#1Rio Tinto 20 October 2021 Notice to ASX Investor Seminar - correction to presentation Slide 47 titled 'Ongoing focus on quality and product mix' of the investor seminar presentation previouly released to the market has been updated. The proportions of products in the bar chart on this slide have been restated. Attached is the updated investor seminar presentation and it can be accessed at https://www.riotinto.com/invest/presentations/2021/investor-seminar-2021.#2Contacts Please direct all enquiries to [email protected] Media Relations, UK Illtud Harri M +44 7920 503 600 David Outhwaite M +44 7787 597 493 Media Relations, Americas Matthew Klar T +1 514 608 4429 Media Relations, Australia Jonathan Rose M +61 447 028 913 Matt Chambers M +61 433 525 739 Jesse Riseborough M +61 436 653 412 Investor Relations, UK Menno Sanderse M: +44 7825 195 178 David Ovington M +44 7920 010 978 Clare Peever M +44 7788 967 877 Investor Relations, Australia Natalie Worley M +61 409 210 462 Amar Jambaa M +61 472 865 948 Rio Tinto plc 6 St James's Square London SW1Y 4AD United Kingdom T +44 20 7781 2000 Registered in England No. 719885 Rio Tinto Limited Level 7, 360 Collins Street Melbourne 3000 Australia T +61 3 9283 3333 Registered in Australia ABN 96 004 458 404 This announcement is authorised for release to the market by Steve Allen, Rio Tinto's Group Company Secretary. riotinto.com Notice to ASX/LSE Page 2 of 2#3Rio Tinto Investor Seminar Performance, strategic direction and shareholder returns 20 October 2021 Gobi desert, Mongolia#4Cautionary and supporting statements This presentation has been prepared by Rio Tinto plc and Rio Tinto Limited (together with their subsidiaries, "Rio Tinto"). By accessing/attending this presentation you acknowledge that you have read and understood the following statement. Forward-looking statements This presentation includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts included in this report, including, without limitation, those regarding Rio Tinto's financial position, business strategy, plans and objectives of management for future operations (including development plans and objectives relating to Rio Tinto's products, production forecasts and reserve and resource positions), are forward-looking statements. The words "intend", "aim", "project", "anticipate", "estimate", "plan", "believes", "expects", "may", "should", "will", "target", "set to" or similar expressions, commonly identify such forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Rio Tinto, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding Rio Tinto's present and future business strategies and the environment in which Rio Tinto will operate in the future. Among the important factors that could cause Rio Tinto's actual results, performance or achievements to differ materially from those in the forward-looking statements include, but are not limited to: an inability to live up to Rio Tinto's values and any resultant damage to its reputation; the impacts of geopolitics on trade and investment; the impacts of climate change and the transition to a low-carbon future; an inability to successfully execute and/or realise value from acquisitions and divestments; the level of new ore resources, including the results of exploration programmes and/or acquisitions; disruption to strategic partnerships that play a material role in delivering growth, production, cash or market positioning; damage to Rio Tinto's relationships with communities and governments; an inability to attract and retain requisite skilled people; declines in commodity prices and adverse exchange rate movements; an inability to raise sufficient funds for capital investment; inadequate estimates of ore resources and reserves; delays or overruns of large and complex projects; changes in tax regulation; safety incidents or major hazard events; cyber breaches; physical impacts from climate change; the impacts of water scarcity; natural disasters; an inability to successfully manage the closure, reclamation and rehabilitation of sites; the impacts of civil unrest; the impacts of the Covid-19 pandemic; breaches of Rio Tinto's policies, standard and procedures, laws or regulations; trade tensions between the world's major economies; increasing societal and investor expectations, in particular with regard to environmental, social and governance considerations; the impacts of technological advancements; and such other risks identified in Rio Tinto's most recent Annual Report and accounts in Australia and the United Kingdom and the most recent Annual Report on Form 20-F filed with the United States Securities and Exchange Commission (the "SEC") or Form 6-Ks furnished to, or filed with, the SEC. Forward-looking statements should, therefore, be construed in light of such risk factors and undue reliance should not be placed on forward-looking statements. These forward-looking statements speak only as of the date of this report. Rio Tinto expressly disclaims any obligation or undertaking (except as required by applicable law, the UK Listing Rules, the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority and the Listing Rules of the Australian Securities Exchange) to release publicly any updates or revisions to any forward-looking statement contained herein to reflect any change in Rio Tinto's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. Nothing in this presentation should be interpreted to mean that future earnings per share of Rio Tinto plc or Rio Tinto Limited will necessarily match or exceed its historical published earnings per share. Disclaimer Neither this presentation, nor the question and answer session, nor any part thereof, may be recorded, transcribed, distributed, published or reproduced in any form, except as permitted by Rio Tinto. By accessing/ attending this presentation, you agree with the foregoing and, upon request, you will promptly return any records or transcripts at the presentation without retaining any copies. This presentation contains a number of non-IFRS financial measures. Rio Tinto management considers these to be key financial performance indicators of the business and they are defined and/or reconciled in Rio Tinto's annual results press release, Annual Report and accounts in Australia and the United Kingdom and/or the most recent Annual Report on Form 20-F filed with the SEC or Form 6-Ks furnished to, or filed with, the SEC. Reference to consensus figures are not based on Rio Tinto's own opinions, estimates or forecasts and are compiled and published without comment from, or endorsement or verification by, Rio Tinto. The consensus figures do not necessarily reflect guidance provided from time to time by Rio Tinto where given in relation to equivalent metrics, which to the extent available can be found on the Rio Tinto website. By referencing consensus figures, Rio Tinto does not imply that it endorses, confirms or expresses a view on the consensus figures. The consensus figures are provided for informational purposes only and are not intended to, nor do they, constitute investment advice or any solicitation to buy, hold or sell securities or other financial instruments. No warranty or representation, either express or implied, is made by Rio Tinto or its affiliates, or their respective directors, officers and employees, in relation to the accuracy, completeness or achievability of the consensus figures and, to the fullest extent permitted by law, no responsibility or liability is accepted by any of those persons in respect of those matters. Rio Tinto assumes no obligation to update, revise or supplement the consensus figures to reflect circumstances existing after the date hereof. Rio Tinto ©2021, Rio Tinto, All Rights Reserved 2#5Agenda BST AEDT Topic 08:00 - 08.15 18:00 18.15 Strategy and execution Panel 08:15 08:40 18:15 18:40 Culture and People: Becoming best operator - Decarbonisation: Impact on commodity markets 08:40 09:10 18:40 19:10 Our own business and impact of green steel Commercial opportunities from decarbonisation 09:10 09:40 19:10 19:40 Q&A session 1 09:40 09:55 19:40 19:55 BREAK Presenter Jakob Stausholm, Chief Executive Mark Davies, Chief Technical Officer James Martin, Chief People Officer Kellie Parker, Chief Executive, Australia Arnaud Soirat, Chief Operating Officer Vivek Tulpule, Chief Economist Mark Davies, Chief Technical Officer Alf Barrios, Chief Commercial Officer Jakob Stausholm | Mark Davies | James Martin | Kellie Parker | Arnaud Soirat | Vivek Tulpule | Alf Barrios 09:55 10:15 19:55 20:15 Pilbara Iron Ore Simon Trott, Chief Executive, Iron Ore - 10:15 10:35 20:15 20:35 Aluminium - Panel 10:35 11:00 20:35 21:00 Ivan Vella, Chief Executive, Aluminium Bold Baatar, Chief Executive, Copper Mark Davies, Chief Technical Officer Excel in development 11:00 11:10 21:00-21:10 Financials 11:10 11:40 21:10 21:40 Q&A session 2 11:40 11:45 21:40 - 21:45 Closing remarks Sinead Kaufman, Chief Executive, Minerals Peter Cunningham, Chief Financial Officer Jakob Stausholm | Ivan Vella | Mark Davies | Sinead Kaufman | Peter Cunningham Jakob Stausholm, Chief Executive Rio Tinto ©2021, Rio Tinto, All Rights Reserved ENERGIE ELECTRIQUE 3#6Jakob Stausholm Strategy and execution Rainbow Bridge. Tokyo, Japan CKLINE DONG YOUNG SITC#7Outstanding financials but operational improvement needed Return on Capital Employed Copper equivalent production* Million tonnes 27% 24% 19% 2018 *Excludes divested assets 50% 5.2 5.1 5.1 4.9 2019 2020 H121 2018 2019 2020 H121 annualised Rio Tinto ©2021, Rio Tinto, All Rights Reserved 5#8The team Bold Baatar, Chief Executive Rio Tinto Copper Alf Barrios Chief Commercial Officer Peter Cunningham Chief Financial Officer Mark Davies Chief Technical Officer Sinead Kaufman Chief Executive Rio Tinto Minerals James Martin Chief People Officer Kellie Parker Chief Executive Australia Arnaud Soirat Chief Operating Officer Jakob Stausholm Chief Executive Simon Trott Chief Executive Rio Tinto Iron Ore Vivek Tulpule Chief Economist Ivan Vella Chief Executive Rio Tinto Aluminium Executive Committee Rio Tinto ©2021, Rio Tinto, All Rights Reserved 6#9Four areas of immediate focus Best operator Expand capability and leadership Impeccable ESG credentials Strengthen track record and transparency Excel in development Deliver organic & inorganic growth Our Values Care for - People's safety Communities - Planet - Social Licence Earn trust by building meaningful relationships and partnerships Rio Tinto ©2021, Rio Tinto, All Rights Reserved Courage to - - Try new things Speak up Do what's right Curiosity fosters - Collaboration Learning - Innovation 7#10The world faces a major challenge Annual global GHG emissions* 70 Gt CO₂e 60 ** NDCs +1.3% p.a. 50 40 30 20 10 ~7% p.a. reduction to achieve net zero agreed under Paris Agreement Limited action so far. The world has more than doubled cumulative GHG emissions since the early '90's Momentum changing. Countries are setting ambitious targets and enacting policies China, the world's largest consumer and a significant producer of commodities, has set clear objectives 0 1990 2000 2010 2020 2030 2040 2050 *The source of the historic data is: Trends in global CO2 and total greenhouse gas emissions: 2020 report. Netherlands Environmental Assessment Agency. The annual decline rate is an illustrative straight-line rate and not a forecast or scenario. | **Nationally Determined Contributions Rio Tinto ©2021, Rio Tinto, All Rights Reserved 8#11A large carbon footprint today Global commodity value chain carbon emissions and intensities Global Copper* Aluminium* CO2 emissions 86 Mt ~1.0 Gt Crude Steel ~3.3 Gt Production 21 Mt 66 Mt 1,850 Mt CO₂ intensity 4 tCO2/t 15 tCO2/t 1.8 tCO2/t Our 2020 Scope 1 and 2 emissions by Our 2020 Scope 3 Iron Ore emissions operations Copper 3.0 (equity basis) 2.7 Aluminium (Pacific) Total CO₂e 10.1 Total CO₂e Minerals** 3.6 31.5Mt 5.3 Aluminium (Atlantic) 6.4 Bauxite & Alumina *Primary production | **Iron Ore Company of Canada (IOC) included in Minerals Rio Tinto ©2021, Rio Tinto, All Rights Reserved IOC iron ore Bauxite & Alumina 13 116 519Mt Other 27 363 Pilbara iron ore 6#12All our commodities are vital - today, towards 2050 and beyond ΑΙ Aluminium 13 B Boron LO 5 Cu Copper 29 29 Fe Iron 26 Li Lithium 3 Ti Titanium 22 22 Ongoing population growth and urbanisation provides base demand for metals Additional demand for all our products from decarbonisation and global energy transition Often no alternatives to steel, aluminium, copper and minerals from primary sources even with circular economy Creates opportunities for us to deliver value-adding growth Rio Tinto ©2021, Rio Tinto, All Rights Reserved 10#13Delivering our strategy 50% reduction in our emissions by 2030 New targets for our Scope 1 & 2 emissions (Mt CO2e equity basis) 32.6 Accelerate R&D and beyond - Advantaged renewables position - Accelerate R&D -15% -50% - ELYSISTM 16.3 Studying Canadian DRI High-quality iron ore Ambition to double investment in growth Growth to 2030 (multiple of current size)** 10 5.5 3.8 184 1.5 275 Partnerships 48 Market - Crack the code on Pilbara iron ore 28 Size ($bn) 3 9 13 4 - Delivering our Scope 3 goals 2018* 2025 2030 ■2020 2030 Lithium Nickel (Class 1) Cobalt Copper ~$7.5bn*** investment in decarbonisation from 2022-2030 plus indirect expenditure Double growth capex up to $3bn per year from 2023 *2018 Scope 1 & 2 emissions baseline has been adjusted for divestments. **Market size is for primary market only. Recycling is expected to take a larger share of total demand in the future for most commodities. ***Conceptual view of capital requirements at October 2021. Marginal Abatement Cost Curves (MACC) will be updated on an annual basis. Sources: Rio Tinto Market Analysis, UBS, CPM Group | DRI = Direct Reduction Iron Rio Tinto ©2021, Rio Tinto, All Rights Reserved 11#14Well placed to deliver We operate in three out of the eleven advantageous regions for renewable energy Ideal for wind Ideal for solar Ideal for solar and wind ■Existing major hydropower O RES* endowed region Advantaged positions Large power producer and consumer. Uniquely positioned in advantaged green energy locations - Pilbara, Quebec and Queensland Assets and people Long-life orebodies with superior orebody knowledge. Talented workforce Technology Metallurgy, geology, mining equipment, processing, energy Cash flow and balance sheet Disciplined capital allocation. Cash flow. through cycle. Ability to invest and pay an attractive dividend - in line with our policy *RES Renewable Energy System Rio Tinto ©2021, Rio Tinto, All Rights Reserved 12#15Vivek Tulpule Decarbonisation: Impact on commodity markets#16Transitioning towards net zero emissions Low-carbon policies Net zero by 20501 Net zero by 20502 ✪ Carbon neutral by 20603 Scrap use Cannibalises some demand for primary material Electrification 2.5x electrification growth from now to 2050 in net zero scenario Average per capita electricity demand will more than double Renewables Renewable energy from 10% to 70% of energy mix by 2050 16x wind increase 30x solar increase Power storage Battery capacity additions for electric vehicles will grow over 30x by 2050 Stationary storage will grow with intermittent renewable generation Hydrogen A critical part of the fuel mix in industry and heavy transport 6% of final energy mix by 2050 ΑΙ 4-6% Steel 1-3% Cu 3-4% Annual growth to 2040 1 EU Updated Nationally Determined Contribution (NDC), Dec 2020, United Nations Framework Convention on Climate Change (UNFCCC) | 2 As per section 4.a(ii).b, The United States of America Nationally Determined Contribution, April 21 2021 | 3 Official Statement in 75th Session of The UN General Assembly, Sep 2020 Source: Net zero statistics from International Energy Association (IEA) Rio Tinto ©2021, Rio Tinto, All Rights Reserved 14#17All our commodities are vital - today, towards 2050 and beyond Al Aluminium 13 B Boron LO 5 Cu Copper 29 29 Fe Iron 26 Li Lithium 3 Ti Titanium 22 22 Green aluminium lowers carbon input Green steel supporting low- carbon urbanisation Copper supports rapid renewable electrification Lithium is an essential battery technology mineral Rio Tinto ©2021, Rio Tinto, All Rights Reserved 15#18China is targeting peak emissions by 2030 Aluminium: 6% capacity start curtailment since September Steel: 40% production affected Aluminium: 14% capacity instructed to close due to energy controls Electricity: power tariff for aluminium smelters and coking plants to increase by RMB 300/MWh to RMB 611/MWh Aluminium: 4% curtailed since Feb Steel: 60% production affected 1 2 Aluminium: 22% instructed to close due to energy controls Steel: 10% production affected Electricity: new aluminium smelter tariff rumoured to rise 50% from RMB 250/MWh to RMB 375/MWh Aluminium: 57% capacity closed or idled Steel: 50% production affected Aluminium: 44% capacity closed and idled 1 Steel: 10% production affected China power cuts and energy control policy notifications by region (at 15 October 2021) 1 Level I Alert (9 provinces) 2 Level II Alert (10 provinces) 3 Level III Alert (10 provinces) Rio Tinto ©2021, Rio Tinto, All Rights Reserved 3 3 3 2 2 Aluminium: 27% capacity at risk Steel: 10% production affected Aluminium: smelting less impacted due to captive power plants; downstream cable capacity 10% curtailed Steel: 30% production affected 1 1 Aluminium: small-sized downstream facilities closed till Sep end Steel: 30% capacity affected Electricity: peak time prolonged to 7 hours per day and tariff for peak hours in summer lifted by 25% vs. original tariff Aluminium: downstream facilities open only 2 days per week Steel: 20% production affected Electricity: initiate floating price of power by introducing an escalator of RMB 15/MWh for every RMB 50/t increase in coal price Steel: 10% production affected 16#19Competitive advantage for low-carbon smelters Aluminium smelter all-in cash costs (Real US$2021 per tonne) Hydro Coal Carbon costs 3,370 Power costs Other costs 2,630 1490 750 1,420 1,520 1,650 770 770 1,190 200 100 700 290 290 330 2021e 2030 $50/t 2030 $100/t 2021e 2030 $50/t 2030 $100/t Carbon price assumption 60% of world's aluminium production in 2020 powered by coal China accounted for ~75% of capacity growth over 2010-20 Carbon intensity of coal smelters is over 7x that of hydro smelters Inert anodes could enable zero-carbon smelting All non-carbon costs are regional weighted averages from CRU, 2021 (long-run uses 2030 costs). Hydro costs are based on a weighted average of Canadian smelters. Coal costs are based on a weighted average of coal-fired Chinese smelters. Costs do not include CO2 charges from alumina refineries. Rio Tinto ©2021, Rio Tinto, All Rights Reserved 17#20Green steel structures can reduce emissions Total carbon emissions Kg per m² (China) 400 300 200 000 100 Steel intensity Kg per m² (China) 120 100 80 60 60 60 40 40 20 20 0 0 Low rise Medium rise High rise Low rise Medium rise High rise New seismic building code with reinforced- concrete-structure Green construction with steel structures Source: Tsinghua School of Civil Engineering, 2021. Green construction with steel structures includes the shift to green concrete and green steel in addition to the move from current reinforced concrete structures to steel structures. Building construction is responsible for about 30% of China's carbon emissions New China building code will require higher seismic precautionary intensity A shift to green construction and steel structures will reduce carbon emissions by ~60% Moving to steel structures contributes up to a third of the total emissions reduction Steel intensity of construction increases by ~45-80% across low to high rise buildings Rio Tinto ©2021, Rio Tinto, All Rights Reserved 18#21Decarbonisation is a big driver of copper demand Net additional demand* in a net zero carbon scenario 20 20 Mt 15 10 10 5 0 2020 2025 2030 2035 2040 2045 2050 EVs Renewable power Renewables for hydrogen Grid demand from electrification Power Storage EV Charging Station Efficient Electric Motors Heat Pumps Additional green demand expected to account for over one quarter of total demand in the net zero carbon scenario Rapid electrification of grid adds ~5Mt in copper demand by 2050 Solar and wind generation consume 3-6 tonnes of copper per MW respectively vs ~1 tonne per MW for thermal power Electric vehicles contain ~80kg of copper vs 20kg in an internal combustion engine Net demand after deducting copper consumption using traditional technologies in these segments. Net zero carbon scenario is an internal based view where developed countries reach net zero emissions by 2050, large emerging markets, including China, by 2060 and all other countries by 2070. Average intensity data from International Copper Association (ICA). *Global semis Rio Tinto ©2021, Rio Tinto, All Rights Reserved 19#22Significant supply gap emerging for lithium Lithium demand and supply in net zero carbon scenario (Multiple of 2020 demand levels, Lithium Carbonate Equivalent) 15x 10x 5x 0 2015 2020 2025 2030 2035 2040 2045 2050 Committed Spodumene Committed Brines Demand By 2030, electric vehicles will account for up to 55% of annual light vehicle sales Lithium is the preferred material in electric vehicle batteries and has potential upside in emerging solid state battery chemistry Supply gap will require over 60 Jadar projects Net zero carbon scenario is an internal based view where developed countries reach net zero emissions by 2050, large emerging markets, including China, by 2060 and all other countries by 2070. Rio Tinto ©2021, Rio Tinto, All Rights Reserved - Committed supply and capacity - expansions contribute -15% to demand growth over 2020-50 Remaining 85% would need to come from new projects 20#23Limiting the impact of climate change requires a green revolution This social-industrial change will profoundly shift the energy and industrial landscape Green metals and minerals will be key enablers Energy and industrial transition drives demand for our products Al Aluminium 13 B Boron LO 5 Cu Copper 29 29 Fe Iron Li Lithium 26 3 Ti Titanium 22 22 Rio Tinto ©2021, Rio Tinto, All Rights Reserved 21 21#24Mark Davies Decarbonising our own business and the impact of green steel ISAL Aluminium smelter, Iceland#25Our Scope 1 & 2 carbon footprint today % of total Rio Tinto Electricity (purchased and generated) Anodes and reductants Process heat Diesel 8.5 Mt CO₂e 6.0 2.2 Mt CO₂e Mt 4.4 Mt CO₂e CO₂e 45% ©2021, Rio Tinto, All Rights Reserved 25% 18% 12% 2020 equity basis 31.5 Mt CO₂e Aluminium Bauxite & Alumina Minerals Iron ore Copper Other 23#26Taking actions to address our emissions Electricity Growing renewables from 75%¹ - - - Gudai-Darri (34MW), QMM (20MW) and Weipa (4MW) Large scale (1GW) Pilbara renewables Switching Boyne Island and Tomago smelters to renewables Signed statement of cooperation with Queensland Government Process heat Redesigning processes - Yarwun hydrogen calcination pilot - Plasma torches trials 1 Share of renewables in 2020 across our managed operations Rio Tinto ©2021, Rio Tinto, All Rights Reserved Anodes & Reductants Developing technologies - Construction of first ELYSIS™ commercial- scale cell at Alma Increasing R&D Offsets Building capacity and capability including new technology partnerships Diesel Partnering with industry - - Komatsu and Caterpillar zero- emission truck partnerships Charge On Innovation Challenge 24 24#27Raising our decarbonisation target from 15% to 50% by 2030 Our Scope 1 & 2 emissions (Mt CO2e equity basis) 35 30 30 25 32.6 25 20 20 15 10 5 -50% 16.3 0 2018* Business- as-usual Pilbara renewables Pacific Aluminium Operations repowering MACC** projects Other*** 2030 *2018 Scope 1 & 2 emissions baseline has been adjusted for divestments. | **Marginal abatement cost curve, see slide 28 | ***Conceptual view of capital requirements at October 2021. MAC curves will be updated on an annual basis | ****Includes energy efficiencies, ELYSISTM and carbon offsets Rio Tinto ©2021, Rio Tinto, All Rights Reserved Accelerate delivery of existing 15% emissions reduction target to 2025 2030 target from 15% to 50% reduction Increase decarbonisation investment of our own assets to $1.5bn over next three years and total investment of ~$7.5bn from 2022 to 2030*** Incentivise MACC projects with internal carbon price of $75/t CO2 initially 25#28Switching the Pilbara to renewables MW installed renewables 3000 2500 2000 1500 1000 500 To replace gas power and early electrification 0 First Gigawatt Rio Tinto ©2021, Rio Tinto, All Rights Reserved Fully displace diesel in rail and mobile fleet Full electrification Natural gas repowering Diesel repowering Rapid deployment of ~1GW solar and wind renewables, supported by storage Abates ~1Mt CO2 Scope 1 emissions, mostly from gas- based power for fixed plants Full electrification and decarbonisation of Pilbara system require further deployment of renewables at scale Exploring development partnerships 26 26#29Progressing renewable power options for Australian smelters Power Assets in coal-based grids Ownership (100% basis) Contract expiry 1 Equity share Tomago smelter 51.6% 960MW (demand) 2028 Boyne Island 59.4% smelter 810MW (demand) 2029 Gladstone 42.1% power station 1,680MW (capacity) Rio Tinto ©2021, Rio Tinto, All Rights Reserved Catalyst for regional renewable energy deployment and development of industry Signed Statement of Cooperation with Queensland Government Requires deployment of 5GW+1 of solar and wind power with robust firming solution 27#30Accelerating current abatement projects Our Marginal Abatement Cost Curve for Scope 1 & 2 emissions (excl. Pilbara and Pacific Operations repowering, ELYSISTM, energy efficiency and carbon offsets) USD/tCO2 300 250 Renewables 200 Mobile diesel 150 Process heat Anodes & reductants 100 50 0 0. 10.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 -50 -100 MtCO2 As of 30 September 2021 Rio Tinto ©2021, Rio Tinto, All Rights Reserved 28#31Developing green products for our customers 519 Mt CO₂e 519 Mt CO₂e By source MtCO₂e By region MtCO2e Pilbara iron ore 363 ■China 390 IOC iron ore 13 ■Japan 44 Bauxite and alumina 116 South Korea 17 Other 27 EU 8 Other 61 Rio Tinto ©2021, Rio Tinto, All Rights Reserved Scope 3 goals 1 Technology for reductions in steelmaking carbon intensity of at least 30% from 2030 2 Breakthrough technologies to deliver carbon neutral steelmaking pathways by 2050 3 Anticipate that ELYSISTM technology will reach commercial maturity in 2024 4 Net zero emissions from shipping our products by 2050 29#32A shift to greener steelmaking technologies Short-term / partial decarbonisation Medium / Long-term / net-zero potential New technologies BF / BOF Lump / pellet high-grade Hydrogen (H2) injection iron ore BF optimisation + CCUS Biomass pig iron¹ DR/ EAF Scrap Natural gas direct reduction Optimisation Green H₂ direct reduction1 Direct Smelting New iron and steelmaking electric furnace Green H₂ direct reduction + Electrolysis melter1 New technologies Driving need for high-quality iron ore 1 These products can be used in an EAF or BOF | BF = Blast furnace, BOF = Basic oxygen furnace, DR = Direct reduction, EAF = Electric arc furnace, CCUS = carbon capture, utilisation and storage Rio Tinto ©2021, Rio Tinto, All Rights Reserved Our areas of focus 30 30#33Our focus areas for iron and steel decarbonisation 1 Blast furnace optimisation 2 Future pathways for Pilbara iron ore 3 4 5 6 Pilbara beneficiation research project H, DRI and melter Simandou H₂ DRI Canada Low-carbon Multiple projects CSIRO / Universities Pilbara pathway 1 Pilbara pathway 2 Customer partnerships We have a dedicated steel decarbonisation team DRI = Direct reduction iron, CSIRO = Commonwealth Scientific and Industrial Research Rio Tinto ©2021, Rio Tinto, All Rights Reserved High-quality iron ore Project - study phase 31#34Alf Barrios Commercial opportunities from decarbonisation Amrun, Queensland GLORIUSHIP MAJURO IMO 9266944#35Sustainable future across the value chain Leveraging insights across the value chain Assets Customers Suppliers 1 Partnering with our suppliers and developing sustainable supply chains Working together with our customers 2 to provide products & services for a more sustainable future Markets 3 Communities Rio Tinto ©2021, Rio Tinto, All Rights Reserved Innovating with our customers to enable them to decarbonise 33 33#36Partnering with suppliers and developing sustainable supply chains 199 Driving innovation through supplier partnerships Collaborating on a mining decarbonisation pathway - 2025 Piloting zero emission trucks and locomotives - 2030 No new diesel-powered trucks and locomotives - Supporting local and Indigenous supplier development 1 From our own and time chartered fleet | 2 Delivery from H2 2023 IMO: International Maritime Organisation, LNG: Liquified Natural Gas Rio Tinto ©2021, Rio Tinto, All Rights Reserved Accelerating shipping decarbonisation - Reduced emissions intensity1 >30% by end 2021, vs IMO target of 40% by 2030 - Chartered 9 LNG dual-fuel Newcastlemax vessels² Net zero emission vessels by 2030 34 =4#37Working with customers to meet societal demands START START SUSTAINABILITY LABEL Rio Tinto Government policy and markets responding to end-user demand Rio Tinto ©2021, Rio Tinto, All Rights Reserved Customer: JOOK de CXXX Order ENVIRONMENT* SOCIAL To GOVERNANCE Pumber of Any eye) Cated uding 10 Diversity 131 103 Bone noid val Ex Song--consumer Se 1 301 Thing-Party Ass D TRANSPARENCY xx ESG transparency through START - Transparency and traceability from mine to market - Secure platform, built on blockchain - Enabling consumers to make ESG-informed decisions, beyond carbon 35#38Solutions for a more sustainable future Products for a greener world - Aluminium alloys for giga-casting in electric vehicle manufacturing - Collaborating with InoBat across the full lithium lifecycle, from mining through to recycling Li = Lithium, Sc = Scandium, Te = Tellurium, Se = Selenium Rio Tinto ©2021, Rio Tinto, All Rights Reserved Circular solutions to reduce emissions - Partnering with ABInbev to reduce emissions from packaging - Multi-product collaboration with Schneider Electric for infrastructure and electric vehicles - Optimising market placement for critical minerals (Li, Sc, Te, Se) extracted from our waste streams 36#39Simon Trott Iron Ore#40Pilbara Iron Ore set for even stronger performance New mines Key infrastructure and automation Shipments (Mt, 100%) 1999 - 2013 China expansion 14 new growth mines since 1999 Port expansion towards 360Mt, industry-leading automation Underpinned by key acquisitions and introduction of Pilbara Blend 2014 - 2021 Consolidation >$50bn free cash flow >60% EBITDA margins >50% average ROCE since 2016 2021+ Refocus our future Build on outstanding financial performance Transform our safe operating performance 400 Port capacity 360Mt Portside trading AutoHaul 350 Deliver new mines 283Mt 300 Operations Centre AHS trial 250 Hope Downs JV Pilbara Blend 200 North acquisition Bao-HI JV 150 Create value with our partners Position Pilbara for green steel 100 50 0 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Rio Tinto ©2021, Rio Tinto, All Rights Reserved 38#41Raising our system capacity Max month* Mt Prior best performance Max quarter* Mt Estimated Capacity Max annual Mt Mid term* Mt ** Mine 370 349 338 345-360 Rail 362 351 338 350-360 Ports 393 357 338 360+ System *Annualised rates | 362 351 338 Mid-term defined as upon completion of the next tranche of new and replacement mines Rio Tinto ©2021, Rio Tinto, All Rights Reserved 345-360 System capacity will be delivered by: - Rio Tinto Safe Production System driving - improved productivity Improved interface efficiencies across mine, plant, rail and ports Modest capital investment, including two additional rail consists Requires commissioning of replacement mines, including Western Range, Bedded Hill Top and Hope Downs 2 and Brockman Syncline 1 to reach and sustain capacity 39#42Mine productivity to mitigate higher work index The work index of our mining operations is increasing Material movement (Bt) Effective flat haul* (km) Work index (Bt.km) Below water table mining (%) X 1.4 15 21 14 42% 1.2 17 1.0 11 36% 33% 12 2018 2021F 2024F 2018 2021F 2024F 2018 2021F 2024F 2018 2021F 2024F Initial gains in productivity - targeting further improvement Truck EU (Index 2018 = 100) Payload (Index 2018 = 100) Digger MTBF (Index 2018 = 100) Dewatering** (Index 2018 = 100) 115 100 105 100 105 106 126 135 117 109 100 100 2018 2021F 2024F 2018 2021F 2024F 2018 2021F 2024F 2018 2021F 2024F *Average haul distance travelled by each truck - adjusted for gradient | ** Dewatering volumes increase as pit deepens | EU = Effective utilisation, MTBF = Meantime between failure Rio Tinto ©2021, Rio Tinto, All Rights Reserved 40#43Adjusting our operating practices to protect heritage Heritage site example C Heritage site B A A. 70 metre exclusion zone | B. 200 metre blast management zone | C. 350 metre blast management zone Rio Tinto ©2021, Rio Tinto, All Rights Reserved Responding to new information New Haul Rou Removed from mine plan Shortest Route 41#44Improving plant performance Maintenance impacted by labour constraints Hours, Index 2019 = 100 Increased planned shutdowns Hours, Index 2019 = 100 Stabilising and addressing maintenance backlog Outstanding hours, Index 2019 = 100 100 80 98 80 114 117 120 100 100 97 2019 2020 2021 2019 2020 2021 2019 2020 2021 - COVID-19 restrictions impacted available Focus areas to address maintenance backlog: labour in 2020 reducing maintenance hours - Shutdown alignment across system - 2021 labour availability improved but still constrained - Improved maintenance tactics and simplified maintenance schedules Improved conveyor reliability though better rock breaking and targeted asset improvements Completing the brownfield mine tie-ins will further improve plant performance Rio Tinto ©2021, Rio Tinto, All Rights Reserved 42 42#45Maximising productivity from port and rail Rail performance Focus on asset health, including ballast and turnout replacement AutoHaul delivering operational and safety improvements: - - - Reduction in driver change-over delays from 90 minutes per train to zero One in 250 journeys require a driver to operate the train Reduction of 1.5 million kilometres each year in light vehicle travel Track speed restrictions cycle time impact (in minutes) Port productivity Our ports are our competitive advantage Focus areas: - Optimising shut durations for capacity needs Reclaimer replacements 2024+ - - - High density ore upgrades 2022+ Car Dumper 1 at Cape Lambert end of life 2022 Weekly outload capacity in Q3 2021 (Weeks**) 232 132 121 110 <100 4 FY18 FY19 FY20 *At October 2021 | **Includes all full and partial weeks in Q3 2021 Rio Tinto ©2021, Rio Tinto, All Rights Reserved 360Mtpa 9 FY21F* 22-24 320-330 330-340 340-350 350-360 360+ 43 33#46How we are improving our business Operational Readiness Rio Tinto Safe Production System Focus area Commission and ramp up new assets Reduce wait for feed at the crusher Reduce materials handling losses Reduce fixed plant unscheduled loss Gudai-Darri Dewatering Improve rail capacity and resilience Fragmentation Conveyor reliability Asset health Robe Valley Sustaining Priorities Drill and blast Feed strategy Shutdown productivity Cycle time West Angelas C&D Western Turner Syncline Phase 2 Load and haul Engineering and technology Asset management Digital and technology Value chain Rio Tinto ©2021, Rio Tinto, All Rights Reserved Mine Port Rail 44#47Operating and sustaining capital cost outlook Outlook for 2022 2021 cost guidance of $18-18.5/t Cost pressures continue: Work index increase of 12% (from 2021 forecast) - Continued investment in asset health and reliability Tight labour market driving higher rates Diesel price (+23%, 2021F v 2020) Cost of materials due to strong construction market and COVID-19 restrictions Unit cost history 2021 latest cost estimate (%) (US$/t) 22 22 18 20 20 Investing in our assets Key focus areas: - Asset reliability - Plant and rail asset health Accommodation / camps - Systems including IT Sustaining capital investment (US$bn) ■FTE labour ~1.5 13 1.3 1.1 35 ■Contractor labour 0.9 Diesel and energy 0.5 ■Materials 14 10 12 2016 2017 2018 2019 2020 2021 Pilbara Iron Ore Peers* 20 *Unit cost for peers are based off publicly available sales, revenue and EBITDA data, with adjustments made for comparison to RTIO's reporting method and products Rio Tinto ©2021, Rio Tinto, All Rights Reserved FTE = full time equivalent ■Other 2017 2018 2019 2020 2021 45#48Mine project pipeline Capital Intensity ($/t Real 2021) $150 $130 $110 $90 $70 $50 $30 $10 GD1 Robe Valley Sustaining WTS2 2021 Western Range West Angelas Deposits C&D Completed projects O Projects in development O Projects in study stage High volume of environmental approvals for new mines BS1 400000 Rio Tinto Key Inflight Approvals Tonnes BHT/HD2 Pannawonica Mesa A Mesa J Studies being progressed. Commissioning from 2025: - Western Range - Bedded Hill Top and Hope Downs 2 - Brockman Syncline 1 Approvals timeline risk has increased Greater Brockman Greater Paraburdoo M Scale: 1350300 Rio Tinto ©2021, Rio Tinto, All Rights Reserved 253.29% Murajaga National Park Wickham Reebourne Mullstream-Chichester National Park Silvergrass 630.303 Nammuldi Brockman 2 Karijini Marandoo Brockman 4 Western Turner Syncline 39 Tom Price Mount Tom Price Channar National Park во сос Port Hedland Yandicoogina. Hope Downs 1 West Angelas Nullagine a Greater Hope Downs Hope Downs 4 West Angelas 415.000 0.000 500090 V.000 100.000 www.cc 46#49Ongoing focus on quality and product mix Shipments by product (%) 45% 47% 45% 45% 20% 24% 23% 27% 18% 17% 17% 13% 8% 10% 8% 5% FY19 ■ SP10 9% 3% FY20 RV 9% YTD 21 6% FY24F ■HIY ■ PBL ■PBF RV = Robe Valley, PBL: Pilbara Blend Lump, PBF: Pilbara Blend Fines | 2021 YTD at 30 September 2021 Rio Tinto ©2021, Rio Tinto, All Rights Reserved Consistent quality remains key for our Pilbara Blend. Demand remains strong, and will continue to underpin our product strategy - - Pilbara Blend quality maintained by: Blending different ore sources to tight specifications Producing lower quality products (including SP-10) as required 47#50Positioning Pilbara ores in a green steel world Working with customers to decarbonise the blast furnace mostly capped at ~20-30% emission reduction Options to more cost effectively beneficiate Pilbara ores are being developed Working on new processing routes to crack the code for Pilbara ores Two examples shown - both early stage development but showing promise Steel making process routes to move to 'net neutral' Pilbara Pathway 1: Low-carbon research project Raw materials Ironmaking Steelmaking Iron Ore Green Iron Process Electric Furnace Pig Iron Basic Oxygen Furnace Sustainable Biomass Pilbara Pathway 2: H₂ Hot Briquetted Iron + melter Raw materials Direct Reduction Ironmaking Electric Arc Furnace Steelmaking Rio Tinto ©2021, Rio Tinto, All Rights Reserved Iron Ore Shaft Furnace Hot Briquetted Iron Electrical Melter Basic Oxygen Furnace H₂ Hydrogen Fluidised Bed Electric Arc Furnace 48#51Strengthening partnerships Traditional Owners Working together to build a better future through employment, business and caring for country and culture Embedding cultural competency and heritage management into The Way We Work Asset General managers now responsible for Traditional Owner relationships Modernising agreements Local Communities Supporting thriving communities through economic development and employment: Direct shipping into Dampier Automation qualifications and education pathways Partner with State Government to provide logistics support for COVID-19 vaccinations across the Pilbara Western Australia Building local capacity - using local suppliers to build rail ore cars, a first in the industry Long-term partnerships and outcomes such as the partnership with Royal Flying Doctor Service Rio Tinto ©2021, Rio Tinto, All Rights Reserved 49#52Rio Tinto ©2021, Rio Tinto, All Rights Reserved Rio Tinto Becoming the most valued resource business Best operator Transform our safe operating performance Empower our workforce through Rio Tinto Safe Production System Impeccable ESG credentials Position Pilbara for green steel Decarbonise the Pilbara and position our ores to participate in Green Steel Excel in development Deliver new mines of the future Optimise Pilbara capacity, product mix and development sequence Social licence Create value with our partners Connect, partner and restore trust with the community People at our heart Shift from ‘asset focus' to 'people focus' 50#53Ivan Vella Aluminium#54Over a hundred years of aluminium expertise Engineering excellence Rio Tinto ©2021, Rio Tinto, All Rights Reserved 1950 1980-90 Technological expertise 1965 2014 ELYSIS Partnership and innovation 52 42#55A structurally advantaged integrated business Bauxite 4 bauxite mines 56.1 Mt* Australia, Brazil and Guinea *2020 production Rio Tinto ©2021, Rio Tinto, All Rights Reserved Alumina 4 alumina refineries 8.0Mt* Australia, Brazil and Canada Energy 7 hydro plants 4.1GW Supporting our assets in Canada Aluminium 14 aluminium smelters, 80% renewables 3.1 Mt* Australia, Canada, Iceland, New Zealand and Oman 53#5624 24 2000 2001 2002 The most profitable integrated Aluminium business Historic supply growth created challenging conditions Mt 33 34 30 28 26 2003 2004 2005 2006 2007 RoW China 38 64 64 63 65 55 59 59 57 5.1% 54 50 48 46 42 40 38 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Integrated Upstream¹ EBITDA Margin (%) 40 40 30 20 20 10 10 Integrated EBITDA Margin & ROCE (%) EBITDA 36% Margin H1 2021 40% 37% 36% 34% 35% 30% 30% 25% 24% 20% 20% 15% 12% 10% 8% 10% 6% 4% 3% 5% 0% 16 17 17 18 18 19 19 H2 H1 H2 H1 H2 20 20 21 H1 H2 H1 H2 H1 20 2016A 2017A 2018A 2019A 2020A 2021 H1 Peers Rio Tinto Aluminium ⚫ROCE EBITDA Margin Source: Rio Tinto Market Analysis and peer disclosures Rio Tinto ©2021, Rio Tinto, All Rights Reserved 1Upstream assets includes bauxite, alumina and primary metal 54#57Proven operational resilience Global All Injury Frequency Rate 0.5 Pot Productivity* Tonnes per operating pot per day 1.8 Asset Utilization rate Casthouse* 71 0.4 0.3 0.2 0.1 1.6 1.4 1.2 10 1.0 0.8 0.6 0.4 0.2 70 10 69 68 67 66 65 0 0.0 64 2017 2018 2019 2020 2021 2017 2018 2019 2020 2021 2017 2018 2019 2020 2021 *Atlantic managed operations Rio Tinto ©2021, Rio Tinto, All Rights Reserved 55 59#58Continuing to improve our business 1st decile hydro-powered smelters* ~1% 1,138 1,127 1,175 1,113 1,104 1,106 1,116 1,094 1,078 1st quartile bauxite mines leveraging R&D Automating our casting process LGHMO 2013 2014 2015 2016 2017 2018 2019 2020 2021** Production creep Positioned for low CO2 metal demand Access to structurally short US market Optimising business through data analytics and advanced process control Saguenay integrated operations centre *Includes managed operations in Saguenay region. **9 months annualised Processing technology development in the areas of impurities Exploratory work on alternative technologies for silica Processing technology to reduce product moisture Using machine learning and automation to maximise scrap remelting opportunities Further leveraging data analytics Flex power-modulating smelter power demand Rio Tinto ©2021, Rio Tinto, All Rights Reserved 56#5935 36 38 2000 2001 2002 2003 2004 Mt Potential for positive structural change in the market from energy and smelting caps in China Aluminium supply by source (global) Primary Aluminium supply (China) 91 92 91 90 85 82 4.8% 78 40 75 71 35 67 61 CAGR: 58 54 55 54 6.8% 49 47 43 40 322 30 25 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Rio Tinto ©2021, Rio Tinto, All Rights Reserved 2020 20 CAGR: 15 2.6% 10 CAGR: 4.2% 0 Mt China Primary Aluminium Supply, Mt LO 5 2 3 467 O 9 13 14 14 17 Non-Renewables, Primary Renewables, Primary IAI. Sources: Rio Tinto Market Analysis, CRU, Recycled Content Renewables include hydropower and other renewables. Non-Renewables include coal, gas, and nuclear. Renewables Non Renewables Sources: Rio Tinto Market Analysis, CRU, IAI 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 22 20 Weeks of consumption 9 36 36 37 35 8 32 31 7 28 25 6 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 - Inventory (RHS) 57 0 1 2 4 3#60New coal-powered smelting likely to be challenged Total metal required* Mt Aluminium smelter all-in cash costs (Real US$2021 per tonne) 3.3% 122 111 43 88 36 CAGR: 5.5% 25 Hydro Coal Carbon costs 3,370 Power costs Other costs 2,630 1490 750 1,650 1,420 1,520 770 770 1,190 100 290 200 290 700 79 75 CAGR: 2.3% 330 63 Recycled Primary 2021e 2030 $50/t 2030 $100/t 2021e 2030 $50/t 2030 $100/t 2020 2025 2030 Carbon price assumption Sources: Rio Tinto Market Analysis, CRU *Global semis production including melt loss Rio Tinto ©2021, Rio Tinto, All Rights Reserved All non-carbon costs are regional weighted averages from CRU, 2021 (long-run uses 2030 costs). Hydo costs are based on a weighted average of Canadian smelters. Coal costs are based on a weighted average of Chinese smelters from Shandong, Shanxi, Xinjiang and Inner Mongolia. 58#61Switching our Australian smelters to renewables Smelting requires uninterrupted energy, increasing the technical difficulty of a transition without hydro-power... Typical energy requirements for large-scale aluminium smelter ...but regions with high-quality renewables and a coordinated approach can create value in the transition 1GW hydro OR ~4GW renewables1 Firming solutions 1 Renewables requirements vary by region, mix of wind and solar and system design Rio Tinto ©2021, Rio Tinto, All Rights Reserved World-class solar and wind resources Ability to create a coordinated solution to support heavy industry transition Internationally competitive renewables and skilled industrial workforce provides regional advantage. Signed Statement of Cooperation with Queensland Government 59#62Decarbonising the aluminium supply chain Already lowest CO2 emissions Hydrogen calcination 18 16 14 12 10 % NO 80642O Rio Tinto Atlantic Peer A Peer B Peer C Peer D ROW Peer E PeerF Rio Tinto Pacific Global 2021 - Total emission tCO2/t Producing the lowest CO2 per tonne China Peer G Peer H Lowest footprint alumina refinery in the world Green hydrogen a substitute to natural gas Potential to underpin 10% Rio Tinto group-wide decarbonisation Commercialising ELYSISTM AMEN ELYSIS P1020 metal grade or better YS On track for commercial scale technology in 2024 The graph is on an equity basis for Rio Tinto and all the other individual producers Source: CRU includes direct emissions (Scope 1) and indirect from electricity generation (Scope 2) Rio Tinto ©2021, Rio Tinto, All Rights Reserved 60 60#63Green materials need to be more than carbon free Carbon free Responsible Traceable Circular Zero carbon through the full lifecycle of production RenewAl Low CO₂ Aluminium Produced with respect and care for host communities, partners, first nations and environment asi | Aluminium Stewardship Initiative Materials identifiable and traceable throughout lifecycle *START RESPONSIBLE ALUMINIUM Recyclable material that retain its properties Recycling pilots in Quebec ELYSIS Decarbonisation of Australian Smelters Rio Tinto ©2021, Rio Tinto, All Rights Reserved 61#64Strengthening our social licence First nations and communities Mutual Respect Agreement with Mashteuiatsh for 20 years Joint business opportunities with First Nations in Quebec and British Columbia Long-term relationships with Traditional Owners in Weipa and Gove Vaudreuil filter press Reduce red mud waste volume Eliminate slurry pond storage Stable red mud disposal sites Turning waste into valuable resources Treatment technology developed by RTA Treat spent pot lining of the Canadian Al industry and reuse in the cement industry Convert Anhydrate by-product into a fertiliser used in blueberry crops Rio Tinto ©2021, Rio Tinto, All Rights Reserved 62#65Opportunities to leverage our attractive foundation Tier 1 bauxite resource with options to expand and improve cost position Deep technical and processing expertise Growing smelting capacity requires more green power Working with customers to meet their specific needs Improve capital intensity of future investments ELYSIS™ commercial maturity in 2024 Recycling is an opportunity to enhance our profitability and relevance to customers Rio Tinto ©2021, Rio Tinto, All Rights Reserved MEG EMERTY MRAEL 63#66Positioned to thrive in a low-carbon environment - Strong foundation Integrated business with Tier 1 assets Advantageous renewables position Strong history with world-class technical expertise - Operational stability - Clear strategy Accelerate zero carbon, zero waste - Empowering our people to be the Best Operator - Optimise capital intensity Best operator Rio Tinto ©2021, Rio Tinto, All Rights Reserved - Attractive future - Potential structural change in the market - ELYSISTM net zero aluminium smelting - Switching Australian smelters to renewables. Long-life Tier 1 resource in bauxite - Build strong connections with our partners and stakeholders - Pursue options for increased profitability or growth - Long-life hydropower assets Well positioned for North American market Impeccable ESG credentials Excel in development Strengthening our social licence 64#67Peter Cunningham Performance, investment and shareholder returns The Saguenay, Canada AGRI BRIGHT#68We are in very robust financial health Strong balance sheet Net debt (cash) $bn 10.0 14.1 19.4 11.3 15.9 -19% 14.9 13.9 11.8 9.5 -11% 8.5 9.2 9.4 7.0 5.8 - ROCE (post-tax) – outperforming our peers Attractive cash flows $bn 26.6 30% 15% ■Operating cash flow ■Free cash flow 0% 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 2021* Jun-16 9.3 9.3 8.0 5.6 Dec-16 Jun-17 Dec-17 Jun-18 4.9 4.8 Dec-18 Jun-19 Dec-19 Jun-20 Pro-forma net debt* ** 1.6 Dec-20 Jun-21 -3.1 Investing consistently and with discipline through the cycle Maintain a strong balance sheet. Focus on "Single A" credit metrics We can grow and invest in decarbonisation whilst continuing to pay attractive dividends to shareholders - in line with our policy Peers: BHP, Vale, Anglo American and Glencore | *Consensus (Visible Alpha, 15 October 2021) | **Pro-forma net debt (cash) adjusts for the remainder of previously announced buy-backs from operations, lags in shareholder returns from disposal proceeds, Australian tax lag (December only) and disposal-related tax lag and the impact of IFRS 16 Leases accounting change for the prior periods. This lease accounting change is reflected in the June and December 2019 reported net debt Rio Tinto Peers ---Rio Tinto average - Peers average Rio Tinto ©2021, Rio Tinto, All Rights Reserved 66#69Actions in place to improve our performance Copper equivalent production for the nine months to September* Million tonnes 2021 Operating performance not where we want it to be Rigorous performance management Deploying Rio Tinto Safe Production System Building capability across the organisation Increasing our capital allocation towards sustaining Focused on risk management 3.9 3.8 3.8 3.6 IIII 2018 2019 2020 Rio Tinto ©2021, Rio Tinto, All Rights Reserved *Excludes divested assets 67#70Disciplined allocation of capital remains at our core 1 Essential capex Integrity, Replacement, Decarbonisation Further cash returns to shareholders Compelling growth 2 Ordinary dividends 3 Iterative cycle of Rio Tinto ©2021, Rio Tinto, All Rights Reserved Debt management 68#71Maintaining our rigorous approach to investments Final decision Independent Investment business and Committee technical teams Evaluation committee Product Group level governance and investment committees Project review Rio Tinto ©2021, Rio Tinto, All Rights Reserved Board Investment themes Evaluation criteria Commodities which enable the energy transition Decarbonisation Independent Economics team sets prices (including carbon), global scenarios and discount rates Set ranking criteria Scenario based NPV, IRR, payback ranges Opportunity development Detailed Risk assessment (including ESG) Controlled risk taking allows for more opportunities Using a range of criteria across different investment opportunities Integrity Rigorous assessment of options Decarbonisation Capital intensity of CO2 reduction | Cost of capital Growth Embedded options | Cost position | Valuation M&A Embedded options | Cost position | Strategic fit | Right owner | Valuation 69#72Reinvesting for growth and decarbonisation Capital expenditure profile $bn ~9.0-10.0 ~9.0-10.0 ~8.0 ~7.5 6.2 5.4 5.5 Sustaining capital of $3.5bn per year including Pilbara Iron Ore of ~$1.5bn ~$0.5bn per year to decarbonise our assets from 2022 to 2024 Total decarbonisation investment of $7.5bn* from 2022 to 2030, predominantly in second half of decade Ambition to grow and decarbonise reflected in 2023-24 capex of up to ~$9-10bn including up to $3bn in growth spending, depending on opportunities Replacement spending 2018A 2019A 2020A 2021F 2022F 2023F 2024F unchanged at $2-3bn per year ■ Depreciation ■Sustaining ■Decarbonise our assets ■Growth ■Pilbara replacement Ambition ■Other replacement *Conceptual view of capital requirements at October 2021. Marginal Abatement Cost Curves (MACC) will be updated on an annual basis Rio Tinto ©2021, Rio Tinto, All Rights Reserved 70 10#73Broad-based funding model for decarbonisation Capital expenditure ~$7.5bn over 2022-30 Pilbara energy system | ELYSIST implementation capital | MACC projects Operating expenditure New capability | Energy efficiency | R&D Long-term contracts Pacific Aluminium smelters and refineries Kennecott Partnerships* Green steel: 25 existing R&D partnerships - more targeted Examples provided under each category of funding is not an exhaustive list and options for decarbonisation will continue to evolve. *Funding model to be determined. MACC = Marginal Abatement Cost Curve Rio Tinto ©2021, Rio Tinto, All Rights Reserved 71#74Attractive dividends remain paramount Shareholder returns of 40-60% of underlying earnings on average through the cycle Pay-out ratio (%) 100 80 00 60 60 40 20 0 2016 2017 2018 2019 2020 H1 2021 2016-2020 ■Ordinary dividend ■ Additional return Interim ordinary dividend Consistent five-year record of shareholder returns Pay-out ratio policy de-risks the company 60% average pay-out on ordinary dividend over past 5 years 73% average pay-out in total Our financial strength allows us to simultaneously: - reinvest for growth accelerate our own decarbonisation continue to pay attractive dividends to shareholders in line with our policy Excluding divestment proceeds returned to shareholders Rio Tinto ©2021, Rio Tinto, All Rights Reserved 72#75Strong foundation for growth, decarbonisation and shareholder returns Outstanding foundation No fossil fuel extraction Long-life assets producing vital commodities Resilient cash flows through the cycle - Capital discipline Robust financial position Advantageous renewables position World-class pipeline of projects and exploration Best operator Clear strategy Accelerate our own decarbonisation Grow in materials enabling the global energy transition Develop products and services that help our customers to decarbonise Impeccable ESG credentials Excel in Development Compelling investment proposition Deliver value-adding growth Continue to pay attractive dividends in line with our policy Attractive partner to our customers and host countries Reduce risks by accelerating our own low-carbon transition Maintain financial strength and resilience Strengthening our social licence Rio Tinto ©2021, Rio Tinto, All Rights Reserved 73#76Rio Tinto Appendices Jadar project, Loznica, Serbia#77Shareholder structure 23% Rio Tinto Limited Shares outstanding: 0.371bn 77% Rio Tinto PLC Shares outstanding: 1.247bn 100% Rio Tinto DLC Shares outstanding: 1.619bn 18.8 5.7 1.1 17.5 0.3 0.4 35.9 14.8 0.5 13.9 OOO 7.1 8.2 59.2 31.9 14.1 28.9 12.5 29.5 *21 September 2021 Rio Tinto ■Australia ■ UK ■ Europe (ex UK) ■North America ■ Asia ©2021, Rio Tinto, All Rights Reserved ■ROW 75#78Debt maturity profile 30 June 2021 debt maturity profile* $ million 2,000 1,800 1,600 1,400 1,200 1,000 800 600 400 200 0 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 ■External borrowings Leases *Numbers based on June 2021 accounting value. The debt maturity profile shows $1.1 billion of capitalised leases under IFRS 16. Rio Tinto ©2021, Rio Tinto, All Rights Reserved 2040 2041 2042 2043+ Average outstanding debt maturity of corporate bonds at ~12 years (~9 years for Group debt) No corporate bond maturities until 2024 Liquidity remains strong under stress tests $7.5bn back-stop Revolving Credit Facility extended to November 2023 and remained undrawn throughout the pandemic 76#79Group level financial guidance CAPEX FY2021 FY2022 FY2023 FY2024 Total Group ~$7.5bn ~$8.0bn ~$9.0 10.0bn ~$9.0 10.0bn Sustaining Capex ~$3.5bn ~$3.5bn ~$3.5bn ~$3.5bn Group Pilbara Sustaining ~$1.5bn ~$1.5bn ~$1.5bn ~$1.5bn Capex • $0.5bn per year to decarbonise our assets from 2022 to 2024 • Total decarbonisation investment of ~$7.5bn* from 2022 to 2030, predominantly in second half of decade Ambition to grow and decarbonise reflected in 2023-24 capex of $9-10bn including up to $3bn in growth spending, depending on opportunities Replacement spending $2-3bn per year Effective tax rate 30% Total returns of 40-60% of underlying earnings through Returns the cycle *Conceptual view of capital requirements at October 2021. Marginal Abatement Cost Curves (MACC) will be updated on an annual basis Rio Tinto ©2021, Rio Tinto, All Rights Reserved 1 S 77#80Product group level guidance Iron Ore Shipments Copper 2021 production guidance¹ 320-325mt² (100% basis) 2021 costs $18.0-18.5/wmt (FOB), based on an Australian dollar exchange rate of $0.75 Mined Copper Refined Copper ~500kt³ 190 - 210kt4 C1 Copper unit costs 75-80 US c/lb Aluminium Bauxite Alumina 54 - 55mt6 7.8 -8.2mt 3.1-3.3mt Modelling guidance provided for Canadian smelters only (see slide 80) Aluminium Minerals TiO2 IOC pellets and concentrate B₂O3 Diamonds 1 Rio Tinto share unless otherwise stated. ~1.07 ~0.5mt 9.5-10.5mt 3.0 3.8m carats5 2 Pilbara shipments guidance remains subject to COVID-19 disruptions including risks around mandatory vaccination for the resources industry in Western Australia as of 1 December, and risks around commissioning of new mines and management of cultural heritage. 3 Remains subject to COVID-19 disruptions and risks around mine plan sequencing following geotechnical issues at Kennecott. 4 Reduction reflects a Kennecott smelter incident in September resulting in force majeure on customer contracts. 5 Diamonds 2021 guidance and actuals are for Diavik only for comparability, following Argyle closure in 2020. Unadjusted Diamonds production for 2020 was 14.7 million carats, including both Diavik and Argyle operations. 6 Reduction reflects equipment reliability issues and operational instability at the Pacific mines. The focus in the fourth quarter is on the recovery of plant equipment availability and asset health to support 2022 performance. 7 Full year titanium dioxide slag production guidance has been reinstated following stabilisation of the security situation at Richards Bay Minerals in South Africa and resumption of operations. 8 Iron Ore Company of Canada. Rio Tinto ©2021, Rio Tinto, All Rights Reserved uvex 78#81Modelling EBITDA Underlying EBITDA sensitivity Copper Average published price/exchange rate for 2021 first half 413c/lb US$ million impact on full year 2021 underlying EBITDA of a 10% change in prices/exchange rates 478 Aluminium Gold Iron ore realised price (62% Fe CFR freight-adjusted) A$ C$ Oil (Brent) $2,245/t $1,805/oz $168.4/dmt 0.77US$ 0.80US$ $65/bbl 784 77 4,180 665 249 112 Note: The sensitivities give the estimated effect on underlying EBITDA assuming that each individual price or exchange rate moved in isolation. The relationship between currencies and commodity prices is a complex one and movements in exchange rates can affect movements in commodity prices and vice versa. The exchange rate sensitivities include the effect on operating costs but exclude the effect of revaluation of foreign currency working capital. Rio Tinto ©2021, Rio Tinto, All Rights Reserved 79#82Modelling aluminium costs Canadian* smelting unit cash** cost sensitivity Alumina (FOB) Green petroleum coke (FOB) Calcined petroleum coke (FOB) Coal tar pitch (FOB) ($/t) Impact a $100/t change in each of the input costs below will have on our H1 2021 Canadian smelting unit cash cost of $1,262/t * Canadian smelters include all fully-owned smelters in Canada (Alma, AP60, Arvida, Grande-Baie, Kitimat, and Laterrière), as well as Rio Tinto's share of the Becancour and Alouette smelters ** The smelting unit cash costs refer to all costs which have been incurred before casting, excluding depreciation but including corporate allocations and with alumina at market price, to produce one metric tonne of primary aluminium. Rio Tinto ©2021, Rio Tinto, All Rights Reserved $191 $27 $36 $8 80#83Jadar project - 100% owned and managed Mining and processing Underground mine using bench stoping Co-located beneficiation and chemical processing plant Primary products: lithium carbonate, boric acid Overall product recoveries: ~80% Capex Capital: $2.4bn (nominal) Construction phase: 2021-2026 (peak 2022-2025) LOM sustaining capital: $30m per year, average (real) Production profile1 First saleable production: 2026 Full ramp-up: 2029 Annual target volumes: up to 58,000 tonnes of battery-grade lithium carbonate2, 160,000 tonnes of boric acid (B2O3 units) and 255,000 tonnes of sodium sulphate³ per annum 1 Continuing to work closely with stakeholders in Serbia. Subject to award of final permits and approvals. Serbian tax and royalties Mining royalty: 5% (levied on gross sales minus allowable deductions) Corporate income tax rate: 15% Withholding tax rate: 5% 40 year mine life Ore reserve: 16.6Mt @ 1.8% Li₂O and 13.4% B₂O3 Mineral resource: 139.2Mt @ 1.8% Li₂O and 14.7% B2O3 First quartile costs Dry stacked tailings solution Electric haul trucks 70% water recycling ~2,100 direct jobs during construction >1,000 ongoing jobs when operational 2 These production targets were previously reported in a release to the Australian Securities Exchange (ASX) dated 10 December 2020, "Rio Tinto declares maiden Ore Reserve at Jadar" (for battery-grade lithium carbonate it was 55,000 tonnes). All material assumptions underpinning the production targets continue to apply and have not materially changed. 3 These resources and reserves were previously reported in the Rio Tinto Annual Report 2020. The material assumptions on which they were based have not materially changed. Rio Tinto ©2021, Rio Tinto, All Rights Reserved 81#84RTA Value Chain - 2020 Actuals Mining Refining Aluminium Casting Bauxite Alumina 56.1 dmt 30% 8.0mt 80% RTA Intersegment 70% 3rd Party Sales Rio Tinto Bauxite 20% Alumina 39.4 dmt 1.6mt ©2021, Rio Tinto, All Rights Reserved Aluminium 3.2mt 100% VAP Casthouse Prodn 43% 57% Non-VAP 82#85Common acronyms T = Tonne Mt Million tonnes = Gt Giga tonnes tCO2 = Tonne of carbon dioxide tCO2 e = Tonne of carbon dioxide equivalent P.a = Per annum Mtpa = Million tonnes per annum CO2 = Carbon dioxide GHG = Greenhouse gas Mwh = Megawatt hour = MW Megawatt GW = Gigawatt ROCE = Return on capital employed EBITDA = Earnings Before Interest, Taxes, Depreciation and Amortisation = CAGR Compound annual growth rate USD = United States dollar Bn = Billion NPV = Net present value ESG = Environmental, Social, and Governance IRR = Internal rate of return R&D = Research and development VAP = Value-added product Rio Tinto ©2021, Rio Tinto, All Rights Reserved LACEY THOMPSON 83 33 BU#86Increasing transparency for our stakeholders A commitment to reporting on: Ongoing progress against our own commitments and internal work-streams external obligations and recommendations. The enhanced governance arrangements in place to oversee the company's progress against these actions. How Traditional Owners' views are being sought and considered in shaping these. commitments and Traditional Owners' perspectives on how successfully these commitments are being met. How the company is working to advocate for enhanced sector-wide cultural heritage management and how this is consistent with our internal standards. A new journey together DIDGERIDO 417 Rio Tinto ©2021, Rio Tinto, All Rights Reserved 84#87Working to improve in multiple areas 1 Remedying and rebuilding our relationship with the PKKP people 2 Partnering with Pilbara Traditional Owners in modernising and improving agreements 3 Establishing the new Communities and Social Performance model 4 Building local capability and capacity to support the site General Manager 5 Improving our governance, planning and systems where it relates to communities 6 Reducing barriers to, and increasing, Indigenous employment 7 Increasing Indigenous leadership and developing cultural competency within Rio Tinto 8 Establishing a process to redefine and improve cultural heritage management standards 9 Establishing an Australian Advisory Group 10 Elevating external consultation 11 Elevating employee engagement Rio Tinto ©2021, Rio Tinto, All Rights Reserved 85#88Establishing an Australian Advisory Group (previously called Indigenous Advisory Group) Specific actions We are establishing an Australian Advisory Group (AAG) to help shape, influence and support our approach to issues that are important to Indigenous peoples, the Australian community and our business. The AAG aims to: - Introduce more diversity and breadth of views - Increase the awareness of leaders within Rio Tinto to make fully informed decisions - Act as a sounding board for Rio Tinto on knowledge, practices, and perspectives with a particular focus on Indigenous issues - Provide coaching, mentoring and advice to senior leadership - Identify ways to improve the culture within Rio Tinto Rio Tinto ©2021, Rio Tinto, All Rights Reserved 86#89Reducing barriers to and increasing Indigenous employment Specific actions We have: Committed to a US$50 million investment to retain, attract and grow Indigenous professionals and leaders in our business Increased Indigenous leaders from 6 to 19 across Australia Increased our 2021 target to recruit 50 Indigenous leaders Launched a leadership development programme in Australia, with over 200 Indigenous employees enrolled Implemented a two-way Indigenous mentoring programme Launched an Australia-wide Indigenous employee networking programme Awarded Indigenous university scholarships to students in the fields. of environmental science and engineering Rio Tinto ©2021, Rio Tinto, All Rights Reserved 87#90Establishing the new Communities and Social Performance model Specific actions We have: Increased number of CSP professionals from 250 to 300, working in 65 sites and 35 countries Restructured reporting lines so field based CSP professionals report to their line managers Established a central CSP Area of Expertise with technical subject matter experts Established a senior leadership team comprising CSP leaders from all product groups, exploration, projects, closure and Indigenous Affairs Rio Tinto ©2021, Rio Tinto, All Rights Reserved 88#91Partnering with Pilbara Traditional Owners in modernising and improving agreements Specific actions Preliminary discussions with ten Pilbara Traditional Owner groups in relation to agreement moderisation Identified key principles for consideration in modernising agreements Signed engagement protocols that provide a scope and framework of the modernisation work with four of the Traditional Owner groups Continuing to work with Traditional Owners to enhance benefits that flow to communities Rio Tinto ©2021, Rio Tinto, All Rights Reserved 89#92Building local capability and capacity to support the site General Manager Specific actions Iron Ore Chief Executive has the overall accountability for Traditional Owner relationships and heritage matters for the product group Site General Managers have direct responsibility for TO relationships Traditional Owner Engagement Leads support the mine General Managers by maintaining the day-to-day engagement with the Traditional Owner groups Increased capacity across our CSP function as well as upgrading CSP systems to provide improved, linked-up decision- making A Traditional Owner Partnerships Committee has been created to drive improvements and share learnings Rio Tinto ©2021, Rio Tinto, All Rights Reserved 90#93Establishing a process to redefine and improve cultural heritage management standards Specific actions We are increasing both the capabilities and resources of the internal Cultural Heritage teams to increase understanding and delivery of cultural heritage performance. Rio Tinto Iron Ore has almost doubled the size of its cultural heritage team to more than 60 people. We are progressing the Integrated Heritage Management Process (IHMP) to ensure we do not impact sites of exceptional cultural significance within our existing mine plans. To date, we have: - Reviewed 2205 heritage sites - Reviewed all sites for 2021 and 95% for 2022 - Removed approx. 54 million tonnes of Iron Ore from our reserves as a precautionary measure Set up protective buffer zones for all sites of high cultural significance Rio Tinto ©2021, Rio Tinto, All Rights Reserved 91