RIO TINTO (RIO $57.40, RATING LOWERED TO UNDERWEIGHT FROM NEUTRAL, price target lowered to $48 from $55/share) ESTIMATED REALIZED IRON ORE PRICES LOWERED FOR 2014 ONWARD; HIGHER AL PREMIUMS AND SIMULATION OF “TWIN BOOM YEARS” IN 2018 AND 2019 INTRODUCED

RIO TINTO (RIO $57.40, RATING LOWERED TO UNDERWEIGHT FROM
NEUTRAL, price target lowered to $48 from $55/share) ESTIMATED REALIZED
IRON ORE PRICES LOWERED FOR 2014 ONWARD; HIGHER AL PREMIUMS
AND SIMULATION OF “TWIN BOOM YEARS” IN 2018 AND 2019 INTRODUCED 7/22/2014