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 a presentation that was first given by Alberto Calderon, Chief Commercial Officer, BHP Billiton on May 14, 2008.

Sales Desk Update Alberto Calderon, Chief Commercial Officer 14 May 2008

Page 2 Page 2 Disclaimer This document has been prepared by BHP Billiton Limited and BHP Billiton Plc (“BHP Billiton") and comprises the written materials/slides for a presentation concerning BHP Billiton's offers for Rio Tinto Limited 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. Information about Rio Tinto is based on public information which has not been independently verified. 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. 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 (the "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.

Page 3 Page 3 Disclaimer (continued) Cautionary Note to US Investors – The SEC permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. BHP Billiton uses certain terms in this presentation, such as “probable reserves” and "contingent resources", that the SEC's guidelines strictly prohibit oil and gas companies from including in filings with the SEC. US Investors are urged to consider closely the disclosure in BHP Billiton Annual Report on Form 20-F fro the year ended June 20, 2007, File No. 001-09526 (for BHP Billiton Limited) and File No. 001-31714 (for BHP Billiton Plc), available from BHP Billiton at BHP Billiton Limited, 180 Lonsdale Street, Melbourne, Victoria, 3000 Australia or at BHP Billiton Plc, Neathouse Place, Victoria, London, United Kingdom. You can also obtain the BHP Billiton Annual Report from the SEC by calling 1-800-SEC- 0330 or by visiting the SEC's website (http://www.sec.gov). The SEC generally permits mining companies in their filings with the SEC to disclose only those mineral deposits that the company can economically and legally extract. Certain terms in this presentation, including “resource", would not generally be permitted in an SEC filing. The material denoted by such terms is not proven or probable Reserves as such terms are used in the SEC's Industry Guide 7, and there can be no assurance that BHP Billiton will be able to convert such material to proven or probable Reserves or extract such material economically. BHP Billiton urges investors to refer to its Annual Report on Form 20-F for the fiscal year ended June 30, 2007, for its most recent statement of mineral Reserves calculated in accordance with Industry Guide 7. 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 ADR holders by filing with the Securities and Exchange Commission (the “SEC”) a Registration Statement (the “Registration Statement”), which will contain a prospectus (the “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 ADRs 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 Limited Shares BHP Billiton Limited is not required to, and does not plan to, prepare and file with the SEC a registration statement in respect of the Rio Tinto Limited Offer. Accordingly, Rio Tinto Limited shareholders should carefully consider the following: The Rio Tinto Limited 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 Limited 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 US 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 US securities laws. It may be difficult to compel a foreign company and its affiliates to subject themselves to a US court's judgment. You should be aware that BHP Billiton may purchase securities of Rio Tinto plc and Rio Tinto Limited 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. THIS MEMORANDUM IS SOLELY FOR INTERNAL USE IN THE OFFICES OF GOLDMAN SACHS INTERNATIONAL, AND COPIES OF THIS MEMORANDUM OR ANY PORTION THEREOF MAY NOT BE MADE AVAILABLE TO CUSTOMERS OR OTHERWISE DISTRIBUTED OUTSIDE THE OFFICES OF GOLDMAN SACHS INTERNATIONAL.

Page 4 Resourcing the future • BHP Billiton Petroleum update • Merrill Lynch conference • Update on growth Page 4

Page 5 BHP Billiton Petroleum Reserve misconceptions corrected • These assets can be very long life. – BHP Billiton Petroleum targets +20 year life assets • Proved Reserves 1,353 mmboe PLUS probable Reserves plus 2C Contingent Resources 2,241 mmboe = Total Resources 3,594 mmboe • With capital and expertise any competent E&P company can replace reserves for <$20/bbl, – BHP Billiton Petroleum 3 year average <US$15/bbl • Greater than 100% reserve replacement expected in FY08 Page 5 Source: BHP Billiton. Notes:  Historical information. Future production is mid point estimate based on an array of future scenarios. BHP Billiton attributable production Annual production (mmboe) History Projected Bass Strait NWS

Page 6 Page 6 BHP Billiton Petroleum Operating performance is strong • Significant improvements in safety performance – 3 LTIs YTD (9 mos) vs 20 in FY06 • Significant improvement in uptime performance – 3QFY08: 93.5%  vs 1QFY07: 89.0% – 1% improved uptime = ~1.5 mmboe • Well into new projects coming on line – Average daily production for Apr-08 was 378 kboed vs. ~318 kboed FY06/FY07 • Industry leading deepwater drilling performance – GOM  7 year average 3.29 days/1000 feet, 45% better than peer average – Can cost US$750,000 per day • Unit operating costs holding steady ~US$5.00/boe – Rising to ~US$6.00/boe over next 4 years • Unit DD&A at ~US$6.00/boe worldwide – Expected to rise as major projects come on-line • 1H ‘08 Underlying EBIT US$1,972m 0 5 10 15 20 25 2005 2006 2007 1H0 0 5 10 15 20 25 2005 2006 2007 1H08 Cash operating costs (US$/boe) DD&A (US$/boe) Peers Peers Peer group includes: Anadarko, Apache, Devon, Hess, Murphy, Noble, Talisman, and Woodside. Source: BHP Billiton, John S. Herold, Inc. and annual reports.

Page 7 Page 7 BHP Billiton Petroleum Financial outlook is underpinned by growth and price BHP Billiton net production forecast (mmboe/yr) 0 50 100 150 200 FY07 FY08E FY09E FY10E FY11E Gas Liquids Gas and LNG contracts pricing structure • Forecast volume growth of ~10% CAGR to FY11, underpinned by projects in execution • Oil price environment expected to remain robust, excellent fiscal regimes – captures full upside • LNG market major shift in demand-supply fundamentals and crude price linkages – LNG contract reopeners are leading to large price increases - tied to crude – New, large volume LNG contracts capture current crude price terms

Page 8 Page 8 BHP Billiton Petroleum Ahead: Inventory of future projects under design and evaluation Petroleum HQ Algeria UK Pakistan Gulf of Mexico Mad Dog West (23.9%) Subsea tie-back Puma (29.8%) Subsea tie-back Shenzi N (44%) Subsea tie-back Neptune N (35%) Subsea tie-back Knotty Head (25%) Deepwater development Macedon (71.43%) Subsea wells and gas plant Thebe (100%) LNG development Scarborough (50%) LNG development Browse LNG (10.5%) LNG development Trinidad Angostura Gas (45%) Gas field development W Australia OIL GAS LNG Bass Strait Turrum (50%) Gas field development NWS CWLH (16.67%) Replacement of FPSO and associated subsea facilities North West Shelf NWS WFGH (16.67%) Gas field development

Page 9 Page 9 BHP Billiton Petroleum An E&P player with the power and reach of a super-major Market capitalisation (US$ bn April 2007) • Credibility and stature that Petroleum could not secure in its own right • A unique offer to major resource holder governments, NOC’s and other potential partners – The corporate stature and financial strength of an oil super-major – A strong track record in building and operating major resource projects – Our domicile is of lower political sensitivity • Petroleum is a credible partner with recognised expertise in key areas • Pushing scale and structure – Increased equity ownership from ~41% to ~55% – Increased percentage of portfolio that is Operated to ~66% 0 50 100 150 200 250 Murphy Oil Corp Nexen Talisman Canadian Oil OMV AG Petro-Canada Chesapeake Hess PTT Anadarko EOG Resources XTO Energy Marathon Husky Energy Woodside Canada Natural Apache Repsol YPF Suncor Energy Devon Energy Imperial Oil Encana Occidental BG Group Statoilhydro Conocophillips ENI Chevron Total BP BHP Billiton Royal Dutch Exxon Mobil Integrated E&P (1) Source: Bloomberg, Note: Exxon Mobil US$452bn

Page 10 Resourcing the future • BHP Billiton Petroleum update • Merrill Lynch conference • Update on growth

Page 11 Merrill Lynch Conference Diversified and balanced across high margin commodities Underlying EBITDA (12 months, US$bn) Underlying EBITDA Margin (a) (CY2007, 12 months) Note: Historical financial information has been restated for comparative purposes per note 1 of BHP Billiton’s half-year financial report for the half-year ended 31-Dec-2007. CY2007 represents the 12 months ending 31-Dec-2007. FY2002 EBITDA numbers are presented in accordance with UK GAAP whereas CY2007 is based on IFRS (so underlying EBITDA). a) EBITDA margin excludes third party sales. Iron ore 75% Manganese Energy coal Metallurgical coal 52% 52% Diamond and specialty products Base metals 40% 43% 36% Petroleum 70% Stainless steel materials Aluminium 34% 23% 0 6,000 12,000 18,000 24,000 FY2002 CY2007 4,677 23,623 Iron Ore Manganese Met. Coal Petroleum Energy Coal Aluminium Base Metals Stainless Steel Diamond & Specialty Products Non ferrous (56%) Energy (21%) Carbon Steel Materials (22%)

Page 12 Merrill Lynch Conference Significant price increases across all product groups 552% 512% 337% Met. Coal Manganese Iron Ore 421% 228% 90% Copper Nickel Aluminium 491% 346% 163% Uranium Oil Energy Coal a) Hard coking coal based on Peak Downs/Goonyella/Hay Point FOB. JFY2008 forecast prices calculated based on 206-240% increase above JFY2007 benchmark – per BHP Billiton announcement 9-Apr-2008. b) Manganese based on GEMCO lump ore contract FOB. JFY2008 prices based on recent manganese spot price settlement reported in the Tex Report on 12-Feb-2008. c) Iron ore based on benchmark FOB prices. JFY2008 forecast prices calculated based on 65-71% increase above JFY2007 benchmark – per Vale settlement for Itabira fines. d) Copper listed on the London Mercantile Exchange (LME) e) Nickel listed on the London Mercantile Exchange (LME) f) Aluminium listed on the London Mercantile Exchange (LME) g) Uranium NEUXCO spot prices h) WTI Crude Oil listed on the New York Mercantile Exchange (NYMEX) i) Energy Coal (Powder River Basin) Carbon Steel Materials Non-Ferrous Energy (a) (b) (c) (d) (e) (f) (g) (h) (i)

Page 13 Page 13 Source: BHP Billiton 2007 Annual Report, 2008 Interim Financial Results Announcement, Goldman Sachs JBWere Research Note: (a)Iron equivalent production based on coking coal and manganese production converted to iron ore equivalent tons. Prices estimated by dividing CY 2007 revenue by CY 2007production. Includes production and EBIT from Iron Ore, Coking Coal and Manganese. Production calculated on BHP Billiton figures for the last twelve months, calendarised to 31-Dec-2007. Merrill Lynch Conference Our Carbon Steel Materials assets are Tier 1 assets • Carbon Steel Materials (Iron Ore, Coking Coal and Manganese) • Resource and mineralisation that supports production for more than 50 years in both Coking Coal and Iron Ore • Large high grade ore bodies, concentrated around key infrastructure • Very low cost curve position and close proximity to Asian growth market • Project development and production growth record, the equal of its peers Iron Ore Coking Coal Manganese 27.4 103.5 62.5 Iron ore equivalent(a) production (mt) (CY 2007) 193.3 1.1 0.6 3.0 4.7 Underlying EBIT (12 months, US$bn)

Page 14 Escondida Norte + Sulphide Leach Phase IV + Laguna Seca Concentrator Oxide Plant Expansion Phase 3.5 + Oxide Plant Phase III  Phase I + II  Original plan: 320kt of copper a year Page 14 Copper production at Escondida (Tonnes, 000) Source: BHP Billiton estimates Merrill Lynch Conference Escondida demonstrates the true value of Tier 1 assets Tier 1 Assets • Tier 1 assets are large, long- life, low-cost and expandable resources that generate exportable commodities.  • This means that they can deliver more value for longer. They are robust in the down- cycle. • But the real value of Tier 1 is revealed during times of high prices when they can be expanded as needed to meet increased demand • Sometimes several times • Staged development maximises return.

Page 15 Merrill Lynch Conference Staged development of Olympic Dam appears the key (a) Does not include silvers approximate $1 per tonne Source:Resources, metal grades and recover rates obtained from the BHP Billiton FY2007 Annual Report. Prices as at 30 April 2008 as per Financial Times 20 180 150 190 190 730 4.0 0.5 4.5 5 5 19 100 20 280 200 200 800 Copper kt p.a. Gross average revenue yield by per tonne of resource (a) (US$) 29 Olympic Dam Escondida 71 106 6 33 Uranium kt p.a. Gold koz p.a. Staged development concept - forecast production at each stage Expansion stages 1.2&1.3 1.1 2.0 3.0 Today Full produc- tion

Page 16 Resourcing the future • BHP Billiton Petroleum update • Merrill Lynch conference • Update on growth

Page 17 Copper equivalent: care required for future projections Approach • Converting all production to a common basis allows volumes of different commodities to be aggregated and compound annual growth rates per annum (CAGR) to be calculated.  • Copper equivalent conversion achieves this in a simplistic way. Price used to convert • Long term consensus prices used to convert key commodities to the common basis Which projects, what years? • Volumes include attributable production from existing operations, plus new production through expansions of existing operations and development of new greenfield projects • Time frame of CY07 to CY12 used – Use of CY07 as base year anchors growth rates on most recent, actual results* – Five year forecast used as better able to gauge likelihood of projects.  Projects beyond the five year time frame typically have much greater risks and uncertainty. • Index vs absolute? – Indexed does not show scale and scale matters • Unrisked or risked ?  – Unrisked removes subjectivity, whilst nearer term focus on deliverable volumes reduces likelihood of “aspirational” projects Value Considerations • Absolute copper equivalent units show scale, which is a significant driver of project economics • Copper equivalent units do not consider profitability Note *:  Rio Tinto adjusted for Alcan acquisition (full year PF included for CY07)

Page 18 Olympic Dam Expansion 3 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 1 CW Africa Exploration Angola & DRC WA Iron Ore RGP 5 WA Iron Ore Quantum 2 Macedon Turrum CMSA Heap Leach 1 NWS CWLH Peak Downs Exp DRC Smelter Mad Dog West KNS Exp Hallmark Corridor Sands 1 Puma Cerrejon Opt Exp Angostura Gas NWS T5 BHP Billiton has an attractive growth profile of significant scale Navajo Sth Bakhuis Maruwai Stage 2 NWS Nth Rankin B WA Iron Ore RGP 4 Kipper Antamina Exp Goonyella Expansions Corridor Sands 2 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 MKO Talc Scarborough Caroona Kennedy Maya Nickel Knotty Head

Page 19 Simple Copper Equivalent • Focused on deliverable growth over the next five years. • Commence from CY ’07, a year of known production • BHP Billiton 6.9% CAGR, and growing from 8.2 million tonnes of Cu equivalent to 11.4 million tonnes of Cu equivalent • Rio Tinto on the same basis shows a growth rate of 6.0% CAGR but of lesser scale 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 CY 07 CY 08 CY 09 CY 10 CY 11 CY 12 BHP Billiton has an attractive growth profile of significant scale Copper Equivalent Tonnes '000 Production in copper equivalent tonnes BHP Billiton Rio Tinto Note: Copper equivalent units calculated using BHP Billiton (BHPB) estimates for BHPB production; Rio Tinto forecasts for RioTinto’s iron ore, copper, alumina and aluminium production per Rio Tinto presentation 13 February 2008, with Aluminium forecast adjusted to exclude Coega project (BHPB estimate). BHPB estimates used for Rio Tinto’s production in other commodities. Production volumes exclude Rio Tinto Alcan’s Engineered and Packaging operations, Industrial Minerals, Lead and Zinc businesses; BHPB’s Specialty Products operation; all bauxite production. All energy coal businesses are included. Alumina volumes reflect only tonnes available for external sale. Conversion of production forecasts to copper equivalent units completed using long term consensus price forecasts, plus BHPB assumptions for diamonds, domestic coal and manganese. Rio Tinto’s CY07 production volumes include pro- forma full year Alcan alumina and aluminium as per 12 March 2008 announcement. Estimated & unrisked

Page 20 BHP Billiton’s growth capital expenditure is focused on high margin commodities Source: BHP Billiton analysis. EBIT margin excludes third party trading. Note:  BHP Billiton margins are actual CY07 margins. Carbon Steel Materials Non-Ferrous Energy Margins matter • Cu equivalent production is based on implied revenue. • $1 million of revenue from energy coal calculates to the same tonnage of copper equivalent as $1 million of revenue from petroleum. • One tonne of petroleum derived copper is worth more than 4 times as much as one tonne of energy coal derived copper Using BHP Billiton CY’07 EBIT margins

Page 21 64% 61% 47% 47% 37% Copper Petroleum Nickel Iron Ore Aluminium BHP Billiton’s growth capital expenditure is focused on high margin commodities EBIT Margin % EBIT Margin % 20% 46% 63% 41% 14% Aluminium Iron Ore Copper Uranium Energy Coal Note:  BHP Billiton margins are actual CY07 margins.  Rio Tinto margins are actual where reported, otherwise BHP Billiton estimate (eg uranium, calculated using Rio Tinto 20F disclosures) or set at BHPB level (met coal, other base metals). (a) Excluding mean synergies, and excludes Rio Tinto Alcan Engineering and Packaging. Source:  BHP Billiton analysis Top 5 Divisional CY07 EBIT Margin by Commodity BHP Billiton CY07 Rio Tinto CY07 (a) Ranked by order of contribution to EBIT CY ‘07

Page 22 Capital cost and risk matter Growth in Copper Equivalent Tonnes (CY’07-12) Production growth from brownfield expansions vs greenfield development 82% 78% 22% 18% Source: BHP Billiton analysis. Rio Tinto excludes Coega greenfield project development. Brownfield • Expansions or additional developments of, or around existing operations • Lower cost and lower risk • BHP Billiton 82% of growth in copper equivalent units (CY07-12) Greenfield • Development of a new operation where no operations exist to ameliorate risk or cost • BHP Billiton 18% of growth in copper equivalent units (CY07-12)

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