H1 2023 EBITDA Overview and Oyu Tolgoi Outlook

Higher sales volumes1 with Gudai-Darri and Oyu Tolgoi underground coming online Underlying EBITDA H1 2023 vs H1 2022 $m 15,597 H1 2022 underlying EBITDA (3,295) 418 589 377 (168) 12,552 Price Exchange rates Inflation & Market driven 4 Rio Tinto ©2023, Rio Tinto, All Rights Reserved Flexed H1 2022 underlying EBITDA Volumes & Mix (90) (48) (44) (13) 138 (155) Iron Ore² Aluminium³ Iron & Titanium Gold Molybdenum Copper Other 1On a copper equivalent basis | 2Iron ore includes Pilbara, portside trading and IOC | 3Aluminium includes alumina and bauxite | 4Excludes impact of prices for Aluminium raw materials of $0.1bn, which is reflected in operating cash unit cost 34

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