H1 2023 EBITDA Overview and Oyu Tolgoi Outlook

Attractive dividends remain paramount. Shareholder returns¹ of 40-60% of underlying earnings on average through the cycle Payout ratio (%) 100 90 80 70 60 50 40 30 NW 20 10 0 2016 2017 2018 2019 2020 2021 2022 2023 2016-2022 Full Year Ordinary dividend Full Year Additional return Interim Ordinary dividend Rio Tinto ©2023, Rio Tinto, All Rights Reserved 1On a declared basis, excluding divestment proceeds returned to shareholders $2.9bn of dividends declared for H1 50% payout, in line with our policy and with the intention that the balance between interim and final dividend be weighted to the final Consistent seven-year track record of shareholder returns 50% average payout on interim ordinary dividend over the past eight years 17

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