An emerging new world-class copper and gold producer

Company presentation April 2013 Forward-looking statements

This presentation includes certain “forward-looking information” within the meaning of applicable Canadian securities legislation and “forward-looking statements” within the meaning of the “safe harbour” provisions of the United States Private Securities Litigation Reform Act of 1995. All statements and information, other than statements of historical fact, are forward- looking statements and information that involve various risks and uncertainties. There can be no assurances that such statements or information will prove accurate and actual results and future events could differ materially from those anticipated in such statements. Such statements and information contained herein represent management’s best judgment as of the date hereof based on information currently available. The Company does not assume the obligation to update any forward-looking statements or information or to conform these forward-looking statements or information to actual results. For a more detailed list of specific forward-looking statements and information applicable to the Company, refer to the “Forward-Looking Information and Forward-Looking Statements” section of the Annual Information Form.

The contents of this presentation are not to be construed as legal, business, investment or tax advice. Each recipient should consult with its own legal, business, investment and tax adviser as to potential legal, business, investment and tax issues. By attending this presentation, you acknowledge that you will be solely responsible for your own assessment of the market and the market position of the company and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the company's business.

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The United States Securities and Exchange Commission permits U.S. mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. We use certain terms on this website such as "measured," "indicated," and "inferred" "resources," which the SEC guidelines generally prohibit U.S. registered companies from including in their filings with the SEC. U.S. investors are urged to consider closely the disclosure in our Form 40-F which may be secured from us, or from the SEC's website at www.sec.gov/edgar.shtml.

Qualified Persons

The technical information in this presentation is derived from Turquoise Hill Resources’ news releases, each of which has been reviewed by one or more qualified persons (QPs), as defined by NI 43-101. Copies of the releases naming the QPs for the Turquoise Hill Resources are available at SEDAR (www.sedar.com) or on the company’ website.

2 Investment proposition

1 Unique pure copper and gold exposure with attractive industry fundamentals

2 World class asset, strategically located next to the key growth market

3 Attractive growth profile with further expansion options

4 Plan in place to fund ongoing project development

5 Delivering on key milestones: first production on budget and on schedule

6 Expected cash flow generation from 2013

7 Partnership with Rio Tinto, best in class operator and developer

Transitioning from a successful minerals explorer and developer to a world class mining company

3 Unique North America-listed pure copper and gold exposure

Top 15 producing copper mines (2020)(1) ) lb

2020E C1 Cash ($/ Cost Cash C1 2020E Turquoise Hill Resources/ Oyu Tolgoi(2)

Bubble size reflects contained copper resources (kt) Independent copper producer and publicly traded Owned by diversified miner or private

2020E Copper Production (kt) Source: Brook Hunt. (1) Top 15 producing copper mines in 2020 include: Andina, Antamina, KGHM, Cananea, Cerro Verde, Chuquicamata, Collahuasi, El Teniente, Escondida, Grasberg, Norilsk, Los Pelambres, Kansanshi, Morenci, Oyu Tolgoi, Radomiro Tomic. (2) Production and 10 years average cash cost from 2013 Oyu Tolgoi technical report. 4 Oyu Tolgoi projected to be a major gold producer

Top 10 deposits by contained gold reserves and . Oyu Tolgoi ranks as top 4 gold deposit resources (moz)(1) globally by contained reserves and resources . First 10 years average annual production of 495koz of gold compares favourably with mid-tier gold producers #4: Oyu Tolgoi . Gold is projected to account for approximately 37 % of Oyu Tolgoi revenues in the first five years of production(2)

0 20 40 60 80 100

(1) Top 10 deposits include: Free State, Round Mountain, Tropicana East, Oyu Tolgoi, Lihir Island, Jinshan, Rosia Montana, Tabakoto, Olimpiada , Sukhoi Log (2) Based on 2013 technical report. Source: Metals Economics Group and 2013 Oyu Tolgoi technical report. 5 World-class asset, experienced operator

. Strategic location: o At the doorstep of the major growth market, 80km from Chinese border . Near-term and large scale: o Commercial production in June 2013(1) o Multi decade mine life o 2.2bt Measured & Indicated (M&I) and 4.4bt Inferred resource: ranks in top 8 deposits by contained copper equivalent(2) o First 10 years average annual production of 330kt of copper . High grade and low cost: o Expected to be first-quartile producer o Significant by-product credits from gold and silver . Partnership with Rio Tinto - experienced and innovative operator: o Track record of developing and operating world- class assets o World leader in underground block cave mining o Developing and using innovative technologies

(1) Subject to the resolution of the issues being discussed with the Mongolian Government. (2) Top 10 deposits include: Buenavista del Cobre, Olympic Dam, Andina Division, El Teniente, Escondida, Grasberg, Chuquicamata, Oyu Tolgoi , Pebble, Collahuasi. Source: 2013 Oyu Tolgoi technical report and Metals Economics Group. 6 Delivering on key project milestones

Milestone Timeline Commence pre-stripping of open pit overburden Completed - Q2 2012 

Sign binding power purchase agreement with the Inner Mongolia Power Completed – Q4 2012  Company Open 100ktpd concentrator Completed – Q4 2012  First concentrate produced Completed – Q1 2013 

Begin commercial production (30 days at 70% capacity) June 2013(1)

Close project finance package Q2 2013

Complete Phase 2 feasibility study H1 2014

(1) Subject to the resolution of the issues being discussed with the Mongolian Government.

7 Commercial production on track for June 2013

. Phase 1 construction 99% complete . Forecast phase-one capital cost $6.2 billion, within 3% of budget . At the end of February, the mine stockpiled more than 12 million tonnes of ore . Shaft #2 construction at Hugo North progressing well – headframe reached final height of 96 metres in Q2’12 . Approximately 13,400 meters of lateral underground development to date

First copper concentrate stockpile – February 1, 2013

8 Significant expansion potential and execution flexibility

Phase 1 Phase 2 Future phases

• Southern Oyu Deposit: • Hugo North Deposit : • Hugo North (Lift 2)  1.0bt reserve  0.5bt reserve • Hugo South Deposit:  0.8bt Inferred resource  1.3bt M&I resource  0.9bt M&I resource • Heruga Deposit:  0.5bt Inferred resource  1.2bt Inferred resource  2.0bt Inferred resource

• Conventional open pit truck and • Underground block cave mine • Ongoing optimization of shovel operation • Ore grade 4x higher compared to production schedule and • Secondary source of ore open pit expansions sequencing feedstock once underground • Ramp up from 2016 to 95ktpd • Analysis of drill data to generate operations have ramped up • FS to be completed in H1 2014 exploration targets • Cash flow generation from 2013

100ktpd concentrator

Potential concentrator expansions to accelerate production

Source: 2013 Oyu Tolgoi technical report. Note: Reserves and resources stated on 100% ownership basis. The mineral reserves reported above are not additive to the mineral resources. 9 Oyu Tolgoi long section

Source: 2013 Oyu Tolgoi technical report. 10 Multiple development options are available

. All options to be evaluated to ensure optimum development pathway . Actual operating performance to be evaluated prior to committing to expansions . A decision to expand the concentrator not required before 2015

OYU TOLGOI DEVELOPMENT OPTIONS

Plant Expansion Decision Point ~300 ktpd / 109.5 Mtpa Capacity

Mine Decision Point Heruga Plant Expansion at Capacity ~240 ktpd / 87.6 Mtpa Capacity

Hugo North Lift 2 Heruga Hugo South

~190 ktpd / 69.3 Mtpa Capacity

Hugo North Lift 2 Hugo South Heruga

160 ktpd / 58.4 Mtpa Capacity

Hugo North Lift 2 Hugo South Heruga

Hugo North Lift 1 100 ktpd / 36.5 Mtpa Capacity

Hugo North Lift 2 Hugo South Heruga SW Pit

2013 2015 2020 2024 2032 2037 2040 2050 2060 2070 2090 Project Year

Source: 2013 Oyu Tolgoi technical report. 11 Landmark project financing well advanced

. Largest ever project financing in the mining sector . Strong project economics supported by low operating costs, significant production and Key highlights attractive market fundamentals . Debt ceiling agreed above $3-4 billion, providing financial flexibility

. Fund ongoing development of the project . Diversify sources of project funding through involvement of International Financial Main objectives Institutions, Export Credit Agencies and international commercial banks . Repayment of Interim Funding Facility

. Term sheet agreed . Extensive technical, environmental, legal and financial due diligence completed Current status . Boards of the EBRD and the IFC approved their respective participation . Bids from prospective lenders received in March . On track for completion in Q2 2013

12 Turquoise Hill investment proposition

. Unique pure copper and gold exposure with attractive industry fundamentals

. World class asset, located 80 km from the world’s largest copper market

. Attractive growth profile with further expansion options and execution flexibility

. Landmark project financing well advanced to fund ongoing underground development

. Solid track record: first production delivered on budget and on schedule

. Counting down to commercial production: expected cash flow generation from 2013

. Partnership with Rio Tinto: best in class operator and developer

13 Appendix

14 Long-term copper demand drivers remain positive

Electrification of large emerging markets will While sectors such as automotive have significant further support demand further potential growth Per capita electricity consumption (GWh/capita) 1970-2010 Passenger vehicle ownership/1000 people*

UK USA China 18,000 600 High income Japan South Korea Germany mature markets Russia Brazil India 16,000 Germany 500 14,000

USA 12,000 400

10,000 Middle-income 300 industrialising 8,000

6,000 200 Mexico High income 4,000 densely populated 100 Emerging 2,000 India markets Hong Kong

China - 0 0 10,000 20,000 30,000 40,000 50,000 0 10,000 20,000 30,000 40,000 50,000 GDP/Capita US$ * 2009 except China which is 2011 GDP/Capita US$

Source: Enerdata, Global Insight, World Bank.

15 While supply side faces increasing constraints

Copper prices have been supported by the high YoY production losses remain to be a concern cost of incentivising new projects Greenfield project capital intensity to increase from Escondida ~$8,000/t Cu Eq. to ~$17,000/t Cu Eq.by 2025 Chuquicamata Grasberg Collahuasi El Teniente Top 10 assets experienced 660kt Cu Los Pelambres yoy production loss Norilsk Antamina Bingham Canyon 2010 2011 Batu Hijau Oyu Tolgoi – Phase 1 0 200 400 600 800 1000 1200 kt Cu

Between 2004 – 2016 the industry loses 4.2Mt p.a. of potential production driven by grade decline and closures Grade (%) (RHS) Closures (Exsiting & New Projects) Grade Decline 3000 0.94% 2500 0.89% 2000 0.84% 0.79% 1500 0.74% 1000 0.69% 0.64% 500 Bubble size reflects incremental production (ktpa Cu) 0.59% 0 0.54% 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015

Source: Wood Mackenzie and 2013 Oyu Tolgoi technical report. 16 Oyu Tolgoi and Turquoise Hill ownership structure

Rio Tinto

OT Project Manager(1)

51%

Turquoise Hill Resources Government of Mongolia

66% 34%

Oyu Tolgoi LLC

(1) Rio Tinto was appointed as the exclusive project manager for Oyu Tolgoi project under 2010 Heads of Agreement with Ivanhoe Mines. 17 Updated Technical Report highlights

. Phase-two capital estimate of $5.1 billion based on 100kt per day concentrator capacity and purchased power

. Increased peak underground production rate from 85kt per day to 95kt per day

. Projected operating unit costs in first quartile for first 10 years

. Mine optimization increased recovered copper and gold mineral reserve by 4.4% and 4.3% respectively

. Copper and gold measured and indicated mineral resources increased by 13% and 20% respectively

. Value engineering work underway:

opportunities to improve the economics Shaft #2 and #5 through cost reductions and optimization of the mine plan 18 Project economics are highly attractive

Description Units 2013 Reserve Case

Total Processed Billion tonnes 1.5

Copper Grade % 0.89

Gold Grade g/t 0.34

Silver Grade g/t 2.03

Copper Recoverable Billion pounds 26.5

Gold Recoverable Million ounces 12.9

Silver Recoverable Million ounces 83.0

Mine Life (of current reserve only) years 43

10Y Average Cash Cost After Credits(1) $/lb Cu 0.89

Phase 2 Capital US$ Billion 5.1

NPV (8%) After Tax US$ Billion 9.9

IRR After Tax % 43 Headframe of Shaft #5 Payback Period years 7.4

Notes: US$ amounts presented in real 2013 terms (1) Excludes amounts paid to TRQ for Net Smelter Return based payment and 50% of the management fee

19 Other assets update

• Operations at Ovoot Tolgoi mine resumed on March 22, 2013 • Target production of 3.2 million tonnes of semi-soft coking coal over the remainder of 2013

• 2013 target mill throughput: 1.4 -1.6 million tonnes at 1.3 – 1.5% copper and 0.8 – 1.0 g/t gold • Production commenced at Starra underground mine in March 2013 • A$80 million equity raising has strengthened Ivanhoe Australia’s balance sheet

• Binding agreement for the sale of Turquoise Hill’s 50% interest in Altynalmas for $300 million signed in February 2013 • Transaction expected to close in Q2’13

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