Investor Presentaiton

BROAD-BASED EQUITY OWNERSHIP STRUCTURE ΞΙΙΙ ΙΙΙΞ SOUTH32 III 100% 50% South321 92% South Africa Energy Coal 100% Klipspruit Phola Processing Plant Wolvekrans Middelburg Complex (WMC) Phembani Group² 8% 100% 21% Khutala Richards Bay Coal Terminal (RBCT) Notes: 1. 2. South32 has undertaken a number of historic asset transactions where it has transferred South Africa Energy Coal resources to historically disadvantaged entities which resulted in more than 26% ownership empowerment. These transactions were completed in consultation with the DMR to ensure consistency with the requirements of the Mining Charter. The interests owned by our BEE partner, Phembani Group, were acquired using vendor finance, with the loans repayable to South32 via distributions attributable to these parties, pro rata to their share in South Africa Energy Coal. Until these loans are repaid, South32's interest in South Africa Energy Coal is accounted at 100%. 28 SEPTEMBER 2016 KLIPSPRUIT INVESTOR TOUR SLIDE 7

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