Slide 1: Preliminary Results 30 June 2005
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Slide 3: Results
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Slide 5: |. F—S—ia==s
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Slide 6: Turnover, EBITDA, EBIT, exceptional items
MN ini Turnover (7) EBITDA (2) EBIT (2) Exceptional items
Slide 7: EBIT by Customer Sector Group
: EBIT by mers } AL a ii USS Petroleum Aluminium Base Metals Carbon Steel Materials Diamonds & Spec ies ee Te nle rs Sie es iC hei ea, a i ai ))) Ne ye Fy 4 bole, Ge un ae Te, Ul U WA oe a 4 Oo. AlG i ii i il il i) JO) ill I) i ii il i 7 i Sn i 7 1,830 977 2,177 2,821 498 (81) 616 758 at a ce a a4 7
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Slide 9: Total cost variance
Total cost variance - US$(775 ) million
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Slide 11: Attributable profit, EBIT and net interest
AIT) il i on a il n ii al Ml aah itt si | ni ttributable _EBIT _ Net interest expense _ Exchange impact on n.debt fie, gy Ae (pense ae 4 oe eg Co a _. 8 : a | a - lo - « 2 | ab iy
Slide 12: Operating cash flow and JV dividends
Operating cash flow and JV dividends Net interest paid Tax paid . Available cash flow Capital expenditure Exploration expenditure 6,769 (332) (1,337) 5,100 (2,589)
Slide 13: Results
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Slide 25: Total price variance
OT] «_ enn ed Ju @ 2005 5 vs year ded Jilne 20 is Total price variance + USSs, 665million
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iii, : : A ne ou oo a ee TTT | Asse +f fel di SOO Is . : at nee Jul 200 | | | Ill || i TN i i | - : _ FY2005 ~-FY2004 ae 7 - oo : 02 - ~=~)—hOh™S—OeS,PE§$E$»a - ) _ 77 _ 7) / L 845 | ie a : ice 2. a o a . oo _ ion iE 7 - ' . _ ..§. : . Oe i - : .. . a - . ne Do 2G -
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Slide 29: Target gearing range
arget gearing range
Slide 30: Major projects US$6.3 billion
WINN i) HG NH 26 projects __US$6.3 billion
Slide 31: Major development projects status
Paranam refinery expansion (Suriname) — 45% Alumina Q3 CY05 ncrease capacity © 2.2 million tpa (100%) On ‘ime ‘an d budget Worsley development capital (Australia) — 86% Alumina Q1 CY06 250,000 tpa (100%) On time and budget Escondida Norte (Chile) - 57.5% Copper Q4 CY05 Maintain capacity at 1.25 mill
Slide 32: Ravensthorpe, Yabulu, Atlantis South and other projects
Ravensthorpe (Australia) — 100% Q2 CY07 Up to 50,000 tpa contained nickel in concentrate On time. Cos review underway Yabulu (Aus tralia) ~ 100% Allantis South (US) - 44% End CY07 45,000 tpa nickel 200,000 barrels per day and 180 million cubic feet gas per day (100%) On time. Cost review underway On
Slide 33: Projects under development
i ii iii mye 4 ile 9 b uy Alumina Q1 CY08 2 million tpa (100%) Escondida Coarse Particle Recovery (Chile) — 57.5% Copper Q3 CY07 50,000 tpa (100%) Increase MAC capacity Western Australia Iron Ore RGP 3 lron Ore Q2 CY08 to. 42 million pa (100%) Samarco (Brazil) - 50% Iron Ore H2 CY08 7 million tpa (1
Slide 34: Future project schedule
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Slide 35: Project capex and initial production dates
Project Antamina (Peru) - 33.75% Our Share of Capex Budget US$M Actual USSM Initial Production Date Budget USSM Q2cy01 Actual US$M Q2CY01 Typhoon (USA) - 50% Q3 CY01 Q3 CY01 Tintaya Oxide (Peru) - 99.9% Q2 cY02 Q2 CY02 Escondida Phase IV (Chile) — 57.5% Q3 CY02 Q3 CY02 San Juan Underground (USA) — 1
Slide 36: Project capex and initial production dates
Project Zamzama (Pakistan) - 38.5% Our Share of Capex Budget USSM Actual USSM Initial Production Date Budget USSM Q3 CY03 Actual US$M Q2 CY03 Area C (Australia) — 85% Q4 CY03 Q3 CY03 MtArthur North (Australia) - 100% Q4 CY03 Q4 CY03 Hillside 3 (South Attica) - 100% Q2 CY04 Q4 CY03 Ohanet (Algeria) —
Slide 37: Project capex and initial production dates
Project WA Iron Ore accelerated expansion (Australia) — 85% Our Share of Capex Budget US$M Actual USSM Initial Production Date Budget USSM Q2 CY04 Actual US$M Q2 CY04 NWS Train 4 (Australia) — 16.7% Mid CY04 Mid CY04 ROD (Algeria) - 36% Q4 CY04 Q4 CY04 GoM Pipelines Infrastructure (US) - 22/25% Q4 c
Slide 38: Project capex and initial production dates
Project Angostura (Trinidad) - 45% Our Share of Capex Budget USSM Actual USSM Initial Production Date Budget USSM End CY04 Actual US$M Jan 2005 Dendrobium (Australia) - 100% Mid CY05 April 2005 Panda Underground (Canada) — 80% Early CY0S April 2005
Slide 39: Net interest and taxation expense
Pe 2004. of i if i ll (100) 5488 —-(60) Netinterest (502) (133). Taxation expense (2,215) 61. (85)
Slide 40: Net payables, receivables and tax provisions
a sl i LA ll ti ct Net payables, receivables & employee provisions Resource Rent Tax provision Tax provisions (500). ee i) Ly Vy Lee oy (A al _ 2 - _ | i i |
Slide 41: Commodity price sensitivities
Ne i CO e ry ret orc ofit se ns nA Uo ce ee Sons _ a2 ] a a2 2 Sy yk a 7} t ussit on iron ore price US$1/bbl on oil price Ay Vy —US$1/t on metallurgical coal price yocl ib on aluminium ee : US ey Ma / co _. : (eo / ic . 7 ce co ee ee isis HEE STP EROS | eg = Rea e = ee 2 + zi ae eee es -- _ i i oo [
Slide 42: Exchange rates and net monetary liabilities
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Slide 43: Results under Australian GAAP
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Slide 44: EBIT, EBITDA and margin excluding third party products
i US$ ~ i TL Fr200¢ ~ | FY2001 | H1 H2 H2 FY EBIT 2,183 3,306 1,506 3,605 4 Depreciation & Amortisation 945 1,073 4,004 1,804 EBITDA 4378 FY2005 FY2004 Net Profit after Tax 6,512 3,510 Restatement of debt and net monetary liabilities (40) (278) 6,552 3,788 FY2004 FY2002 Turnover 24,943 17,778 EBIT 5
Slide 45: Segment EBIT margin excluding third party product activities
USS million ~ F¥2005 Aluminium a Turnover 5,265 EBIT 977 EBIT margin (%} 186 Turnover from third party product activities 2,057 EBIT fromthird party product activities 24 Turnover excluding third party product activities 3,208 EBIT excluding third party product activities 956 EBIT margin excluding t
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