H1 FY21 Finance and Cost Analysis

OPERATING UNIT COSTS PERFORMANCE AND GUIDANCE Cost and volume efficiencies are expected to partially offset strengthening producer currencies (a) in H2 FY21 Worsley Alumina (US$/t)16 Brazil Alumina (non-operated) (US$/t) 238 -3% +2% 210 210 204 205 Guidance increased by 2% Stronger Australian dollar partially offset by lower caustic prices FY19 FY20 Hillside Aluminium (US$/t) H1 FY21 FY21e prior FY21e new 2,045 ( +0.3% 1,531 1,536 Guidance not provided FY19 FY20 H1 FY21 FY21e prior FY21e new Australia Manganese ore (US$/dmtu) 16,17 -10% 1.59 1.55 FY19 Notes: a. 1.39 Guidance not provided Cost profile will continue to be influenced by the South African rand and price of raw material inputs ( +1% 1.48 1.49 Guidance increased by 1% Stronger Australian dollar partially offset by equipment productivity FY20 H1 FY21 FY21e prior FY21e new 270 -16% 244 206 Guidance not provided FY19 FY20 H1 FY21 FY21e prior FY21e new Mozal Aluminium (US$/t) 2,026 -11% 1,785 1,585 FY19 Guidance not provided FY20 H1 FY21 FY21e prior FY21e new South Africa Manganese ore (US$/dmtu)16,17 2.69 +1% 2.25 2.28 2.25 EIII SOUTH32 Guidance not provided Cost profile will continue to be influenced by the Brazilian real, price of energy and raw material inputs Guidance not provided Cost profile will continue to be influenced by the South African rand and price of raw material inputs +8% 2.44 Guidance increased by 8% FY19 FY20 H1 FY21 FY21e prior FY21e new Stronger South African rand and on-going use of higher cost trucking partially offset by cost efficiencies and lower price-linked royalties FY21 prior Operating unit cost guidance included an AUD: USD exchange rate of 0.69; a USD:ZAR exchange rate of 17.68; a USD:COP exchange rate of 3,665. FY21 new Operating unit cost guidance includes an AUD:USD exchange rate of 0.75; a USD:ZAR exchange rate of 15.69; a USD: COP exchange rate of 3,594. SLIDE 17

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