminal

Ridley Terminals

West Coast Port Capacity

• Current capacity: 18 Mt• Expandable to 25 Mt• Teck contracted at 3 Mt

• Teck is largest customer at 19 Mt• Large stockpile area• Recently expanded to 33 Mt• Planned growth to 36 Mt • Contract expires March 2021

Milli

on T

onne

s (N

omin

al)

Teck’s share of capacity exceeds current production plans, including Quintette

12.518

336

7

3

0

5

10

15

20

25

30

35

40

Neptune CoalTerminal

RidleyTerminals

WestshoreTerminals

Current Capacity Planned Growth

51

0%

20%

40%

60%

80%

100%

CO2 NOx Particulate SOxDiesel Natural Gas

LNG for Haul Trucks Project

• Pilot project underway to evaluate running Teck haul trucks on a blend of diesel and LNG- Six haul trucks at Fording River- First use of LNG as a haul truck fuel at a Canadian mine site

• Has the potential to eliminate ~35,000 tonnes of CO2 emissions annually at our steelmaking coal operations, and to reduce our fuel costs by >$20M per year across our operations

Comparison of Fuel Cost

$-

$0.20

$0.40

$0.60

$0.80

$1.00

$1.20

LNG / Diesel Liter Diesel / LiterGas Cost Liquifaction Carbon Tax Delivery Diesel

Pric

e pe

r Lite

r

Comparison of Emissions

% o

f Die

sel E

mis

sion

s

52

Our Market: Seaborne Hard Coking Coal2~200 million tonnes

Global Coal Production1

7.9 billion tonnes

1. Source: International Energy Agency 2014 data.2. Source: CRU

Seaborne Steelmaking Coal2~290 million tonnes

Export Steelmaking Coal2~325 million tonnes

Steelmaking Coal Production2

~1,185 million tonnes

Seaborne Hard Coking Coal Market

53

• Around the world, and especially in China, blast furnaces are getting larger and increasing PCI rates

• Coke requirements for stable blast furnace operation are becoming increasingly higher

• Teck coals with high hot and cold strength are ideally suited to ensure stable blast furnace operation

• Produce some of the highest hot strengths in the world50 60 70 80 90 100

South Africa

Japan (Sorachl)

Japan(Yubarl)

U.S.A.Canada OtherTeck HCCAustraliaJapanSouth Africa

Australia(hard coking)and Canada

U.S.A.

Australia(soft coking)

10

20

30

40

50

60

70

80

Drum Strength Dl 30 (%)

CSR

Teck HCC

54

Coking Coal Strength

High Quality Hard Coking Coal

Copper Business Unit & Markets

0

200

400

600

800

1000

1200

1400

0¢

50¢

100¢

150¢

200¢

250¢

300¢

350¢

400¢

450¢

500¢

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

LME Stocks Comex SHFE Price

Historic Copper Metal Prices & StocksU

S¢/lb

thou

sand

tonn

es

plotted to Feb. 12, 2016

Daily Copper Prices & Stocks

Source: LME, ICSG, ILZSG56

Copper Mine Production Forecasts Continue to Decline

57

Losses in 2016 already 72% of 2015 levels

16,000

16,500

17,000

17,500

18,000

18,500

Apr

-15

May

-15

Jun-

15Ju

l-15

Aug

-15

Sep

-15

Oct

-15

Nov

-15

Dec

-15

Jan-

16

5% Disruption net of ProjectsMarket Adjustment2017 Adjusted

15,000

15,500

16,000

16,500

17,000

17,500

Feb-

13

Jun-

13

Oct

-13

Feb-

14

Jun-

14

Oct

-14

Feb-

15

Jun-

15

Oct

-15

2015 AdjustedMarket Adjustment5% Disruption

thou

sand

tonn

es c

onta

ined

cop

per

2015 2016

15,000

15,500

16,000

16,500

17,000

17,500

18,000

18,500

Apr

-14

Jun-

14A

ug-1

4O

ct-1

4D

ec-1

4Fe

b-15

Apr

-15

Jun-

15A

ug-1

5O

ct-1

5D

ec-1

5

5% Disruption & ProjectsMarket Adjustment2016 Adjusted

2017

thou

sand

tonn

es c

onta

ined

cop

per

thou

sand

tonn

es c

onta

ined

cop

per

• Down 588 kmt from 2013 net estimates• Down 1.8 million tonnes from guidance

Source: Wood Mackenzie

• Down 1.3 million from 2014 estimates• Projects down by 72% • Net Mine Production Growth in 2016 now

only 1.1%, less than 300 kmt

• Down 829 kt from April 2015 estimates • Projects down by 50% or 426 kmt

57

Copper Costs Higher than Understood

Source: Bernstein Research

Bernstein Estimated Margin After Sustaining Capex

(5,000)

(4,000)

(3,000)

(2,000)

(1,000)

-

1,000

2,000

3,000

4,000

5,000

6,000

- 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000

Mar

gin

(US$

/tonn

e)

Cumulative Copper Production (kt)

At US$2.00 Copper At US$2.40 Copper

At US$2.40 6,239kt

72nd Percentile

At US$2.004,270kt

49th Percentile

58

(300)

(250)

(200)

(150)

(100)

(50)

0

Thou

s. M

t-950

-859

-776-851

-945

-584

-839

-973

-831

-968

-1,015-1,200

-1,000

-800

-600

-400

-200

02005 2006 2007 2008 2009 2010 2011 2012 2013 2014

2015YTD

Thou

sand

tonn

esDisruptions Continue in Copper

Significant Copper Concentrate Disruptions Breakdown of Disruptions including SXEW

plotted to December 2015

plotted to December 2015

Source: Teck, CRU59

Ore Grade TrendsOngoing decline will put upward pressure on unit costs

Source: Wood Mackenzie

0.8

1.0

1.2

1.4

1.6

1.8

2.0

2.2

2.4

2.6

0.8

0.9

1.0

1.1

1.2

1.3

1.4

1.5

1.6

1.7

1980 1984 1988 1992 1996 2000 2004 2008 2012 2016 2020 2024

Cop

per G

rade

Cu

%

All Operations Primary Mines Co-By Product Mines - (RH axis)

Industry Head Grade Trends (Weighted by Paid Copper)

60

0¢

10¢

20¢

30¢

40¢

50¢

60¢

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Standard Spot High Grade Spot Realised TC/RC

Copper Concentrate TC/RCs

Copper Concentrate TC/RC

plotted to January 2016

Source: Teck, CRU61

Wood Mac Still Forecasting Demand Growth

Source: Wood Mackenzie62

0

200

400

600

800

1,000

1,200

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Cathode Concs Scrap Blister/Semis

000’

s to

nnes

(con

tent

)

Net Copper Imports up 4.6% in 2015

Source: NBS

Chinese Copper Imports Switch from Cathode to Concentrates

Updated to December 2015

63

Significant Chinese Copper Demand Remains

…But Will Add Significantly in Additional Tonnage Terms

Annual Growth Rate of Chinese Copper Consumption to Slow Dramatically…

China expected to add almost as much to global demand in the next 15 years as the past 25 years

Source: Wood Mackenzie, Teck

-

200

400

600

800

1,000

1,200

1,400

1990 1994 1998 2002 2006 2010 2014 2018 2022 2026 2030

0%

5%

10%

15%

20%

25%

30%

1990 1994 1998 2002 2006 2010 2014 2018 2022 2026 2030

Annual Avg. 11.9%

Annual Avg. 2.8%

Annual Avg. Growth356 Mt/yr

Annual Avg. Growth325 Mt/yr

Thou

sand

tonn

es

64

Copper Scrap Supply vs. LME Price

Copper Scrap Supply

Source: Wood Mackenzie

Copper scrap supply is strongly correlated with price

10%11%12%13%14%15%16%17%18%19%20%21%22%23%24%25%26%

$-

$0.50

$1.00

$1.50

$2.00

$2.50

$3.00

$3.50

$4.00

$4.50

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Copper Price (USD/lb) Scrap as a % Consumption

65

-100

0

100

200

300

400

500

600

700

800

Apr

-15

May

-15

Jun-

15Ju

l-15

Aug

-15

Sep

-15

Oct

-15

Nov

-15

Dec

-15

Jan-

16

0

100

200

300

400

500

600

700

800

Feb-

13

Jun-

13

Oct

-13

Feb-

14

Jun-

14

Oct

-14

Feb-

15

Jun-

15

Oct

-15

Since April 2014• Despite a 725,000 tonne drop in demand

• The surplus is down 750,000 tonnes

Source: Wood Mackenzie

thou

sand

tonn

es c

onta

ined

cop

per

2015 2016

0

100

200

300

400

500

600

700

800

Apr

-14

Jun-

14A

ug-1

4O

ct-1

4D

ec-1

4Fe

b-15

Apr

-15

Jun-

15A

ug-1

5O

ct-1

5D

ec-1

5

2017

thou

sand

tonn

es c

onta

ined

cop

per

thou

sand

tonn

es c

onta

ined

cop

per

Global Copper Cathode BalancesWood Mackenzie’s Outlook is Trending Down

Since December 2014• Despite a drop of 660,000 tonnes to Wood

Mackenzie’s demand estimates

• Their surplus is down 700,000 tonnes

Since April 2015• Down from a 510,000 tonnes surplus

• Despite a 510,000 tonne drop in demand

66

• At 2% global demand growth, 400 ktof new supply needed annually

• We have lowered our demand forecast to below all analysts for 2016 & 2017,

• We still show structural deficit starts in 2018

• Project developments slowed due to lower prices, higher capex, corporate austerity, permitting & availability of financing

Forecast Copper Refined Balance

Long-Term Copper Mine Production Still Needed

Source: WM, CRU, ICSG, Teck

(2,000)

(1,500)

(1,000)

(500)

0

500

2012 2013 2014 2015 2016 2017 2018 2019 2020

Thou

sand

tonn

es

67

Building Partnerships: Corridor Project

Teck and Goldcorp have combined Relincho and El Morro projects and formed a 50/50 joint venture company

• Committed to building strong, mutually beneficial relationships with stakeholders and communities

Capital smart partnership • Shared capital, common infrastructure• Shared risk, shared rewards

Benefits of combining projects include:• Longer mine life• Lower cost, improved capital efficiency• Reduced environmental footprint• Enhanced community benefits• Greater returns over either standalone

project

68

Corridor Project Summary

Initial Capital

$3.0 - $3.5billion

Copper Production1

190,000tonnes per year

Gold Production1

315,000ounces per year

Mine Life

32+years

Copper in Reserves2

16.6billion pounds

Gold in Reserves2

8.9million ounces

Note: Conceptual based on preliminary design from the PEA1. Average production rates are based on the first full ten years of operations2. Total copper and gold contained in mineral reserves as reported separately by Teck and Goldcorp; refer to Appendix A in Additional Information.3. Capital estimate for Phase 1a based on preliminary design shown in 2015 dollars on an unescalated basis69

Copper Development Projects in theAmericas

Corridor is one of the largest open pit copper development projects in the Americas on the basis of copper contained in Proven and Probable Reserves

-

5,000

10,000

15,000

20,000

25,000

Rad

omiro

Tom

ic

Cor

ridor

El A

rco

Que

brad

aB

lanc

a II

Que

llave

co

Agu

a R

ica

Rel

inch

o

El M

orro

Cas

ino

Sch

aft C

reek

Gal

ore

Cre

ek

Rio

Bla

nco

Cop

per E

quiv

alen

t in

Res

erve

s (M

lbs)

Copper-equivalent contained in Reserves (Mlbs)(North & South American Copper Projects)

Note: Copper equivalent reserves calculated using $3.25/lb Cu and $1,200/oz Au. Does not include copper resource projects that are currently in construction

Source: SNL Metals & Mining, Thomson One Analytics, and company disclosures.70

ZincBusiness Unit & Markets

Historic Zinc Metal Prices & Stocks

Daily Zinc Prices & Stocks

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

0¢

50¢

100¢

150¢

200¢

250¢

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

LME SHFE Price

US¢

/lb

thou

sand

tonn

es

plotted to February 12, 2016

Source: LME, SHFE72

0

1,000

2,000

3,000

4,000

5,000

6,000

0

100

200

300

400

500

600

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

2013 2014 2015

Monthly Chinese Zinc Mine Production

LME Zinc Stocks

Zinc Mine ProductionUndersupplied, Even With Lower Growth

4005006007008009001,0001,1001,200

50¢

60¢

70¢

80¢

90¢

100¢

110¢

120¢

Stocks Priceplotted to

Feb 12, 2016

plotted to December, 2015

• Metal market in deficit

• LME stocks down >776 kt over 27 months; sub-500 kt recently for the first time since 2010

• ‘Off-market’ inventory position to work down also

• Large periodic increases indicate significant off-market inventories flowing through the LME to consumers

• Chinese zinc mine production is down in the last 27 months

US

¢/lb

thou

sand

tonn

es

Source: LME, NBS, CNIA73

• Down 770 kt from January 2015 estimates

• Down 1,150 kt from January 2015 estimates

Zinc Mine Production Wood Mackenzie’s Outlook is Trending Down

thou

sand

tonn

es c

onta

ined

zin

c

2015 2016 2017

• Down 600 kt from April 2015 estimates • New project production down by 22%

thou

sand

tonn

es c

onta

ined

zin

c

thou

sand

tonn

es c

onta

ined

zin

c

12,000

12,500

13,000

13,500

14,000

14,500

15,000

Feb-

13M

ay-1

3A

ug-1

3N

ov-1

3Fe

b-14

May

-14

Aug

-14

Nov

-14

Feb-

15M

ay-1

5A

ug-1

5N

ov-1

5

12,000

12,500

13,000

13,500

14,000

14,500

15,000

May

-14

Jul-1

4S

ep-1

4N

ov-1

4Ja

n-15

Mar

-15

May

-15

Jul-1

5S

ep-1

5N

ov-1

5Ja

n-16

12,000

12,500

13,000

13,500

14,000

14,500

15,000

Apr

-15

May

-15

Jun-

15Ju

l-15

Aug

-15

Sep

-15

Oct

-15

Nov

-15

Dec

-15

Jan-

16

Source: Wood Mackenzie74

2014-2020 2014-2020

Significant Zinc Mine ReductionsLarge Short-Term Losses, More Long Term

-500

-400

-300

-200

-100

0

Cen

tury

Lish

een

Skor

pion

Red

Dog

Ros

eber

y

Brac

emac

-McL

eod

Rap

ura

Aguc

ha

Pom

orza

ny-O

lkus

z (in

cl B

ulk)

Jagu

ar

Mid

-Ten

ness

ee

Mae

Sod

Ende

avor

0

100

200

300

400

500

Gam

sber

gAn

tam

ina

Dug

ald

Riv

erM

cArth

ur R

iver

Bish

aG

ansu

Jin

hui

Kyzy

l-Tas

htyg

skoe

Shal

kiya

Res

tart

Sind

esar

Khu

rdAg

uas

Teni

das

Cha

ngba

Zaw

ar M

ines

El B

roca

lSa

ngui

kou

Car

ibou

Rea

ctiv

atio

nSa

n C

risto

bal

Pena

squi

to

Source: ICSG, Wood Mackenzie Teck, Company Reports75

LME Zinc Stocks – Since Dec 2012LME Zinc Stocks - 11 Years

Zinc Inventories Declining

400

500

600

700

800

900

1,000

1,100

1,200

50¢

60¢

70¢

80¢

90¢

100¢

110¢

120¢

Stocks Price

0

200

400

600

800

1,000

1,200

1,400

0¢

50¢

100¢

150¢

200¢

250¢

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

Stocks Price

US

¢/lb

thou

sand

tonn

esplotted to

Feb. 12, 2016

US

¢/lb

thou

sand

tonn

es

• LME stocks down ~730 kt over 24 months• Large inventory position still to work down but we were recently under 500kt for the

first time since early 2010• Large, sudden increases indicate there are also significant off-market inventories

flowing through the LME to consumers

plotted to Jan . 12, 2016

Source: LME76

• Down 280 kt from December 2014 estimates, taking the market from surplus into a deficit of 119 kt

• Down 442 kt from December 2014 estimates, taking the market further into deficit of 666 kt

thou

sand

tonn

es c

onta

ined

zin

c

2015 2016 2017

• Up 259 kt from April 2015 estimates • Wood Mackenzie expects 300 kt of

projects will come online in 2017 due to higher prices

thou

sand

tonn

es c

onta

ined

zin

c

thou

sand

tonn

es c

onta

ined

zin

c

(300)

(200)

(100)

0

100

200

300

400

Feb-

13M

ay-1

3A

ug-1

3N

ov-1

3Fe

b-14

May

-14

Aug

-14

Nov

-14

Feb-

15M

ay-1

5A

ug-1

5N

ov-1

5

(800)

(600)

(400)

(200)

0

200

400

May

-14

Jul-1

4S

ep-1

4N

ov-1

4Ja

n-15

Mar

-15

May

-15

Jul-1

5S

ep-1

5N

ov-1

5Ja

n-16 (500)

(400)

(300)

(200)

(100)

0

100

200

300

400

Apr

-15

May

-15

Jun-

15

Jul-1

5

Aug

-15

Sep

-15

Oct

-15

Nov

-15

Dec

-15

Jan-

16

Zinc Concentrate BalancesWood Mackenzie’s 2015 and 2015 Outlooks Trending Down

Source: Wood Mackenzie77

Zinc Metal Market Mostly in Deficit Since 2013

-1000

-800

-600

-400

-200

0

200

400

600

2013 2014 2015 2016 2017

WoodMac CRU

Market View – Wood Mackenzie & CRU

• Zinc metal deficit forecasted for 2016 and 2017

• Mine production increases of -2.5% and 8.0% respectively expected for 2016 and 2017. The closure of Century and Lisheen, as well as production cuts due to low zinc prices will cause mine production to decrease in 2016. In 2017, higher prices are expected to bring a large amount of Chinese mine production online and it is expected that Glencore will bring production back in 2017

• Deficits of around 500kt/year in 2016 and 2017 will still result in large draw down of stocks

Zinc Metal Balance

Source: Wood Mackenzie, CRU78

China6%

USA 19%

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%

00 01 02 03 04 05 06 07 08 09 10 11 12 13 14

Galvanized Steel as % Crude ProductionChina Zinc Demand

Construction15%

Transportation 20%

Other 5%

Consumer Goods30%

Infrastructure30%

Chinese Zinc Demand to Outpace Supply

Source: Teck

If China were to galvanize crude steel at half the rate of the US using the same rate of zinc/tonne, a further 2.1 Mt would be added to global zinc consumption

79

• Deficit decreased by 206 kt from December 2014 estimates, to 178 kt

• Deficit increased by 112 kt from December 2014 estimates, to 347 kt

• Increase due to production cuts, resulting in insufficient concentrate available to smelters and less refined production in 2016.

thou

sand

tonn

es

2015 2016 2017

• Deficit increased by 98 kt from April 2015 estimates, to 402 kt

thou

sand

tonn

es

thou

sand

tonn

es c

onta

ined

zin

c

Refined Zinc BalancesWood Mackenzie’s Outlook is Trending Down

(500)

(450)

(400)

(350)

(300)

(250)

(200)

(150)

(100)

(50)

0

Feb-

13M

ay-1

3A

ug-1

3N

ov-1

3Fe

b-14

May

-14

Aug

-14

Nov

-14

Feb-

15M

ay-1

5A

ug-1

5N

ov-1

5

(450)

(400)

(350)

(300)

(250)

(200)

(150)

(100)

(50)

0

May

-14

Jul-1

4S

ep-1

4N

ov-1

4Ja

n-15

Mar

-15

May

-15

Jul-1

5S

ep-1

5N

ov-1

5Ja

n-16

(500)

(450)

(400)

(350)

(300)

(250)

(200)

(150)

(100)

(50)

0

Apr

-15

May

-15

Jun-

15

Jul-1

5

Aug

-15

Sep

-15

Oct

-15

Nov

-15

Dec

-15

Jan-

16

Source: Wood Mackenzie80

Committed Supply Insufficient for Demand

Forecast Zinc Refined Balance

Source: Teck

• We expect insufficient mine supply to constrain refined production, allowing a refined metal supply increases of only 792 kt between 2014 and 2020

• Over this same period we expect refined demand to increase 2.8 Mt tonnes

• Market in deficit in 2014 and starting in 2016 will be ongoing, large inventory has funded the deficit but this will only continue in 2016.

• Metal market moving into significant deficit with further mine closures and inventories are depleting(2,500)

(2,000)

(1,500)

(1,000)

(500)

0

500

2013 2014 2015 2016 2017 2018 2019 2020

Thou

sand

tonn

es

81

EnergyBusiness Unit & Markets

Source: PIRA Scenario Planning Annual Guidebook: February 2015

0

20

40

60

80

100

120

2000 2014 2020 2025 2030 2035 2040

Milli

on b

pd

Transport Petrochemicals Other** Buildings Other Industry Power Generation

PIRA Forecasted World Oil Demand By Sector (2000-2040)

World Oil Demand Expected to Grow

83

North American Rig Counts Down Sharply

Source: Baker Hughes, EIA, National Bank of Canada, HIS, US Department Of Energy

North American Rig Count & US Production

5000

6000

7000

8000

9000

10000

300

700

1,100

1,500

1,900

1/7/

11

1/7/

12

1/7/

13

1/7/

14

1/7/

15

1/7/

16

Thou

sand

bpd

Rig

cou

nt U

nits

US Rig Count CAD Rig Count US 4-week Production Avg.

84

Building An Energy Business

Strategic diversification

Large truck & shovel mining projects

World-class resources

Long-life assets

Mining-friendly jurisdiction

Competitive margins

Minimizing execution risk

Tax effective

85

Mined bitumen is in Teck’s ‘sweet spot’

• Significant value created over long term

• 60% of PV of cash flows beyond year 5

• IRR of 50-year project is only ~1% higher than a 20-year project

• Options for debottlenecking and expansion

50-year assets provide for superior returns operating through many price cycles

The Real Value of Long-Life Assets

Fort Hills Project Indicative Rolling NPV1

1. Indicative NPV assumes US$95 WTI, $1.05 Canadian/US dollar exchange rate, and costs as disclosed with the Fort Hills sanction decision (October 30, 2013).

86

Minimizing Execution Risk In The Fort Hills Project

• Cost-driven schedule- “Cheaper rather than sooner”

• Disciplined engineering approach

• “Shovel Ready” • Global sourcing of engineering

and module fabrication• Balanced manpower profileSuncor has completed 4

projects of ~$20 billion over last 5 years, all at or under budget

Benefiting from Suncor’s operational and project development experience

87

• Focusing on productivity improvements- Reduced pressure on skilled labour and contractors

• Benefiting from availability of fabricators for major equipment

• Seeking project cost reductions- Exploring performance improvements with

contractors and suppliers- Building cost savings and improved productivity

expectations into current contract negotiations- Reviewing all indirect costs

Lower Oil Price Environment Provides Opportunities for the Fort Hills Project

“Major projects in construction such as Fort Hills…will move forward as planned and take full advantage of the current economic environment.

These are long-term growth projects that are expected to provide strong returns when they come online in late 2017.”

- Suncor, January 13, 2015

Enhanced ability to deliver on time and on budget88

>95% Engineering completeapproximate as at December 2015

>50% Construction completeapproximate as at December 2015

Project Progressconstruction has surpassed the midway point and the project continues to track positively within schedule expectations

Fort Hills Project Status & Progress

Capital Expenditures1

continues to track positively within project sanction cost

Teck’s sanction capital$2.94B

Global fabrication, module and logistics programperforming well to date, delivering positive results

All critical schedule milestones have been achieved to date supporting target 2017 first oil

Remaining capital investmentas of February 10, 2016

$1.2B

1. Based on Suncor’s planned project spending. Sanction capital is the go-forward amount from the date of the Fort Hills sanction decision (October 30, 2013), denominated in Canadian dollars and on a fully-escalated basis.

89

Teck’s Sanction Capital2

~$2.94billion

Teck’s Estimated 2016 Spend

$960million

Teck’s Remaining Capital3

~$1.2billion

Operating & Sustaining Costs3

$25-28per barrel of bitumen

Sustaining Capital3

$3-5per barrel of bitumen

Teck’s Share of Production

13,000,000bitumen barrels per year

1. All costs and capital are based on Suncor’s estimates.2. Sanction capital is the go-forward amount from the date of the Fort Hills sanction decision (October 30, 2013), denominated in

Canadian dollars and on a fully-escalated basis. Includes earn-in of $240M. 3. As of February 10, 2016.4. Sustaining capital is included in operating & sustaining costs.

Mine life: 50 years

Fort Hills By The Numbers1

90

Royalties based on pre-capital payout. * WTI/WCS Differential based on forecast from Lee & Doma Energy Consulting: 2017/2018 Fort Hills Startup, Constrained Pipe/Excess Rail**Tidewater Premium based on average premium pricing for USGC market via Keystone and Flanagan South PipelinesSource: Alberta Energy bitumen valuation methodology (http://www.energy.alberta.ca/OilSands/1542.asp)1. Estimates are based on C$/US$ exchange rates as shown, expected bitumen netbacks, operating costs of C$25 per barrel (including

sustaining capital of C$3-5 per barrel) and Phase 1 (pre-capital payout) royalties.

Cash Margin1 Calculation Example: Prior to Capital Recovery

Teck seeks to secure dedicated transportation capacity for Fort Hills volumes to key markets to minimize WCS discount

Fort Hills Bitumen Netback Calculation Model

$60$55.50

$37

$10-$11 $13

$-

$10

$20

$30

$40

$50

$60

$70$11

$10

$15.50$7-9$1.25

$22

$3$1-2 $2-3

91

Source: Shorecan, Net Energy, Lee & Doma

Western Canadian Select (WCS)

Average Monthly WTI-WCS DifferentialWestern Canadian Select (WCS) Is The Benchmark Price For Canadian Heavy Oil At Hardisty, Alberta

WCS differential to West Texas Intermediate (WTI) • Contract settled monthly as differential to Nymex WTI• Long term differential of Nymex WTI minus $10-20 US/bbl• Based on heavy/light differential, supply/demand, alternate

feedstock accessibility, refinery outages and export capability− Narrowed in 2014/2015 due to export capacity growth, rail

capacity increases, and short term production outages• Recently improved export capability to mitigate volatility− Further export capacity subject to rigorous regulatory review;

potential impact to WCS differentials.Plotted to Feb. 2016Long-term WCS Differential

$15.692010-2011

$23.122012-2013

$16.452014-2015

WTI (US/bbl) $40 $50 $60 $70 $80 $90 $100WCS Differential to Nymex WTI (US/bbl) -$13.00 -$14.50 -$15.50 -$17.00 -$18.00 -$19.50 -$20.50

*Forecast Assumptions: Fort Hills Startup 2017/2018 with supply/demand model exiting Western Canada in a constrained pipe/excess rail transportation model, per Lee & Doma Energy Consulting.

FORECAST*

$-

$5

$10

$15

$20

$25

$30

$35

$40

$45

WCS Differential (US$/bbl)

92

Source: Shorecan, Net Energy, Lee & Doma

Diluent (C5+) Pricing

Average Monthly WTI/Diluent (C5+) Differential

Diluent (C5+) at Edmonton, Alberta Is the benchmark contract for diluent supply for oil sands

Diluent differential to West Texas Intermediate (WTI)• Contract settled monthly as differential to Nymex WTI• Based on supply/demand, seasonal demand (high in winter, low

in summer), import outages• Long-term diluent (C5+) differential of Nymex WTI +/- $5 US/bbl

Diluent (“Pool” in Edmonton is a common stream of a variety of qualities• Diluent pool comprised of local and imported natural gas liquids

WTI (US/bbl) $40 $50 $60 $70 $80 $90 $100Diluent (C5+) Differentialto Nymex WTI (US/bbl) +$2.50 +$1.50 +$0.50 -$0.50 -$1.50 -$2.50 -$3.50

*Forecast Assumptions: Fort Hills Startup 2017/2018, using 2015 CAPP Western Canadian oil production forecast, Diluent (C5+) differentials per Lee & Doma Energy Consulting

FORECAST*

$(10)

$(5)

$-

$5

$10

$15

$20

Jan-

10M

ay-1

0S

ep-1

0Ja

n-11

May

-11

Sep

-11

Jan-

12M

ay-1

2S

ep-1

2Ja

n-13

May

-13

Sep

-13

Jan-

14M

ay-1

4S

ep-1

4Ja

n-15

May

-15

Sep

-15

Jan-

16

US

$/bb

l

WTI/C5+ Diff Long-term C5+ Diff Plotted to Feb 2016

93

Teck Marketing Plan for 50 kbpd Diluted Bitumen Blend

Cushing

Flanagan

Houston

Kitimat

HardistyEdmonton

Saint John

N.E. US

US Gulf Coast

Europe

Asia

TransCanada Energy East (Europe, Asia, US Gulf Coast, N.E. US)Teck can enter long-term commitments

Enbridge Northern Gateway (Asia)

Keystone, Keystone XL (US Gulf Coast)Enbridge Flanagan South (US Gulf Coast)

Vancouver

TransMountain Pipeline (Asia)

Steele City

Asia

Europe

Asia

Superior

* Acquired through Fort Hills participation

Sufficient export capacity in place• Includes pipeline and rail capability• No shut in risk, but price risk likely

Targeting long term market access • US Gulf Coast • Deep water ports

Hardisty tankage & export pipeline capacity are key

Non-committed barrels sold spot at Hardisty or nominated on common carriage pipeline

Diversified Market Access Strategy

94

Sufficient Transportation Capacity In Western Canada

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026

2027

2028

2029

2030

kbbl

s/da

y

2015 CAPP Supply Forecast 2014 CAPP Supply Forecast

Total Pipeline & Local Refining Total Pipeline, Local Refin ing & Rail

Con

stra

ined

P

ipe

&

Bal

ance

d R

ail

Constrained Pipe & Excess Rail

Excess Pipe

Balanced Pipe

2 New Pipelines

Enbridge Expansions

Western Canadian Transport Supply & Demand

Assumptions

• Fort Hills first oil late 2017

• Enbridge mainline capacity expansions move forward

• Two export pipelines enter service• TransMountain Expansion (2019-2020)• Energy East (2021-2022)• Providing incremental capacity of

1.0-1.6 MM bbls/day

Source: CAPP (Canadian Association of Petroleum Producers), Lee& Doma, Teck

Sufficient pipeline & rail capacity to accommodate all production

Fort Hills’ First Oil

Con

stra

ined

P

ipe

&

Bal

ance

d R

ail

95

East Tank Farm Blending w/Condensate

Bitumen & Blend Logistics OperatorNominalCapacity(kbpd)

Status

Northern Courier Hot Bitumen TransCanada 202 Construction: ~40% complete

East Tank Farm - Blending Suncor 292 Construction: ~40% complete

Wood Buffalo Blend Pipeline Enbridge 550 Operating

Wood Buffalo Extension Enbridge 550 Construction: ~55% complete

Hardisty Blend Tankage Gibsons 450 Construction: ~60% complete

Wood BuffaloExtension

NorliteDiluent Pipeline

Cheecham Terminal

Hardisty Terminal

Wood Buffalo Pipeline

AthabascaTwin PipelineWaupisoo

Pipeline

Edmonton Terminal

Fort HillsMine Terminal

Northern CourierHot Bitumen Pipeline

TeckOptions

Export Pipeline

Rail

Local Market

Pipeline LegendBitumenBlendDiluentExistingNew

Kirby Terminal

Diluent Logistics OperatorNominalCapacity (kbpd)

Status

Norlite Diluent Pipeline Enbridge 130 Construction

Committed Logistics Solutions in Alberta

96