H1 FY21 Finance and Cost Analysis

OPERATING UNIT COSTS H1 FY21 actual vs. FY21 prior guidance 21 (15%) (5%) FY21 prior guidance 5% 15% Operating unit costs H1 FY20 H2 FY20 H1 FY21 H1 FY21 adjusted Worsley Alumina 225 196 204 202 205 (US$/t) Brazil Alumina (non-operated) (US$/t) 257 231 206 N/A Guidance not provided Illawarra Metallurgical Coal 91 95 77 74 84 (US$/t) Australia Manganese17 1.62 1.48 1.39 1.35 1.48 (FOB, US$/dmtu) South Africa Manganese 17 2.60 1.78 2.28 2.15 2.25 (FOB, US$/dmtu) Cerro Matoso 3.80 3.57 3.79 3.81 3.97 (US$/lb) Cannington 18 121 105 124 117 111 (US$/t) South Africa Energy Coal²² (US$/t) 43 £3 40 40 42 39 36-39 Cost breakdown H1 FY21 Hillside Aluminium (US$/t) 1,657 1,413 1,536 48% Mozal Aluminium 1,904 (US$/t) 1,671 1,585 43% Foreign exchange Price-linked costs (including royalties)23 Controllable costs Raw material inputs Other O H1 FY21 actual vs. FY21 prior guidance % movement O≤ 5% of guidance O>5% of guidance 52% 57% EIII SOUTH32 Commentary to guidance or H1 FY20 Record production volumes, lower caustic soda prices and cost efficiencies, more than offset a stronger Australian dollar (compared to guidance) Guidance not provided Record production volumes, lower caustic soda, energy and bauxite prices (compared to H1 FY20) Additional volumes of coal wash material and improved longwall performance supporting higher metallurgical coal sales, more than offset a stronger Australian dollar (compared to guidance) Record volumes and cost efficiencies more than offset a stronger Australian dollar (compared to guidance) Higher volumes more than offset a stronger South African rand (compared to guidance) Cost efficiencies combined with a weaker Colombian peso and lower price-linked royalties (compared to guidance) Cost efficiencies more than offset by inventory movements, a stronger Australian dollar and higher price-linked royalties (compared to guidance) Stronger South African rand and reduced activity in uneconomic pits (compared to guidance) Lower raw material input costs and a weaker South African rand more than offset higher power costs (compared to H1 FY20) Lower raw material input costs and a weaker South African rand (compared to H1 FY20) SLIDE 34

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