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Iron Ore; Dick Evans, Chief Executive, Rio Tinto Alcan; Bret Clayton, Chief Executive, Rio Tinto Copper; and Eric Finlayson, Head of Exploration

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Iron Ore; Dick Evans, Chief Executive, Rio Tinto Alcan; Bret Clayton, Chief Executive, Rio Tinto Copper; and Eric Finlayson, Head of Exploration 120 Collins Street Melbourne 3000 Australia Postal Address: GPO Box 384D Melbourne 3001 Australia T +61 (0) 3 9283 3333 F +61 (0) 3 9283 3707 Company Announcements Office Australian Stock Exchange Limited SYDNEY NSW 2000 29 May 2008 Dear Sir, Attached are presentations from Rio Tinto's Value and Growth briefing presented in London on Thursday 29 May 2008 and web cast globally. The presentations are by Tom Albanese, chief executive, Rio Tinto; Guy Elliott, chief financial officer; Sam Walsh, chief executive Rio Tinto Iron Ore; Dick Evans, Chief executive, Rio Tinto Alcan; Bret Clayton, chief executive, Rio Tinto Copper; and Eric Finlayson, head of Exploration. The webcast of the seminar can be accessed on www.riotinto.com. An archive copy of the presentation will be available from the Rio Tinto website. Yours faithfully, Amanda Buckley Principal adviser - Media Relations For personal use only Registered in Australia Rio Tinto Limited 120 Collins Street Melbourne 3000 Australia ABN 96 004 458 404 Value and Growth Seminar Thursday, 29 May 2008 Cautionary statement This presentation has been prepared by Rio Tinto plc and Rio Tinto Limited (“Rio Tinto”) and comprises the slides for a presentation concerning Rio Tinto. By reviewing/attending this presentation you agree to be bound by the following conditions Forward looking statement This presentation includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. 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. For personal use only These forward-looking statements speak only as of the date of this presentation. Rio Tinto expressly disclaims any obligation or undertaking (except as required by applicable law, the City Code on Takeovers and Mergers (the “Takeover Code”), the UK Listing Rules, the Disclosure and Transparency Rules of the Financial Services Authority and the Listing Rules of the Australian Securities Exchange) to release publicly any updates or revisions to any forward-looking statement contained herein to reflect any change in Rio Tinto’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. 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. Information about BHP Billiton included in this presentation is based on public information which has not been independently verified. Certain statistical and other information about Rio Tinto included in this presentation is sourced from publicly available third party sources. As such it presents the views of those third parties, but may not necessarily correspond to the views held by Rio Tinto. 29 May 2008 Value and Growth Seminar 2 Seminar outline Introduction Tom Albanese Rio Tinto’s approach to valuing growth Guy Elliott Iron ore Sam Walsh Copper Bret Clayton BREAK Aluminium Dick Evans Exploration Eric Finlayson Summary Tom Albanese Questions & answers 29 May 2008 Value and Growth Seminar 3 Introduction Tom Albanese, CEO For personal use only Value and growth seminar Thursday, 29 May 2008 Rio Tinto’s portfolio of growth options are highly valuable in sustained strong markets • Strong markets are set to continue • Growth options can be highly valuable in strong markets; Rio Tinto’s methodology identifies and values these explicitly • Quality growth options help position Rio Tinto to deliver upside; we will underline this today by: • providing further detail on our strong growth pipeline • outlining our extensive resources and announcing major additions • presenting our promising exploration portfolio 29 May 2008 Value and Growth Seminar 5 The unprecedented increase in global urbanised population will be driven by emerging markets Forecast global growth in urbanised population 2005 - 2025 Millions of people Total increase = 1.4bn people • China and India, the Other* largest single 139 South contributors, will China America experience a combined 292 97 increase of over half a billion people… Africa For personal use only 308 India • …but growth is global, 212 with a total increase in urbanised population Other Asia 2005–25 of 1.4bn people 371 * Includes North America, Europe and Oceania Source: UN Population Division 29 May 2008 Value and Growth Seminar 6 Urbanisation drives steel consumption growth faster than GDP during economic development Chinese steel usage Chinese steel intensity and GDP per By industry and province capita growth*** kg/capita 2005* Index (GDP based on real 2000 dollars) 817 600 Steel consumption per capita: Other 500 China: CAGR = 12.2% pa Heavy Industry** Machinery Automobile and home appliances 400 Construction 353 300 155 200 GDP per capita: 100 China: CAGR = 8.5% pa Developing Middle income Developed cities provinces provinces 0 GDP per 0 -1,500 1,500 - 4,000 4,000 – 9,000 2000 2005 2010 2015 capita ($) * 2005 Data, Total Chinese steel consumption 326Mt (256kg per capita) ** Heavy industry refers to only shipbuilding, containers and railways *** Dashed lines represent Rio Tinto forecasts Sources: China Statistical Yearbook, Provincial and city level Yearbooks, Building industry Yearbook, Automotive Industry Yearbook (various years), World Bank, IISI, CRU, UN, Rio Tinto analysis 29 May 2008 Value and Growth Seminar 7 These trends will lead to a doubling of demand in key Rio Tinto products over the next 15 years Global seaborne iron ore Global copper Global aluminium Mt Mt Mt 2x 2x 2x 66 1624 38 1421 33 54 44 1136 26 35 844 19 For personal use only 2007 2012 2017 2022 2007 2012 2017 2022 2007 2012 2017 2022 Source: Global Insight for GDP and population forecasts; Rio Tinto estimates for commodity expenditure profiles; Rio Tinto 2007 annual report; Note: Expenditure profiles are based on Rio Tinto estimates of global income and consumption relationships and average real terms prices between 1990-2006. Iron ore calculated based on crude steel demand projections, assuming all met by blast furnace production at historic average export prices. 29 May 2008 Value and Growth Seminar 8 These trends will lead to a doubling of demand in key Rio Tinto products over the next 15 years Global seaborne iron ore Global copper Global aluminium Mt Mt Mt Growth equivalent to Growth equivalent to Growth equivalent to ~5x Rio Tinto Pilbara* ~12x Escondida** ~31x Rio Tinto Alcan Saguenay smelters*** 66 1624 38 1421 33 54 44 1136 26 35 844 19 2007 2012 2017 2022 2007 2012 2017 2022 2007 2012 2017 2022 * 2007 production, 100% basis ** 2007 production, 100% basis; includes mined and refined production *** Including 2007 production from four wholly-owned smelters in the Saguenay region Source: Global Insight for GDP and population forecasts; Rio Tinto estimates for commodity expenditure profiles; Rio Tinto 2007 annual report; Rio Tinto Fourth Quarter 2007 Operations Review; Rio Tinto Alcan data Note: Expenditure profiles are based on Rio Tinto estimates of global income and consumption relationships and average real terms prices between 1990-2006. Iron ore calculated based on crude steel demand projections, assuming all met by blast furnace production at historic average export prices. 29 May 2008 Value and Growth Seminar 9 Strong markets will continue, driven by demand growth and supply–side pressure and constraints Strong, sustained demand growth… …supply side pressure & constraints • The world is undergoing a structural change • Steepening cost curves: in demand for resources… – Structural shift in energy costs – Declining ore grades / deeper
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