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O Canada!!

Learning to Love the Loonie

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CONFIDENTIAL INFORMATION

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

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Investment Highlights

Diversified Asset Portfolio

World’s #2 producer of seaborne hard coking coal

World class zinc assets

Major copper producer

coal  World class zinc assets  Major copper producer  Exceptionally low political profile 

Exceptionally low political profile

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Strong long-term hard coking coal fundamentals

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Near-term development projects reaching completion

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Balance sheet significantly strengthened

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CIC Equity Issue

Private placement to China Investment Corporation

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Establish a positive relationship with “The Client”

C$1.7B @ C$17.21 per share

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17.2% economic interest with 6.7% voting interest

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Passive investment

Minimum hold period of 12 months

Standstill commitment

No board representation

Restrictions on sale to any mining or metals companies

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Near Term Strategy

Focus on debt reduction

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Restore Investment Grade credit rating

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Targeted investment in metallurgical coal production

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Invest in longer-term growth as balance sheet allows

Appendix

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Contact Information

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

6100 Fax: 828 758 8919 For more information please contact: Mr. Christopher R. Pavese, CFA chris@broyhillasset.com

CONFIDENTIAL INFORMATION

Disclosures

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.