Investor Presentaiton

SOUTH AFRICA ENERGY COAL Klipspruit production (Mt) 7.3 7.2 7.8 FY16 FY17e FY18e - Klipspruit Life Extension project Now in Feasibility study phase - Low capital expenditure development option Using existing infrastructure 14 Klipspruit ΞΙΙΙ ΙΙΙΞ SOUTH32 Middelburg eMalahleni WMC production (Mt) 15.5 15.1 13.4 Klipspruit Extension N12 DUVHA KENDAL Khutala Khutala Extension Wolvekrans Middelburg Complex KOMATI HENDRINA Contract type FY16 FY17e FY18e Duvha: Coal Supply Agreement 8.5Mtpa equity share Current fixed-price contract with two annual escalations Extends to 2024 (Eskom option to extend) Additional investment required to access new areas Richards Bay Coal Terminal 21.4% interest KRIEL Transnet contract Covers 16.4Mtpa of exports from Klipspruit and WMC until 2024 Take-or-pay obligation of 15.6Mtpa P MATLA 28 SEPTEMBER 2016 KLIPSPRUIT INVESTOR TOUR Khutala production (Mt) Contract type 8.9 8.6 8.6 - Design capacity 91Mtpa - CY15 exports 75.4Mt FY16 FY17e FY18e Kendal: Coal Supply Agreement of 13.3Mtpa Current cost-plus agreement until 2033 Working with Eskom to extend life of the underground mine Khutala life extension Further options with Eskom, under the current agreement, to recapitalise and move to open cut Export coal production Domestic coal production SLIDE 9

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