Cameron McRaePresident & CEO

The Promise of Oyu Tolgoi and MongoliaMongolian Investment SummitOctober 30, 2012

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THE PROMISE COMES TRUE

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FULFILLING OUR PROMISES

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* Source: IDOP Technical Report Assumptions

In 2020, 80 per cent of wealth will come from

underground

Open Pit

184kT Cu

Underground

628kT Cu

THE PROMISE TO COME

Ready to go today Yet to come

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A PROMISING OUTLOOK1.8Mt production loss between 2012-2016

due to closures

The industry requires 1.6Mt Cu as a result of grade declines

from 2012-2016

Continued project development is necessary to meet medium term demandCopper mine supply-demand outlook (Mt)

0

5

10

15

20

25

30

35

40

2008 2013 2018 2023

Base production Highly probable projectsProbable projects Possible projectsPrimary demand

Source: Wood Mackenzie Q3 2012

-1.6 Mt

-0.05%

-2.7 Mt

-0.11%

-1.5 Mt

-0.09%-0.5 Mt

-0.01%

1997-2001 2002-2006 2007-2011 2012-2016

506

473

319

144

3222012

2013

2014

2015

2016

Production loss due to closures kt Cu

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THE IMPORTANCE OF A COMMITTED WORLD-CLASS PARTNER

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THE IMPORTANCE OF KEEPING PROMISES

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MONGOLIA IS A PROMISE YET TO BE FULFILLED

THANK YOU

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