Credit Suisse Asia_Rio Tinto

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    Credit Suisse

    2008 Asian InvestmentConference3 April 2008

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    Tom Albanese

    Chief Executive Officer

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    Introduction

    Continued value delivery for shareholders

    2007 results delivered records across the board: production, EBITDA,

    underlying earnings, cash flow from operations and capital investment

    Outlook remains excellent in Rio Tintos key products

    Alcan transaction logic clear and confirmed, integration is well underway

    Growth and value upside

    Unsolicited and pre-conditional acquisition offer received from BHP given

    careful consideration and rejected on value grounds

    Offer fails to recognise Rio Tintos outstanding assets and prospects

    Insufficient incentive to deviate from proven path to value creation

    Clear strategy and well-balanced portfolio of high quality assets with

    exceptional growth opportunities

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    Strong position in metals well placed to benefitfrom global growth

    Source: Global Insight for population distribution; Rio Tinto estimates for commodity expenditure profiles.Note: Expenditure profiles are based on Rio Tinto estimates of global income and consumption relationships and average real terms prices between 1990-2006. Iron oreand hard coking coal expenditure calculated based on crude steel demand projections, assuming all met by blast furnace production at historic average export prices.

    0%

    5%

    10%

    15%

    20%

    25%

    30%

    0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 45,0000

    10

    20

    30

    40

    50

    60

    Aluminium

    Expenditure per capitaUS$ (2007 terms)

    2007 population distribution

    Copper

    World average income per capita2007

    GDP per capita (in 2000 US$)

    2022

    Iron ore

    Nickel

    Hard coking coal

    ChinaIndia

    Consumption of metals increases in line with increasing income

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    Rio Tinto has a well balanced portfolio

    Iron ore, 29%

    Diamonds &

    Minerals, 5%

    Energy, 5%

    Copper, gold,

    moly, 38%

    Rio Tinto

    Alcan, 23%

    2007 proforma underlying earnings by product group1

    Aluminium takes its placealongside Iron Ore and Copperas a sector leader

    Strong industry position andhigh asset quality in each metal

    Well balanced portfoliopositioned for Chinese growth

    Total 2007 pro forma product group underlyingearnings1 of $9.2 billion

    1 Excludes other items such as corporate and interest costs. Pro forma includescontribution of Rio Tinto Aluminium as well as Alcan from January 1, 2007. Excludes AlcanPackaging and Engineered Products divisions.

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    and a stable platform for global growth

    2007 revenues1 = $41bn

    Rio Tinto Group 2007 pro forma revenues by region of origin

    Australia

    40%

    2% Asia

    Europe12%

    8%S. America5%Africa

    NorthAmerica

    33%

    1. Data under IFRS. Includes Alcan revenues from January 1, 2007.Excludes Alcan Packaging and Engineered Products.

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    Source: AME for aluminium, copper and iron ore. 2001-2006 oil data source is BP Statistical Review of World Energy 2007Note: Consumption data for aluminium, copper and iron ore represents "apparent" consumption rather than actual consumption and is determined by:apparent consumption = domestic production + imports - exports - change in stocks (where available) Forecast available only 2Seaborne Data for 2007 and 2011 is calculated by applying expected consumption growth rates from IEA (International Energy Outlook) tohistorical data

    40%

    20%

    0%

    20%

    40%

    60%

    AluminiumAluminium CopperCopper Iron ore2Iron ore2

    China is the new force in commodity demand

    `2001 2002 2003 2004 2005 2006 2007E 2011E

    + Chinese share increasing

    - US share declining

    Oil3Oil3

    Share of global consumption

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    Direct trade effects on China from aUS slowdown are expected to be small

    Modelling suggests Chinese GDP would fall by less than 1% if US

    demand were to slip to recessionary levels

    Domestic demand remains the primary contributor to GDP

    Source: Global Insight estimates, China Customs Statistics

    Domestic

    82%

    Exportednon-US

    12%

    Exportedto US 6%

    GovernmentSpending

    14%

    Net Trade

    6%

    Consumption35%

    Investment45%

    Chinese copper tube production 2007Composition of Chinese GDP 2007

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    80

    100

    120

    140

    160

    180

    200

    0 5 10 15 20 25 30 35

    Months forward

    Index(spot=100)

    Copper

    Aluminium

    Iron ore

    Nickel Oil

    Source:a) Iron ore 71% settlement for CVRD Carajas fines effective from 1/4/2008 then average of analyst prices for subsequent marketing years, based on Australian finesFOB benchmark price to Asia

    b) Aluminium, nickel, oil, copper - Ecowin, LME, NYMEXc) Based on spot and forward prices at 26 March 2008

    Market outlook suggests stronger forward pricesfor aluminium and iron ore

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    Rio Tinto Iron Ore

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    Seaborne iron ore importsMillion tonnes

    0

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    600

    900

    1200

    1500

    2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

    Rest ofWorld

    China

    12

    China is forecast to double iron ore imports inthe next 6 years

    Source: Actual data GTIS, CBI. Forecast data - Rio Tinto estimates

    Actual Forecast

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    Spot iron ore prices into China indicatesignificant upside

    CFR iron ore prices into China (US$/t, dmt)

    13

    Source: CCCMC and Rio Tinto analysis (Indian exports), benchmark prices and Clarkson spot freight rates (Australia).

    0

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    Jan 07 Feb 07 Mar 07 Apr 07 May 07 Jun 07 Jul 07 Aug 07 Sep 07 Oct 07 Nov 07 Dec 07

    US$

    /t

    Australia CFR China

    Indian exports

    Spot

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    -

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    0 50 100 150 200 250 300 350 400 450 500 550 600 650 700 750 800 850 900 950 1000 1050 1100

    USD/tonne CFR

    pa

    USD/tonne CFR

    Rio TintoPilbara

    BHPBPilbara

    Mine-to-mouthChineseproducers

    Cumulative production (million tonnes)

    Rio Tinto has a highly competitive position in theiron ore industry

    Source: CRU (mining operating costs), Tex report (spot freight rates), Rio Tinto estimates

    2007 iron ore cost curve, delivered to China at spot freight rates

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    Rail and port infrastructure positions Rio Tintoas premier supplier

    Source: Geological Survey of Western Australia - Iron Ore Deposits of the Pilbara Region

    Dampier incorporating: Parker Point East Intercourse Island

    Mine, rail and portinfrastructure

    Red Rio Tinto

    Blue BHPBilliton

    Green FMG

    Cloud Break

    Christmas Creek

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    Rio Tinto global iron ore production

    Conceptual pathway to over 600 million tonnesper annum

    0

    100

    200

    300

    400

    500

    600

    2007 2008 2009 2010 2011 2012 2013 Phase 1 Phase 2 Phase 3

    milliontonnes

    Pilbara

    IOCCCorumb

    Simandou

    Phase 1: Pilbara 320, Simandou 70, IOC/Corumb 40 pre-feasibilityPhase 2: Pilbara 370, Simandou 120 conceptualPhase 3: Pilbara 420, Simandou 170 conceptual

    430

    530

    630

    Source: Rio Tinto estimates. Production on a 100% basis.

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    Delivering on time and on budget

    0%

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    80%

    100%

    120%

    Dampier Port to

    116mtpa

    Yandi to 52m tpa Dam pie r Port to

    140mtpa

    Hope Dow ns Cape Lambert to

    80mtpa (forecast)

    Under budget

    Ahead of schedule

    Over budget

    Behind schedule

    Budget Time

    Source: Rio Tinto

    Iron ore expansion projects (>$300m)

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    Rio Tinto Alcan

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    Primary aluminium consumptionkg per capita 3-year rolling average

    0

    4

    8

    12

    16

    20

    24

    China*

    Japan

    Korea

    Taiwan

    1957 1967 1977 1987 1997 2007

    Chinas initial growth in aluminium consumptionis faster than other Asian economies

    Source:Global Insight; WBMS; IAI; Rio Tinto Alcan

    * If China follows the same growth pattern as Taiwan or Korea, additional annual requirements by the early 2020s will be around 20Mt of primary aluminium, 40Mt of alumina,100Mt of bauxite and 34,000MW of electricity

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    Cash cost

    USD / t

    Aluminium cost curve has risen and steepenedsince 2003, RMB appreciation would impact

    further

    Cumulative production (%)

    2003

    2007 with 15% RMB appreciation(RMB:USD = 6.54)

    Source: James F. King; McKinsey; CRU Primary Aluminium Smelting Costs 2007 Edition Smelter Cost Profiles and the Benchmarking Model Version 2.0; Rio Tinto Alcan Investor Seminar November 26, 2007 p. 32

    2007 base caseRMB:USD = 7.69

    600

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    1,000

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    1,400

    1,600

    1,800

    2,000

    2,200

    2,400

    2,600

    2,800

    0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

    Rio Tinto Alcan

    AlcanRio Tinto

    Potential GHG impact(Rio Tinto Alcan 64% hydropower)

    d k d f l

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    1,500

    1,800

    2,100

    2,400

    2,700

    3,000

    3,300

    Aluminium 5-year forward curveUSD/tonne

    Forward markets indicate a significant structuralre-pricing in the last 12 months

    Dec. 31 2007

    Dec 29, 2006

    Dec 30, 2005

    Dec 31, 2004

    2005 2008 2011 2014

    March 5, 2008

    Feb 2008 analyst

    consensus

    Source: Reuters, LME

    1,100

    l i i b i

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    Alcan investment assumptions are beingrealised only faster

    Additional value from higher synergies, lower Canadian tax and US interest rates

    Outcome in March 2008:

    Increasing energy and electricity costs

    Chinese government restrictions Slowing Chinese output growth China becoming a net importer of primary

    aluminium

    Assumption in July 2007:

    Rising coal prices and power costs inChina

    Removal of export taxes on semis

    Power shortages cut production growthto 11% in January 2008

    Developing Chinese net import trend

    Appreciating Renminbi

    Continuing upward pressure on energycosts Steepening cost curve Likely carbon emissions costs

    Short term pressures would see prices continue to rise

    Longer term pressures will cement a structural change in the industry

    Rmb strengthened 7% against the

    US$ Removal of preferential power

    rates

    Carbon regulations proposed inmultiple jurisdictions

    Source: International Aluminium Association ; Reuters Ecowin

    Ill i l i f i i i d

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    Illustrative analysis of incremental impact on value

    Illustrative analysis of increasing prices andvolumes on Rio Tinto Alcan

    NotesThe above illustrative analysis demonstrates the potential incremental impact of differing commodity price and production volume assumptions on the value of a 4.20Mtpaintegrated aluminium company (balanced chain bauxite, alumina, aluminium) where the base case assumes no expansions, utilising the following assumptions (all figures inreal terms):

    Aluminium smelters: Greenfield capex - $4830/t; Brownfield capex - $3923/t; Sustaining capex - $39/t; $624/t base opex excluding power and alumina; Alumina price14% of Aluminium price.

    Alumina refineries: Capex - $1100/t; Sustaining capex - $17/t; $132/t base opex excluding bauxite and bauxite freight Bauxite: Price is 1.25% of Aluminium prices; Capex $100/t; Sustaining capex - $1.9/t; Opex - $10.4/t.

    Illustrative DCF analysis based on: 7% WACC (Real); 30% tax rate; 50 year asset life. Opex (including a portion of power sourced from 3rd parties) and capex are flexed forhigher prices. 5 year forward curve 3rd March 2008; July 2007 consensus price escalated by 6 months. Expansion scenario assumes addition of 350kt each year from 2009 -2015

    US$ Billion NPV

    Forward curve revertingto Feb 08 consensus

    ($2045 LT)

    Forward curvecontinued from

    2013 ($2895LT)

    Forward curve+350ktpa of expansions

    per annum to 2015

    July 2007Consensus

    ($1970 LT)

    Base Case

    $23 B

    $8 B

    $33 B

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    Rio Tinto Copper

    C

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    CopperHigh quality assets continue to deliver

    Interests in some of the worlds greatest copper orebodies

    Highest earning product group in 2007

    EBITDA of $5.8 billion

    Underlying earnings of $3.5 billion

    Copper, gold and molybdenum markets remain very strong

    By product credits reduce unit cash costs to less than zero

    Great set of growth projects

    Ri Ti t t ll iti d th

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    Rio Tinto copper assets are well positioned on thecost curve

    Source: 2007 Brook Hunt

    Rio Tinto

    BHP Billiton

    Combined Interest

    -200

    -150

    -100

    -50

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    Cumulative Production ( k t )

    C1Cost(/lb)

    Rio Tinto WeightedAverage

    BHP Billiton WeightedAverage

    Rio Tinto

    BHP Billiton

    Combined Interest

    -200

    -150

    -100

    -50

    0

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    Cumulative Production ( k t )

    C1Cost(/lb)

    Rio Tinto WeightedAverage

    BHP Billiton WeightedAverage

    2006 Copper Mine C1 normal unit cash cost

    -73,105

    Rio Tintoweighted average

    BHP Billitonweighted average

    2006 copper cost curve, net of by-product credits

    Rio Tinto has an interest in the worlds largest

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    Rio Tinto has an interest in the world s largestundeveloped copper projects

    0.1

    1

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    0 5 10 15 20 25 30 35 40 45

    Contained copper equivalent mineralisation - Mt

    Copp

    erequivalentgrade-%Cu(logscale)

    Oyu Tolgoi2

    Pebble2

    La Granja3

    Competitors1

    Rio Tinto interests

    Resolution3

    Note: bubble size reflects forecast annual copper capacity

    Copper equivalent calculated using Citigroup long term metal prices 5 Sept 2007 US$1.45/lb Cu, US$8/lb Mo, US$550/oz Au, US$ 8/lb CoSources: 1 External company reports; 2. Pebble published resources by Northern Dynasty Feb 2007 @ 0.6% copper equivalent cut-off; Oyu Tolgoi published resource byIvanhoe Mines Feb 2007 @ 0.6% copper equivalent cut-off; 3. Rio Tinto - potential size from early stage studies

    Largest undeveloped copper projects by contained copper equivalent

    Sulawesi Nickel stands out as a world class

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    0

    1

    10

    0 1000 2000 3000 4000 5000 6000 7000 8000 9000

    Contained Ni Equiv. (ktonnes)

    NiEquiv.

    Grade%N

    i(

    logscale)

    Sulawesi Nickel stands out as a world classopportunity

    Large scale high grade laterite target in Indonesia Additional potential of similar size

    Contract of Work in final rounds of negotiation

    Base case output of 46ktpa Ni with production commencing by 2015

    Potential to support future expansion beyond 100ktpa

    Note: bubble size reflects total annual capacity

    Largest undeveloped nickel projects by contained nickel equivalent

    Rio Tinto projects

    Competitors3 - undeveloped

    Competitors3 - under construction

    Nickel equivalent calculated using Citigroup long term metal prices 5 Sept 2007 US$6/lb Ni, US$1.45/lb Cu, US$550/oz Au, US$8/lb Co, US$550/loz Au, US$850/loz Pt, US$230/loz PdSource: 1. Rio Tinto Annual Report 2006, 2. Rio Tinto projects 3. Competitor projects Brook Hunt.

    SulawesiNickel2

    Sulawesi upside

    Eagle1 upside

    Advanced stage near term high quality projects

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    Advanced stage near term high quality projects

    Source: Rio Tinto, * Ivanhoe Year represents estimated first production from project. Range of capital expenditure on 100% basis.

    2008 201220112009 2010

    PRC potash

    Cortez Hills

    Oyu Tolgoi*

    Bingham

    Clermont

    ERAextension

    Argyle u/g

    Brockman 4

    Mesa A

    Rssingextension

    Northparkes

    Eagle

    Diavik u/g

    Madagascarilmenite

    Weipa

    Kestrel

    Madagascarexpansion

    Adalco

    ISALYarwun

    Sohar

    Coega

    Kitimat

    MaadenSarawak

    Alumar

    >$1bn

    +$500m to $1bn

    Quebec

    QIT upgrade

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    Production volume index

    Notes: Production is total attributable production. Figures for each company are based on estimated yearly production levels multiplied by long term analyst consensus prices. Total production volume for

    each company is rebased to 100 for 2008. Commodities included for Rio Tinto: Aluminium, alumina, iron ore, export thermal coal, export metallurgical coal, copper, gold, silver, molybdenum, and uranium. Commodities included for BHP

    Billiton: Aluminium, alumina, iron ore, manganese ore, export thermal coal, export metallurgical coal, copper, nickel, gold, silver, lead, zinc, molybdenum, uranium, and petroleum. Rio Tinto production source: Rio Tinto. BHP Billiton production source: Third party public forecasts and reports and adjusted by Rio Tinto for recent BHP Billiton announcements.

    Strong forecast growth in total production

    8.6%CAGR

    3.9%CAGR

    100

    110

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    140

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    160

    170

    180

    190

    200

    2008 2009 2010 2011 2012 2013 2014 2015

    Rio Tinto BHP Billiton

    Delivering today strongly positioned for

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    Delivering today, strongly positioned forgrowth in the future

    Record underlying earnings and cash flow

    Record production levels in many key products

    Alcan deal has created aluminium industry leader

    Record investment in organic growth options

    Outstanding pipeline of opportunities

    Proven capability to deliver

    Demand outlook excellent Largest product groups directly exposed to strong growth drivers in China and India

    Copper, Iron Ore and Aluminium

    Continued focus on shareholder value

    FASTER at meeting the worlds growing demand

    BETTER at leading and shaping our industry

    SMARTER at creating shareholder value