BMO Capital Markets Investment Banking Pitch Book

BMO Capital Markets Analyst Target Prices Analyst Target Prices (C$ / share) 15 Recommendation Target Price Date Source: Bloomberg Not: Excludes restricted brokers (GMO and RBC). $48.00 $30.00 Eight Buy 24-Aug-22 T $42.00 $31.00 Canaccord Buy 15-Aug-22 $42.00 $30.00 Scotia Buy 24-Aug-22 $42.00 1 $30.30 10 Macquarie Buy 25-Aug-22 Denotes target price before RT's initial proposal APPENDIX Rio Tinto Offer: $43.00 Post-Proposal Median: $42.00 $40.00 $32.00 Pre-Proposal Median: $30.30 TD Hold 25-Aug-22 PROJECT ASTERIX

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