South32 : 2017 Full Year Financial Results Presentation

24 August 2017

South32 Limited (Incorporated in Australia under the Corporations Act 2001 (Cth))

(ACN 093 732 597) ASX / LSE / JSE Share Code: S32 ADR: SOUHY

ISIN: AU000000S320

south32.net

2017 FINANCIAL RESULTS PRESENTATION

An audio presentation of the attached materials by South32 Limited Chief Executive Officer, Graham Kerr and Chief Financial Officer, Brendan Harris is available on our website at: https://www.south32.net/investors-media/financial-results.

About South32

South32 is a globally diversified mining and metals company with high quality operations in Australia, Southern Africa and South America. Our purpose is to make a difference by developing natural resources, improving people's lives now and for generations to come. We are trusted by our owners and partners to realise the potential of their resources. We have a simple strategy to maximise the potential of our assets and shareholder returns by optimising our existing operations, unlocking their potential and identifying new opportunities to compete for capital.

Further information on South32 can be found at www.south32.net.

FURTHER INFORMATION

Further information on South32 can be found at www.south32.net.

JSE Sponsor: UBS South Africa (Pty) Ltd

24 August 2017

Registered Office: Level 35, 108 St Georges Terrace, Perth Western Australia 6000, Australia ABN 84 093 732 597 Registered in Australia

2017 FINANCIAL RESULTS

24 AUGUST 2017

•IMPORTANT NOTICES

THIS PRESENTATION SHOULD BE READ IN CONJUNCTION WITH THE "FINANCIAL RESULTS AND OUTLOOK - YEAR ENDED 30 JUNE 2017" ANNOUNCEMENT RELEASED ON 24 AUGUST 2017, WHICH IS AVAILABLE ON SOUTH32'S WEBSITE (WWW.SOUTH32.NET).

FINANCIAL INFORMATION

To assist shareholders in their understanding of the South32 Group, pro forma financial information for FY15 has been prepared to reflect the business as it is now structured and as though it was in effect for the period 1 July 2014 to 30 June 2015. The pro forma financial information is not prepared in accordance with IFRS.

FORWARD-LOOKING STATEMENTS

This presentation contains forward-looking statements, including statements about trends in commodity prices and currency exchange rates; demand for commodities; production forecasts; plans, strategies and objectives of management; capital costs and scheduling; operating costs; anticipated productive lives of projects, mines and facilities; and provisions and contingent liabilities. These forward-looking statements reflect expectations at the date of this presentation, however they are not guarantees or predictions of future performance. They involve known and unknown risks, uncertainties and other factors, many of which are beyond our control, and which may cause actual results to differ materially from those expressed in the statements contained in this presentation. Readers are cautioned not to put undue reliance on forward-looking statements. Except as required by applicable laws or regulations, the South32 Group does not undertake to publicly update or review any forward-looking statements, whether as a result of new information or future events. Past performance cannot be relied on as a guide to future performance. The denotation (e) refers to an estimate or forecast year.

NON-IFRS FINANCIAL INFORMATION

This presentation includes certain non-IFRS financial measures, including Underlying earnings, Underlying EBIT and Underlying EBITDA, Basic Underlying earnings per share, Underlying effective tax rate, Underlying EBIT margin, Underlying EBITDA margin, Underlying return on invested capital, Free cash flow, net cash, net operating assets and ROIC. These measures are used internally by management to assess the performance of our business, make decisions on the allocation of our resources and assess operational management. Non-IFRS measures have not been subject to audit or review and should not be considered as an indication of or alternative to an IFRS measure of profitability, financial performance or liquidity.

NO OFFER OF SECURITIES

Nothing in this presentation should be read or understood as an offer or recommendation to buy or sell South32 securities, or be treated or relied upon as a recommendation or advice by South32.

RELIANCE ON THIRD PARTY INFORMATION

Any information contained in this presentation that has been derived from publicly available sources (or views based on such information) has not been independently verified. The South32 Group does not make any representation or warranty about the accuracy, completeness or reliability of the information. This presentation should not be relied upon as a recommendation or forecast by South32.

NO FINANCIAL OR INVESTMENT ADVICE - SOUTH AFRICA

South32 does not provide any financial or investment 'advice' as that term is defined in the South African Financial Advisory and Intermediary Services Act, 37 of 2002, and we strongly recommend that you seek professional advice.

MINERAL RESOURCES AND ORE RESERVES

The Cannington Ore Reserve estimates which appear on slide 17 are reported on a 100% basis. These Ore Reserve estimates, together with the ownership percentages were set out in the Mineral Resource and Ore Reserve statements in the FY14 to FY16 annual reports to shareholders. The FY14 Ore Reserves are available in the BHP Annual report released to the market on 11 September 2014. The FY15 and FY16 Ore Reserves are available in the South32 annual report released to the market on 22 September 2015 and 8 September 2016 respectively. The FY17 Ore Reserves are published in our market release on 24 August 2017 "Cannington Mineral Resources and Ore Reserves update". The Competent Persons responsible for reporting of FY14 and FY15 Ore Reserves were Mark Dowdell (MAusIMM) and Tyson Curypko (MAusIMM(CP)) for FY16 and FY17. South32 is not aware of any new information or data that materially affects the information in the market release "Cannington Mineral Resources and Ore Reserves update", and all material assumptions and technical parameters underpinning the estimates of Mineral Resources and Ore Reserves in that market release continue to apply and have not materially changed. The form and context in which those findings are presented have not been materially modified.

2017 FINANCIAL RESULTS SLIDE 2

•FY17 OVERVIEW

Underlying earnings US$1.1B

US$1.3B

Net Cash US$1.6B

Embedding high quality future options

Notes:

1. Group free cash flow includes distributions from equity accounted investments.

2017 FINANCIAL RESULTS

SLIDE 3