H1 FY21 Finance and Cost Analysis

H1 FY21 PERFORMANCE ANALYSIS Our strong operating result supported an improvement in our H1 FY21 Group operating margin H1 FY21 Underlying EBITDA contribution by commodity(a)(b) Alumina 6% Aluminium & alumina 10% 22% Manganese ore Zinc-lead-silver 19% Nickel Metallurgical coal Group operating margin³ 37% 34% 25% 18% Aluminium EIII SOUTH32 Alumina operating margin(b) Aluminium operating margin Manganese ore operating margin 19% 64% 47% 58% 56% 37% 12% 48% 48% 25% 26% 8% 23% 2% (2%) H1 H2 H1 H2 H1 FY19 FY19 FY20 FY20 FY21 H1 H2 H1 H2 H1 FY19 FY19 FY20 FY20 FY21 H1 H2 H1 H2 H1 FY19 FY19 FY20 FY20 FY21 Zinc-lead-silver operating margin 24% 23% 20% 36% 33% 34% 31% 53% Nickel operating margin 44% 30% 22% 26% Metallurgical coal operating margin (b) 51% 40% 45% 30% 22% 15% FY18 FY19 H1 FY20 H2 FY20 H1 FY21 H1 H2 H1 H2 H1 FY19 FY19 FY20 FY20 FY21 H1 FY19 H2 H1 H2 H1 FY19 FY20 FY20 FY21 H1 H2 H1 H2 H1 FY19 FY19 FY20 FY20 FY21 Notes: a. b. Presented on a proportionally consolidated basis and excludes South Africa Energy Coal, manganese alloys, Hermosa and Group and unallocated costs. Metallurgical coal comprises Illawarra Metallurgical Coal, including energy coal by-product volumes. The Brazil Alumina aluminium smelter is included in alumina operating margin. SLIDE 13

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