Tom Albanese

10 May 2011

Bank of America Merrill Lynch 2011

global metals and mining conference

Cape Lambert port

Cautionary statement
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concerning Rio Tinto. By reviewing/attending this presentation you agree to be bound by the following conditions.

Forward-looking statements
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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.

10 May 2011 Bank of America Merrill Lynch global metals and mining conference 2
2011 year to date highlights

• Australian coal, iron ore, uranium and alumina operations impacted by

extreme weather in the first quarter
• Production recovering
• Major project approvals continue
– Marandoo extension – $933 million
– IOCC phase 2 expansion - $277 million
– KUC extension feasibility funding – $238 million
• New agreement on Simandou
• Assumed control of Riversdale
• Regained single A credit rating
• Completed $1.4 billion of $5 billion buyback programme
• $13 billion capex in 2011 – comparable levels in medium term

10 May 2011 Bank of America Merrill Lynch global metals and mining conference 3
Increased risk of volatility in commodity prices

Prudent actions have been taken by

Commodity prices remain volatile China, but risks remain

380 Spot iron ore (62% Fe WA FOB) Prices at

Aluminium 31 March2011
340 Copper $37.87/oz
Gold USc425/lb
300 Oil - WTI
Thermal coal (NEWC FOB)
260 Silver $164/t
$106/bbl
220

180 $2,600/t
$1432/oz
140 $122/t

100

60
Jan-09 Jul-09 Jan-10 Jul-10 Jan-11

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Many large Chinese provinces are just beginning
to climb the steel intensity curve

Chinese regional steel intensity

Steel use per capita 2009 (kg)

Beijing
18m

Shanghai
Shandong 19m
95m
Henan
100m

Guangdong
96m

Sichuan
89m

Guizhou
41m

Bubble size reflects population of each of the 31 Chinese provinces

Source: Global Insight China Regional Service

10 May 2011 Bank of America Merrill Lynch global metals and mining conference 5
Our portfolio is across a range of products
at different stages of demand growth

The inflection point is yet to be reached for many of our products

Percentage of saturation level*

Titanium dioxide

Nickel Titanium Dioxide

Crude steel Aluminium

Copper

Diamonds
Borates

2,000 10,000 18,000 26,000 34,000 42,000 50,000 58,000

Timeframe 2010 2020 2035 2045 2050

*Saturation level – point at which consumption per capita does not increase with income levels
Source: Rio Tinto
10 May 2011 Bank of America Merrill Lynch global metals and mining conference 6
Our strategy is consistent and unchanged

• Our core objective is 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
– Focused on developing high
quality organic growth options
– 2011 capex expected to be
~$13 billion
– Capex 2012-15 expected to
remain at comparable levels
– Riversdale, Ivanhoe
• Driven not by choice of commodity
but by the quality of each opportunity

10 May 2011 Bank of America Merrill Lynch global metals and mining conference 7
Investing in long life, low cost
projects across a range of products
Project timeline(1) % Complete $ Capex(2) Production

$91m +5mtpa
$230m +5mtpa
$678m +5.3mtpa
$1.6bn 15mtpa(4)
$7.6bn +53mtpa
$933m 15mtpa(4)
$166m(5) Access high grade ore
$6bn +100ktpd ore
$340m 30mlb Ph1, 60mlb Ph2 (capacity)
$469m +17kt Ni, 13kt Cu per annum
$1.9bn +2mtpa
$1.1bn +60ktpa
$487m +41ktpa
NA $270m(3) +5.3mtpa ROM(3)
$184m +2.1mtpa
$260m +6mtpa
$1.1bn +1.3mtpa
$1.6bn 28mcpa capacity
2011 2012 2013 2014
(1) Represents timing of project completion and initial production (2) 100% unless otherwise stated (3) Source: Riversdale
(4) Sustaining production at Pilbara total capacity (5) RT share of capex

10 May 2011 Bank of America Merrill Lynch global metals and mining conference 8
High quality tier one projects
currently in advanced study

Indicative
Indicative first Indicative
Project Product capex(1) production production(1)
Pilbara 333 Iron ore $$$ 2015 +50mtpa
IOCC Phase 3 Iron ore $ 2013 +2.7mtpa

Simandou Iron ore $$$$ 2015 +95mtpa

Oyu Tolgoi Phase 2 Copper, Gold $$$ 2015 +60ktpd ore

KUC extension Copper, gold, moly $$ 2015 Extend LOM to 2028

Kitimat Aluminium $$ 2014 430ktpa capacity

Weipa South of Embley Bauxite $ 2015 +22.5mtpa

Mt. Pleasant Thermal Coal $ 2014 +8.5mtpa

$ <$2 billion $$ $2–$5 billion $$$ $5–$10 billion $$$$ >$10 billion

(1) 100% basis unless otherwise stated

10 May 2011 Bank of America Merrill Lynch global metals and mining conference 9
A deep portfolio of strong earlier stage projects
provide options for further quality growth

• Pilbara 433mtpa
Iron Ore • Orissa
• IOCC expansions

• Resolution • KUC North Rim Skarn

Copper • La Granja • Northparkes expansion
• Escondida options

• AP60 Phase 2 • Armargosa (bauxite)

Aluminium • Sarawak • Paraguay smelter
• Cameroon brownfield and greenfield

• Benga phase 2 and Zambeze • Winchester South

• Hail Creek • Rossing heap leach
Energy
• Hunter Valley options
• Valeria

• Bunder (diamonds) • TiO2 mine expansions

Diamonds &
• Diavik A21 (diamonds) • TiO2 smelter expansions
Minerals
• Jadar (borates, lithium)

10 May 2011 Bank of America Merrill Lynch global metals and mining conference 10
Our investment in technology and exploration
gives us competitive edge

Exploration in Africa Iron Ore operations centre, Perth

New tunnelling partnership with Aker Wirth Surface mine automation

10 May 2011 Bank of America Merrill Lynch global metals and mining conference 11
Balancing growth with capital returns

• Record cashflows have reduced

net debt to $4 billion at end of 2010
Cash from operations • Investing in high quality growth
opportunities – organic and M&A
• Regained single A credit rating
from all major international credit
agencies
Investment Prudent
in value balance Capital • Ordinary dividend increased
adding sheet management by 20%
growth management
• $5 billion capital management
programme – $1.4 billion
completed
Dividend +20%
$13 billion
of capital
Single $5 billion • 2011 interim dividend expected
A credit share buyback
expenditures
in 2011 rating – $1.4 billion to be 54 US cents per share
completed

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Conclusion

• Production recovering from weather impacted first quarter

• Delivering on growth
• A deep portfolio of projects across all product groups and at various stages
from execution to early evaluation
• Assumed control of Riversdale, currently hold more than 73%
• Fully leveraging tier one assets providing further options to grow
• Regained single A credit rating
• Returning cash to shareholders
– Ordinary dividend increased by 20%
– $5 billion buyback programme – $1.4 billion completed to date
• Well placed to enhance shareholder value

10 May 2011 Bank of America Merrill Lynch global metals and mining conference 13
Tom Albanese
10 May 2011

Bank of America Merrill Lynch 2011

global metals and mining conference

Cape Lambert port