Global Metals & Mining Conference February 26, 2018 Forward Looking Information

Both these slides and the accompanying oral presentations contain certain forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and forward-looking information within the meaning of the Securities Act (Ontario) (collectively referred to herein as forward-looking statements). Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Teck to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. These forward-looking statements include statements relating to our long-term strategies and priorities, statements regarding the long-life of our assets and positioning on the cost curve and low risk of the jurisdictions in which they are located, growth potential for our commodities, liquidity and availability of undrawn credit lines, estimated change in annualized EBITDA for price changes in our commodities, the statement that our projects will have significant free cash flow even at lower prices and other statements regarding projected cash availability and cash flow, statement that the Waneta dam sale will close and the timing of closing, statements regarding our dividend policy including the potential for payment of base or supplemental dividends in the future, potential production profile on a copper equivalent basis, projected consensus EV/EBITDA NTM, consensus free cash flow yield, production guidance, sales guidance, cost guidance, capital expenditures guidance, estimated profit and estimated EBITDA and the sensitivity of estimated profit and estimated EBITDA to foreign exchange and commodity prices, amount of coal reserves and production guidance, the objectives of our five year plan in coal including sustaining 27 million tonnes of production, projected steelmaking coal costs, statement that our steelmaking coal has strong margins, Elk Valley Water Quality Plan cost and spending guidance, potential port capacity expansion, the potential production, costs, mine life (including potential optionality for expansion and life extension), annual EBITDA, payback, internal rate of return, and capital intensity of Quebrada Blanca 2, all projections for our Quebrada Blanca 2 project, including those on the slides titled “QB2: Potential Tier One Asset”, “QB2: Robust Economics & Expansion Optionality “QB2: Bottom Half of C1+Sustaining Cost Curve”, “QB2: Competitive Capital Intensity” and including our statement that Quebrada Blanca 2 is a potential tier 1 asset and expected to generate significant economic returns, all projections for NuevaUnión, including statements made on the “NuevaUnión: Project Overview” slide, statement that we may realize value relating to our Project Satellite and timing to surfacing value, all projections and expectations regarding our Project Satellite including those on the “Project Satellite: 5 Quality Base Metal Assets” slide, Teck’s potential copper production growth and timing and amount of potential copper production at our various development projects, our predictions regarding zinc supply and demand, expectations for our Aktigiruq exploration target, anticipated benefits of our VIP2 project at Red Dog, copper and zinc production projections, projection that Fort Hills remains on track to reach 90% capacity by end of 2018, statements regarding our sustainability goals, and management’s expectations with respect to production, demand and outlook regarding 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’s public filings available on SEDAR (www.sedar.com) and EDGAR (www.sec.gov). In addition, the forward-looking statements in these slides and accompanying oral presentation are based on assumptions regarding, including, but not limited to, 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 timing of the receipt of regulatory and governmental approvals for our development projects and other operations, our costs of production and production and productivity 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 which these are based, conditions in financial markets, the future financial performance of the company, our ability to attract and retain skilled staff, our ability to procure equipment and operating supplies, positive results from the studies on our expansion projects, our coal and other product inventories, our ability to secure adequate transportation for our products, our ability to obtain permits for our operations and expansions, our ongoing relations with our employees and business partners and joint venturers. Reserve and resource life estimates assume the mine life of longest lived resource in the relevant commodity is achieved, assumes production at planned rates and in some cases development of as yet undeveloped projects.

2 Forward Looking Information

Management’s expectations of mine life are based on the current planned production rates and assume that all reserves and resources described in this presentation are developed. Certain forward-looking statements are based on assumptions disclosed in footnotes to the relevant slides. Our estimated profit and EBITDA and EBITDA sensitivity estimates are based on the commodity price and currency exchange assumptions stated on the relevant slide or footnote. Cost statements are based on assumptions noted in the relevant slide or footnote. Assumptions regarding Fort Hills also include the assumption that project development and funding proceed as planned, assumptions of costs as set out in the sanction decision 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 be mined. Statements regarding future production are based on the assumption of project sanctions and mine production. Statements regarding Quebrada Blanca Phase 2 assume the project is developed in accordance with its feasibility study. Payment of dividends is in the discretion of the board of directors. Our Elk Valley Water Quality Plan statements are based on assumptions regarding the effectiveness of current technology, and that it will perform as expected. The foregoing list of assumptions is not exhaustive. 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 for our products, changes in interest and currency exchange rates, acts of foreign governments and the outcome of legal proceedings, inaccurate geological and metallurgical 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 and equipment, government action or delays in the receipt of government approvals, industrial disturbances or other job action, adverse weather conditions and unanticipated events related to health, safety and environmental matters), union labour disputes, political risk, social unrest, failure of customers or counterparties (including but not limited to rail, port and other logistics providers) to perform their contractual obligations, changes in our credit ratings or the financial market in general, unanticipated increases in costs to construct our development projects, difficulty in obtaining permits or securing transportation for our products, inability to address concerns regarding permits of environmental impact assessments, changes in tax benefits or tax rates, resolution of environmental and other proceedings or disputes, and changes or deterioration in general 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 obtain relevant permits for our operations. Our Fort Hills project is not controlled by us and construction and production schedules may be adjusted by our partners. NuevaUnión is jointly owned. Unanticipated technology or environmental interactions could affect the effectiveness of our Elk Valley Water Quality Plan strategy. 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 on assumptions that demand for products develops as anticipated, that customers and other counterparties perform their contractual obligations, that operating and capital plans will not be disrupted by issues such as mechanical failure, unavailability of parts and supplies, labour disturbances, interruption in transportation or utilities, adverse weather conditions, and that there are no material unanticipated variations in the cost of energy or supplies.

Statements concerning future production costs or volumes are based on numerous assumptions of management regarding operating matters and on assumptions that demand for products develops as anticipated, that customers and other counterparties perform their contractual obligations, that operating and capital plans will not be disrupted by issues such as mechanical failure, unavailability of parts and supplies, labour disturbances, interruption in transportation or utilities, adverse weather conditions, and that there are no material unanticipated variations in the cost of energy or supplies. Statements regarding anticipated steelmaking coal sales volumes and average steelmaking coal prices depend on timely arrival of vessels and performance of our steelmaking coal-loading facilities, as well as the level of spot pricing sales.

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

3 Our Value Proposition

Superior Strong Financial Disciplined Capital Execution Position Allocation • Premier operating assets • Significant liquidity • Debt reduction • Proven track record • Record cash flow accomplished • Enhancing profitability • The right commodities at • Asset portfolio the right time management • History of strong shareholder capital returns • Attractive growth potential

Compelling Value

4 Premier Operating Assets

Steelmaking Coal Copper Zinc Energy Primary Assets: Primary Assets: Antamina, Primary Asset: Primary Asset: Elk Valley mines Highland Valley, Carmen de Red Dog Fort Hills Andacollo • High quality steelmaking • Long life • Long life • Long life coal • Bottom half of cost curve2 • Bottom quartile of cost • Higher quality, lower • Long life • Multiple opportunities for curve carbon intensity product • Upper half of margin curve growth - QB2, • Strong market position • Expect low operating • $19.2B of Adjusted NuevaUnión, San Nicolás, • Outstanding potential at costs EBITDA since the Fording Zafranal Aktigiruq • Expandable acquisition1 • First oil January 27, 2018 • Long term growth potential at Quintette EBITDA Margin3: 62% EBITDA Margin3: 50% Red Dog EBITDA Margin3: 2018 ramp up 58%

5 Proven Track Record

Delivered Five-Point Plan Driving Industry-Leading Further Enhancing During Downturn Profitability Profitability  No equity issued • Strong EBITDA margin3 • Red Dog VIP2 project to

47% 42% increase mill throughput  No core assets sold 35% • Highland Valley D3 project  >$1B annualized cost to increase mill throughput savings1 Teck Diversified North Peers American and copper recoveries  33% debt reduction to Source: Capital IQ Peers • Procurement strategy to US$4.8B2, maintain • Record cash flow from operations at lower maximize margins liquidity 4 commodity prices • Neptune Terminals  Build something during expansion the downturn – Fort Hills • Canadian tax pools – EBITDA converts to cash efficiently 2012-2016 2017 2018 Onwards 6 Significant Liquidity

Debt Maturity Profile3 • ~$1B in cash + US$3 billion undrawn 1,200 1,000 Repaid in credit line, maturing Oct. 2022 800 February 1 = ~$4.8B of liquidity 600 • Waneta Dam transaction - not expected US$M 400 200 to close before Q3 2018 0 = additional $1.2B cash2 • No significant debt maturities prior to 2018 2020 2022 2024 2026 2028 2030 2032 2034 2036 2038 2040 2042 Net Debt / 5 2022 Net Debt-Plus-Equity4 Net Debt / EBITDA Teck (Adjusted • Strong credit metrics reflected in trading Teck (Proforma 17% EBITDA Pro 0.7 price of public debt Waneta) Forma Waneta)

Diversified Peers 17% Diversified Peers 0.9

North American North American 21% 1.6 Peers Peers

Source: Capital IQ, Teck

7 Record Cash Generation

• Record $5.1B in cash flow from Estimated Change operations in 2017 at lower Commodity Price Change in Annualized commodity prices1 EBITDA3

• Exceeds previous cash flow from Steelmaking Coal US$20/tonne ~$600M operations record of $4.0B in 2011 • Adjusting for commodity prices and Zinc US$0.25/lb ~$325M C$, cash flow from operations was ~$1.3B higher in 20172 Copper US$0.25/lb ~$175M ‒ Due to higher coal production, higher productivity, and lower costs

8 Steelmaking Coal Market

350 Coal Price Assessment1 300

250

200

US$ US$ tonne / 150

100

50

HCC Price Average Price Since 2008 US$179/t Inflation-Adjusted Average Price Since 2008 US$197/t

• Synchronized global growth shifting market from supply-driven to demand-driven • Growing global demand for seaborne coal, especially in India, Europe, Vietnam, Brazil • Chinese coal capacity reductions, environmental controls & mine safety checks to continue to restrict domestic supply • Inflation-adjusted average steelmaking coal price since 2008 is US$197 per tonne1

9 Copper Market

Impending Copper Supply Gap1 29 2% Copper Demand

26

tonnes 23

20 Million 17

14

0 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027

Concentrate Production SXEW Production Scrap Demand: Teck Base Case

• The market is reasonably well supplied in the near-term • Supply to peak in 2020 - market to move into structural deficit, supporting higher prices • Potential structural deficit of 5.5 Mt in 2027 • On top of this, six years of falling prices have left us unprepared for the ‘new electric economy’ • Drive for energy efficiency and clean energy to generate significant new demand

10 Zinc Market

1 Zinc Treatment Charges2 250 Zinc Prices vs. Days of Reported Stocks 400

200 300 February 14, 2018 150 200 100 2013-2017 US$/tonne US₵/lb 100 50 2003-2007 0 0 0 20 40 60 80 2010 2011 2012 2013 2014 2015 2016 2017 2018 Days of Reported Stocks Spot TC Annual TC

• Mine production outside of China increasing, but not close to filling the structural metal gap • Chinese domestic mine production not increasing due to strict environmental and safety inspections/closures • Reported metal stocks at very low levels and at inflection point for significant price increase • Tightness of the market evident in historically low TCs

11 Balance Shareholder Returns & Capex With Prudent Balance Sheet Management Strategy Capital Allocation • Maintain current production • Significant free cash flow even at lower prices Steelmaking • Optimize assets • Cash available to fund growth projects Coal • Neptune Terminals expansion • Longer term growth possible at Quintette • Maintain current production • Strong near-term commodity outlook, Zinc • Optimize assets/ extend mine life significant free cash flow • Define Aktigiruq potential • Cash available to fund growth projects • Optimize current assets/extend mine • Strong long-term commodity fundamentals Copper lives • Attractive growth options - QB2, NuevaUnión, San Nicolás, Zafranal • Moving from significant cash outflow to • 2018 ramp-up Energy cash inflow • Longer term growth through debottlenecking and expansion Portfolio • Waneta Dam, NuevaUnión joint venture, Project Satellite Management

12 History of Strong Shareholder Returns

• Strong track record of returns to shareholders Dividends Paid ‒ $4.1B of dividends and $1.2B of buybacks from $600 2003-2017 ‒ Paid out 27% of free cash flow in dividends $500 over the past 15 years1 $400 • Current policy: $M ‒ Normal course annual dividend of $0.20/share, $300 paid $0.05/share quarterly

‒ Supplemental dividend considered each year $200 ‒ In addition, will consider share buybacks when appropriate $100 • First supplemental dividend of $230M paid in December 2017 $0

• $230M committed to share buybacks through Q1 2018 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 ‒ $175M completed in Q4 2017 13 Growth Potential: QB2, NuevaUnión, Project Satellite

Potential Production Profile Mine Production 2017 - Copper Only1,2 On a Copper Equivalent Basis1 1,000 2,000 ~873 Teck 800 Zafranal 1,500 Potential #6 San Nicolás 811 Teck 600 NuevaUnión 1,000 Current #16

QB2 500 261 400 ~313 Thousand Tonnes

200 0 Vale MMG UGMK Average Annual Average Annual CuEq Production (kt) Codelco Rio Tinto Glencore

0 Nornickel BHP Billiton Current Antofagasta KAZ Minerals Lundin Mining Zafranal San Nicolás Teck - Current Teck - Potential Anglo American

NuevaUnión QB2 Southern Copper

Highland Valley Antamina Freeport-McMoRan Carmen de Andacollo QB KGHM Polska Miedz Cuprum Holding Group First Quantum Minerals Quantum First Sumitomo Metal Mining 2017 CuEq Production (excl. QB) National Iranian Copper

14 Compelling Value

Consensus EV / EBITDA NTM1 Consensus Free Cash Flow Yield1 6.5 10.7% 5.8 9.2%

4.3

4.3%

Teck Diversified North American Teck Diversified North American Peers Peers Peers Peers

Source: Capital IQ

15 Teck

Superior Execution • Premier operating assets, a proven track record, and enhancing profitability at our operations.

Strong Financial Position • Significant liquidity, record cash flow, and the right commodities at the right time.

Disciplined Capital Allocation • Our approach balances shareholder returns and capital spending with prudent balance sheet management.

Compelling Value

16 Notes

Diversified Peers are Anglo American, BHP Billiton, Glencore, Rio Tinto, South32 and Vale. North American Peers are Freeport-McMoRan, First Quantum, Lundin and Southern Copper.

Slide 5: Premier Operating Assets 1. Adjusted EBTIDA of $19.2 billion was generated from Q4 2008 to Q4 2017. This reflects the change in accounting policy to capitalize stripping from January 1, 2013. Waste rock stripping costs incurred in the production phase of a surface mine are recorded as capitalized production stripping costs within property, plant and equipment when it is probable that the stripping activity will improve access to the orebody when the component of the orebody or pit to which access has been improved can be identified, and when the costs relating to the stripping activity can be measured reliably. When the actual waste-to-ore stripping ratio in a period is greater than the expected life-of-component waste-to-ore stripping ratio for that component, the excess is recorded as capitalized production stripping costs. Adjusted EBITDA is a non-GAAP financial measure. See “Non-GAAP Financial Measures” slides. 2. Bottom half of the copper cost curve based on the average for our operations. 3. EBITDA Margin is for 2017. EBITDA Margin is a non-GAAP financial measure. See “Non-GAAP Financial Measures” slides. Slide 6: Proven Track Record 1. Achieved >$1 billion in annualized cost savings from initiatives in 2013 to 2016. 2. Achieved US$2.4 billion in debt reduction based on US$7.2 billion of public notes outstanding as at September 30, 2015 to US$4.8B of public notes outstanding on December 31, 2017. 3. EBITDA Margin LTM for Teck, Diversified Peers and North American Peers are as determined and reported by Capital IQ as at February 14, 2018. EBITDA Margin is a non- GAAP financial measure without a standardized meaning, but generally refers to EBITDA (earnings, before interest, taxes, depreciating and amortization) divided by total revenues for the relevant period. Capital IQ applies its own approach to calculate this metric and as a result the figures reported from Capital IQ data may vary from results published by Teck or peer companies. 4. Record cash flow from operations refers to $5.1 billion in 2017, with an average realized price for steelmaking coal of US$176 per tonne, a copper price of US$2.80 per pound, and a zinc price of US$1.31 per pound, as compared with $4.0 billion in 2011, with an average realized steelmaking coal price of US$257 per tonne, copper price of US$4.00 per pound, zinc price of US$0.99 per pound and C$/US$ exchange rate of 0.99.

17 Notes

Slide 7: Significant Liquidity 1. Approximately $4.8 billion in liquidity as at February 13, 2018. 2. Closing of the Waneta Dam transaction is subject to receipt of regulatory approval and other customary conditions. 3. Maturity profile of public notes outstanding as at December 31, 2017. 4. Net debt/net debt-plus-equity for Diversified Peers and North American Peers are unweighted averages based on data reported by Capital IQ as at February 14, 2018. Net debt/net debt-plus-equity is a non-GAAP financial measure without a standardized meaning, but generally refers to net debt (total debt less cash and cash equivalents) divided by the sum of net debt plus shareholders equity. Capital IQ applies its own approach to calculate this metric and as a result the figures determined from Capital IQ data may vary from results published by Teck or peer companies. Net debt/net debt-plus-equity for Teck is an unweighted average pro forma metric as at December 31, 2017 and assumes closing of the Waneta Dam transaction. Net debt/net debt-plus-equity is a non-GAAP financial measure. See “Non-GAAP Financial Measures” slides. 5. Net debt/EBITDA for Diversified Peers and North American Peers are unweighted averages based on data reported by Capital IQ as at February 14, 2018. Net debt/EBITDA is a non-GAAP financial measure without a standardized meaning, but generally refers to net debt (total debt less cash and cash equivalents) divided by EBITDA (earnings, before interest, taxes, depreciating and amortization). Capital IQ applies its own approach to calculate this metric and as a result the figures determined from Capital IQ data may vary from results published by Teck or peer companies. Net debt/EBITDA for Teck is our adjusted EBITDA and an unweighted average pro forma metric as at December 31, 2017 and assuming closing of the Waneta Dam transaction. EBITDA, adjusted EBITDA and net debt/EBITDA are non-GAAP financial measures. See “Non-GAAP Financial Measures” slides. Slide 8: Record Cash Generation 1. Generated $5.1 billion in cash flow from operations for the 12 months ended December 31, 2017, with an average realized price for steelmaking coal of US$176 per tonne, a copper price of US$2.80 per pound, and a zinc price of US$1.31 per pound. 2. Difference in cash flow from operations from 2011 to 2017 is based on 2011 levels for commodity prices and the C$/US$ exchange rate (average realized steelmaking coal price of US$257 per tonne, copper price of US$4.00 per pound, zinc price of US$0.99 per pound and C$/US$ exchange rate of 0.99. 3. Estimates of the change in annualized EBITDA based on commodity prices and our balance sheet as at February 14, 2018. Assumes a C$/US$ exchange rate of 1.25 and the mid-point of 2018 production guidance ranges. Steelmaking coal is based on the change in the premium steelmaking coal quarterly index price. A C$0.01 change in the C$/US$ exchange rate impacts our 2018E EBITDA by $82 million. See “Outlook” section of the Q4 2017 press release for further information. EBITDA is a non-GAAP financial measure. See “Non-GAAP Financial Measures” slides.

18 Notes

Slide 9: Steelmaking Coal Market 1. HCC price is based on the negotiated quarterly benchmark price from January 1, 2008 to April 13, 2010 and the Argus Premium HCC FOB Australia assessments from April 14, 2010, in US dollars. Steelmaking coal prices for the past ten years are calculated from January 1, 2008. Inflation–adjusted prices are based on Statistic Canada’s Consumer Price Index. Source: Argus, Teck. Plotted to February 14, 2018. Slide 10: Copper Market 1. Source: Wood Mackenzie, CRU, ICSG, Teck. Slide 11: Zinc Market 1. Source: LME, SHFE, Wood Mackenzie. Data plotted from 2000 to February 14, 2018. 2. Source: Teck, CRU, Wood Mackenzie. Plotted to January 2018. Slide 13: History of Strong Shareholder Returns 1. Free Cash Flow is a non-GAAP financial measure. See “Non-GAAP Financial Measures” slides. Slide 14: Growth Potential - QB2, NuevaUnión, Project Satellite 1. Illustrative potential production profiles, including 76.5% of Quebrada Blanca 2’s first five years of full production, 50% of NuevaUnión’s first ten years of full production, 100% of San Nicolás’ first five years of full production, and 80% of Zafranal’s first five years of full production, in each case based on relevant feasibility or pre-feasibility studies or scoping studies. Copper equivalent production calculation assumes gold at US$1,200 per ounce, silver at US$18 per ounce, copper at US$3.00 per pound, zinc at US$1.10 per pound and molybdenum at US$10.00 per pound. 2. Teck’s current production as reported by Wood Mackenzie. Teck’s potential production as estimated by Teck, based on current production, QB2, NuevaUnión, San Nicolas and Zafranal. Source: Wood Mackenzie, SNL, Teck. Slide 15: Compelling Value 1. EV/ EBITDA NTM (Enterprise Value/EBITDA Next Twelve Months) for Teck, Diversified Peers and North American Peers are unweighted averages as determined and reported by Capital IQ as at February 14, 2018. EV/ EBITDA NTM is a non-GAAP financial measure without a standardized meaning, but generally refers to enterprise value (market value of the company’s stock, balance sheet values of the company’s debt, preferred stock and minority equity interests ,and then subtracting the amount of cash equivalents that a company has). Capital IQ applies its own approach to calculate this metric and as a result the figures determined from Capital IQ data may vary from results published by Teck or peer companies. Actual results may vary. 2. Free Cash Flow Yield for Teck, Diversified Peers and North American Peers are unweighted averages based on data reported by Capital IQ as at February 14, 2018. Free Cash Flow is based on the last twelve months. Free Cash Flow Yield is a non-GAAP financial measure without a standardized meaning, but generally refers to free cash flow (generally cash from operations less certain expenditures) divided by the market capitalization of a company. Capital IQ applies its own approach to calculate this metric and as a result the figures determined from Capital IQ data may vary from results published by Teck or peer companies.

19 Non-GAAP Financial Measures

EBITDA, as disclosed on slide 7 and slide 8, is profit attributable to shareholders before net finance expense, income and resource taxes, and depreciation and amortization. Adjusted EBITDA, as disclosed on slide 5, slide 6, and slide 8, is EBITDA before the pre-tax effect of certain types of transactions that in our judgment are not indicative of our normal operating activities or do not necessarily occur on a regular basis. These adjustments to EBITDA highlight items and allow us and readers to analyze the rest of our results more clearly. EBITDA Margin for our operations as business units, as disclosed on slide 5 and slide 6, is EBITDA (as described above) for those operations and business units, divided by the revenue for the relevant operation or business unit for the year-to-date ended December 31, 2017. We believe that disclosing these measures assist readers in understanding the ongoing cash generating potential of our business in order to provide liquidity to fund working capital needs, service outstanding debt, fund future capital expenditures and investment opportunities, and pay dividends. Free cash flow is presented to provide a means to evaluate shareholder returns. Other non-GAAP financial measures, including those comparing our results to our diversified and North American peers, are presented to help the reader compare our performance with others in our industry. The measures described above do not have standardized meanings under IFRS, may differ from those used by other issuers, and may not be comparable to such measures as reported by others. These measures should not be considered in isolation or used in substitute for other measures of performance prepared in accordance with IFRS.

Reconciliation of EBITDA Margin (C$ in millions) Twelve months ended December 31, 2017 Coal Copper Red Dog Other1 Teck Profit before taxes 3,118 600 895 (637) 3,976 Finance expense net of finance income 5 46 31 130 212 Provision for non-controlling interests (41) 12 - - (29) Depreciation & amortization 725 536 97 109 1,467 EBITDA (A) 3,807 1,194 1,023 (398) 5,626 Revenue (B) 6,152 2,400 1,752 1,744 12,048 EBITDA Margin (A/B) 62% 50% 58% (23%) 47% 1. Other includes Energy business unit, Corporate business unit and the Zinc business unit without Red Dog.

20 Non-GAAP Financial Measures

Reconciliation of EBITDA and Adjusted EBITDA Twelve months ended (C$ in millions) December 31, 2017 Profit attributable to shareholders $ 2,509 Finance expense net of finance income 212 Provision for income taxes 1,438 Depreciation and amortization 1,467 EBITDA $ 5,626 Add (deduct): Debt repurchase (gains) losses 216 Debt prepayment option gain (51) Asset sales and provisions (35) Foreign exchange (gains) losses (5) Collective agreement charges 41 Break fee in respect of Waneta Dam sale 28 Environmental provisions 81 Asset impairments (reversals) (163) Tax and other items (41) Adjusted EBITDA $ 5,697

21 Non-GAAP Financial Measures

Reconciliation of Coal Business Unit Adjusted EBITDA

(C$ in millions) October 1, 2008 to December 31, 2017 Gross Profit $14,007 Add back: Depreciation and amortization 5,607 Gross profit, before depreciation and amortization $19,614 Deduct: Other costs (384) Adjusted EBITDA $19,230

Reconciliation of Free Cash Flow

(C$ in millions) 2003 to 2017 Cash Flow from Operations $38,682 Debt interest and finance charges paid (4,672) Capital expenditures, including capitalized production stripping costs (18,893) Free Cash Flow $15,117 Dividends paid $4,101 Payout ratio 27.1%

22 Non-GAAP Financial Measures

Reconciliation of Net Debt-to-Adjusted EBITDA Ratio & Net Debt to Debt-Plus-Equity Ratio Twelve months ended (C$ in millions) December 31, 2017 Adjusted EBITDA (A) $ 5,697

Total debt at period end 6,369 Less: cash and cash equivalents at period end (952) Net debt (C) 5,417 Less: Estimated cash proceeds of Waneta sale 1,200 Pro forma net debt (D) 4,217

Equity (E) 19,525 Add: Estimated net book gain from Waneta transaction 800 Pro forma Equity (F) 20,325

Net debt to adjusted EBITDA ratio (C/A) 1.0 Pro forma net debt to adjusted EBITDA ratio (D/A) 0.7

Net debt to net debt-plus-equity (C/C+E) 22% Pro forma net debt to net debt-plus-equity ratio (D/D+F) 17%

In addition to these measures, we have presented certain other non-GAAP financial measures for our Diversified Peers and North American Peers, based on information or data published by Capital IQ and identified in the footnotes to this presentation. Those non-GAAP financial measures are presented to provide readers with a comparison of Teck to certain peer groups over certain measures using independent third-party data.

23 Appendix Consistent Long-Term Strategy

Diversification Long life assets Low cost Appropriate scale Low risk jurisdictions Organic growth

25 Attractive Portfolio of Long-Life Assets Low risk jurisdictions

26 Global Customer Base

Revenue Contribution from Diverse Markets1

North China Europe America ~18% ~18% ~19% Asia excl. China ~42% Latin America ~3%

27 Production Guidance

2017 Results 20181 3 Year (2019-2021)1 Steelmaking Coal 26.6 Mt 26-27 Mt 26.5-27.5 Mt Copper Concentrate 287 kt 270-285 kt 270-300 kt Highland Valley Concentrate 93 kt 95-100 kt 120-140 kt Antamina2 Concentrate 95 kt 90-95 kt 90-100 kt Carmen de Andecollo3 Concentrate 72.5 kt 60-65 kt 60 kt Cathode 3.5 kt 3.0kt Quebrada Blanca3 Cathode 23 kt 20-24 kt Zinc Concentrate 659 kt4 645-670 kt4 575-625 kt4,5 Refined 310 kt 305-310 kt 310-315kt Red Dog Concentrate 542 kt 525-545 kt 475-525 kt Pend Oreille Concentrate 33 kt 35 kt - Antamina2 Concentrate 84 kt 85-90 kt 90-100 kt Trail Refined 310 kt 305-310 kt 310-315kt Energy Fort Hills6 Bitumen n.a. 7.5 - 9.0 Mbbl 14Mbbl Moly Highland Valley Concentrate 9.2 Mlbs 5.0 Mlbs 4.0-5.0 Mlbs Antamina2 Concentrate 2.0 Mlbs 1.8 Mlbs 2.5-3.0 Mlbs Lead Red Dog Concentrate 111 kt 95-100 kt 85-100 kt Trail Refined 87 kt 70 kt 95-105kt Silver 28 Trail Refined 21.4 Moz 16-18 Moz - Sales Guidance

Q4 2017 Results1 Q1 20181 Steelmaking Coal 6.4 Mt 6.3-6.5 Mt Zinc Red Dog - Zinc in Concentrate 181 kt 110 kt

29 Cost Guidance

2017 Results 2018 Guidance1 Steelmaking Coal Site costs $52/t $56-60/t Capitalized stripping $19/t $15/t2 Transportation costs $37/t $35-37/t Total cash costs3,4 $108/t $106-112/t US$83/t US$85-90/t Copper C1 unit costs5 US$1.33/lb US$1.35-1.45/lb Capitalized stripping US$0.18/lb US$0.19/lb2 Total cash costs5 US$1.51/lb US$1.54-1.64/lb Zinc C1 unit costs5 US$0.28/lb US$0.30-0.35/lb Capitalized stripping US$0.01/lb US$0.02/lb2 Total cash costs5 US$0.29/lb US$0.32-0.37/lb Energy Cash operating cost n.a. $35-40/bbl

30 Capital Expenditures Guidance 2018

2018 (Teck’s share in CAD$ millions) 2017 Guidance Sustaining Steelmaking coal1 $ 112 $ 275 Copper 126 180 Zinc 168 230 Energy2 34 40 Corporate 4 5 2018 $ 444 $ 730 (Teck’s share in CAD$ millions) 2017 Guidance Major Enhancement Capitalized Stripping Steelmaking coal $ 55 $ 160 Steelmaking coal $ 506 $ 390 Copper3 8 70 Copper 147 145 Zinc4 15 95 Zinc 25 25 $ 678 $ 560 Energy2 - 90 Total $ 78 $ 415 Steelmaking coal1 $ 673 $ 825 New Mine Development 3 3 Copper 467 580 Copper $ 186 $ 185 Zinc4 244 385 Zinc 36 35 2 2 Energy 911 325 Energy 877 195 Corporate 4 5 $ 1,099 $ 415 $ 2,299 $ 2,120 Sub-total Steelmaking coal1 $ 167 $ 435 Copper3 320 435 Zinc4 219 360 Energy2 911 325 Corporate 4 5 $ 1,621 $ 1,560 31 Capital Expenditure History & Guidance

Total Capital Expenditures 2012-20181

$3,000

$2,500 New Mine Development $2,000 Major $1,500 Enhancements $M

$1,000 Sustaining Capital

$500 Capitalized $0 Stripping 2012 2013 2014 2015 2016 2017 2018 Guidance

32 Commodity Price Leverage1

Mid-Point of Effect on Effect on Unit of Production Annual Estimated Annual Estimated Change Guidance Profit EBITDA $C/$US C$0.01 C$53M /$0.01∆ C$82M /$0.01∆

Coal 26.5 Mt US$1/tonne C$19M /$1∆ C$30M /$1∆

Copper 278 kt US$0.01/lb C$5M /$0.01∆ C$7M /$0.01∆

Zinc 965 kt US$0.01/lb C$10M /$0.01∆ C$13M /$0.01∆

33 Tax-Efficient Earnings in Canada

~$4.5 billion in available tax pools1, including: • $3.6B in loss carryforwards • $0.9B in Canadian Development Expenses

Applies to: • Cash income taxes in Canada

Does not apply to: • Resource taxes in Canada • Cash taxes in foreign jurisdictions

34 Diverse Pipeline of Growth Options

Medium-Term In Construction Pre-Sanction Growth Options Future Options NuevaUnión Galore Creek Copper HVC D3 Project QB2 HVC Brownfield Schaft Creek Strong platform with substantial Zafranal Mesaba growth options San Nicolás (Cu-Zn)

Zinc Trail #2 Acid Plant Antamina Brownfield Teena Premier resource with Red Dog Red Dog VIP2 Project Cirque integrated assets Satellite Deposits Elk Valley Replacement Neptune Terminals Quintette/Mt. Duke Coal Brownfield Expansion Well established with Coal Mountain 2 capital efficient value options Elk Valley Brownfield Fort Hills Debottlenecking Frontier Energy & Expansion Building a new business Lease 421 through partnership

35 Creating Value Advancing growth projects in 2018

Fort Hills • First of three trains from secondary extraction ramping up production through Q1 2018 • Second and third trains expected to start producing in H1 2018 NuevaUnión • Advancing Prefeasibility Study, which we expect to complete in Q1 2018 Quebrada Blanca 2 • Focus on completing the regulatory approval process and advancing detailed engineering, early procurement contracts and construction planning • Permit expected H1 2018; sanctioning decision not expected before H2 2018 Zafranal • Feasibility Study started in Q4 2017; expect to complete Feasibility Study and submit SEIA by Q4 2018 • Substantial field program, including drilling program and extensive baseline work, well underway San Nicolás • Initiated environmental and social baseline studies in support of a Prefeasibility Study and an SEIA • Aim to complete prefeasibility engineering and submit a SEIA in the second half of 2019

36 Disciplined Approach to M&A

Recent Transaction History Net Total of C$2.2B Waneta Dam, $1,400 Net Proceeds/Cost (C$M) $1,200M6 $1,200 Antamina Silver $1,000 Stream2, $795M $800

$600 CdA Gold 1 Stream , Osisko Royalty $400 Project Corridor/ Sandstorm $206M Package, 3 Wintering Hills, NuevaUnion, Royalty Package , $28M $59M $200 $0M $32M $0 AQM Copper, San Nic HVC Minority, Teena ($200) 4 ($25M) Minority5, ($33M) Minority , ($400) ($11M) ($65M) Oct 7 July 5 July Oct 25 Oct 18 Oct 18 Jan 19 Jan 26 Nov 21 Nov July 10 Aug 27 Aug May 12 May 2015 2016 2017 • Balance sheet strengthened by divestment of non-core assets at high EBITDA multiples • Modest ‘prudent housekeeping’ acquisitions to consolidate control of attractive copper and zinc development assets • Innovative NuevaUnión joint venture to create world scale development opportunity

37 Waneta Dam Sale for $1.2B Cash

Deal Highlights • Sale of Teck’s 2/3rd interest to BC Hydro, following exercise of right of first offer • Commercial terms: ‒ C$1.2 billion cash ‒ C$75 million annual payment (~C$40 MWh) ‒ 20 year term with 10 year extension option

Asset Overview Teck Impact • 496 MW capacity • 16x EBITDA multiple1 • 2,750 GWh annual energy • Closing not expected before Q3 2018 • 1,880 GWh Trail energy use • No cash tax payable on sale • BC Hydro 1/3 owner currently • Trail a globally competitive zinc/lead producer • No hydrology risk under Canal Plant Agreement 38 Share Structure & Principal Shareholders

Teck Resources Limited1

Shares Held Percent Voting Rights Class A Shareholdings Temagami Mining Company Limited 4,300,000 55.3% 32.0% SMM Resources Inc (Sumitomo) 1,469,000 18.9% 10.9% Other 2,008,304 25.8% 15.0% 7,777,304 100.0% 57.9% Class B Shareholdings Temagami Mining Company Limited 725,000 0.1% 0.1% SMM Resources Inc (Sumitomo) 295,800 0.1% 0.0% China Investment Corporation (Fullbloom) 59,304,474 10.5% 4.4% Other 505,180,781 89.3% 37.6% 565,506,055 100.0% 42.1% Total Shareholdings Temagami Mining Company Limited 5,025,000 0.9% 32.1% SMM Resources Inc (Sumitomo) 1,764,800 0.3% 11.0% China Investment Corporation (Fullbloom) 59,304,474 10.3% 4.4% Other 507,189,085 88.5% 52.6% 573,283,359 100.0% 100.0%

39 Notes: Appendix - Introduction

Slide 27: Global Customer Base 1. Based on 2017 revenue. Slide 28: Production Guidance 1. As at December 31, 2017. Please see our Q4 2017 press release for further details. 2. Represents Teck’s 22.5% share of production at Antamina. 3. We include 100% of production from our Quebrada Blanca and Carmen de Andacollo mines in our production volumes, even though we own 76.5% and 90% respectively, because we fully consolidate their results in our financial statements. Cathode production at Carmen de Andecollo is uncertain beyond 2018 but there is potential for extension. For Quebrada Blanca, the supergene deposit is expected to be exhausted in Q2 2018 and we anticipate cathode production to mid-2019. Please see Q4 2017 press release for further details. 4. Including co-product zinc production from our Copper business unit. 5. Excludes Pend Oreille, as production rates beyond 2018 are uncertain. 6. Guidance for Teck’s share of production in 2018 is at our estimated working interest of 21.3%. Guidance is based on Suncor’s outlook for 2018 Fort Hills production which was provided at their previous working interest of 53.06% and is 20,000 to 40,000 barrels per day in Q1, 30,000 to 50,000 barrels per day in Q2, 60,000 to 70,000 barrels per day in Q3, and 80,000 to 90,000 barrels per day in Q4. Judgment is required in determining the date that property, plant and equipment is available for use at Fort Hills. Until such time, revenues and associated costs will be capitalized. Management expects this date to be in the first half of 2018. Production estimates for Fort Hills and estimates of Fort Hills cash operating costs could be negatively impacted by delays in or unexpected events involving the ramp up of production from the project. Three-year production guidance is our share before any reductions resulting from major maintenance downtime. Slide 29: Sales Guidance 1. As at December 31, 2017. Please see our Q4 2017 press release for further details. Slide 30: Cost Guidance 1. As at December 31, 2017. Please see our Q4 2017 press release for further details. 2. Approximate, based on capitalized stripping guidance and mid-point of production guidance range. 3. Average C$/US$ exchange rate of 1.30 in 2017. Assumes C$/US$ exchange rate of 1.25 in 2018. 4. Steelmaking coal unit cost of sales include site costs, inventory adjustments, collective agreement charges and transport costs. Total cash costs are unit cost of sales plus capitalized stripping. 5. Net of by-product credits. Total cash costs include cash C1 unit costs after by-product margins and capitalized stripping.

40 Notes: Appendix - Introduction

Slide 31: Capital Expenditures Guidance 2018 1. All numbers are as at December 31, 2017. 2. For steelmaking coal, sustaining capital includes Teck’s share of water treatment charges of $3 million in 2017. Sustaining capital guidance includes Teck’s share of water treatment charges related to the Elk Valley Water Quality Plan, which are approximately $86 million in 2018. Guidance excludes an equity investment of $85 million in 2018 for port upgrades at Neptune Terminals. 3. For energy, Fort Hills capital expenditures guidance is based on our estimated working interest of 21.3%, and does not include any capitalized revenue and associated costs. Judgement is required in determining the date that property, plant and equipment is available for use at Fort Hills. Until such time, revenues and associated costs will be capitalized. Management expects this date to be in the first half of 2018. Major enhancement guidance includes tailings management and new mine equipment at Fort Hills. New mine development guidance includes Fort Hills and Frontier. 4. For copper, new mine development guidance for 2018 includes the first four months of spending for Quebrada Blanca Phase 2, with further guidance to be provided as the year progresses. It also includes full year spending for San Nicolás and our share of Zafranal. Major enhancement guidance includes the D3 mill project at Highland Valley. 5. For zinc, major enhancement guidance includes the VIP2 project at Red Dog. Slide 32: Capital Expenditure History & Guidance 1. 2018 guidance as at December 31, 2017. Slide 33: Commodity Price Leverage 1. Annual effect based on commodity prices and our balance sheet as of December 31, 2017 and excluding the gain from the Waneta Dam transaction. Assumes the midpoint of 2018 guidance ranges, a C$/US$ exchange rate of 1.25, and budgeted operating costs. Steelmaking coal is based on a US$1/tonne change in the premium steelmaking coal quarterly index price. EBITDA is a non-GAAP financial measure. See “Use of Non-GAAP Financial Measures” section of our quarterly news releases for further information. Slide 34: Tax-Efficient Earnings In Canada 1. As of December 31, 2017. Slide 37: Disciplined Approach to M&A 1. Carmen de Andacollo gold stream transaction occurred in USD at US$162M. 2. Antamina silver stream transaction occurred in USD at US$610M. 3. Sandstorm royalty transaction occurred in USD at US$22M. 4. Teena transaction occurred in AUD at A$10.6M. 5. San Nicolàs transaction occurred in USD at US$50M. 6. Waneta Dam transactions has not yet closed. Closing is subject to customary conditions. Slide 38: Waneta Dam Sale for $1.2B Cash 1. EBITDA is a non-GAAP financial measure. See “Use of Non-GAAP Financial Measures” in our latest quarterly release for further information. Slide 39: Share Structure & Principal Shareholders 1. Based on Bloomberg as of February 13, 2018. 41 Sustainability Our Approach to Business and Sustainability

Major Commitments Recent Recognition • International Council on Mining and Metals (ICMM) 10 Principles and Position Statements for Sustainable Development • Mining Association of Canada Towards Sustainable Mining program • Council for Clean Capitalism • Carbon Pricing Leadership Coalition • 30 Percent Club for Board Diversity Towards Sustainable Mining Leadership Awards

43 Sustainability Governance

Our Board of Directors and executive leadership provide oversight on managing sustainability impacts and business value, with a focus on: • Access to capital • Cost savings • Productivity • Risk management • Brand value/reputation • Human capital/employee retention • License to operate

44 Our Sustainability Strategy

Our strategy includes short-term goals to 2020 and long-term goals to 2030 in six focus areas that represent the most significant risks and opportunities to our business in the area of sustainability. Recent examples of sustainability activities are outlined below.

Conduct community engagement Implement biodiversity to incorporate input and build management plans to achieve a support for activities net positive impact Community Biodiversity

Implement the Elk Valley Water Integrate carbon pricing into Quality Plan to support water decision making and work to quality and permitting achieve long-term GHG and Water Energy and energy reduction goals Climate Change Maintain strong labour relations Implement dust control and attract/retain top talent for measures to address operational continuity community concerns Our People Air

45 2016 Social and Economic Performance Highlights

• Reached new agreements with Indigenous Peoples in the areas we operate; agreements in place at all mining operations within or adjacent to Indigenous Peoples’ territory • $128 million in spending with suppliers who self-identified as Indigenous • 9% increase in the number of women in operational and technical roles at Teck. In total, women make up 15% of our workforce • Developed and released an Inclusion and Diversity Policy, endorsed by our Board of Directors and senior management team

46 2016 Environmental Performance Highlights

• Decreased total water use by 11% since 2013 GHG Emissions Intensity Ranges Among International • Recycled new water an average of four Council on Mining and Metals (ICMM) Member Companies1 times in 2016 • Reduced greenhouse gas emissions by ~217,000 kt since 2011 • Reduced energy consumption by 1,550 TJ since 2011 • One of the world’s lowest GHG intensity miners of steelmaking coal and copper • Fort Hills Oil Sands project will have a lifecycle carbon intensity lower than approximately half of the oil refined in North America

47 Sustainability Information for Investors

• Sustainability Report and Raw Performance Data • Economic Contributions Report • United Nations Global Compact Communication on Progress • CDP Reports • Annual Sustainability Conference Call Presentation • List of Sustainability Ratings and Rankings involving Teck

48 Collective Agreements Long-term labour agreements in place at all North American operations

Operation Expiry Dates Quintette April 30, 2018 Antamina July 31, 2018 Coal Mountain December 31, 2018 January 31, 2019 Quebrada Blanca March 31, 2019 November 30, 2019 Line Creek May 31, 2019 September 30, 2019 Carmen de Andacollo December 31, 2019 Elkview October 31, 2020 Fording River April 30, 2021 Highland Valley Copper September 30, 2021 Trail Operations May 31, 2022 Cardinal River June 30, 2022 49 Steelmaking Coal Business Unit & Markets Steelmaking Coal Prices Remain Strong

Coal Price Assessment1

350

300

250

US$ US$ tonne / 200

150

100

50

HCC Price Average Price Since 2008 US$179/t Inflation-Adjusted Average Price Since 2008 US$197/t

51 Steelmaking Coal Facts

Global Coal Production1: 7.3 billion tonnes Steelmaking Coal Production2: ~1,160 million tonnes Export Steelmaking Coal2: ~325 million tonnes Seaborne Steelmaking Coal2: ~280 million tonnes Our Market - Seaborne Hard Coking Coal2: • ~0.7 tonnes of steelmaking coal is used to 3 ~190 Million Tonnes produce each tonne of steel • Up to 100 tonnes of steelmaking coal is required to produce the steel in the average wind turbine4

52 Strong Chinese Steel Margins Support Steelmaking Coal Prices

China Hot Rolled Coil (HRC) Margins and Steelmaking Coal (HCC) Prices1

350 300 250 200 150 100 US$ US$ / tonne 50 0 -50

China HRC Gross Margins China Domestic HCC Price Seaborne HCC Price (CFR China)

53 Improving Steel Output Globally Strong steel production and improved steel pricing GDP and Crude Steel Production1 Global China $120,000 2,000 $15,000 1,000 1,700 $80,000 1,400 $10,000 700 1,100 $40,000 $5,000 800

$0 500 $0 400 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Ex-China Crude Steel Production (Mt) 2017 YoY $80,000 900

$60,000 800 Global 1,691 5.5% $40,000 700 China 832 5.7% Ex. China 860 4.9% $20,000 600

Europe 211 5.7% $0 500 JKTV 209 3.1% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 India 101 6.2% Nominal GDP, Billion USD(LHS) Brazil 34 9.9% Crude Steel Production, Mt(RHS) 54 Growing Indian Steel Production

Crude Steel Production1 120 100 80 60

Mt 40 20 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

• India plans to achieve 300 Mt of crude steel capacity by 2030-31

55 Capacity Reductions Continue in China Both steel and coal 2017 targets achieved1 Steel Capacity Reduction Target Coal Capacity Reduction Target 160 900 140 800 120 700 100 600 500 80 140 400 800 60 Million tonnes Million 300 Million tonnes Million 40 200 360 65 290 20 50 100 25 150 0 0 2016-2020 2016 2017 2018-2020 2016-2020 2016 2017 2018-2020 target actual actual remaining target actual actual remaining target target

Capacity Reduction Targets Tied to China’s Results of 4th Round of Environmental Inspections Anti-Pollution Campaign Government officials punished >5,500 • 4 batches of Central Environmental Inspection Teams (CEITs) sent to all 31 provinces in 2016-2017 Companies fined >9,000 ‒ Included CPC Disciplinary Inspection Committee and Penalties >RMB450M (US$70M) CPE Central Organization Department

56 China Pollution Control in Winter Implementation not as strict; steel production substituted by mills outside “2+26” cities

Impact in “26+2” cities: Steel Coke 4 months 6 months Time (Nov 15 – Mar 15) (Oct 1 – Mar 31) BF utilization reduced to ≤50% Coking time extended to 36 Measure from typical ~80% prior to or 48 hours from typical 24 pollution control hours

Annual ~210Mt HMP ~135Mt coke output production1

Estimated production 20~30Mt HMP 10~15Mt coke output impact2 Higher steel prices Lower coal demand Expected Lower steel exports (supporting Higher coke prices results steel production and prices ex. (supporting domestic coal China) pricing)

57 Chinese Seaborne Steelmaking Coal Imports Trending upwards

Chinese Steelmaking Coal Imports1

80 Seaborne 70 Landborne 50 44 60 45 50 40 36 35 40 30 26 Million tonnes Million 24 30 25 20

20 tonnes Million 15

10 10 5 0 0 2009 2010 2011 2012 2013 2014 2015 2016 2017 2016 2017 2016 2017 Imports from Mongolia rolling 12mo Seaborne imports rolling 12mo

58 Chinese Seaborne Steelmaking Coal Imports Supported by strong steel demand & stable domestic coking coal production

Chinese Crude Steel Production (CSP), Hot Chinese Seaborne Coking Coal Imports1 Metal Production (HMP) and Coal Production1

900 4200 70 60 800 60 4000 700 50 48 600 3800 44 500 40 34 35 36 3600 32 400 31 Million tonnes Million Million tonnes Million Million tonnes Million 30 300 3400 25 200 20 3200 100 10 5 5 0 3000 2 3 3 3 2010 2011 2012 2013 2014 2015 2016 2017 0 CSP HMP Coal Production (ROM)

59 Large Users in China Increasing Seaborne Imports >2/3 of China crude steel produced on coast; Projects support imports Zongheng Fengnan Project • Inland plant relocating to coastal area 1 Seaborne Coking Coal Imports • Capacity: crude steel 8Mt 70 • Status: Construction started in 2017; completion in 2021 60 39 HBIS Laoting Project 50 • Inland plant relocating to coastal area • Capacity: crude steel 20Mt 40 26 19 • Status: Construction started in 2017; 30 25 13 11 completion to be announced

Million tonnes Million 20 25 25 Shougang Jingtang Plant 21 21 22 • Expansion 10 • Capacity: crude steel 9.4Mt (phase 2) 10 0 • Status: Construction started in 2015; 2012 2013 2014 2015 2016 2017 completion in 2018 Non-14 users 14 large users Shandong Steel Rizhao Project • Greenfield project • Capacity: crude steel 8.5Mt • Status: Construction started in 2015; BF #1 completed in 2017; BF #2 completion in 2018 Liusteel Fangcheng Project • Greenfield project • Capacity: Phase 1 crude steel ~10Mt • Status: Construction started in 2017

60 Chinese Scrap Use to Increase Slowly EAF share in crude steel production to recover only to 2015’s level

China’s Ratio of EAF in CSP Low vs. Other Countries1 China Steel Use By Sector (2000-2016)2

80% 67% 57% 60% 40% 40% 31% 22% 25% 20% Others 5% 15-20% 0% China Japan India United Russia European World Auto States Union average 5-10% Construction Crude Steel and Electric Arc Furnace Production3 55-60% 1000 Crude Steel Machinery 800 15-20% Hot Metal 600 400 200 Electric Arc Furnace Million tonnes Million 0 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 61 Steelmaking Coal Supply Growth Forecast Key growth comes from recovery in Australia after Cyclone Debbie Seaborne Steelmaking Coal Exports1 (Change 2018 vs. 2017) 315 +2 +1 310 310 +8 305 300 297

Mt 295 290 285 280 2017 Australia Mozambique Canada 2018, ex. USA USA 2018 Includes: • Australia: recovery from Cyclone Debbie, Anglo Grosvenor ramp up • Mozambique: Vale Moatize ramp up • Canada: Conuma Willow Creek restart • USA: Analyst views ranging from approximately -5 Mt to +5 Mt2

62 US Coal Producers are Swing Suppliers

Australian Steelmaking Coal Exports1 US Steelmaking Coal Exports1

200 70

180 60 160

140 50

120 40 100 Mt Mt 30 80

60 20 40 10 20

0 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

63 Growing India Steelmaking Coal Imports Teck’s sales to India nearly doubled in the last three years, to >10% in 2017

1 60 Seaborne Steelmaking Coal Imports

50

40

30 Mt

20

10

0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

• India plans to achieve 300 Mt of crude steel capacity by 2030-31 • 300 Mt of crude steel would require up to 210 Mt of steelmaking coal, based on ~0.7 tonnes used to produce each tonne of steel2 64 Second Largest Seaborne Steelmaking Coal Supplier Competitively positioned to supply steel producers worldwide Sales Distribution (2017)

North America Europe ~5% ~15% China ~15%

India Asia excl. ~10% China/India Latin America ~50% ~5%

65 An Integrated Long Life Coal Business

British Columbia Prince Rupert Elk Valley Elco • >1 billion tonnes of reserves Quintette Fording support ~27 Mt of production Ridley River Terminal Alberta for many years

Prince George Edmonton

Greenhills Elkford Cardinal River • Geographically concentrated in the Elk Valley Line Creek Calgary 1,150 km Neptune Terminal Kamloops • Established infrastructure Sparwood Vancouver Elk Valley Elkview and capacity with mines, Westshore railways and terminals Terminal Hosmer Coal Mountain Seattle Phase 2 Fernie Coal Mountain

66 Five Year Plan to Sustain ~27 Million Tonnes1

Conceptual Production Profile Objectives 28 • Manage transition from Coal 24 Mountain

20 • Pursue incremental production capacity in remaining Elk Valley 16 mines

12 • Evaluate Cardinal River mine life extension 8 • Maintain optionality with

Production (milliones tonnes) 4 Quintette & Coal Mountain Phase 2 - 2015 2016 2017 2018 2019 2020 2021 2022 2023 Fording River Greenhills (80%) Elkview Line Creek Cardinal River Coal Mountain Additional Elk Valley

67 1. Subject to market conditions. High Quality Hard Coking Coal Product

U.S.A. 80 • Around the world, and especially in China, Canada Other Australia Teck HCC (hard coking) blast furnaces are getting larger and 70 Australia and Canada increasing PCI rates Japan Teck HCC 60 South Africa • Coke requirements for stable blast furnace Japan U.S.A. operation are becoming increasingly higher 50 (Yubarl)

CSR • Teck coals with high hot and cold strength 40 Australia (soft coking) are ideally suited to ensure stable blast

30 furnace operation Japan (Sorachl) 20 • Produce some of the highest hot strengths in the world 10 South Africa 50 60 70 80 90 100 Drum Strength Dl 30 (%) 68 Average Realized Steelmaking Coal Prices

Product Mix Historical Average Realized Prices • ~75% of production is high-quality HCC vs. Quarterly Contract Prices1 • ~25% is a combination of SHCC, SSCC, PCI and a small amount of thermal Averaged 92% from Q2 2010 350 Sales Mix 100% • ~60% shorter than quarterly pricing mechanisms 300 80% (including “spot”) 250 • ~40% quarterly contract price ‒ Index-linked pricing mechanism for premium 200 60% steelmaking coal contracts from April 1, 2017 150

US$ / tonne 40% ‒ Majority based on the quarterly index price, which is 100 the average of three key spot price assessments, on 20% a trailing three-month basis with a one month lag 50 Average Realized Prices 0 0% • Our realized price, as a percentage of the quarterly

index price, will vary quarterly depending on variations Q22010 Q32010 Q42010 Q12011 Q22011 Q32011 Q42011 Q12012 Q22012 Q32012 Q42012 Q12013 Q22013 Q32013 Q42013 Q12014 Q22014 Q32014 Q42014 Q12015 Q22015 Q32015 Q42015 Q12016 Q22016 Q32016 Q42016 Q12017 Q2 2017 Q3 2017 Q4 2017 in our product mix, timing of sales, the direction and Teck Realized Price (lhs) underlying volatility of the daily price assessments, and Quarterly Contract Prices (lhs) the spreads between various qualities of steelmaking Teck Realized Price Relative to Contract (rhs) coal, among other factors 69 Competitive Margins in Steelmaking Coal

$160 Operating Margin¹ $140 • High quality hard coking coal & $120 competitive operating costs yield strong $100 margins $80 Teck $60 • Operations well positioned in a volatile $40 market US$ per Tonne $20 $- $(20) $(40) Major US Producers

70 Strip Ratio Supports Future Production

• Low strip ratio in 2016 due timing of permitting 11 Clean Strip Ratio • Strip ratio increase in 2017 & planned in 2018 10 ‒ Low strip, low cost Coal Mountain closing 9

‒ Development at larger mines to increase 8 capacity and access to higher quality coals 7 • Going forward, strip ratio expected to trend lower 6 Clean Clean Strip Ratio 5 ~ 04 ~ 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

71 ~75 Mt of West Coast Port Capacity Planned Our portion is >40 Mt; exceeds current production plans, including Quintette

Westshore Terminals • Teck is largest customer at 19 Mt • Large stockpile area West Coast Port Capacity • Currently 33 Mt 40 • $275M project for expansion to 35 35-36 Mt by 2019 2-3 • Contract expires March 2021 30

Neptune Coal Terminal 25 • Teck Canpotex Joint Venture • Recently expanded to 12.5 Mt 20 • Planned growth to >18.5 Mt 33 15 6

10 18 Million Million Tonnes (Nominal) 12.5 Ridley Terminals 5

• Current capacity: 18 Mt 0 Ridley Neptune Coal Westshore • Teck contracted at 3 Mt Terminals Terminal Terminals Current Capacity Planned Growth

72 Notes: Appendix – Steelmaking Coal

Slide 51: Steelmaking Coal Prices Remain Strong 1. HCC price is based on the negotiated quarterly benchmark price from January 1, 2008 to April 13, 2010 and the Argus Premium HCC FOB Australia assessments from April 14, 2010, in US dollars. Steelmaking coal prices for the past ten years are calculated from January 1, 2008. Inflation–adjusted prices are based on Statistic Canada’s Consumer Price Index. Source: Argus, Teck. Plotted to February 6, 2018. Slide 52: Steelmaking Coal Facts 1. Source: IEA. 2. Source: CRU. 3. Source: World Coal Association. Assumes all of the steel required is produced by blast furnace-basic oxygen furnace route. 4. Source: The Coal Alliance. Assumes all of the steel required is produced by blast furnace-basic oxygen furnace route. Slide 53: Strong Chinese Steel Margins 1. Source: China HRC Gross Margins is estimated by Mysteel. China Domestic HCC Price is Liulin #4 price sourced from Sxcoal and is normalized to CFR China equivalent. Seaborne HCC Price (CFR China) is based on Argus Premium HCC CFR China. Slide 54: Improving Steel Output Globally 1. Source: WSA, IMF. Slide 55: Growing Indian Steel Production 1. Source: WSA; India’s National Steel Policy 2017. Slide 56: Capacity Reductions Continue in China 1. Source: Governmental announcements. Slide 57: China Pollution Control in Winter 1. Source: Steelhome. 2. Source: Steelhome, Mysteel, Custeel. Slide 58: Chinese Seaborne Steelmaking Coal Imports 1. Source: China Customs. Slide 59: Chinese Seaborne Steelmaking Coal Imports 1. Source: NBS, China Customs. Slide 60: Large Users in China Increasing Seaborne Imports 1. Source: China Customs. 2017 is November year-to-date annualized. Slide 61: Chinese Scrap Use to Increase Slowly 1. Source: WSA. 2. Source: China Metallurgy Industry Planning and Research Institute. 3. Source: CRU. 73 Notes: Appendix – Steelmaking Coal

Slide 62: Steelmaking Coal Supply Growth Forecast 1. Source: Wood Mackenzie, CRU. 2. Source: Wood Mackenzie, CRU, Seaport Global Securities LLC, Clarksons Platou Securities Inc. Slide 63: US Coal Producers are Swing Suppliers 1. Source: Global Trade Atlas. Slide 64: Growing India Steelmaking Coal Imports 1. Source: Wood Mackenzie, CRU, Global Trade Atlas. 2. Based on the World Coal Association’s estimate that ~0.7 tonnes of steelmaking coal is used to produce each tonne of steel. Assumes all of the steel required is produced by blast furnace-basic oxygen furnace route. Slide 67: Five Year Plan - Sustain ~27 Million Tonnes 1. Future production subject to market conditions, and assuming receipt of necessary permits and no unusual events. See “Forward Looking Information” slide. Slide 69: Average Realized Steelmaking Coal Prices 1. Compares Teck’s average realized price to the negotiated quarterly benchmark from Q1 2010 to Q1 2017, and to the index-linked quarterly contract price from April 1, 2017. Slide 70: Competitive Margins in Steelmaking Coal 1. Quality-adjusted operating margin, based on Wood Mackenzie’s data set for 2017 and utilizing an FOB port equivalent benchmark price of US$200 per tonne for the highest quality products. Assumes a Canadian dollar to US dollar exchange rate of 1.36 and an Australian dollar to US dollar exchange rate of 1.36.

74 Copper Business Unit & Markets Copper Demand from De-Carbonization

Energy Efficiency & EVs Strong Growth1 Copper Intensity of Batteries in EVs1

• ICA Study • Energy efficiency: 80% of decarbonization; 4.1% CAGR • The move towards a lower carbon footprint – electrical • Electric vehicles/mobility: smaller today, larger growth energy, its generation, storage and use - will fast potential; 14.2% CAGR become significant growth industries for copper ‒ Battery range constraints require increased • De-carbonization trends: efficiency = copper ‒ Energy efficiency ‒ Increasing the battery capacity will result in ‒ Electric and hybrid vehicles greater copper intensities per vehicle ‒ Renewable energy ‒ Rapid charging infrastructure increase 76 in copper intensity Copper Content in Electric Vehicles Depends on technology, vehicle size and battery size Copper Content by Type of Electric Vehicle 100 90 80 23 70 40

60 5 5 50 23 9.88 5 40 0.31 11 5 30 23 5 5 20 20 0.3 40 Kgs of Copper per Vehicle 18 5 1 10 5 22 5 12 0 5 1 0.31 Internal Hybrid Electric Plug In Hybrid Battery Electric EBus Hybrid Combustion Battery Inverter Electric Motor HV Wire Other LV Wire

77 New Energy Vehicle Industry China producing 60% of global NEVs, boosting the whole value chain Chinese Copper Consumption1 NEV & Facilities Booming2 Number of NEVs in use 5 million 900 90% 822 997 1.8 million 480 thousand thousand

600 60% 2015 2016 2017 2020 ‘000 517 Charging stations 12,000 0.15

Units: 0.1 7,500 0.05 2,000 300 30% 0 2015 2016 2020 Charging piles 4.8 million

2.2 million 0 0% 400 1.4 million 2010 2011 2012 2013 2014 2015 2016 thousand 中国China 全球Global China中国占比 share % 2015 2016 2017 2020

78 Copper Demand for Electric Vehicles

Electric Vehicles Copper Demand 2,000 +1.8 Mt 1,800 1,600 1,400 1,200 1,000 800 600 400 200

Thousands of Tonnes of Copper Contained ofTonnesof Copper Thousands 0 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027

Car BEV Car HEV Car PHEV E-Bus Hybrid E-Bus BEV

79 Copper Concentrate & Refined Markets in Deficit

CRU Copper Concentrate Balance Copper Concentrate Market Balance WM 200 100 0 -100 -200 -300 -400 -500 -600 2016 2017 2018 2019 2020 2021 2022

80 80 Copper Disruptions Continue into 2018

Disruptions TC/RCs Spot and BM Falling1 2018 40¢ 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 e 0

-200 30¢

-400 In Q4 2017 ~300kmt 20¢ reduced -600 from 2018 guidance Thousand tonnes 3.0% 10¢ -800

4.5% -1,000 0¢

-1,200 Spot Realised TC/RC

81 Labour Could Disrupt 2018 Copper Production ~6-7 Mt could be affected Mine/Smelter KMT Affected Company Country Contract Expiry Date Las Ventanas Smelter/Refinery 405 Codelco Chile 1/30/2018 Lomas Bayas Mine - SXEW 80 Glencore Chile 1/30/2018 Los Pelambres Mine - Concs 368 Antofagasta Minerals Chile 2/28/2018 Radomiro Tomic Mine - SXEW 215 Codelco Chile 3/31/2018 Radomiro Tomic Mine - Concs 108 Codelco Chile 3/31/2018 Chuquicamata Mine - Concs 250 Codelco Chile 3/31/2018 Chuquicamata Mine - SXEW 52 Codelco Chile 3/31/2018 Caserones Mine - Concs 89 Lumina Copper Chile 4/1/2018 Caserones Mine - SXEW 34 Lumina Copper Chile 4/1/2018 Esperanza Mine - Concs 187 Antofagasta Minerals Chile 5/30/2018 Esperanza Mine - Concs 187 Antofagasta Minerals Chile 6/30/2018 Los Pelambres Mine - Concs 368 Antofagasta Minerals Chile 6/30/2018 Escondida Mine - Concs 679 BHP Billiton / Rio Tinto Chile 6/30/2018 Escondida Mine - SXEW 312 BHP Billiton / Rio Tinto Chile 6/30/2018 Caserones Mine - Concs 89 Lumina Copper Chile 7/30/2018 Caserones Mine - SXEW 34 Lumina Copper Chile 7/30/2018 Antamina Mine - Concs 431 BHP/Glencore/Teck Peru 7/24/2018 Andina Mine - Concs 193 Codelco Chile 8/30/2018 Cerro Colorado (Chile) Mine - SXEW 74 BHP Chile 8/30/2018 Cerro Verde Mine - Concs 473 Freeport Americas Peru 8/31/2018 Cerro Verde Mine - SXEW 49 Freeport Americas Peru 8/31/2018 Cuajone Mine - Concs 171 Southern Copper Peru 8/31/2018 Ilo Smelter/Refinery 266 Southern Copper Peru 8/31/2018 Toquepala Mine - Concs 117 Southern Copper Peru 8/31/2018 Toquepala Mine - SXEW 21 Southern Copper Peru 8/31/2018 El Tesoro Mine - SXEW 56 Antofagasta Minerals Chile 10/30/2018 Collahuasi Mine - Concs 502 Anglo American/Glencore Chile 10/30/2018 Caletones Smelter/Refinery 266 Codelco Chile 10/30/2018 El Teniente Mine - Concs 471 Codelco Chile 10/31/2018 El Teniente Mine - SXEW 4 Codelco Chile 10/31/2018 Salvador Mine - Concs 45 Codelco Chile 10/31/2018 Salvador Mine - SXEW 15 Codelco Chile 10/31/2018 Mina Ministro Hales Mine - Concs 215 Codelco Chile 11/30/2018 Mina Ministro Hales Mine - SXEW 22 Codelco Chile 11/30/2018 Gaby Mine - SXEW 122 Codelco Chile 11/30/2018 Spence Mine - SXEW 168 BHP Billiton Chile 11/30/2018 Caserones Mine - Concs 89 Lumina Copper Chile 12/30/2018 82 Caserones Mine - SXEW 34 Lumina Copper Chile 12/30/2018 Chinese Ban on Low Grade Copper Scrap Imports Supportive short term; Scrap will likely be processed elsewhere

Gross Weight of Low Grade Scrap Could Fall 50% Restriction on Copper Scrap Net Copper Unit Impact could be down only 20%1 Supportive of Concentrate & Cathode Imports1

1,000

800

600

400

200

0

Cathode Concs Scrap Blister/Semis

83 Long-Term Copper Mine Production Still Needed

1 • At 1.8% global demand growth, Forecast Copper Refined Balance 560 kt new supply needed annually 1,000 • Mine production falls ~500 kt per 0 year after 2020 -1,000

• Market finely balanced through 2019 -2,000

‒ Could materially change with -3,000

similar disruption level as 2017 Thousand tonnes -4,000

• Structural deficit starts 2020 -5,000

• Projects delayed today will not be -6,000 available by 2020 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027

84 Copper Mine Production Peaks in 2020

Existing and Fully Committed Mines1

31,000

• Mine production set to increase 0.8 million tonnes by 2021, including: 29,000 • Glencore’s African Mine Restarts: 500kmt • Cobre Panama 350kmt 27,000 • Escondida 340kmt 25,000 • China (maybe) 400kmt • All others 700kmt 23,000 ‒ Oyu Tolgoi UG, Spence, Chuqui UG 21,000 • Net reductions & closures by 2027 2,790kmt • Mine production currently peaks in 2020 19,000

• Chinese mine production relatively flat at ~52 kmt per year Thousand Tonnes 17,000 • Total probable projects: • By 2021 545kmt 15,000 • By 2027 1,827kmt 13,000

Mine Production SXEW Scrap Low Demand WM Base Demand Teck High Demand ICA/Yale

85 Planned Copper Projects Won’t Meet Demand

Highly Probable + Probable Projects Insufficient1

5,000 • Mine projects set to increase 1.8 million tonnes by 2027, including: • Quellaveco 330kmt 4,000 • Kamoa/Kakula 300kmt • QB II 275kmt • Golpu 110kmt 3,000 • Rosemont 120kmt • Tominsky 90kmt • Manto Verde 80kmt • Mirador 60kmt 2,000 • Los Pelambres Exp 55kmt • Various Small Mines Iran 135kmt • All others 225kmt 1,000 ‒ Magistral, Oyu Tolgoi UG, Spence, Chuqui UG

• Chinese mine production relatively flat at ~50 kmt/year growth to 2027 0

Brownfield Probable Greenfield Probable SXEW Projects

86 QB2: Potential Tier One Asset Robust Economics & Expansion Optionality  Potential top 15 copper producer globally at 300,000 tonnes/year Cu equivalent production, including 7,700 tonnes/year Mo, in the first five years1  Long initial life (25 years) with only 25% of resource; life extension and expansion optionality  Project capital of US$4.7B1; attractive capital intensity of ~$16k per tonne annual CuEq2  Low cost - C1 cash cost of US$1.33/lb and AISC of US$1.37/lb in first 10 years3  Familiar, mining-friendly jurisdiction Project Highlights4 Copper Price (US$ per pound) $2.75 $3.00 $3.25 $3.50 Net present value at 8% (US$ millions) 565 1,253 1,932 2,604 Internal rate of return (%) 9.7% 11.7% 13.5% 15.2% Payback from first production (years) 6.8 5.8 5.0 4.4 Annual EBITDA First Full Five Years (US$M pa) 856 1,002 1,148 1,294 First Full Ten Years (US$M pa) 781 918 1,055 1,192 Life of Mine (US$ million pa) 685 811 937 1,063

87 QB2: Large Resource Base Great potential to significantly extend mine life

1 40 Large Resource Base Projects 35 30 25 20 15 10 5 0 Billions Billions of Recoverable Pounds

88 QB2: Bottom Half of C1+Sustaining Cost Curve Expected to generate significant economic returns

C1+Sustaining Cost Curve 20171 400 350 QB2: First 5 Years 300 250 QB2: First 10 Years 200 150

US¢/lb 100 Escondida 50 Antamina 0 -50 -100 0% 25% 50% 75% 100%

89 QB2: Competitive Capital Intensity

Projects With >200 kmt/yr Copper1

50,000 45,000 40,000 35,000 30,000 25,000 20,000 15,000 10,000 5,000

US US Cu $/tpa Equiv 0

Completed Greenfield Completed Brownfield Project Greenfield Project Brownfield

90 NuevaUnión A New Approach to Project Development

Teck and Goldcorp have combined Relincho & El Morro projects and formed a 50/50 joint venture company • Committed to building strong, mutually beneficial relationships with stakeholders & 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

91 NuevaUnión Infrastructure Before (Duplicate infrastructure)1

Pipelines Power Line

Port

Pipelines: Water & Desalination Concentrate El Morro Tailings Port Site Desalination Power Tailings

Power Pipelines : Relincho Water Site Mine and Mill

Mine and Mill

92 NuevaUnión Infrastructure After (Common infrastructure)1

Pipeline Power Line Conveyor & Utilities Road

Desalination Tailings Port

Power Pipelines : Water Mine and Mill Conveyor & Utilities

Mine

93 NuevaUnión Project Overview1

Initial Project Capital2 Copper Production3 Gold Production3 US$3.5 190,000 315,000 billion tonnes per year ounces per year

Mine Life Copper in Reserves4 Gold in Reserves4 32+ 16.6 8.9 years billion pounds million ounces • Copper equivalent production of 250 kt per year • Prefeasibility study completion expected in Q1 2018 • Proactive & participatory community engagement approach

94 Project Satellite Advancing assets to generate additional value for our shareholders

Galore Creek (Cu-Au-Ag) • Five substantial base metal growth assets

Schaft Creek (Cu-Mo-Au-Ag) largely invisible to the market. Objective is to surface value over the next 3-5 years

Mesaba (Cu-Ni-PGM-Co) • Multiple potential routes to value realization at each property

San Nicolás (Cu-Zn) • Prudent investment activity and program work to increase development certainty and permitting path for each asset Zafranal (Cu-Au)

95 Project Satellite: 5 Quality Base Metal Assets Substantial resources in mining friendly jurisdictions Zafranal and San Nicolás have potential for 240kt copper equivalent production by 2023

Galore Creek (50%) • Large high grade copper-gold-silver deposit in developing district • Potential for first quartile C1 costs • Substantial design, engineering and drilling Mesaba (100%) ‐ completed between 2012-2016 • Very large copper nickel sulphide resource • Compiling results into Integrated Planning with platinum, palladium and cobalt credits Report • In a district with long mining history • Proximity to existing infrastructure with opportunities for development synergies Schaft Creek (75%) • Teck’s proprietary value-added mineral • Large copper-molybdenum-gold-silver deposit processing technology • Long mine life with potential for significant extensions Zafranal (80%) • Continue to conduct value-added engineering • Highly competitive mid-sized copper-gold and optimization studies deposit • Prefeasibility Study published June 2016 San Nicolás (100%) indicates robust economics • High grade copper-zinc deposit • Advancing Feasibility and Environmental • Open pit operation with 3-4 year timeline to Impact Assessment work in 2017-2018 production targeting permit submission in H2 2018 • Low first quartile C1 costs and low capital costs offers quick payback • Advancing Prefeasibility and Environmental Impact Assessment work in 2017-2018 96 Project Satellite Update

Zafranal • Feasibility Study and Social and Environmental Impact Assessment (SEIA) Study underway in support of submitting a development permit application and completion of a Feasibility Study in Q4 2018. Substantial field program, including 36,500m drilling, detailed water and environmental studies, and community roundtable discussions are well-underway. San Nicolás • Environmental and Social baseline studies initiated in Q3 2017. 32,000m in-fill, geotechnical and hydrogeological drill program starting in early Q1 2018. Work plan is to complete Prefeasibility Study engineering in Q3 2019 with submission of a Social and Environmental Impact Assessment in the second half of 2019. Galore Creek • Compiling substantial engineering, design and drilling work completed between 2012-2016 into an Integrated Plan on go- forward development options. Maintaining our strong working relationship with the Tahltan Central Government and working on a renewal of the existing Participation Agreement. Evaluating various partnering options for Galore Creek. Mesaba • Completing an Advanced Scoping Study which will be used to inform development alternatives, including potential synergies with other projects in the Duluth District, and that will meet updated permitting requirements in the State of Minnesota. Schaft Creek • Completed technical work required to update the resource model and attendant resource calculation in Q2 2017. A formal technical report was finalized in Q1 2018 that resulted in no material change to the resource. This update resource model will underpin desktop engineering studies planned for 2018 that are focused on surfacing value-enhancing development options.

97 Notes: Appendix – Copper

Slide 76: Copper Demand from De-Carbonization 1. Source: Teck, Wood Mac, Metals +, ICA. Slide 79: New Energy Vehicle Industry 1. Source: MIIT, CAAM, ICA. 2. Source: National Energy Bureau, State Grid, ICA, News. Slide 80: Copper Concentrate & Refined Market in Deficits 1. Source: Wood Mackenzie, CRU, Teck. Slide 81: Copper Disruptions Continue in 2018 1. Source: Wood Mackenzie, CRU, Teck. Slide 83: Chinese Ban on Low Grade Copper Scrap Imports 1. Source: China Customs, MBMS, BMO Capital Markets. Slide 84: Long-Term Copper Mine Production Still Needed 1. Source: ICSG, Teck. Slide 85: Copper Mine Production Peaks in 2020 1. Source: Wood Mackenzie, CRU, ICSG, Teck. Slide 86: Planned Copper Projects Won’t Meet Demand 1. Source: Wood Mackenzie, CRU, ICSG, Teck.

98 Notes: Appendix – Copper

Slide 87: QB2 – Potential Tier One Asset 1. Average production rates, copper equivalent production rates, and initial development capital are based on the first full five years of full production. 2. 100% basis, in constant first quarter of 2016 dollars, excluding working capital and interest during construction. Teck owns a 76.5% share. 3. C1 cash costs and strip ratio are based on the first ten years of full production. C1 cash costs are net of by-product credits. 4. 100% basis. Please see Teck’s fourth quarter 2017 news release dated February 15, 2017. Quebrada Blanca Phase 2 scientific and technical information was approved by Mr. Rodrigo Alves Marinho, P.Geo., an employee of Teck. Mr. Marinho is a qualified person, as defined under National Instrument (NI) 43-101. Slide 88: QB2 - Large Resource Base 1. Source: Wood Mackenzie. Shows reserves only for uncommitted projects. Slide 89: QB2 - Bottom Half of C1+Sustaining Cost Curve 1. Source: Wood Mackenzie Slide 90: QB2 - Competitive Capital Intensity 1. Source: Wood Mackenzie Slide 92: NuevaUnión Infrastructure - Before (Duplicate infrastructure) 1. Source: “Project Location.” -28.395839, -70.486738, 4679ft. Google Earth. February 8, 2015. April 23, 2015. Slide 93: NuevaUnión Infrastructure - After (Common infrastructure) 1. Source: “Project Location.” -28.395839, -70.486738, 4679ft. Google Earth. February 8, 2015. April 23, 2015. Slide 94: NuevaUnión Project Overview 1. Conceptual based on preliminary design from the PEA. 2. Capital estimate for Phase 1a based on preliminary design shown in 2015 dollars on an unescalated basis. 3. Average production rates and copper equivalent production are based on the first full ten years of operations. 4. Total copper and gold contained in mineral reserves as reported separately by Teck and Goldcorp.

99 Zinc Business Unit & Markets Zinc Concentrate Deficit Since 2015

Mine Production Growth Imported Spot TCs at Historical Lows2 Insufficient to Balance Market1 1,000 250

500 200

0 150

(500) 100

thousand tonnes contained (1,000) Projected Deficit Imported TC, $/dmt 50

(1,500) 2015 2016 2017 2018 2019 2020 2021 0

Others China Change Antamina Jul-10 Jul-11 Jul-12 Jul-13 Jul-14 Jul-15 Jul-16 Jul-17 Glencore India Dugald River Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Namibia/S.A.

101 Chinese Mined Zinc Production at 5-Year Low Down 28% m/m in December 2017 & down 13% y/y YTD

Monthly Chinese Mined Zinc Production1

600

500

400

300

Thousands DMT 200

100

0 Jul-08 Jul-13 Oct-09 Apr-07 Oct-14 Apr-12 Apr-17 Jan-06 Jun-06 Jan-11 Jun-11 Jan-16 Jun-16 Feb-08 Mar-10 Feb-13 Mar-15 Nov-06 Dec-08 Sep-07 Nov-11 Dec-13 Aug-10 Sep-12 Nov-16 Aug-15 Sep-17 May-09 May-14

102 Chinese Environmental Inspections & Depletions Impacting zinc mine production in China Chinese Mine Production YTD September 20171

-35kt, +69kt, -24% +7%

Huoshaoyun -56kt, -23% -21kt, -20kt, -8% -27%

-24kt, -15% +21kt, +8% -125kt, +20kt, -11kt, -23% +11% -10%

• Entire country under environmental & work safety inspections • Blue regions are also suffering from depletion. • 2017 mine production down 1%YoY 103 Chinese Zinc Concentrate Supply Declining

Concentrate Supply Shrinking1 Spot and Benchmark TCs Tighten2 $250 800 Spot $200 600 $150

kt 400 $100

200 $50

0 $0 Jan-13Jul-13Jan-14Jul-14Jan-15Jul-15Jan-16Jul-16Jan-17Jul-17 2011 2012 2013 2014 2015 2016 2017 2018 Mine production Concs imports Annualized Monthly Avg. Supply Chinese Zinc Metal Imports3 767 kt • Domestic concentrate production plus imports ~540 kt/month 409 kt 140 in 2013; Currently ~430 kt/month 120 100 • Domestic mine production averaged ~445 kt/month 2013 to 80 2015; 2017 averaging ~335 kt/month kt 60 • Reduction in supply forcing metal production cuts 40 • Tightness has driven metal imports to increase 245% MoM 20 in December and 53% YTD 0 • Continued tightness is evidenced by the TCs remaining low Jan-13Jul-13Jan-14Jul-14Jan-15Jul-15Jan-16Jul-16Jan-17Jul-17

104 Zinc Price Incentivizing New Mines

Global Zinc Mine Production1 16,000 15,000 14,000 13,000 12,000 11,000 10,000 9,000 8,000 thousand tonnes tonnes contained thousand 7,000 6,000 15 16 17f 18f 19f 20f 21f Other China Glencore Dugald River Gamsberg New Mines

105 Chinese Zinc Mine Supply Falling

Chinese Conc Availability Chinese Conc Stocks Down ~6.5% YTD December1 Down to Critical Levels2 700 1600 1400 600 1200 500 1000 400 800 300 DMT 600 200 400 100 200

0 0

Concentrate Imports Domestic Mine Production Mine & trader stocks Smelter stocks Port stocks Monthly Avg

106 Chinese Zinc Mine Projects Increasingly Delayed

Mine Projects Not Responding to Prices1 Estimated Zinc Mine Growth Rarely Achieved1 1,400 600

1,200 400 360 350 300 1,000 270 250 200 200 180 100 135 800 60 0 -50 600 -200 Thousand Tonnes 400 -400

Zinc Capacity, Zinc Capacity, Thousand Tonnes 200 -600 -630 0 2014 2015 2016 2017 2018 -800 Surveys Surveys Surveys Surveys Surveys 2013 2014 2015 2016 2017 2018E 2013 2014 2015 2016 2017 2018 Early-year estimate Adjusted estimate

107 Lack of Zinc Concentrate Affecting Smelters

Smelter Utilization Rates Declining1 Total Available Refined Zinc 2 100 Down 1.3% from 2015, Demand Up 7.0%

800 80 750 700 60 650 600 550 % 40 500 450 Thousand Tonnes 20 400 350 300 0 Jan-17 Jan-16 Jan-15 Jan-14 Jan-13 Jan-12 Sep-17 Sep-16 Sep-15 Sep-14 Sep-13 Sep-12 May-17 May-16 May-15 May-14 May-13 May-12 Overall smelter utilization rate Refined Imports Large smelters (>200kt) Domestic Refined Production Medium-sized smelters (100-200kt) Demand Small smelters (20-100kt) 108 Consecutive Deficits Decreasing Zinc Inventory

Daily Zinc Prices & Stocks1 250¢ 4,000

3,500 200¢ 3,000

2,500 150¢

2,000 US¢/lb 100¢ 1,500 Thousand Tonnes Thousand 1,000 50¢ 500

0¢ 0

LME Stocks SHFE Bonded Hidden Price 109 Decreasing Zinc Stocks, Pushing Up Price

Zinc Prices vs. Days of Reported Stocks1 250

200

February 14, 2018 150 US₵/lb 100 2013-2017

50 2003-2007 0 0 10 20 30 40 50 60 70 Days of Reported Stocks

110 China Demand Driving Growth

All End Users Performing Better1 Stocks Drop to Accelerate Since Q4 20172

8,000 1,800

1,500 6,000 1,200 kt kt 4,000 900

600 2,000 300

0 0

Infrastructure Consumer goods SRB Warehouse Inventory Construction Auto Machinery Others Smelter Inventory Consumer Inventory

111 Chinese Zinc Demand to Remain Strong

If China were to galvanize crude steel at half the rate of the US using the same amount of zinc/tonne, a further 2.8 Mt would be added to global zinc consumption1

China Zinc Demand Galvanized Steel as % Crude Production

Other 20% 5% USA % Construction Infrastructure 15% 20 15% 30%

Transportation 10% China 20% 6%

Consumer Goods 5% 30%

0% 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17

112 Zinc Gap Forecast to Continue

Zinc Mine Production Peaks in 20201 Uncommitted Projects Insufficient2 5 17,000

16,000 4

15,000 3

14,000 2 Mt 13,000 1 housand tonnes contained T 12,000 0 11,000 2018 2019 2020 2021 2022 2023 2024 2025 Tala Hamza Huoshaoyun Citronen Mehdiabad Ozernoe Pavlovskoye McArthur River Expansion Aripuana Selwyn Kipushi Asmara Dairi Base Secondary Demand Iscaycruz Aznalcollar Other Projects

113 Largest Global Net Zinc Mining Companies

Teck is the Largest Net Zinc Miner1 Provides Significant Exposure to a Rising Zinc Price 400

350

300 Public Company

250 Teck Private Company

200

Thousand tonnes 150

100

50

0

114 Building a Quality Zinc Inventory

Potential New GIANT System1

115 Global Context of Teck’s Zinc Resources Well positioned; world class1

30 Qanaiyaq

25 Red Dog Past Production Aktigiruq Exploration Target1 20 Aqqaluk 80-150 Mt Anarraaq 16-18% Zn+Pb 15 Paalaaq Rampura Broken Hill Agucha Teena McArthur River Grade Grade % Zn+Pb 10 Su-Lik Hermosa

5

GIANT ZINC DEPOSITS (+6 Mt Zn+Pb) 0 0 50 100 150 200 250 300 350 400 450 500 Resource Million Tonnes 116 Very Competitive Zinc Cost Position By-product credits significantly reduce unit costs Low cost zinc production…1 …with significant quarterly variation at Red Dog2 1.00

0.80

0.60

0.40

Unit Costs (US$/lb) 0.20 C1 Cash Cost (c/lb Zn) Paid

- Q1 Q2 Q3 Q4 Cumulative Percentile Production • Seasonality of unit costs largely due to lead sales during the shipping season • Zinc is a by-product credit at Antamina and accounted for in the Copper Business Unit

117 Red Dog is a Consistent Performer

• 2018 guidance updated to 525-545 kt zinc Mine sequence improving grade metal contained in concentrate1 5 expectations 20 − Additional feed of higher grade Qanaiyaq ore 4 15 • Improvement and extension projects

− VIP2 Project to increase mill 3 10 Grade (%) throughput by ~15% Throughput (Mt)

− Drilling program at Aktigiruq 2 5 2012 2013 2014 2015 2016 2017 2018 2019- 2021 Throughput Zinc Grade

118 Red Dog Seasonality

Zinc Sales1 40% 34% 31% 30% • Operates 12 months 21% • Ships ~ 4 months 20% 14% 10%

• Shipments to inventory in Canada 0% and Europe; Direct sales to Asia Q1 Q2 Q3 Q4 • ~65% of zinc sales in second half Lead Sales1 of year 60% 57% 50% 43% • ~100% of lead sales in second 40% half of year 30% 20% 10% 0% 0% 0% Q1 Q2 Q3 Q4

119 Operating Costs at Red Dog1

US$/lb 2017 0.31 $0.60 0.25 0.54 • Total cash costs, at US$0.54/lb $0.40 0.10 in 2017 0.23 0.18 $0.20 0.30 • C1 cash costs up US$0.09/lb $0.00 Operating Transportation Treatment By-Product C1 Cash Royalty Total Cash in 2017 vs. 2016 Costs Costs Charges Credits Costs Costs • Royalty and treatment US$/lb $0.70 2016 costs are up as a function $0.60 0.20 of higher zinc prices $0.50 0.19 0.45 $0.40 • NANA royalty of 35% 0.09 $0.30 0.26 0.19 began in Q4 2017 $0.20 0.22 $0.10 $0.00 Operating Transportation Treatment By-Product C1 Cash Royalty Total Cash Costs Costs Charges Credits Costs Costs 120 Strong Zinc Production at Antamina

Quarterly Zinc Production Copper & Zinc Production1 120 25 100 20 (kt) 80 15 60 10 40

Production (kt) 5 Production 20 - - 2012 2013 2014 2015 2016 2017 2018 2019- 2021 Q1-13 Q2-13 Q3-13 Q4-13 Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Q3-17 Q4-17 Zinc Copper

• Large zinc production increase − >50% in 2017 vs. the last 5 years − Quarterly zinc production profile varies based on mine sequencing • Mine life extension studies progressing

121 Driving Continuous Improvement at Trail

Solid Production Performance1 • Annual zinc production now consistent at 310- 120

315 kt 110 • Major lead circuit maintenance in 2018 • Red Dog is an important long term feed source 100 • Investing in second new acid plant 90 − Improved reliability and stability

• Margin improvement programs: 80 − Focus on cost management Base 2013 with Compared% 70 − Improve efficiency 2013 2014 2015 2016 2017 2018 2019- − Introduce value-added products 2021 Zinc Lead

122 Teena Significant undeveloped resource In Construction Trail #2 Acid Plant Pre-Sanction Red Dog VIP2 Red Dog Medium-Term Satellite Deposits Growth Options Antamina Brownfield

Teena

Future Options San Nicolás (Cu-Zn) Cirque

Zn+P Tonnes Zn Pb Lens b (Mt) (%) (%) (%) Main 45 12.0 1.8 13.7

Lower 14 8.2 1.2 9.4

Total1 58 11.1 1.6 12.7

123 Notes: Appendix – Zinc

Slide 101: Zinc Concentrate Deficit Since 2015 1. Source: Teck, CNIA, Wood Mackenzie, NBS. 2. Source: Wood Mackenzie Slide 102: Chinese Mined Zinc Production at 5-Year Low 1. Source: CNIA. Plotted to December 2017. Slide 103: Chinese Environmental Inspections & Depletions 1. Source: NBS/CNIA. Slide 104: Chinese Zinc Concentrate Supply Declining 1. Source: NBS/CNIA, Customs. Plotted to December 2017. 2. Source: Wood Mackenzie. Plotted to December 2017. 3. Source: NBS/CNIA, Customs. Plotted to December 2017. Slide 105: Zinc Price Incentivizing New Mines 1. Source: Teck, CNIA, Wood Mackenzie, NBS. Slide 106: Chinese Mine Supply Falling 1. Source: NBS/CNIA, Customs, BGRIMM, Antaike, Teck. Plotted to December 2017. 2. Source: NBS/CNIA, Customs, BGRIMM, Antaike, Teck. Slide 107: Chinese Zinc Mine Projects Increasingly Delayed 1. Source: Antaike, BGRIMM, Teck. Slide 108: Lack of Zinc Concentrate Affecting Smelters 1. Plotted to May 2017. 2. Source: NBS, Wood Mackenzie. Plotted to December 2017. Slide 109: Consecutive Deficits Decreasing Inventory 1. Source: LME, SHFE, SMM, GTIS Trade data. Plotted to January 26, 2018. Slide 110: Decreasing Zinc Stocks, Pushing up Price 1. Source: LME, SHFE Data plotted from 2000 to February 14, 2018. Slide 111: China Demand Driving Growth 1. Source: NBS/CNIA, Wind, CEIC, Teck. 2. Source: SHFE, SMM, Asian Metals, FastMarket, Teck.

124 Notes: Appendix – Zinc

Slide 112: Chinese Zinc Demand to Remain Strong 1. Source: Wood Mackenzie 2. Source: CRU Slide 113: Zinc Gap Forecast to Continue 1. Source: Teck, Wood Mackenzie, BGRIMM, Antaike . 2. Source: Wood Mackenzie, Teck. Slide 114: Largest Global Net Zinc Mining Companies 1. Source: Wood Mackenzie, 2018. Slide 115: Building a Quality Zinc Inventory 1. Sources: S&P Global Market Intelligence, SNL Metals & Mining Database, Teck Public Disclosures. Aktigiruq is an exploration target, not a resource. Refer to press release of September 18, 2017, available on SEDAR. Potential quantity and grade of this exploration target is conceptual in nature. There has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource. Slide 116: Global Context of Teck’s Zinc Resources 1. Sources: S&P Global Market Intelligence, SNL Metals & Mining Database, Teck Public Disclosures. Aktigiruq is an exploration target, not a resource. Refer to press release of September 18, 2017, available on SEDAR. Potential quantity and grade of this exploration target is conceptual in nature. There has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource. Slide 117: Very Competitive Zinc Cost Position 1. Wood Mackenzie 2. Average quarterly unit cost (2013-2017) before royalties, based on Teck ‘s reported financials. Slide 118: Red Dog is a Consistent Performer 1. As at December 31, 2017. Slide 119: Red Dog Seasonality 1. Average sales from 2010 to 2017. Slide 120: Operating Costs at Red Dog 1. Based on Teck’s reported financials. Slide 121: Strong Zinc Production at Antamina 1. Guidance numbers are based on the mid-point of production guidance. Production numbers reflect Teck’s 22.5% share. Slide 122: Driving Continuous Improvement at Trail 2. Guidance numbers are based on the mid-point of production guidance. Slide 123: Teena 1. Rox Resources, June 1, 2016 PR Inferred Mineral Resource estimate in accordance to requirements and guidelines of the JORC code.

125 Energy Business Unit & Markets Oil Prices Improving

World Liquid Fuels Production & Consumption1 • Demand growth, reduced inventories 104 Forecast 5 100 • Limited by US production 96 3 92 1 mbpd mbpd • OPEC production curtailment extension 88 -1 84 -3 necessary to balance market short term • Longer term: US$70-$75/bbl

North American Rig Count & US Production2 WTI Benchmark Price (US$/bbl)3 2,000 11000 $120 1,700 $100 1,400 9000 $80 1,100 $60 800 7000 $40

500 US$/bbl

Thousand bpd $20 Rig countRig Units 200 5000 $0 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18

US Rig Count US 4-week Production Avg. 2014-2017 Historical 2018-2025 Forecast (Real $)

127 Heavy Oil Benchmark Differentials

WTI - Western Canadian Select (WCS) Differential1

Constrained Sufficient Export $50 Export Capacity Capacity* Western Canadian Select (WCS) is the benchmark price for $40 Canadian heavy oil at Hardisty, Alberta $30 • Contract settled monthly as a negative differential to Nymex WTI $20

US $/bbl US • 2017 average differential: US$12/bbl $10 $0 • 2018 forecast: US$18-$22/bbl • Increased oil sands production • Constrained export pipeline capacity Jul-12 Jul-17 Apr-11 Oct-13 Apr-16 Jan-10 Jun-10 Jan-15 Jun-15 Mar-14 Feb-12 Feb-17 Nov-10 Dec-12 Sep-11 Nov-15 Dec-17 Aug-14 Sep-16 May-13 • Revised IMO bunker fuel oil sulphur specifications

Edmonton CRW C5 + Diluent Minus WTI Differential Diluent (C5+) at Edmonton, Alberta Is the benchmark contract $20 for diluent supply for oil sands $15 • Contract settled monthly as differential to Nymex WTI $10 • Long-term diluent (C5+) differential of Nymex WTI +/- US$5/bbl $5 • Based on supply/demand, seasonal demand and quality $0 • Supply forecasted to exceed demand US $/bbl US − Growing local production, -$5 − Contract carriage import pipelines -$10 Jul-12 Jul-17 Apr-11 Oct-13 Apr-16 Jan-10 Jun-10 Jan-15 Jun-15 Mar-14 Feb-12 Feb-17 Nov-10 Dec-12 Dec-17 Nov-15 Sep-11 Aug-14 Sep-16 May-13 128 Recent Pipeline Announcements Constructive WTI-WCS differentials forecast to improve with export pipeline capacity

Western Canada Heavy Supply/Demand Balance1 Teck Forecasting Incremental 1M Barrels Per Day Export Pipeline Capacity 2019-2022 5,500 5,500

5,000 5,000

4,500 4,500

4,000 4,000

3,500 3,500

3,000 3,000

2,500 2,500

2,000 2,000 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030

CAPP 2016 Forecast CAPP 2017 CAPP Forecast Local Refining & Export Pipeline* Total Delivery Capability, Including Rail

129 Fort Hills Achieved First Oil on January 27, 20181

• First of three trains from secondary extraction now online; production ramp up through Q1 2018 • Five test runs of front end of plant completed; 1.4 Mbbls of froth trucked to Suncor’s base plant for further processing • Second and third trains of secondary extraction expected to start up in first half of 2018 • Fort Hills on track to reach 90% of nameplate capacity of 194 kbbls/d by end of 2018 • Suncor guidance for Fort Hills cash operating costs of $20-30 per barrel by Q4 2018 130 Comprehensive Sales & Logistics Strategy In Place For Blended Bitumen

Teck’s Commercial Activities1 Bitumen production 38 kbpd +Diluent acquisition 11 kbpd =Bitumen blend sales 49 kbpd

131 Lower Carbon Intensity Product

PFT Diluted Bitumen has a Lower Carbon Intensity Than Around Half of the Barrels of Oil Refined in the US, on a Wells-to-Wheels Basis1 600 Carbon intensity of average 550 barrel refined in the US = 502 500 450 400 350 Eagle Ford Arab Light Bakken Blend Russian Urals Mexican Mining Oil Nigerian Oil Sand In- Oil Sand Average Tight OIl Maya Sand Dilbit Bonny Light Situ dilbit Mining California

per barrel of refined products) refined of barrel per PFT (e.g. Fort Upgraded Heavy Total carbon intensity (kgCO2e (kgCO2e intensity carbon Total Hills) SCO ‘Fort Hills Reduced Carbon Dilbit Blend’ • Utilizes Paraffinic Froth Treatment (PFT) solvent based secondary extraction process ‒ Removes fines & asphaltines ‒ Used by Kearl and Albian mining projects • Result: ‒ A product with a lower carbon intensity than around half of the oil refined in the US ‒ A superior refinery feedstock ‒ Lower pipeline diluent requirements 132 Alberta Distribution Network Ready to receive product

Fort Hills Mine Terminal Capacity (k bpd) Pipeline/Terminal Operator Total Teck FHELP Managed Northern Courier TransCanada 202 40.4 East Tank Farm Thebacia 292 58.4 Northern Courier Pipeline Norlite Enbridge 130 18.0 East Tank Farm Wood Buffalo/Wood Enbridge 550 65.3 Blending Facility Buffalo Extension Hardisty Terminal Gibson N/A 425 Wood Buffalo Pipeline Fort Sask. Cavern Keyera N/A 100 Cheecham Terminal Keystone TransCanada 600 10 Norlite Pipeline Enbridge Mainline Enbridge 1,750 N/A Wood Buffalo Pipeline Extension

Teck Fort Saskatchewan Kirby Terminal (Cenovus) Cavern Storage

Edmonton Terminal US Midwest, Hardisty Eastern Canada Terminal Teck Enbridge Mainline

Pipeline Legend Bitumen Blend Keystone Pipeline Diluent Products Teck Contracted US Gulf Coast 133 Third Party Shipper Energy Sales & Logistics Strategy Based on diverse market access & risk mitigation

Sales Mix Market Profile Long term Pipelines: Monthly basis contracts at 10 kbpd Contracted capacity on existing Keystone pipeline at Hardisty Hardisty to the US Gulf Coast 7 kpbd +12 kbpd Contracted capacity on proposed TransMountain Monthly (TMX) pipeline to the west coast of Canada basis to 12 20 +27 kbpd Remainder at Hardisty via customer contracted Pacific kbpd kbpd pipeline capacity, or common carrier pipelines Rim =49 kbpd blended bitumen1 10 kbpd Additional options available include: • Increasing capacity on Keystone / Keystone XL pipelines Monthly basis to • Selling additional product at Hardisty US Gulf Coast • Shipping by rail, if required

134 Notes: Appendix – Energy

Slide 127: Oil Prices Improving 1. Source: EIA Short Term Energy Outlook January 2018. 2. Source: Baker Hughes, EIA. As at January 24, 2018. 3. Sources: CME Group, Crude Oil Futures 2018 Forward Curve, January 22, Sproule, Deloitte: December 2017. 2019-2022 Price Forecast. Slide 128: Heavy Oil Benchmark Differentials 1. Export capacity includes pipeline and rail. Actuals plotted to January 2018. Slide 129: Recent Pipeline Announcements Constructive 1. Source: CAPP 2017 Supply Forecast, Lee & Doma, Teck. Production and pipeline throughputs are annual averages. Slide 130: Fort Hills Achieved First Oil on January 27, 2018 1. Top photo shows secondary extraction, May 2017. Bottom photo shows aerial view of Fort Hills site, September 2017. Source: Fort Hills Energy Limited Partnership. Slide 131: Comprehensive Sales & Logistics Strategy In Place For Blended Bitumen 1. Annualized average at full production. Assumes 21% ownership of the Fort Hills project. Source: Fort Hills Energy Limited Partnership, September 2017. Slide 132: Lower Carbon Intensity Product 1. Source: IHS Energy Special Report “Comparing GHG Intensity of the Oil Sands and the Average US Crude Oil” May 2014. SCO stands for Synthetic Crude Oil. Slide 134: Energy Sales & Logistics Strategy 1. Annualized average at full production. Assumes 21% ownership of the Fort Hills project.

135 Global Metals & Mining Conference February 26, 2018