Investor Seminar: London / New York

Oyu Tolgoi, Mongolia
Investor seminar
London / New York
9 October 2012
2012, Rio Tinto, All Rights Reserved
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 Tintos financial position, business strategy, plans and objectives of management for future operations (including development plans and objectives relating to Rio Tintos 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 forwardlooking statements. Such forward-looking statements are based on numerous assumptions regarding Rio Tintos 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 Tintos 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. Except as required by applicable regulations or by law, Rio Tinto does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information or future events. 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
Agenda
Introduction, outlook and strategy Capital allocation and performance Technology & Innovation Break Copper Summary Q&A Andrew Harding Tom Albanese Tom Albanese Guy Elliott Preston Chiaro
Safety remains our core value

Injury frequency rates 2003 Aug 2012
Per 200,000 hours worked
2,0 1,8 1,6 1,4 1,2 1,0 0,8 0,6 0,4 0,2 0,0 03 04 05 06 07 08 09 10 11 Aug12
All injury frequency rate Lost time injury frequency rate
Testing safety equipment
Overview
Short term outlook is uncertain and volatile Focus on balance sheet discipline and single A credit rating Strong operational performance under tough conditions Significant reductions in operating and evaluation costs and sustaining capex Long term industry fundamentals remain attractive Rio Tinto is well positioned Strategy is unchanged large, long life, cost competitive assets Disciplined and rigorous capital allocation and prioritisation Allocating capital to projects with highest returns in the most attractive sectors
Short term market uncertainty and volatility continue

Synchronised slowdown underway
Purchasing Managers Index Manufacturing
65 60 55 50 45 40 35 30 25 Jan 08 Jan 09 US China Below 50 = Contraction Jan 10 Jan 11 Jan 12 Eurozone Japan Above 50 = Expansion
Continued deleveraging and austerity in OECD Rate of growth in our markets in China is robust but is decelerating Expect a sequential pick-up in Q4 with signs of improvement in property market Impacts of stimulus extended out vs previous estimates: to be felt after Party Congress Market to remain volatile
Monthly new home sales growth in China

% change year on year
100% 80% 60% 40% 20% 0% Jan-08 -20% -40% Source: CEIC / NBS Jan-09 Jan-10 Jan-11 Jan-12
The long term demand outlook remains attractive

Global commodity demand trajectories
Index (2012 = 100)
200
~2 billion additional people to urbanise by 2030 Global steel consumption expected to grow by 2 per cent per annum China to remain key driver until mid2020s China GDP per capita currently 19% of USA levels India and South East Asian economies more than offset flat and then falling consumption in China Consumption-led growth will benefit TiO2 and Aluminium
180
160
140
120
100 2012 2015 2018 2021 2024 2027 2030
Aluminium - Primary Hard coking coal Thermal coal Source: Rio Tinto analysis
Copper - Primary Iron ore TiO2
Continued urbanisation will drive Chinese steel demand growth

Total steel demand over respective 20-year period
(tonnes per capita)
Significant urbanisation to continue Chinas cumulative steel consumption per capita remains well behind developed world This is despite substantial growth over the last decade We estimate four per cent growth in steel demand this decade but off a huge base Crude steel production in China expected to peak towards 2030
US 1960-80
Germany 1970-90
Japan 1980-2000
South Korea 1990-2010
China 1990-2010
China 2010-30 0 5 10 15 20
Source: Rio Tinto analysis Note: Steel stock refers to the level of cumulative steel consumed within an economy over a 20-year period
10
The industry supply response is increasingly challenged

Local Chinese iron ore supply is working harder
80% 60% 40% 20% 0% 02 04 06 08 10 Implied Domestic Fe % Domestic iron ore % market share Source: World Steel Association /GTIS/Rio Tinto analysis
~100 million tonnes of mostly Chinese iron ore production is unprofitable today Evidence that a large proportion of this already curtailed Cost escalation and rising capital intensity will increase pressure on marginal project returns Scarcity of highly skilled labour, access to financing Rising threat of resource nationalism Recent high profile project deferrals
Global iron ore fines cost curve 2012 (CIF China)
Source: Macquarie
11
Within this context, our fundamental strategy is consistent and unchanged

To maximise total shareholder return by sustainably finding, developing, mining and processing natural resources Invest in and operate large, long term, cost competitive mines and assets Maintain a strong balance sheet and single A credit rating Allocate capital to the highest return opportunities Investments driven by the attractiveness of commodity sectors, and the quality of each opportunity
12
Our strategy is focussed on finding, developing and operating tier one assets
expandability
9,00 8,00 7,00 6,00
Higher 10,00
Tier 1
Implement operating enhancements
Grow and protect Focus of new investment
Optionality/ expandability/ 5,00 life extension

4,00 3,00 2,00
Lower 1,00 expandability
Improve, divest or close

2,00 3,00 4,00 5,00 6,00
Identify expansion options
0,00 Higher 1,00 cost 0,00
7,00
8,00
9,00 Lower cost 10,00
Total cost position Operating costs and sustaining capital Capital intensity of growth
13
We are taking constant steps to improve the quality of the portfolio

Higher 10,00 expandability
9,00 8,00 7,00 6,00
Leveraged plays
Tier 1
Optionality 5,00
4,00 3,00 2,00 1,00
Lower expandability
Marginal assets
2,00 3,00
Aluminium Energy Under review / recent divestment
Cash cows
4,00 5,00 Cost position 6,00 7,00 8,00 9,00 Lower cost 10,00
0,00 0,00 1,00 Higher cost

Iron ore Diamonds & Minerals Copper
Bubble size represents medium, high and very high value (Rio Tinto share)
14
A clear and consistent strategy

The long term demand outlook remains attractive Post GFC effects continue to drive short term market uncertainty and volatility Increasingly delayed industry supply side response Rio Tintos fundamental strategy remains unchanged Allocating capital to those projects offering the highest returns Targeting investment in the most attractive sectors Constantly improving the portfolio in line with our strategy
15
Guy Elliott
Chief financial officer
16
Balancing value adding investment with returns to shareholders and a prudent balance sheet
Prudent balance sheet and single A credit rating in a volatile environment
Cash from operations
Progressive dividend provides sustainable long term returns to shareholders

Cash returns to shareholders
Disciplined investment in highest value opportunities
Prudent balance sheet management
Disciplined and rigorous approach to capital allocation Investment programme focused on highest quality opportunities Return surplus cash to shareholders
$10 billion of non-sustaining investments in 2012
Single A credit rating Average borrowing maturity of 9 years
Progressive dividend increased by 34% at FY 2011 $7 billion buy-back completed
17
Integrated strategy and planning process sets the key elements of our capital framework
Capital boundaries
Existing capital commitments, planned divestments Single A credit rating Progressive dividend
Integrated strategy and planning process
Set strategic framework Assess performance metrics Identify operating improvements Develop investment opportunities Growth Cash returns to shareholders Assess and prioritise opportunities
Capital plan
Prioritised capital budget
Single A credit rating
Progressive dividends and other cash returns
18
Distinctive strategic investment themes and standard evaluation criteria drive our investment approach
Board / Exco
Develop investment themes Macro-economic Jurisdiction Sector sieves Market size, demand Competitive advantage Market structure Performance Asset Large, long life, low cost Export markets
Economics and Business Evaluation teams

Set evaluation criteria Price assumptions Discount rate assumptions Project evaluation guidelines
Board / Exco
Set ranking criteria Value enhancement Where are the highest returns? When do we realise the return? What risks are involved? NPV IRR/ROI, EBITDA margin Level of payback in first five years Risk Management Committee; Board
19
Our capital allocation process ensures we are making good decisions

Develop investment themes
Investment Committee
Set evaluation criteria
Opportunity development
Project review and ranking
Board
Final decision
Set ranking criteria
20
Capital expenditure is being prioritised on the highest quality projects

Approved1 capital expenditure
US$ billions
18 16 14 12 10 8 6 4 2 0 2008
1
Capex programme managed within limits of target single A credit rating Rio Tintos proportionate share of 2012 capex is $13.7 billion Three significant projects in three commodities to come on line within the next 18 months Yarwun 2 currently ramping up Oyu Tolgoi phase 1 Pilbara 283 expansion Level of sustaining capex under review with material reductions likely
2009
2010
2011
2012F 2013F 2014F
Flexibility around further major project approvals
Approved capital expenditure includes probable capital likely to be approved for Pilbara sustaining mines, Pilbara 283 and Pilbara 353 expansion
21
Shaping the portfolio in line with our strategy

Capturing value from assets that no longer fit our strategy >20 divestments worth a total of $12bn completed since 2008 Various strategic review and divestment processes underway
Significant acquisitions and divestments since 2011 Acquisitions Control of Turquoise Hill Resources Doubling stake in Richards Bay Minerals Acquisition of Riversdale Acquisition of Hathor Exploration Oyu Tolgoi: tier one copper resource with average production of 425ktpa copper and 460kozpa gold High quality, low cost resource with production capacity of c. 1Mtpa TiO2 feedstock and >20 year mine life Highly prospective, tier one coking coal resource with first production mid-2012 and objective of 25Mtpa high quality coking coal by 2020 Proven high grade uranium deposit in highly prospective, low risk geography
Divestments in 2012 and assets announced as under review Alcan Cable, Specialty Aluminas, ZAC Diamonds business Pacific Aluminium Palabora Mining Non-core aluminium and coal assets; not large or long life Insufficient market size in context of broader Rio Tinto portfolio Non core Non core
22
Prudent balance sheet management

Proforma gross debt maturity profile at 30 June 20121
(US$bn) 5,5 5,0 4,5 4,0 3,5 3,0 2,5 2,0 1,5 1,0 0,5 0,0
Aim to maintain a single A credit rating Long term and smooth debt maturity profile Weighted average maturity of over nine years $5.5 billion of bonds issued in 2012 with a weighted average maturity of around 12 years and coupon of 3.6% $1.7 billion of bonds falling due over next 18 months Approximately two thirds of gross debt at fixed interest rates
1 30 June 2012 maturity profile adjusted for $3 billion bond issue August 2012 and $0.5 billion bond maturity September 2012
23
Strong operational performance; further significant cost reductions planned

EBITDA margin by product
2012 first six calendar months
80% 70% 60% 50% 40% 30% 20% 10% 0% Copper -10%
Aluminium based on Rio Tinto Alcan operations only, including trading activities. Peer group comprises BHP Billiton, Vale, Anglo American, Xstrata, Freeport, Alcoa
Australian capital cost inflation

(2000 = 100)
190
Rio Tinto Peer group range
180 170 160 150 140 130 120 110

Australian CPI Typical Mine + Mineral Processing Facility Australia (IPA)
Aluminium
Iron Ore
Coal
100 90
Source: IPA
24
A disciplined approach to capital allocation

Prudent balance sheet and single A credit rating in a volatile environment Clearly defined approach to capital allocation Investment programme focused on the highest quality opportunities Progressive dividend provides sustainable long term returns to shareholders Return surplus cash to shareholders Shaping the portfolio in line with our strategy Strong operational performance with further significant cost reductions planned
25
Preston Chiaro
Group Executive, Technology and Innovation
26
Technology and Innovation makes Rio Tinto operations best in sector

T&I partners with, supports, and challenges Rio Tinto Product Groups and functions to deliver industry leading performance in strategically critical areas, including:
Operational Improvement Optimising our operating assets
Major capital project delivery
Helping to deliver on time and on budget projects
Innovation
Delivering value through the design and implementation of step change innovations
Technical Assurance
Understanding and managing technical risk in major capital allocation decisions
27
Optimising our operating assets to achieve industry leading performance

World leading centralised model of technical expertise Distinctive capabilities and unique processes in critical disciplines Strategic Production Planning group identifies optimal resource development Identify and implement productivity improvements Sharing leading practice in operational performance Developing capabilities in core technical skills
28
Standardised global asset management processes drive down costs

Pre-tax cash flow savings from better Asset Management (US$m)
1600 1400 1200 1000 800 600 400 200 0 2008 2009 2010 2011 YTD 2012
Improve the performance of physical assets Global metrics for standardised reporting and performance reveals best practice Centralised model efficiently shares leading practice Training programmes to build capability Development and ownership of standard technical systems: mobile asset health, reliability improvement tools
29
Unique processes and systems deliver value

Haul truck availability
(%)
88% 1000 950 87% 900 86% 850 800 85% 750 84% 700 650 83% 600 82% 2006 550 2007 2008 2009 2010 2011 2012 HTA (LHS)
Decline in number of trucks in 2010 due to sale of Rio Tinto Energy America assets
Increased haul truck availability has resulted in 18 trucks not being required T&I has supported improvement through standardised metrics Advanced modelling identifies benefits for critical assets Consistent methodology applied across the group
No. Trucks (RHS)
30
Improved performance of critical assets reduces operating costs

Mean time between failures
Haul Truck MTBF (Utilised Hours) 70 65 60 55 50 45 40 35 2006 2007 2008 2009 2010 2011 2012
Mean Time Between Failures (MTBF) is an indicator of reliability...how often does an asset breakdown Across the group Mean Time Between Failures has increased by 50% Rio Tinto average payload as a percentage of maximum payload increased from 99.3% in 2008 to 100% in 2011, from levels below 97% prior to implementing global measurement Increased payload has resulted in at least 6 trucks not being required
Average Payload
Average Payload (% of Target) 101% 100% 99% 98% 97% 2008
2009
2010
2011
2012
31
Centralised major projects capabilities shares best practice

Achieve repeatable success on major projects: Central capability supports Product Groups Consistent methodologies lowers project costs Regional and commodity based delivery hubs delivers expertise where it is needed Talent pipeline centrally managed Challenges Rising capital intensity across the globe Difficult to attract and retain skilled people Loss of experience when demobilising a group once a project finishes
32
We drive step change innovation

Our Mine of the Future is shaped by four significant value levers
Find Develop Mine Recover
Find future tier one ore bodies VK1 in initial flight trials Complex testing programme under way
Develop future block cave mines safer, faster, better Tunnel boring system trials to commence at Northparkes during H2 2012
Optimise resource productivity Expansion of driverless truck fleet to 150 Operations Centre Smart drilling and blasting Autonomous trains (AutoHaul)
Recover more from mineral deposits NuWave copper sorting pilot plant being commissioned at KUC
Innovation networks created through long term strategic alliances Protection of Intellectual Property is key to sustaining competitive advantage
33
Rio Tinto innovation network model

Technology partnerships
1 Komatsu 2 Aker Wirth 3 Atlas Copco 4 e2v 5 Tomra 6 University of Nottingham 7 University of Western Australia 8 Herrenknecht 9 Ro de Cobre 8 6
4&6
5
2&8
5 1
Centres of Excellence
1 2 3 4 5 Centre for Underground Mine Construction Centre for Advanced Mineral Recovery Centre for Materials and Sensing Centre for Advanced Mineral Sorting Centre for Mine Automation 1
Rio Tinto Centres

1 2 3 4 5 6 Rio Tinto Innovation Centre Rio Tinto Iron Ore Operations Centre Rio Tinto Copper Excellence Centre Trial 9 Rio Tinto Copper Block Caving Knowledge Centre Rio Tinto Iron and Titanium Technology Centre Rio Tinto Minerals Asia Technology Centre 7 3 3 2 4 7 4 5
7 Rio Tinto Research Park 8 Rio Tinto Minerals Technology Centre
34
Systematic approach to innovation

Proof of Concept
Idea
Pilot
Demo
Deploy
Support
Structured control and governance Data management and security Rigorous investment proposals Freedom-to-operate Patent families and walls Trade secrets, copyright and trademarks, individual contracts
Innovation without intellectual property protection is philanthropy
35
T&I is central to managing technical risk

An integral part of our risk management and capital allocation Activities and groups involved include: Technical guidance and due diligence of investment opportunities Support of resource and reserve governance Governance and oversight on areas of strategic risk Global leaders on energy and water management issues
36
Summary
T&I partners with, supports, and challenges Rio Tinto Product Groups and functions to deliver industry leading performance in strategically critical areas, including:
Operational Improvement Optimising our operating assets
Major capital project delivery
Helping to deliver on time and on budget projects
Innovation
Delivering value through the design and implementation of step change innovations
Technical Assurance
Understanding and managing technical risk in major capital allocation decisions
Investor seminar
London / New York
9 October 2012
Andrew Harding
Chief executive, Copper
39
Long-term demand drivers remain positive

Electrification of large emerging markets will support demand
18.000 16.000 500 14.000 12.000 10.000 300 8.000 6.000 4.000 100 2.000 0 0 10.000 20.000 30.000 40.000 50.000 GDP/Capita 2005 US$ USA China Japan South Korea Germany India *2009 except China which is 2011 0 0 India 10.000 20.000 30.000 40.000 50.000 China 200 Mexico Emerging markets High income densely populated Hong Kong 400 Middle-income industrialising USA
Per capita electricity consumption (GWh/capita) 1970-2010
While sectors such as automotive have significant growth potential

Passenger vehicle ownership/1000 people* 600 High income mature markets Germany
GDP/Capita 2005 US$
40
Declining grades and mine closures impact supply

1.8Mt production loss between 2012-2016 due to closures 2012 2013 2014 2015 2016
Production loss due to closures kt Cu
Continued project development is necessary to meet medium term demand

Copper mine supply-demand outlook (Mt) 40 35
322 144 319 473 506
30 25 20 15
The industry requires 1.6Mt Cu as a result of grade declines from 2012-2016

1997-2001 -0.01% -0.5 Mt -0.09% -0.11% -1.5 Mt -1.6 Mt -0.05% 2002-2006 2007-2011 2012-2016
10 5 0 2008 2013 Base production Probable projects Primary demand 2018 2023
Highly probable projects Possible projects
-2.7 Mt
Source: Wood Mackenzie Q3 2012
41
Higher grades improve unit cost and business performance compared to 2012
Production profile Rio Tinto share
20122015 production forecast
Kt Cu/ Koz Au 800 700 600 500 400 300 200 100 0 2011 2012 Copper Production data excludes Palabora 2013 Gold 2014 2015
Over 13% CAGR in copper to 2015 Production impacted by unfavourable grades and smelter shutdown in 2012 Production volume and grade improvement in 2013 Investment focused on key assets and retaining development optionality on high quality assets Focus on business improvement to drive productivity and unit cost performance Delivery of 15% reduction in overhead costs EBITDA margins remain strong
+13% CAGR
42
Oyu Tolgoi, a world class copper business

Tier one asset with first quartile net unit cash costs Average annual production of 425kt of copper and 460koz of gold Underground reserves of 437mt at 1.9% copper and 0.42 g/t gold with open pit reserves of 955mt at 0.49% copper and 0.36 g/t gold Additional underground and open pit resources of 3.1bt at 0.84% copper and 0.33 g/t gold Exemplary environmental standards Building a sustainable economic footprint Foreign direct investment in Mongolia important to support continued development
43
Countdown to first production at Oyu Tolgoi

Project over 97% complete
Event First ore through SAG mill First concentrate production Commercial production (30 days at 70%) Timeline from Power 6 weeks 3 months 6-8 months
Sales contracts for 75% of concentrate in place Physical construction of all power transmission infrastructure complete Commercial negotiations continue Transitioning to 90% Mongolian operations workforce
44
The next phase will take Oyu Tolgoi underground

DIDOP feasibility study H1 2013 Optimising production schedule through use of Strategic Production Planning First production planned for 2016 and completed by 2018 Operating rates up to 85,000t/pd Underground ore grade to increase by 4x compared with open pit
45
Kennecott 100% owned, large, long life, low cost

Unit costs reduced by gold, silver and molybdenum by-products US$660m approved for additional HME and facilities to extend mine life to 2029 515mt of ore at 0.79% CuEq Unit cost per tonne of material moved in line with 2011 Production 180kt of copper, 185koz of gold and 13.8kt molybdenum from 2019 Moly Autoclave commissioning H1 2013 Kennecott operations consistently a leading industry benchmark Well positioned to test new technologies and innovations TBS trial and Copper NuWaveTM ore sorting technology
46
Alternatives for Kennecott underground development are being considered

Kennecott resource development
US$165m approved for North Rim Skarn pre-feasibility studies to 2014 Continued focus on evaluating underground options
Conceptual underground sequencing
North Rim Skarn
East Cave
Highland Boy Deep Moly1 South West Caves
Fortuna Skarn
Cornerstone
South pushback extend mine life Strategic enabler
Block caves and other pushbacks

Extend life of operations Safely access higher grade deposits
North Rim Skarn

Underground skills and experience Platform for further development
LOM 2018
1) Source: Rio Tinto Moly Exploration Target Fact Sheet
2029
2050+
47
Unlocking value through phased development at La Granja

+40 year mine life with phased approach to development Starter mine in pre-feasibility with first production in 2017 Significant capital investment delayed until after first production Application of leaching technology to maximise recovery Open pit with low technical risk 80kt heap leach trial underway at Kennecott Social project commenced Orebody knowledge continuing to positively evolve Part of broader porphyry district Significant upside potential
48
Resolution a major future underground operation

Drilling continues to confirm a world class orebody 1.47% copper with significant molybdenum Land exchange bill approved in US House of Representatives Progressed shaft 9 and 10 development and ongoing of resource and geotechnical conditions Pre-feasibility studies being extended to allow a complete analysis of mining and processing options
49
Investment for organic growth in our operations

Escondida Improved recovery through advancing leaching technology, productivity improvements and debottlenecking Organic Growth 1 Project Oxide Leach Area Project Escondida Ore access Grasberg Investment in the transition to a major underground operation with planned tonnage at 240ktpd mill throughput Grasberg Block Cave Deep Mill Level Zone (DMLZ) 40% of production in 2022
50
Technology and capability key to delivering our strategy

Copper NuWave (ore sorting technology)
Plant constructed and pilot underway Increased concentrator throughput Ability to recover copper from waste streams
Tunnel Boring Machine

Commissioning at NPM Potential to reduce Underground construction by ~40% 50% more effective than drill and blast methods
Rio Tinto Block Cave Knowledge Centre

NPM centre opened August 2012 Partnership with University of NSW State of the art learning technology
Automated Underground loaders

Leading edge technology deployed at Northparkes 40% of extraction level currently automated Productivity improvements and significant safety benefits
51
Focused profitable growth and operational excellence

Confidence in industry fundamentals Best copper assets in the business High quality and diverse portfolio Margin delivery through cost discipline and operational performance Nearing first production of flag ship project Oyu Tolgoi Phased development of greenfield projects ensuring optionality and preserving value
52
Tom Albanese
Chief executive
Our fundamental strategy is consistent and unchanged

To maximise total shareholder return by sustainably finding, developing, mining and processing natural resources Invest in and operate large, long term, cost competitive mines and assets Maintain a strong balance sheet and single A credit rating Investments driven by the attractiveness of commodity sectors, and the quality of each opportunity
53
2012, Rio Tinto, All rights reserved
54
Executing our strategy
Long term industry fundamentals remain attractive Rio Tintos strategy remains unchanged large, long life, low cost assets Disciplined and rigorous capital allocation and prioritisation Strong operational performance with further significant cost reductions planned Technology and innovation delivers substantial value Focused on maximising total shareholder return
Investor seminar
London / New York
9 October 2012

Investor Seminar: London / New York

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Oyu Tolgoi, Mongolia

2012, Rio Tinto, All Rights Reserved

2012, Rio Tinto, All Rights Reserved

2012, Rio Tinto, All Rights Reserved

Safety remains our core value

All injury frequency rate Lost time injury frequency rate

Testing safety equipment

2012, Rio Tinto, All Rights Reserved

2012, Rio Tinto, All Rights Reserved

Short term market uncertainty and volatility continue

Monthly new home sales growth in China

2012, Rio Tinto, All Rights Reserved

The long term demand outlook remains attractive

100 2012 2015 2018 2021 2024 2027 2030

Copper - Primary Iron ore TiO2

2012, Rio Tinto, All Rights Reserved

Continued urbanisation will drive Chinese steel demand growth

South Korea 1990-2010

2012, Rio Tinto, All Rights Reserved

The industry supply response is increasingly challenged

Global iron ore fines cost curve 2012 (CIF China)

2012, Rio Tinto, All Rights Reserved

Within this context, our fundamental strategy is consistent and unchanged

2012, Rio Tinto, All Rights Reserved

Grow and protect Focus of new investment

Optionality/ expandability/ 5,00 life extension

Lower 1,00 expandability

Improve, divest or close

Identify expansion options

0,00 Higher 1,00 cost 0,00

9,00 Lower cost 10,00

2012, Rio Tinto, All Rights Reserved

We are taking constant steps to improve the quality of the portfolio

0,00 0,00 1,00 Higher cost

2012, Rio Tinto, All Rights Reserved

A clear and consistent strategy

2012, Rio Tinto, All Rights Reserved

Progressive dividend provides sustainable long term returns to shareholders

Disciplined investment in highest value opportunities

Prudent balance sheet management

$10 billion of non-sustaining investments in 2012

Single A credit rating Average borrowing maturity of 9 years

Progressive dividend increased by 34% at FY 2011 $7 billion buy-back completed

2012, Rio Tinto, All Rights Reserved

Integrated strategy and planning process

Prioritised capital budget

Single A credit rating

Progressive dividends and other cash returns

2012, Rio Tinto, All Rights Reserved

Economics and Business Evaluation teams

2012, Rio Tinto, All Rights Reserved

Our capital allocation process ensures we are making good decisions

Set evaluation criteria

Project review and ranking

Set ranking criteria

2012, Rio Tinto, All Rights Reserved

Capital expenditure is being prioritised on the highest quality projects

2012F 2013F 2014F

Flexibility around further major project approvals

2012, Rio Tinto, All Rights Reserved

Shaping the portfolio in line with our strategy

2012, Rio Tinto, All Rights Reserved