H1 FY21 Finance and Cost Analysis

EARNINGS SENSITIVITIES EIII SOUTH32 EBIT impact +/- 10% Annualised estimated impact on FY21e Underlying EBIT of a 10% change in commodity prices or currency(a) US$M Aluminium (b) 185 Alumina (b) 146 Manganese ore (c) Metallurgical coal Nickel Silver Energy coal (d) Lead Zinc Australian dollar South African rand Colombian peso Brazilian real 86 67 43 34 31 22 15 180 117 19 8 Notes: a. b. C. The sensitivities reflect the annualised estimated impact on FY21e Underlying EBIT of a 10% movement in H1 FY21 actual realised prices and H1 FY21 actual average exchange rates (weakening currency) applied to FY21e volumes and costs. Aluminium sensitivity includes a one month LME price-linked electricity cost impact for Hillside Aluminium but ignores the Group consolidation impact of inter-company alumina sold on index. Aluminium sensitivity is shown without any associated increase in alumina pricing. The sensitivity impacts for manganese ore are on a pre-tax basis. The Group's Manganese operations are reported as EAI. As a result, the Profit after taxation for Manganese is included in the Underlying EBIT of South32. d. Includes South Africa Energy Coal for 9 months to 31 March 2021. SLIDE 33

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