Turquoise Hill Resources (TRQ) investor relations material

Operational performance and production guidance

• Achieved positive operating cash flow and focused on cost savings, with a $180 million reduction in operating costs and capital expenditures in 2014.

• Accessed high-grade open pit zone in Q3'14, with improved grades expected to continue into Q4'14.

• Strong concentrate sales in Q3'14, exceeding production.

• 2014 guidance: 550-600koz gold and 135-150kt copper in concentrates.

• Received $115 million from Mongolian Treasury Bill in October 2014.

Development and expansion plans

• Next phase of underground development depends on resolving shareholder matters, funding, feasibility study approval, and permits.

• 2014 Technical Report proposes significant value through expansion, with a $4.9 billion capital estimate for 100,000 tpd concentrator capacity.

• Underground production planned at 95,000 tpd, with ore conveyed to surface for flexibility.

• Opportunities identified for economic improvement via plant creep, cost reductions, and mine plan optimization.

Resource base and mine design

• Mineral reserve estimates in 2014 are broadly consistent with 2013, with minor changes in reserve size and grade.

• Large resource base supports long mine life and expansion optionality, with mine design considering future growth.

• Decline access provides opportunity to develop conceptual Hugo South mine.