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Investor Presentaiton

OUR SHAREHOLDER RETURNS We have returned US$2.3B to shareholders through our ongoing capital management program over the past six years Shareholder returns since FY16 (US$B) • • 0.5 US$5.4B 1.8 3.1 Ordinary dividends On-market share buy-back Notes: a. Special dividends • Disciplined application of our capital management framework and strong balance sheet means shareholders benefit as our financial performance improves Our ongoing capital management program 10 has contributed to almost doubling our minimum shareholder returns ratio Minimum dividends 40% of Underlying earnings All shareholder returns 73% of Underlying earnings SOUTH32 We apply a flexible approach when returning excess capital to shareholders between special dividends and our on-market share buy-back Our value driven on-market share buy-back (a) has reduced our shares on issue by 14%, further enhancing our per-share dividends through time Since inception, US$1.7B has been allocated to our on-market share buy-back at an average buy-back price of A$3.03 per share. Our on-market share buy-back has US$109M remaining to be returned as at 30 April 2023. SLIDE 12
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