Filed by: BHP Billiton Plc

and BHP Billiton Limited

Pursuant to Rule 425 under the Securities Act of 1933

Subject Company: Rio Tinto plc

Commission File No.: 001-10533

The following are slides comprising an investor presentation that was first given on May 13, 2008.

May 2008

Investor Presentation

Slide 2

Disclaimer

This

document

has

been

prepared

by

BHP

Billiton

Ltd

and

BHP

Billiton

Plc

(“BHP

Billiton")

and

comprises

the

written

materials/slides

for

a

presentation

concerning

BHP

Billiton's

offer

for

Rio

Tinto

Ltd

and

Rio

Tinto

plc

(“Rio

Tinto”).

By

reviewing/attending

this

presentation

you

agree

to

be

bound

by

the

following

conditions.

The

directors

of

BHP

Billiton

accept

responsibility

for

the

information

contained

in

this

presentation.

Having

taken

all

reasonable

care

to

ensure

that

such

is

the

case,

the

information

contained

in

this

presentation

is,

to

the

best

of

the

knowledge

and

belief

of

the

directors

of

BHP

Billiton,

in

accordance

with

the

facts

and

contains

no

omission

likely

to

affect

its

import.

Subject

to

the

above,

neither

BHP

Billiton

nor

any

of

its

directors,

officers,

employees

or

advisers

nor

any

other

person

makes

any

representation

or

warranty,

express

or

implied,

as

to,

and

accordingly

no

reliance

should

be

placed

on,

the

fairness,

accuracy

or

completeness

of

the

information

contained

in

the

presentation

or

of

the

views

given

or

implied.

To

the

extent

permitted

by

law,

neither

BHP

Billiton

nor

any

of

its

directors,

officers,

employees

or

advisers

nor

any

other

person

shall

have

any

liability

whatsoever

for

any

errors

or

omissions

or

any

loss

howsoever

arising,

directly

or

indirectly,

from

any

use

of

this

information

or

its

contents

or

otherwise

arising

in

connection

therewith.

This

presentation

is

for

information

purposes

only

and

does

not

constitute

or

form

part

of

any

offer

or

invitation

to

acquire,

sell

or

otherwise

dispose

of,

or

issue,

or

any

solicitation

of

any

offer

to

sell

or

otherwise

dispose

of,

purchase

or

subscribe

for,

any

securities,

nor

does

it

constitute

investment

advice,

nor

shall

it

or

any

part

of

it

nor

the

fact

of

its

distribution

form

the

basis

of,

or

be

relied

on

in

connection

with,

any

contract

or

investment

decision,

nor

does

it

constitute

a

proposal

to

make

a

takeover

bid

or

the

solicitation

of

any

vote

or

approval

in

any

jurisdiction,

nor

shall

there

be

any

sale

of

securities

in

any

jurisdiction

in

which

such

offer,

solicitation

or

sale

would

be

unlawful

prior

to

registration

or

qualification

under

the

securities

laws

of

any

such

jurisdiction

(or

under

an

exemption

from

such

requirements).

No

offering

of

securities

shall

be

made

into

the

United

States

except

pursuant

to

registration

under

the

US

Securities

Act

of

1933,

as

amended,

or

an

exemption

therefrom.

Neither

this

presentation

nor

any

copy

of

it

may

be

taken

or

transmitted

or

distributed

or

redistributed

(directly

or

indirectly)

in

Japan.

The

distribution

of

this

document

in

other

jurisdictions

may

be

restricted

by

law

and

persons

into

whose

possession

this

document

comes

should

inform

themselves

about,

and

observe,

any

such

restrictions.

This

presentation

is

directed

only

at

persons

who

(i)

are

persons

falling

within

Article

49(2)(a)

to

(d)

("high

net

worth

companies,

unincorporated

associations

etc.")

of

the

Financial

Services

and

Markets

Act

2000

(Financial

Promotion)

Order

2005

(as

amended)

(the

"Order")

or

(ii)

have

professional

experience

in

matters

relating

to

investments

falling

within

Article

19(5)

of

the

Order

or

(iii)

are

outside

the

United

Kingdom

(all

such

persons

being

referred

to

as

"relevant

persons").

This

presentation

must

not

be

acted

on

or

relied

on

by

persons

who

are

not

relevant

persons.

Information

about

Rio

Tinto

is

based

on

public

information

which

has

not

been

independently

verified.

Certain

statements

in

this

presentation

are

forward-looking

statements.

The

forward-looking

statements

include

statements

regarding

contribution

synergies,

future

cost

savings,

the

cost

and

timing

of

development

projects,

future

production

volumes,

increases

in

production

and

infrastructure

capacity,

the

identification

of

additional

mineral

Reserves

and

Resources

and

project

lives

and,

without

limitation,

other

statements

typically

containing

words

such

as

"intends",

"expects",

"anticipates",

"targets",

"plans",

"estimates"

and

words

of

similar

import.

These

forward-looking

statements

speak

only

as

at

the

date

of

this

presentation.

These

statements

are

based

on

current

expectations

and

beliefs

and,

by

their

nature,

are

subject

to

a

number

of

known

and

unknown

risks

and

uncertainties

that

could

cause

actual

results,

performance

and

achievements

to

differ

materially

from

any

expected

future

results,

performance

or

achievements

expressed

or

implied

by

such

forward-looking

statements.

The

forward-looking

statements

are

based

on

numerous

assumptions

regarding

BHP

Billiton's

present

and

future

business

strategies

and

the

environments

in

which

BHP

Billiton

and

Rio

Tinto

will

operate

in

the

future

and

such

assumptions

may

or

may

not

prove

to

be

correct.

There

are

a

number

of

factors

that

could

cause

actual

results

or

performance

to

differ

materially

from

those

expressed

or

implied

in

the

forward-looking

statements.

Factors

that

could

cause

actual

results

or

performance

to

differ

materially

from

those

described

in

the

forward-looking

statements

include,

but

are

not

limited

to,

BHP

Billiton's

ability

to

successfully

combine

the

businesses

of

BHP

Billiton

and

Rio

Tinto

and

to

realise

expected

synergies

from

that

combination,

the

presence

of

a

competitive

proposal

in

relation

to

Rio

Tinto,

satisfaction

of

any

conditions

to

any

proposed

transaction,

including

the

receipt

of

required

regulatory

and

anti-trust

approvals,

Rio

Tinto’s

willingness

to

enter

into

any

proposed

transaction,

the

successful

completion

of

any

transaction,

as

well

as

additional

factors

such

as

changes

in

global,

political,

economic,

business,

competitive,

market

or

regulatory

forces,

future

exchange

and

interest

rates,

changes

in

tax

rates,

future

business

combinations

or

dispositions

and

the

outcome

of

litigation

and

government

actions.

Additional

risks

and

factors

that

could

cause

BHP

Billiton

results

to

differ

materially

from

those

described

in

the

forward-looking

statements

can

be

found

in

BHP

Billiton's

filings

with

the

US

Securities

and

Exchange

Commission

("SEC"),

including

BHP

Billiton's

Annual

Report

on

Form

20-F

for

the

fiscal

year-ended

June

30,

2007,

and

Rio

Tinto’s

filings

with

the

SEC,

including

Rio

Tinto’s

Annual

Report

on

Form

20-F

for

the

fiscal

year-ended

December

31,

2007,

which

are

available

at

the

SEC's

website

(http://www.sec.gov).

Other

unknown

or

unpredictable

factors

could

cause

actual

results

to

differ

materially

from

those

in

the

forward-looking

statements.

The

information

and

opinions

expressed

in

this

presentation

are

subject

to

change

without

notice

and

BHP

Billiton

expressly

disclaims

any

obligation

(except

as

required

by

law

or

the

rules

of

the

UK

Listing

Authority

and

the

London

Stock

Exchange,

the

UK

Takeover

Panel,

or

the

listing

rules

of

ASX

Limited)

or

undertaking

to

disseminate

any

updates

or

revisions

to

any

forward-looking

statements

contained

herein

to

reflect

any

change

in

BHP

Billiton’s

expectations

with

regard

thereto

or

any

change

in

events,

conditions

or

circumstances

on

which

any

such

statement

is

based.

BHP Billiton Offer for Rio Tinto

Slide 3

Disclaimer

(continued)

None

of

the

statements

concerning

expected

cost

savings,

revenue

benefits

(and

resulting

incremental

EBITDA)

and

EPS

accretion

in

this

presentation

should

be

interpreted

to

mean

that

the

future

earnings

per

share

of

the

enlarged

BHP

Billiton

group

for

current

and

future

financial

years

will

necessarily

match

or

exceed

the

historical

or

published

earnings

per

share

of

BHP

Billiton,

and

the

actual

estimated

cost

savings

and

revenue

benefits

(and

resulting

EBITDA

enhancement)

may

be

materially

greater

or

less

than

estimated.

Information

Relating

to

the

US

Offer

for

Rio

Tinto

plc

BHP

Billiton

plans

to

register

the

offer

and

sale

of

securities

it

would

issue

to

Rio

Tinto

plc

US

shareholders

and

Rio

Tinto

plc

ADS

holders

by

filing

with

the

SEC

a

Registration

Statement

(the

“Registration

Statement”),

which

will

contain

a

prospectus

(“Prospectus”),

as

well

as

other

relevant

materials.

No

such

materials

have

yet

been

filed.

This

communication

is

not

a

substitute

for

any

Registration

Statement

or

Prospectus

that

BHP

Billiton

may

file

with

the

SEC.

U.S.

INVESTORS

AND

U.S.

HOLDERS

OF

RIO

TINTO

PLC

SECURITIES

AND

ALL

HOLDERS

OF

RIO

TINTO

PLC

ADSs

ARE

URGED

TO

READ

ANY

REGISTRATION

STATEMENT,

PROSPECTUS

AND

ANY

OTHER

DOCUMENTS

MADE

AVAILABLE

TO

THEM

AND/OR

FILED

WITH

THE

SEC

REGARDING

THE

POTENTIAL

TRANSACTION,

AS

WELL

AS

ANY

AMENDMENTS

AND

SUPPLEMENTS

TO

THOSE

DOCUMENTS,

WHEN

THEY

BECOME

AVAILABLE

BECAUSE

THEY

WILL

CONTAIN

IMPORTANT

INFORMATION.

Investors

and

security

holders

will

be

able

to

obtain

a

free

copy

of

the

Registration

Statement

and

the

Prospectus

as

well

as

other

relevant

documents

filed

with

the

SEC

at

the

SEC's

website

(http://www.sec.gov),

once

such

documents

are

filed

with

the

SEC.

Copies

of

such

documents

may

also

be

obtained

from

BHP

Billiton

without

charge,

once

they

are

filed

with

the

SEC.

Information

for

US

Holders

of

Rio

Tinto

Ltd

Shares

BHP

Billiton

Ltd

is

not

required

to,

and

does

not

plan

to,

prepare

and

file

with

the

SEC

a

registration

statement

in

respect

of

the

Rio

Tinto

Ltd

Offer.

Accordingly,

Rio

Tinto

Ltd

shareholders

should

carefully

consider

the

following:

The

Rio

Tinto

Ltd

Offer

will

be

an

exchange

offer

made

for

the

securities

of

a

foreign

company.

Such

offer

is

subject

to

disclosure

requirements

of

a

foreign

country

that

are

different

from

those

of

the

United

States.

Financial

statements

included

in

the

document

will

be

prepared

in

accordance

with

foreign

accounting

standards

that

may

not

be

comparable

to

the

financial

statements

of

United

States

companies.

Information

Relating

to

the

US

Offer

for

Rio

Tinto

plc

and

the

Rio

Tinto

Ltd

Offer

for

Rio

Tinto

shareholders

located

in

the

US

It

may

be

difficult

for

you

to

enforce

your

rights

and

any

claim

you

may

have

arising

under

the

U.S.

federal

securities

laws,

since

the

issuers

are

located

in

a

foreign

country,

and

some

or

all

of

their

officers

and

directors

may

be

residents

of

foreign

countries.

You

may

not

be

able

to

sue

a

foreign

company

or

its

officers

or

directors

in

a

foreign

court

for

violations

of

the

U.S.

securities

laws.

It

may

be

difficult

to

compel

a

foreign

company

and

its

affiliates

to

subject

themselves

to

a

U.S.

court's

judgement.

You

should

be

aware

that

BHP

Billiton

may

purchase

securities

of

either

Rio

Tinto

plc

or

Rio

Tinto

Ltd

otherwise

than

under

the

exchange

offer,

such

as

in

open

market

or

privately

negotiated

purchases.

References

in

this

presentation

to

“$”

are

to

United

States

dollars

unless

otherwise

specified.

BHP Billiton Offer for Rio Tinto

Slide 4

The largest mining company by market capitalisation

BHP BILLITON

0

20

40

60

80

100

120

140

160

180

200

220

*Rio

Tinto

Market

Cap

=

Market

Cap

of

Rio

Tinto

Plc

+

62.6%

of

Market

Cap

of

Rio

Tinto

Ltd

(due

to

Rio

Tinto

Plc’s

approximate

37.4%

holding

of

Rio

Tinto

Ltd,

as

per

www.riotinto.com/investors/590_data_book.asp)

**Market

value

may

be

unreliable

due

to

a

high

percentage

of

non

free-float

shares.

Sources:

Datastream,

Bloomberg

Market Capitalisation as at 30 April 2008

US$bn

Slide 5

BHP Billiton’s business is truly global in scope and scale…

Stainless Steel Materials

Nickel

Iron Ore

Iron Ore

Manganese

Manganese Ore, Manganese Alloy

Metallurgical Coal

Coking Coal, Thermal Coal

Base Metals

Copper, Lead, Silver, Uranium, Zinc

Aluminium

Alumina, Aluminium

Energy Coal

Thermal Coal

Petroleum

Oil, Gas, NGL

Diamonds & Specialty Products

Diamonds, Titanium Minerals

Note: Location of dots indicative only

Aluminium

Base Metals

Diamonds & Specialty Products

Energy Coal

Iron Ore

Manganese

Metallurgical Coal

Petroleum

Stainless Steel Materials

Offices

Slide 6

Core strategy is unchanged

Focus on value creation

•

People

•

Run current assets at

full potential

•

Accelerate development

projects

•

Create future options

People

‘Licence to Operate’

World Class Assets

The BHP Billiton Way

(Value Added Processes)

Financial Strength

and Discipline

Project Pipeline

Growth

Options

People

‘Licence to Operate’

World Class Assets

The BHP Billiton Way

(Value Added Processes)

Financial Strength

and Discipline

Project Pipeline

Growth

Options

Slide 7

Highlights –

Half year ended December 2007

•

Strong operating and financial results

•

Cost control focus

is yielding excellent results

•

Project delivery

–

first production from seven new projects

•

Healthy volume growth from new production expected in FY 2008

•

A further four projects approved

•

Interim dividend increased 45% to 29 US cents per share

•

Longer term fundamentals remain strong

Slide 8

2006

Underlying EBIT by Customer Sector Group

2007

Half year ended December (US$m)

Petroleum

1,972

1,612

+22

Aluminium

680

840

-19

Base Metals (including Uranium)

3,367

2,889

+17

Diamonds & Specialty Products

72

78

-8

Stainless Steel Materials

799  

1,427

-44

Iron Ore

1,673

1,404

+19

Manganese

431

105

+311

Metallurgical Coal

523

657

-20

Energy Coal

277

242

+15

Group & Unallocated Items

(1)

(171)

(120)

BHP Billiton (Total)

9,623

9,134

+5

(1)  Includes Technology

% Change

Slide 9

Declining rate of cost increase

H1 FY2005 and H2 FY2005 are shown on the basis of UKGAAP.

Other

periods are calculated under IFRS. All periods excluded third party trading.

4.0%

2.2%

3.0%

1.7%

5.5%

8.4%

5.9%

4.5%

4.3%

5.8%

6.7%

5.6%

4.9%

3.9%

0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

H1 FY2005

H2 FY2005

H1 FY2006

H2 FY2006

H1 FY2007

H2 FY2007

H1 FY2008

Total

Excl Non-Cash

Operating cost increase relative to preceding half year

Slide 10

Outlook –

long term fundamentals strong, shorter term more fluid

0

1,000

2,000

3,000

4,000

5,000

India

China

40

42

44

46

48

50

52

54

56

58

Jan-07

Apr-07

Jul-07

Oct-07

Gross domestic product (US$bn)

ISM purchasing manufacturers index

Source: International Monetary Fund

Source: Thomson Financial

Slide 11

China’s growth driven by domestic demand…

Asian export

markets more important than the US

0

5

10

15

20

25

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007F

Consumption

Investment

Inventories

Net Exports

Source:  CEIC Data Co. Ltd (February 2008), BHP Billiton Estimates for CY2007

Composition of Chinese GDP

(RMB trillions)

Destination of Chinese exports

24%

46%

21%

9%

Europe

Other

North

America

Asia

Slide 12

Can Chinese consumption growth offset the shorter term slow

down in the US?

0

10

20

30

40

50

60

70

80

90

100

Iron Ore

Copper

Energy

China

India

USA

Europe

Share of Consumption

(2007, %)

China Share of Incremental Demand

(1997-2007, %)

0

10

20

30

40

50

60

70

80

90

100

Iron Ore

Copper

Energy

Sources of data:  CRU Quarterly Reports (January 2008); IISI –

Steel Statistical Yearbook (December 2007);

BP Statistical Review of World Energy June 2007

Slide 13

A unique balance across high margin CSM, non ferrous

and energy commodities

0%

10%

20%

30%

40%

50%

60%

70%

80%

Diamonds

Aluminium

Nickel

Copper

Ag/Pb/Zn

Energy Coal

Petroleum

Met Coal

Manganese

Iron Ore

Note:  EBITDA margin excludes third party trading.

EBITDA excluded third party trading and Group and Unallocated.

EBITDA margin H1 FY 2008

EBITDA H1 FY 2008

(Total = US$11.4bn)

CSM

Energy

Non Ferrous

Other

49%

24%

26%

1%

Non Ferrous

CSM

Energy

Other

5/13/2008 12:42 AM

Slide 14

Boffa/Santou

Refinery

2010

As at 2 May 2008

Proposed capital expenditure

<$500m

$501m-$2bn

$2bn+

SSM

Energy Coal

D&SP

Iron Ore

Base Metals

Petroleum

Met Coal

CSG

Manganese

Aluminium

2008

Execution

Pyrenees

Samarco

Neptune

Shenzi

Alumar

Atlantis

North

Klipspruit

GEMCO

Zamzama

Phase 2

2013

Feasibility

Guinea

Alumina

Worsley

E&G

Perseverance

Deeps

Maruwai

Stage 1

Douglas-

Middelburg

Mt Arthur

Coal UG

Future Options

Cliffs

Newcastle

Third Port

NWS

Angel

Nimba

Ekati

Canadian

Potash

WA Iron Ore

Quantum 2

CW Africa

Exploration

Angola

& DRC

WA Iron Ore

RGP 5

WA Iron Ore

Quantum 1

Macedon

Turrum

CMSA Heap

Leach 1

NWS

CWLH

Peak Downs

Exp

DRC

Smelter

Mad Dog

West

KNS

Exp

Hallmark

Corridor

Sands 1

Puma

Puma

Cerrejon

Opt Exp

Angostura

Gas

NWS

T5

Maintenance of a deep diversified inventory of growth options

Navajo

Sth

Bakhuis

Maruwai

Stage 2

NWS Nth

Rankin B

WA Iron Ore

RGP 4

Kipper

Antamina

Exp

Goonyella

Expansions

Olympic Dam

Expansion 3

Corridor

Sands 2

Knotty

Head

Maya

Nickel

Gabon

Daunia

RBM

Olympic Dam

Expansion 2

Browse

LNG

Resolution

Saraji

Thebe

CMSA

Pyro Expansion

Cannington

Life Ext

SA Mn

Ore Exp

Wards

Well

Eastern

Indonesian

Facility

NWS

WFGH

Blackwater

UG

Olympic Dam

Expansion 1

CMSA Heap

Leach 2

Escondida

3rd Conc

Red Hill

UG

GEMCO

Exp

Samarco 4

Shenzi

Nth

Neptune

Nth

Scarborough

Caroona

Kennedy

MKO

Talc

Slide 15

Development spend in high margin businesses

Note:

Represents

pipeline

projects

in

execution,

feasibility

does

not

include

pre-feasibility

projects.

EBITDA

margins

for

business

in

12

months

to

31

December

2007

not

for

individual

projects.

EBITDA

margin

excluded

third

party

trading.

Source:

BHP

Billiton

estimates.

0%

10%

20%

30%

40%

50%

60%

70%

80%

Petroleum

Iron Ore

Aluminium

Development pipeline capex

(Total US$16.1bn)

EBITDA margins

(12 months to December 2007)

Petroleum

Aluminium

Iron Ore

Other

24%

33%

28%

15%

Slide 16

Strong cash flow -

delivering value to shareholders

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

FY2002

FY2003

FY2004

FY2005

FY2006

FY2007

FY2008

H1

H2

0

1500

3000

4500

6000

7500

9000

FY2002

FY2003

FY2004

FY2005

FY2006

FY2007

FY2008

Available Cash Flow

(US$m)

Available Cash Flow

(US$m)

Organic Growth¹

(US$m)

Return to Shareholders

2

(US$m)

(1)

Capital and Exploration FY expenditures (exclude acquisitions).

(2)

Dividends paid and share buy-backs.

(3)

FY2005, FY2006, FY2007 and H1 FY2008 have been calculated on the

basis of the IFRS. 

Prior periods have been calculated on the basis of UKGAAP.

0

1500

3000

4500

6000

7500

9000

FY2002

FY2003

FY2004

FY2005

FY2006

FY2007

FY2008

Slide 17

Summary

•

Continued excellent operating and financial results

•

Unique portfolio balance provides stability

•

Project pipeline and global footprint to support future growth

•

Longer term outlook for global growth remains robust

BHP Billiton’s offer to acquire Rio Tinto

Slide 19

Background to the offer

•

Early 2007:  BHP Billiton discussed a merger of equals. This concept was rejected

by Rio Tinto

•

1 November 2007:  BHP Billiton made a confidential proposal to combine the

companies.  Rio Tinto rejected the proposal and refused to enter

discussions

•

8 November 2007:  BHP Billiton confirmed it had approached Rio Tinto with a proposal

•

12 November 2007:  BHP Billiton announced the proposal following

market speculation. 

Since then:

–

Global roadshow has indicated a clear understanding of the industrial logic of the

combination

–

Rio Tinto has refused to engage to discuss the proposal

•

21 December 2007:  BHP Billiton required to “put up or shut up”

by 6 February 2008

•

1 February 2008:  Chinalco

acquires a c.12% stake in Rio Tinto plc

•

6 February 2008:  BHP Billiton announced offers for all of the outstanding shares of Rio

Tinto

BHP Billiton Offer for Rio Tinto

Slide 20

BHP Billiton offer for Rio Tinto

Rio Tinto plc Offer:

•

Rio Tinto plc shareholders will receive 3.4 BHP Billiton shares for every Rio Tinto plc share held

–

80% in BHP Billiton Plc shares

–

20% in BHP Billiton Ltd shares

•

Separate US offer (which forms part of the Rio Tinto plc Offer) to:

–

US resident shareholders of Rio Tinto plc shares

–

All holders of Rio Tinto plc ADRs

•

UK CGT rollover relief expected to be available for UK resident shareholders accepting the Rio

Tinto plc Offer if there are approximately 70% acceptances under

the Rio Tinto plc Offer

Rio Tinto Ltd Offer:

•

Rio Tinto Ltd shareholders will receive 3.4 BHP Billiton Ltd shares for every Rio Tinto Ltd share

held

•

If compulsory acquisition is reached in the Rio Tinto Ltd Offer,

then Australian CGT rollover relief

is expected to be available for Australian resident shareholders

accepting the Rio Tinto Ltd

Offer

(a)

With a “mix and match”

facility

Notes:

a)

To

reach

the

compulsory

acquisition

thresholds

in

respect

of

Rio

Tinto

Ltd,

some

or

all

of

the

Rio

Tinto

plc

holding

in

Rio

Tinto

Ltd

will

need

to

be

accepted

into

the

Rio

Tinto

Ltd

Offer

by

Rio

Tinto

plc

or

ASIC

will

need

to

provide

relief

from

the

Australian

Corporations

Act.

ASIC

has

indicated

that

it

would

consider

an

application

for

this

relief,

if

it

becomes

apparent

that

the

Rio

Tinto

plc

holding

is

having

a

clear

defensive

effect.

BHP Billiton Offer for Rio Tinto

Slide 21

BHP Billiton offer for Rio Tinto

•

Offers are inter-conditional

•

Subject to pre-conditions relating to certain anti-trust clearances in the EU, the US,

Australia, Canada and South Africa and FIRB approval in Australia

•

Conditional on more than 50% acceptances in respect of publicly-held shares

•

Subject to BHP Billiton shareholder approval and other terms and

conditions set out in the

offer announcement

•

Maintenance of BHP Billiton’s progressive dividend policy

•

Proposed initial share buyback of up to US$30bn following completion if the offer is

successful

(a)

–

Buyback and any refinancing of Rio Tinto’s

borrowings to be funded through a

combination of a US$55bn committed bank financing facility, cash

flow from operations,

asset disposal proceeds and, if required, debt financing

•

Target single A credit rating

•

DLC structure maintained

Notes:

a)

i.e. if BHP Billiton acquires 100% of the shares in Rio Tinto Limited and Rio Tinto plc on the3.4:1 offer terms announced offer terms.

BHP Billiton Offer for Rio Tinto

Slide 22

Unlocking value –

Why a combination with Rio Tinto?

•

Combined entity will have a unique portfolio of tier 1 assets

–

Enhanced ability to optimise

and high-grade portfolio

–

Greater diversity and reduced value at risk

–

Combination makes sense in both a rising and a falling market

•

Uniquely positioned to meet the growing demands of the global economy –

largely driven by

China growth

•

Expected material quantifiable synergies and financial benefits unique to this combination

(a)

–

US$1.7bn nominal per annum from cost savings

–

US$2.0bn additional nominal per annum primarily from volume acceleration

–

Other combination benefits

•

Broader stakeholders will benefit

–

Customers –

more product, more quickly and more efficiently

–

Communities, employees and developing countries

Notes:

a)

Estimated

incremental

EBITDA

based

on

publicly

available

information.

To

be

read

in

conjunction

with

the

notes

in

Appendix

IV

of

BHP

Billiton’s

announcement

dated

6-Feb-2008.

Full

run

rate

synergies

expected

by

year

7.

BHP Billiton Offer for Rio Tinto

Slide 23

Indicative timetable 

Event

Date

Satisfaction of regulatory approval pre-conditions

Second half of 2008

Posting of offer documents for Rio Tinto plc Offer and

Rio Tinto Ltd Offer to shareholders

Day 0

(Within 28 days after the pre-conditions

are satisfied)

Last date for fulfilment of minimum acceptance condition in Rio Tinto

plc Offer

Day 60

Last date for fulfilment of all conditions to the Rio Tinto plc Offer

and all conditions to the Rio Tinto Ltd Offer (because offers

are inter-conditional)

Day 81

First date for delivery of consideration under the offers

Within 14 days after the offers become wholly

unconditional

BHP Billiton Offer for Rio Tinto

Appendix

Slide 25

2006

2007

Financial highlights

%

Change

Half

year

ended

December

(US$m)

Revenue

25,539

22,113

+15

Underlying EBITDA

11,167

10,494

+6

Underlying EBIT

9,623

9,134

+5

Attributable profit (excluding exceptionals)

5,995

6,168

-3

Attributable profit

6,017

6,168

-2

Net operating cash flows

7,870

7,116

+11

EPS (excluding exceptionals) (US cents)

106.8

103.9

+3

Dividends per share (US cents)

29

20

+45

Slide 26

Cash flow

Operating cash flow

and dividends

(1)

11,600

10,188

Net interest paid

(313)

(231)

Tax paid

(2)

(3,417)

(2,841)

Net operating cash flow

7,870

7,116

Capital expenditure

(3,753)

(3,466)

Exploration expenditure

(598)

(312)

Purchases of investments

(153)

(31)

Proceeds from sale of fixed assets & investments

134

298

Net cash flow before dividends and

funding

3,500

3,605

Dividends paid

(3)

(1,571)

(1,122)

Net cash flow before funding & buy-backs

1,929

2,483

2007

2006

Half year ended December (US$m)

(1)

Operating cash flow includes dividends received.

(2)

Includes royalty related taxes paid.

(3)

Includes dividends paid to minority interests.

Slide 27

Return on capital and margins

(1)

H1 2008 is calculated on an annualised basis.

(2)

FY2005, FY2006, FY2007 and H1 2008 are shown on the basis of Underlying EBIT.

Prior periods are calculated under UKGAAP. All periods excluded third party trading.

35%

38%

30%

44%

48%

44%

29%

21%

13%

11%

40%

30%

24%

20%

0%

10%

20%

30%

40%

50%

60%

FY 2002

FY 2003

FY 2004

FY 2005

FY 2006

FY 2007

H1 2008

Return on Capital

EBIT Margin

(2)

(1)

Slide 28

2006

Underlying EBIT by Customer Sector Group

2007

Half year ended December (US$m)

•

Record half year EBIT

•

Record half year production from global continuing

operations

•

Cash costs flat with comparative half

•

Three major new projects on line in first half: Stybarrow,

Atlantis and Genghis Khan

•

Exploration –

successful drilling of Thebe and acreage

captured in Gulf of Mexico and Falklands

Shenzi

Petroleum

1,972

1,612

+22.3

% Change

Slide 29

2006

Underlying EBIT by Customer Sector Group

2007

•

Production at record levels

•

Softer prices for metals and cost impacted by weaker US$

•

South African power situation will impact metal production

Half year ended December (US$m)

•

Record copper concentrate production

•

Contribution of 96,000 tonnes from new projects

•

Olympic Dam pre-feasibility study progressing well

Mozal

Olympic Dam

•

Production and sales volumes improved second quarter

•

Ravensthorpe ramping up as expected

Nickel West

Aluminium

680

840

-19.0

Base Metals

3,367

2,889

+16.5

Stainless Steel Materials

799

1,427

-44.0

% Change

Slide 30

2006

Underlying EBIT by Customer Sector Group

2007

Half year ended December (US$m)

•

Record Half Year EBIT

•

Record production and shipments

•

RGP3 commissioned and RGP4 on schedule

•

Record production and shipments

•

Groote Eylandt expansion approved lifting capacity to

4.2mtpa of ore and concentrate

•

Record shipments benefiting from expanded Hay Point Terminal

•

EBIT impacted by lower prices

•

Severe flooding in Queensland will impact production

TEMCO

BMA

Mount Newman

Metallurgical Coal

523

657

-20.4

Manganese

431

105

+310.5

Iron Ore

1,673

1,404

+19.2

% Change

Slide 31

2006

Underlying EBIT by Customer Sector Group

2007

•

Higher export prices driven by strong demand

•

Record annual production at Hunter Valley and Cerrejon

•

Approval of Klipspruit (+1.8mtpa export coal) and

Newcastle

third port

Half year ended December (US$m)

BECSA

•

Koala Underground completed ahead of schedule and

budget

•

Increased exploration activity on diamond targets in

Angola and potash opportunity in Canada

Ekati

Energy Coal

277

242

+14.5

Diamonds & Specialty Products

72

78

-7.7

% Change

Slide 32

0%

10%

20%

30%

40%

50%

60%

70%

Petroleum

Aluminium

Base Metals

Diamonds

& Specialty

Products

Stainless

Steel

Materials

Iron Ore

Manganese

Met Coal

Energy

Coal

2005

2006

2007

H1 2008

EBIT margin

(1)

by Customer Sector Group

(1)

All periods excluded third party trading.

Slide 33

Underlying EBIT analysis

Half year ended Dec 2007 vs Dec 2006

3,000

4,000

5,000

6,000

7,000

8,000

9,000

10,000

11,000

12,000

Dec-06

Net Price

Volume

Exchange

Inflation

Cash Costs

Non Cash

Costs

Exploration

& Bus. Dev

Other

Dec-07

US$m

9,134

1,635

461

(506)

(206)

(199)

(61)

(222)

(413)

9,623

(1)

Including $154m of price-linked costs impact.

(2)

Including $324m due to increase in volume from new operations.

(1)

(2)

Slide 34

-250

-150

-50

50

150

250

350

450

Impact of major volume changes

Half year ended Dec 2007 vs Dec 2006

US$m

Total volume

(1)

variance US$461

million

Copper

387

Met

Coal

83

Iron

Ore

81

Aluminium/

Alumina

44

D&SP

24

Energy

Coal

(9)

Petroleum

(25)

Nickel

(226)

Other

102

(1)

Volume variances calculated using previous year margin and including $324m due

to increase in volume from new operations.

Slide 35

Impact of major commodity price

Half year ended Dec 2007 vs Dec 2006

-200

-100

0

100

200

300

400

500

Total price variance US$1,635 million

(1)

US$m

Petroleum

466

Base

Metals

350

Manganese

346

Iron Ore

333

Energy

Coal

308

SSM

97

Diamonds

(23)

Aluminium

(44)

Met Coal

(198)

(1) Including $154m of price-linked costs impact.

Slide 36

Developing world metals demand to show significant growth

US$ expenditure

(per capita)

10

20

30

40

50

GDP per capita (US$’000)*

10

20

30

40

Aluminium

Copper

Iron Ore

Coking Coal

* 1 January 2008 real US dollars

Sources

of

data:

CRU

Quarterly

Reports

(January

2008);

Brook

Hunt

Aluminium

Metal

Service

(February

2008);

IISI

–

Steel

Statistical

Yearbook

(December

2007);

World

Bank

(World

Development

Indicators

Online

Database,

February

2008);

BHP

Billiton

analysis

China: $2,000 per capita

Slide 37

But, the dollar value of oil intensity per capita is 10 times

that of non ferrous metals

US$ Expenditure

(per capita)

100

200

300

400

500

GDP per capita (US$’000)*

10

20

30

40

Crude Oil

Aluminium/Copper

China: $2,000 per capita

* 1 January 2008 real US dollars

Sources

of

data:

CRU

Quarterly

Reports

(January

2008);

Brook

Hunt

Aluminium

Metal

Service

(February

2008);

IISI

–

Steel

Statistical

Yearbook

(December

2007);

World

Bank

(World

Development

Indicators

Online

Database,

February

2008);

BP

Statistical

Review

of

World

Energy

June

2007;

BHP

Billiton

analysis

Slide 38

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

5,000

5,500

FY02

H1 03

H2 03

H1 04

H2 04

H1 05

H2 05

H1 06

H2 06

H1 07

H2 07

H1 08

Petroleum

Aluminium

Base Metals

Iron Ore

Met Coal

Manganese

Energy Coal

SSM

Other

China

•

Diversification remains for sales into China

•

Currently 20% of total company revenues

US$m

431

785

1,075

1,357

371

1,588

Europe

Japan

Other Asia

Nth

America

China

ROW

Australia

2,407

2,946

3,611

3,999

5,293

5,013

Slide 39

But so is Metallurgical coal

•

Leading position in the seaborne market

•

100% BMA owned Hay Point limits impact of

infrastructure constraints

•

Significant growth options

Iron Ore is an important part of the mix

•

Geographic proximity to the growing Asian market

•

Record H1 production and shipments

•

Plans underway to expand WAIO to 300mtpa by 2015

And Manganese is a significant contributor

•

Largest supplier of seaborne manganese ore from high

quality resource base

•

Manganese ore and alloy assets operating at record

production levels in a strong demand environment

Broad exposure to carbon steel sector demand

20%

64%

Total Carbon Steel Sector H1 FY 2008

EBIT

(Total = US$2.6bn)

16%

Manganese

Met Coal

Iron Ore

Slide 40

Source:

EIA International Energy Outlook 2007

WNA Global Nuclear Fuel Market 2007

Well positioned to meet energy demand regardless of fuel mix

90

100

110

120

130

140

150

160

170

180

2007

2010

2015

2020

2025

2030

Energy Demand

Renewables

Nuclear

Gas

Oil

Coal

2007 = 100

Projected world primary energy demand

Slide 41

China’s copper, nickel, aluminium and iron ore demand

and its percentage share of world demand

‘000 tonnes

Data: CRU Copper Quarterly, January 2008

‘000 tonnes

Data: CRU Nickel Quarterly, January 2008

Data: Brook Hunt Aluminium Metal Service, February 2008

‘000 tonnes

million tonnes

Data: IISI –

Steel Statistical Yearbook (Dec. 2007); China Customs data

(www.customs.gov.cn); CRU -

"The Iron Ore Market Service" Interim

Report, December 2007; The Tex Report (February 2008); Iron ore data

are seaborne traded, based on import statistics

Copper

Nickel

Aluminium

Iron Ore

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

5,000

95

96

97

98

99

00

01

02

03

04

05

06

07

0%

5%

10%

15%

20%

25%

30%

Chinese refined copper

consumption

%

share

of

world

refined

copper

consumption

(right

hand

scale)

0

50

100

150

200

250

300

350

95

96

97

98

99

00

01

02

03

04

05

06

07

0%

5%

10%

15%

20%

25%

30%

Chinese primary nickel

consumption

%

share

of

world

primary

nickel

consumption

(right

hand

scale)

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

95

96

97

98

99

00

01

02

03

04

05

06

07

0%

5%

10%

15%

20%

25%

30%

35%

Chinese aluminium

consumption

%

share

of

global

aluminium

consumption

(right

hand

scale)

0

50

100

150

200

250

300

350

400

450

95

96

97

98

99

00

01

02

03

04

05

06

07

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

Chinese iron ore imports

%

share

of

global

seaborne

iron

ore

(right

hand

scale)

Slide 42

China and India account for a major share of world commodity

demand

Notes: Iron ore is demand for seaborne imports.  Steel data are for crude steel production. Coal includes all coal types.

Source:  CRU Quarterly Reports (January 2008), Brook Hunt Aluminium Metal Service (February 2008), BP Statistical Review of

World Energy June 2007, IISI –

Steel Statistical Yearbook (December 2007); BP Statistical Review of World Energy June 2007

0

10

20

30

40

50

60

70

80

90

100

Al

Cu

Ni

Fe Ore

Steel

Coal

Oil

Energy

Other

Europe

Japan

USA

India

China

Share of World Commodity Demand –

2007

(%)

Slide 43

Aluminium -

GDP per capita vs consumption per capita

Al Consumption

(kg/capita)

0

5

10

15

20

25

30

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

50,000

GDP/Capita (Jan 2008 Constant US Dollars)

China

Germany

India

Japan

Korea, Rep.

United States

Taiwan

Note:

Based

on

a

project

of

similar

growth

patterns

to

the

other

nations

shown

Source:

World

Bank

(World

Development

Indicators

Online

Database,

February

2008);

Government

Statistics

for

Taiwan

(www.stat.gov.tw);

Brook

Hunt

Aluminium

Metal

Service

(February

2008)

Slide 44

Copper –

GDP per capita vs consumption per capita

Copper consumption

(kg/capita)

0

5

10

15

20

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

50,000

GDP/Capita (Jan 2008 Constant US Dollars)

China

Germany

India

Japan

Korea, Rep.

United States

Taiwan

*Note: Based on a project of similar growth patterns to the other nations shown

Source: World Bank (World Development Indicators Online Database, February 2008); Government

Statistics for Taiwan (www.stat.gov.tw); CRU Copper Quarterly (January 2008)

Slide 45

Steel –

GDP per capita vs consumption per capita

Finished steel consumption (kg/capita)

0

200

400

600

800

1,000

1,200

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

50,000

GDP/Capita (Jan 2008 Constant US Dollars)

China

Germany

India

Japan

Korea, Rep.

United States

Taiwan

*Note: Based on a project of similar growth patterns to the other nations shown

Source: World Bank (World Development Indicators Online Database, February 2008); Government

Statistics for Taiwan (www.stat.gov.tw); IISI –

Steel Statistical Yearbook (Dec. 2007)

Slide 46

Energy –

GDP per capita vs energy use per capita

Primary energy use (toll equiv/capita)

0

2

4

6

8

10

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

50,000

GDP/Capita (Jan 2008 Constant US Dollars)

China

Germany

India

Japan

Korea, Rep.

United States

Taiwan

*Note:

Based

on

a

project

of

similar

growth

patterns

to

the

other

nations

shown

Source:

World

Bank

–

World

Development

Indicators

Online

Database

(February

2008),

Government

Statistics

for

Taiwan

(www.stat.gov.tw);

BP

Statistical

Review

of

World

Energy

June

2007

Slide 47

Inventories remain at historically low levels;

Real LME metal prices are still high

Monthly Real LME Metal Prices and Stocks

0

20

40

60

80

100

120

140

160

180

200

0

2

4

6

8

10

12

14

16

18

20

LME Price Index (left scale)

Stocks (right scale)

Source: Macquarie Capital Securities Research, February 2008.  *

London Metal Exchange (LME) prices and stocks of Al, Cu, Zn, Pb, Ni

Stock/consumption ratios very low

Slide 48

1920-1945

Great Depression

World War II

High military demand

Investment dries up

Prices collapse

and stagnate

1975-2007

Emerging Market growth

Maturing of Japan

1990: Collapse of USSR

“Re-birth”

of US economy

Productivity & IT revolution

“Commodification”

Cost benefits from technology

and economies of scale

China’s long boom

Renewed “call”

on

copper resources

Global Copper Prices in 1880-2007

0.00

0.50

1.00

1.50

2.00

2.50

3.00

3.50

4.00

1880

1890

1900

1910

1920

1930

1940

1950

1960

1970

1980

1990

2000

10-Year

Moving

Average

Real Annual

Cu Price

1880-1914

Second Industrial

Revolution & US economic expansion

Electrification

Colonial/imperial raw materials

networks

Rising real prices

Expansion of US

copper mining

Expansion in

African Copperbelt

Expansion in

Chile/Peru

Escondida &

Freeport

Flotation, open-pit

mining and

mechanisation

Flash smelting

Birth of Sx/Ew

WWI

WWII

Twin Oil

Shocks

Collapse

of USSR

Wall

Street

Crash

1920-2007

Sources of data: CRU Quarterly Reports (January 2008, and archives), US Geological Survey –

Metal Prices in the US Through 1998

(http://minerals.usgs.gov/minerals), US Bureau of Economic Analysis (US CPI Database)

China’s

Boom

1970s

Oil Shocks

Inflation/recession

Demand slumps

Substitution

LME pricing

Costs and prices

fall from peaks

Vietnam

War

1950-1973

Post-war boom

Japan’s

“economic miracle”

High demand growth

Nationalisation

in

Chile,

Peru, Mexico

and Africa

Costs and prices rise

Producer pricing

Korean

War

Slide 49

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0

FY 2002

FY 2003

FY 2004

FY 2005

FY 2006

FY 2007

FY 2008

Exploration

Sustaining

Capex

Growth

Expenditure

Capital & exploration expenditure

US$bn

9.9

7.4

6.4

4.3

3.1

3.0

3.2

Total

1.3

0.8

0.8

0.5

0.5

0.3

0.4

Exploration

(1)

1.5

1.4

1.4

1.2

0.8

0.7

0.9

Sustaining & Other

7.1

5.2

4.2

2.6

1.8

2.0

1.9

Growth

2008F

2007

2006

2005

2004

2003

2002

US$ Billion

(1)

2008 Forecast includes

US$600m for Petroleum

F

Slide 50

Portfolio management –

US$6.1bn of disposals

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

Sale Proceeds

Base Metals

D&SP

Energy Coal

SSM

Petroleum

Steel

Other

139

Dec 2007

444

FY 2007

6,146

Total proceeds

845

FY 2002

2,472

FY 2003

(1)

277

FY 2004

1,035

FY 2005

934

FY 2006

US$m

Proceeds from

sale of assets

(1) Includes BHP Steel demerger

and BHP Steel loans

(net of cash disposed and costs)

US$m

Slide 51

Sanctioned development projects (US$9.6bn)

Sanctioned

Third coal berth capable

of handling an estimated

30 million tpa

End CY10

390

Energy

Coal

Newcastle Third Port (Australia) –

35.5%

Sanctioned

Incremental 1.8 million

tpa

export coal

Incremental 2.1 million

tpa

domestic

H2 CY09

450

Energy

Coal

Klipspruit

–

100%

Sanctioned

Additional 1 million tpa

manganese concentrate

H1 CY09

110

Mn

Ore

GEMCO (Australia) –

60 %

On time and

budget.

Increase system capacity

to 155 million tpa

H1 CY10

1,850

Iron Ore

Western Australia Iron Ore RGP

4  (Australia) –

86.2%

On time and

budget.

7.6 million tpa

H1 CY08

590

Iron Ore

Samarco

Third Pellet Plant

(Brazil) –

50%

On time and

budget.

2 million tpa

Q2 CY09

725

Alumina

Alumar

Refinery Expansion

(Brazil) –

36%

Production Capacity

(100%)

Progress

Initial

Production

Target Date

Share of

Approved

Capex

US$m

Commodity

Minerals Projects

Slide 52

Sanctioned development projects (US$9.6bn) cont.

On revised

schedule and

budget

150 million cubic feet gas

per day

H1 CY08

46

Gas

Zamzama

Phase 2 (Pakistan) –

38.5%

On time and

budget.

LNG processing capacity

4.2 million tpa

Late CY08

350

LNG

North West Shelf  5th Train

(Australia) –

16.67%

On time and

budget.

50,000 barrels and 50

million cubic feet gas per

day

Q1 CY08

405

Oil/Gas

Neptune (US) –

35%

Production Capacity  

(100%)

Progress

Initial

Production

Target Date

Share of

Approved

Capex

US$m

Commodity

Petroleum Projects

On revised

schedule and

budget

45,000 tpa

nickel

Q1 CY08

556

Nickel

Yabulu

(Australia) –

100%

On time and

budget.

360,000 tpa

nickel ore

H1 CY08

139

Nickel

Cliffs (Australia) –

100%

Production Capacity

(100%)

Progress

Initial

Production

Target Date

Share of

Approved

Capex

US$m

Commodity

Minerals Projects

(cont’d)

Slide 53

Sanctioned development projects (US$9.6bn) cont.

Sanctioned

10,000 bpd condensate

and processing capacity

of 80 million cubic feet

gas per day

CY11

500

Oil/Gas

Kipper (Australia) –

32.5%-50%

On time and

budget.

96,000 barrels of oil and

60 million cubic feet gas

per day

H1 CY10

1,200

Oil/Gas

Pyrenees (Australia) –

71.43%

On time and

budget.

Tie-back to Atlantis South

H2 CY09

100

Oil/Gas

Atlantis North (US) –

44%

On time and

budget.

100,000 barrels and 50

million cubic feet of gas

per day

Mid CY09

1,940

Oil/gas

Shenzi

(US) –

44%

On time and

budget.

800 million cubic feet gas

per day and 50,000 bpd

condensate

End CY08

200

Oil/Gas

North West Shelf Angel

(Australia) –

16.67%

Production Capacity  

(100%)

Progress

Initial

Production

Target Date

Share of

Approved

Capex

US$m

Commodity

Petroleum Projects

(cont’d)

Slide 54

Development projects in feasibility (US$6.5bn)

3.2 million tpa

H2 CY11

1,000

Alumina

Guinea Alumina Project (Guinea) –

33.3%

1 million tpa

clean coal

End CY08

50

Met Coal

Maruwai

Stage 1 (Indonesia) –

100%

6.9 million tpa

bauxite

H2 CY09

320

Bauxite

Bakhuis

(Suriname) –

45%

Optimisation of existing

reserve base

H1 CY08

1,000

Energy Coal

Douglas-Middelburg

Optimisation

(South Africa) –

84%

5 million tpa

clean coal

H2 CY10

405

Met Coal

Maruwai

(Indonesia) –

100%

1.1 million tpa

End CY10

1,750

Alumina

Worsley

Efficiency and Growth

(Australia) –

86%

Project Capacity               

(100%)*

Forecast Initial

Production*

Estimated Share

of Capex*

US$m

Commodity

Minerals Projects

(US$4.7bn)

*

Indicative only

Slide 55

Development projects in feasibility (US$6.5bn) cont.

5.7 million tpa

saleable coal

End CY10

480

Energy Coal

Navajo South Mine Extension

(USA) –

100%

Maintain Nickel West system

capacity

H2 CY13

500

Nickel

Perseverance Deeps (Australia) –

100%

7 million tpa

saleable coal

End CY10

475

Energy Coal

Mt Arthur Coal UG (Australia) –

100%

Project Capacity               

(100%)*

Forecast Initial

Production*

Estimated Share

of Capex*

US$m

Commodity

Minerals Projects

(US$4.7bn)

LNG processing capacity

2.5 million tpa

H2 CY12

600

LNG

NWS North Rankin B –

16.67%

Project Capacity               

(100%)*

Forecast Initial

Production*

Estimated Share

of Capex*

US$m

Commodity

Petroleum Projects

(US$600m)

*

Indicative only

Slide 56

Development projects commissioned since July 2001

Q1 CY04

Q2 CY04

266

299

Products & Capacity Expansion (Australia) –

85%

Q1 CY04

Q1 CY04

33

50

Cerrejon

Zona

Norte

(Colombia) –

33.3%

Q4 CY03

Q4 CY03

464

464

Ohanet

(Algeria) –

45%

Q4 CY03

Q2 CY04

411

449

Hillside 3 (South Africa) –

100%

Q4 CY03

Q4 CY03

380

411

Mt Arthur North (Australia) –

100%

Q3 CY03

Q4 CY03

171

181

Area C (Australia)

–

85%

Q2 CY03

Q3 CY03

40

40

Zamzama

(Pakistan) –

38.5%

Q2 CY01

Q2 CY01

752

775

Antamina

(Peru) –

33.75%

Q4 CY02

Q2 CY03

34

50

Bream Gas Pipeline (Australia) –

50%

Q3 CY02

Q3 CY02

543

600

Escondida Phase IV (Chile) –

57.5%

Q3 CY02

Q3 CY02

143

146

San Juan Underground (US) –

100%

Q2 CY02

Q2 CY02

120

138

Tintaya

Oxide (Peru) –

99.9%

Q3 CY01

Q3 CY01

114

128

Typhoon (US) –

50%

Mozal

2 (Mozambique)

–

47.1%

Project

Q2 CY03

Q4 CY03

311

405

Initial Production Date

Our Share of Capex

Actual

Budget

Actual

US$m

Budget

US$m

Slide 57

Development projects commissioned since July 2001

Q2 CY06

Q1 CY06

188

165

Worsley

Development

Capital

Project

(Australia)

–

86%

Q4 CY05

Q3 CY05

33

29

Paranam

Refinery

Expansion

(Suriname)

–

45%

Oct 2005

Q4 CY05

251

230

Escondida

Norte

(Chile)

–

57.5%

Mid CY05

Mid CY05

100

90.

BMA

Phase

1

(Including

Broadmeadow)

(Australia)

–

50%

April 2005

Mid CY05

200

200.

Dendrobium

(Australia)

–

100%

April 2005

Early CY05

139

146

Panda

Underground

(Canada)

–

80%

Jan 2005

End CY04

337

327

Angostura

(Trinidad)

–

45%

Q2 CY04

Q2 CY04

80

83

WA Iron Ore Accelerated Expansion (Australia) –

85%

Jan 2005

End CY04

370

368.

Mad

Dog

(US)

–

23.9%

Q4 CY04

Q4 CY04

132 .

132

GoM

Pipelines

Infrastructure

(US)

–

22/25%

Q4 CY04

Q4 CY04

101

95

Western

Australia

Iron

Ore

RGP

(Australia)

–

85%

Q4 CY04

Q4 CY04

192

192

ROD

(Algeria)

–

36%

Mid CY04

Mid CY04

252

247

NWS

Train

4

(Australia)

–

16.7%

Minerva

(Australia)

–

90%

Project

Jan 2005

Q4 CY04

157

150.

Initial Production Date

Our Share of Capex

Actual

Budget

Actual

US$m

Budget

US$m

Slide 58

Development projects commissioned since July 2001

Q4 CY07

Q4 CY07

144

(1)

140

Pinto Valley (USA) –

100%

Q4 CY07

Q4 CY07

1,300

(1)

1,300

Western Australia Iron Ore RGP3 (Australia) –

86.2%

Q4 CY07

Q1 CY08

2,079

(1)

2,200

Ravensthorpe

(Australia) –

100%

End CY07

End CY07

176

200

Koala Underground (Canada) –

80%

Q2 CY08

Q2 CY08

380

(1)

380

Stybarrow

(Australia)-

50%

H2 CY07

H2 CY07

1,630

(1)

1,630

Atlantis South (US) –

44%

H2 CY07

H2 CY07

365

(1)

365

Genghis Khan (US) –

44%

H1 CY07

Mid CY07

140

(1)

100

Blackwater

Coal Preparation (Australia) –

50%

Q4 CY06

H2 CY06

88

(1)

88

BMA Phase 2 (Australia) –

50%

Q4 CY06

Q4 CY06

1,100

990

Spence (Chile) –

100%

Q2 CY06

H2 CY06

566

500

Escondida Sulphide Leach (Chile) –

57.5%

Q2 CY06

H2 CY06

501

489

Western Australia Iron Ore RGP2 (Australia) –

85%

Project

Initial Production Date

Our Share of Capex

Actual

Budget

Actual

US$m

Budget

US$m

(1)

Actual cost subject to finalisation.

Slide 59

Key net profit sensitivities

US$1/t on iron ore price

60

US$1/bbl on oil price

30

US$1/t on metallurgical coal price

25

USc1/lb on aluminium price

25

USc1/lb on copper price

25

US$1/t on energy coal price

25

USc1/lb on nickel price

2

AUD (USc1/A$) Operations

(2)

65

RAND (0.2 Rand/US$) Operations

(2)

35

(US$m)

Approximate impact

(1)

on FY 2008 net profit

after tax of changes of:

(1)  Assumes total volumes exposed to price.

(2)  Impact based on average exchange rate for the period.