The Boards of Rio Tinto have given careful consideration to BHP Billiton's pre-conditional offers to acquire the whole of the issued share capital of Rio Tinto plc and Rio Tinto Limited. Under this proposal each Rio Tinto share would be exchanged for 3.4 BHP Billiton shares.

The Boards have concluded that the pre-conditional offers significantly undervalue Rio Tinto. Accordingly the Boards have unanimously rejected BHP Billiton's pre-conditional offers as not being in the best interests of shareholders.

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