Modernising Agreements and Transition to Renewables

Group 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

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