Goldman Sachs Global Metals & Mining conference

Global Metals & Mining Conference
November 29, 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 Litigation Reform Act of 1995 and
forward-looking information within the meaning of the Securities Act (Ontario) (collectively referred to herein as forward-looking statements). Forward-looking statements involve known and
unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Teck to be materially different from any future results, performance or
achievements expressed or implied by the forward-looking statements. These forward-looking statements include statements relating to our long-term strategies and priorities, statements regarding
the long-life of our assets and positioning on the cost curve and low risk of the jurisdictions in which they are located, potential coal EBITDA and free cash flow potential, Elk Valley Water Quality
Plan 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 mine
life) 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 and
amount 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 of
base 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 capacity
increases, estimated future cash flow and cash flow potential, our expectations regarding market supply, demand and price in the commodities we produce, including our expectations regarding
factors 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 our
statement 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 life
extension 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 payback
and 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 of
these 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 regarding
potential 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 expectations
regarding 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 expectations
with respect to production, demand and outlook regarding coal, copper, zinc and energy.
These forward-looking statements involve numerous assumptions, risks and uncertainties and actual results may vary materially, which are described in Teck’s public filings available on SEDAR
(www.sedar.com) and EDGAR (www.sec.gov). In addition, the forward-looking statements in these slides and accompanying oral presentation are based on assumptions regarding, including, but
not limited to, general business and economic conditions, the supply and demand for, deliveries of, and the level and volatility of prices of, zinc, copper and coal and other primary metals and
minerals as well as oil, and related products, the timing of the receipt of regulatory and governmental approvals for our development projects and other operations, our costs of production and
production and productivity levels, as well as those of our competitors, power prices, continuing availability of water and power resources for our operations, market competition, the accuracy of our
reserve estimates (including with respect to size, grade and recoverability) and the geological, operational and price assumptions on which these are based, conditions in financial markets, the
future financial performance of the company, our ability to attract and retain skilled staff, our ability to procure equipment and operating supplies, positive results from the studies on our expansion
projects, our coal and other product inventories, our ability to secure adequate transportation for our products, our ability to obtain permits for our operations and expansions, our ongoing relations
with our employees and business partners and joint venturers. Reserve and resource life estimates assume the mine life of longest lived resource in the relevant commodity is achieved, assumes
production at planned rates and in some cases development of as yet undeveloped projects.
2

Forward Looking Information
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-looking
statements are based on assumptions disclosed in footnotes to the relevant slides. Our estimated profit and EBITDA and EBITDA sensitivity estimates are based on the commodity price and
currency exchange assumptions stated on the relevant slide. Cost statements are based on assumptions noted in the relevant slide. Assumptions regarding Fort Hills also include the assumption
that project development and funding proceed as planned, assumptions of costs as set out in the sanction decision as well as assumptions noted on the relevant slides discussing Fort Hills.
Assumptions regarding our potential reserve and resource life assume that all resources are upgraded to reserves and that all reserves and resources could be mined. Statements regarding future
production are based on the assumption of project sanctions and mine production. Statements regarding Quebrada Blanca Phase 2 assume the project is developed in accordance with its
feasibility study. Payment of dividends is in the discretion of the board of directors. Our assumptions regarding Fort Hills netback include exchange rates, transportation costs and other matters
noted 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. The
foregoing list of assumptions is not exhaustive.
Factors that may cause actual results to vary materially include, but are not limited to, changes in commodity and power prices, changes in market demand for our products, changes in interest and
currency exchange rates, acts of foreign governments and the outcome of legal proceedings, inaccurate geological and metallurgical assumptions (including with respect to the size, grade and
recoverability of mineral reserves and resources), unanticipated operational difficulties (including failure of plant, equipment or processes to operate in accordance with specifications or
expectations, cost escalation, unavailability of materials and equipment, government action or delays in the receipt of government approvals, industrial disturbances or other job action, adverse
weather conditions and unanticipated events related to health, safety and environmental matters), union labour disputes, political risk, social unrest, failure of customers or counterparties to perform
their contractual obligations, changes in our credit ratings or the financial market in general, unanticipated increases in costs to construct our development projects, difficulty in obtaining permits or
securing transportation for our products, inability to address concerns regarding permits of environmental impact assessments, changes in tax benefits or tax rates, resolution of environmental and
other proceedings or disputes, and changes or deterioration in general economic conditions. We will not achieve the maximum mine lives of our projects, or be able to mine all reserves at our
projects, if we do not obtain relevant permits for our operations. Our Fort Hills project is not controlled by us and construction and production schedules may be adjusted by our partners.
NuevaUnión is jointly owned. Unanticipated technology or environmental interactions could affect the effectiveness of our Elk Valley Water Quality Plan strategy. The effect of the price of oil on
operating costs will be affected by the exchange rate between Canadian and U.S. dollars.
Statements concerning future production costs or volumes are based on numerous assumptions of management regarding operating matters and on assumptions that demand for products
develops as anticipated, that customers and other counterparties perform their contractual obligations, that operating and capital plans will not be disrupted by issues such as mechanical failure,
unavailability of parts and supplies, labour disturbances, interruption in transportation or utilities, adverse weather conditions, and that there are no material unanticipated variations in the cost of
energy or supplies.
We assume no obligation to update forward-looking statements except as required under securities laws. Further information concerning assumptions, risks and uncertainties associated with these
forward-looking statements and our business can be found in our most recent Annual Information Form, as well as subsequent filings of our management’s discussion and analysis of quarterly
results, all filed under our profile on SEDAR (www.sedar.com) and on EDGAR (www.sec.gov).

Consistent Long-Term Strategy
Diversification
Long life assets
Low cost
Appropriate scale
Low risk jurisdictions
Organic growth
4

Record Cash Flow Over Past 12 Months
Q3 2017
Revenue $ 3.1 billion
Gross profit
before depreciation & amortization*
$ 1.5 billion
Adjusted Profit
attributable 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 American
Rio Tinto Freeport-McMoRan
Vale Teck B
Glencore 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 Diversifieds
Dividend Adjusted Share Pricing
Teck vs. Global Diversifieds
EV/EBITDA (NTM)
3x
5x
7x
9x
11x
Rio Tinto Vale
Freeport-McMoRan Anglo American
Teck B BHP Billiton
Glencore South32

3
4
5
6
7
8
US$Billions
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 30,2017
2. 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 Potential
Highland Valley Antamina
Carmen de Andacollo QB
3 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 Nicolás
Zafranal
~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
Thousandtonnes
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 2016
Spot TC Annual TC
Source: Teck, CRU, Wood Mackenzie
LME/SHFE Stocks Declining Chinese Premiums Spike Higher
0
250
500
750
1,000
1,250
1,500
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
ThousandsofTonnes
LME Stocks Cancelled Warrants SHFE
0
5
10
15
USA Asia
Source: LME/SHFE
0
1,000
2,000
2011 2013 2015 2017
Warehouse Inventory SHFE
Bonded Warehouse SRB
Smelter 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 Miner
Provides Significant Exposure to a Rising Zinc Price
Source: Wood Mackenzie, 2016.
0
50
100
150
200
250
300
350
400
Thousandtonnes
Public Company
Private Company
Teck

10-Year Inflation-Adjusted Average Realized
Steelmaking Coal Price of US$183/t
14
Coal Price Assessment
Source: Argus Plotted to November 8, 2017
50
80
110
140
170
200
230
260
290
320
350
US$/tonne
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

350
400
450
500
550
600
Eagle Ford
Tight OIl
Arab Light Bakken Blend Russian Urals Mexican
Maya
Mining Oil
Sand Dilbit
PFT (e.g. Fort
Hills)
Nigerian
Bonny Light
Oil Sand In-
Situ dilbit
Oil Sand
Mining
Upgraded
SCO*
Average
California
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
Totalcarbonintensity(kgCO2e
perbarrelofrefinedproducts)

Energy Sales & Logistics Strategy Based On Diverse
Market Access & Risk Mitigation
1. Annualized average at full production.17
Market Profile
Pipelines:
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

Attractive Portfolio of Long-Life Assets
In Low Risk Jurisdictions
Zinc Energy
Steelmaking Coal Copper
20

Global Customer Base
Exposure to Growing Emerging Markets & Recovery in Developed Markets
21
Revenue Contribution from Diverse Markets*
* Based on 2016 revenue.
North
America
~22%
Europe
~14%
Latin
America
~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 Mt1
Copper Concentrate 324 kt 275-290 kt 280-300 kt
Highland Valley Concentrate 119.3 kt 95-100 kt 115-135 kt2
Antamina3
Concentrate 97 kt 88-92 kt 95-100 kt
Carmen de Andecollo4
Concentrate 69.5 kt 68-72 kt 65-70 kt
Cathode 3.7 kt 3-4 kt
Quebrada Blanca4
Cathode 23 kt 20-24 kt
Zinc Concentrate5
662 kt 645-665 kt 580-605 kt6
Refined 312 kt 300-305 kt
Red Dog Concentrate 583 kt 525-550 kt 475-550 kt7
Pend Oreille4
Concentrate 34.1 kt 34-40 kt
Antamina3
Concentrate 44.6 kt 75-80 kt 80 kt4
Trail Refined 311.6 kt 300-305 kt
Moly
Highland Valley Concentrate 5.4 kt 7.5-8.0 Mlbs ~7 Mlbs
Antamina3
Concentrate 2.3 Mlbs ~ 2 Mlbs 2.5-3.0 Mlbs
Lead
Red Dog Concentrate 122.3 kt 110-115 kt 85-115 kt
Trail Refined 99.2 kt ~95 kt
Silver
Trail Refined 24.2 Moz 20-22 Moz

Sales Guidance
23
Q3 2017 Results Q4 2017
Steelmaking Coal 7.54 Mt ~6.5 Mt
Zinc
Red Dog - Zinc in Concentrate 163.6 kt 180 kt

Cost Guidance
24
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/t
Capitalized stripping $10/t $16/t1
Transportation costs $34/t $35-37/t
Total cash costs2, 3
$89/t
US$67/t
$100-106/t
US$80-85/t
Copper
C1 unit costs4
US$1.35/lb US$1.30-1.40/lb
Capitalized 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 2017
Guidance
New Mine
Development
Major
Enhancements
Sustaining Capital
Capitalized
Stripping
$M
Total 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) Sustaining
Major
Enhancement
New Mine
Development Sub-total
Capitalized
Stripping Total
Steelmaking
Coal 140 120 - 260 430 690
Copper 130 20 200 350 140 490
Zinc 210 15 20 245 50 295
Energy 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) Sustaining
Major
Enhancement
New Mine
Development Sub-total
Capitalized
Stripping Total
Steelmaking
Coal 65 30 - 95 374 469
Copper 66 4 109 179 105 284
Zinc 10 5 30 137 21 158
Energy 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
Energy
Building a new business
through partnership
Fort Hills Frontier
Lease 421
Future OptionsMedium-Term
Growth Options
Zinc
World-class resource
with integrated assets
Red Dog
Satellite Deposits
Cirque
Trail #2 Acid Plant
Red Dog VIP2 Project
Teena
Coal
Well established with
capital efficient value
options
Elk Valley Replacement
Brownfield
Quintette/Mt. Duke
Elk Valley Brownfield
Neptune Terminals
Expansion
Coal Mountain 2
Copper
Strong 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
Antamina
Silver
Stream2,
$795M
Osisko
Royalty
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$2.2B
Net Proceeds/Cost (C$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
30
1. 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
1,200
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
US$M

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 Limited
September 5, 2017
Shares Held Percent Voting Rights
Class A Shareholdings
Temagami 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 Shareholdings
Temagami Mining Company Limited 725,000 0.1% 0.1%
SMM Resources Inc (Sumitomo) 295,800 0.1% 0.0%
China Investment Corporation (Fullbloom) 59,304,474 10.4% 4.4%
Other 510,180,715 89.4% 37.8%
570,505,989 100.0% 42.3%
Total Shareholdings
Temagami 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 Blanca
November 30, 2017
January 31, 2019
March 31, 2019
Quintette April 30, 2018
Antamina July 24, 2018
Coal Mountain December 31, 2018
Line Creek May 31, 2019
Carmen de Andacollo
September 30, 2019
December 31, 2019
Elkview October 31, 2020
Fording River April 30, 2021
Highland Valley Copper September 30, 2021
Trail Operations May 31, 2022
Cardinal River June 30, 2022
Long-term labour agreements in place
at all of our North American operations

Steelmaking Coal
Business Unit & Markets

60
90
120
150
180
210
240
270
300
US$/tonne
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 Tonnes
1. Source: International Energy Agency (2016)
2. Source: CRU (August 2017)
Global Coal Production1: 7.7 billion tonnes
Steelmaking Coal Production2: ~1,160 million tonnes
Export Steelmaking Coal2: ~315 million tonnes
Seaborne 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
2021f
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
2019f
2022f
China
500
600
700
800
900
$0
$30,000
$60,000
$90,000
1986
1989
1992
1995
1998
2001
2004
2007
2010
2013
2016
2019f
2022f
Nominal 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 2020
Vietnam
• 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 evaluation
Malaysia
• 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
65
50
0 25
0
20
40
60
80
100
120
140
160
2016-2020
target
2016 actual 2017 YTD 2017 target
remaining
2018-2020
remaining
target
Milliontonnes
Milliontonnes
800
290
128
22
360
0
100
200
300
400
500
600
700
800
900
2016-2020
target
2016
actual
2017 YTD 2017 target
remaining
2018-2020
remaining
target

0
200
400
600
800
1000
2013 2014 2015 2016 2017 2018 2019 2020 2021
Milliontonnes China Scrap Use to Increase Slowly
45
Crude Steel and Electric Arc Furnace Production
Source: 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 level
Source: CRU Source: China Metallurgy Industry Planning and Research Institute
Construction
55-60%
Others
15-20%
Machinery
15-20%
Auto
5-10%
5%
22%
57%
67%
31%
40%
25%
0%
20%
40%
60%
80%
China Japan India United
States
Russia European
Union
World
average

Chinese Seaborne Coal Imports Trending Upwards
46
Source: China Customs
Chinese Steelmaking Coal Imports
YTD
Sep/16
Seaborne
Landborne
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
Milliontonnes
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
Milliontonnes

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)
completion in 2018
Shandong Steel Rizhao Project
• Greenfield project
• Capacity: crude steel 8.5Mt
completion in 2017
Liusteel Fangcheng Project
• Greenfield project
• Capacity: Phase 1 crude steel ~10Mt
• Status: Construction underway
4 projects under construction
1 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*
Milliontonnes
Non-14 users 14 large users

0
10
20
30
40
50
60
70
80
90
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
HMP forecast by CRU
HMP forecast by Wood Mackenzie
Seaborne 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 doubled
in the last three years, to over 10% in 2017
India’s Hot Metal Capacity;
Projects and Operations
Seaborne Steelmaking Coal Imports
Forecasted 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
Elco
Elk Valley
1,150 km
Neptune
Terminal
Coal
Mountain
Phase 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
Production(milliontonnes)
Conceptual Production Profile
Fording River Greenhills (80%) Elkview
Line Creek Cardinal River Coal Mountain
Additional 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 Other
Teck HCC
Australia
Japan
South 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
Q12010
Q32010
Q12011
Q32011
Q12012
Q32012
Q12013
Q32013
Q12014
Q32014
Q12015
Q32015
Q12016
Q32016
Q12017
Q32017
US$/tonne
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
$160
US$perTonne
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 lower4
5
6
7
8
9
10
11
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
CleanStripRatio
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 Planned
Our 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
MillionTonnes(Nominal)
12.5
18
336
7
0
5
10
15
20
25
30
35
40
Neptune Coal
Terminal
Ridley
Terminals
Westshore
Terminals
Current Capacity Planned Growth
2-3

Copper

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 Plan
Completed
12th - 5yr Plan
Completed
13th - 5year Plan
Estimate
RMBtrillion
Transmission Distribution-Urban Distribution-Rural
Source: CEC, ICA Source: NEA, ICA
Significant Power Grid Investment
282
202
71
48
21
19
-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/ Renewables
Positive for Copper Demand
De-carbonization through the use of renewable energy
could 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 & Europe
With 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 2017
Cathode Concs Scrap Blister/Semis
000’stonnes(content)
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
0
2005 2007 2009 2011 2013 20152017 (October)
Thousandtonnes
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
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
ThousandsTonnes
Escondida Strike Escondida Slow Ramp Up
Grasberg Guidance Grasberg FM
Grasberg Export Ban Grasberg Labour Issues
Mt. Milligan Sentinel
Los Pelambres Batu Hijau
Sentinel Toquepala
Constancia HVC
Caserones 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 2017
US¢/lb
Thousandtonnes
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
Thousandtonnes

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
Thousandtonnes
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 $3.50
Net present value at 8% (US$ millions) 565 1,253 1,932 2,604
Internal rate of return (%) 9.7% 11.7% 13.5% 15.2%
Payback from first production (years) 6.8 5.8 5.0 4.4
Annual EBITDA
First Full Five Years (US$M pa) 856 1,002 1,148 1,294
First Full Ten Years (US$M pa) 781 918 1,055 1,192
Life of Mine (US$ million pa) 685 811 937 1,063
NI 43-101 Case
Long initial life (25 years) plus life extension and expansion optionality
Top 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
0
5
10
15
20
25
30
35
40
Great potential to significantly extend mine life
Large Resource Base Projects1
BillionsofRecoverablePounds
Source: Wood Mackenzie
1. Shows reserves only for uncommitted projects.

QB2: Bottom Half of C1+Sustaining Cost Curve
71
Expected 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
Escondida
Antamina

QB2: Competitive Capital Intensity
72
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
45,000
50,000
US$/tpaCuEquiv
Completed Greenfield Completed Brownfield Project Greenfield Project Brownfield
Projects With >200 kmt/yr Copper

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 Morro
Site
NuevaUnión: Before (Duplicate infrastructure)
Pipelines
Power Line
and Mill
Pipelines
:
Water
Pipelines:
Water &
Concentrate
Tailings
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
Pipeline
Power Line
Conveyor & Utilities
Road
75

NuevaUnión Project Overview
76
Initial Project Capital
US$3.5
billion
Copper Production1
190,000
tonnes per year
Gold Production1
315,000
ounces per year
Mine Life
32+
years
Copper in Reserves2
16.6
billion pounds
Gold in Reserves2
8.9
million 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
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 community
roundtable 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 and
working 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 of
Minnesota.
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.

Metal Inventories Close to Historical Lows
81
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
0¢
20¢
40¢
60¢
80¢
100¢
120¢
140¢
160¢
180¢
2013
2014
2015
2016
2017
LME Stocks SHFE Price
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
0¢
50¢
100¢
150¢
200¢
250¢
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
LME 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
Stocks

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 2015
Jan 2016
Jan 2017
2003
2004
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 2020
Others China Change
Antamina Glencore
India Dugald River
Namibia/S.A.
thousandtonnescontained
Source: Teck
Mine Production Growth
Insufficient to Balance Market
Imported Spot TCs at Historical Lows
0
50
100
150
200
250
Jan-10
Jul-10
Jan-11
Jul-11
Jan-12
Jul-12
Jan-13
Jul-13
Jan-14
Jul-14
Jan-15
Jul-15
Jan-16
Jul-16
Jan-17
Jul-17
ImportedTC,$/dmt
Source: 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 Production
Base 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 2025
Mehdiabad Ozernoe Kipushi
Selwyn Tala Hamza Citronen
Pavlovskoye Dairi Shalkiya Restart
Aripuana Buenavista Korbalikhinsky
Woodlawn 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
Mine
Production
Smelter
Production
Demand
kt
China 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
600 Jan-06
Jun-06
Nov-06
Apr-07
Sep-07
Feb-08
Jul-08
Dec-08
May-09
Oct-09
Mar-10
Aug-10
Jan-11
Jun-11
Nov-11
Apr-12
Sep-12
Feb-13
Jul-13
Dec-13
May-14
Oct-14
Mar-15
Aug-15
Jan-16
Jun-16
Nov-16
Apr-17
ThousandsDMT
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
350
270
180
300
250
360
200
-630
60
-50
150
-800
-600
-400
-200
0
200
400
600
2013 2014 2015 2016 2017 2018E
Early-year estimate Adjusted estimate
0
200
400
600
800
1,000
1,200
Jan-Aug 2013 Jan-Aug 2014 Jan-Aug 2015
Jan-Aug 2016 Jan-Aug 2017

Chinese Zinc Concentrate Imports Below Previous Highs
89
0
20
40
60
80
100
120
140
160
180
Jan-13
Mar-13
May-13
Jul-13
Sep-13
Nov-13
Jan-14
Mar-14
May-14
Jul-14
Sep-14
Nov-14
Jan-15
Mar-15
May-15
Jul-15
Sep-15
Nov-15
Jan-16
Mar-16
May-16
Jul-16
Sep-16
Nov-16
Jan-17
Mar-17
May-17
Jul-17
Sep-17
Source: China Customs
ZinccontainedthouMt
• 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
Plotted to August 2017
Plotted to September 2017
Plotted to Aug 2017

Zinc Concentrate Stocks at Chinese Ports Near Historical Lows
91
Plotted to August 2017
Monthly Stocks of Zinc Concentrate
0
50
100
150
200
250
300
350
400
450
ThousandTonnes
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
2,000
kt
SRB SHFE
Other Warehouse Inventory (excl SHFE) Bonded warehouse inventory
Smelter Inventory Consumer Inventory
China’s Refined Zinc Inventory
Source: NBS, SHFE, SMM

Chinese Smelter Production Constrained
300
350
400
450
500
550
600
Jan-13
Mar-13
May-13
Jul-13
Sep-13
Nov-13
Jan-14
Mar-14
May-14
Jul-14
Sep-14
Nov-14
Jan-15
Mar-15
May-15
Jul-15
Sep-15
Nov-15
Jan-16
Mar-16
May-16
Jul-16
Sep-16
Nov-16
Jan-17
Mar-17
May-17
Jul-17
ZinccontainedthouMt
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
94
Source: SMM
Smelter Utilization Rates Declining
0
20
40
60
80
100
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
Jan-17
May-17
%
Smelter utilization rate
Large 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
China
5%
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
Construction
15%
Transportation
20%
Other
5%
Consumer Goods
30%
Infrastructure
30%
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
GradeZn+Pb%
ContainedZn+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
GradeZn+Pb%
Resource Million Tonnes
Red Dog
Past Production
Rampura
Agucha
Broken Hill
McArthur River
GIANT ZINC DEPOSITS (+6 Mt Zn+Pb)
Qanaiyaq
Aqqaluk
Well Positioned; World Class
Teena
Anarraaq
Paalaaq
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 Mt
16-18% 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
UnitCosts(US$/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
Grade(%)
Throughput(Mt)
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
Operating
Costs
Transportation
Costs
Treatment
Charges
By-Product
Credits
C1 Cash
Costs
Royalty Total Cash
Costs
2016
0.45
0.19
0.09
0.20
0.22
0.19
0.26
$0.00
$0.20
$0.40
$0.60
Operating
Costs
Transportation
Costs
Treatment
Charges
By-Product
Credits
C1 Cash
Costs
Royalty Total Cash
Costs
2015
0.21
0.10
0.23 0.19
0.47
0.35
0.12
US$/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
Production(kt)
Copper & Zinc Production
Zinc Copper
-
5
10
15
20
25
Q1-13
Q2-13
Q3-13
Q4-13
Q1-14
Q2-14
Q3-14
Q4-14
Q1-15
Q2-15
Q3-15
Q4-15
Q1-16
Q2-16
Q3-16
Q4-16
Q1-17
Q2-17
Production(kt)
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
%Comparedwith2012Base
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 Dog
Satellite Deposits
Cirque
Trail #2 Acid Plant
Red Dog VIP2
Teena
Antamina Brownfield
Future Options

In Construction
Pre-Sanction
Medium-Term
Growth Options
Red Dog
Satellite Deposits
Cirque
Trail #2 Acid Plant
Red Dog VIP2
Teena
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 Luis
Potosi
Zn/Pb mine
Zn mine
Zn/Pb project
Pb/Zn smelter
Gulf of
Mexico
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.

Energy

• 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
84
88
92
96
100
mbpd
mbpd
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
200
500
800
1,100
1,400
1,700
2,000
Jan-11
Jan-12
Jan-13
Jan-14
Jan-15
Jan-16
Jan-17
Thousandbpd
RigcountUnits
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
$50
Jan…
Ma…
Se…
Jan…
Ma…
Se…
Jan…
Ma…
Se…
Jan…
Ma…
Se…
Jan…
Ma…
Se…
Jan…
Ma…
Se…
Jan…
Ma…
Se…
Jan…
Ma…
US$/bbl
Constrained
Export Capacity*
Sufficient Export
Capacity*
-$10
-$5
$0
$5
$10
$15
$20
Jan-10
May-10
Sep-10
Jan-11
May-11
Sep-11
Jan-12
May-12
Sep-12
Jan-13
May-13
Sep-13
Jan-14
May-14
Sep-14
Jan-15
May-15
Sep-15
Jan-16
May-16
Sep-16
Jan-17
May-17
US$/bbl
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) & TMX
Enbridge Line 3 (Existing)
Western Canada Heavy Supply/Demand Balance
WTI-WCS differentials forecast to improve with export pipeline capacity
Source: CAPP 2017 Supply Forecast, Lee & Doma, Teck

Comprehensive Sales & Logistics Strategy
In 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

350
400
450
500
550
600
Eagle Ford
Tight OIl
Arab Light Bakken Blend Russian Urals Mexican
Maya
Mining Oil
Sand Dilbit
PFT (e.g. Fort
Hills)
Nigerian
Bonny Light
Oil Sand In-
Situ dilbit
Oil Sand
Mining
Upgraded
SCO*
Average
California
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.111
Totalcarbonintensity(kgCO2e
perbarrelofrefinedproducts)

Alberta Distribution Network
Ready to Receive Product
East Tank Farm
• Bitumen blending w/condensate
• Capacity: ~58 kbpd
Cheecham
Terminal
Edmonton Terminal Teck
Teck
Northern Courier
• Hot bitumen pipeline
Norlite
• Diluent pipeline
Wood Buffalo
• Heavy blend pipeline
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 Profile
Pipelines:
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

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