#1Rio Tinto Notice to ASX 2023 Half Year Results Presentation 26 July 2023 The Rio Tinto 2023 half year results presentation will be given at 9.30am (BST) / 6.30pm (AEST) today by Rio Tinto Chief Executive Jakob Stausholm, and Chief Financial Officer Peter Cunningham. The presentation slides are attached and also available at https://www.riotinto.com/en/invest/financial-news- performance/results. The live webcast will be available at https://www.riotinto.com/en/invest/financial-news-performance/results.#2Notice to ASX Contacts Please direct all enquiries to [email protected] Media Relations, United Kingdom Matthew Klar M +44 7796 630 637 David Outhwaite M +44 7787 597 493 Media Relations, Australia Matt Chambers M +61 433 525 739 Jesse Riseborough M +61 436 653 412 Alyesha Anderson M +61 434 868 118 Media Relations, Americas Simon Letendre M +1 514 796 4973 Malika Cherry M +1 418 592 7293 Investor Relations, United Kingdom Menno Sanderse M +44 7825 195 178 David Ovington M +44 7920 010 978 Laura Brooks M +44 7826 942 797 Investor Relations, Australia Tom Gallop M +61 439 353 948 Amar Jambaa M +61 472 865 948 Rio Tinto plc 6 St James's Square London SW1Y 4AD United Kingdom T +44 20 7781 2000 Registered in England No. 719885 Rio Tinto Limited Level 43, 120 Collins Street Melbourne 3000 Australia T +61 3 9283 3333 Registered in Australia ABN 96 004 458 404 This announcement is authorised for release to the market by Steve Allen, Rio Tinto's Group Company Secretary. riotinto.com 2/2#3Rio Tinto 2023 Half Year Results 26 July 2023 Oyu Tolgoi, Mongolia#4Cautionary and supporting statements This presentation has been prepared by Rio Tinto plc and Rio Tinto Limited (together with their subsidiaries, "Rio Tinto"). By accessing/attending this presentation you acknowledge that you have read and understood the following statements. Production Targets The 500kpta copper and 350kozpa gold target (stated as recoverable metal) for the Oyu Tolgoi underground and open pit mines for the years 2028 to 2036 referenced in slides 14 and 21 is underpinned 13% by Proved Ore Reserves and 87% by Probable Ore Reserves. This production target has been scheduled from mine designs based on the Oyu Tolgoi Feasibility Study 2020 (OTFS20), which are not materially different to current mine designs, by Competent Persons in accordance with the requirements of the Australasian Code for Reporting of Exploration Results, Minerals Resources and Ore Reserves, 2012 Edition (the JORC code). The production profiles for the Oyu Tolgoi underground and open pit mines shown in slide 43 are underpinned 41% by Proved Ore Reserves and 59% by Probable Ore Reserves for 2023 to 2027, and 10% by Proved Ore Reserves and 90% by Probable Ore Reserves for 2028 to 2036. The life of mine production profile shown in slide 43 is underpinned 22% by Proved Ore Reserves and 78% by Probable Ore Reserves for 2023 to 2051. The financial forecasts shown in slide 44 are based on production targets which are underpinned 43% by Proved Ore Reserves and 57% by Probable Ore Reserves for 2023 to 2025, 26% by Proved Ore Reserves and 74% by Probable Ore Reserves for 2026 to 2029, and 9% by Proved Ore Reserves and 91% by Probable Ore Reserves for 2030 to 2033. These production targets are stated as recovered metal and have been scheduled from current mine designs for the Oyu Tolgoi underground and open pit mines by Competent Persons in accordance with the requirements of the Australasian Code for Reporting of Exploration Results, Minerals Resources and Ore Reserves, 2012 Edition (The JORC code). Forward-looking statements This presentation includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts included in this report, including, without limitation, those regarding Rio Tinto's financial position, business strategy, plans and objectives of management for future operations (including development plans and objectives relating to Rio Tinto's products, production forecasts and reserve and resource positions), are forward-looking statements. The words "intend", "aim", "project", "anticipate", "estimate", "plan", "believes", "expects", "may", "should", "will", "target", "set to" or similar expressions, commonly identify such forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Rio Tinto, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements, particularly in light of the current economic climate and the significant volatility, uncertainty and disruption arising in connection with the Ukraine conflict. Such forward-looking statements are based on numerous assumptions regarding Rio Tinto's present and future business strategies and the environment in which Rio Tinto will operate in the future. Among the important factors that could cause Rio Tinto's actual results, performance or achievements to differ materially from those in the forward-looking statements include, but are not limited to: an inability to live up to Rio Tinto's values and any resultant damage to its reputation; the impacts of geopolitics on trade and investment; the impacts of climate change and the transition to a low-carbon future; an inability to successfully execute and/or realise value from acquisitions and divestments; the level of new ore resources, including the results of exploration programmes and/or acquisitions; disruption to strategic partnerships that play a material role in delivering growth, production, cash or market positioning; damage to Rio Tinto's relationships with communities and governments; an Rio Tinto ©2023, Rio Tinto, All Rights Reserved inability to attract and retain requisite skilled people; declines in commodity prices and adverse exchange rate movements; an inability to raise sufficient funds for capital investment; inadequate estimates of ore resources and reserves; delays or overruns of large and complex projects; changes in tax regulation; safety incidents or major hazard events; cyber breaches; physical impacts from climate change; the impacts of water scarcity; natural disasters; an inability to successfully manage the closure, reclamation and rehabilitation of sites; the impacts of civil unrest; the impacts of the Ukraine conflict; breaches of Rio Tinto's policies, standard and procedures, laws or regulations; trade tensions between the world's major economies; increasing societal and investor expectations, in particular with regard to environmental, social and governance considerations; the impacts of technological advancements; and such other risks identified in Rio Tinto's most recent Annual Report and accounts in Australia and the United Kingdom and the most recent Annual Report on Form 20-F filed with the United States Securities and Exchange Commission (the "SEC") or Form 6-Ks furnished to, or filed with, the SEC. Forward-looking statements should, therefore, be construed in light of such risk factors and undue reliance should not be placed on forward- looking statements. These forward-looking statements speak only as of the date of this report. Rio Tinto expressly disclaims any obligation or undertaking (except as required by applicable law, the UK Listing Rules, the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority and the Listing Rules of the Australian Securities Exchange) to release publicly any updates or revisions to any forward-looking statement contained herein to reflect any change in Rio Tinto's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. Nothing in this presentation should be interpreted to mean that future earnings per share of Rio Tinto plc or Rio Tinto Limited will necessarily match or exceed its historical published earnings per share. Past performance cannot be relied on as a guide to future performance. Disclaimer Neither this presentation, nor the question and answer session, nor any part thereof, may be recorded, transcribed, distributed, published or reproduced in any form, except as permitted by Rio Tinto. By accessing/ attending this presentation, you agree with the foregoing and, upon request, you will promptly return any records or transcripts at the presentation without retaining any copies. This presentation contains a number of non-IFRS financial measures. Rio Tinto management considers these to be key financial performance indicators of the business and they are defined and/or reconciled in Rio Tinto's interim results press release, and/or the most recent Annual Report on Form 20-F filed with the SEC or Form 6-Ks furnished to, or filed with, the SEC. Reference to consensus figures are not based on Rio Tinto's own opinions, estimates or forecasts and are compiled and published without comment from, or endorsement or verification by, Rio Tinto. The consensus figures do not necessarily reflect guidance provided from time to time by Rio Tinto where given in relation to equivalent metrics, which to the extent available can be found on the Rio Tinto website. By referencing consensus figures, Rio Tinto does not imply that it endorses, confirms or expresses a view on the consensus figures. The consensus figures are provided for informational purposes only and are not intended to, nor do they, constitute investment advice or any solicitation to buy, hold or sell securities or other financial instruments. No warranty or representation, either express or implied, is made by Rio Tinto or its affiliates, or their respective directors, officers and employees, in relation to the accuracy, completeness or achievability of the consensus figures and, to the fullest extent permitted by law, no responsibility or liability is accepted by any of those persons in respect of those matters. Rio Tinto assumes no obligation to update, revise or supplement the consensus figures to reflect circumstances existing after the date hereof. 2#5Jakob Stausholm Chief Executive Rio Tinto Oyu Tolgoi, Mongolia 3#6Strong financials and consistent progress Production (CuEq)¹ Underlying EBITDA Free cash flow ↑ 5% Underlying ROCE 20% 2,317kt in H1 2023 $11.7 bn earnings Underlying $5.7 bn Underlying EBITDA margin at 42% $3.8 bn Dividends Rio Tinto ©2023, Rio Tinto, All Rights Reserved 1Based on long-term consensus pricing 177 US cps Equal to $2.9 bn 4#7Investing in the health of our business... Safety remains our top priority Improving asset health Building a thriving culture Strengthening our social licence ...while shaping our portfolio for the future OHOY TOnro ГҮНИЙ УУРХАЖ, Rio Tinto Oyu Tolgoi underground Kennecott underground La Granja AP60 Matalco joint venture Simandou Western Range BlueSmelting™ Rio Tinto ©2023, Rio Tinto, All Rights Reserved 5#8Peter Cunningham Chief Financial Officer Beijing, China Rio Tinto 6 2023, Rio Tinto, All Rights Reserved alex#9Robust results $bn, except where stated H1 2023 H1 2022 Comparison Bi nergizer Production (CuEq kt) 1 Consolidated sales revenue Underlying EBITDA 2,317 2,200 +5% 26.7 29.8 -10% 11.7 15.6 -25% Underlying earnings² 5.7 8.7 -34% Net earnings² 5.1 8.9 -43% RioTinto Underlying ROCE² 20% 34% -12 pp Cash flow from operations 7.0 10.5 -33% Capital expenditure 3.0 3.1 -3% Free cash flow 3.8 7.1 -47% Total dividend declared Total dividend per share ($) Net debt 2.9 4.3 -34% 1.77 2.67 -34% 4.4 4.2* +5% Maxi Rio Tinto ©2023, Rio Tinto, All Rights Reserved 1Based on long-term consensus pricing | 2Comparative information has been restated to reflect the adoption of narrow scope amendments to IAS12, refer to page 41 of 2023 Interim Results Release for further detail. Reported numbers in 2022 were $8.6bn Underlying earnings, $8.9bn net earnings and 34% Underlying ROCE *As at 31 December 2022 7 Iron Ore Company of Canada#10Commodity prices recovering from low point in H2 but still down materially year on year Iron Ore¹ index (-14% vs H1 '22) Aluminium³ LME (-24% vs H1 '22) Copper² LME (-10% vs H1 '22) 250 500 4,000 900 450 3,500 750 200 400 3,000 600 150 350 2,500 450 100 300 2,000 300 50 250 1,500 150 200 1,000 0 0 Jan-20 Jan-21 Jan-22 Jan-23 Jan-20 Jan-21 Jan-22 Jan-23 Jan-20 Jul-20 Jan-21 Jul-21 Jan-22 Jul-22 Jan-23 Jul-23 Iron ore (US$/dmt) ----HY Average Price (c/lb) ----HY Average LME Aluminium ($/t) - HY Average MWP (RHS) Realised pricing H1 22 H2'22 H1 23 Iron ore ($/dmt) Copper (c/lb) 121 447 94 107 362 396 Delta (vs H1 '22) -11% Delta Realised pricing H1 22 H2'22 H1 23 (vs H1 '22) Aluminium ($/t)4 3,808 2,870 2,866 -25% -11% Aluminium raw materials $/t index price Coal tar pitch 1,103 1,476 1,399 +27% 1Monthly average of Platts CFR index for 62% iron fines converted to FOB basis | 2Average LME price | ³Average LME price. MWP = US Midwest premium | 4LME plus all-in premiums (product and market) | YoY = change in average price during first half compared to previous half year. Source: Rio Tinto Market Analysis, LME, S&P Global, CRU NA Petroleum coke 695 719 636 -8% Rio Tinto ©2023, Rio Tinto, All Rights Reserved 8#11Our major commodities: trading below their real-term 2010 average Commodity prices (real $2023, 12 months moving average)1 180 170 160 Index, 100 = Average price since 2010 150 140 130 120 110 100 90 80 60 70 60 50 Period of oversupply after investment boom Global economic recovery Brumadinho tragedy affects iron COVID-19 stimulus fuels demand Weaker ore demand, supply chain and falling restrictions costs hamper supply Average since 2010 • · Commodity prices falling for over a year as commodity intensive GDP growth and supply bottlenecks fade Currently trading below long-term levels in real terms Spot prices mostly trading above the lows of the second half of 2022, with falling input costs impacting aluminium 40 2010 2011 2012 2013 2014 2015 2016 2017 Aluminium LME Copper LME (c/lb) 2018 2019 2020 2021 2022 Iron ore 62% Fe (Platts CFR China) 2023 Rio Tinto ©2023, Rio Tinto, All Rights Reserved Latest month price² 1Based on monthly average nominal prices, converted to real 2023 levels from January 2010 and provided as a 12 month moving average | 2Based on average monthly price to 24 July 2023 6#12- Pricing remains the biggest driver – rate of cost inflation slowing but still a headwind Underlying EBITDA $bn External $3.2bn Controllables $0.7bn 15.6 (3.3) 0.4 (0.3) Energy 0 Iron ore¹ -1.6 Diesel +0.1 Other energy -0.1 Aluminium² -1.4 General inflation -0.4 Copper -0.2 Inflation on closure & remediation +0.2 Other -0.1 provisions Aluminium raw materials -0.1 12.4 0.4 ■(0.4) ■ ■(0.4)■ Kennecott smelter shut and conveyor breakdown IOC forest fires ■ (0.3) ■ Simandou & Battery Minerals H1 2022 Underlying EBITDA Prices Exchange rates Inflation & Market driven Subtotal Sales volumes Cash unit cost & mix increases Temporary operational factors Exploration & Evaluation Rio Tinto ©2023, Rio Tinto, All Rights Reserved 1Iron ore includes Pilbara, portside trading and IOC | 2Aluminium includes alumina and bauxite Note: Financial figures are rounded to the nearest million, hence small differences may result in the totals 11.7 H1 2023 Underlying EBITDA 10 10#13Cash conversion impacted by working capital movements $bn, except where stated H1 2023 H1 2022 Comparison Underlying EBITDA Tax paid Working capital outflow 11.7 15.6 -25% (2.4) (3.8) -37% (0.9) (0.4) +125% EAUS¹ (EBITDA net of dividends) (0.8) (0.4) +100% Other (0.6) (0.5) +20% Net cash generated from operating activities 7.0 10.4 -33% Capital expenditure (net) (3.0) (3.1) -3% Lease principal payments (0.2) (0.2) -% Free Cash Flow 3.8 7.1 -46% Cash conversion² 60% 67% -7 pp 1EAU = Equity Accounted Unit | 2Cash conversion is Net cash generated from operating activities divided by underlying EBITDA Rio Tinto ©2023, Rio Tinto, All Rights Reserved Working capital outflow of $0.9bn in H1 2023 reflected: Build in blasted and mine stocks in the Pilbara to support system health Seasonally higher spares and stores. Lower payables due to timing of spend and normal volatility in amounts due to JV partners and employees Lower dividends from Escondida 11#14Pilbara Iron Ore, Canadian smelters and Oyu Tolgoi driving our momentum Iron Ore Aluminium $bn, except Sustained operational vs H1 22 where stated improvement Kitimat ramping up vs H1 22 Copper Unlocking growth vs H1 22 Minerals Challenging market conditions vs H1 22 Production 160.5mt¹ +7% 1.6mt² +9% 0.3mt3 -1% 0.6mt4 +4% Underlying EBITDA 9.8 -6% 1.1 -60% 1.1 -29% 0.7 -45% EBITDA margin5,6 69% -1 pp 21% -20 pp 43% -11 pp 30% -10 pp Capex 1.1 -26% 0.6 -4% 0.9 +26% 0.3 +13% Free cash flow 5.6 -20% 0.2 -89% (0.5) -45% (0.2) -165% ROCE6 63% -9 pp 4% -6 pp 13% -8 pp • Performance Five quarters of improved operational performance Gudai-Darri at full capacity Shipments guidance now at upper half of range With rising second half volumes, SP10 expected to be a larger proportion of shipments (10% in first half) Construction of Western Range in line with schedule Rio Tinto ©2023, Rio Tinto, All Rights Reserved -16 pp 4% Metal volumes +9% versus first half 2022 as Kitimat ramps up to full capacity by year end Price declines drive margins down, lower raw material costs to flow through in second half Upgrading quality of highly competitive Canadian smelters with AP60 expansion, Alma VAP, Arvida recycling capacity and formation of Matalco recycling joint venture • Margins remain robust despite 10% decline in LME copper Achieved sustainable production from Oyu Tolgoi underground Investing in Kennecott's future with smelter rebuild and underground Geotechnical challenges and unplanned concentrator maintenance at Escondida • IOC: forest fires impact production, lower prices Weaker market conditions for Iron & Titanium and Boron businesses Higher spending on Rincon 3000 starter plant with valuable insights gained and carried over to design and engineering of full-scale project 1Pilbara production on a 100% basis | 2Rio Tinto share | ³Mined copper on a consolidated basis | 4TiO2 production, Rio Tinto share | 5Pilbara underlying free on board (FOB) EBITDA margin is defined as Pilbara underlying EBITDA divided by Pilbara segmental revenue, excluding freight revenue. Aluminium is defined as integrated operations EBITDA margin | Copper and Minerals defined as product group operations 12#15Continued momentum in our Pilbara Iron Ore business Mine production ranges by quarter¹ (2019 to 2022, Mtpa) 360 340 2023 2023 3% 320 ↑ 2022 300 280 11% -2022 260 Q1 Q2 Rio Tinto ©2023, Rio Tinto, All Rights Reserved Q3 2022 Q4 2022 2023 shipments guidance at upper half of 320 to 335Mt range Ongoing operational improvements, and uplift from the Safe Production System SP10 was 10% of total shipments² in H1: expected to be a higher share in H2 H1 unit costs $21.2 per tonne, down 6% YoY Management of environmental footprint, cultural heritage and engagement with Traditional Owners integral to the way we work Progressing approvals for next tranche of replacement mines, with Rhodes Ridge order of magnitude study expected in 2023 Continued focus on asset reliability and pit health 1Minimum and maximum range is based on annualised quarterly figures for the period 2019-2022 2100% basis 13#16Oyu Tolgoi expected to yield significant free cash flow in 2nd half of decade 2030 Copper Equivalent Cost Curve¹ Copper equivalent unit cost including sustaining capex (c/lb) 600 500 400 300 200 100 Oyu Tolgoi 2030 -100 0 10,000 20,000 Oyu Tolgoi 20232 Oyu Tolgoi's operating assets of $14.3 billion represented ~25% of the Group total at 30 June 2023 Sustainable underground production achieved in March 2023 More than 80% of growth capital already spent Expected to ramp up to 500kt per annum average copper production from 2028-363 Set to become the world's 4th largest copper mine by 20304 30,000 40,000 Cumulative Production (Mlb Cu) Rio Tinto ©2023, Rio Tinto, All Rights Reserved 1Source: Wood Mackenzie Ltd. Dataset 2023 Q1, Rio Tinto | 20yu Tolgoi cost quartile position on 2023 Copper Equivalent Cost Curve | ³See supporting references for the 500kpta copper target on slide 2 | 4Source: Wood Mackenzie Ltd. Dataset Dec 2022, based on production from committed projects 14#17We will continue to invest consistently through the cycle. 01 Essential capex 02 Integrity, Replacement, Decarbonisation Interim ordinary dividends 40-60% of underlying earnings on average through the cycle1 03 Iterative cycle of... Compelling growth² 4.2 5.3 6.8 6.2 6.0 0.8 2.0 6.1 4.3 2.9 2.5 2.5 2.2 راس 1.8 1.4 1.3 5.1 2.5 2019 2020 2021 2022 2023F Further cash returns to shareholders Compelling growth 2019A 2020A 2021A 2022A 2023F H1 16 H1 17 H118 H1 19 H1 20 H1 21 H1 22 H1 23 Debt management Sustaining Other replacement ■ Pilbara replacement ■ Decarbonisation O H1 Actuals Declared basis Rio Tinto ©2023, Rio Tinto, All Rights Reserved 1 Shareholder returns on a declared basis, excluding divestment proceeds returned to shareholders | 2Includes acquisitions of Turquoise Hill Resources and Rincon Lithium, growth capex, and Exploration and Evaluation spend on a Rio Tinto share basis 15#18Disciplined investing for asset health, growth and decarbonisation Essential capex (US$bn, annual average) Investing in the health of our existing business Growth capex² (US$bn) Shaping our portfolio for the future 4.5 6.3 <$7bn Decarbonisation Replacement Sustaining capex historical average $3bn Sustaining 0.6 2018-2020 2021-2023 2024-2025 Rio Tinto ©2023, Rio Tinto, All Rights Reserved. 12012-2017 period | 2On a Rio Tinto share basis Simandou Other от Kennecott UG 1.5 3.0 <$3bn 2022 2023 2024 2025 16#19Attractive 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#20Jakob Stausholm Chief Executive ШИНЭ СЭРГЭЛТИЙН БОДЛОГО АЖ ҮЙЛДВЭРЖИЛТИЙН С Oyu Tolgoi, Mongolia Rio Tinto Prime Minister L.Oyun-Erdene • Толгой Rio Tinto OYU FOS ОЮУ ТОЛГОЙН ГҮНИЙ УУРХАЙН Н COMMENCEMENT OF OYU TOLO UNDERGROUND PRODUCTION 2023 оны 3 дугаар сарын 13 1265 метрийн гүнд Еренхий сайд Лувсаннамсрайн Оюун-Эрдэнэ "Рио тинт Гүйцэт Rio Tinto Jakob.S Riol Oyu Tolgoi 18#21Gathering momentum with a clear pathway Finding better ways to provide the materials the world needs SOCIAL LICENCE Rio Tinto Best operator Impeccable ESG Excel in development Care Courage Curiosity ©2023, Rio Tinto, All Rights Reserved 19#22Executing our strategy Our eSAT score1 72 17 71 71 73 74 • Pilbara • Average prior 2 years Oct 21 Apr 22 • Sep 22 Apr 23 7% production uplift YoY Much to do elsewhere to achieve operating excellence • Safe Production System deployment on schedule • Building a values-based performance culture with care, courage and curiosity as the foundations • Improving our employee engagement in particular at sites where SPS is deployed Rio Tinto ©2023, Rio Tinto, All Rights Reserved 1eSAT (employee satisfaction) is a measure of how happy employees are to work at Rio Tinto (average score) 20 20#23Our four objectives in action Oyu Tolgoi - a world leading copper business AIFR = 0.201 One of the safest operations in Rio Tinto and the mining industry Entering an exciting phase as the underground ramps up DR0070 DRS ¹May 2023 year to date | 2See supporting references for the 500kpta copper target on slide 2 Rio Tinto @2023, Rio Tinto, All Rights Reserved Best in class water consumption rates with continuous improvement Ramp-up on track to deliver 500kt per annum from 2028 - 20362 Strong pipeline of options to sustain and grow Noluto www Partnering for prosperity 21#24Finding better ways to provide the materials the world needs Growing our North American aluminium business 20000 Kg 3742 AP60 aluminium smelter¹ investing $1.1bn Matalco joint venture Casthouse expansions Arvida, Alma Launching into recycled aluminium supply 1AP60 technology generates approximately 1.6 tonnes of CO2e per tonne of aluminium produced, compared to approximately 3.2 tonnes of CO₂e per tonne of aluminium for the Arvida smelter's current technology, and over 12 tonnes of CO2e per tonne of aluminium for the industry average Rio Tinto ©2023, Rio Tinto, All Rights Reserved 22#25Global decarbonisation portfolio accelerating - near-term delivery remains a challenge BlueSmelting™ at RTIT Boron biofuel MoU with China Baowu Ilmenite reduction technology • € 95% less GHG emissions potential from BlueSmelting™ • First production delivered in July 2023 from demonstration plant • First open pit mine to convert to renewable diesel 45,000 tonnes CO2 equivalent per year reduction • 9,600 cars comparable reduction Working together to help decarbonise the steel value chain Research, build and demonstrate pilot- scale electric melter Study options for low-carbon iron in Western Australia Rio Tinto ©2023, Rio Tinto, All Rights Reserved 23#26Decarbonisation to drive demand for metals Solar energy contribution to aluminium demand (%) 8 6 00 4 2 China World Global EV sales Penetration (%) Actual (million units) Forecast (million units) 4% 2% 8% +58% 6.6 13% 10.5 +41% 17% 14.8 +34% 21% 19.8 +25% 26% 24.9 3.3 2.2 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2019 2020 2021 2022 2023 2024 2025 Source: Rio Tinto Market Analysis, CRU, CPIA, BNEF Rio Tinto ©2023, Rio Tinto, All Rights Reserved 24#27Partnering for shared success Continuing our culture journey Growing value and future dividend potential Rio Tinto ©2023, Rio Tinto, All Rights Reserved 25 25#28Rio Tinto#29Appendices 2023 interim results Rio Tinto 27 27#30Markets Rio Tinto ©2023, Rio Tinto, All Rights Reserved 28#31Strong Chinese iron ore imports absorbing supply gains China's crude steel production (Mt annualised) 1200 Iron Ore¹ (-15% YoY) $/dmt 250 1100 1000 900 150 200 58 100 50 50 800 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 0 Jan-20 Jul-20 Jan-21 Jul-21 Jan-22 Jul-22 Jan-23 Jul-23 5 Yr range -----5 Yr avg 2022 2023 Iron ore (US$/dmt) HY Average Seaborne Iron Ore supply run rate (Mt annualised²) 1700 1600 1500 1400 1300 1200 Although China's steel demand recovery encountered headwinds, crude steel production increased by 3% YoY during H1 Disruptions to scrap processing and availability, compounded by electricity shortages, helped lift China's pig iron production by 5% YoY during H1 This absorbed the 6% YoY increase in China's H1 iron ore imports, while domestic iron ore supply continues to experience significant safety and environmental challenges Meanwhile, Chinese steel exports trended up sharply towards 100 million tonne annualised run-rates, last observed in 2016 Seaborne iron ore supply performed strongly during the first half of the year, with June shipments from Australia and Brazil estimated at or close to all-time highs 1100 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total iron ore exports rose 5% YoY in H1, comprising a 2.5% increase from the major producers, >75% YoY rise of India's shipments, and 10% YoY gains from Canada 5 Yr range -----5 Yr avg 2022 2023 Rio Tinto ©2023, Rio Tinto, All Rights Reserved ¹Monthly average Platts (CFR) index for 62% iron fines | 2Total seaborne suppliers annualised, reported at 100% | YoY = change in average price during first half compared to previous year Sources: Rio Tinto Market Analysis, NBS, Kpler, S&P Global 29#32Price support for our commodities compared to H2 Aluminium1 (-24% YoY) 4,000 Copper² (-10% YoY) 900 500 TiO2 (chloride slag) (+12% YoY) 1,100 3,500 750 450 1,000 3,000 600 400 900 2,500 450 350 2,000 300 300 800 1,500 150 250 700 1,000 0 200 Jan-20 Jul-20 Jan-21 Jul-21 Jan-22 Jul-22 Jan-23 Jul-23 Jan-20 Jul-20 Jan-21 Jul-21 Jan-22 Jul-22 Jan-23 Jul-23 Jan-20 LME Aluminium ($/t) ----HY Average MWP (RHS) Jul-20 Jan-21 Jul-21 Price (c/lb) Jan-22 Jul-22 Jan-23 Jul-23 ----HY Average Global aluminium demand has been resilient in H1, YTD +2% YoY, with growth in automotive and solar markets offsetting weaker demand from the construction sector Aluminium production has been stable, as smelting capacity has remained offline in Europe and idle capacity in China has only restarted gradually, resulting in 1% YTD global growth Global reported inventories are flat YTD and reported stocks in China have remained low. China imported 0.4Mt of primary aluminium in Jan-May 2023, averting a decline in inventories to unsustainably low levels • Price rebound from H2 2022, although still lower than last year as global macro uncertainty dampens sentiment China demand growth positive despite downturn in construction, driven by electric vehicles and renewable sectors. Demand in US and EU was resilient in Q1 but has softened thereafter Mine supply disruptions in Q1 limited material availability; Chile's production YTD remains weak, partially offset by higher production from Peru Inventories have fallen sharply after China's seasonal build-up in Q1 (down 50% YoY in June) CP Slag ($/t) ----HY average TiO2 feedstock prices relatively stable through H1 despite deteriorating market conditions further downstream Demand for TiO2 products has continued to be impacted by weakening macro environment over the first half with construction indicators down across major TiO2 consuming regions Sales volume declines for pigment producers and paint manufacturers in North America and Europe reported in Q1 Rio Tinto ©2023, Rio Tinto, All Rights Reserved 1Average LME price. MWP = US Midwest premium | 2Average LME price | YoY = change in average price during first half compared to previous year Sources: Rio Tinto Market Analysis, CME, LME, Mysteel, S&P Global, TZMI 30#33Other financials Rio Tinto ©2023, Rio Tinto, All Rights Reserved 31#34Balance sheet remains strong Disciplined approach is unchanged, we intend to maintain it throughout the cycle Balance sheet strength is an asset. Offers resilience and creates optionality Principles-based approach to anchor balance sheet around a single A credit rating Moody's: A2 (stable), S&P: A (stable) No net debt target Our financial strength allows us to simultaneously: Reinvest for growth (up to $10bn per year in total capex in 2024 and 2025 depending on opportunities) Accelerate our own decarbonisation Continue to pay attractive dividends in line with our policy (consistent seven-year track record) Rio Tinto ©2023, Rio Tinto, All Rights Reserved $bn 2023 2022 2021 Net cash generated from operating activities 7.0 16.1 25.3 Capital expenditure 3.0 6.8 7.4 Dividends paid 3.7 11.7 15.4 Net (debt)/cash (4.4) (4.2) 1.6 Cash and liquid resources 10.4 8.8 15.2 Revolving credit facility (5 year maturity) 7.5 7.5 7.5 Net debt (cash)/Underlying EBITDA 0.19x 0.16x -0.04x Gearing 8% 7% -3% Weighted average debt maturity 12 yrs 11 yrs 11 yrs 32#35Prices recovering from low point in H2 but still down materially year on year Underlying EBITDA H1 2023 vs H1 2022 $m 15,597 H1 2022 underlying EBITDA (3,295) Price (206) (1,355) (1,603) 43 (174) Iron ore¹ Aluminium² Copper Industrial Minerals Other, net Rio Tinto ©2023, Rio Tinto, All Rights Reserved ¹Iron ore includes Pilbara, portside trading and IOC | 2Aluminium includes alumina and bauxite 33#36Higher sales volumes1 with Gudai-Darri and Oyu Tolgoi underground coming online Underlying EBITDA H1 2023 vs H1 2022 $m 15,597 H1 2022 underlying EBITDA (3,295) 418 589 377 (168) 12,552 Price Exchange rates Inflation & Market driven 4 Rio Tinto ©2023, Rio Tinto, All Rights Reserved Flexed H1 2022 underlying EBITDA Volumes & Mix (90) (48) (44) (13) 138 (155) Iron Ore² Aluminium³ Iron & Titanium Gold Molybdenum Copper Other 1On a copper equivalent basis | 2Iron ore includes Pilbara, portside trading and IOC | 3Aluminium includes alumina and bauxite | 4Excludes impact of prices for Aluminium raw materials of $0.1bn, which is reflected in operating cash unit cost 34#37Simplified earnings by Business Unit for H1 2023 Sales volume Primary Metal Atlantic Pacific Aluminium 1,172kt 501kt Copper 314kt6 Pilbara 139.8Mt⁹ Average benchmark price $2,329/t $2,329/t 396c/lb7 $109.8/dmt10 Premiums, provisional pricing, by-product sales, product mix, other $654/t² $263/t2 50c/lb $(2.6)/dmt Revenue per unit $2,983/t3 $2,592/t³ 446c/lb $107.2/dmt Unit cost Other costs per unit Margin per unit Total EBITDA ($m) Rio Tinto ©2023, Rio Tinto, All Rights Reserved $1,756/t1,4 $2,177/t1,4 244c/lb1,8 $21.2/t $562/t5 $194/t5 11c/lb5 $17.7/t11 $665/t $221/t 191c/lb $68.2/t 779 111 1,323 9,541 1Calculated using production volumes | 2Includes Midwest premium duty paid, which was 56% of our volumes in first half 2023 and value added premiums which were 47% of the primary metal we sold | ³Segmental revenue per Financial Information by Business Unit includes other revenue not included in the realised price | 4Includes costs before casting | "Includes net inventory movements to derive margin per unit on a sales basis | 6Copper consolidated share, Kennecott and Oyu Tolgoi at 100%, Escondida at 30% | 7Average LME | 8C1 copper unit costs on a gross basis (excluding by-product credits) | °Consolidated basis | 10 Platts (FOB) index for 62% iron fines | 11Includes freight and royalties 35#38Iron Ore Financial metrics ($bn) Segmental revenue H1 2022 H1 2023 comparison 2023 guidance 15.6 -6% Shipments³ (Mt, 100% basis) Pilbara Blend 2023 guidance H1 2023 2022 2021 2020 2019 2018 105.5 203.9 202.9 232.7 228.1 245.4 EBITDA 9.8 -6% Margin (FOB)³ 69% -1pp Robe Valley Yandicoogina 13.1 25.5 25.2 30.3 27.4 32 26.2 56.9 56.9 57.7 57.1 57.4 Operating cash flow 6.8 -20% SP10 16.8 35.4 36.6 9.9 14.8 3.4 Capex 1.1 -26% Sustaining -$1.54 Total 320-335 161.7 321.6 321.6 330.6 327.4 338.2 Free cash flow 5.6 -20% Underlying ROCE 63% -9pp Average realised price 1,3 ($/t) 107.2 -11% Unit cost²,3 ($/t) 21.2 -3% 21.0-22.5 Rio Tinto ©2023, Rio Tinto, All Rights Reserved 1Dry metric tonne, FOB basis | 2Unit costs are based on operating costs included in EBITDA and exclude royalties (State and third party), freight, depreciation, tax and interest. Unit costs are stated at an Australian dollar exchange rate of 0.68 for 2023 half year actuals and 0.70 for 2023 guidance | ³Pilbara only. All other figures reflect Pilbara operations, portside trading and Dampier Salt | 4Subject to ongoing inflationary pressure 36#39Iron Ore Sustained improvement in operational performance Underlying EBITDA H1 2023 vs H1 2022 $m 10,395 H1 2022 underlying EBITDA (1,248) 174 (1) (113) 9,207 Price Exchange rates Energy Inflation Rio Tinto ©2023, Rio Tinto, All Rights Reserved 1Other includes Non-cash costs and Exploration & Evaluation expense Flexed H1 2022 underlying EBITDA 575 (70) 80 Volumes and Mix Cash costs Other¹ 9,792 H1 2023 underlying EBITDA 37#40Aluminium Financial metrics ($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#41Aluminium 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#42Composition of alumina and aluminium production costs Production cash costs (alumina refining) Input Costs H1 2021 Index H2 2021 Index H1 2022 Index H2 2022 Index H1 2023 Index Inventory Flow 4 FY23 Annual Cost Sensitivity price price Price price Price Caustic Soda 1 274 $/t 535 $/t 675 $/t 595 $/t 432 $/t 13% 13% 14% 14% 13% 14% 13% Natural Gas 2 2.85 $/t 4.59 $/t 6.02 $/t 7.01 $/t 2.61 $/t 3-4 months 0-1 month $10m per $10/t $4m per $0.10/GJ 14% 12% 15% I 22% 23% 24% I 24% Fuel Oil 3 I 64.6 $/bbl 76.3 $/bbl 105.9 $/bbl 93.8 $/bbl 79.2 $/bbl N/A $2m per $10/barrel 1. NE Asia FOB I I I I 39% 41% 37% 2. Henry Hub I 3. Brent 4. Based on quarterly standard costing (moving average) 32% 31% 30% 31% Input Costs H1 2021 Index H2 2021 Index H1 2022 Index price price Price H2 2022 Index price H1 2023 Index Price Inventory Flow 4 FY23 Annual Cost Sensitivity Alumina 5 288 $/t 369 $/t 395 $/t 328 $/t 349 $/t 1 -2 months $64m per $10/t 34% 34% 34% 32% 33% 32% 32% Petroleum Coke 6 373 $/t 491 $/t 695 $/t 719 $/t 636 $/t Coal Tar Pitch 748 $/t 818 $/t 1103 $/t 1476 $/t 1399 $/t 2-3 months 1-2 months $11m per $10/t $2m per $10/t FY 2021 H1 2021 H2 2021 FY 2022 H1 2022 H2 2022 H1 2023 5. LME Australia 6. US Gulf (FOB) Energy Caustic Bauxite Conversion 7. North AM (FOB) Rio Tinto#43Copper Financial metrics ($bn) H1 2022 H1 2023 comparison 2023 guidance Production 2023 (Mt, Rio Tinto share) guidance H1 2023 2022 2021 2020 2019 2018 Segmental revenue 3.5 -2% Mined copper4 590 to 640 290 521 494 528 577 608 EBITDA 1.1 -29% Refined copper 160 to 190 95 209 202 155 260 275 Margin (integrated operations) 43% -11pp Operating cash flow 0.4 -63% Capex (excl. EAUS) 0.9 +26% Free cash flow (0.5) -45% Underlying ROCE 1 4% -6pp Copper realised price² 396 -11% Unit cost³ 184c/lb +24% 180-200 Rio Tinto ©2023, Rio Tinto, All Rights Reserved 1Underlying ROCE is defined as underlying earnings (product group operations) excluding net interest divided by average capital employed | 2Average realised price for all units sold. Realised price does not include the impact of the provisional pricing adjustments, which negatively impacted revenues in H1 2023 by $4m (2022 first half negative impact of $30m) | ³Unit costs for Kennecott, OT and Escondida utilises the C1 unit cost calculation where Rio Tinto has chosen Adjusted Operating Costs as the appropriate cost definition. C1 costs are direct costs incurred in mining and processing, plus site G&A, freight and realisation and selling costs. Any by-product revenue is credited against costs at this stage | 42023 mined copper guidance includes Oyu Tolgoi on a 100% consolidated basis and continues to reflect our 30% share of Escondida. This followed Rio Tinto's acquisition of Turquoise Hill Resources which completed on 16 December 2022. Oyu Tolgoi production prior to 2023 reported on a 33.52% Rio Tinto share basis 41#44Copper Margins remain robust despite 10% decline in LME price Underlying EBITDA H1 2023 vs H1 2022 $m 1,534 (163) (4) (33) (47) 1,287 H1 2022 underlying EBITDA 78 (293) 10 10 Price Exchange rates Energy Inflation Flexed H1 2022 underlying EBITDA Volumes & Mix Cash costs Other¹ Rio Tinto ©2023, Rio Tinto, All Rights Reserved 1Other includes Non-cash costs and Exploration & Evaluation expense 1 1,082 H1 2023 underlying EBITDA 42#45Oyu Tolgoi: Set to triple copper production Metrics 1,2 Ore processed 2022 2023 - Unit Act 2027 2028 - 2036 LOM³ Mt 39 40 42 40 Head grade (Cu) % 0.42 0.97 1.28 0.82 Recovery (Cu) % 80 87 90 84 Concentrate volume dmt 616 1,078 1,608 1,010 Concentrate grade (Cu) % 21 31 30 27 Copper production Kt 130 -340 ~500 ~290 Koz 184 -360 -330 -260 Construction of infrastructure to support ramp up to full production on track Gold remains a valuable by-product Producing high quality concentrate attractive to Chinese smelters Gold production Rio Tinto @2023, Rio Tinto, All Rights Reserved 1Based on the Oyu Tolgoi Feasibility Study 2020 (OTFS20) | 2See supporting references for the production targets underpinning these financial forecasts on slide 2 | 3LOM life of mine (2022-2051) 43#46Oyu Tolgoi: Expect to turn free cash flow positive after significant investment Financials²: Gross Revenue Annualised basis forecast1, real terms, US$bn 2023 2025 (3 years) 2026 - 2029 (4 years) 2030 - 2033 (4 years) 1.5-2.9 Development Capex³ 0.5-0.7 Sustaining Capex³ 0.5-0.6 Opex4 0.9 - 1.1 Rio Tinto @2023, Rio Tinto, All Rights Reserved 3.8-4.6 0.3-0.4 1.0-1.2 1Based on long term consensus copper prices of US$3.70/lb and gold prices of US$1,500/oz | 2See supporting references for the production targets underpinning these financial forecasts on slide 2 | ³Development capital relates to the remaining Hugo North Lift 1 scope. Drilling and studies are ongoing for Hugo North Lift 2 | 4Opex relates to operating costs, excluding royalties, corporate tax and depreciation 4.2-5.1 0.2-0.3 1.0-1.2 44#47Oyu Tolgoi: Funding profile Project finance¹ $3.9b Shareholder funds² Equity $7.7b $4.2b Participants Facility European Bank A-loan for Reconstruction and Development International Finance Corporation GIFCance EDC A-loan EFIC > Expert Finance & Insurance Corporation. Commercial banks Total Funding Requirement $1.6-1.7b (Jun 2023 - Dec 2024) Export Credit Agency Export Credit Agency Export Credit Agency B-loan (70%) $1.6-1.7 billion to be secured by Rio Tinto Sponsored Senior Loan Agreement with terms and conditions that mirror the existing project finance facility Expect to be cashflow positive from 2025 onwards to fund the remaining scope of the underground construction MIGA-insured (30%) Total Commercial Loans (100%) Rio Tinto @2023, Rio Tinto, All Rights Reserved 1Excludes interest | 2Principals for Grid Loan 2 ($5.4 billion), Grid Loan 3 ($0.7 billion) and Prepayment ($1.6 billion); excludes interest 45 49#48Minerals Financial metrics ($bn) H1 2023 Segmental revenue 2.9 H1 2022 comparison Production 2023 (Rio Tinto share) guidance H1 2023 2022 2021 2020 2019 2018 -15% IOC (Mt) 10.0-11.0 4.7 10.3 9.7 10.4 10.5 9.0 EBITDA 0.7 -45% - Borates B2O3 content (kt) ~0.5Mt 257 532 488 480 520 512 Margin (product group operations) 30% -10 pp Titanium dioxide slag (kt) 1.1-1.4Mt* 589 1,200 1,014 1,120 1,206 1,116 Operating cash flow 0.09 -86% Diamonds¹ (kt) 3.0-3.8Mt 1,924 4,651 3,847 3,731 4,031 4,358 Capex *In the lower end of the range 0.3 +13% Free cash flow 0.2 -165% Underlying ROCE² 13% -8 pp Rio Tinto ©2023, Rio Tinto, All Rights Reserved 1Diavik only. On 17 November 2021, Rio Tinto's interest in Diavik increased from 60% to 100%. Production and financials reflect this from 1 November 2021 | 2Underlying ROCE is defined as underlying earnings (product group operations) excluding net interest divided by average capital employed 46#49Minerals Challenging market conditions; forest fires at IOC impact production Underlying EBITDA H1 2023 vs H1 2022 $m 1,259 H1 2022 underlying EBITDA (197) 74 14 1,094 (21) (21) (100) (221) 689 (84) Price Exchange rates Energy Inflation Flexed H1 2022 underlying EBITDA Volumes and Mix Cash costs Other¹ Rio Tinto ©2023, Rio Tinto, All Rights Reserved 1Other includes Non-cash costs and Exploration & Evaluation expense H1 2023 underlying EBITDA 47 47#50Cash flow reconciliation H1 2023 Cash Flow (US$m) Profit after tax for the year/Underlying EBITDA Adjustments for: Taxation Finance items 1,983 Statutory cash flow Reconciling items Underlying Utilisation of provisions cash flow Close down and restoration (333) 4,947 11,728 Post-retirement benefits and other employee benefits Other provisions (115) (44) (492) 748 • Share of profit after tax of equity accounted units (431) (611)1 (1,042) Impairments 1,175 1,175 Depreciation and amortisation 2,485 Change in working capital Inventories (293) Provisions (including exchange differences on provisions) 63 29 92 Utilisation of provisions (492) (492) Trade and other receivables Trade and other payables (6) (628) Change in working capital (927) (927) (927) Other items (116) 192 76 Cash flows from consolidated operations 9,435 Dividends from EAUs 287 287 Other items Net interest paid (286) (286) Reconciling Statutory Underlying Dividends paid to non-controlling interests (46) (46) Change in non-debt Tax paid (2,415) (2,415) (73) items 112² 39 derivatives Net cash generated from operating activities 6,975 Depreciation (88) 883 transferred Purchases of PPE (3,001) Other items 2,3 45 (8) 37 Sales of PPE 8 (116) 192 76 Lease principal payments Free cash flow (213) 3,769 Rio Tinto ©2023, Rio Tinto, All Rights Reserved 1Relates to Finance items, tax, depreciation & amortisation of EAUs which is not included in Underlying EBITDA | 2Relates to exclusions not included in Underlying EBITDA | 3Part of the reconciling items include depreciation in E&E expenditure and depreciation transferred not recognised in underlying cashflows 48#51Modelling EBITDA Underlying EBITDA sensitivity Aluminium US$ per tonne Copper US cents per pound Average published price/ exchange rate for HY 2023 US$m impact on full year 2023 underlying EBITDA of a 10% change in prices/exchange rates 2,329 1,151 396 - Gold US$ per troy ounce 1,932 Iron ore realised price (FOB basis) - US$ per dry metric tonne 107.2 Australian dollar against the US dollar 0.68 Canadian dollar against the US dollar - Oil (Brent) US per barrel 0.74 86 Rio Tinto ©2023, Rio Tinto, All Rights Reserved Note: The sensitivities give the estimated effect on underlying EBITDA assuming that each individual price or exchange rate moved in isolation. The relationship between currencies and commodity prices is a complex one and movements in exchange rates can affect movements in commodity prices and vice versa. The exchange rate sensitivities include the effect on operating costs but exclude the effect of revaluation of foreign currency working capital 523 59 2,786 712 369 193 49#52Income Statement: exclusions June 2023 June 2022 Per Interim Per Interim Exclusions Underlying Exclusions Underlying release release Consolidated sales revenue 26,667 26,667 29,775 Net operating costs (excluding items disclosed separately) (17,535) (141) (17,676) (17,202) (89) 29,775 (17,291) Impairment reversals/(charges net of reversals) (1,175) 1,175 Exploration and evaluation expenditure (net of profit relating to interests in undeveloped projects) (710) (710) (367) (367) Operating profit 7,247 1,034 8,281 12,206 (89) 12,117 Share of profit after tax of equity accounted units 431 431 468 468 Profit before finance items and taxation 7,678 1,034 8,712 12,674 (89) 12,585 Net exchange gains/(losses) on external and intragroup net (debt)/cash balances 103 (103) 387 (387) Net losses on derivatives not qualifying for hedge accounting 32 (32) (205) 205 Finance income 245 245 17 17 Finance costs Amortisation of discount on provisions Finance items Profit before taxation Taxation (536) (536) (55) (55) (592) (592) (503) (503) (748) (135) (883) (359) (182) (541) 6,930 899 7,829 12,315 (271) 12,044 (1,983) (298) (2,281) (2,867) (16) (2,883) Profit after tax for the year 4,947 601 5,548 9,448 (287) 9,161 • attributable to owners of Rio Tinto (net earnings) 5,117 603 5,720 8,943 (281) 8,662 • attributable to non-controlling interests (170) (2) (172) 505 (6) 499 Rio Tinto ©2023, Rio Tinto, All Rights Reserved 50 50#530 Rio Tinto 500 2023 1,000 2024 2025 1,500 Debt maturity profile 30 June 2023 debt maturity profile¹ $m 2,000 2026 2027 2028 2029 2030 External borrowings Leases ©2023, Rio Tinto, All Rights Reserved ¹Based on June 2023 accounting value. The debt maturity profile shows ~$1.2bn of capitalised leases under IFRS 16 On 6 March, issued $1.75bn SEC- registered debt securities, extending the corporate bond debt maturity by ~2 years. Issuance consisted of: • $650m 10-year 5.000% coupon maturing in 2033 $1,100m 30-year 5.125% coupon maturing in 2053 At 30 June weighted average outstanding debt maturity of corporate bonds 16 years (~12 years for Group debt) No corporate bond maturities until 2024 Liquidity remains strong under stress tests $7.5bn back-stop Revolving Credit Facility matures in November 2027. It has an additional one-year extension option 51#54Guidance Rio Tinto ©2023, Rio Tinto, All Rights Reserved 52 62#55Balancing near-term returns to shareholders 1 Essential capex Integrity, Replacement, Decarbonisation 2 Ordinary dividends 3 Iterative cycle of Rio Tinto ©2023, Rio Tinto, All Rights Reserved Further cash returns to shareholders Compelling growth Debt management 53#56Group level financial guidance Capex Total Group Group Growth Capex Group Sustaining Capex Pilbara Sustaining Capex . Replacement capital of $2-3bn per year Effective tax rate Returns Rio Tinto ©2023, Rio Tinto, All Rights Reserved 2023 2024 ~$7.0bn¹ Up to 10.0bn $1.5bn² Up to $3bn ~$3.5bn ~$3.5bn -$1.5bn3,4 ~$1.5bn4,5 -30% Total returns of 40 - 60% of underlying earnings through the cycle 1Excluding Simandou | 2We expect our share of investment in Simandou to around $0.5 billion in H2 2023. This guidance assumes all Simandou costs are capitalised in the second half of the year following the signature of agreements between the joint venture parties | ³Subject to ongoing inflationary pressure | 4Pilbara sustaining capex included within Group sustaining | 5Calculated in real terms 2025 Up to 10.0bn Up to $3bn ~$3.5bn ~$1.5bn4,5 54#57Product group level guidance 2023 Production Guidance 320 335Mt¹ Pilbara iron ore shipments Copper Pilbara Iron ore ($/tonne) (100% basis) Copper C1 (US cents/lb) Mined Copper (consolidated basis) Refined Copper 590 - 640kt² 160-190kt Aluminium Bauxite Alumina Aluminium Minerals TiO2 IOC pellets and concentrate4 B₂O3 Diamonds Rio Tinto ©2023, Rio Tinto, All Rights Reserved 54-57Mt3 7.4 - 7.7Mt 3.1 - 3.3Mt 1.1 - 1.4Mt³ 10.0 11.0Mt ~0.5Mt 3.0 3.8m carats 2023 Unit cost guidance4 $21.0 - $22.5 In the upper half of the range. Pilbara shipments guidance remains subject to weather, market conditions and management of cultural heritage | 2Includes Oyu Tolgoi on a 100% consolidated basis and continues to reflect our 30% share of Escondida | ³In the lower end of the range | 4Iron Ore Company of Canada | 4FY23 guidance is based on A$:US$ exchange rate of 0.70 180-200 55#58Application of the returns policy Capital return considerations Results for HY 2023 Long-term growth prospects Comments • Operating cash flow of $7.0bn FCF of $3.8bn 1 Underlying earnings down 34% to $5.7bn • Focused on Oyu Tolgoi • Simandou project progressing • Investing in replacing high quality assets in Pilbara and Kennecott Balance sheet strength 40-60 per cent of underlying earnings through the cycle · Ongoing exploration and evaluation programme • Strong balance sheet with net debt of $4.4bn • • Balanced between growth and shareholder returns • Outlook Rio Tinto . • Interim pay-out of 50% based on (i) Strong financial performance in 2023 (ii) strong balance sheet (iii) outlook Defined growth pipeline and a strong balance sheet providing capacity for shareholder return Our priority is to generate long-term value by consistently implementing our strategic objectives through the cycle We continue to maintain our capital discipline in times of macro-economic challenge and uncertainty We have made additional returns in times of surplus cash flow and lower capital needs and we will continue to pay attractive dividends to our shareholders in line with our pay-out policy China's economic recovery has fallen short of initial market expectations, as the property market downturn continues to weigh on the economy and consumers remain cautious despite monetary policy easing. Manufacturing data in advanced economies showed a further slowdown and recessionary risks remain ©2023, Rio Tinto, All Rights Reserved 1Free cash flow is defined as net cash generated from operating activities less purchases of PP&E less lease principal payments plus sales of PP&E 56#59Safe Production System and Decarbonisation Rio Tinto ©2023, Rio Tinto, All Rights Reserved 57 57#60Safe Production System (SPS) Best operator Building a lasting competitive advantage with our people. We want to empower them to safely run assets that are in control, capable and performing better than any of our competitors. Strong, stable assets Great people Care Courage Curiosity Effective, simple processes Rio Tinto ©2023, Rio Tinto, All Rights Reserved Front line customer- focused support 58#61Decarbonisation abatement programmes Programme Pacific Operations Repower Description & key sites Renewables: smelters Boyne | Tomago • Funding mechanism Long-term market contracts Government partnerships Example project - economics Commercial solutions achieved through government partnerships and long- term contracts Renewables Diesel Alumina process heat Mineral processing Aluminium anodes Nature-based Solutions Solar & wind renewables Pilbara Weipa QMM | Kennecott | RBM HME & Diesel switching Ph I: Bio-fuels Ph II: Fleet electrification Pilbara | IOC Electrification of boilers Process & energy efficiency H₂ calcination - replacement Vaudreuil | QAL | Yarwun New technologies Electrification of boilers IOC | RTIT | Borates ELYSIS™ technology All smelters High quality offsets 8 large scale sites • • . Capital - build own operate Long-term market contracts Capital Land acquisitions (non-edible feedstock) HME • • R&D • Capital R&D Capital Government / industry partnerships • R&D • Capital Capital land acquisitions Operating costs Rio Tinto ©2023, Rio Tinto, All Rights Reserved 1At our Boron site due to Californian subsidies • • . • Assets will need to remain competitive • Phase 1 - 230MW solar + 200MWh of on-grid battery storage is value accretive at a carbon price of <$40/t driven by $55m reduction in gas displacement costs at current prices Bio-fuels: comparable cost to diesel¹ and de-risking of technical risk in fleet electrification Diesel cost savings post fleet electrification QAL double digestion is value accretive at zero carbon price driven by reducing bauxite, raw material and energy costs A subset of projects are value accretive at a carbon price of $50/t to $100/t • IOC steam plant fuel reduction - 40MW electric boiler conversion is value accretive at a zero carbon price The electrification of the boilers will require new commercial renewable energy contracts as well as capital Commercial scale technology from 2024 • Value generation through scale-up later Development costs of high-quality projects on or near our assets are currently estimated at $20-50/t CO₂e, the range reflects varying project types and landscapes 59#62Common acronyms Definitions Calculated abatement carbon price The levelised marginal cost of abatement at a zero carbon price Calculation: Discounted sum of all abatement costs over time at a zero carbon price / Discounted sum of all abated emissions over time Discounted at the hurdle rate RT uses for all investment decisions AHS Automous Haulage System EC European Commission Mtpa Million tonnes per annum RTFT Rio Tinto Fer et Titane AIFR All Injury Frequency Rate EMEA Europe, Middle East and Africa MACC Marginal Abatement Cost Curve RTIO Rio Tinto Iron Ore ΑΙ Aluminium ESG Environmental, Social, and Governance MW Megawatt RTX Rio Tinto Exploration AL2O3 Aluminium oxide EU European Union MWh Megawatt hour SPS Safe Production System ARDC Arvida Research and Development Centre Fe Iron NbS Nature-based Solutions S&P Standard & Poor's ASX Australian Securities Exchange FOB Free On Board NPV Net present value T Tonne ATS Aluminium Technology Solutions FS Feasibility Study O&M Operation & Maintenance t/ha Tonnes per hectare B₂O3 Boric oxide GHG Greenhouse gas OT Oyu Tolgoi tLS Bn Billion GFC Global Financial Crisis Pa Per annum tCO2 e BF Blast furnace Gt Giga tonnes PJ Petajoule TiO2 Tonnes of liquid steel Tonne of carbon dioxide equivalent Titanium dioxide BOF Blast Oxygen Furnace GW Gigawatt PPA BSL Boyne Smelter Limited H₂ Hydrogen PP&E Power Purchasing Agreement Plant. Property & Equipment tpa Tonnes per annum TWh Terawatt hour CAGR Compound annual growth rate HBI Hot briquetted iron QAL Queensland Alumina Limited UB Ulaanbaatar CCGT Combined Cycle Gas Turbine HG High grade ore QMM QIT Madagascar Minerals USD United States dollar CCUS Carbon capture, utilisation and storage HME Heavy Mining Equipment R&D Research and development VAP Value-added product CCS Carbon Capture and Storage IEA International Energy Agency RBM Richards Bay Minerals WA Western Australia CO₂ Carbon dioxide IOC Iron Ore Company of Canada RE Renewable Energy WTS Western Turner Syncline CO₂e Carbon dioxide equivalent IRR Internal rate of return RRF Recovery and Resilience Facility YOY Year on Year Cu Copper JV Joint Venture ROCE Return on capital employed YTD Year to date DRI Direct Reduction Iron LCE Lithium Carbonate Equivalent RT Rio Tinto EAF Electric Arc Furnace LCOE Levelised Cost of Energy RTE Round trip efficiency EBITDA Earnings Before Interest, Taxes, Depreciation and Amortisation M Millions Mt Million tonnes Rio Tinto ©2023, Rio Tinto, All Rights Reserved 60 60#63Rio Tinto