Minas-Rio Impairment Considerations and Project Delivery

KEY MESSAGES • Medium and long term attractiveness and strategic positioning of Minas-Rio remains intact • Cost and schedule review completed, including a detailed re-evaluation of all aspects of the outstanding schedule, with a focus on maximising value and mitigating risk • Good progress made in 2012 – all three injunctions that had disrupted the project in 2012 have been lifted • . Disappointed that capital expenditure increased to $8.8 billion (FOOS by the end of 2014) The delivery of Minas-Rio is dependent upon a number of development milestones being achieved in 2013 and other factors $4.0 billion post-tax impairment charge recorded, based on risk adjusted assumptions 13

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