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Dugald River Project — Net Proceeds of ~US$92 Million of the Rights Issue Allocated Towards Funding the Project Share Market

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Dugald River Project — Net Proceeds of ~US$92 Million of the Rights Issue Allocated Towards Funding the Project Share Market Rights Issue Presentation 2 November 2016 Important notices and disclaimer The information contained in this presentation is restricted and is not for release, publication or distribution, directly or indirectly, in whole or in part in, into or from Canada, Japan, the United Kingdom, the United States, the People’s Republic of China, Ireland, Italy, Norway, Singapore, South Africa, Switzerland and the British Virgin Islands or any jurisdiction (the “Restricted Territories”) where to do so would constitute a violation of the relevant laws of such jurisdiction and is intended solely for your personal reference and may not be reproduced, redistributed or passed on, directly or indirectly, to any other person (whether within or outside your organisation/firm) or published, in whole or in part, for any purpose. No representation or warranty express or implied is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained in this presentation. It is not the intention to provide, and you may not rely on this presentation as providing, a complete or comprehensive analysis of the Company’s financial or trading position or prospects. You should conduct such independent investigations and analysis of the Company as you deem necessary or appropriate. The information contained in this presentation should be considered in the context of the circumstances prevailing at the time and has not been, and will not be, updated to reflect material developments which may occur after the date of the presentation. Macquarie Capital Limited and each of its related bodies corporate and their respective directors, employees, officers and advisers (“Macquarie”) accept no responsibility or liability for the contents of this presentation, make no warranty or representation as to the accuracy of the information in this presentation and to the maximum extent permitted by law, exclude and disclaim all liability for losses incurred as the result of any information being inaccurate or incomplete. Macquarie makes no recommendation as to whether recipients of this presentation should participate in the Rights Issue and makes no warranties concerning the Rights Issue. None of the Company nor any of its respective affiliates, advisors (including Macquarie) or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss or damage howsoever arising from any use of this presentation or its contents or otherwise arising in connection with this presentation. In furnishing this presentation, the Company undertakes no obligation to provide any additional information or to update this document or any additional information or to correct any inaccuracies which may become apparent. The recipient acknowledges that neither it nor Macquarie intends that Macquarie or any member of the Macquarie group of companies acts or is responsible as a fiduciary to the recipient, its officers, employees, consultants, agents, security holders, creditors or any other person. Each of the recipient and Macquarie (on behalf of each other member of the Macquarie group, by accepting and providing this presentation respectively, expressly disclaims any fiduciary relationship and agrees that it is responsible for making its own independent judgments with respect to the Rights Issue, any other transaction and any other matters arising in connection with this presentation. Macquarie and its directors, employees, officers may have interests in the MMG securities referred to in this presentation, including being directors of, or providing investment banking services to MMG. Further, they may act as a market maker or buy or sell those securities or associated derivatives as principal or agent. Macquarie may receive fees for acting in its capacity as disclosed in the presentation. This presentation includes forward-looking statements. Forward-looking statements include, but are not limited to, the company’s growth potential, costs projections, expected infrastructure development, capital cost expenditures, market outlook and other statements that are not historical facts. When used in this presentation, the words such as "could," “plan," "estimate," "expect," "intend," "may," "potential," "should," and similar expressions are forward-looking statements. Although the Company believes that the expectations reflected in these forward- looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements. This presentation may contain certain information derived from official government publications, industry sources and third parties. While we believe inclusion of such information is reasonable, such information has not been independently verified by us or our advisers, and no representation is given as to its accuracy or completeness. Nothing in this presentation should be construed as regulatory, valuation, legal, tax, accounting or investment advice and it does not constitute a recommendation, solicitation, offer or commitment to purchase, sell or underwrite any securities to you, from you, or on your behalf, or to extend any credit or provide any insurance to you or to enter into any transaction. This presentation is not intended to form the basis of any investment decision. It does not constitute an offer or invitation to sell, or any solicitation of any offer to subscribe for or purchase any securities in any, and nothing contained herein shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. 2 Important notices and disclaimer (continued) Any decision to purchase securities of the Company in any public or private offering should be made solely on the basis of the prospectus to be prepared by the Company in relation to any such contemplated offering. This document contains no information or material which may result in it being deemed (i) to be a prospectus within the meaning of section 2(1) of the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Chapter 32 of the Laws of Hong Kong), or an advertisement or extract from or abridged version of a prospectus within the meaning of section 38B of the Companies (Winding Up and Miscellaneous Provisions) Ordinance or an advertisement, invitation or document containing an advertisement or invitation falling within the meaning of section 103 of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) or (ii) in Hong Kong to have effected an offer to the public without compliance with the laws of Hong Kong or being able to invoke any exemption available under the laws of Hong Kong and is subject to material change without notice. This presentation may not be released or distributed in the United States or any other Restricted Territory. This presentation does not constitute an offer or invitation to purchase or subscribe for any securities in the United States (including its territories and possessions, any state of the United States and the District of Columbia), any other Restricted Territory or any other jurisdiction and no part of it shall form the basis of or be relied upon in connection with any contract, commitment or investment decision in relation thereto, nor does this presentation constitute a recommendation regarding the securities of the Company. No securities have been, nor will be, registered under the U.S. Securities Act of 1933 (the “US Securities Act”) or the applicable securities laws of the other Restricted Territories. Accordingly, unless an exemption under the relevant securities law is applicable, securities of the Company may not be offered, sold, taken up, exercised, renounced, resold, delivered or distributed, directly or indirectly, in or into the United States or the other Restricted Territories or any other jurisdiction if to do so would constitute a violation of the relevant laws of, or require registration thereof in, such jurisdiction. Securities may not be offered or sold in the United States absent registration or exemption from registration under the US Securities Act. There will be no public offering of the Company’s securities in the United States. By viewing the information contained in this presentation, you agree to the foregoing terms and represent that (a) you are not accessing this presentation from with the United States or another Restricted Territory and (b) you are a person who is permitted under applicable law and regulation to receive information of the kind contained in this presentation. 3 Contents 1. Overview of Rights Issue 2. MMG overview 3. Company highlights 4. Appendix a) 3Q 2016 production report b) 1H 2016 interim results c) Mineral resources & ore reserves 4 1. Overview of Rights Issue MMG Limited An emerging copper major Operations in Peru, Africa, Asia and Australia – including the Tier 1 Las Bambas asset Industry leading ramp up at Las Bambas Headquartered in Melbourne, with dual listing structure on the Hong Kong Exchange and ASX 6 Overview of the Rights Issue MMG has announced a fully underwritten Rights Issue to raise ~US$512 million Rights Issue size . MMG Limited ("MMG") will offer 2,645 million New Shares at HK$1.50 per New Share to raise and structure approximately US$512 million via a fully underwritten Rights Issue . MMG will provisionally allot 1 New Share in Nil-paid form for every 2 Shares held by each Qualifying Shareholder on the Record Date . New Shares issued under the
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