H1 2023 EBITDA Overview and Oyu Tolgoi Outlook

Application of the returns policy Capital return considerations Results for HY 2023 Long-term growth prospects Comments • Operating cash flow of $7.0bn FCF of $3.8bn 1 Underlying earnings down 34% to $5.7bn • Focused on Oyu Tolgoi • Simandou project progressing • Investing in replacing high quality assets in Pilbara and Kennecott Balance sheet strength 40-60 per cent of underlying earnings through the cycle · Ongoing exploration and evaluation programme • Strong balance sheet with net debt of $4.4bn • • Balanced between growth and shareholder returns • Outlook Rio Tinto . • Interim pay-out of 50% based on (i) Strong financial performance in 2023 (ii) strong balance sheet (iii) outlook Defined growth pipeline and a strong balance sheet providing capacity for shareholder return Our priority is to generate long-term value by consistently implementing our strategic objectives through the cycle We continue to maintain our capital discipline in times of macro-economic challenge and uncertainty We have made additional returns in times of surplus cash flow and lower capital needs and we will continue to pay attractive dividends to our shareholders in line with our pay-out policy China's economic recovery has fallen short of initial market expectations, as the property market downturn continues to weigh on the economy and consumers remain cautious despite monetary policy easing. Manufacturing data in advanced economies showed a further slowdown and recessionary risks remain ©2023, Rio Tinto, All Rights Reserved 1Free cash flow is defined as net cash generated from operating activities less purchases of PP&E less lease principal payments plus sales of PP&E 56

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