H1 FY21 Finance and Cost Analysis

UNDERLYING INCOME TAX EXPENSE EIII SOUTH32 Underlying income tax expense reconciliation and Underlying effective tax rate Underlying EBIT Include: Underlying net finance costs Remove: Share of profit/(loss) of equity accounted investments Underlying profit/(loss) before tax Income tax expense/(benefit) Tax effect of earnings adjustments to Underlying EBIT Tax effect of earnings adjustments to net finance costs Exchange rate variations on tax balances Underlying income tax expense Underlying effective tax rate H1 FY21 H1 FY20 US$M US$M 282 293 (60) (69) (59) (100) 163 124 (9) 88 31 11 9 (1) 55 (5) 86 93 52.8% 75.0% SLIDE 38

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