H1 FY21 Finance and Cost Analysis

OPERATING UNIT COSTS PERFORMANCE AND GUIDANCE III Cerro Matoso (US$/lb) 16 South Africa Energy Coal (US$/t)16 +3% +3% 4.10 42 3.99 3.97 3.79 3.69 Guidance increased by 3% 40 Higher price-linked royalties and electricity prices partially offset by increased volumes FY19 FY20 H1 FY21 FY21e prior FY21e new Illawarra Metallurgical Coal (US$/t)16 -17% -1% 1 94 93 I 84 83 77 Guidance lowered by 1% Higher production volumes to more than offset a stronger Australian dollar FY19 FY20 H1 FY21 FY21e prior FY21e new 42 Guidance not provided FY19 FY20 H1 FY21 FY21e prior FY21e new SOUTH32 Guidance not provided Q3 FY21 costs expected to reflect adjustments to production volumes and a stronger South African rand Cannington (US$/t)16,18 +10% +11% 123 124 123 113 111 Guidance increased by 11% FY19 FY20 H1 FY21 FY21e prior FY21e new Stronger Australian dollar and higher price-linked royalties SLIDE 18

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