Global Metals & Mining ConferenceNovember 29, 2017

Forward Looking InformationBoth 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 andforward-looking information within the meaning of the Securities Act (Ontario) (collectively referred to herein as forward-looking statements). Forward-looking statements involve known andunknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Teck to be materially different from any future results, performance orachievements expressed or implied by the forward-looking statements. These forward-looking statements include statements relating to our long-term strategies and priorities, statements regardingthe long-life of our assets and positioning on the cost curve and low risk of the jurisdictions in which they are located, potential coal EBITDA and free cash flow potential, Elk Valley Water QualityPlan cost and spending guidance, expected timing of first oil from the Fort Hills project, the potential production, costs, mine life (including potential optionality for expansion or much longer minelife) and capital intensity of Quebrada Blanca 2, potential to realize value relating to our Project Satellite and timing to surface value, Teck’s potential copper production growth and timing andamount of potential copper production at our various development projects, timing of Waneta Dam sale, amount and timing of dividends, dividend sustainability, and the potential for payment ofbase and supplemental dividends to be paid in the future, potential Fort Hills contribution to gross profit, our production guidance, cost guidance, sales guidance, capital expenditure guidance,estimated profit and estimated EBITDA and the sensitivity of estimated profit and estimated EBITDA to foreign exchange and commodity prices, objectives of our coal five-year plan, port capacityincreases, estimated future cash flow and cash flow potential, our expectations regarding market supply, demand and price in the commodities we produce, including our expectations regardingfactors which may impact supply or demand in key markets, the expected timing and amount of production at the Fort Hills oil sands project, all projections for our Quebrada Blanca 2 project,including those on the slides titled “QB2: Robust Economics & Expansion Optionality“QB2: Bottom Half of C1+Sustaining Cost Curve”, “QB2: Competitive Capital Intensity” and including ourstatement that Quebrada Blanca 2 is a potential tier 1 asset and expected to generate significant economic returns, the statements made regarding the potential mine life, capital costs, mine lifeextension and expansion optionality and production for our Quebrada Blanca Phase 2 project, Quebrada Blanca 2 projected economics, including net present value, internal rate of return paybackand EBITDA, competitiveness and ranking of the Quebrada Blanca 2 project, our statements regarding our Project Satellite, including, statements regarding the value, mine-life and potential ofthese projects, our growth/value pipeline, our statements regarding expected strip ratios, statements relating to the “Five Year Plan: Sustain 27 Million Tonnes” slide, our statements regardingpotential increases in port capacity, expectation of future copper and other commodity deficits, all projections for NuevaUnión, including statements made on the “NuevaUnión: Project Overview”slide, projections and expectations regarding our Project Satellite including those on the “Project Satellite: 5 Quality Base Metal Assets” slide, our predictions regarding zinc supply and demand,expectations for our Aktigiruq exploration target, our projected zinc grade through 2020, projected copper and zinc production at Antamina through 2020, Trail production through the end of 2017,Fort Hills project indicative NPV and life, financial projections and other statements regarding the Fort Hills project, including those made on the “The Real Value of Long-Life Assets” slide,transportation capacity and our ability to secure transport for our Fort Hills production, expectations regarding Fort Hills product quality, energy sales and logistics strategy and our expectationsregarding that strategy, expected Fort Hills net back and the quantum of the components of the net back calculation, statements regarding our sustainability goals, and management’s expectationswith 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, butnot 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 andminerals 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 andproduction 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 ourreserve 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, thefuture 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 expansionprojects, 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 relationswith 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, assumesproduction at planned rates and in some cases development of as yet undeveloped projects.

2

Forward Looking Information

3

Management’s expectations of mine life are based on the current planned production rates and assume that all resources described in this presentation are developed. Certain forward-lookingstatements 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 andcurrency exchange assumptions stated on the relevant slide. Cost statements are based on assumptions noted in the relevant slide. Assumptions regarding Fort Hills also include the assumptionthat 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 futureproduction 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 itsfeasibility study. Payment of dividends is in the discretion of the board of directors. Our assumptions regarding Fort Hills netback include exchange rates, transportation costs and other mattersnoted on the relevant slide. Our Elk Valley Water Quality Plan statements are based on assumptions regarding the effectiveness of current technology, and that it will perform as expected. Theforegoing 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 andcurrency exchange rates, acts of foreign governments and the outcome of legal proceedings, inaccurate geological and metallurgical assumptions (including with respect to the size, grade andrecoverability of mineral reserves and resources), unanticipated operational difficulties (including failure of plant, equipment or processes to operate in accordance with specifications orexpectations, cost escalation, unavailability of materials and equipment, government action or delays in the receipt of government approvals, industrial disturbances or other job action, adverseweather conditions and unanticipated events related to health, safety and environmental matters), union labour disputes, political risk, social unrest, failure of customers or counterparties to performtheir 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 orsecuring transportation for our products, inability to address concerns regarding permits of environmental impact assessments, changes in tax benefits or tax rates, resolution of environmental andother 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 ourprojects, 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 onoperating 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 productsdevelops 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 ofenergy or supplies.We assume no obligation to update forward-looking statements except as required under securities laws. Further information concerning assumptions, risks and uncertainties associated with theseforward-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 quarterlyresults, all filed under our profile on SEDAR (www.sedar.com) and on EDGAR (www.sec.gov).

Consistent Long-Term Strategy

DiversificationLong life assetsLow costAppropriate scaleLow risk jurisdictionsOrganic growth

4

Record Cash Flow Over Past 12 Months

Q3 2017Revenue $ 3.1 billionGross profitbefore depreciation & amortization*

$ 1.5 billionAdjusted Profitattributable to shareholders $ 621 million

Adjusted EBITDA* $ 1.4 billion

*Non-GAAP financial measures. See “Use of Non-GAAP Financial Measures” section of our quarterly news releases for further information.1. Trailing 12-months basis to September 30, 2017.

Generated $6.1 billion in Adjusted EBITDA over the past 12 months1, with an average realized price for steelmaking coal of US$185 per tonne,

a copper price of US$2.62 per pound, and a zinc price of US$1.23 per pound.

5

-100%

100%

300%

500%

700%

BHP Billiton Anglo AmericanRio Tinto Freeport-McMoRanVale Teck BGlencore South32

Outstanding Valuation Thesis

6

• Valuation hasn’t kept pace with EBITDA increase‒ EV/EBITDA multiple trailing Global Diversified comparables

Source: Capital IQ. Plotted to October 25, 2017.

Teck vs. Global DiversifiedsDividend Adjusted Share Pricing

Teck vs. Global DiversifiedsEV/EBITDA (NTM)

3x

5x

7x

9x

11x

Rio Tinto ValeFreeport-McMoRan Anglo AmericanTeck B BHP BillitonGlencore South32

3

4

5

6

7

8

US$

Billi

ons

Strong Financial Position

7

Public Notes OutstandingCurrent Debt Portfolio1

Public notes outstanding US$4.8B

Average coupon 5.7%

Weighted average term to maturity ~15 years

Debt to debt-plus-equity ratio2,4 24%

Net debt to debt-plus-equity ratio4 21%

Net debt to EBITDA (LTM) 0.9x

1. As at September 30,20172. Our revolving credit facility requires a debt to debt-plus-equity ratio of <50%. 3. As at October 25, 2017. 4. Non-GAAP financial measures. See “Use of Non-GAAP Financial Measures” section of our quarterly news releases for further information.

• Liquidity of ~$4.9B3, including >$1B cash & undrawn US$3B committed credit facility• Waneta transaction expected to close 1H 2018: C$1.2B cash• No substantial debt maturities until 2021

Returning Cash to Shareholders

8

• Increased the dividend‒Annualized dividend of $0.20/share ‒Payment quarterly

• Shift in dividend policy to align with cyclical nature of our business‒Variable component, at the Board’s discretion

• Received approval for Normal Course Issuer Bid for up to 20M shares until October 9, 2018

0

200

400

600

800

1000

2016 PotentialHighland Valley AntaminaCarmen de Andacollo QB3 Year Guidance (2018-2020)

Significant Potential Copper Production Growth

9

Teck’s Potential Copper Production Profile1

1. Illustrative production profile. Quebrada Blanca 2 is based on the first full ten years and 100% of the project’s production is included. NuevaUnión is based on the average of first full ten years and 50% of the project’s production is included. San Nicolas is based on the annual life of mine average and 100% of the project’s production is included. Zafranal is based on the average of the first full five years and 80% of production is included.

QB2

NuevaUnión

San NicolásZafranal

~811

324

Quebrada Blanca 2: Potential Tier 1 Asset

Potential top 15 copper producer globally‒ 300 ktpa copper equivalent production in first 5 years

Well in the low half of the cost curve (C1 cash cost of US$1.33/lb and AISC of US$1.37/lb) 1

‒ Exceptionally low strip ratio of 0.54:11

Initial mine life 25 years with ~25% of reserves & resources‒ Optionality for expansion or much longer life

Attractive capital intensity‒ Development capital costs reduced significantly

Familiar, mining-friendly jurisdiction

Note: Based on Feasibility Study.1. C1 cash cost, all in sustain cost (AISC) and strip ratio are in the first ten years of full production. C1 cash costs are net of by-product credits.10

Insufficient Copper Projects to Fill Gap

11

Copper Mine Production Peaks in 2019

Source: Wood Mackenzie, CRU, ICSG, Teck

Existing and Fully Committed Mines

14,000

16,000

18,000

20,000

22,000

24,000

26,000

28,000

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

Thou

sand

tonn

es

Mine Production SXEW Scrap Base Demand Teck

Multiple Signs of Tightness in Zinc Market

12 Source: Metal Bulletin

TCs Fall to Historic Lows Chinese Zinc Metal Inventories Declining

$0

$200

$400

2006 2008 2010 2012 2014 2016Spot TC Annual TC

Source: Teck, CRU, Wood Mackenzie

LME/SHFE Stocks Declining Chinese Premiums Spike Higher

0250500750

1,0001,2501,500

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017Th

ousa

nds

of T

onne

s

LME Stocks Cancelled Warrants SHFE

0

5

10

15

USA AsiaSource: LME/SHFE

0

1,000

2,000

2011 2013 2015 2017Warehouse Inventory SHFEBonded Warehouse SRBSmelter Inventory Consumer Inventory

Source: Teck, SMM

2017 contract terms with no price participation

Largest Global Net Zinc Mining Companies

13

Teck is the Largest Net Zinc MinerProvides Significant Exposure to a Rising Zinc Price

Source: Wood Mackenzie, 2016.

0

50

100

150

200

250

300

350

400

Thou

sand

tonn

es

Public Company

Private CompanyTeck

10-Year Inflation-Adjusted Average Realized Steelmaking Coal Price of US$183/t

14

Coal Price Assessment

Source: Argus Plotted to November 8, 2017

5080

110140170200230260290320350

US$

/ to

nne

HCC Spot Price Ten Year Average Realized Price US$164/t Ten Year Inflation Adjusted Average Realized Price US$183/t

Fort Hills – Preparing for First Oil

• Project construction >96% complete• 98% of Fort Hills operations staff hired• Accelerating commissioning via first froth production • Secondary Extraction facilities 95% complete• First oil expected by year end

Aerial view of Fort Hills site. Source: Fort Hills Energy Limited Partnership, September 2017.15

350400450500550600

Eagle FordTight OIl

Arab Light Bakken Blend Russian Urals MexicanMaya

Mining OilSand Dilbit

PFT (e.g. FortHills)

NigerianBonny Light

Oil Sand In-Situ dilbit

Oil SandMining

UpgradedSCO*

AverageCalifornia

Heavy

‘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

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 Basis*

Carbon intensity of average barrel refined in the US = 502

*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. 16

Tota

l car

bon

inte

nsity

(kgC

O2e

pe

r bar

rel o

f ref

ined

pro

duct

s)

Energy Sales & Logistics Strategy Based On Diverse Market Access & Risk Mitigation

1. Annualized average at full production.17

Market ProfilePipelines:

10 kbpd Contracted capacity on existing Keystone pipeline to the US Gulf Coast

+12 kbpd Contracted capacity on proposed TransMountain (TMX) pipeline to the west coast of Canada

+25 kbpd Remainder at Hardisty via customer contracted pipeline capacity, or common carrier pipelines

=47 kbpd blended bitumen1

20 kbpd

10 kbpd

12 kbpd

5 kpbd

Sales Mix

Monthly basis to Pacific

Rim

Long term contracts at

Hardisty

Monthly basis at Hardisty

Monthly basis to US Gulf Coast

Additional options available include:• Increasing capacity on Keystone / Keystone XL pipelines• Selling additional product at Hardisty• Shipping by rail, if required

Summary

18

• Generating strong free cash flow • Benefiting from the right commodity mix at the

right time• Preparing for first oil at Fort Hills by year end• Organic growth options• Solid financial position

Appendix

Attractive Portfolio of Long-Life Assets In Low Risk Jurisdictions

Zinc Energy

Steelmaking Coal Copper

20

Global Customer BaseExposure to Growing Emerging Markets & Recovery in Developed Markets

21

Revenue Contribution from Diverse Markets*

* Based on 2016 revenue.

NorthAmerica

~22%Europe~14%

LatinAmerica

~3%

China~19%

Asia excl. China~42%

Production Guidance

22

* As at October 25, 2017.1. Expect similar levels to 2017.2. Highland Valley above life of mine averages of 140 kt from 2012 to end of current mine plan in 2026.3. Teck 22.5% share of production.4. From 2018-2020: Antamina 80 kt average but fluctuates. Cathode production at Carmen de Andecollo is uncertain beyond 2018 but there is potential for extension.

Quebrada Blanca production from 2018 depends; we anticipate cathode production to mid-2019.5. Including co-product zinc production from our Copper business unit.6. Excludes Pend Oreille.7. Five year guidance (2018-2022).

2016 Results 2017 3 Year (2018-2020)Steelmaking Coal 27.6 Mt Low end 27-27.5 Mt 27-28 Mt1Copper Concentrate 324 kt 275-290 kt 280-300 kt

Highland Valley Concentrate 119.3 kt 95-100 kt 115-135 kt2Antamina3 Concentrate 97 kt 88-92 kt 95-100 ktCarmen de Andecollo4 Concentrate 69.5 kt 68-72 kt 65-70 kt

Cathode 3.7 kt 3-4 ktQuebrada Blanca4 Cathode 23 kt 20-24 kt

Zinc Concentrate5 662 kt 645-665 kt 580-605 kt6Refined 312 kt 300-305 kt

Red Dog Concentrate 583 kt 525-550 kt 475-550 kt7Pend Oreille4 Concentrate 34.1 kt 34-40 ktAntamina3 Concentrate 44.6 kt 75-80 kt 80 kt4Trail Refined 311.6 kt 300-305 kt

MolyHighland Valley Concentrate 5.4 kt 7.5-8.0 Mlbs ~7 MlbsAntamina3 Concentrate 2.3 Mlbs ~ 2 Mlbs 2.5-3.0 Mlbs

LeadRed Dog Concentrate 122.3 kt 110-115 kt 85-115 ktTrail Refined 99.2 kt ~95 kt

SilverTrail Refined 24.2 Moz 20-22 Moz

Sales Guidance

23

Q3 2017 Results Q4 2017Steelmaking Coal 7.54 Mt ~6.5 MtZinc

Red Dog - Zinc in Concentrate 163.6 kt 180 kt

* As at October 25, 2017.

Cost Guidance

24

* As at October 25, 2017.1. Approximate, based on capitalized stripping guidance and mid-point of production guidance range.2. Average C$/US$ exchange rate of 1.33 in 2016. Assumes C$/US$ exchange rate of 1.25 in 2017.3. 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. 4. Net of by-product credits. Copper total cash costs Include cash C1 unit costs (after by-product margins) and capitalized stripping.

2016 Results 2017 Guidance*Steelmaking Coal

Site costs $43/t High end $49-53/tCapitalized stripping $10/t $16/t1

Transportation costs $34/t $35-37/tTotal cash costs2, 3 $89/t

US$67/t$100-106/t

US$80-85/t

CopperC1 unit costs4 US$1.35/lb US$1.30-1.40/lbCapitalized stripping US$0.17/lb US$0.18/lb1

Total cash costs4 US$1.52/lb US$1.58-1.68/lb

Capital Expenditure History & Guidance

25

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

2012 2013 2014 2015 2016 2017Guidance

New MineDevelopment

MajorEnhancements

Sustaining Capital

CapitalizedStripping

$MTotal Capital Expenditures 2012-2017

Investing in growth while strictly managing sustaining & development capital expenditures

* As at July 26, 2017.

Capital Expenditures Guidance

26

2017 ($M) SustainingMajor

EnhancementNew Mine

Development Sub-totalCapitalized

Stripping TotalSteelmakingCoal 140 120 - 260 430 690Copper 130 20 200 350 140 490

Zinc 210 15 20 245 50 295Energy 50 - 780 830 - 830

TOTAL 530 155 1,000 1,685 620 2,305

Total capex of ~$1.7B, plus capitalized stripping in 2017

* As at September 30, 2017.

Capital Expenditures Year-To-Date

27

2017 ($M) SustainingMajor

EnhancementNew Mine

Development Sub-totalCapitalized

Stripping TotalSteelmakingCoal 65 30 - 95 374 469Copper 66 4 109 179 105 284

Zinc 10 5 30 137 21 158Energy 22 - 639 661 - 661

Corporate 3 0 0 3 0 3

TOTAL 258 39 778 1,075 500 1,575

* As at September 30, 2017.

Staged Growth/Value Pipeline

28

In Construction Pre-Sanction

EnergyBuilding a new business through partnership

Fort Hills Frontier

Lease 421

Future OptionsMedium-Term Growth Options

ZincWorld-class resource with integrated assets

Red DogSatellite Deposits Cirque

Trail #2 Acid Plant

Red Dog VIP2 Project

Teena

CoalWell established with capital efficient value options

Elk Valley Replacement Brownfield Quintette/Mt. Duke

Elk Valley Brownfield

Neptune Terminals Expansion

Coal Mountain 2

CopperStrong platform with substantial growth options

San Nicolás (Cu-Zn)

QB2

NuevaUnión

MesabaZafranal

HVC Brownfield Schaft Creek

Antamina Brownfield

Galore Creek

Strong platform combined with diverse portfolio of options allows us to be selective for risk/reward opportunity and timing

HVC D3 Project

Disciplined Approach to M&A

29

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 & San Nicolas transactions have not yet closed. Closing is subject to customary conditions.

CdA Gold Stream1, $206M

Project Corridor/

NuevaUnion, n/a

AntaminaSilver

Stream2, $795M

OsiskoRoyalty

Package, …

Sandstorm Royalty

Package3, …

HVC Minority, ($33M)

Teena Minority4, ($11M)

AQM Copper, ($25M)

Wintering Hills, $59M

Waneta Dam,

$1,200M6

San Nic Minority56,

($65M)($400)($200)

$0$200$400$600$800

$1,000$1,200$1,400

July 10 Aug 27 Oct 7 Oct 25 Jan 19 July 5 Oct 18 Nov 21 Jan 26 May 12 Jun 29

2015 2016 2017

Recent Transaction History Net Total of C$2.2BNet Proceeds/Cost (C$M)

• 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

Commodity Price Leverage

301. Non-GAAP financial measure. See “Use of Non-GAAP Financial Measures” section of our quarterly news releases for further information. Annual effect based on commodity prices

and our balance sheet as of August 2, 2017 and a C$/US$ exchange rate of 1.25. Assumes the midpoint of 2017 guidance ranges. 2. Based on a US$1/tonne change in benchmark premium steelmaking coal price.

Mid-Point of Production Guidance

Unit of Change

Effect on Annual Estimated

Profit3

Effect on Annual Estimated

EBITDA1

$C/$US C$0.01 C$42M /$0.01∆ C$68M /$0.01∆

Coal 27.25 Mt US$1/tonne2 C$20M /$1∆ C$31M /$1∆

Copper 282 kt US$0.01/lb C$5M /$0.01∆ C$7M /$0.01∆

Zinc 904 kt US$0.01/lb C$8M /$0.01∆ C$12M /$0.01∆

Leverage to Strong Steelmaking Coal & Zinc Markets in 2017

Tax Efficient Earnings in Canada

31

Multiples should reflect tax efficiency of earnings

1. As of December 31, 2016.

~$6 billion in available tax pools1, including:• $4.6B in loss carryforwards• $1.3B in Canadian Development Expenses

Applies to:• Cash income taxes in Canada

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

No Substantial Maturities for Five Years

32

Maturity Profile1

1. As at September 30, 2017.

Few maturities through potential QB2 construction period

0

200

400

600

800

1,000

1,20020

1720

1820

1920

2020

2120

2220

2320

2420

2520

2620

2720

2820

2920

3020

3120

3220

3320

3420

3520

3620

3720

3820

3920

4020

4120

4220

43

US$

M

Waneta Dam Sale for $1.2B Cash

33

Deal Highlights• Sale of Teck’s 2/3rd interest to BC Hydro,

following exercise of right of first offer• Commercial terms unchanged:

‒ C$1.2 billion cash ‒ C$75 million annual payment (~C$40 MWh)‒ 20 year term with 10 year extension option

Asset Overview• 496 MW capacity• 2,750 GWh annual energy• 1,880 GWh Trail energy use• BC Hydro 1/3 owner currently• No hydrology risk under Canal

Plant Agreement

Teck Impact • 16x EBITDA multiple• Closing now expected 1H 2018• No cash tax payable on sale• Trail a globally competitive

zinc/lead producer

Our Sustainability Strategy

34

2011: Launch strategy with short and long-term goals

2015: Complete first set of short-term goals

2020: Target date for short-term goals

2030: Target date for long-term goals

Community Water Our People Biodiversity Energy and Climate Change

Air

Our External Recognition

35

Best 50 Corporate Citizens in Canada 2017

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

Top 50 Socially Responsible Corporations in Canada

Listed on FTSE4Good Index in 2015

Share Structure & Principal Shareholders

36 Note: Based on public filings as of September 5, 2017 and Teck’s press releases dated September 5, 2017 and April 21, 2017. Assumes Temagami Mining Company Limited has sold 35,000 Class B shares.

Teck Resources LimitedSeptember 5, 2017

Shares Held Percent Voting RightsClass A ShareholdingsTemagami Mining Company Limited 4,300,000 55.3% 31.9%SMM Resources Inc (Sumitomo) 1,469,000 18.9% 10.9%Other 2,008,304 25.8% 14.9%

7,777,304 100.0% 57.7%Class B ShareholdingsTemagami 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 10.4% 4.4%Other 510,180,715 89.4% 37.8%

570,505,989 100.0% 42.3%Total ShareholdingsTemagami Mining Company Limited 5,025,000 0.9% 32.0%SMM Resources Inc (Sumitomo) 1,764,800 0.3% 10.9%China Investment Corporation (Fullbloom) 59,304,474 10.3% 4.4%Other 512,189,019 88.6% 52.7%

578,283,293 100.0% 100.0%

CIC Remains a Supportive Long-Term Partner

37 1. Please refer to Teck and China Investment Corporation’s press releases dated September 5, 2017 for further details.

• July 2009: Acquires 101.3 million shares at ~C$17.21/share for ~C$1.7 billion

• September 2017: Divests 42 million shares at ~C$28.97/share for ~C$1.2 billion on a “Bought Block Trade” basis, through J.P. Morgan

• Currently: Holds 59.3 million shares, for 10.4% economic interest‒ Intends to continue to hold these shares as a long-term financial

investor‒ Views fundamentals of the company as sound, and remains

supportive of its strategic direction and its management

Relationship unchanged; ongoing close relationship

Collective Agreements

38

Operation Expiry Dates

Quebrada BlancaNovember 30, 2017

January 31, 2019March 31, 2019

Quintette April 30, 2018Antamina July 24, 2018Coal Mountain December 31, 2018Line Creek May 31, 2019

Carmen de Andacollo September 30, 2019December 31, 2019

Elkview October 31, 2020Fording River April 30, 2021Highland Valley Copper September 30, 2021Trail Operations May 31, 2022Cardinal River June 30, 2022

Long-term labour agreements in place at all of our North American operations

Steelmaking CoalBusiness Unit & Markets

6090

120150180210240270300

US$

/ to

nne

HCC Spot Price

Good Demand & Healthy Steel Industry Supporting Pricing

40

Coal Price Assessment

Q4 2016 Spike• Supply disruptions • Inventory build

anticipating cyclone

April 2017 Spike• Cyclone disruption • Irregular purchasing

Q1 2017• Supply response• Inventory drawdown

Currently• Good demand

supports pricing

Late-April 2017• Australian supply

returns • Supply response

Q3 2016 Increase• Closures globally• Supply disruptions • Inventory reduction • Chinese policy

Source: Argus Plotted to November 8, 2017

High Grade Hard Coking Coal Is A Niche Market

41

Our Market - Seaborne Hard Coking Coal2: ~190 Million Tonnes1. Source: International Energy Agency (2016)2. Source: CRU (August 2017)

Global Coal Production1: 7.7 billion tonnesSteelmaking Coal Production2: ~1,160 million tonnes

Export Steelmaking Coal2: ~315 million tonnesSeaborne Steelmaking Coal2: ~280 million tonnes

Improving Steel Output Globally

42

Source: WSA

Strong YTD steel production and

improved steel pricing

Source: WSA, IMF

500 800 1,100 1,400 1,700 2,000

$0

$40,000

$80,000

$120,000

1986

1991

1996

2001

2006

2011

2016

2021

f

Global

0

300

600

900

$0 $5,000

$10,000 $15,000 $20,000

1986

1989

1992

1995

1998

2001

2004

2007

2010

2013

2016

2019

f

2022

f

China

500 600 700 800 900

$0

$30,000

$60,000

$90,000

1986

1989

1992

1995

1998

2001

2004

2007

2010

2013

2016

2019

f

2022

fNominal GDP, Billion USD(LHS) Crude Steel Production, Mt(RHS)

Ex-China

Crude Steel Production (Mt)

YTD Sep 2017 Annualized YoY

Global 1,695 4.0%China 854 5.6%Ex. China 840 2.3%

Crude Steel ProductionGDP and Crude Steel Production

India• NMDC: Nagarnar - Greenfield project; Capacity: 3Mtpa

‒ Status: Construction underway; Completion in H1 2018• SAIL - Expansion; Capacity: 21Mtpa from current 15Mtpa

‒ Status: Construction underway• RINL - Expansion; Capacity: 7Mtpa from current 6Mtpa

‒ Status: Construction underway• JSW: Dolvi - Expansion; Capacity: 5Mtpa

‒ Status: Approved; Completion in 2020Vietnam• Formosa - Greenfield project; Capacity: 7Mt

‒ Status: 1st BF lit in May 2017 and 2nd BF to be lit early 2018• Hoa Phat – Expansion; Capacity: 6Mtpa from current 2Mtpa

‒ Status: Wait fro government approval; Completion in 2021• Hoa Sen – Greenfield project; Capacity: 16Mtpa in 3 phases

‒ Status: Environmental evaluationMalaysia• Alliance Steel: Kuantan Industrial Park

‒ Greenfield project; Capacity: 3.2Mtpa ‒ Status: Construction underway; Completion in March 2018

• Integrated steel plant in Sarawak‒ Greenfield project; Capacity: 5Mtpa‒ Status: Signed MoU

Emerging Markets Growing Steel Production

43

Capacity Reductions Continue in China

44

Coal Capacity Reduction Target

As of July, 100% of steel and 85% of coal 2017 targets achieved

Steel Capacity Reduction Target

Source: Governmental announcements

140

6550

0 250

20

40

60

80

100

120

140

160

2016-2020target

2016 actual 2017 YTD 2017 targetremaining

2018-2020remaining

target

Milli

on to

nnes

Milli

on to

nnes

800

290128

22

360

0

100

200

300

400

500

600

700

800

900

2016-2020target

2016actual

2017 YTD 2017 targetremaining

2018-2020remaining

target

0200400600800

1000

2013 2014 2015 2016 2017 2018 2019 2020 2021

Milli

on to

nnes

China Scrap Use to Increase Slowly

45

Crude Steel and Electric Arc Furnace ProductionSource: WSA

Crude Steel

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

Electric Arc Furnace

Hot Metal

EAF share in crude steel production to recover only to 2015’s levelSource: CRU Source: China Metallurgy Industry Planning and Research Institute

Construction55-60%

Others15-20%

Machinery15-20%

Auto5-10%

5%

22%

57%67%

31%40%

25%

0%

20%

40%

60%

80%

China Japan India UnitedStates

Russia EuropeanUnion

Worldaverage

Chinese Seaborne Coal Imports Trending Upwards

46Source: China Customs

Chinese Steelmaking Coal Imports

YTD Sep/16

SeaborneLandborne

YTD Sep/17

YTD Sep/16

YTD Sep/17

0

10

20

30

40

50

60

70

80

2009 2010 2011 2012 2013 2014 2015 2016 2017

Milli

on to

nnes

Imports from Mongolia rolling 12mo Seaborne imports rolling 12mo

28.2

15.3

33.3

19.9

0

5

10

15

20

25

30

35

40

Milli

on to

nnes

Large Users Increasing Seaborne Imports

47

Seaborne Coking Coal Imports

Over 2/3 of China crude steel produced in coastal provinces

Source: China Customs, * Sep YTD annualized

HBIS Project• Inland plant relocating to coastal area• Capacity: crude steel 20Mt• Status: Timeline not announced

Zongheng Fengnan Project• Inland plant relocating to coastal area• Capacity: crude steel 8Mt, hot metal 8Mt• Status: Construction started in 2017;

completion in 2021

Shougang Jingtang Plant• Expansion• Capacity: crude steel 9.4Mt (phase 2)• Status: Construction started in 2015;

completion in 2018Shandong Steel Rizhao Project• Greenfield project• Capacity: crude steel 8.5Mt• Status: Construction started in 2015;

completion in 2017

Liusteel Fangcheng Project• Greenfield project• Capacity: Phase 1 crude steel ~10Mt• Status: Construction underway

4 projects under construction1 approved projects

10

21 21 22 25 26

25

39

26

13 11

19

0

10

20

30

40

50

60

70

2012 2013 2014 2015 2016 2017*

Milli

on to

nnes

Non-14 users 14 large users

0102030405060708090

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

HMP forecast by CRUHMP forecast by Wood MackenzieSeaborne Steelmaking Coal Imports (average Wood Mackenzie and CRU)

Mt

Actual HMP (WSA)

Growing India Steelmaking Coal Imports

48

Teck’s sales to India have nearly doubledin the last three years, to over 10% in 2017

India’s Hot Metal Capacity; Projects and Operations

Seaborne Steelmaking Coal ImportsForecasted to Increase by >25%

z

2nd Largest Seaborne Steelmaking Coal Supplier

49

North America~5%

Europe~15%

China ~20%

Asia excl. China~55% Latin America

~5%

Competitively positioned to supply steel producers worldwide

High quality, consistent, reliable, long-term supply

An Integrated Long Life Coal Business

Prince Rupert

Ridley Terminal

Vancouver

Prince George Edmonton

Calgary

Westshore Terminal

Quintette

Cardinal River

Elk Valley

Kamloops

British Columbia

Alberta

Seattle

Elkford

Sparwood

Hosmer

Fernie

Fording River

Greenhills

Line Creek

Elkview

Coal Mountain

ElcoElk Valley

1,150 kmNeptune Terminal

Coal MountainPhase 2

• >1 billion tonnes of reserves support ~27 Mt of production for many years

• Geographically concentrated in the Elk Valley

• Established infrastructure and capacity with mines, railways and terminals

50

-

4

8

12

16

20

24

28

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

Prod

uctio

n (m

illion

tonn

es)

Conceptual Production Profile

Fording River Greenhills (80%) ElkviewLine Creek Cardinal River Coal MountainAdditional Elk Valley

Five Year Plan: Sustain 27 Million Tonnes1

51

Objectives• Manage transition from Coal

Mountain

• Pursue incremental production capacity in remaining Valley mines

• Evaluate Cardinal River mine life extension

• Maintain optionality with Quintette & Coal Mountain Phase 2

1. Future production subject to market conditions, and assuming receipt of necessary permits and no unusual events. See Forward Looking Information.

High Quality Product

52

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

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

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

• Produce some of the highest hot strengths in the world

50 60 70 80 90 100

South Africa

Japan (Sorachl)

Japan(Yubarl)

U.S.A.Canada OtherTeck HCCAustraliaJapanSouth Africa

Australia(hard coking)and Canada

U.S.A.

Australia(soft coking)

10

20

30

40

50

60

70

80

Drum Strength Dl 30 (%)

CSR

Teck HCC

High Quality Hard Coking Coal

Average Realized Steelmaking Coal Prices

53

Sales Mix• 60% Shorter than quarterly pricing mechanisms (incl.

“spot”)• 40% Quarterly contract price

‒ Index-linked pricing mechanism for premium steelmaking coal contracts from April 1, 2017

‒ Majority based on average of key spot price assessments, on a trailing 3-month basis with a one month lag

Average Realized Prices• Relativity to quarterly contract prices a function of

product mix and timing of non-contract sales‒ Product mix weighted to hard coking coal

Average realized prices expected to remain similar to historical relationship with quarterly contract prices, in stable market conditions

1. Compares Teck’s average realized price to the negotiated quarterly benchmark prior to April 1, 2017, and to the index-linked quarterly contract price afterwards.

Historical Average Realized Prices vs. Quarterly Contract Prices3

40%

50%

60%

70%

80%

90%

100%

0

50

100

150

200

250

300

350

Q1

2010

Q3

2010

Q1

2011

Q3

2011

Q1

2012

Q3

2012

Q1

2013

Q3

2013

Q1

2014

Q3

2014

Q1

2015

Q3

2015

Q1

2016

Q3

2016

Q1

2017

Q3

2017

US$

/ to

nne

Teck Realized Price (lhs)Quarterly Contract Prices (lhs)Teck Realized Price Relative to Contract (rhs)

Averaged 94% 2014-2016

Steelmaking Coal Cost Discipline Remains

54

• AISC down 28% from 2012 peak to 2016

• Expect higher costs in 2017‒ Efforts to maintain production after

closure of Coal Mountain‒ Increased cost for inputs, e.g. diesel‒ Actions to maximize production and

sales in current market environment

• AISC still expected to be 15% below 2012 peak in 2017

1. 2017 based on the mid-point of guidance. Please see slide titled ‘Cost Guidance’ for details.2. Steelmaking coal unit cost of sales include site costs, inventory adjustments and transport costs. Total cash costs are unit cost of sales plus capitalized stripping. All in sustaining costs are

total cash costs plus sustaining capital. Non-GAAP financial measure. See “Use of Non-GAAP Financial Measures” section of our quarterly press releases for further information.3. Includes one-time collective agreement settlement charges of ~US$2 per tonne in 2016.4. 2017 margin of C$$125 per tonne is based on year-to-date average realized price of C$233 per tonne as at September 30, 2017.

C$/t 2012 2013 2014 2015 2016 20171

Site $57 $50 $51 $45 $43 $51

Inventory Adjustments $0 $1 $3 $2 $0 $0

Transportation $37 $38 $38 $36 $34 $36

Unit Cost of Sales2 (IFRS) $94 $89 $92 $83 $793 $87

Capitalized Stripping $19 $18 $17 $16 $10 $16

Total Cash Unit Costs2 $113 $107 $109 $99 $893 $103

Sustaining Capital $13 $10 $7 $3 $1 $5

All In Sustaining Costs (AISC)2 $126 $117 $115 $101 $903 $108

Average Realized Price $193 $149 $115 $93 $115 $2334

Margin $67 $32 $0 ($8) $25 $1254

Competitive Margins in Steelmaking Coal

$(40) $(20)

$- $20 $40 $60 $80

$100 $120 $140 $160

US$

per

Ton

ne

Operating Margin¹

Major US ProducersSource: Wood Mackenzie

Teck

• High quality hard coking coal & competitive operating costs yield strong margins

• Operations well positioned in a volatile market

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.

55

Coal Strip Ratio Up in 2017

56

• Low strip ratio in 2016 due timing of permitting

• Strip ratio to increase in 2017‒ Catch up‒ Closure of Coal Mountain

• Going forward, strip ratio expected to trend lower 4

56789

1011

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

Cle

an S

trip

Rat

io

Clean Strip Ratio

~~0

Elk Valley Water Quality Plan Update• Successfully tested an additional treatment step to address

selenium compounds in effluent from West Line Creek facility ‒ Plant modifications to be completed Q3 2018

• Fording River facility construction to start in 2018• Spending plans on water treatment delayed as a result:

‒ Previous capex guidance: $600M from 2014-2018‒ Expected capex spend: ~$200M from 2014-2017‒ Updated capex guidance: $850-900M from 2018-2022,

including ~$90M in 2018‒ Estimated long-term costs1: $6/tonne, up from $4/tonne

1. From 2023, including capital and operating costs and assuming annual production of 27.5 million tonnes.

Ongoing research & development of alternatives with potential to significantly reduce our costs

57

>75 Mt of West Coast Port Capacity PlannedOur Portion is >40 Mt

58 Our share of capacity exceeds current production plans, including Quintette

• Teck Canpotex Joint Venture • Recently expanded to 12.5 Mt • Planned growth to >18.5 Mt

Westshore Terminals

Neptune Coal Terminal

Ridley Terminals

West Coast Port Capacity

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

• Teck is largest customer at 19 Mt• Large stockpile area• Currently 33 Mt• $275M project for expansion to

35-36 Mt by 2019• Contract expires March 2021

Milli

on T

onne

s (N

omin

al)

12.518

336

7

0

5

10

15

20

25

30

35

40

Neptune CoalTerminal

RidleyTerminals

WestshoreTerminals

Current Capacity Planned Growth

2-3

CopperBusiness Unit & Markets

Chinese Copper Demand to Remain Strong

60

52% 43%

25%37%23%

20%

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

11th - 5yr PlanCompleted

12th - 5yr PlanCompleted

13th - 5year PlanEstimate

RM

B tri

llion

Transmission Distribution-Urban Distribution-RuralSource: CEC, ICA Source: NEA, ICA

Significant Power Grid Investment282

202

7148

2119

-7 -75

-100

-50

0

50

100

150

200

250

300

Ktpa

Potential Annual Growth in Most Sectors

China Demand Supported by Renewable Energy & Environmental Protection

61

De-Carbonization/ RenewablesPositive for Copper Demand

De-carbonization through the use of renewable energycould add >10 Mt of copper demand by 2030

Copper Distribution Within Electrical Generation Sector

Source: ICA, Warren Centre, Centre for Industrial Ecology – Yale.

• Copper intensity is 4–12 x higher in renewable over non-renewable energy

• Wind & solar require more copper per installed MW

• Current targets by India & China for solar PV alone could add 6.5 Mt of new copper

• Current targets by India & China alone could see an increase of 1200 GW of wind generation which would be 3.6 Mt of copper

China Electric Vehicle Demand Outpaces ROW

62

• China sold 351,800 electric cars in 2016, of which only 76,200 were sold by Tesla

• China will replace all 67,000 fossil-fueled taxis In Beijing with electric cars.

• IEA estimates that as battery technology improves average EV could contain 90-150 kg of copper vs 15 kg for ICE

China Electric Car Sales 47% of World

Copper intensity of EV and hybrid vehicles 4-6x that of ICE;penetration could reach 50%

China will Leap Frog US & EuropeWith Electric Vehicles

China Electric Car Registrations (December 2016)

Source: ICA, Warren Centre, IEA, CleanTechnica, Dow Jones, Automotive News.

Copper Scrap Spreads Incentivize Availability

63

-150

-125

-100

-75

-50

-25

0

25

50

75

100

150

170

190

210

230

250

270

290

310

330

350

Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul-17

US¢

/lb

Spread Copper #1 Heavy Copper Cathode

Scrap to Comex Copper Arbitrage Global Copper Scrap Use

Scrap arbitrage has widened; scrap looking more attractive

China Switching to Copper Concentrates

64

Net Copper Imports

0

200

400

600

800

1,000

1,200

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017Cathode Concs Scrap Blister/Semis

000’

s to

nnes

(con

tent

)

Source: NBS Plotted to July 2017

Total copper unit imports climb in 2015 & 2016, but lower YTD by 6% over same period last year

Copper Mine Production Disappoints

65

-1,200

-1,000

-800

-600

-400

-200

02005 2007 2009 2011 2013 20152017 (October)

Thou

sand

tonn

es

2.8%

Disruptions Exceeding 5%

5.7%

Significant Disruptions in Q1 2017, With Effects Through Q2-Q3 2017

0

20

40

60

80

100

120

140

160

180

200

Jan

Feb

Mar Ap

r

May Jun

Jul

Aug

Sep

Oct

Nov

Dec

Thou

sand

s To

nnes

Escondida Strike Escondida Slow Ramp UpGrasberg Guidance Grasberg FMGrasberg Export Ban Grasberg Labour IssuesMt. Milligan SentinelLos Pelambres Batu HijauSentinel ToquepalaConstancia HVCCaserones Chuquicamata

Disruptions could total >800 kmt

Source: Wood Mackenzie, CRU, Teck

Copper Stock Decline Supports Price Increase

66

-

50

100

150

200

250

300

350

400

450

500

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2011 2012 2013 2014 2015 2016 2017U

S¢/lb

Thou

sand

tonn

es

Chinese Bonded LME COMEX SHFE LME Price

• Stocks falling since beginning of the year

• Total stocks (including bonded), in days of global consumption:‒ Today: 16.8 days‒ Early 2013: ~45 days‒ Average this decade

~33 days

Copper Stocks

plotted to October 2017

Source: CRU, SHFE, LME, CME, Teck

Long-Term Copper Mine Production Still Needed

67

• At 2.0% global demand growth, 515 kt new supply needed annually

• Mine production falls ~160 kt per year after 2019

• Market finely balanced through 2019‒ Could materially change with

similar disruption level as 2017

• Structural deficit starts 2020

• Projects delayed today will not be available by 2019

Forecast Copper Refined Balance

Source: ICSG, Teck

-5,000

-4,000

-3,000

-2,000

-1,000

0

1,000

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

Thou

sand

tonn

es

Insufficient Copper Projects to Fill Gap

68 Source: Wood Mackenzie, CRU, ICSG, Teck

0

1,000

2,000

3,000

4,000

5,000

2018 2019 2020 2021 2022 2023 2024 2025

Highly Probable Mill Projects Probable Mill Projects (WM Market Adjustment) SXEW Projects

Uncommitted Projects Insufficient Th

ousa

nd t

onne

s

Less than 1.8 Mt likely to be delivered of the 4.6 Mt required by 2025

QB2: Robust Economics & Expansion Optionality

69

Copper Price (US$ per pound) $2.75 $3.00 $3.25 $3.50Net present value at 8% (US$ millions) 565 1,253 1,932 2,604Internal rate of return (%) 9.7% 11.7% 13.5% 15.2%Payback from first production (years) 6.8 5.8 5.0 4.4Annual EBITDA

First Full Five Years (US$M pa) 856 1,002 1,148 1,294First Full Ten Years (US$M pa) 781 918 1,055 1,192Life of Mine (US$ million pa) 685 811 937 1,063

NI 43-101 Case

Long initial life (25 years) plus life extension and expansion optionalityTop 15 copper producer globally at 300,000 tonnes/year Cu equivalent production, including 7,700 tonnes/year Mo, in the first five years2

Project capital of US$4.7B1; capital intensity of ~$16k per tonne annual CuEq2

Bottom half of the cost curve - C1 cash cost of US$1.33/lb and AISC of US$1.37/lb in first 10 years3

140,000 tonnes per day throughput

Note: Based on Feasibility Study.1. 100% basis, in constant first quarter of 2016 dollars, excluding working capital and interest during construction. Teck owns a 76.5% share.2. Average production rates, copper equivalent production rates, and initial development capital are based on the first full five years of full production. 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.

QB2: Large Resource Base

70

05

10152025303540

Great potential to significantly extend mine life

Large Resource Base Projects1

Billio

ns o

f Rec

over

able

Pou

nds

Source: Wood Mackenzie

1. Shows reserves only for uncommitted projects.

QB2: Bottom Half of C1+Sustaining Cost Curve

71Expected to generate significant economic returns

-100

-50

0

50

100

150

200

250

300

350

400

0% 25% 50% 75% 100%

US¢

/lb

C1+Sustaining Cost Curve 2017

QB2: First 5 Years

QB2: First 10 Years

Source: Wood Mackenzie

Escondida

Antamina

QB2: Competitive Capital Intensity

72

05,000

10,00015,00020,00025,00030,00035,00040,00045,00050,000

US

$/tp

a C

u Eq

uiv

Completed Greenfield Completed Brownfield Project Greenfield Project Brownfield

Projects With >200 kmt/yr Copper

Source: Wood Mackenzie

NuevaUnión: A New Approach to Project Development

73

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

Source: “Project Location.” -28.395839, -70.486738, 4679ft. Google Earth.February 8, 2015. April 23, 2015.

Desalination

Desalination

Power

Mine and Mill

Mine

Port

Relincho Site

El MorroSite

NuevaUnión: Before (Duplicate infrastructure)

Pipelines

Power Line

and Mill

Pipelines:

Water

Pipelines: Water &

ConcentrateTailings

Tailings

Power

Port

74

Source: “Project Location.” -28.395839, -70.486738, 4679ft. Google Earth.February 8, 2015. April 23, 2015.

Mine

Tailings

Desalination

Port

Mine and Mill

NuevaUnión: After (Common infrastructure)

Conveyor & Utilities

Power Pipelines:

Water

PipelinePower LineConveyor & UtilitiesRoad

75

NuevaUnión Project Overview

76

Initial Project Capital

US$3.5billion

Copper Production1

190,000tonnes per year

Gold Production1

315,000ounces per year

Mine Life

32+years

Copper in Reserves2

16.6billion pounds

Gold in Reserves2

8.9million ounces

Note: Conceptual based on preliminary design from the PEA.1. Average production rates and copper equivalent production are based on the first full ten years of operations.2. Total copper and gold contained in mineral reserves as reported separately by Teck and Goldcorp.3. Capital estimate for Phase 1a based on preliminary design shown in 2015 dollars on an unescalated basis.

• Copper equivalent production of 250 kt per year• Prefeasibility study completion expected at end Q3 2017• Proactive & participatory community engagement approach

Project Satellite: Overview

77

• Five substantial base metal growth options largely invisible to the market. Objective is to surface value over the next 3-5 years

• Multiple potential routes to value realization at each property

San Nicolás (Cu-Zn)

Mesaba (Cu-Ni-PGM)

Zafranal (Cu-Au)

Schaft Creek (Cu-Mo-Au)

Galore Creek (Cu-Au)

Considering options to generate additional value for our shareholders at each Project Satellite property

Project Satellite: Five Quality Base Metal Assets With Substantial Resources in Mining Friendly Jurisdictions

78

Galore Creek (50%)• Large high grade copper-gold-silver deposit in

developing district• Potential for first quartile C1 costs• Substantial design, engineering and drilling

completed between 2012-2016 • Compiling results into Integrated Planning

Report

Schaft Creek (75%)• Large copper-molybdenum-gold-silver deposit • Long mine life with potential for significant

extensions• Continue to conduct value-added engineering

and optimization studies

San Nicolás (100%)• High grade copper-zinc deposit• Open pit operation with 3-4 year timeline to

production• Low first quartile C1 costs and low capital costs

offers quick payback• Advancing Prefeasibility and Environmental

Impact Assessment work in 2017-2018

Mesaba (100%) • Very large copper‐nickel sulphide resource with

platinum, palladium and cobalt credits• In a district with long mining history• Proximity to existing infrastructure with

opportunities for development synergies• Teck’s proprietary value-added mineral

processing technology

Zafranal (80%)• Highly competitive mid-sized copper-gold

deposit• Pre-feasibility Study published June 2016

indicates robust economics• Advancing Feasibility and Environmental Impact

Assessment work in 2017-2018 targeting permit submission in H2 2018

Zafranal and San Nicolás have potential for 240kt copper equivalent production by 2023

Project Satellite: Update

79

Zafranal• Feasibility and Environmental Impact Assessment Studies underway in support of submitting a permit application in Q3

2018. Substantial field program, including >36,000m drilling, detailed water and environmental studies, and communityroundtable discussions, well-underway.

San Nicolás• Prefeasibility and Environmental Impact Assessment Studies commenced in September 2017 in support of submitting a

permit application in Q1 2019. Hydrogeological and environmental studies and community engagement work started.Definition drilling program planned to start in Q4 2017.

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 andworking on a renewal of the existing Participation Agreement. Supporting NOVAGOLD’s efforts to sell their interest.

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 will meet updated permitting requirements in the State ofMinnesota.

Schaft Creek• Completed a thorough update of the resource model and attendant resource calculation in Q2 2017 which will underpin

desk-top engineering studies planned for 2018 that are focused on surfacing value-enhancing development options.

ZincBusiness Unit & Markets

Metal Inventories Close to Historical Lows

81

02004006008001,0001,2001,4001,6001,800

0¢20¢40¢60¢80¢

100¢120¢140¢160¢180¢

2013

2014

2015

2016

2017

LME Stocks SHFE Price

02004006008001,0001,2001,4001,6001,800

0¢

50¢

100¢

150¢

200¢

250¢20

0520

0620

0720

0820

0920

1020

1120

1220

1320

1420

1520

1620

17LME Stocks SHFE Price

US¢

/lb

Plotted to October 25, 2017

Source: LME/SHFE

• Below 2005/2006 levels, with LME and SHFE down 249 kt in 2017• SHFE down 135 kt since March peak• Price is now reacting • May be more hidden stocks available, with some en route to Asia

Daily Zinc Prices & Stocks

Stoc

ks

Available LME Zinc Stocks Almost Exhausted

82

• 88% of LME stocks in New Orleans (NOLA)

• LME metal is slab zinc– 70% of US demand is from steel mills

demanding customized jumbos

• Majority of NOLA zinc is:– European origin – Duty unpaid (1.2%): 1.6¢ premium on

$3,000/t zinc

• Majority of zinc from ~2008-2010– Concerns about condition– Has white rust, which causes high dross

• Customers rejecting NOLA material

-

100,000

200,000

300,000

400,000

500,000

600,000

700,000

800,000

900,000

Jan-13 Jan-14 Jan-15 Jan-16 Jan-17

Available Cancelled

Cancelled stocks unavailable for lending/borrowing on LME contracts

NOLA Cancelled Metal

0¢

50¢

100¢

150¢

200¢

250¢

0 10 20 30 40 50 60 70

Jan 2014 Jan 2013Jan 2015Jan 2016

Jan 2017

20032004

2006

2007

2005

August 2017

November 3, 2017

2013 to 2017

March 2017

Pinch Point Reached in Zinc

83

Days of stocks

2003 to 2007

US¢

/lb

Data plotted from 2000 to October 25, 2017Source: LME, SHFE, Wood Mackenzie

Zinc Prices vs. Days of Reported Stocks

Zinc Concentrate Deficit Since 2015

84

(2,000)

(1,500)

(1,000)

(500)

0

500

1,000

1,500

2,000

2015 2016 2017 2018 2019 2020Others China ChangeAntamina GlencoreIndia Dugald RiverNamibia/S.A.

thou

sand

tonn

es c

onta

ined

Source: Teck

Mine Production Growth Insufficient to Balance Market Imported Spot TCs at Historical Lows

0

50

100

150

200

250

Jan-

10Ju

l-10

Jan-

11Ju

l-11

Jan-

12Ju

l-12

Jan-

13Ju

l-13

Jan-

14Ju

l-14

Jan-

15Ju

l-15

Jan-

16Ju

l-16

Jan-

17Ju

l-17

Impo

rted

TC, $

/dm

tSource: Teck , CNIA, Wood Mac, NBS

Projected Deficit

Planned Zinc Projects Won’t Meet Long-Term Demand

85

8

10

12

14

16

18

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

Mt

Secondary (Net of Smelter Losses)Mine ProductionBase Demand Teck

Zinc Mine Production Peaks in 2020

Existing and Fully Committed Mines

Demand Scenarios• Low Growth (2.3%): 4.3 Mt of uncommitted projects needed by 2025• High Growth (3.0%): 5.2 Mt of uncommitted projects needed by 2025

Source: Teck, Wood Mackenzie

0

1

2

3

4

5

2017 2018 2019 2020 2021 2022 2023 2024 2025Mehdiabad Ozernoe KipushiSelwyn Tala Hamza CitronenPavlovskoye Dairi Shalkiya RestartAripuana Buenavista KorbalikhinskyWoodlawn Asmara Other Small <50kmt

Uncommitted Projects Insufficient

Mt

China is Important to the Zinc Market

86

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

MineProduction

SmelterProduction

Demand

ktChina Europe N.America ROW

Supply• 40% of global mine production• 45% of global smelter production• 32% of global coated sheet production

‒ Grew from 20% in 2010

Demand• 48% of global refined demand

China Has a Significant Impact Globally

Chinese Mined Zinc Production at 5-Year Low

87

Monthly Chinese Mined Zinc Production

Source: CNIA

Down 10% m/m in August 2017 & down 6% y/y YTD

0

100

200

300

400

500

600Ja

n-06

Jun-

06N

ov-0

6Ap

r-07

Sep-

07Fe

b-08

Jul-0

8D

ec-0

8M

ay-0

9O

ct-0

9M

ar-1

0Au

g-10

Jan-

11Ju

n-11

Nov

-11

Apr-1

2Se

p-12

Feb-

13Ju

l-13

Dec

-13

May

-14

Oct

-14

Mar

-15

Aug-

15Ja

n-16

Jun-

16N

ov-1

6Ap

r-17

Thou

sand

s D

MT

Plotted to July 2017

Limited Chinese Response to Higher Zinc Prices

88

Environmental/Safety Inspections Constraining Zinc Mine Production

Source: Antaike, BGRIMM, Teck

Estimated Mine Growth Rarely Achieved

Source: CNIA/NBS

100

350270

180300 250

360

200

-630

60-50

150

-800

-600

-400

-200

0

200

400

600

2013 2014 2015 2016 2017 2018EEarly-year estimate Adjusted estimate

0

200

400

600

800

1,000

1,200

Jan-Aug 2013 Jan-Aug 2014 Jan-Aug 2015Jan-Aug 2016 Jan-Aug 2017

Chinese Zinc Concentrate Imports Below Previous Highs

89

020406080

100120140160180

Jan-

13M

ar-1

3M

ay-1

3Ju

l-13

Sep-

13N

ov-1

3Ja

n-14

Mar

-14

May

-14

Jul-1

4Se

p-14

Nov

-14

Jan-

15M

ar-1

5M

ay-1

5Ju

l-15

Sep-

15N

ov-1

5Ja

n-16

Mar

-16

May

-16

Jul-1

6Se

p-16

Nov

-16

Jan-

17M

ar-1

7M

ay-1

7Ju

l-17

Sep-

17

Source: China Customs

Zinc

con

tain

ed th

ou M

t

• Massive destocking in 2016• Year-to-date to September 2017, imports risen 42% • Concentrate inventories currently at historic lows

Chinese Zinc Concentrate Imports

Chinese Zinc Concentrate Supply Declining

90

$0

$100

$200

$300

2011 2012 2013 2014 2015 2016 2017

Spot

Spot

Concentrate Supply Shrinking

Chinese Zinc Metal Imports

0

200

400

600

800

Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul-17

kt

Mine production Concs imports Annualized Monthly Avg. Supply

Spot and Benchmark TCs Tighten

• Domestic concentrate production plus imports ~550 kt/month in 2013; Currently ~450 kt/month

• Domestic mine production averaged ~445 kt/month 2013 to 2015; 2017 averaging ~350 kt/month

• Reduction in supply forcing metal production cuts• Tightness has driven metal imports to increase 252% MoM in

August and 12% YTD• Continued tightness is evidenced by the TCs remaining low

Source: NBS/CNIA, Customs

0

20

40

60

80

100

120

Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul-17

kt

409 kt 459 kt

Source: NBS/CNIA, Customs

Source: NBS/CNIA, Customs

Plotted to August 2017

Plotted to September 2017

Plotted to Aug 2017

Zinc Concentrate Stocks at Chinese Ports Near Historical Lows

91Plotted to August 2017

Monthly Stocks of Zinc Concentrate

0

50

100

150

200

250

300

350

400

450

Thou

sand

Ton

nes

Zhanjiang port:

Beihai port:

Yunyuejiang port

Fangcheng port:

Nanjing port:

Qinzhou port:

Huludao port:

Dalian port:

BaYuQuan port:

QHD port:

Jinzhou port:

Yantai Port:

LYG port:

Source: Teck

Chinese Zinc Metal Inventories Also Declining

92

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000kt

SRB SHFE Other Warehouse Inventory (excl SHFE) Bonded warehouse inventorySmelter Inventory Consumer Inventory

China’s Refined Zinc Inventory

Source: NBS, SHFE, SMM

Chinese Smelter Production Constrained

300350400450500550600

Jan-

13M

ar-1

3M

ay-1

3Ju

l-13

Sep-

13N

ov-1

3Ja

n-14

Mar

-14

May

-14

Jul-1

4Se

p-14

Nov

-14

Jan-

15M

ar-1

5M

ay-1

5Ju

l-15

Sep-

15N

ov-1

5Ja

n-16

Mar

-16

May

-16

Jul-1

6Se

p-16

Nov

-16

Jan-

17M

ar-1

7M

ay-1

7Ju

l-17

Zinc

con

tain

ed th

ou M

t

Source: NBS/CNIA

• Down 2% y/y YTD July – Down 4% MoM • Cuts to Chinese refined production March-June (~200 kmt)• Expect concentrate stock draw down as winter inventory not built

Chinese Smelter Production

93

Chinese Smelter Constraints Increasing Demand for Imports

94Source: SMM

Smelter Utilization Rates Declining

0

20

40

60

80

100

Jan-

12M

ay-1

2Se

p-12

Jan-

13M

ay-1

3Se

p-13

Jan-

14M

ay-1

4Se

p-14

Jan-

15M

ay-1

5Se

p-15

Jan-

16M

ay-1

6Se

p-16

Jan-

17M

ay-1

7

%

Smelter utilization rateLarge smelters (>200kt)Medium-sized smelters (100-200kt)Small smelters (20-100kt)

Demand for Zinc Metal Imports Increasing

754 1,131 1,201 1,295 1,237

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

2016 2017 2018 2019 2020

kt

China zinc production Demand for imports

Source: Antaike, BGRIMM, Teck

Chinese Zinc Demand to Remain Strong

95

China5%

USA 20%

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%

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

Galvanized Steel as % Crude ProductionChina Zinc Demand

Construction15%

Transportation 20%

Other 5%

Consumer Goods30%

Infrastructure30%

Source: Teck

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

Source: Teck

0

5

10

15

20

25

30

0

5

10

15

20

25

30

Gra

de Z

n +

Pb %

Con

tain

ed Z

n+Pb

(Mt)

Building a Quality Zinc Inventory

96

Potential New GIANT system

GIANT ZINC DEPOSITS +6 Mt Zn+Pb

Aktigiruq ExplorationTarget1

80-150 Mt 16-18% Zn+Pb

Sources: S&P Global Market Intelligence, SNL Metals & Mining Database, Teck Public Disclosures. 1. 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.

Global Context of Teck’s Zinc Resources

97

0

5

10

15

20

25

30

0 50 100 150 200 250 300 350 400 450 500

Gra

de Z

n+Pb

%

Resource Million Tonnes

Red DogPast Production

RampuraAgucha

Broken HillMcArthur River

GIANT ZINC DEPOSITS (+6 Mt Zn+Pb)

Qanaiyaq

Aqqaluk

Well Positioned; World Class

Teena

AnarraaqPaalaaq

Su-Lik Hermosa

Sources: S&P Global Market Intelligence, SNL Metals & Mining Database, Teck Public Disclosures. 1. 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.

Aktigiruq Exploration Target1

80-150 Mt16-18% Zn+Pb

Very Competitive Zinc Cost Position

98

Low cost zinc production…

By-product credits significantly reduce unit costs

-

0.20

0.40

0.60

Q1 Q2 Q3 Q4

Uni

t Cos

ts (U

S$/lb

)

…with significant quarterly variation at Red Dog1

1. Average quarterly unit cost (2013-2017) before royalties, based on Teck ‘s reported financials.

• 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

Red Dog is a Consistent Performer

99

• 2017 guidance updated to 525-550 kt zinc metal contained in concentrate− Mine sequencing changes at Aqqaluk− Additional feed of higher grade but

complex Qanaiyaq ore• Improvement and extension projects

− VIP2 Project to increase mill throughput by ~15%

− Drilling program at Aktigiruq

5

10

15

20

2012 2013 2014 2015 2016 2017 2018-2020

2

3

4

5

Gra

de (%

)

Thro

ughp

ut (M

t)

Throughput to Help Offset Grade Decline

Throughput Zinc Grade

Red Dog Seasonality

100

• Operates 12 months

• Ships ~ 4 months

• Shipments to inventory in Canada and Europe; Direct sales to Asia

• ~65% of zinc sales in second half of year

• ~100% of lead sales in second half of year

21%14%

31% 34%

0%

10%

20%

30%

40%

Q1 Q2 Q3 Q4

Zinc Sales1

0% 1%

55%44%

0%10%20%30%40%50%60%

Q1 Q2 Q3 Q4

Lead Sales1

1. Average of 2010 to 2016.

Stable Operating Costs at Red Dog

101 Based on Teck’s reported financials.

• Low total cash costs, at US$0.45/lb in 2016

• C1 cash costs down US$0.09/lb in 2016 vs. 2015‒ Operating cost reductions‒ Treatment charges lower‒ Higher lead price

• Royalty costs are up as a function of higher zinc prices‒ NANA royalty to 35% in

October 2017

$0.00

$0.20

$0.40

$0.60

OperatingCosts

TransportationCosts

TreatmentCharges

By-ProductCredits

C1 CashCosts

Royalty Total CashCosts

20160.45

0.190.09

0.20 0.220.19

0.26

$0.00

$0.20

$0.40

$0.60

OperatingCosts

TransportationCosts

TreatmentCharges

By-ProductCredits

C1 CashCosts

Royalty Total CashCosts

2015

0.210.10

0.23 0.190.47

0.350.12

US$/lb

US$/lb

Rising Zinc Production at Antamina

• 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

Guidance numbers are based on the mid-point of production guidance. Production numbers reflect Teck’s 22.5% share.

-

20

40

60

80

100

120

2012 2013 2014 2015 2016 2017 2018-2020

Prod

uctio

n (k

t)

Copper & Zinc Production

Zinc Copper

-

5

10

15

20

25

Q1-

13Q

2-13

Q3-

13Q

4-13

Q1-

14Q

2-14

Q3-

14Q

4-14

Q1-

15Q

2-15

Q3-

15Q

4-15

Q1-

16Q

2-16

Q3-

16Q

4-16

Q1-

17Q

2-17

Prod

uctio

n (k

t)

Quarterly Zinc Production

102

Driving Continuous Improvement at Trail

103

• Annual production records set in 2016− Zinc: 312 kt− Lead: 99 kt− Silver: 24 Moz

• Red Dog is an important long term feed source• Investing in second new acid plant

− Improved reliability and stability• Margin improvement programs:

− Focus on cost management− Improve efficiency− Introduce value-added products

80

90

100

110

120

2012 2013 2014 2015 2016 2017

% C

ompa

red

with

201

2 Ba

se

Solid Production Performance

Zinc Lead

Guidance numbers are based on the mid-point of our production guidance ranges.

Teena: Significant Undeveloped Resource

104 1. Rox Resources, June 1, 2016 PR Inferred Mineral Resource estimate in accordance to requirements and guidelines of the JORC code.

Lens Tonnes(Mt)

Zn(%)

Pb(%)

Zn+Pb(%)

Main 45 12.0 1.8 13.7

Lower 14 8.2 1.2 9.4

Total1 58 11.1 1.6 12.7

In Construction

Pre-Sanction

Medium-Term Growth Options

Red DogSatellite Deposits

Cirque

Trail #2 Acid Plant

Red Dog VIP2

Teena

San Nicolás (Cu-Zn)

Antamina Brownfield

Future Options

In Construction

Pre-Sanction

Medium-Term Growth Options

Red DogSatellite Deposits

Cirque

Trail #2 Acid Plant

Red Dog VIP2

Teena

San Nicolás (Cu-Zn)

Antamina Brownfield

Future Options

Resources1 Tonnes(Mt)

Zn (%)

Cu (%)

Indicated 92 1.7 1.2

Inferred 11 1.0 1.2

• High grade, low C1 cost Cu-Zn mine• Competitive capital cost• EIA and permit submission for Q1 2019• Top 10 zinc producer in early years

San Nicolás: Near Term Development Potential

105

Francisco I.Madero

Fresnillo

SAN NICOLAS

La Negra

Cozamin

Santa Barbara

Platosa

Penasquito

Tayahua

Charcas

Bilbao

Real de Angeles

Pitarrilla

Velardena

Del Toro

Nuestra Senora

Torreon

San LuisPotosi

Zn/Pb mineZn mineZn/Pb project

Pb/Zn smelter

Gulf ofMexico

0 250km

500 km

Cu/Zn project

1. Mineral Reserves and Resources as at December 31, 2016, as disclosed in our latest Annual Information Form available on SEDAR.

EnergyBusiness Unit & Markets

• Production cuts & demand growth expected to balance market in 2017

• Price upside limited by US production growth in short term

• Expectations for US$75/bbl WTI by 2025

Energy Market Moving Towards Balance

107

World Liquid Fuels Production & Consumption

Source: EIA Short Term Energy Outlook August 2017

Forecast

-3

2

84889296

100

mbp

d

mbp

d

Implied stock change and balance (right axis)World production (left axis)World consumption (left axis)

North American Rig Count & US Production

Source: Baker Hughes, EIA. As of 8/14/2017

$0$20$40$60$80

$100$120

US$

/bbl

2014-2017 Historical 2017-2025 Forecast (Real $)*

WTI Benchmark Price (US$/bbl)

Sources: GLJ, Sproule, IHS

5000

7000

9000

11000

200500800

1,1001,4001,7002,000

Jan-

11

Jan-

12

Jan-

13

Jan-

14

Jan-

15

Jan-

16

Jan-

17

Thou

sand

bpd

Rig

cou

nt U

nits

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

Heavy Oil Benchmark Differentials

108 * Export capacity includes pipeline and rail.Actuals plotted to August 2017.

WTI - Western Canadian Select Differential

Edmonton CRW C5 + Diluent Minus WTI Differential

$0$10$20$30$40$50

Jan…

Ma… Se…

Jan…

Ma… Se…

Jan…

Ma… Se…

Jan…

Ma… Se…

Jan…

Ma… Se…

Jan…

Ma… Se…

Jan…

Ma… Se…

Jan…

Ma…

US

$/bb

l

Constrained Export Capacity*

Sufficient Export Capacity*

-$10-$5$0$5

$10$15$20

Jan-

10M

ay-1

0Se

p-10

Jan-

11M

ay-1

1Se

p-11

Jan-

12M

ay-1

2Se

p-12

Jan-

13M

ay-1

3Se

p-13

Jan-

14M

ay-1

4Se

p-14

Jan-

15M

ay-1

5Se

p-15

Jan-

16M

ay-1

6Se

p-16

Jan-

17M

ay-1

7

US

$/bb

l

Western Canadian Select (WCS) Is The Benchmark Price For Canadian Heavy Oil At Hardisty, Alberta• Contract settled monthly as a differential to Nymex WTI• Based on heavy/light differential, supply/demand, alternate feedstock

accessibility, refinery outages and export capability• Year to date differential: $12.00 US/bbl • Narrower short-term heavy differentials supported by:

• OPEC production curtailments of heavy sour crudes• Strong regional demand for heavy supply• Planned/Unplanned production outages

• Differentials forecasted to widen post 2018• Increased oil sands production• Constrained export pipeline capacity• Revised IMO bunker fuel oil sulphur specifications

Diluent (C5+) at Edmonton, Alberta Is the benchmark contract for diluent supply for oil sands• Contract settled monthly as differential to Nymex WTI• Long-term diluent (C5+) differential of Nymex WTI +/- $5 US/bbl• Based on supply/demand, seasonal demand and quality• Supply forecasted to exceed demand

− Growing local production, − Contract carriage import pipelines

Recent Pipeline Announcements Constructive

109

2,000

2,500

3,000

3,500

4,000

4,500

5,000

5,500

2,000

2,500

3,000

3,500

4,000

4,500

5,000

5,500

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

Keystone XL

Enbridge Line 3 (New) & TMXEnbridge Line 3 (Existing)

Western Canada Heavy Supply/Demand Balance

WTI-WCS differentials forecast to improve with export pipeline capacitySource: CAPP 2017 Supply Forecast, Lee & Doma, Teck

Comprehensive Sales & Logistics StrategyIn Place For Blended Bitumen

Teck’s Commercial Activities1

Bitumen production 36 kbpd+Diluent acquisition 11 kbpd=Bitumen blend sales 47 kbpd

Secondary Extraction. Source: Fort Hills Energy Limited Partnership, September 2017.1. Annualized average at full production.

110

350400450500550600

Eagle FordTight OIl

Arab Light Bakken Blend Russian Urals MexicanMaya

Mining OilSand Dilbit

PFT (e.g. FortHills)

NigerianBonny Light

Oil Sand In-Situ dilbit

Oil SandMining

UpgradedSCO*

AverageCalifornia

Heavy

‘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

Lower Carbon Intensity ProductPFT Diluted Bitumen has a Lower Carbon Intensity Than

Around Half of the Barrels of Oil Refined in the US, on a Wells-to-Wheels Basis*

Carbon intensity of average barrel refined in the US = 502

*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. 111

Tota

l car

bon

inte

nsity

(kgC

O2e

pe

r bar

rel o

f ref

ined

pro

duct

s)

Alberta Distribution NetworkReady to Receive Product

East Tank Farm • Bitumen blending w/condensate• Capacity: ~58 kbpd

Cheecham Terminal

Edmonton Terminal Teck

Teck

Northern Courier• Hot bitumen pipeline• Capacity: ~40 kbpd

Norlite• Diluent pipeline• Capacity: ~18 kbpd

Wood Buffalo • Heavy blend pipeline• Capacity: ~65 kbpd

Hardisty Terminal• Heavy blend tankage• Teck capacity: ~425 kbbls

Fort Saskatchewan• Diluent storage• Teck capacity: ~100 kbbls

Fort Hills Mine Terminal

112

Energy Sales & Logistics Strategy Based on Diverse Market Access & Risk Mitigation

1. Annualized average at full production.113

Market ProfilePipelines:

10 kbpd Contracted capacity on existing Keystone pipeline to the US Gulf Coast

+12 kbpd Contracted capacity on proposed TransMountain (TMX) pipeline to the west coast of Canada

+25 kbpd Remainder at Hardisty via customer contracted pipeline capacity, or common carrier pipelines

=47 kbpd blended bitumen1

20 kbpd

10 kbpd

12 kbpd

5 kpbd

Sales Mix

Monthly basis to Pacific

Rim

Long term contracts at

Hardisty

Monthly basis at Hardisty

Monthly basis to US Gulf Coast

Additional options available include:• Increasing capacity on Keystone / Keystone XL pipelines• Selling additional product at Hardisty• Shipping by rail, if required