Long term copper fundamentals expected to remain strong, presentation by Andrew Harding, Rio Tinto Copper, 7 April 2010

1. Rio Tinto Copper Andrew Harding, Chief executive Long term copper fundamentals expected to remain strong April 2010

3. It has been a rollercoaster ride . . . Indexed market performance over the last 36 months (January 2007 = 100) Source: Bloomberg, Global Insight CESCO 2008 CESCO 2009 CESCO 2010

4. Our large, long-life, low-cost asset base is resilient to volatile prices Escondida Kennecott Utah Copper Grasberg “ More than 100 years of mine production and much more to come” World’s tenth largest copper producer First quartile net unit cash costs 1 10 “ Top ten gold producer with significant underground opportunities” World’s second largest copper mine First quartile net unit cash costs 1 2 “ Further options through brownfield exploration and sulphide leach technology” World’s largest copper mine Second quartile net unit cash costs 2 1 Source: Brook Hunt a Wood Mackenzie Company

5. There is significant scope for demand growth over the medium to long-term . . . Note: Expenditure profiles are based on Rio Tinto estimates of global income and consumption relationships and Brook Hunts long term price forecast. Source: Global Insight, Brook Hunt a Wood Mackenzie Company , McKinsey, Rio Tinto Consumption per capita will increase significantly over the next decade Global population distribution Consumption per capita ($) GDP per capita ($ thousands) Copper 2020 Global average 2010

6. . . . while constraints to supply are likely to continue Higher costs? Greater depth Higher sovereign risk Notes: 1. Country risk categories are derived from Global Insight’s Country Risk Rankings: low risk 1 – 2.3; medium risk 2.3 – 3.6 and; high risk 3.6 – 5.0 . 2. Discoveries is defined as all new discoveries with over 4 million tonnes of contained copper. 3. Cash costs are a weighted average based on paid copper production from Brook Hunt’s Copper Costs: Mines and Projects 2009 Edition Study. Source: Global Insight, Brook Hunt a Wood Mackenzie Company , Rio Tinto Location of copper supply 1 C1 Composite Cash Costs by mining method 3 (2008, c/lb) Indicative depth of discoveries 2 Completely Exposed Covered Blind Lower Risk Medium Risk Higher Risk

7. The market is forecast to remain tight through to 2020 New supply is particularly dependant on greenfield projects Source: Rio Tinto, Brook Hunt a Wood Mackenzie Company Mined Copper (Mt) 2009 5% 4% 3% Demand CAGR scenarios for mined production 70% greenfield Probable Highly probable Existing & committed

8. Rio Tinto has an unmatched pipeline of greenfield projects Notes: 1. Copper assets include those in Pre-Production or Feasibility and the ten largest assets with Active Reserves Development as defined by MEG. 2. Rio Tinto’s owns 100% of La Granja, 55% of Resolution, has a 22.4% interest in Ivanhoe Mines Limited (with the option to increase to 44%) who own 66% of Oyu Tolgoi and a 19.8% interest in Northern Dynasty Minerals Limited who own 50% of Pebble. Deposit data for La Granja, Resolution and Oyu Tolgoi is from the JORC compliant ore reserves and resources statement outlined in the 2009 Annual Report, pp. 68-77. Pebble deposit data is 43-101 compliant, derived from the “Updates Mineral Resource Estimate…” news release dated 01/02/2010. Source: Metals Economics Group, Rio Tinto, Northern Dynasty Bubble size denotes size of asset (contained Cu) Resolution La Granja Oyu Tolgoi Pebble Comparison of undeveloped copper assets 1 Grade (%Cu) Reserves and resources (Mt) Rio Tinto interests

14. A truly global partner Mines and mining projects Smelters, refineries & processing plants remote from mine Note: Shaded areas denote countries where Rio Tinto has a presence through operations, offices or exploration. Source: Rio Tinto Rio Tinto Copper Group Other Rio Tinto Africa Europe South America North America Australasia Asia