100-TE-DC-0036_13

Global forceThriving communities

Goldman Sachs Asia Materials Virtual Tour

Ian Wells, CFO21 May 2020

Important NoticeThe purpose of this presentation is to provide general information about Fortescue Metals GroupLtd ("Fortescue"). It is not recommended that any person makes any investment decision in relationto Fortescue based on this presentation. This presentation contains certain statements which mayconstitute "forward-looking statements". Such statements are only predictions and are subject toinherent risks and uncertainties which could cause actual values, results, performanceor achievements to differ materially from those expressed, implied or projected in any forward-looking statements.

No representation or warranty, express or implied, is made by Fortescue that the materialcontained in this presentation will be achieved or prove to be correct. Except for statutory liabilitywhich cannot be excluded, each of Fortescue, its officers, employees and advisers expresslydisclaims any responsibility for the accuracy or completeness of the material contained in thispresentation and excludes all liability whatsoever (including in negligence) for any loss or damagewhich may be suffered by any person as a consequence of any information in this presentation orany error or omission therefrom.

Fortescue accepts no responsibility to update any person regarding any inaccuracy, omission orchange in information in this presentation or any other information made available to a person norany obligation to furnish the person with any further information.

Additional InformationThis presentation should be read in conjunction with the Annual Report at 30 June 2019 togetherwith any announcements made by Fortescue in accordance with its continuous disclosureobligations arising under the Corporations Act 2001 and ASX Listing Rules.

Any references to reserve and resources estimations should be read in conjunction withFortescue’s Ore Reserves and Mineral Resources statements released to the Australian SecuritiesExchange on 2 April 2019 for its Magnetite projects and on 23 August 2019 for its Haematiteprojects. Fortescue confirms in the subsequent public report that it is not aware of any newinformation or data that materially affects the information included in the relevant marketannouncement and, in the case of estimates of mineral resources or ore reserves, that all materialassumptions and technical parameters underpinning the estimates in the relevant marketannouncement continue to apply and have not materially changed.

All amounts within this presentation are stated in United States Dollars consistent with thefunctional currency of Fortescue Metals Group Ltd, unless otherwise stated. Tables containedwithin this presentation may contain immaterial rounding differences.

Disclaimer

Forward LookingStatements

2

A world class company

Wholly owned, fully integrated supply chain

Core supplier to China

Shipped>1.3 billion tonnes 170 - 175mtpa

Shipping rate

Industry leading cost position

3

COVID-19 response Prioritise the health of our people, maintain jobs, sustain our business and protect our communities

Temporary extension of operational roster

Temperature testing and health screening

Additional bus and air charter services

Flexible working arrangements, non-essential site and office teams

Village licensed areas closed

1,300 care packages to Aboriginal communities

4

11%

2.5 TRIFR

Improvement compared to 30 June 2019

Reducing fatality risk profile

Total Recordable Injury Frequency Rate on a 12 month rolling basis

Safety and unique culture

5

March quarter 2020 highlightsTRIFR 2.511% improvement from 2.8 in FY19

42.3mt shipped

Growth projectsKey milestones achieved

US$73/dmt

US$13.27/wmt

US$0.1billion

Average price received 82% of 62% Fe Index

10% higher than Q3 FY19 C1 costs 2% lower than Q3 FY19

Net cash

6

Integrated mine to market infrastructure

7

Robust demand in China

Fortescue is a core supplier of iron ore to China

China’s steel production increased to 319mt in 4M CY20

Steel inventories drawn down as economic activity recovers

China’s steel production increased 1.3% YoY in four months to 30 April 2020

60

65

70

75

80

85

90

Jan-18 Mar-18 May-18 Jul-18 Sep-18 Nov-18

China's Crude Steel Production (mt)

2018 2019 2020Source: NBS8

Enhanced product mix delivers value Realising the benefits of West Pilbara Fines

Fortescue’s product mix %

10

8

427

33

9 months to March 2020

West Pilbara Fines Kings Fines Fortescue Blend

Fortescue Lump Super Special Fines

48

45

4

38

9 months to March 2019

West Pilbara Fines Kings Fines Fortescue Blend

Fortescue Lump Super Special Fines9

Iron ore prices resilientSustained demand and supply disruptions support the iron ore market

10

Strong demand for Fortescue’s products

Realisation of 84% of the Platts 62% Index, 9M to 31 March 2020

Draw down of iron ore stocks at Chinese ports 20

40

60

80

100

120

140

Jan-16 Jul-16 Jan-17 Jul-17 Jan-18 Jul-18 Jan-19 Jul-19 Jan-20

Iron Ore Prices (CFR China), US$/dmt

SSF (Portside) FB (Portside)Platts 62% IODEX Platts 65% IODEX

Source: Platts

Price and margins

11

17 24 33 27 24 17 21 57 53 0

20

40

60

80

100

1H16 2H16 1H17 2H17 1H18 2H18 1H19 2H19 1H20

US$/dmt

Underlying EBITDA margin Avg Underlying EBITDA 62 Platts CFR Index

Fortescue realised price Avg Fortescue realised price

Strong underlying EBITDA margins through all market cycles

As at 31 December 2019, Fortescue has generated NPAT of US$17bn and allocated US$9bn of capital to debt repayment and US$6bn to dividends1

(2,000)

3,000

8,000

13,000

18,000

US$m

Cumulative Allocation of NPAT: FY05-HY20

Net debt repayments Dividends NPAT

0

1000

2000

3000

4000

FY14 FY15 FY16 FY17 FY18 FY19 HY20

US$m

Capital allocation to debt and dividends

Net debt repayment Dividends Share buy back

Capital allocation

121 Excludes US$1.6bn dividend paid 6 April 2020

12

13

Credit metricsTarget investment and credit metrics

Target 30 – 40 % (Gross debt)

Target 1-2x (Gross debt)

600

750

500

750

-

600

CY20 CY21 CY22 CY23 CY24 CY25 CY26 CY27

Debt maturities profile (US$m) (excluding leases)

Syndicated Term Loan Senior Unsecured Notes

62%49% 38%

21% 24% 16% 5%

69%56%

45%31% 29% 27% 24%

FY12 FY15 FY16 FY17 FY18 FY19 1H20

Gearing %

Net gearing Gross gearing

2.9 1.6 0.6 1.0 0.3

0.1

3.8

2.1

0.9 1.2

0.7 0.5

FY15 FY16 FY17 FY18 FY19 1H20

Debt to EBITDA (x)

Net debt to EBITDA Gross debt to EBITDA

Investing in growth

Disciplined allocation to core business, innovation and growthInvesting in growth

300-400

1,200 - 1,300

400-500

FY20 FY21 FY22

Iron Bridge Magnetite (US$m)

50

FY20 FY21 FY22

Pilbara Energy Connect (US$m)

1,200–1,300550-650

500-600

FY20 FY21 FY22

Eliwana Mine and Rail (US$m)

350-400

250-300

14

Eliwana project US$1.275 billion capital investment, Progressing on schedule and budget

First steel erection of 30mtpa dry OPF

Stage 1 earthworks on 143km railway completed

Construction peak mid-2020

Aerodrome and village completed, first charter June 2020

15

Iron Bridge Magnetite Project US$2.6 billion investment delivering enhanced returns to shareholders and JV partners

22 mpta, 67% Fe productFirst ore on ship mid-2022

Detailed engineering passed halfway mark

First blast at OPF siteAllowing earthworks to commence

16

Site construction will commence second half of CY20

Pilbara Transmission project 275km of high voltage transmission lines

Pilbara Generation project 150MW gas, 150MW solar PV

Chichester Solar Gas HybridLarge scale battery storage Displacing around 100 million litres of diesel at Chichester Hub

Energy infrastructure US$8001 million investment providing 25–30 per cent of stationary energy requirements from solar

1 Fortescue US$700m PEC and Alinta Energy’s Chichester Solar Gas Hybrid investment 17

FY20 Guidance

Shipments

Capital investment

C1 cost / wmt

175-177mt

$2.0-2.2 billion

$12.75-$13.25US

US

18

19