Strong Foundation for Growth, Decarbonisation and Shareholder Returns

Strong iron ore demand and tight supply despite H2 slowdown in China China's crude steel production (Mt annualised) Iron Ore¹ (+48% YoY) $/dmt 1,200 250 1,150 200 1,100 1,050 150 1,000 100 950 900 50 850 800 0 Jan Feb Mar Apr May Jun Jul 5 Yr Range 2020 Aug 2021 Sep Oct Nov Dec Jan-18 Jan-19 Jan-20 Jan-21 Jan-22 5 Yr avg Iron ore (US$/dmt) FY Average Seaborne Iron Ore supply run rate (Mt annualised²) 1,700 1,600 1,500 1,400 1,300 1,200 1,100 Jan Feb Mar Apr May Jun 5yr Range Jul Aug Sep Oct Nov Dec 5yr Avg. 2020 2021 - Despite weaker demand and mill operating restrictions during H2, China's FY21 crude steel production exceeded 1Bnt for the second time in history. Demand recovery in the rest of world maintained its momentum Combined shipments of the major low-cost producers remained below FY18 volumes for the third consecutive year Less high-cost supply was needed to balance the market during H2 21, while prices declined 25% half on half 1 Monthly average Platts (CFR) index for 62% iron fines | 2 Total seaborne suppliers annualised, reported at 100%. Sources: Rio Tinto, NBS, Kpler | YoY = change in annual average price Rio Tinto ©2022, Rio Tinto, All Rights Reserved 31

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