South32 Ltd. · ASX:S32

South32 — Non-Deal Roadshow (March 2015)

85 slides from South32's roadshow presentation, Mar 17, 2015

1. Slide 1: South32 Roadshow Presentation cover letter

   For personal use only BHP Billiton Limited BHP Billiton Plc 171 Collins Street Neathouse Place Melbourne Victoria 3000 Australia London SW1V 1LH UK GPO BOX 86 Tel +44 20 7802 4000 Melbourne Victoria 3001 Australia Fax + 44 20 7802 4111 Tel +61 1300 55 47 57 Fax +61 3 9609 3015 bhpbilliton.com bhpbil

2. Slide 2: Roadshow Presentation March 2015

   TAO2013\Comms\2015.03.16 - South32 Global Roadshow Pres\150305 South32 Global Roadshow Pres POST BAC Submission_v14.pptx For personal use only MAKING A DIFFERENCE FROM THE GROUND UP ROADSHOW PRESENTATION MARCH 2015

3. Slide 3: Important Information and Disclaimer

   TAO2013\Comms\2015.03.16 - South32 Global Roadshow Pres\150305 South32 Global Roadshow Pres POST BAC Submission_v14.pptx IMPORTANT INFORMATION AND DISCLAIMER Nature of this presentation The information contained in this presentation does not constitute a prospectus or other listing document in relat

4. Slide 4: Important Information and Disclaimer (Continued)

   TAO2013\Comms\2015.03.16 - South32 Global Roadshow Pres\150305 South32 Global Roadshow Pres POST BAC IMPORTANT INFORMATION AND DISCLAIMER Submission_v14.pptx (CONTINUED) BHP Billiton non-IFRS financial information BHP Billiton results which have been published in the Disclosure Documents are reporte

5. Slide 5: Table of Contents

   TAO2013\Comms\2015.03.16 - South32 Global Roadshow Pres\150305 South32 Global Roadshow Pres POST BAC Submission_v14.pptx For personal use only TABLE OF CONTENTS SECTION 1: OVERVIEW OF SOUTH32 SECTION 2: DETAILED MANAGEMENT AND BOARD BIOGRAPHIES SECTION 3: AUSTRALIAN BUSINESSES SECTION 4: SOUTHERN AF

6. Slide 6: Section 1: Overview of South32

   TAO2013\Comms\2015.03.16 - South32 Global Roadshow Pres\150305 South32 Global Roadshow Pres POST BAC Submission_v14.pptx For personal use only SECTION 1: OVERVIEW OF SOUTH32

7. Slide 7: A New Company from the Ground Up

   TAO2013\Comms\2015.03.16 - South32 Global Roadshow Pres\150305 South32 Global Roadshow Pres POST BAC Submission_v14.pptx A NEW COMPANY FROM THE GROUND UP • An experienced board and management team with clearly defined strategic priorities For personal use only • A cash generator with high quality me

8. Slide 8: An Experienced Board and Management Team

   TAO2013\Comms\2015.03.16 - South32 Global Roadshow Pres\150305 South32 Global Roadshow Pres POST BAC Submission_v14.pptx AN EXPERIENCED BOARD AND MANAGEMENT TEAM Board1 For personal use only Keith Rumble David Crawford Xolani Mkhwanazi Independent Non-executive Chairman and Independent Non-executive

9. Slide 9: Clearly Defined Strategic Priorities

   TAO2013\Comms\2015.03.16 - South32 Global Roadshow Pres\150305 South32 Global Roadshow Pres POST BAC Submission_v14.pptx CLEARLY DEFINED STRATEGIC PRIORITIES • Establish a distinctive, powerful culture For personal use only and identity Cannington, Australia Metalloys, Manganese South Africa • Enhan

10. Slide 10: A Focus on Sustainability Will Be a Source of Future Competitive Advantage

    TAO2013\Comms\2015.03.16 - South32 Global Roadshow Pres\150305 South32 Global Roadshow Pres POST BAC A FOCUS ON SUSTAINABILITY WILL BE A SOURCE Submission_v14.pptx OF FUTURE COMPETITIVE ADVANTAGE • Aim to continuously improve safety For personal use only performance South Africa Aluminium, South Afr

11. Slide 11: A Globally Diversified Metals and Mining Company

    TAO2013\Comms\2015.03.16 - South32 Global Roadshow Pres\150305 South32 Global Roadshow Pres POST BAC Submission_v14.pptx A GLOBALLY DIVERSIFIED METALS AND MINING COMPANY • Operations in Australia, Nickel 5% South America 12% Americas 7% For personal use only Metallurgical coal 8% Southern Africa and

12. Slide 12: High Quality Assets Competitively Positioned in Their Cost Curves

    TAO2013\Comms\2015.03.16 - South32 Global Roadshow Pres\150305 South32 Global Roadshow Pres POST BAC HIGH QUALITY ASSETS COMPETITIVELY POSITIONED Submission_v14.pptx IN THEIR RESPECTIVE COST CURVES Industry cost/margin1 curve position and FY2014 • Leading assets in the first quartile of production f

13. Slide 13: High Quality Assets Competitively Positioned in Their Cost Curves

    TAO2013\Comms\2015.03.16 - South32 Global Roadshow Pres\150305 South32 Global Roadshow Pres POST BAC HIGH QUALITY ASSETS COMPETITIVELY POSITIONED Submission_v14.pptx IN THEIR RESPECTIVE COST CURVES Contribution of key South32 assets3 to H1 FY2015 • Leading assets in the first quartile of combined Un

14. Slide 14: High Quality Assets Competitively Positioned in Their Cost Curves

    TAO2013\Comms\2015.03.16 - South32 Global Roadshow Pres\150305 South32 Global Roadshow Pres POST BAC HIGH QUALITY ASSETS COMPETITIVELY POSITIONED Submission_v14.pptx IN THEIR RESPECTIVE COST CURVES • Leading assets in the first quartile of Historical combined total capital expenditure3 For personal

15. Slide 15: A Cash Generator Through the Cycle

    TAO2013\Comms\2015.03.16 - South32 Global Roadshow Pres\150305 South32 Global Roadshow Pres POST BAC Submission_v14.pptx A CASH GENERATOR THROUGH THE CYCLE • Combined Underlying EBITDA1 of more For personal use only Historical combined Underlying EBITDA than US$2.0b p.a. over the last decade and mar

16. Slide 16: A Lean Operating Model Designed to Further Reduce Costs

    TAO2013\Comms\2015.03.16 - South32 Global Roadshow Pres\150305 South32 Global Roadshow Pres POST BAC A LEAN OPERATING MODEL DESIGNED TO FURTHER Submission_v14.pptx REDUCE COSTS AND INCREASE PRODUCTIVITY Chief Executive Officer • A focused and lean corporate For personal use only and Executive Direct

17. Slide 17: Well Positioned to Pursue Investments That Meet Strict Financial Criteria

    TAO2013\Comms\2015.03.16 - South32 Global Roadshow Pres\150305 South32 Global Roadshow Pres POST BAC WELL POSITIONED TO PURSUE INVESTMENTS THAT Submission_v14.pptx MEET STRICT FINANCIAL CRITERIA • A strong Balance Sheet and investment For personal use only grade credit rating are core to the strateg

18. Slide 18: A Simple Approach to Capital Management

    TAO2013\Comms\2015.03.16 - South32 Global Roadshow Pres\150305 South32 Global Roadshow Pres POST BAC Submission_v14.pptx A SIMPLE APPROACH TO CAPITAL MANAGEMENT Energy Coal South Africa • Well defined priorities for cash flow For personal use only ﹣ Maintain safe and reliable operations and an inves

19. Slide 19: A Simple Approach to Capital Management

    TAO2013\Comms\2015.03.16 - South32 Global Roadshow Pres\150305 South32 Global Roadshow Pres POST BAC Submission_v14.pptx A SIMPLE APPROACH TO CAPITAL MANAGEMENT Energy Coal South Africa • Well defined priorities for cash flow For personal use only ﹣ Maintain safe and reliable operations and an inves

20. Slide 20: A Simple Approach to Capital Management

    TAO2013\Comms\2015.03.16 - South32 Global Roadshow Pres\150305 South32 Global Roadshow Pres POST BAC Submission_v14.pptx A SIMPLE APPROACH TO CAPITAL MANAGEMENT Energy Coal South Africa • Well defined priorities for cash flow For personal use only ﹣ Maintain safe and reliable operations and an inves

21. Slide 21: A New Company from the Ground Up

    TAO2013\Comms\2015.03.16 - South32 Global Roadshow Pres\150305 South32 Global Roadshow Pres POST BAC Submission_v14.pptx A NEW COMPANY FROM THE GROUND UP • An experienced board and management team with clearly defined strategic priorities For personal use only • A cash generator with high quality me

22. Slide 22: Section 2: Detailed Management and Board Biographies

    TAO2013\Comms\2015.03.16 - South32 Global Roadshow Pres\150305 South32 Global Roadshow Pres POST BAC Submission_v14.pptx For personal use only SECTION 2: DETAILED MANAGEMENT AND BOARD BIOGRAPHIES

23. Slide 23: Detailed Board Biographies

    TAO2013\Comms\2015.03.16 - South32 Global Roadshow Pres\150305 South32 Global Roadshow Pres POST BAC Submission_v14.pptx For personal use only DETAILED BOARD BIOGRAPHIES Board member Biography David Crawford AO Mr Crawford will be the Chairman of South32. Chairman and independent non-executive direc

24. Slide 24: Detailed Board Biographies

    TAO2013\Comms\2015.03.16 - South32 Global Roadshow Pres\150305 South32 Global Roadshow Pres POST BAC Submission_v14.pptx For personal use only DETAILED BOARD BIOGRAPHIES Board member Biography Xolani Mkhwanazi Dr Mkhwanazi joined BHP Billiton in February 2005 as President and Chief Operating Officer

25. Slide 25: Detailed Management Team Biographies

    TAO2013\Comms\2015.03.16 - South32 Global Roadshow Pres\150305 South32 Global Roadshow Pres POST BAC Submission_v14.pptx For personal use only DETAILED MANAGEMENT TEAM BIOGRAPHIES Senior executive Biography Graham Kerr Mr Kerr joined BHP Billiton in 1994 and was appointed Chief Financial Officer in

26. Slide 26: Detailed Management Team Biographies

    TAO2013\Comms\2015.03.16 - South32 Global Roadshow Pres\150305 South32 Global Roadshow Pres POST BAC Submission_v14.pptx For personal use only DETAILED MANAGEMENT TEAM BIOGRAPHIES Senior executive Biography Mike Fraser Mr Fraser joined BHP Billiton in January 2000 as Head of Compensation and Benefit

27. Slide 27: This page has been left intentionally blank

    TAO2013\Comms\2015.03.16 - South32 Global Roadshow Pres\150305 South32 Global Roadshow Pres POST BAC Submission_v14.pptx For personal use only This page has been left intentionally blank MARCH 2015 SLIDE 26

28. Slide 28: Section 3: Australian Businesses

    TAO2013\Comms\2015.03.16 - South32 Global Roadshow Pres\150305 South32 Global Roadshow Pres POST BAC Submission_v14.pptx For personal use only SECTION 3: AUSTRALIAN BUSINESSES

29. Slide 29: Worsley Alumina (86% Share)

    TAO2013\Comms\2015.03.16 - South32 Global Roadshow Pres\150305 South32 Global Roadshow Pres POST BAC Submission_v14.pptx WORSLEY ALUMINA (86% SHARE) • Integrated bauxite mine and alumina refinery with For personal use only capacity of 4.6 Mtpa on a 100% basis Worsley Alumina • Low impurity bauxite1

30. Slide 30: Worsley Alumina (86% Share)

    TAO2013\Comms\2015.03.16 - South32 Global Roadshow Pres\150305 South32 Global Roadshow Pres POST BAC Submission_v14.pptx WORSLEY ALUMINA (86% SHARE) Alumina sales volume, pricing and cost1 Ownership/Operator • 86%/South32 For personal use only (kt) (US$/t) Location • Bauxite mine: 123 km southeast o

31. Slide 31: Illawarra Metallurgical Coal (100% Share)

    TAO2013\Comms\2015.03.16 - South32 Global Roadshow Pres\150305 South32 Global Roadshow Pres POST BAC Submission_v14.pptx ILLAWARRA METALLURGICAL COAL (100% SHARE) • Three longwall mines and two processing facilities For personal use only with annual ROM capacity of 12 Mtpa and product capacity of 9

32. Slide 32: Illawarra Metallurgical Coal (100% Share)

    TAO2013\Comms\2015.03.16 - South32 Global Roadshow Pres\150305 South32 Global Roadshow Pres POST BAC Submission_v14.pptx ILLAWARRA METALLURGICAL COAL (100% SHARE) Energy and metallurgical coal sales volume, price and Ownership/operator • 100%/South32 cost1 For personal use only (kt) (US$/t) Location

33. Slide 33: Australia Manganese (60% Share)

    TAO2013\Comms\2015.03.16 - South32 Global Roadshow Pres\150305 South32 Global Roadshow Pres POST BAC Submission_v14.pptx AUSTRALIA MANGANESE (60% SHARE) • Manganese ore mine with capacity of 4.8 Mtpa GEMCO and manganese alloy plant with a capacity of 150 For personal use only Ktpa high carbon ferrom

34. Slide 34: Australia Manganese (60% Share)

    TAO2013\Comms\2015.03.16 - South32 Global Roadshow Pres\150305 South32 Global Roadshow Pres POST BAC Submission_v14.pptx AUSTRALIA MANGANESE (60% SHARE) Manganese ore sales volume, price and cost1 GEMCO Ownership/operator • 60%/South32 For personal use only (kt) (US$/t) Location • Groote Eylandt, 16

35. Slide 35: Cannington (100% Share)

    TAO2013\Comms\2015.03.16 - South32 Global Roadshow Pres\150305 South32 Global Roadshow Pres POST BAC Submission_v14.pptx CANNINGTON (100% SHARE) • Integrated underground mining and metallurgical For personal use only processing facility with a nominal processing Cannington capacity of over 3.2 Mtpa

36. Slide 36: Cannington (100% Share)

    TAO2013\Comms\2015.03.16 - South32 Global Roadshow Pres\150305 South32 Global Roadshow Pres POST BAC Submission_v14.pptx CANNINGTON (100% SHARE) Lead, zinc and silver sales volume, price and cost1 Ownership/operator • 100%/South32 For personal use only Lead/Zinc:(kt) (US$/t) Location • 200 km south-

37. Slide 37: This page has been left intentionally blank

    TAO2013\Comms\2015.03.16 - South32 Global Roadshow Pres\150305 South32 Global Roadshow Pres POST BAC Submission_v14.pptx For personal use only This page has been left intentionally blank MARCH 2015 SLIDE 36

38. Slide 38: Section 4: Southern African Businesses

    TAO2013\Comms\2015.03.16 - South32 Global Roadshow Pres\150305 South32 Global Roadshow Pres POST BAC Submission_v14.pptx For personal use only SECTION 4: SOUTHERN AFRICAN BUSINESSES

39. Slide 39: South Africa Aluminium (100% Share)

    TAO2013\Comms\2015.03.16 - South32 Global Roadshow Pres\150305 South32 Global Roadshow Pres POST BAC Submission_v14.pptx SOUTH AFRICA ALUMINIUM (100% SHARE) • The largest smelter in the southern hemisphere For personal use only with capacity of 723 Ktpa aluminium Hillside • Hillside extends across f

40. Slide 40: South Africa Aluminium (100% Share)

    TAO2013\Comms\2015.03.16 - South32 Global Roadshow Pres\150305 South32 Global Roadshow Pres POST BAC Submission_v14.pptx SOUTH AFRICA ALUMINIUM (100% SHARE) Aluminium sales volume, price and cost1 Hillside For personal use only (kt) (US$/t) Ownership/operator • 100%/South32 800 2,500 Location • 200

41. Slide 41: Mozal Aluminium (47.1% Share)

    TAO2013\Comms\2015.03.16 - South32 Global Roadshow Pres\150305 South32 Global Roadshow Pres POST BAC Submission_v14.pptx MOZAL ALUMINIUM (47.1% SHARE) • Aluminium smelter with capacity of 566 Ktpa For personal use only (100% basis) and dedicated port facilities in Mozambique Mozal Aluminium • Alumin

42. Slide 42: Mozal Aluminium (47.1% Share)

    TAO2013\Comms\2015.03.16 - South32 Global Roadshow Pres\150305 South32 Global Roadshow Pres POST BAC Submission_v14.pptx MOZAL ALUMINIUM (47.1% SHARE) Aluminium sales volume, price and cost1 Ownership/operator • 47.1%/South32 For personal use only (kt) (US$/t) Location • 17 km from Maputo, Mozambiqu

43. Slide 43: South Africa Energy Coal (90% Share)

    TAO2013\Comms\2015.03.16 - South32 Global Roadshow Pres\150305 South32 Global Roadshow Pres POST BAC Submission_v14.pptx SOUTH AFRICA ENERGY COAL (90% SHARE) • Four mines producing a mix of export (~45%) and For personal use only domestic coal (~55%) South Africa – FY2014 product output of 30.4 Mt (

44. Slide 44: South Africa Energy Coal (90% Share)

    TAO2013\Comms\2015.03.16 - South32 Global Roadshow Pres\150305 South32 Global Roadshow Pres POST BAC Submission_v14.pptx SOUTH AFRICA ENERGY COAL (90% SHARE) Energy coal sales volume, price and cost1 Ownership/operator • 90%/South32 For personal use only (Mt) (US$/t) Location • All four mines (Wolve

45. Slide 45: South Africa Manganese (Hotazel 44.4%, Metalloys 60%)

    TAO2013\Comms\2015.03.16 - South32 Global Roadshow Pres\150305 South32 Global Roadshow Pres POST BAC SOUTH AFRICA MANGANESE Submission_v14.pptx (HOTAZEL 44.4%, METALLOYS 60%) • Hotazel mines and Metalloys smelter For personal use only – ROM capacity of 3.5 Mtpa at Mamatwan open-pit and 1.2 Mtpa at W

46. Slide 46: South Africa Manganese (Hotazel 44.4%, Metalloys 60%)

    TAO2013\Comms\2015.03.16 - South32 Global Roadshow Pres\150305 South32 Global Roadshow Pres POST BAC SOUTH AFRICA MANGANESE Submission_v14.pptx (HOTAZEL 44.4%, METALLOYS 60%) Manganese ore sales volume, price and cost1 Hotazel Ownership/operator • 44.4%/South32 For personal use only (kt) (US$/t) Loc

47. Slide 47: This page has been left intentionally blank

    TAO2013\Comms\2015.03.16 - South32 Global Roadshow Pres\150305 South32 Global Roadshow Pres POST BAC Submission_v14.pptx For personal use only This page has been left intentionally blank MARCH 2015 SLIDE 46

48. Slide 48: Section 5: South American Businesses

    TAO2013\Comms\2015.03.16 - South32 Global Roadshow Pres\150305 South32 Global Roadshow Pres POST BAC Submission_v14.pptx For personal use only SECTION 5: SOUTH AMERICAN BUSINESSES

49. Slide 49: Brazil Aluminium (MRN 14.8%, Refinery 36%, Smelter 40%)

    TAO2013\Comms\2015.03.16 - South32 Global Roadshow Pres\150305 South32 Global Roadshow Pres POST BAC BRAZIL ALUMINIUM Submission_v14.pptx (MRN 14.8%, REFINERY 36%, SMELTER 40%) • Non-operated joint venture interest in 18 Mtpa For personal use only (100% basis) bauxite mine, 3.5 Mtpa (100% Alumar bas

50. Slide 50: Brazil Aluminium (MRN 14.8%, Refinery 36%, Smelter 40%)

    TAO2013\Comms\2015.03.16 - South32 Global Roadshow Pres\150305 South32 Global Roadshow Pres POST BAC BRAZIL ALUMINIUM Submission_v14.pptx (MRN 14.8%, REFINERY 36%, SMELTER 40%) Alumina sales volume, price and cost1 MRN Mine Ownership/operator • 14.8% / Independent JV company For personal use only (k

51. Slide 51: Cerro Matoso (99.94% Share)

    TAO2013\Comms\2015.03.16 - South32 Global Roadshow Pres\150305 South32 Global Roadshow Pres POST BAC Submission_v14.pptx CERRO MATOSO (99.94% SHARE) • Lateritic open pit mine and ferronickel smelter For personal use only – FY2014 production of 44 Kt of nickel (South32 Cerro Matoso share) • Reserve l

52. Slide 52: Cerro Matoso (99.94% Share)

    TAO2013\Comms\2015.03.16 - South32 Global Roadshow Pres\150305 South32 Global Roadshow Pres POST BAC Submission_v14.pptx CERRO MATOSO (99.94% SHARE) Nickel sales volume, price and cost1 Ownership/operator • 99.94%/South32 For personal use only (kt) (US$/t) Location • 25 km southwest of Montelibano,

53. Slide 53: Section 6: Reserves and Resources

    TAO2013\Comms\2015.03.16 - South32 Global Roadshow Pres\150305 South32 Global Roadshow Pres POST BAC Submission_v14.pptx For personal use only SECTION 6: RESERVES AND RESOURCES

54. Slide 54: Aluminium Reserves and Resources

    TAO2013\Comms\2015.03.16 - South32 Global Roadshow Pres\150305 South32 Global Roadshow Pres POST BAC Submission_v14.pptx ALUMINIUM RESERVES AND RESOURCES Aluminium Mineral Resources For personal use only As at 30 June 2014 (reported in 100 per cent terms) Measured Resources Indicated Resources Infer

55. Slide 55: Coal Reserves and Resources

    TAO2013\Comms\2015.03.16 - South32 Global Roadshow Pres\150305 South32 Global Roadshow Pres POST BAC Submission_v14.pptx COAL RESERVES AND RESOURCES Coal Resources For personal use only As at 30 June 2014 (reported in 100 per cent terms) Measured Coal Resources Indicated Coal Resources Inferred Coal

56. Slide 56: Coal Reserves and Resources (Continued)

    TAO2013\Comms\2015.03.16 - South32 Global Roadshow Pres\150305 South32 Global Roadshow Pres POST BAC Submission_v14.pptx COAL RESERVES AND RESOURCES (CONTINUED) Coal Resources For personal use only As at 30 June 2014 (reported in 100 per cent terms) Measured Coal Resources Indicated Coal Resources I

57. Slide 57: Coal Reserves and Resources (Continued)

    TAO2013\Comms\2015.03.16 - South32 Global Roadshow Pres\150305 South32 Global Roadshow Pres POST BAC COAL RESERVES AND RESOURCES Submission_v14.pptx (CONTINUED) Coal Reserves For personal use only As at 30 June 2014 (reported in 100 per cent terms) Coal Reserves Probable Coal Total Coal Reserves Res

58. Slide 58: Manganese Reserves and Resources

    TAO2013\Comms\2015.03.16 - South32 Global Roadshow Pres\150305 South32 Global Roadshow Pres POST BAC Submission_v14.pptx MANGANESE RESERVES AND RESOURCES Manganese Mineral Resources For personal use only As at 30 June 2014 (reported in 100 per cent terms) Measured Resources Indicated Resources Infer

59. Slide 59: Manganese Reserves and Resources (Continued)

    TAO2013\Comms\2015.03.16 - South32 Global Roadshow Pres\150305 South32 Global Roadshow Pres POST BAC MANGANESE RESERVES AND RESOURCES Submission_v14.pptx (CONTINUED) Manganese Ore Reserves For personal use only As at 30 June 2014 (reported in 100 per cent terms) Proved Ore Reserves Probable Ore Rese

60. Slide 60: Nickel Reserves and Resources

    TAO2013\Comms\2015.03.16 - South32 Global Roadshow Pres\150305 South32 Global Roadshow Pres POST BAC Submission_v14.pptx NICKEL RESERVES AND RESOURCES Nickel Mineral Resources As at 30 June 2014 (reported in 100 per cent terms) For personal use only Measured Resources Indicated Resources Inferred Re

61. Slide 61: Silver, Lead and Zinc Reserves and Resources

    TAO2013\Comms\2015.03.16 - South32 Global Roadshow Pres\150305 South32 Global Roadshow Pres POST BAC SILVER, LEAD AND ZINC RESERVES AND Submission_v14.pptx RESOURCES Silver, Lead and Zinc Mineral Resources For personal use only As at 30 June 2014 (reported in 100 per cent terms) Commodity Measured R

62. Slide 62: Mineral Resources and Ore Reserves Disclaimer

    TAO2013\Comms\2015.03.16 - South32 Global Roadshow Pres\150305 South32 Global Roadshow Pres POST BAC MINERAL RESOURCES AND ORE RESERVES Submission_v14.pptx DISCLAIMER Summary of Mineral Resources and Ore Reserves Information The statements of Mineral Resources and Ore Reserves (including Coal Resour

63. Slide 63: This page has been left intentionally blank

    TAO2013\Comms\2015.03.16 - South32 Global Roadshow Pres\150305 South32 Global Roadshow Pres POST BAC Submission_v14.pptx For personal use only This page has been left intentionally blank MARCH 2015 SLIDE 62

64. Slide 64: Section 7: Supplementary Pro Forma Financial Information

    TAO2013\Comms\2015.03.16 - South32 Global Roadshow Pres\150305 South32 Global Roadshow Pres POST BAC Submission_v14.pptx For personal use only SECTION 7: SUPPLEMENTARY PRO FORMA FINANCIAL INFORMATION

65. Slide 65: Pro Forma Income Statement Reconciliation (H1 FY2015)

    TAO2013\Comms\2015.03.16 - South32 Global Roadshow Pres\150305 South32 Global Roadshow Pres POST BAC PRO FORMA INCOME STATEMENT Submission_v14.pptx RECONCILIATION (H1 FY2015) Change of Control of Manganese Business South32 South32 Combined Removal of Equity Accounted Intercompany pro forma Consolida

66. Slide 66: Pro Forma Income Statement Reconciliation (FY2014)

    TAO2013\Comms\2015.03.16 - South32 Global Roadshow Pres\150305 South32 Global Roadshow Pres POST BAC PRO FORMA INCOME STATEMENT Submission_v14.pptx RECONCILIATION (FY2014) Change of Control of Manganese Business South32 South32 Combined Removal of Equity Accounted Intercompany pro forma Consolidated

67. Slide 67: Pro Forma Earnings Adjustments

    TAO2013\Comms\2015.03.16 - South32 Global Roadshow Pres\150305 South32 Global Roadshow Pres POST BAC Submission_v14.pptx PRO FORMA EARNINGS ADJUSTMENTS US$m H1 FY2015 FY2014 For personal use only Earnings adjustments to Underlying EBIT Exchange gains on restatement of monetary items (64) (53) Impair

68. Slide 68: This page has been left intentionally blank

    TAO2013\Comms\2015.03.16 - South32 Global Roadshow Pres\150305 South32 Global Roadshow Pres POST BAC Submission_v14.pptx For personal use only This page has been left intentionally blank MARCH 2015 SLIDE 67

69. Slide 69: Pro Forma Summary Cash Flow Statement Reconciliation (H1 FY2015)

    TAO2013\Comms\2015.03.16 - South32 Global Roadshow Pres\150305 South32 Global Roadshow Pres POST BAC PRO FORMA SUMMARY CASH FLOW STATEMENT Submission_v14.pptx RECONCILIATION (H1 FY2015) For personal use only Change of control in South32 Manganese Business pro forma South32 Combined Removal of Equity

70. Slide 70: Pro Forma Summary Cash Flow Statement Reconciliation (FY2014)

    TAO2013\Comms\2015.03.16 - South32 Global Roadshow Pres\150305 South32 Global Roadshow Pres POST BAC PRO FORMA SUMMARY CASH FLOW STATEMENT Submission_v14.pptx RECONCILIATION (FY2014) For personal use only Change of Control in South32 Manganese Business pro forma South32 Combined Removal Of Consolida

71. Slide 71: Pro Forma Balance Sheet Reconciliation

    TAO2013\Comms\2015.03.16 - South32 Global Roadshow Pres\150305 South32 Global Roadshow Pres POST BAC PRO FORMA BALANCE SHEET Submission_v14.pptx RECONCILIATION Change of Control in Manganese Business South32 Combined Removal of Equity Intercompany South32 South32 For personal use only Balance Sheet

72. Slide 72: Pro Forma Balance Sheet Reconciliation (Continued)

    TAO2013\Comms\2015.03.16 - South32 Global Roadshow Pres\150305 South32 Global Roadshow Pres POST BAC PRO FORMA BALANCE SHEET Submission_v14.pptx RECONCILIATION (CONTINUED) Change of Control of Manganese Business For personal use only South32 Combined Removal of Equity Intercompany South32 South32 Ba

73. Slide 73: Pro Forma Segment Reporting H1 FY2015

    TAO2013\Comms\2015.03.16 - South32 Global Roadshow Pres\150305 South32 Global Roadshow Pres POST BAC Submission_v14.pptx PRO FORMA SEGMENT REPORTING H1 FY2015 Group and For personal use only South Illawarra Unalloc- South Africa Metall- South ated Items/ Statutory H1 FY2015 Worsley Africa Mozal Braz

74. Slide 74: Pro Forma Segment Reporting FY2014

    TAO2013\Comms\2015.03.16 - South32 Global Roadshow Pres\150305 South32 Global Roadshow Pres POST BAC Submission_v14.pptx PRO FORMA SEGMENT REPORTING FY2014 Group and For personal use only South Illawarra Unalloc- South Africa Metall- South ated Items/ Statutory FY2014 Worsley Africa Mozal Brazil Ene

75. Slide 75: Section 8: Commodity Price and Currency Sensitivities

    TAO2013\Comms\2015.03.16 - South32 Global Roadshow Pres\150305 South32 Global Roadshow Pres POST BAC Submission_v14.pptx For personal use only SECTION 8: COMMODITY PRICE AND CURRENCY SENSITIVITIES

76. Slide 76: Commodity Price and Currency Sensitivities

    TAO2013\Comms\2015.03.16 - South32 Global Roadshow Pres\150305 South32 Global Roadshow Pres POST BAC Submission_v14.pptx For personal use only COMMODITY PRICE AND CURRENCY SENSITIVITIES Estimated impact on FY2014 combined Underlying Estimated impact on FY2014 combined Underlying EBIT of EBIT of chan

77. Slide 77: Section 9: Revolving Credit Facility Summary

    TAO2013\Comms\2015.03.16 - South32 Global Roadshow Pres\150305 South32 Global Roadshow Pres POST BAC Submission_v14.pptx For personal use only SECTION 9: REVOLVING CREDIT FACILITY SUMMARY

78. Slide 78: Revolving Credit Facility Summary

    TAO2013\Comms\2015.03.16 - South32 Global Roadshow Pres\150305 South32 Global Roadshow Pres POST BAC Submission_v14.pptx For personal use only REVOLVING CREDIT FACILITY SUMMARY Facility Type Multicurrency Revolving Syndicated Facility Currencies US$ or optional currencies, including A$ and €. Commit

79. Slide 79: Section 10: Listing Mechanics

    TAO2013\Comms\2015.03.16 - South32 Global Roadshow Pres\150305 South32 Global Roadshow Pres POST BAC Submission_v14.pptx For personal use only SECTION 10: LISTING MECHANICS

80. Slide 80: Listing and Distribution of Shares

    TAO2013\Comms\2015.03.16 - South32 Global Roadshow Pres\150305 South32 Global Roadshow Pres POST BAC Submission_v14.pptx For personal use only LISTING AND DISTRIBUTION OF SHARES Worsley Alumina, Australia • Demerger effected through a 1 for 1 pro-rata distribution of shares by way of an in-specie di

81. Slide 81: Key Trading Dates

    TAO2013\Comms\2015.03.16 - South32 Global Roadshow Pres\150305 South32 Global Roadshow Pres POST BAC Submission_v14.pptx For personal use only KEY TRADING DATES Event Date Last date on which BHP Billiton shares trade on the ASX, JSE and LSE with an entitlement to South32 shares 15 May 2015 South32 s

82. Slide 82: Section 11: Key Risks

    TAO2013\Comms\2015.03.16 - South32 Global Roadshow Pres\150305 South32 Global Roadshow Pres POST BAC Submission_v14.pptx For personal use only SECTION 11: KEY RISKS

83. Slide 83: Key Risks

    TAO2013\Comms\2015.03.16 - South32 Global Roadshow Pres\150305 South32 Global Roadshow Pres POST BAC Submission_v14.pptx KEY RISKS External Risks Relating to the Industries in Which South32 Operates a) Fluctuations in commodity prices and impacts of ongoing global economic volatility may negatively

84. Slide 84: Key Risks

    TAO2013\Comms\2015.03.16 - South32 Global Roadshow Pres\150305 South32 Global Roadshow Pres POST BAC Submission_v14.pptx KEY RISKS Financial Risks a) If South32’s liquidity and cash flow deteriorate, it could adversely affect its access to capital and ability to operate existing assets or fund major

85. Slide 85: For personal use only

    TAO2013\Comms\2015.03.16 - South32 Global Roadshow Pres\150305 South32 Global Roadshow Pres POST BAC Submission_v14.pptx For personal use only INVESTOR PRESENTATION MARCH 2015 SLIDE 083

South32 — Non-Deal Roadshow (March 2015) on 6ix