Vivek Tulpule

Chief Economist

December 2008

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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 statements•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 Security 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. 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.

Maximisation of shareholder value

A consistent and successful strategy

Excellence in mining

Large scale, long life, low cost

Emphasis on quality

of the opportunity

Rigorous capital appraisal process

Existing and future asset base

Input price drops can help improve margins

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Oil (Brent Crude)

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*November Month to dateSource: Reuters Ecowin, British Sulphur

Nominal prices index, 2004=100

180*

127*

Construction costs (Australian index converted to USD)*

“The Economist” metal price index (USD)

* Includes impacts of exchange rates, i.e., correlation between commodity prices and US$ trade-weighted exchange rateSource: Rio Tinto estimates based on Australian Bureau of Statistics data; The Economist

Construction costs are expected to ease leading to strategic reassessments of project timing and design

Historical capital cost escalation

Index; 100 = 1969 values (nominal)

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As a population urbanises, its steel intensity increases

Photo: Farming a countryside field, Yangshuo, China

Rural China

GDP per capita(Real 2000 US$) $0-1500 $1,500-4,000 $4,000+

Population (millions) 723 527 33

Steel consumption per capita (kg/capita)

• Total 155 353 817

• Construction 94 197 397

• Automobile and home appliances

11 19 79

• Machinery 13 51 112

• Heavy Industry 3 11 54

• Other 33 76 176Source: 2005 Data, total Chinese steel consumption 321Mt (252kg per capita). * Heavy industry refers to only shipbuilding, containers and railways.

Photo: Chongqing

Rapidly growing Tier 2 cities

Photo: Shanghai

Developed Coastal cities

China has paused for breath…..But the robust medium to long run outlook for commodity markets has not fundamentally changed

• Prices are in the vicinity of a structural trough

• Improving Chinese GDP growth over 2009 supported by government policy measures should support commodity demand over the course of the year

• Marginal producers have begun curtailing supply

• OECD economies less important to commodity markets than in the past

• A demand recovery at some point in 2009 generates scope for upside surprises

• Credit crunch adds to medium term supply-side constraints

• Long run demand drivers remain in place - ‘the development dividend’ is still paying

• E.g. no change in the view that China requires 40–50,000 skyscrapers by 2025

• We foresee a shift in development towards inland China