RIO TINTO (RIO $57.85, rating Lowered to UNDERWEIGHT FROM OVERWEIGHT; PRICE TARGET LOWERED FROM $60/share TO $52/share) LOWERED TO UNDERWEIGHT AS A RESULT OF LOWER ESTIMATED LME ALUMINUM PRICES, REDUCED ESTIMATED IRON ORE OUTPUT, and RECENT STOCK PRICE APPRECIATION 1/23/2012

RIO TINTO (RIO $57.85, rating Lowered to UNDERWEIGHT FROM
OVERWEIGHT; PRICE TARGET LOWERED FROM $60/share TO $52/share)
LOWERED TO UNDERWEIGHT AS A RESULT OF LOWER ESTIMATED
LME ALUMINUM PRICES, REDUCED ESTIMATED IRON ORE OUTPUT, and
RECENT STOCK PRICE APPRECIATION 1/23/2012