Rio Tinto rejects approach from BHP Billiton

Rio Tinto notes the recent announcement from BHP Billiton involving a proposed acquisition
of Rio Tinto. Under this proposal each Rio Tinto share would be exchanged for three BHP
Billiton shares.

The Boards of Rio Tinto have given the proposal careful consideration and concluded that it
significantly undervalues Rio Tinto and its prospects. Accordingly, the Boards have
unanimously rejected the proposal as not being in the best interests of shareholders.

Rio Tinto will continue to focus on the implementation of its well articulated strategy,
including integrating Alcan operations.