Investor Seminar 30 October 2009

This presentation has been prepared by Rio Tinto plc and Rio Tinto Limited (“Rio Tinto”) and consisting of the slides for a presentation concerning Rio Tinto. By reviewing/attending this presentation you agree to be bound by the following conditions. Forward-Looking Statements This presentation includes forward-looking statements. All statements other than statements of historical facts included in this presentation, including, without limitation, those regarding Rio Tinto’s financial position, business strategy, plans and objectives of management for future operations (including development plans and objectives relating to Rio Tinto’s products, production forecasts and reserve and resource positions), are forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Rio Tinto, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding Rio Tinto’s present and future business strategies and the environment in which Rio Tinto will operate in the future. Among the important factors that could cause Rio Tinto’s actual results, performance or achievements to differ materially from those in the forward-looking statements include, among others, levels of actual production during any period, levels of demand and market prices, the ability to produce and transport products profitably, the impact of foreign currency exchange rates on market prices and operating costs, operational problems, political uncertainty and economic conditions in relevant areas of the world, the actions of competitors, activities by governmental authorities such as changes in taxation or regulation and such other risk factors identified in Rio Tinto's most recent Annual Report on Form 20-F filed with the United States Securities and Exchange Commission (the "SEC") or Form 6-Ks furnished to the SEC. Forward-looking statements should, therefore, be construed in light of such risk factors and undue reliance should not be placed on forward-looking statements. These forward-looking statements speak only as of the date of this presentation. Nothing in this presentation should be interpreted to mean that future earnings per share of Rio Tinto plc or Rio Tinto Limited will necessarily match or exceed its historical published earnings per share. Cautionary Statement

This presentation has been prepared by Rio Tinto plc and Rio Tinto Limited (“Rio Tinto”) and consisting of the slides for a presentation concerning Rio Tinto. By reviewing/attending this presentation you agree to be bound by the following conditions.

Forward-Looking Statements

This presentation includes forward-looking statements. All statements other than statements of historical facts included in this presentation, including, without limitation, those regarding Rio Tinto’s financial position, business strategy, plans and objectives of management for future operations (including development plans and objectives relating to Rio Tinto’s products, production forecasts and reserve and resource positions), are forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Rio Tinto, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.

Such forward-looking statements are based on numerous assumptions regarding Rio Tinto’s present and future business strategies and the environment in which Rio Tinto will operate in the future. Among the important factors that could cause Rio Tinto’s actual results, performance or achievements to differ materially from those in the forward-looking statements include, among others, levels of actual production during any period, levels of demand and market prices, the ability to produce and transport products profitably, the impact of foreign currency exchange rates on market prices and operating costs, operational problems, political uncertainty and economic conditions in relevant areas of the world, the actions of competitors, activities by governmental authorities such as changes in taxation or regulation and such other risk factors identified in Rio Tinto's most recent Annual Report on Form 20-F filed with the United States Securities and Exchange Commission (the "SEC") or Form 6-Ks furnished to the SEC. Forward-looking statements should, therefore, be construed in light of such risk factors and undue reliance should not be placed on forward-looking statements. These forward-looking statements speak only as of the date of this presentation.

Nothing in this presentation should be interpreted to mean that future earnings per share of Rio Tinto plc or Rio Tinto Limited will necessarily match or exceed its historical published earnings per share.

Tom Albanese Chief Executive Officer

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

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

Recapitalised the balance sheet following rights issues Agreed divestments this year of $4 billion bringing total to $7 billion plus binding offer of $2 billion Net debt decreased 42% to $22.3 billion at 30 September 2009 Operating cost reductions on target Transforming the aluminium business Announced iron ore production joint venture Strong operational performance Senior management organisational change We have strengthened the business Progress in 2009

Recapitalised the balance sheet following rights issues

Agreed divestments this year of $4 billion bringing total to $7 billion plus binding offer of $2 billion

Net debt decreased 42% to $22.3 billion at 30 September 2009

Operating cost reductions on target

Transforming the aluminium business

Announced iron ore production joint venture

Strong operational performance

Senior management organisational change

The Iron Ore production joint venture remains on track Negotiations are continuing to progress the definitive JV agreements Discussions continue constructively On track for binding agreements within original timetable Decision taken not to proceed with joint venture marketing Equalisation payment to be trued up on completion Commercial Initial engagement with regulators commenced Formal filings post binding agreements Regulatory Integration planning underway: exploring likely organisational design options to enable smooth transition Commenced synergy planning to deliver > $10 bn NPV to the joint venture Integration

Negotiations are continuing to progress the definitive JV agreements

Discussions continue constructively

On track for binding agreements within original timetable

Decision taken not to proceed with joint venture marketing

Equalisation payment to be trued up on completion

Initial engagement with regulators commenced

Formal filings post binding agreements

Integration planning underway: exploring likely organisational design options to enable smooth transition

Commenced synergy planning to deliver > $10 bn NPV to the joint venture

Objectives for 2010 Focus on operational delivery, in particular the transformation of our aluminium business Pursue growth path through disciplined capital expenditure Capex for 2010 now forecast to be at least $5 billion Complete the iron ore production joint venture Further debt reduction in 2010 Strengthen our relationship with China

Focus on operational delivery, in particular the transformation of our aluminium business

Pursue growth path through disciplined capital expenditure

Capex for 2010 now forecast to be at least $5 billion

Complete the iron ore production joint venture

Further debt reduction in 2010

Strengthen our relationship with China

Cyclical upturn in the developed world but short term recovery may not be strong Source: ISM Factory (US), Nomura JM (Japan), Markit (Eurozone) Purchasing manager indicators suggest recovery … Release of pent-up demand, government stimulus and end to destocking is driving current ‘normalisation’ in demand Excess capacity is still holding back investment and producers are not restocking Structural fiscal deficits will eventually need rebalancing Western consumers unlikely to go back to previous levels of borrowing .. but a number of ‘headwinds’

Release of pent-up demand, government stimulus and end to destocking is driving current ‘normalisation’ in demand

Excess capacity is still holding back investment and producers are not restocking

Structural fiscal deficits will eventually need rebalancing

Western consumers unlikely to go back to previous levels of borrowing

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

Metals demand will double over the next fifteen to twenty years requiring a significant supply response Underlying demand trends over the next two decades indicate that the global mining industry will need to find and develop: One Pilbara system (BHPB + Rio Tinto) every 5 years One Saguenay system every nine months One Escondida every year Global consumption of leading Rio Tinto commodities Indexed, 2000=100 Note: cf trend of 3-6 percent growth per annum for most other metals. Aluminium Iron Ore Copper Brook Hunt Estimates CRU Estimates

Underlying demand trends over the next two decades indicate that the global mining industry will need to find and develop:

One Pilbara system (BHPB + Rio Tinto) every 5 years

One Saguenay system every nine months

One Escondida every year

Rio Tinto’s strategy is to maximise long term return to shareholders Invest in large, long life, low cost assets Driven not by choice of commodity but by the quality of each opportunity Long term sustainable development at the heart of everything the Group does

Invest in large, long life, low cost assets

Driven not by choice of commodity but by the quality of each opportunity

Long term sustainable development at the heart of everything the Group does

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

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

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

Iron Ore Sam Walsh Chief executive, Iron Ore

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

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**

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

Global operations on track to deliver up to 215 Mt this year Record Q3 production of 57 Mt from the Pilbara, up 6.4% from Q2 Operations recovered quickly from the heavy rainfalls in Q1 Global iron ore production guidance for 2009 increased to 210-215 Mt 3 billionth tonne exported from the Pilbara in September Global iron ore production* (Mt) Source: Rio Tinto quarterly operations review * All figures 100% basis

Record Q3 production of 57 Mt from the Pilbara, up 6.4% from Q2

Operations recovered quickly from the heavy rainfalls in Q1

Global iron ore production guidance for 2009 increased to 210-215 Mt

3 billionth tonne exported from the Pilbara in September

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

Operations Centre…

… a key to the Mine of the Future vision Mine of the Future programme Operations Centre Automated Drill and Blast Autonomous Haul Trucks Automated Train Operations Evaluation, Planning and Innovation Centre Key relationships with world-class R&D institutes to support our intelligent mining vision Rio Tinto Centre for Mine Automation (University of Sydney) Rio Tinto Centre for Materials and Sensing in Mining (Curtin University)

Mine of the Future programme

Operations Centre

Automated Drill and Blast

Autonomous Haul Trucks

Automated Train Operations

Evaluation, Planning and Innovation Centre

Key relationships with world-class R&D institutes to support our intelligent mining vision

Rio Tinto Centre for Mine Automation (University of Sydney)

Rio Tinto Centre for Materials and Sensing in Mining (Curtin University)

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

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

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

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

A balanced portfolio approach Proposed future pricing portfolio will continue to respond to market dynamics and customer needs variety of sales channels and pricing mechanisms LTC, spot, auctions, traders, brokers, index achieve best price outcomes in line with product mix and grades Approximately 50% of volumes in first half sold on a spot market basis Second half sales mostly on benchmark or equivalent provisional pricing Continue to support the benchmark system if it reflects market fundamentals Source: Rio Tinto

Proposed future pricing portfolio will continue to respond to market dynamics and customer needs

variety of sales channels and pricing mechanisms

LTC, spot, auctions, traders, brokers, index

achieve best price outcomes in line with product mix and grades

Approximately 50% of volumes in first half sold on a spot market basis

Second half sales mostly on benchmark or equivalent provisional pricing

Continue to support the benchmark system if it reflects market fundamentals

Pilbara Blend: an example in innovative marketing Benefits for customers reliable, long-term supply stable product quality, lower variability lower risk profile Benefits for Rio Tinto optimised operations; improved efficiency products aligned with resource base better utilisation of expanding asset base Source: Rio Tinto

Benefits for customers

reliable, long-term supply

stable product quality, lower variability

lower risk profile

Benefits for Rio Tinto

optimised operations; improved efficiency

products aligned with resource base

better utilisation of expanding asset base

Sustaining Pilbara 220 Mt/a capacity 220 Mt/a capacity achieved work on Cape Lambert expansion and Hope Downs South complete Current projects focus on sustaining 220 Mt/a Brockman 4 – forecast to complete in mid 2010 Mesa A – forecast to complete Q1 2010 Power Systems upgrade – phased implementation forecast to complete 2011 Pannawonica Housing upgrade - phased implementation – forecast to complete 2012 Source: Rio Tinto

220 Mt/a capacity achieved

work on Cape Lambert expansion and Hope Downs South complete

Current projects focus on sustaining 220 Mt/a

Brockman 4 – forecast to complete in mid 2010

Mesa A – forecast to complete Q1 2010

Power Systems upgrade – phased implementation forecast to complete 2011

Pannawonica Housing upgrade - phased implementation – forecast to complete 2012

Incremental steps add considerable value Dampier Port de-bottlenecking currently in feasibility study additional 5 Mt by Q1 2011, increasing total system capacity to 225 Mt/a expanding Rail Pooled Fleet capacity improvement works at East Intercourse Island inload and Parker Point outload circuits additional tug to fleet and harbour extension Dampier Port Incremental currently in pre-feasibility study additional 5 Mt/a by Q2 2012, increasing total system capacity to 230 Mt/a Source: Rio Tinto

Dampier Port de-bottlenecking

currently in feasibility study

additional 5 Mt by Q1 2011, increasing total system capacity to 225 Mt/a

expanding Rail Pooled Fleet capacity

improvement works at East Intercourse Island inload and Parker Point outload circuits

additional tug to fleet and harbour extension

Dampier Port Incremental

currently in pre-feasibility study

additional 5 Mt/a by Q2 2012, increasing total system capacity to 230 Mt/a

The ‘keys’ to Pilbara 330 Mt/a Cape Lambert port: cost savings due to re-design and scope changes +100 Mt in two 50 Mt increments complete studies by end of 2010 first 50 Mt by end of 2013 second 50 Mt by end of 2015 Six new mine developments/ expansions Supporting infrastructure (rail, water and power) Workforce, towns and housing planning Source: Rio Tinto

Cape Lambert port:

cost savings due to re-design and scope changes

+100 Mt in two 50 Mt increments

complete studies by end of 2010

first 50 Mt by end of 2013 second 50 Mt by end of 2015

Six new mine developments/ expansions

Supporting infrastructure (rail, water and power)

Workforce, towns and housing planning

Continuing to grow our resource base Significant drilling programs continuing as part of supplementing Pilbara resource base 400,000 metres of drilling is forecast each year from 2010 to 2014 Approved resources are being converted into recoverable and viable reserves Over 2.8 million metres have been drilled since 2001 Provides options for future growth * Reported on a 100% basis. 2000-2008 Reserve increase 977 Mt, CAGR 5.7%; ** Reported on a 100% basis. 2000 -2008 Resource increase 6,730 Mt, CAGR 8.4%. Source: 2000 to 2008 Rio Tinto annual reports Rio Tinto Pilbara iron ore resources** (Mt) Rio Tinto Pilbara iron ore reserves* (Mt) CAGR 6% CAGR 8%

Significant drilling programs continuing as part of supplementing Pilbara resource base

400,000 metres of drilling is forecast each year from 2010 to 2014

Approved resources are being converted into recoverable and viable reserves

Over 2.8 million metres have been drilled since 2001

Provides options for future growth

IOC - Canada's largest iron ore producer Rio Tinto (58.7%), Mitsubishi Corporation (26.2%), Labrador Iron Ore Royalty Income Fund (15.1%) Ready to reactivate expansion plans when market conditions permit All pellet lines have resumed production Five week summer shutdown of concentrator, pellet plant, railway and mine operation completed Source: Rio Tinto

Rio Tinto (58.7%), Mitsubishi Corporation (26.2%), Labrador Iron Ore Royalty Income Fund (15.1%)

Ready to reactivate expansion plans when market conditions permit

All pellet lines have resumed production

Five week summer shutdown of concentrator, pellet plant, railway and mine operation completed

Simandou – large-scale, single best source of high grade iron ore Rio Tinto (95%), IFC (5%) Pre-feasibility study completed Non-essential spending deferred Continue working in good faith with the Government Resource base: Pic de Fon: 572 Mt (66.8% Fe)* Oueleba: 1,682 Mt (65.7% Fe)* 233,000 metres core and RC drilling conducted on 1200 sites *Please refer to Simandou resources press release dated 29 May 2008 Source: Rio Tinto estimates

Rio Tinto (95%), IFC (5%)

Pre-feasibility study completed

Non-essential spending deferred

Continue working in good faith with the Government

Resource base:

Pic de Fon: 572 Mt (66.8% Fe)*

Oueleba: 1,682 Mt (65.7% Fe)*

233,000 metres core and RC drilling conducted on 1200 sites

Orissa – well-positioned to capitalise on India’s growth in steel demand Rio Tinto (51%) and Orissa Mining Company (49%) Orissa Mining Company wholly State owned Under-explored, world class province Rio Tinto is the first MNC directly participating in Orissa’s mining sector Progress being made on the Joint Venture Agreement negotiations Iron ore produced will primarily supply India’s domestic markets Source: Rio Tinto

Rio Tinto (51%) and Orissa Mining Company (49%)

Orissa Mining Company wholly State owned

Under-explored, world class province

Rio Tinto is the first MNC directly participating in Orissa’s mining sector

Progress being made on the Joint Venture Agreement negotiations

Iron ore produced will primarily supply India’s domestic markets

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

Summary Signs of improvement in all markets but caution justified Pilbara operating at 220 Mt/a run rates consequently global iron ore production guidance revised to 210-215 Mt for 2009 A number of projects currently in construction to sustain Pilbara 220 Mt/a, and studies underway for expansion to 330 Mt/a Growth options available from global suite of assets – Canada, Simandou, and Orissa Production joint venture to deliver total synergies in excess of $10 billion

Signs of improvement in all markets but caution justified

Pilbara operating at 220 Mt/a run rates consequently global iron ore production guidance revised to 210-215 Mt for 2009

A number of projects currently in construction to sustain Pilbara 220 Mt/a, and studies underway for expansion to 330 Mt/a

Growth options available from global suite of assets – Canada, Simandou, and Orissa

Production joint venture to deliver total synergies in excess of $10 billion

Rio Tinto Alcan Jacynthe Côté Chief executive, Rio Tinto Alcan

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

* 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

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

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

China will struggle to maintain market balance – expected annual demand growth rate of 8% 18.5Mt of additional aluminium production implies an increase of 36Mt of alumina 90Mt of bauxite 32GW of energy Sources: IAI (International Aluminium Institute); Rio Tinto Alcan – Industry Analysis 0 5 10 15 20 25 30 35 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Aluminium Mt History Forecasts 13 Mt 18.5 Mt 31.5 Mt Chinese aluminium consumption Chinese aluminium production

18.5Mt of additional aluminium production implies an increase of

36Mt of alumina

90Mt of bauxite

32GW of energy

Four major initiatives are driving improvements Delivering on synergies and integration targets Permanent closure of high-cost capacity Curtailment of some lower-cost capacity and some leverage of power sales to the grid Further cost-cutting programmes and cash preservation initiatives across the business Cash cost, 2009 US$/tonne 2 3

Delivering on synergies and integration targets

Permanent closure of high-cost capacity

Curtailment of some lower-cost capacity and some leverage of power sales to the grid

Further cost-cutting programmes and cash preservation initiatives across the business

Synergies are tracking ahead of target *Synergy after tax benefits include in-period one-time operational expenditures (like severance & relocation costs) Procurement savings are the key driver Remain on track to deliver US$1.1 billion in 2010 and meet original committed targets Lower total synergy program one-off capital and operating integration costs Target Actual 170 251 252 334 378 483 418 500 600 H1 2008 H2 2008 H1 2009 H2 2009 H1 2010 H2 2010 $1.1 billion in 2010

*Synergy after tax benefits include in-period one-time operational expenditures (like severance & relocation costs)

Procurement savings are the key driver

Remain on track to deliver US$1.1 billion in 2010 and meet original committed targets

Lower total synergy program one-off capital and operating integration costs

High-cost smelters permanently closed Beauharnois smelter (Quebec) 52,000 tonnes of annual production Söderberg technology Ceased smelting operations in Q2 2009 Anglesey Aluminium Metal Limited (UK) 118,000 tonnes of production in 2008 on 100% basis Smelting ceased at end of Q3 2009 when current power contract expired Shawinigan smelter (Quebec) scheduled to close by 2015 Arvida (Quebec) to be replaced by new AP50 pilot plant

Beauharnois smelter (Quebec)

52,000 tonnes of annual production

Söderberg technology

Ceased smelting operations in Q2 2009

Anglesey Aluminium Metal Limited (UK)

118,000 tonnes of production in 2008 on 100% basis

Smelting ceased at end of Q3 2009 when current power contract expired

Shawinigan smelter (Quebec) scheduled to close by 2015

Arvida (Quebec) to be replaced by new AP50 pilot plant

Flexibility allows temporary curtailments Operational flexibility allows for curtailments without compromising ability to bring back production when markets recover Not relining pots that come to the end of their useful life Curtailment of full potlines Opportunistic power sales 42% of capacity in upper half of cost curve curtailed or sold by year end Alumina & aluminium based on annualised capacity, Bauxite on full year production forecast for 2009 * Smelter grade alumina ** Represents 400kt capacity due to be restarted Q4 2009 11% 6% 18% 8% 24% 5% Aluminium 0% 100% 26%** Alumina* 15% 23% 32% Bauxite Total Asia Pacific Europe, Middle East and Africa Americas Curtailments, closures, divestments (% of regional production)

Operational flexibility allows for curtailments without compromising ability to bring back production when markets recover

Not relining pots that come to the end of their useful life

Curtailment of full potlines

Opportunistic power sales

42% of capacity in upper half of cost curve curtailed or sold by year end

Transformation focus throughout the business – cash preservation and cost reduction SG&A reductions of 20% by end of 2009 Optimisation of working capital and sustaining capital expenditure Tight hold on growth capital in 2010 Retaining capability to efficiently operate and grow the business when markets recover Yarwun 2 Work on refinery expansion slowed to reduce capex rate Reduction of approximately 500 contractor roles Kitimat AP50 Value Improvement exercise underway Slowed down; concentrating on electrical substation construction Reducing cost and optimising project capex Project slowed significantly

SG&A reductions of 20% by end of 2009

Optimisation of working capital and sustaining capital expenditure

Tight hold on growth capital in 2010

Retaining capability to efficiently operate and grow the business when markets recover

Work on refinery expansion slowed to reduce capex rate

Reduction of approximately 500 contractor roles

Value Improvement exercise underway

Slowed down; concentrating on electrical substation construction

Reducing cost and optimising project capex

Project slowed significantly

Balanced supply chain provides flexibility B&A ‘hub’ in North East Australia to add value over long term World’s largest bauxite reserves and resources Rio Tinto Alcan alumina production moving down the cost curve Long alumina position will generate value over the long term Lower full cost of aluminium Reduces exposure to spikes in alumina price Supports growth in aluminium production Market insight Expandable alumina business Yarwun II will keep us slightly long Bauxite 35.1Mt Alumina 8.3Mt Aluminium 4.1Mt External Sales All volumes shown reflect Rio Tinto Alcan share of production for 2008, including joint ventures. External Sales Strategy is to remain long in bauxite and alumina

B&A ‘hub’ in North East Australia to add value over long term

World’s largest bauxite reserves and resources

Rio Tinto Alcan alumina production moving down the cost curve

Long alumina position will generate value over the long term

Lower full cost of aluminium

Reduces exposure to spikes in alumina price

Supports growth in aluminium production

Market insight

Expandable alumina business

Yarwun II will keep us slightly long

Unrivalled position in clean, renewable, self-generated power 46 Clean, low-cost energy supply Secured energy sources 3,815MW owned hydro electric generating installed capacity in Canada Compares favourably to global aluminium industry total of about 40% low carbon based power for smelting Long-standing water rights held in perpetuity in Quebec and British Columbia Compares favourably to global aluminium industry average of about 35% self-generated power for smelting Only 15% of Rio Tinto Alcan power contracts linked to LME, which will translate into more upside as prices recover. Short & medium- term contracts (5%) Long-term contracts (46%) Hydro (67%) Nuclear (9%) Gas/coal thermal (24%) Self-generated (49%) * 2008 figures excluding the Alcan Ningxia and Anglesey smelters

3,815MW owned hydro electric generating installed capacity in Canada

Compares favourably to global aluminium industry total of about 40% low carbon based power for smelting

Long-standing water rights held in perpetuity in Quebec and British Columbia

Compares favourably to global aluminium industry average of about 35% self-generated power for smelting

One of the largest, most modern and low-cost smelter portfolios 76% of Rio Tinto Alcan’s smelting capacity is located in the lower half of the cost curve 70% of our smelting capacity is high-amperage An environmental footprint that is 33% lower than the industry average. Our growth profile is based on projects that will lead to further improvements in GHG performance ABI (Bécancour) Alma Alouette Arvida Grande-Baie Kitimat Laterrière Shawinigan Canada Sebree United States Alucam Cameroon Sohar Oman Isal Iceland S ø ral Norway Dunkerque Saint-Jean-de-Maurienne France Bell Bay Boyne Tomago Australia NZAS New Zealand Lochaber Lynemouth United Kingdom

76% of Rio Tinto Alcan’s smelting capacity is located in the lower half of the cost curve

70% of our smelting capacity is high-amperage

An environmental footprint that is 33% lower than the industry average.

Our growth profile is based on projects that will lead to further improvements in GHG performance

Technological leadership drives value Today the lead is being extended with AP50 commercialisation and continuing work into breakthrough technologies “ Technology” is more than just a cell Supporting industrial equipment, processes and know-how An organisation-wide commitment to sustainable development Rio Tinto Alcan technology extends beyond smelting to bauxite & alumina Assists in positioning Rio Tinto Alcan as a “partner of choice” Facilitates efficiency gains at existing operations

“ Technology” is more than just a cell

Supporting industrial equipment, processes and know-how

An organisation-wide commitment to sustainable development

Rio Tinto Alcan technology extends beyond smelting to bauxite & alumina

Assists in positioning Rio Tinto Alcan as a “partner of choice”

Facilitates efficiency gains at existing operations

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

Emerging market demand will drive aluminium consumption Source: Brook Hunt, World Bank Rio Tinto base case is for 4.1% per annum growth over next two decades Implies that one Saguenay system (1mtpa) will be required every nine months Ongoing urbanisation and industrialisation in China and other developing regions will drive aluminium demand Scope for significant increase in per capita metals consumption China USA Japan India Note: Size of bubble reflects absolute consumption

Rio Tinto base case is for 4.1% per annum growth over next two decades

Implies that one Saguenay system (1mtpa) will be required every nine months

Ongoing urbanisation and industrialisation in China and other developing regions will drive aluminium demand

Scope for significant increase in per capita metals consumption

Chinese supply is not competitively advantaged over longer term High cost idle capacity to come back as demand recovers Cost pressures at the top of the cost curve expected to continue over the longer term Renminbi appreciation Reliance on imported bauxite Pressure on energy prices Carbon pricing 0 5 10 15 20 25 30 35 Cumulative production (000't) Cash Cost, 2009 USD/tonne 2009

High cost idle capacity to come back as demand recovers

Cost pressures at the top of the cost curve expected to continue over the longer term

Renminbi appreciation

Reliance on imported bauxite

Pressure on energy prices

Carbon pricing

Longer term aluminium story remains robust Scale and strength across the upstream aluminium value chain Bauxite reserves Modern, low-cost assets Unrivalled power position Technology leadership One of the industry's most value-creating project pipelines Markets will recover Caution in the short term but fundamentals remain strong Our priorities remain Delivering on our baseline commitments Delivering our cost improvements and continuing the transformation journey Completing integration Protecting and enhancing superior growth initiatives while preserving cash

Scale and strength across the upstream aluminium value chain

Bauxite reserves

Modern, low-cost assets

Unrivalled power position

Technology leadership

One of the industry's most value-creating project pipelines

Markets will recover

Caution in the short term but fundamentals remain strong

Our priorities remain

Delivering on our baseline commitments

Delivering our cost improvements and continuing the transformation journey

Completing integration

Protecting and enhancing superior growth initiatives while preserving cash

Investor Seminar 30 October 2009

Guy Elliott Chief Financial Officer

The balance sheet has been recapitalised Net debt of $22.3 billion at 30 September 2009 Gearing reduced to 33% at Q3 Successful rights issues Divestments progress Further divestment proceeds to come Further debt reduction in 2010 JV equalisation payment* Net debt ($bn) at end of period $16.8b 1 $5.8 billion subject to adjustment to achieve 1 July 2009 effective date

Net debt of $22.3 billion at 30 September 2009

Gearing reduced to 33% at Q3

Successful rights issues

Divestments progress

Further divestment proceeds to come

Further debt reduction in 2010

JV equalisation payment*

Strong liquidity position $12.2 billion of net committed undrawn facilities and cash at 30 September** Today we have repaid $1.5 billion of Facility D Credit rating stabilised at BBB+/Baa1 with stable outlook Target remains for single A credit rating Debt maturity profile 2009 - 2017 ($bn) at 30 September 2009 Acquisition facility Bond *Before $1.5bn repayment of Facility D on 30 Oct 09 **Comprising $9.7bn undrawn facilities, plus cash $2.7bn (before $1.5bn Facility D repayment), less $0.2bn issued Commercial Paper Other Commercial paper

$12.2 billion of net committed undrawn facilities and cash at 30 September**

Today we have repaid $1.5 billion of Facility D

Credit rating stabilised at BBB+/Baa1 with stable outlook

Target remains for single A credit rating

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

Engineered Products update Very challenging environment impacted by slow-down in the US and Europe; average volume decrease more than 20% Strong cost reduction initiatives, including headcount reductions and structural changes, in order to mitigate the downturn Significant reduction of working capital as well as cut back of capital expenditure EBITDA loss of $58m in H109; loss of $73m without the Cable and Composites businesses Divestments have been signed for 56% of Cable to a private equity and for 100% of Composites for $349m to a strategic investor Divestment of the rest of Engineered Products in progress; options being considered

Very challenging environment impacted by slow-down in the US and Europe; average volume decrease more than 20%

Strong cost reduction initiatives, including headcount reductions and structural changes, in order to mitigate the downturn

Significant reduction of working capital as well as cut back of capital expenditure

EBITDA loss of $58m in H109; loss of $73m without the Cable and Composites businesses

Divestments have been signed for 56% of Cable to a private equity and for 100% of Composites for $349m to a strategic investor

Divestment of the rest of Engineered Products in progress; options being considered

Good progress being made against operating cost reduction targets Targeting a reduction in controllable costs by $2.5 billion in 2010 Controllable pre-tax cost reductions of $770m achieved in the first half Completed 16,000 role reductions in first half exceeding target by 2,000 Additional savings from lower input costs continue in second half 10% movement in A$ and C$ vs the US$ impacts full year underlying earnings by $360m and $146m based on H109 exchange rates Movement in A$ and C$ relative to US$

Targeting a reduction in controllable costs by $2.5 billion in 2010

Controllable pre-tax cost reductions of $770m achieved in the first half

Completed 16,000 role reductions in first half exceeding target by 2,000

Additional savings from lower input costs continue in second half

10% movement in A$ and C$ vs the US$ impacts full year underlying earnings by $360m and $146m based on H109 exchange rates

Continued investment in 2009 has allowed us to retain our growth pipeline 2009 capex forecast at $5 billion $3 billion investment in major projects Madagascar project completed Expansion of Pilbara mines to 220mtpa complete, proceeding to 225mtpa Clermont remains on track – first production in second quarter 2010 Strong coking coal markets support Kestrel expansion Yarwun 2 continues at a slower rate Diavik – first underground production in first quarter 2010 Acquisition of increased stake in Ivanhoe through exercise of tranche 2

2009 capex forecast at $5 billion

$3 billion investment in major projects

Madagascar project completed

Expansion of Pilbara mines to 220mtpa complete, proceeding to 225mtpa

Clermont remains on track – first production in second quarter 2010

Strong coking coal markets support Kestrel expansion

Yarwun 2 continues at a slower rate

Diavik – first underground production in first quarter 2010

Acquisition of increased stake in Ivanhoe through exercise of tranche 2

Recapitalised balance sheet allows disciplined investment in value adding growth Rigorous process to prioritise capital Growth has been underpinned by continued investment in key projects Capex adjusted to reflect current conditions Capex expected to be at least $5 billion in 2010 Potential for further capital investment of up to $1 billion Cash from operations Investment in value adding growth Strengthen the balance sheet Return cash to shareholders

Rigorous process to prioritise capital

Growth has been underpinned by continued investment in key projects

Capex adjusted to reflect current conditions

Capex expected to be at least $5 billion in 2010

Potential for further capital investment of up to $1 billion

No interim dividend in 2009 Expect to make a 2009 final dividend payment subject to satisfactory trading conditions progress on divestments prevailing market conditions Expect aggregate cash dividend for 2010 to be at least $1.75 billion, in line with quantum paid with respect to 2008 Group commits to resumption of progressive dividend policy from 2010 onward Dividend update

No interim dividend in 2009

Expect to make a 2009 final dividend payment subject to

satisfactory trading conditions

progress on divestments

prevailing market conditions

Expect aggregate cash dividend for 2010 to be at least $1.75 billion, in line with quantum paid with respect to 2008

Group commits to resumption of progressive dividend policy from 2010 onward

Summary Rights issues and divestments have recapitalised the balance sheet Divestments are continuing Further debt reduction in 2009 and 2010 Delivering operating cost efficiencies 2010 capex of at least $5 billion with potential $1 billion upside Priority remains investment in long life, low cost, expandable assets Strong pipeline of value adding growth options Progressive dividend re-established from 2010

Rights issues and divestments have recapitalised the balance sheet

Divestments are continuing

Further debt reduction in 2009 and 2010

Delivering operating cost efficiencies

2010 capex of at least $5 billion with potential $1 billion upside

Priority remains investment in long life, low cost, expandable assets

Strong pipeline of value adding growth options

Progressive dividend re-established from 2010

Tom Albanese Chief Executive Officer

Strong copper operating performance supported by recovering market Kennecott Utah Copper A world class long life operation with significant reserves and resources Further potential at Bingham Canyon Escondida SAG mill motor issues resolved Encouraging recent exploration finds Other copper operations / projects Rio Tinto stake in Ivanhoe raised to 19.7% through $388 million exercise of Tranche 2 Substantial recovery in grades at Grasberg Northparkes E48 block cave development restarted Significant gold production Exchange Producers and consumers Western copper stocks vs price

Kennecott Utah Copper

A world class long life operation with significant reserves and resources

Further potential at Bingham Canyon

Escondida

SAG mill motor issues resolved

Encouraging recent exploration finds

Other copper operations / projects

Rio Tinto stake in Ivanhoe raised to 19.7% through $388 million exercise of Tranche 2

Substantial recovery in grades at Grasberg

Northparkes E48 block cave development restarted

Significant gold production

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

Oyu Tolgoi: the world’s next Tier 1 copper operation A large, long life, low cost, expandable ore body Significant benefits for Mongolia – 34% Government stake 50 year assurance of stability First production expected in 2013 Five year ramp up Average production of 450kt of copper and 330k oz of gold over life of mine Bret Clayton at Oyu Tolgoi signing ceremony

A large, long life, low cost, expandable ore body

Significant benefits for Mongolia – 34% Government stake

50 year assurance of stability

First production expected in 2013

Five year ramp up

Average production of 450kt of copper and 330k oz of gold over life of mine

Current resources at Oyu Tolgoi could support a 50 year plus mine life The Oyu Tolgoi project contains a corridor of copper-gold mineralisation at least 20km in length. 36Mt of contained Cu and 45Moz of contained Au within the resources identified to date. This makes the Oyu Tolgoi project the largest undeveloped Cu-Au porphyry district in the world. Exploration continues - high probability of discovering additional Cu-Au resources.

The Oyu Tolgoi project contains a corridor of copper-gold mineralisation at least 20km in length.

36Mt of contained Cu and 45Moz of contained Au within the resources identified to date. This makes the Oyu Tolgoi project the largest undeveloped Cu-Au porphyry district in the world.

Exploration continues - high probability of discovering additional Cu-Au resources.

Energy: investing through the cycle Coal Australia Robust seaborne market Continuing development at Clermont and Kestrel Way forward established to improve New South Wales infrastructure constraints Uranium Focus on optimising operations at ERA and Rössing Strong long term demand outlook Expansion potential at ERA – Ranger 3 Deeps Rössing options Clermont thermal coal project, Queensland

Coal Australia

Robust seaborne market

Continuing development at Clermont and Kestrel

Way forward established to improve New South Wales infrastructure constraints

Uranium

Focus on optimising operations at ERA and Rössing

Strong long term demand outlook

Expansion potential at ERA – Ranger 3 Deeps

Rössing options

Diamonds & Minerals Weak markets attributable to OECD, late stage of development focus Diamonds Some signs of recovery Diavik underground due to commence production in early 2010 Await decision on Argyle ramp-up of underground vs scale-down of open pit Minerals QMM delivered on time: SD focus RBM final stages of BBBEE transaction Borates to be retained QMM operations, Madagascar

Weak markets attributable to OECD, late stage of development focus

Diamonds

Some signs of recovery

Diavik underground due to commence production in early 2010

Await decision on Argyle ramp-up of underground vs scale-down of open pit

Minerals

QMM delivered on time: SD focus

RBM final stages of BBBEE transaction

Borates to be retained

Exploration leading to further optionality Leading history of tier 1 discoveries Focus aligned with Group strategy Success with brownfield exploration Bingham Canyon is a fine example Further drilling planned for 2010 Deep Molybdenum Zone to date only partially delineated by drilling Bingham Canyon brownfield exploration

Leading history of tier 1 discoveries

Focus aligned with Group strategy

Success with brownfield exploration

Bingham Canyon is a fine example

Further drilling planned for 2010

Deep Molybdenum Zone to date only partially delineated by drilling

Technology and innovation deliver clear competitive advantage Continued investment in technology as a competitive advantage Unlocking the value of low grade mineral deposits Mine of the Future – leading the revolution in remote control and automation Alcan has brought considerable IP skills to the group AP50 – the next generation of aluminium smelting Hydrogen Energy – California project pre-feasibility funding approved West Angelas driverless trucks, Pilbara

Continued investment in technology as a competitive advantage

Unlocking the value of low grade mineral deposits

Mine of the Future – leading the revolution in remote control and automation

Alcan has brought considerable IP skills to the group

AP50 – the next generation of aluminium smelting

Hydrogen Energy – California project pre-feasibility funding approved

Climate change: a key challenge for the industry Clear roadmap to w ell designed government and international policy is required Low emissions technology and CCS Competitive advantage through hydro power position Commitment to sustainable improvement in GHG emissions Technology and innovation will be part of the solution Hydrogen Energy California project

Clear roadmap to w ell designed government and international policy is required

Low emissions technology and CCS

Competitive advantage through hydro power position

Commitment to sustainable improvement in GHG emissions

Technology and innovation will be part of the solution

Chinese growth is set to continue Chinese growth has averaged 9.5% over the past decade 120+ cities in China with more than 1 million inhabitants today World’s largest consumer of iron ore, copper, coal and aluminium Over 50% of seaborne traded iron ore is now sold to China India set to follow Chongqing city, western China

Chinese growth has averaged 9.5% over the past decade

120+ cities in China with more than 1 million inhabitants today

World’s largest consumer of iron ore, copper, coal and aluminium

Over 50% of seaborne traded iron ore is now sold to China

India set to follow

A stronger business, well-positioned for improving market conditions Focus on operational delivery, in particular the transformation of our aluminium business Pursue growth path through disciplined capital expenditure Capex for 2010 now forecast to be at least $5 billion Complete the iron ore production joint venture Further debt reduction in 2010 Strengthen our relationship with China Priorities for next twelve months

Focus on operational delivery, in particular the transformation of our aluminium business

Pursue growth path through disciplined capital expenditure

Capex for 2010 now forecast to be at least $5 billion

Complete the iron ore production joint venture

Further debt reduction in 2010

Strengthen our relationship with China

Investor Seminar 30 October 2009

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