Rio Tinto annual investor seminar presentation, London - 30 October / Sydney 2 November 2009

1. Investor Seminar 30 October 2009

3. Tom Albanese Chief Executive Officer

4. Seminar outline BREAK Introduction, outlook & strategy Tom Albanese Iron ore Sam Walsh Aluminium Jacynthe C ô t é Financial update Guy Elliott Summary Tom Albanese Questions & answers

5. Lost Time Injury Frequency Rate Per 200 000 hours worked Source: Rio Tinto. Safety remains key to our business All Injury Frequency Rate Decline in injury frequency rates 2000 – September 2009

10. percent yoy Growth in China is already back close to average since 2000 but elsewhere it remains well below Change in GDP US Japan China has been leading the global economic recovery Source: Reuters Ecowin, Consensus Economics China Germany

13. Large scale assets provide significant expansion options The majority of Hamersley Iron’s value has come from brownfield expansions NPV (indexed) Sevenfold increase in NPV Greenfield Brownfield Brownfield Brownfield Total Hamersley Iron

14. Superior profits are delivered by high quality assets Source: Rio Tinto. Based on comparison of 2008 or 2009 industry cash cost curves and consensus long run prices. Q1/Q2 share of EBITDA Percentage of industry EBITDA captured by position on the cost curve Q1 Q2 Q3 Q4 72% 61% 63% 61% 58% 63% 63% 71% Distribution of industry EBITDA across the cost curve

15. Copper Bauxite Coal Alumina Nickel Aluminium Uranium Alumina Copper / Gold / Molybdenum Uranium Copper / Gold Iron ore Copper A diversified business with tier one growth options Feasibility & development Brownfield Greenfield Copper / Gold Aluminium Iron ore Aluminium Source: Rio Tinto Aluminium Nickel Coal Copper

16. Iron Ore Sam Walsh Chief executive, Iron Ore

17. Iron ore overview Global development Recent operating conditions and business performance Long term market outlook Pilbara growth options WA iron ore production JV update Summary

18. Safety is our top priority * AIFR (all injury frequency rate) includes Lost Day Injuries, Restricted Work Day Injuries and Medical Treatment Cases per 200,000 hours worked which consists of employees, contractors and covers operations and all projects. ** LTIFR (lost time injury frequency rate) includes Lost Day Injuries, Restricted Work Day Injuries and Fatal Injuries which consists of employees, contractors and covers operations and all projects. Data includes all Rio Tinto iron ore global operations. Source: Rio Tinto Iron Ore Injury Rates, 2000 to YTD 2009 LTIFR**

19. All major markets on the road to recovery Annualised global crude steel production (Mt)* Seaborne iron ore imports (Mt)** Source: *World Steel Association, **Global Trade Atlas China Rest of World N. America Japan, Korea & Taiwan EU27 EU15

21. Pilbara operations consistently performing Pilbara iron ore run rates Source: Rio Tinto Week 43 Week 1 Planned shutdowns

22. Operations Centre…

24. Focus remains on reducing costs and further improving cash generation Pilbara cash operating cost breakdown* (US$) H1 2009 * Cost breakdown calculated from Rio Tinto share of Hamersley Iron and Robe River Accountable Cash Costs for H1 2009, as per Responsibility split. ^ Unit cost data is Rio Tinto share of Hamersley Iron and Robe River calculated from cash costs for Hamersley iron and Robe River, excludes Royalties, Freight costs, and adjusted for CPI. Pilbara unit operating costs in real terms^ Indexed to 2006 Source: Rio Tinto Internal Analysis

25. China and other emerging nations will drive steel consumption growth Source: WSA, RTIO analysis * Charts show steel consumption (Mt)

26. Urbanisation will continue to drive Chinese steel finished consumption Source: WSA, China NBS, Global Insight, RTIO Analysis * Maps show per capita steel consumption (kg/person) 2008 2020 Increasing steel intensity 2000

27. China increasingly reliant on lower-cost iron ore imports Apparent consumption of domestic iron ore (Mt) 2008 Source: China Customs, CRU, Bloomberg, Clarkson’s, RTIO internal estimates, RTIO Analysis Iron ore market cost curve 2008 Rio Tinto Pilbara * Consists of seaborne iron ore and Chinese private domestic * Value-in-use adjusted to a Pilbara Blend Fines basis Iron ore market cost curve* 0 50 100 150 200 250 0 200 400 600 800 1,000 1,200 2008 $/t, CR China Cumulative iron ore production (Mt/a) Contestable iron ore market 2009 YTD average

37. Production JV to capture +$10 billion in synergies… Sources: Rio Tinto and BHP Billiton public releases

39. Rio Tinto Alcan Jacynthe Côté Chief executive, Rio Tinto Alcan

40. Rio Tinto Alcan overview Sustainable competitive advantages Aluminium market update Optimising the business Leveraged to industrialisation and urbanisation Summary

41. * Estimated historical data (2000 to 2007) adjusted to Rio Tinto definitions We have fully integrated the Rio Tinto safety systems 20% reduction in All Injury Frequency Rate from 2008 to 2009 On the way to reaching Rio Tinto performance levels 2008 2009 2000 to 2009 All Injury Frequency Rates – Rio Tinto and Rio Tinto Alcan 2008-2009 AIFR Performance Rio Tinto Alcan compared to Rio Tinto

42. Inventories remain high but demand shows signs of recovery and reversing the inventory trend Source Rio Tinto estimates Non-China year-to-date -29% China year-to-date +9% Price Weeks of inventory (Western World shipments) $ / tonne weeks Sources: IAI (International Aluminium Institute), Rio Tinto Alcan – Industry Analysis World aluminium shipments (monthly, m tonnes) Aluminium price vs inventory

43. Historically, the Chinese aluminium market has remained fairly balanced China net exports of unwrought aluminium (kt) Capacity utilisation rate (Western World and China) Sources: IAI (International Aluminium Institute); Antaike; Rio Tinto Alcan – Industry Analysis China Western World Exports Imports

54. Alumina greenfield Aluminium greenfield Aluminium brownfield Alumina brownfield Under construction Under consideration Additional opportunities in early stages of development Preserving and enhancing growth options Bauxite options Malaysia (60%) • ~460-920kt Sohar, Oman (20% Ph 1) • Ph 1 completed: ~360kt • Potential Ph 2: ~360kt Guinea (50%) • ~1.6Mt Kitimat, Canada (100%) • ~400kt (replacing current plant with capacity of ~250kt) Straumsvik, Iceland (100%) • ~45kt Edea, Cameroon (47%) • ~600-700kt Yarwun II, Australia (100%) • ~2.0Mt AP 50 Pilot Plant Arvida, Canada (100%) • Ph 1 under construction: ~60kt • Potential Ph 2: ~140–340kt (replacing current Arvida smelter with capacity of ~170kt) Alma II, Canada (100%) • ~180-240kt Weipa Expansion (100%) • ~14Mt Value improvement approach to result in 20-30% capital cost reductions at selected projects, and be replicated at other sites in the future

58. Investor Seminar 30 October 2009

59. Guy Elliott Chief Financial Officer

62. Good value achieved from divestments Cloud Peak Energy IPO 349 Alcan Engineered Products Composites 2,025 binding offer Alcan Packaging global pharma, tobacco, food Europe and Asia not disclosed 56% of Alcan Engineered Products Cable 1,200 Alcan Packaging Food Americas  764 Jacobs Ranch  1,600 Corumbá and potash assets  325 Ningxia, sundry exploration properties  2,940 Greens Creek, Cortez, Kintyre Completed Price (US$m) Asset

69. Tom Albanese Chief Executive Officer

71. The location and grade of new copper mines will create challenges for the industry Notes: 1 Existing mines and funded projects 2 Rio Tinto classification Source: Brook Hunt Q2 2009 Increasing depth . . . Underground copper production 1 (% of global production) … and higher risk Current production and project capacity in high risk 2 regions … decreasing grade… Copper Industry average grade 1 (% Cu) % Global production % New project capacity

81. Investor Seminar 30 October 2009

82. A strong pipeline of value adding growth options * Investment in the Oyu Tolgoi project will be in addition to the above HANDOUT ISAL Yarwun 2 Shipshaw power station AP50 Kitimat modernisation Aluminium QMM expansion Diavik underground Argyle underground Diamonds & Minerals Clermont Kestrel Expansion Northparkes E48 block cave Brockman 4 Mesa A WA power station Pilbara 225 mt Projects in progress Iron Ore Energy Copper* Product Group ERA expansion Rössing extension KUC Moly Autoclave Resolution pre-feasibility Pilbara 330mt infrastructure and studies Automated Train Operations IOC Potential future growth projects