26th Global Metals & Mining ConferenceFebruary 27, 2017

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 LitigationReform Act of 1995 and forward-looking information within the meaning of the Securities Act (Ontario). 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 orachievements expressed or implied by the forward-looking statements. These forward-looking statements include statements relating to the long-life of our assets andestimated resource life, our production guidance, estimated profit and estimated EBITDA and the sensitivity of estimated profit and estimated EBITDA to foreign exchangeand commodity prices, the expectation that there will be a significant market opportunity for QB2 production in 2021, our expectations regarding market supply anddemand in the commodities we produce, expected 2017 zinc production and increase in Antamina zinc production, the expected timing and amount of production at theFort Hills oil sands project, capital costs and our remaining capital commitment at Fort Hills, Fort Hills anticipated production rate, our statement that Quebrada Blanca 2 isa potential tier 1 asset, the statements made regarding the potential mine life, capital costs, mine life extension and expansion optionality and production for our QuebradaBlanca Phase 2 project, 2017 potential EBITDA, our statement that debt reduction remains our priority, 2017 production guidance and cost guidance, 2017 capitalexpenditures guidance, our growth/value pipeline, our statements regarding amount of resources and reserves and anticipated number of years that production will besustained, Q1 2017 average realized coal price expectations, all projections for our Quebrada Blanca 2 project, including those on the slide titled “Quebrada Blanca 2Summary”, all projections for NuevaUnión, including statements made on the “NuevaUnión Summary” slide, Red Dog resource potential, the Fort Hills project indicativeNPV, and financial projections and other statements regarding the project made on the “The Real Value of Long-Life Assets” slide, all statements made on the “Fort HillsKey Numbers”, transportation capacity and our ability to secure transport for our Fort Hills production, and management’s expectations with respect to production, demandand 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 publicfilings available on SEDAR (www.sedar.com) and EDGAR (www.sec.gov). In addition, the forward-looking statements in these slides and accompanying oral presentationare also based on assumptions, including, but not limited to, regarding general business and economic conditions, the supply and demand for, deliveries of, and the leveland 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 andgovernmental approvals for our development projects and other operations, our costs of production and production and productivity levels, as well as those of ourcompetitors, power prices, continuing availability of water and power resources for our operations, market competition, the accuracy of our reserve estimates (includingwith respect to size, grade and recoverability) and the geological, operational and price assumptions on which these are based, conditions in financial markets, the futurefinancial performance of the company, our ability to attract and retain skilled staff, our ability to procure equipment and operating supplies, positive results from the studieson our expansion projects, our coal and other product inventories, our ability to secure adequate transportation for our products, our ability to obtain permits for ouroperations and expansions, our ongoing relations with our employees and business partners and joint venturers. Reserve and resource life estimates assume the minelife of longest lived resource in the relevant commodity is achieved, assumes production at planned rates and in some cases development of as yet undevelopedprojects. Management’s expectations of mine life are based on the current planned production rates and assume that all resources described in this presentation aredeveloped. Certain forward-looking statements are based on assumptions disclosed in footnotes to the relevant slides. Our estimated profit and EBITDA sensitivityestimates are based on the commodity price and currency exchange assumptions stated on the relevant slide. Cost statements are based on assumptions noted in therelevant slide. Assumptions regarding Fort Hills also include the assumption that project development and funding proceed as planned, as well as assumptions noted onthe relevant slides discussing Fort Hills. Assumptions regarding our potential reserve and resource life assume that all resources are upgraded to reserves and that allreserves and resources could be mined. The foregoing list of assumptions is not exhaustive. Assumptions regarding NuevaUnión include that the project is built andoperated in accordance with the conceptual preliminary design from a preliminary economic assessment.

2

Forward Looking Information

Factors that may cause actual results to vary materially include, but are not limited to, changes in commodity and power prices, changes in market demand for ourproducts, changes in interest and currency exchange rates, acts of foreign governments and the outcome of legal proceedings, inaccurate geological and metallurgicalassumptions (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 ordelays in the receipt of government approvals, industrial disturbances or other job action, adverse weather conditions and unanticipated events related to health, safetyand environmental matters), union labour disputes, political risk, social unrest, failure of customers or counterparties to perform their contractual obligations, changes inour credit ratings, unanticipated increases in costs to construct our development projects, difficulty in obtaining permits, inability to address concerns regarding permits ofenvironmental impact assessments, and changes or further deterioration in general economic conditions. We will not achieve the maximum mine lives of our projects, orbe 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 andproduction schedules may be adjusted by our partners. NuevaUnión is jointly owned. The effect of the price of oil on operating costs will be affected by the exchange ratebetween 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 thatdemand for products develops as anticipated, that customers and other counterparties perform their contractual obligations, that operating and capital plans will not bedisrupted by issues such as mechanical failure, unavailability of parts and supplies, labour disturbances, interruption in transportation or utilities, adverse weatherconditions, and that there are no material unanticipated variations in the cost of energy or supplies.

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

3

Agenda

Teck Overview & Strategy

Commodity Market Observations

Teck Update

4

• Focused on long-life orebodies in stable jurisdictions

• High-quality assets: All operating business units generate significant cash flow

• Sustainability: Key to managing risks and developing opportunities

Strong Resource Position1

With Sustainable Long-Life Assets

Coal Resources ~100 years

Copper Resources ~40 years

Zinc Resources ~15 years

Energy Resources ~50 years

Attractive Portfolio of Long-Life Assets In Low Risk Jurisdictions

1. Reserve and resource life estimates refer to the production weighted average of mine lives in the relevant commodity assuming production at planned rates from proven and probable reserves and measured and indicated resources and in some cases development of as yet undeveloped projects . See the reserve and resource disclosure in our most recent Annual Information Form, available on SEDAR and EDGAR, for additional detail regarding underlying assumptions.

5

Diversified business model

Attractive portfolio of long life assets

Low half of the cost curve

Appropriate scale

Low risk jurisdictions

Consistent Long-Term Strategy

6

Q4 2016 2016Revenue $3.6 billion $9.3 billionAssets (December 31, 2016)

$35.6 billion $35.6 billionGross profitbefore depreciation & amortization1 $2.0 billion $3.8 billionProfitattributable to shareholders

$697 million $1.0 billionCash Flow from Operations $1.5 billion $3.1 billionAdjusted EBITDA1,2 $1.8 billion $3.6 billion

Adjusted profitattributable to shareholders2

$930 million$1.61/share

$1.1 billion$1.91/share

Financial Results Overview

Significant increases in adjusted profit attributable to shareholders2

1. Adjusted EBITDA is EBITDA less impairment charges. 2. Non-GAAP financial measures. See “Use of Non-GAAP Financial Measures” section of our quarterly news releases for further information.

7

The Value of our Diversified Business Model

Production Guidance3

Unit of Change

Effect on EstimatedProfit5

Effect on EstimatedEBITDA2,5

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

Coal 27.5 Mt US$1/tonne4 C$21M /$1∆ C$32M /$1∆

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

Zinc 972 kt US$0.01/lb C$9M /$0.01∆ C$14M /$0.01∆

Leverage to Strong Steelmaking Coal & Zinc Markets in 2017

1. Gross profit before depreciation and amortization. 2. Non-GAAP financial measures. See “Use of Non-GAAP Financial Measures” section of our quarterly news releases for further information.3. Assumes the midpoint of 2017 guidance ranges. Zinc includes 670 kt of zinc in concentrate and 302 kt of refined zinc.4. Based on a US$1/tonne change in benchmark premium steelmaking coal price.5. Annual effect based on commodity prices and our balance sheet as of February 14, 2017 and a C$/US$ exchange rate of 1.30. The effect varies from quarter to quarter depending on

sales volumes and is sensitive to movements in commodity prices.

0%

25%

50%

75%

100%

2009 2010 2011 2012 2013 2014 2015 2016

Div

ersi

fied

Cas

h O

pera

ting

Prof

it1,2

Coal Copper Zinc

Commodity Mix Shifts with Changes in Relative Commodity Prices

8

Agenda

Teck Overview & Strategy

Commodity Market Observations

Teck Update

9

Coal Price Assessments

Source: Argus Plotted to February 15, 2017

• Q4/2016 market tightness due to:− Global curtailments− Production interruptions − Inventory build to cover risks of

floods in Australia− China’s operating days

• Recent market developments:− Increased production− No new mine restart announcements− Steel mills reducing inventories− Traders liquidating positions?− China relaxed restrictions on

operating days (until March 2017?)

Supply driven volatility

Source: Argus

6080

100120140160180200220240260280300320

$ / to

nne

Quarterly Contract Settlement Argus FOB Australia

Steelmaking Coal Prices Seeking Balance

10

SGX TSI FOB Aus Forward Contracts

Source: FIS

• Upward shift in forward contracts

• Spot prices increasing

Met Coal Market Responding to Supply Concerns

February 23, 2017

February 15, 2017

$100

$110

$120

$130

$140

$150

$160

$170

Feb-17 Mar-17 Apr-17 Q2-17 Q3-17 Q4-17 Cal18 Cal19

US$

per

Ton

ne

(6,000)

(5,000)

(4,000)

(3,000)

(2,000)

(1,000)

0

1,000

2014 2017 2020 2023

Thou

sand

tonn

es

• Demand growth absorbing new mine supply

• Less supply growth post 2017

• Disruptions increasing

• Market finely balanced through 2018

• Structural deficits grow from 2019

• Significant market opportunity for QB2 production in 2021

Forecast Copper Refined Balance

Source: ICSG, Wood Mackenzie, Teck

Long-Term Copper Mine Production Still Needed

11

Zinc Metal Market Moving Towards TightnessU

S¢/lb

Data plotted from 2000 to February 3, 2017Source: LME, SHFE, Wood Mackenzie

Zinc Prices vs. Days of Reported Stocks• Significant mine

closures completed

• Mine production has fallen

• Asian metal production curtailments

• Inventories declining

• Stocks approaching critical levels

• Treatment charges have tightened significantly

days of stocks

12

Source: Consensus Economics, December 2016

Fort Hills first production may coincide with forecasted supply deficit

Oil Market to Rebalance

Global Crude Oil Supply and Demand Balances

Mill

ion

of b

arre

ls p

er d

ay

Mill

ion

of b

arre

ls p

er d

ay

13

Agenda

Teck Overview & Strategy

Commodity Market Observations

Teck Update

14

Solid Record of Delivery Against Guidance

15

598

673

560

580

600

620

640

660

680

2012 2013 2014 2015 2016 2017E

kt

Zinc Production – At the Right Time!

16

Zinc in Concentrate Production1

1. Including co-product zinc production 2017E is the mid-point of the production guidance range.

• Significant production at Red Dog

− Declining zinc grade offset by increasing mill throughput

• Antamina production ~2x

16

Fort Hills Project Status & Progress

Source: Fort Hills Energy Limited Partnership, October 2016.

• 5 out of 6 areas on plan• Construction >76% complete

at year end 2016• 2 of 6 areas turned over to

Operations • First oil end of 2017 • Teck’s share of project costs to

completion: $640M in 2017; $165M in 2018

• Nameplate capacity increased to 194 kbpd

• Steady state production increased to 186 kbpd

Expect to achieve 90% of nameplate capacity by end 2018

17

Quebrada Blanca 2 is a Potential Tier 1 Asset

• Top 15 copper producer globally

• Development capital costs reduced significantly to US$4.7B

• Change in scope, including revised tailings facility

• Initial mine life of 25 years uses only ~25% of known reserves & resources

• Mine life extension & expansion optionality

• Familiar, mining-friendly jurisdiction

• Operating and sustaining costs in low half of cost curve

• 300 kt annual copper equivalent production in first 5 years

18

Significant Cash Flow Generation

Potential EBITDA1

Less: Corporate

Steelmaking Coal

Copper

Zinc

1. Non-GAAP financial measures. See “Use of Non-GAAP Financial Measures” section of our quarterly news releases for further information. Estimates are based on the mid-point of our2017 production guidance ranges and assume a C$/US$ exchange rate of 1.30 and our typical steelmaking coal sales mix of 40% contract and 60% spot. The steelmaking coal priceassumption is based on a combination of the Q1 2017 expected realized price of US$200 to US$215 per tonne, and an assumed quarterly contract benchmark price of US$155per tonne and an average realized price of 92% of the contract price for the balance of the year. Base metal price assumptions are based on the 2017 year to date average copper priceof US$2.60 per pound and average zinc price of US$1.25 per pound. Actual prices will vary, and operating performance and sales may vary materially for a variety of reasons, causingthese production and sales estimates to be materially incorrect. These estimates are based on numerous assumptions, and are subject to various risks and uncertainties that may causeresults to vary materially. Please see the Cautionary Note on Forward-Looking Information at the beginning of this presentation for more specific information.

• Expanded operating margins –prices and costs

• Increasing zinc production

• Significant leverage to coal, copper and zinc

2017 Based on Current Prices

Also Energy from 2018

>C$5 Billion

19

7.2

6.1

5.0

5.5

6.0

6.5

7.0

7.5

9/30/2015 12/31/2015 9/30/2016 12/31/2016

US$

Billi

ons

Debt Reduction Remains The Priority

1. As at February 14, 2017.2. Non-GAAP financial measures. See “Use of Non-GAAP Financial Measures” section of our quarterly news releases for further information. Our revolving credit facility requires a debt to

debt-plus-equity ratio of <50%.

Bonds Outstanding

Current Debt Portfolio1

Public notes outstanding US$6.1B

Average coupon 5.7%

Weighted average term to maturity ~13 years

Debt to debt-plus-equity ratio2 32%

>US$1BReduction

20

Capitalizing on the Turn in the Cycle

• Continuing to execute for higher production per share

− No equity dilution

− No operating assets sold

− Investing in production growth from Fort Hills

− Maintaining strong liquidity

− Reducing debt & managing maturities

• Record quarterly results

• Generating significant free cash flow

• Strengthening our financial position

21

Additional Information

22

Teck Stock Price vs. London Metal Exchange Index

Commodity Price Correlation With Stock Price

Plotted to February 13, 2017Source: Bloomberg

C$/

shar

e

Bloo

mbe

rg C

omm

odity

Pric

e In

dex

$0

$10

$20

$30

$40

$50

$60

$70

700

1200

1700

2200

2700

3200

3700

4200

4700

5200

22/0

5/20

0122

/11/

2001

22/0

5/20

0222

/11/

2002

22/0

5/20

0322

/11/

2003

22/0

5/20

0422

/11/

2004

22/0

5/20

0522

/11/

2005

22/0

5/20

0622

/11/

2006

22/0

5/20

0722

/11/

2007

22/0

5/20

0822

/11/

2008

22/0

5/20

0922

/11/

2009

22/0

5/20

1022

/11/

2010

22/0

5/20

1122

/11/

2011

22/0

5/20

1222

/11/

2012

22/0

5/20

1322

/11/

2013

22/0

5/20

1422

/11/

2014

22/0

5/20

1522

/11/

2015

22/0

5/20

1622

/11/

2016

22/0

5/20

17

LME Index (Left Axis) Teck (Right Axis)

23

NorthAmerica

~22%Europe~14%

LatinAmerica

~3%

China~19%

Asia excl. China~42%

Diversified Global Customer BaseExposure to Recovery in Developed Markets As well as Growing Emerging Markets

* Based on 2016 revenue.

Revenue Contribution from Diverse Markets*

24

Significant Increase in Margins

25

Gross Profit Margins Before Depreciation1

1. 2013 reflects deferred stripping accounting change, Q1 2012 restated for deferred stripping and pension IFRS adjustments. Non-GAAP financial measures. See “Use of Non-GAAP Financial Measures” section of our quarterly news releases for further information.

0%

25%

50%

75%

100%

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

2009 2010 2011 2012 2013 2014 2015 2016

Steekmaking Coal Copper Zinc Overall

25

Solid Delivery Against 2016 Guidance

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

plus capitalized stripping. US dollar unit costs assume a Canadian dollar to US dollar exchange rate of 1.33 in 2016 and 1.30 in 2017.3. Non-GAAP financial measures. See ‘Use of Non-GAAP Financial Measures’ in our quarterly results news releases for additional information.4. Includes one-time collective agreement settlement charges of $2 per tonne.5. Net of by-product credits.6. Copper total cash unit costs include cash C1 unit costs (after by-product margins) and capitalized stripping. 7. Including co-product zinc production from our copper business unit.8. Including capitalized stripping.

Guidance ResultsSteelmaking Coal

Production 25-26 Mt 27.6 Mt Record productionSite costs $45-49/t $43/tCapitalized stripping $11/t1 $10/tTransportation costs $35-37/t $34/t

Total cash unit costs2,3 $91-97/tUS$69-73/t

$89/t4US$67/t4

Lower unit costs

CopperProduction 305-320 kt 324 ktC1 unit costs5 US$1.50-1.60/lb US$1.35/lbCapitalized stripping US$0.21/lb1 US$0.17/lbTotal cash unit costs3,6 US$1.71-1.81/lb US$1.52/lb Lower unit costs

ZincMetal in concentrate production7 630-665 kt 662 ktRefined production 290-300 kt 312 kt Record production

Capital Expenditures8 $2.0B $1.9B Lower capex

26

2016 Results 2017 GuidanceSteelmaking Coal

Production 27.6 Mt 27-28 MtSite costs $43/t $46-50/tCapitalized stripping $10/t $16/t1

Transportation costs $34/t $35-37/t

Total cash costs2, 3 $89/tUS$67/t

$97-103/tUS$74-79/t

CopperProduction 324 kt 275-290 ktC1 unit costs4 US$1.35/lb US$1.40-1.50/lbCapitalized stripping US$0.17/lb US$0.18/lb1

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

Metal in concentrate production5 662 kt 660-680 ktRefined production 312 kt 300-305 kt

2017 Production & Site Cost Guidance

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 1.30 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. 5. Including co-product zinc production from our Copper business unit.27

($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 50 295

Energy 50 - 675 725 - 725

TOTAL 530 155 895 1,580 620 2,200

Total capex of ~$1.6B, plus capitalized stripping

2017 Capital Expenditures Guidance

28

Staged Growth/Value Pipeline

Strong platform combined with diverse portfolio of options allows us to be selective in terms of commodity and timing

CoalWell established with capital efficient value options

In Construction Pre-Sanction

CopperStrong platform with substantial growth options

ZincWorld-class resource combined with integrated assets

EnergyBuilding a new business through partnership

Fort Hills

Red DogSatellite Deposits

San Nicolás (Cu-Zn)

Elk Valley Replacement Brownfield Quintette/Mt. Duke

Frontier

Lease 421

QB Phase 2 NuevaUnión Mesaba

ZafranalHVC Brownfield

Galore/Schaft Creek

Cirque

Future Options

Trail #2 Acid Plant

Medium-term Growth Options

Elk Valley Brownfield

Antamina Brownfield

Neptune Terminals to >18Mtpa

Red DogMill Optimization

Teena

Coal Mountain 2

29

Operation Expiry DatesHighland Valley Copper In Negotiation - September 30, 2016Trail May 31, 2017Cardinal River June 30, 2017

Quebrada BlancaOctober 30, 2017

November 30, 2017December 31, 2017

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

Carmen de Andacollo September 30, 2019December 31, 2019

Elkview October 31, 2020Fording River April 30, 2021

Collective Agreements

30

0

250

500

750

1,000

1,250

1,500

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026

2027

2028

2029

2030

2031

2032

2033

2034

2035

2036

2037

2038

2039

2040

2041

2042

2043

US

$MNo Substantial Maturities for 5 Years

1. As at February 14, 2017. Notes due in January 2017 were repaid from cash.

Maturity Profile1

Few maturities while Fort Hills completes construction, commissioning, and ramps up to full production

31

Credit Ratings

S&P Moody’s Fitch

BBB Baa2 BBB

BBB- Baa3 BBB-

BB+ Ba1 BB+

BBstable Ba2 BB

BB- Ba3positive BB-

B+ B1stable

B+negative

Investment Grade

Non-Investment Grade

Supported by:• Diversified business model• Low risk jurisdictions• Low cost assets• Conservative financial policies• Significant cost reductions• Capital discipline• Excellent operating execution• Increasing coal production• Responsible dividend• Reducing debt

Constrained by:• Debt-to-EBITDA*, due to improving

metrics

Debt reduction is the priority

As at February 16, 2017.* EBITDA is a Non-GAAP financial measure. See ‘Use of Non-GAAP Financial Measures’ in our quarterly results news releases for additional information.

Issuer Credit Ratings

32

Teck Credit Ratings vs. Bloomberg Commodity Price Index

Credit Ratings Reflect Commodity Prices

Plotted to February 15, 2017

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

5,000Ja

n-05

Jan-

06

Jan-

07

Jan-

08

Jan-

09

Jan-

10

Jan-

11

Jan-

12

Jan-

13

Jan-

14

Jan-

15

Jan-

16

Jan-

17

Moody's S&P LME Index (Right Axis)

BBB/Baa2

BBB-/Baa3

BB+/Ba1

BB/Ba2

BB-/Ba3

BBB+/Baa1

B+/B1

B/B2

B-/B3

A+/A1

A/A2

A-/A3

Inve

stm

ent G

rade

Non

-Inve

stm

ent G

rade

33

Significant Tax Pools in Canada1

~$6B in Available Tax Pools, Including:• >$4B in loss carryforwards• $1.77B in Canadian Development Expenses

Applies To:• Cash income taxes in Canada

Does Not Apply To:• Resource taxes in Canada• Cash taxes in foreign jurisdictions

Multiples should reflect tax efficiency of earnings

1. As of December 31, 2015.34

• Six focus areas• Community • Biodiversity• Our People• Water• Air• Energy and Climate Change

• Achieved all 2015 goals• Set new short-term 2020

goals • Working towards long-term

2030 goals

Our Sustainability Strategy

35

Our External Recognition

Best 50 Corporate Citizens in Canada 2016

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

Top 50 Socially Responsible Corporations in Canada

Listed on FTSE4Good Index in 2015

36

Steelmaking CoalBusiness Unit & Markets

45 55 65 75

China

0

3

6

9

12

15

Jan-

10

May

-10

Sep

-10

Jan-

11

May

-11

Sep

-11

Jan-

12

May

-12

Sep

-12

Jan-

13

May

-13

Sep

-13

Jan-

14

May

-14

Sep

-14

Jan-

15

May

-15

Sep

-15

Jan-

16

May

-16

Sep

-16

Traditional Steel Markets

• China stable

• JKT stable

• EU slowing

Rest of the World

• India strong growth

• Brazil stable

• US slowing

Monthly Hot Metal Production

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

Mt

Plotted to December 2016

Global Hot Metal Production

JKT

India

Europe

USA

Brazil

38

• Total capacity of ~1,200 Mt, including ~400 Mt of surplus capacity• ~100Mt closed in 2016• Additional 80 Mt committed to closure by provinces and centrally-owned steel companies in

2017-2020

Reductions in Chinese Steel Capacity

97

44

2511

0

20

40

60

80

100

120

2016 2017-18 2019-20 Within 3-5 Years(No DetailsAnnounced)

Mt

Timing of Capacity Reduction Targets AnnouncedChina’s Steel Capacity

Exceeds government target of 140 Mt

2016 production

808Mt

Closed in 201697Mt

Committed to close80Mt

Additional surplus capacity215Mt

39

0

200

400

600

800

1000

2010 2015 2020 2025 2030 2035

Milli

on to

nnes

Crude Steel and Hot Metal Production

Source: WSA, China Association of Metalscrap Utilization, Wood Mackenzie

Crude Steel

China Scrap Use to Increase Slowly

China’s Scrap Ratio Low vs. Other Countries

73%54%

33%

88%

28%

50%

11%

36%

0%

20%

40%

60%

80%

100%

UnitedStates

Europe Japan Turkey Russia Korea China WorldAverage China

Steel Use By Sector(2000-15)

Electric Arc Furnace

Hot Metal

Hot metal / crude steel ratio to remain >90% and EAF share of crude steel production <10% until ~2028

Source: Wood Mackenzie

Source: China Metallurgy Industry Planning and Research Institute

Construction55-60%

Others15-20%

Machinery15-20%

Auto5-10%

40

38 Mt34Mt

0

10

20

30

40

50

60

70

Mt

2000-2009average at 23Mt

2010-2014average at 55Mt

Strong Demand Fundamentals ex. China

• US exports declined in 2016• Imports into China flat in 2016, but analysts forecast a decline longer term

(subject to China’s policy)• Stronger fundamentals ex-China

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

Decline in China offset by growth in other markets

Source: Global Trade Atlas Source: Average of Wood Mackenzie & CRU

-18

-12

-6

0

6

12

18

China JKT Brazil Europe &CIS

India GlobalSe

abor

nem

et. c

oal i

mpo

rts c

hang

e,

2021

vs.

201

6, M

t

41

Seaborne Coking Coal Imports

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

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

completion in 2021

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

2018

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

in 2017

WISCO Fangchenggang Project• Greenfield project• Capacity: crude steel 9.2Mt• Status: Timeline for blast furnace not announced

Large users and coastal steel projects to support seaborne demandSource: NBS, China Customs, company reports

10

21 21 22 25

25

39

26

13 11

0

10

20

30

40

50

60

70

2012 2013 2014 2015 2016

Small users 14 large users

China’s Large Users Increasing Seaborne Imports

42

35

13

3

8

36

24

2

9

0

5

10

15

20

25

30

35

40

Seaborne Landborne Stock at sixports

Stock at sampleend users

Milli

on to

nnes

2015 2016

Seaborne coal utilization increased by ~2 Mt YoYSource: NBS, China Customs, Fenwei, Mysteel

China's Coking Coal Imports & Stock ChangesChina’s Coal Production

276 Days Policy (April – October)

China’s 276-Day Policy Requires Increased Imports

100

150

200

250

300

350

400

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

Raw coal output 2015 (rhs) Raw coal output 2016 (rhs)

43

An Integrated Long Life Coal Business

44

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 km

• >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• Only steelmaking coal mines still operating in Canada; competitive globally

Neptune Terminal

44

Coal MountainPhase 2

44

We Are a Leading Steelmaking Coal Supplier To Steel Producers Worldwide

High quality, consistent, reliable, long-term supply

Proactively realigning sales with changing market

North America~5%

Europe~15%

China 2016: ~20%2013: ~30%

Asia excl. China2016: ~55%2013: ~45% Latin America

~5%

45

0

50

100

150

200

250

300

350

Q1

2010

Q2

2010

Q3

2010

Q4

2010

Q1

2011

Q2

2011

Q3

2011

Q4

2011

Q1

2012

Q2

2012

Q3

2012

Q4

2012

Q1

2013

Q2

2013

Q3

2013

Q4

2013

Q1

2014

Q2

2014

Q3

2014

Q4

2014

Q1

2015

Q2

2015

Q3

2015

Q4

2015

Q1

2016

Q2

2016

Q3

2016

Q4

2016

US$

/ to

nne

Teck Realized Price (US$) Benchmark Price

Average realized price relative to the benchmark price is a function of:

1. Product mix: >90% hard coking coal

2. Direction of quarterly benchmark prices (QBM) and spot prices- Q4 2016 average realized price was

higher than benchmark price

- Expect Q1 2017 average realized price to be US$200-US$215/tonne(70-75% of benchmark), which is an increase from Q4 2016

Historical Average Realized Prices

Average Realized Price in Steelmaking Coal

Realized prices averaged 94% of QBM over the past three years

96%

88%

93%

94%

92%

91%

99%

46

4635 32

3

12

35

28 26

15

128

2014 2015 2016

Total cash unit costs down 35% from 2014 to 20162,3

Total Cash Unit Costs2 US$/t 2014 2015 2016 Change

Site $46 $35 $32 -30%

Inventory Adjustments $3 $1 $0 -100%

Transportation $35 $28 $26 -26%

Unit Cost of Sales (IFRS) $84 $64 $603 -29%

Capitalized Stripping $15 $12 $8 -50%

Total Cash Unit Costs2 $99 $76 $683 -32%

Sustaining Capital $6 $2 $1 -83%

All In Sustaining Costs2 $105 $78 $693 -35%

1. In US dollars per tonne. Assumes a Canadian dollar to US dollar exchange rate of 1.10 in 2014, 1.28 in 2015 and 1.33 in 2016.2. Steelmaking coal unit cost of sales include site costs, inventory adjustments and transport costs. Total cash costs are unit cost of sales plus capitalized stripping. All in sustaining costs are

total cash costs plus sustaining capital. 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.

IFRS

Steelmaking Coal Unit Costs1

$99

$76

IFRS IFRS

$683

Site

Inventory

Transport

Capitalized Stripping

Collective Agreement

47

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

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

Westshore Terminals

Neptune Coal Terminal

Ridley Terminals

West Coast Port Capacity

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

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

Milli

on T

onne

s (N

omin

al)

Our share of capacity exceeds current production plans, including Quintette

12.518

336

7

3

0

5

10

15

20

25

30

35

40

Neptune CoalTerminal

RidleyTerminals

WestshoreTerminals

Current Capacity Planned Growth

48

Our Market - Seaborne Hard Coking Coal2: ~200 Million Tonnes

1. Source: International Energy Agency 2014 data2. Source: CRU

Global Coal Production1: 7.9 billion tonnesSteelmaking Coal Production2: ~1,185 million tonnes

Export Steelmaking Coal2: ~325 million tonnesSeaborne Steelmaking Coal2: ~290 million tonnes

High Grade Hard Coking Coal Is A Niche Market

49

• 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

Coking Coal Strength

High Quality Hard Coking Coal

Source: Yasuschi, Masashi et al, 1983

50

Copper Business Unit & Markets

Copper Stock Movements Don’t Support Price Rally

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

0¢

50¢

100¢

150¢

200¢

250¢

300¢

350¢

400¢

450¢

500¢

LME Stocks Comex SHFE Bonded Estimate Price

Daily Copper Prices & Stocks

Source: LME/SHFE/Comex/CRU/SRO Estimates Plotted to February 15, 2017

US¢

/lb

52

-1,200

-1,000

-800

-600

-400

-200

02005 2007 2009 2011 2013 2015

2017(Feb)

Thou

sand

tonn

es

1. Relative to initial expectations

8.1%

Disruptions to Concentrate Production Averaged 6.3% in 2007-20151

2.8%

• Market has moved into deficit in 2017 and 2018

• Disruptions in 2016 were lower than projected, but 2017 could revert to historic levels.

• Post-2017, new supply minimal

• Exchange stocks represent <2 weeks of supply

Copper Surplus Shifts Into Deficit

Source: Wood Mackenzie, Teck

5.1%

53

10,000

15,000

20,000

25,000

30,000

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

Thou

sand

Ton

nes

Mine Production SXEW Scrap Demand

Mine Production Peaks in 2019

Existing and Fully Committed Mines

Source: Wood Mackenzie, CRU, ICSG, Teck

Copper Mine Production Peaking

54

Copper Mine Production Forecasts Continue to Decline

Forecast 2017 Net Mine Production Lower than 2016

15,000

15,500

16,000

16,500

17,000

17,500

18,000

18,500

Apr

-15

Jun-

15A

ug-1

5O

ct-1

5D

ec-1

5Fe

b-16

Apr

-16

Jun-

16A

ug-1

6O

ct-1

6D

ec-1

6

5% Disruption net of ProjectsMarket Adjustment2017 Adjusted

thou

sand

tonn

es c

onta

ined

cop

per

2016 2017

15,000

15,500

16,000

16,500

17,000

17,500

18,000

18,500

Apr

-14

Aug

-14

Dec

-14

Apr

-15

Aug

-15

Dec

-15

Apr

-16

Aug

-16

Dec

-16

5% Disruption & ProjectsMarket Adjustment2016 Adjusted

2018

thou

sand

tonn

es c

onta

ined

cop

per

thou

sand

tonn

es c

onta

ined

cop

per

• Down 161 kt from 2016 estimates• Projects down 652 kmt from guidance in

March or 84%.

Source: Wood Mackenzie

• Down 1.5 Mt from 2014 estimates• Growth over 2015 2.0% lower than

projected at beginning of year.

• Down 1.4 Mt from April 2015 estimates • Projects down by 96% or 836 kt • 2017 production down 232 kt over 2016.

Source: Wood Mackenzie Source: Wood Mackenzie

15,000

15,500

16,000

16,500

17,000

17,500

18,000

18,500

Mar

-16

Apr

-16

May

-16

Jun-

16Ju

l-16

Aug

-16

Sep

-16

Oct

-16

Nov

-16

Dec

-16

Jan-

17

5% Disruption net of ProjectsMarket Adjustment2017 Adjusted

55

Rising Copper TC/RCs – China Imports Increase

0¢

10¢

20¢

30¢

40¢

50¢

60¢

Spot Realised TC/RC

Strong TCs Allowed Port Stocks to Rise

Low prices & High BM TCs kept Concentrate Imports Strong;Stocks of Copper Concentrates Built in Q4 2016 at the Ports

Source: Wood Mackenzie

Spot TC/RCs Spot Rising Above Benchmark

0

100

200

300

400

500

600

700

800

2011 2012 2013 2014 2015 2016 2017

56

0

200

400

600

800

1,000

1,200

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

Cathode Concs Scrap Blister/Semis

000’

s to

nnes

(con

tent

)

Net Copper Imports

Source: NBS Plotted to November 2016

Total copper unit imports continue to climb;Up ~5% in 2015 and 8% in 2016

China Switching to Copper Concentrates

57

Significant Chinese Copper Demand Remains

…But Will Add Significantly in Additional Tonnage Terms

Annual Growth Rate of Chinese Copper Consumption to Slow Dramatically…

China expected to add 1.5x QBs in new demandeach year for the next 14 years

Source: Wood Mackenzie, Teck

-

200

400

600

800

1,000

1,200

1,400

1,600

1990 1994 1998 2002 2006 2010 2014 2018 2022 2026 20300%

5%

10%

15%

20%

25%

30%

1990 1994 1998 2002 2006 2010 2014 2018 2022 2026 2030

Annual Avg. 11.9%

Annual Avg. 2.7%

Annual Avg. Growth372 Mt/yr Annual Avg. Growth

283 Mt/yr

Thou

sand

tonn

es

Source: Wood Mackenzie, Teck

58

Copper Metal Demand Gap Outpacing New Supply

-1,200

-1,000

-800

-600

-400

-200

02005 2007 2009 2011 2013 2015

2017(Feb)

Thou

sand

tonn

es

2.8%

Production Disruptions Average 6% per Year

5.1%

~5.5 Mt of Uncommitted Production Needed by 2025

0

1,000

2,000

3,000

4,000

5,000

6,000

2017 2018 2019 2020 2021 2022 2023 2024 2025

A Projects B Projects Copper Metal Gap

Source: Wood Mackenzie, CRU, ICSG, Teck59

-300

-100

100

300

500

700

900

-300

-100

100

300

500

700

900

2018 Refined Balance2017 Refined Balance

Wood Mackenzie’s Copper Outlook Trending Down

60

Thou

sand

tonn

es

Thou

sand

tonn

es

Market expected to be in deficit in 2017 despite a fall in demand; Deficit also now expected in 2018

Ore Grade TrendsOngoing Decline will put Upward Pressure on Unit Costs

0.8

1.0

1.2

1.4

1.6

1.8

2.0

2.2

2.4

2.6

0.8

0.9

1.0

1.1

1.2

1.3

1.4

1.5

1.6

1.7

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

Cop

per G

rade

Cu

%

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

Industry Head Grade Trends (Weighted by Paid Copper)

Source: Wood Mackenzie

61

Quebrada Blanca 2 Summary

Project Capital1

US$4.7billion

Copper Production2

275,000tonnes per year

Moly Production2

7,700tonnes per year

Mine Life

25years

Copper in Reserves

14.2billion pounds

C1 Cash Costs2

US$1.28per pound

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 75.% share.2. Average production rates and C1 cash costs are based on the first full five years of operations

Initial mine life uses ~25% of reserves & resources

62

NuevaUnión Summary

Initial Capital

$3.0 - $3.5billion

Copper Production1

190,000tonnes per year

Gold Production1

315,000ounces per year

Mine Life

32+years

Copper in Reserves2

16.6billion pounds

Gold in Reserves2

8.9million ounces

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

63

ZincBusiness Unit & Markets

Zinc Prices & Stocks

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

0¢

50¢

100¢

150¢

200¢

250¢

LME Stocks SHFE Price

US¢

/lb

Plotted to February 15, 2017Source: LME/SHFE

Daily Zinc Prices & Stocks

65

Significant Recent Increase In Rate of LME Zinc Stock Decline

66

340,000

360,000

380,000

400,000

420,000

440,000

460,0000

200

400

600

800

1,000

1,200

1,400

1,600

1,800

1-N

ov-1

6

8-N

ov-1

6

15-N

ov-1

6

22-N

ov-1

6

29-N

ov-1

6

6-D

ec-1

6

13-D

ec-1

6

20-D

ec-1

6

27-D

ec-1

6

3-Ja

n-17

10-J

an-1

7

17-J

an-1

7

24-J

an-1

7

31-J

an-1

7

7-Fe

b-17

Mt

Mt/d

ay

Avg Daily Decrease Q4 Avg Daily Decrease Q1 Stocks

LME Zinc Stocks

(Right axis)(Left axis)(Left axis)

66

2014-2020 2014-2020

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

-500

-400

-300

-200

-100

0

Cen

tury

Lish

een

Skor

pion

Red

Dog

Brac

emac

-McL

eod

Rap

ura

Aguc

ha

Pom

orza

ny-O

lkus

z (in

cl B

ulk)

Jagu

ar

Mae

Sod

Wol

verin

e

San

Cris

toba

l0

100

200

300

400

500

Gam

sber

gAn

tam

ina

Dug

ald

Riv

erM

cArth

ur R

iver

Bish

aG

ansu

Jin

hui

Sind

esar

Khu

rdKy

zyl-T

asht

ygsk

oeSh

alki

ya R

esta

rtAg

uas

Teni

das

Cas

tella

nos

Zaw

ar M

ines

Mid

dle

Tenn

esse

eEl

Bro

cal

Sang

uiko

uC

arib

ou…

Pena

squi

toC

hang

ba

Source: ICSG, Wood Mackenzie Teck, Company Reports Source: ICSG, Wood Mackenzie Teck, Company Reports

67

Source: Teck, ILZSG

10,000

11,000

12,000

13,000

14,000

15,000

16,000

17,000

2012 2013 2014 2015 2016 2017 2018 2019 2020

Base SecondaryConcentrate Stocks Exchange StocksHidden Stocks A' ProjectsB' Projects Demand

Thou

sand

tonn

es c

onta

ined

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

10,000

2018F LastYear

2018F Today 2020F LastYear

2020F Today

Thou

sand

tonn

es

Highly Probable Probable Possible

Uncommitted Projects Increasingly Delayed

Source: Wood Mackenzie

Global Mine Production

Global Zinc Mine Production Increasing, But At a Slower Pace

68

Monthly Chinese Mined Zinc Production

Chinese Mined Zinc Production Seasonality is a Potential Catalyst for Market Inflection

Source: CNIA

Production typically declines in winter (January-April)

0

100

200

300

400

500

600

Jan-

06Ju

n-06

Nov

-06

Apr

-07

Sep

-07

Feb-

08Ju

l-08

Dec

-08

May

-09

Oct

-09

Mar

-10

Aug

-10

Jan-

11Ju

n-11

Nov

-11

Apr

-12

Sep

-12

Feb-

13Ju

l-13

Dec

-13

May

-14

Oct

-14

Mar

-15

Aug

-15

Jan-

16Ju

n-16

Nov

-16

Thou

sand

s D

MT

69

Zinc Concentrate Stocks at Chinese Ports Declining

Plotted to January 2017

Monthly Stocks of Zinc Concentrate

0

50

100

150

200

250

300

350

400

450

500

Thou

sand

Ton

nes

Huangpu port:

Zhanjiang port:

Beihai port:

Yunyuejiang port

Fangcheng port:

Nanjing port:

Qinzhou port:

Dalian port:

BaYuQuan port:

QHD port:

Jinzhou port:

Yantai Port:

LYG port:

Source: Teck70

thou

sand

tonn

es c

onta

ined

Global Zinc Mine Production Down in 2016

Source: Teck

Mine Production Down in 2016 TCs Dropping to Multi-Year Lows

Source: Teck , CNIA, Wood Mac, NBS

11,000

11,500

12,000

12,500

13,000

13,500

12 13 14 15 16 f

0

50

100

150

200

250

300

Jan-

10

Jul-1

0

Jan-

11

Jul-1

1

Jan-

12

Jul-1

2

Jan-

13

Jul-1

3

Jan-

14

Jul-1

4

Jan-

15

Jul-1

5

Jan-

16

Jul-1

6

Imported TC, $/dmt

Spot TC Annual TC

71

Concentrate Supply Shrinking

Chinese Zinc Metal Imports

0

100

200

300

400

500

600

700

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

kt

Mine production Concs imports Annualized Monthly Avg. Supply

Spot and Benchmark TCs Tighten

• Domestic concentrate production plus imports ~550 kt/mth in 2013 - Currently ~450 kt/mth

• Concentrate imports averaged ~95 kt/mth 2013 to 2015 − 2016 averaging 69 kt/mth

• Reduction in supply forcing metal production cuts

• Continued tightness is evidenced by the falling TCs

Source: NBS/CNIA, Customs

$0

$50

$100

$150

$200

$250

$300

2011 2012 2013 2014 2015 2016 2017

Spot Annual

Down ~75%

0

20

40

60

80

100

120

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

kt

555 kt

Down ~10%

502 kt

Chinese Zinc Concentrate Supply Declining

Source: NBS/CNIA, Customs

Source: NBS/CNIA, Customs

Plotted to November 2016

Plotted to December 2016

Plotted to January 2016

72

Zinc Metal Market Mostly in Deficit Since 2013

-800

-600

-400

-200

0

200

400

600

2013 2014 2015 2016 2017 2018

WoodMac CRU

Market View – Wood Mackenzie & CRU

• Zinc metal deficit forecasted for 2016 and 2017

• Mine production decreased 6.1% in 2016 is expected to increase 11.9% in 2017

− Closure of Century and Lisheen, combined with production cuts, will decrease mine production in 2016

− Higher prices are expected to bring a large amount of Chinese mine production online, and to bring back Glencore’s production.

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

Zinc Metal Balance

Source: Wood Mackenzie, CRU

thou

sand

tonn

es c

onta

ined

zin

c

73

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%

Chinese Zinc Demand to Outpace Supply

Source: Teck

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

Source: Teck

74

Committed Zinc Supply Insufficient for Demand

Forecast Zinc Refined Balance

Source: Teck

• We expect insufficient mine supply to constrain refined production− From 2015-2020, refined metal supply

increase of only 250 kt − Over the same period, refined demand

increase of 2.1 Mt

• Market is projected to be in significant deficit in 2016 due to a lack of concentrate leading to smelter cuts

• Metal market moving into substantial deficits with further mine closures and depleting inventories

(1,000)

(900)

(800)

(700)

(600)

(500)

(400)

(300)

(200)

(100)

0

2013 2014 2015 2016 2017 2018

Thou

sand

tonn

es

75

Largest Global Net Zinc Mining Companies

0

50

100

150

200

250

300

350

400

Thou

sand

tonn

es

Source: Wood Mackenzie, 2016E

Teck is the Largest Net MinerProvides Increased Exposure to Zinc Price

Public Company

Private CompanyTeck

76

2cm

1.1 m @ 42.2% Zn, 14.7 % Pb, 558g/t Ag

2cm

1.9 m @ 24.6% Zn, 6.3 % Pb, 53g/t Ag

Red Dog: Anarraaq High Grade Intercepts Demonstrate Significant Resource Potential1

DDH171854.7m @ 15.7%Zn, 4.0% Pb, 106g/t AgIncl. 11.2m @ 34.2% Zn, 11.5% Pb, 382g/t Ag

DDH1714 42m @ 18.3% Zn, 4.5% Pb, 82g/t AgIncl. 23.4m @ 23.2% Zn, 5.2% Pb, 74g/t Ag

Industry Average Zinc Grades Falling

High Grade Anarraaq Intercepts

Red Dog zinc grades are much higher than industry average

0

5

10

15

20

25

2009 2010 2011 2012 2013 2014 2015

Gra

de %

Weighted Average Industry Grade

Red Dog

1. The scientific and technical information disclosed has been reviewed and approved by Rodrigo Marinho, P.Geo., Technical Director, Reserve Evaluation, Teck who is a Qualified Person under NI 43-101. For further information, please see Teck’s most recent Annual Information Form.

77

0 250 500

Meters

Teena 1

TNDD015

NR

28.0 @ 6.1/0.9 TNDD013

5.8 @ 9.3/1.316.6 @ 7.7/1.3

TNDD012Teena 5NR

3.8 @ 6.9/1.1Teena 2

TNDD014

24.4 @ 14.6/2.39.8 @ 9.4/1.5

TNDD020

20.1 @ 13.0/2.05.2 @ 9.2/1.6

TNDD010

38.8 @ 14.7/2.33.0 @ 4.6/2.96.7 @ 8.2/1.4

TNDD019

31.9 @ 9.9/1.55.0 @ 9.5/1.2

TNDD009

13.1 @ 5.2/0.9Teena 6

22.8 @ 10.3/1.63.8 @ 10.3/0.7

Teena 22

24.2 @ 8.2/1.33.6 @ 8.3/1.3

Teena 17

20.4 @ 11.6/1.84.7 @ 8.5/1.2

TNDD011

Teena 4/Teena 4A4.8 @ 5.5/2.7 (4)8.4 @ 12.9/0.2 (4)8.6 @ 7.1/2.7 (4A)

19.7 @ 12.9/2.07.2 @ 8.0/1.2

TNDD021

Teena 7

5.8 @ 8.1/1.14.9 @ 10.2/1.66.0 @ 5.9/0.9

Teena/Reward Zinc Project

Tene

men

t Bou

ndar

y

DDH Pierce Points

NR No results above threshold

Drill composites were calculated using a 6% Zn+Pb threshold. Drill intersections are reported as drilled thicknesses. True width of the mineralized interval is interpreted to be 70-90% of the reported length. The scientific and technical information disclosed on this slide has been reviewed and approved by Rodrigo Marinho, P.Geo., Technical Director, Reserve Evaluation, Teck who is a qualified person under NI 43-101.

m @ Zn%/Pb%

NRTeena 8

NR

NR

78

EnergyBusiness Unit & Markets

Crude Oil Overview

North American Rig Count Down Sharply

Sources: Baker Hughes, EIA, Citi Research, National Bank of Canada

US Crude Oil Inventory (Mmbbls)

West Texas Intermediate (WTI) Price

$0

$20

$40

$60

$80

$100

$120

US

$/bb

l

WTI Feb 2017 Forward Oct 2016 Forward

Production Accord Announced

As of 02/15/17

Joint OPEC/Non-OPEC Production Cut• 1.80 MM bpd• Effective January to June 2017• Moderate compliance to date• Muted price impact − US rig activity increasing− US crude inventories continue to climb− North America oil production growth

5000

6000

7000

8000

9000

10000

200400600800

1,0001,2001,4001,6001,8002,000

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.

80

Benchmark Differentials

Western Canadian Select (WCS) Differential Western Canadian Select (WCS) Is The Benchmark Price For Canadian Heavy Oil At Hardisty, Alberta• Contract settled monthly as differential to Nymex WTI• Long term differential of Nymex WTI minus $10-20 US/bbl• Based on heavy/light differential, supply/demand, alternate

feedstock accessibility, refinery outages and export capability• Year To Date differential: $14.60 US/bbl− Heavy sour pricing supported by OPEC cuts− Strong demand to compensate for higher Enbridge

apportionment, “air barrels” being purchased and nominated. • Post apportionment prices not significantly distressed

compared to pre apportionment • Differentials forecasted to widen throughout 2017 − Increased oilsands production in 2017-2018− Rail volumes will increase to US Gulf Coast

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 (high in winter, low

in summer), import outages• Activity ramping up, e.g. Norlite Pipeline linefill, Fort Hills ‘first

fills’ requirements• Supply forecasted to exceed demand − Growing local production, − Contract carriage import pipelines

Average Monthly WTI/Diluent (C5+) Differential

Average Monthly WTI-WCS Differential

$- $5

$10 $15 $20 $25 $30 $35 $40 $45

WCS Differential (US$/bbl)

$23.122012-2013

$15.692010-2011 $16.45

2014-2015 $13.992016-2017

Long-term WCS Differential

Constrained Pipe &

Balanced Rail

Balanced Pipe & Excess

Rail

$(10)

$(5)

$-

$5

$10

$15

$20

WTI- C5+ Diff (US$/bbl)

Plotted to Feb 2017

Plotted to Feb 2017Long-term Condensate Differential

Cochin Pipeline Reversal

81

Oil Liquids – Discovered Resources & Production (Billion bbl)

Oil Exploration Success Fell To a Post-1952 Low in 2015

Enough oil has been discovered to meet production in only four of the past 30 years

Source: Rystad Energy, Morgan Stanley

82

Source: BMO Capital Markets, May 2016

Oil Sands Mining Costs Lower Than Understood

0

10

20

30

40

50

60

Cash Cost Royalty Cash Tax Sustaining Capex

$/bbl Phase 2: Stabilized Market

Where we are now

83

Sufficient Western Canadian Takeaway Capacity Expected

Source: CAPP, Teck, Lee & Doma Energy Group

Sufficient takeaway capacity expected for forecast growth

• 2011–2014− Rapid production growth resulted in

takeaway capacity challenges− Industry added significant pipeline &

rail capacity

• 2015–2030− Sufficient takeaway capacity expected

through existing pipeline capacity, new pipelines (TransMountain and Keystone XL) and existing rail capacity3,000

3,500

4,000

4,500

5,000

5,500

6,000

6,500

7,000

K bp

d

Western Canada Supply Growth Western Canada Supply

Total Pipeline & Local Refining Total Pipeline, Local Refining & Rail

TransMountain

Keystone XL

Enbridge

Western Canadian Supply and Takeaway Capacity

84

Building An Energy Business

Strategic diversification

Large truck & shovel mining projects

World-class resources

Long-life assets

Mining-friendly jurisdiction

Competitive margins

Minimizing execution risk

Tax effective

Mined bitumen is in Teck’s ‘sweet spot’85

• Significant value created over long term

• 60% of PV of cash flows beyond year 5

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

• Options for debottlenecking and expansion

The Real Value of Long-Life Assets

Fort Hills Project Indicative Rolling NPV1

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

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

86

Teck’s Remaining Project Capital

~$805million

Teck’s Estimated 2017 Spend

$640million

Teck’s Share of Production

37,200bitumen barrels per day

Operating Costs1

$20-24per barrel of bitumen

Sustaining Capital2

$3-5per barrel of bitumen

Teck’s Share of Production3

13,300,000bitumen barrels per year

1. Based on Suncor’s estimates at project sanction in October 2013. 2. Based on estimates at project sanction in October 2013. 3. Life of mine average.

Mine life: ~45 years

Fort Hills Key Numbers

87

Progress in Implementing Our Diversified Marketing Strategy

Market Access Options for Teck’s 50 kbbls/day of Fort Hills Diluted Bitumen Blend

Cushing

Flanagan

Houston

Edmonton

US Gulf Coast

Europe

Asia

TransCanada Energy East (Proposed, Contract Carriage)

TransCanada Keystone/MarketLink (Existing, Contract Carriage)Enbridge Flanagan South (Existing, Contract Carriage)

Vancouver

TransMountain Pipeline Expansion (Proposed, Contract Carriage)

Asia

Agreements for pipelines to Hardisty in place

Agreement for Hardisty product storage in place

Monitoring production vs market access balance

Developing a portfolio of pipeline capacity opportunities, to enable access to diversified markets

Evaluating opportunities in the secondary market for pipeline capacity

Developing a diversified customer base

Hardisty

Chicago

Sarnia

Patoka

SuperiorGuernsey

MontrealSaint John

Enbridge Mainline System (Existing, Common Carriage)Spectra Express (Existing, Contract Carriage)

Teck can enter into long-term take or pay contracts

88

Intra Alberta Logistics On Schedule For Fort Hills Commissioning

RailLocal Market

Pipeline LegendBitumenBlendDiluentExistingNew

East Tank Farm Blending w/Condensate

Wood Buffalo Extension

Norlite Diluent Pipeline

Cheecham Terminal

Hardisty Terminal

Wood Buffalo Pipeline

Athabasca Pipeline

Edmonton Terminal

Fort HillsMine Terminal

Northern CourierHot Bitumen Pipeline

Teck

OptionsExport Pipeline

Kirby Athabasca Twin Pipeline

Pipeline/Terminal OperatorPipelineCapacity

(kbpd)

Teck Capacity

(kbpd)

Project Construction Status*(% completion)

Northern Courier Hot Bitumen TransCanada 202 40.4 Pipeline and Facilities: Tank terminal:

East Tank Farm - Blending Suncor 292 58.4 Diluent terminaling and blending

Wood Buffalo Blend Pipeline Enbridge 550 65.3 In service

Wood Buffalo Extension Enbridge 550 65.3 Pipeline:Pump stations and facilities:

Norlite Diluent Pipeline Enbridge 130 18.0 Pipeline:Pumpstations and facilities:

Hardisty Blend Tankage Gibsons 425 kbbls 425 kbbls Tank completed

86%85%

100%

100%81%

98%

100%

60%

84%

*As of December 2016.89