H1 2023 EBITDA Overview and Oyu Tolgoi Outlook

Aluminium Price declines drive margins down; lower raw material costs to flow through in H2 Underlying EBITDA H1 2023 vs H1 2022 $m 2,866 H1 2022 underlying EBITDA (1,341) 101 16 (105) 1,537 (91) (290) 76 (92) 1,140 Price Exchange rates Energy Inflation Flexed H1 2022 underlying EBITDA Volumes & Mix Cash costs One-offs Other¹ H1 2023 underlying EBITDA Rio Tinto ©2023, Rio Tinto, All Rights Reserved 1Other includes Non-cash costs and Exploration & Evaluation expense 39

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