Rio Tinto Alcan

Financial community site visit

20 September 2009

Phillip Strachan Chief Financial Officer, Rio Tinto Alcan

20 September 2009

2009 North America Financial Community Site Tour

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 forward-looking 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.

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.

20 September 2009

2009 North America Financial Community Site Tour

Synergies and integration

Cost initiatives

Modelling the business

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2009 North America Financial Community Site Tour

H1 2009 in-period net earnings from synergies of US$483 million exceeded target by 28%
Benefits tracking ahead of target, primarily due to procurement savings Continue to remain on track to deliver US$1.1 billion in 2010 Total synergy program one-off capital and operating integration costs have been significantly reduced at US$130 million and US$191 million compared to targets of US$541 million and US$245 million respectively Third-party audit recently completed covered 56% of in-period EBITDA and confirmed a robust process with no material adjustments
600 483 418 378 334 251 170 252 500

Target Actual

$1.1 billion in 2010

H1 2008

H2 2008

H1 2009

H2 2009

H1 2010

H2 2010

*Synergy Net Earnings include in-period one-time operational expenditures (like severance & relocation costs) 20 September 2009 2009 North America Financial Community Site Tour 5

Rio Tinto Alcan in-period synergies within underlying earnings

500 400

300
US$ millions

200

100

0
483 H1 2009 synergies (14) Prior yr adj (97) Cost avoidance (27) Exchange rates 24* One off (130) 239** Rio Tinto Corporate H1 2009 impact on earnings

* One-off costs relate to implementation costs which are not included in underlying earnings ** US$73 million of the 2009 savings were first realised in 2008, i.e. they were not incremental
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Weipa/Gove bauxite grade strategy

Reduced production input costs
Coordinating Gove and Weipa bauxite mining outputs maximises opportunities to lower caustic usage at Gladstone refineries Benefit achieved through optimising output of bauxite from Weipas Andoom mine Synergy result: US$2.2 million EBITDA in period H109, ramped up to US$3.4 million in 2010 Acquisition generates mine plan strategy optimisation
Export Bauxite Gove Weipa Mono- Bauxite

Caustic soda efficiencies

Caustic consumption reductions

2 5%
Actual / Forecast

20%

Plan

%H1 2008

15% 10 % 5% 0%

Gladstone

2008A 2008A 2009A 2009A 2009F 2009F H1 H2 Q1 Q2 Q3 Q4

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2009 North America Financial Community Site Tour

Gove caustic initiatives

Integrated technical team reviews strategic caustic program and identifies improvement opportunities at Gove
Caustic consumption
160 155 150 Kg/t Al 145 140 135 130 125

2008

Q1

Q2

H1 09

Optimise operating strategy to leverage significant caustic efficiencies Focus on improvements to reduce process caustic usage Cross refinery initiatives on washers including improved tank turnaround time and process control Operational optimisation continues as benchmarking, best practices, procurement and supply chain benefits are shared with our other north eastern Australian refineries and bauxite mines Synergy result: US$3.4 million in period H109, ramping up to US$27 million annually
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US$65 million synergies recorded by Primary Metal in North America by Q2 for 2009
US$28 million from benchmarking and productivity improvements
Re-focusing of synergy efforts to efficiency and productivity has replaced many deferred projects Only value considered sustainable beyond the synergy timelines (and market recovery) has been counted in the quoted benchmarking and productivity synergies Primary Metal North America 2009 Synergy Results
US$ millions
110 100 90 80 70 60 50 40 30 20 10 0 Plan Actual or Forecast

Specific measures
Approximately half of US$100 million total synergies forecast in 2010 focus on sustainable productivity improvements Structural changes and rapid response to market conditions leave us better positioned to capitalise on top-tier growth opportunities when markets recover Gains above original target; a major contributor to global Primary Metal synergies

Q1 09

Q2 09

H1 09

H2 09

FY 09

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2009 North America Financial Community Site Tour

Synergies and integration

Cost initiatives

Modelling the business

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2009 North America Financial Community Site Tour

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Lower input costs are beginning to take effect

Further procurement savings expected
100% 100% 100% 85% 78% 61% 45% 39% 81%

Further savings for pitch, coke and caustic expected to come through in second half Costs declines lag prices due to nature of contracts Aggressive strategies deployed across all raw material

H208 Q209

09F End

H208

Q209

09F End

H208

Q209

09F End

Coke

Caustic

Pitch

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Leveraging the operational flexibility of the business

Total cost equivalent reduction of US$85 per tonne, pre tax Energy sales from curtailment Sales from carbon products manufacturing Technology and infrastructure sales

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2009 North America Financial Community Site Tour

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Capital initiatives generating significant savings

Significant reduction in Capital Expenditures (US$ millions)

Driving down capex in 2009 Evaluating growth capex for 2010 Prioritising use of capital

Growth Sustaining

2417

1108 586 500

Keeping focus on the reliability of our plants

2008 Actual

2009 Forecast

2010 Target

This does not include 2010 growth capital which remains under evaluation

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SG&A and capital initiatives generating significant savings

SG&A down 20% in 2009

Trade Working Capital reduction (US$ millions)

100%

80%

2988 (100%)

2530 (85%)

2310 (77%)

2008

2009 Forecast

H1 2008

H2 2008

H1 2009

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Synergies and integration

Cost initiatives

Modelling the business

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Rio Tinto Alcans aluminium pricing tracking closely to spot prices in 2009
US$/t (lines)
3,500

Aluminium spot price

3,000 2,500 2,000 1,500

2009 first half average LME price was US$1,422 per tonne, a decline of 50% on H1 2008 Pricing of aluminium has an LME price mix on average of 55% spot

1,000 500 0
Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09

45% one month

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Remelt sales nearly double in H1 2009 versus H1 2008 but volumes are returning
Percentage of remelt sales nearly doubled in H1 2009 vs. H1 2008 with premia down almost 30%
48%

75%

% of Remelt volume vs. total sales volume (bars)

51%
50%

43%

27%
25%

27%

29%

Continuing signs of steady value added product recovery in North America and Asia Pacific, with encouraging signs emerging in Europe With market recovery will expect value added volumes to return to historical levels

0%

Q1 08

Q2 08

Q3 08

Q4 08

Q1 09

Q2 09

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Premiums are showing signs of recovery

Includes two components: market premium and product premium Market premium varies by region Product premium varies by product but on average is about US$180 per tonne Overall, net value added premium is around 3.4% above average 2008 LME
Local market premiums
$180

H109 aluminium sales by region

Local Market Premiums ($/tonne)

$160 $140 $120 $100 $80 $60 $40 $20 $0 2003 Europe 3M DPP Japan Midwest

Cut in EU duty to 3% from 6%

AsiaPacific 34%

North America 42%

Europe 24%

2004

2005

2006

2007

2008

2009

Source: Platts Metals Week

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Key raw material prices have a lag effect

Aluminium
100% 32% Other 32% Other 14% Carbon 21% Energy 21% Energy 20% 23% Bauxite 0% Alumina
Source: CRU

80%

Coke and pitch generally have three to five month lag due to the pricing (mostly semiannual) and days of inventory Alumina (two to five month lag) 16% of energy LME linked to three-month Alumina

60%

24% Caustic

40%

33% Alumina

Caustic lag is generally one to two months Fuel oil one to two month lag

Aluminium

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Sensitivities

Average price/exchange rate for 2009 first half Aluminium Canadian dollar Australian dollar Euro $1,422/t 83USc 71USc 134USc

10% change

Effect on Rio Tinto Alcan full year underlying earnings (US$ millions)

+/- $142/t +/-8.3USc +/-7.1USc +/-1.3USc

399 71 107 29

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Conclusions
Benefits of actions will continue to flow through in years to come

On track to deliver US$1.1 billion in integration synergies Focus on margin improvement Hold cost improvements to date Further cost compression opportunities Market recovery flow through

Will continue to manage cash into 2010 Capital, working capital, operations

Good financial discipline, control and governance

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Questions?

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