H1 2023 EBITDA Overview and Oyu Tolgoi Outlook

Aluminium Financial metrics ($bn) H1 2022 H1 2023 comparison Segmental revenue 6.3 -20% EBITDA 1.1 -60% 2023 guidance Production 2023 (Mt, Rio Tinto share) guidance H1 2023 2022 2021 2020 2019 2018 Bauxite 54-57* 25.6 54.6 54.3 56.1 55.1 50.4 Alumina Margin (integrated operations) 21% -20pp Aluminium *In the lower end of the range Operating cash flow 0.8 -63% Capex (excl. EAUS) 0.6 -4% Free cash flow 0.2 -89% Underlying ROCE 4% -16pp Aluminium realised price1 2,866 -25% Average alumina price² 349 -12% 7.4-7.7 3.7 7.5 7.9 8.0 7.7 8.0 3.1-3.3 1.6 3.0 3.2 3.2 3.2 3.2 Rio Tinto ©2023, Rio Tinto, All Rights Reserved 1LME plus all-in premiums (product and market) | 2Platts Alumina PAX FOB Australia 38

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