Investor Presentaiton

For personal use only Note: KEY METRICS - HILLSIDE Operating unit cost (US$/t) 1,761 FY15 Employee and contractor headcount1 2,800 FY15 1,430 FY16 Operating cost 24% 9% 13% 15% Labour related ■ Alumina Other raw materials & consumables 39% Energy ■Other FY16 Fixed: -23% Variable: ~77% ΞΙΙΙ ΙΙΙΞ SOUTH32 2,625 Closure and rehabilitation provisions FY15 FY16 US$M US$M Hillside Bayside 59 58 178 106 South Africa Aluminium 237 164 FY16 1. Compares end of period average contractors and employees for respective financial years (FY15 and FY16). 27 SEPTEMBER 2016 HILLSIDE INVESTOR TOUR SLIDE 9

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