H1 FY21 Finance and Cost Analysis

RESHAPING OUR PORTFOLIO We are simplifying our portfolio, exiting lower returning businesses III SOUTH32 Exited businesses Exiting businesses METALLOYS (60%) Alloy smelter on care and maintenance SOUTH AFRICA ENERGY COAL (100%) Targeting divestment by 31 March 2021(a) Notes: a. Refer to the market announcement "Agreement to Divest South Africa Energy Coal" dated 6 November 2019. EAGLE DOWNS METALLURGICAL COAL (50%) Project placed on hold while we assess options for our joint venture interest PRECIOUS METALS ROYALTY PORTFOLIO (100%) Sale to Elemental Royalties Corp. for US$40M cash & US$15M in Elemental shares completed TEMCO (60%) Divestment completed SLIDE 24

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