FY22 Overview & Safety Program Update

CAPITAL MANAGEMENT FRAMEWORK Our capital management framework is unchanged Capital management framework Maximise cash flow ROIC Competition for excess capital - Investment in our business - Acquisitions - Greenfield exploration - Share buy-backs - Special dividends Distribute a minimum 40% of Underlying earnings as ordinary dividends Maintain safe and reliable operations and an investment grade credit rating through the cycle A strong balance sheet is at the core of our strategy Our framework is designed to reward shareholders as our financial performance improves Net cash/(debt) prior to dividend commitments (US$M) FY22 1,200 30.1% Cash flow priorities 800 400 H1 FY19 FY19 H2 H1 FY20 H2 H1 H2 H1 H2 FY20 FY21 FY21 FY22 FY22 Shareholder returns (a) (US$M) 2,000 46% 52% 49% 81% 66% 46% 1,800 1,600 1,400 1,200 1,000 800 600 400 200 FY17 FY18 FY19 FY20 FY21 FY22 Remaining capital management program On-market share buy-back Special dividends Notes: a. Ordinary dividends O Total dividend pay-out ratio Shareholder returns refers to dividends declared in respect of each period and on-market share buy-back amounts paid during each period. Remaining capital management program refers to the balance remaining on our on-market share buy-back program as at the time of release of this presentation. SLIDE 17 III SOUTH32

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