O Canada!!

Learning to Love the Loonie

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 Canada is NOT the United States
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 Canada Has What “The Client” Needs
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 The Canadian Dollar is a Commodity Story
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 Canada is One of the Richest Nations in the World
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 Canadian Banks Rank at the Top of the Globe . . .
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 Because They Did Not Let Their Standards Slide
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 The Cycle is Not Over Yet
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 Teck
Resources
 Investment Highlights
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 Diversified Asset Portfolio

 World’s #2 producer of seaborne hard coking coal
 World class zinc assets
 Major copper producer

 Exceptionally low political profile

 Strong long-term hard coking coal fundamentals

 Near-term development projects reaching completion

 Balance sheet significantly strengthened

 CIC Equity Issue
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 Private placement to China Investment Corporation

 Establish a positive relationship with “The Client”

 C$1.7B @ C$17.21 per share

 17.2% economic interest with 6.7% voting interest

 Passive investment
 Minimum hold period of 12 months
 Standstill commitment
 No board representation
 Restrictions on sale to any mining or metals companies
 Near Term Strategy
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 Focus on debt reduction

 Restore Investment Grade credit rating

 Targeted investment in metallurgical coal production

 Invest in longer-term growth as balance sheet allows

Appendix
 Contact Information
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Broyhill Asset Management

800 Golfview Park
Post Office Box 500
Lenoir, NC 28645
Phone: 828 758 6100
Fax: 828 758 8919

For more information please contact:

Mr. Christopher R. Pavese, CFA

chris@broyhillasset.com
 Disclosures
CONFIDENTIAL INFORMATION

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.

This material has been prepared solely for the purposes of illustration and discussion. “Broyhill Asset Management” is the marketing name
for the investment management business conducted by Broyhill Asset Management, LLC. and its affiliates. Broyhill Asset Management, LLC
is an SEC Registered Investment Advisor. Private investment vehicles are offered through Broyhill Wakin General Partners LLC, Surety
Capital Management LLC, and Broyhill Strategic Partners LLC, and are only offered by delivery of confidential offering memorandum and
subscription materials to eligible investors who meet certain statutory and/or regulatory criteria. Each General Partner is a separate legal
entity and is affiliated with Broyhill Asset Management, LLC through common ownership and control.

Under no circumstances should the information contained herein be used or considered as an offer to sell, or solicitation of an offer to buy
any security. Any security offering is subject to certain investor eligibility criteria as detailed in the applicable offering documents. The
information contained herein is confidential and may not be reproduced or circulated in whole or in part. The information is in summary
form for convenience of presentation, it is not complete and should not be relied upon as such.

Any information, data, statement, opinions, or projections made herein may contain certain forward looking statements, projections, and
information that are based on the beliefs of Broyhill Asset Management as well as assumptions made by, and information currently available
to, Broyhill Asset Management. Such statements reflect the view of Broyhill Asset Management with respect to future events and are subject
to certain risks, uncertainties and assumptions (including, but not limited to, changes in general economic and business conditions, interest
rate and securities market fluctuations, competition from within and without the investment industry, new products and services in the
investment industry, changes in customer profiles, and changes in laws and regulations applicable to Broyhill Asset Management). Should
one or more of these other risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary
materially from those described herein.

All information, including performance information, has been prepared in good faith; there are no representations or warranty expressed or
implied, as to the accuracy or completeness, of the information, and nothing herein shall be relied upon as a promise or representation as to
the past or future performance. This material may include information that is based, in part or in full, on hypothetical assumptions, models,
and/or other analysis (which may not necessarily be described herein). No representations or warranty are made as to the reasonableness of
any such assumptions, models, or analysis. The information set forth herein was gathered from various sources which are believed, but not
guaranteed, to be reliable. Unless stated otherwise, any opinions expressed herein are current as of the date hereof and are subject to change
at any time. Accordingly, neither Broyhill Asset Management nor its principals or affiliates make any representations as to the timeliness of
any information in this presentation.