H1 2023 EBITDA Overview and Oyu Tolgoi Outlook

Prices recovering from low point in H2 but still down materially year on year Underlying EBITDA H1 2023 vs H1 2022 $m 15,597 H1 2022 underlying EBITDA (3,295) Price (206) (1,355) (1,603) 43 (174) Iron ore¹ Aluminium² Copper Industrial Minerals Other, net Rio Tinto ©2023, Rio Tinto, All Rights Reserved ¹Iron ore includes Pilbara, portside trading and IOC | 2Aluminium includes alumina and bauxite 33

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