Financial Results for the Half Year Ended 31 December 2019 South32 Limited (Incorporated in Australia under the Corporations Act 2001) (ACN 093 732 597) ASX / LSE / JSE Share Code: S32 ADR: SOUHY ISIN: AU000000S320 south32.net FINANCIAL RESULTS FOR THE HALF YEAR ENDED 31 DECEMBER 2019 Short Form Announcement South32 Limited (ASX, LSE, JSE: S32; ADR: SOUHY) (South32) announces its financial results for the half year ended 31 December 2019. This statement includes the consolidated results of the South32 Group for the half year ended 31 December 2019 compared with the half year ended 31 December 2018 on a statutory basis. Key Financials Half year ended Half year ended Change US$M 31 December 2019 31 December 2018 (%) Revenue 3,216 3,811 (16%) Ordinary dividend per share 1.1 5.1 (78%) (US cents) Special dividend per share 1.1 1.7 (35%) (US cents) In accordance with the JSE Listing Requirements, Headline Earnings is presented below. US$M H1 FY20 H1 FY19 Profit/(loss) attributable to ordinary equity holders of 99 635 South32 Limited Adjusted for Loss/(gain) on disposal of property, plant and equipment 1 - Total tax benefit on the above items - - Headline Earnings 100 635 Diluted Headline Earnings 100 635 Earnings per share denominator (millions) 4,941 5,079 Diluted earnings per share denominator (millions) 4,966 5,140 Headline Earnings from continuing operations Headline Earnings per share (US cents) 2.0 12.5 Diluted Headline Earnings per share (US cents) 2.0 12.4 Headline Earnings Headline Earnings per share (US cents) 2.0 12.5 Diluted Headline Earnings per share (US cents) 2.0 12.4 2020 Interim Dividend The Board has resolved to pay an interim dividend of US 1.1 cents per share (fully franked) for the half year ended 31 December 2019 and a special dividend(note 1) of US 1.1 cents per share (fully franked). The record date for determining entitlements to dividends is 6 March 2020; payment date is 2 April 2020. Dividends announced Dividend per share Period (US cents) US$M Franking Pay-out ratio H1 FY19 5.1 258 100% 40% February 2019 special dividend 1.7 86 100% n/a H2 FY19 2.8 140 100% 40% H1 FY20 1.1 54 100% 41% February 2020 special dividend 1.1 54 100% n/a South32 Limited shareholders registered on the South African branch register will not be able to dematerialise or rematerialize their shareholdings between 4 and 6 March 2020 (both dates inclusive),nor will transfers to/from the South African branch register be permitted between 27 February and 6 March 2020 (both dates inclusive). Details of the current exchange rates applicable for the dividend will be announced to the relevant stock exchanges. Further dividend information is available on our website (www.south32.net). South32 American Depositary Receipts (ADRs) each represent five fully paid ordinary shares in South32 and ADR holders will receive dividends accordingly, subject to the terms of the Depositary Agreement. Dividends timetable Date Announce currency conversion into rand 28 February 2020 Last day to trade cum dividend on the Johannesburg Stock Exchange (JSE) 3 March 2020 Ex-dividend date on the JSE 4 March 2020 Ex-dividend date on the ASX and London Stock Exchange (LSE) 5 March 2020 Record date (including currency election date for ASX) 6 March 2020 Payment date 2 April 2020 Note 1: Paragraph 16.26(i) of the Johannesburg Stock Exchange (JSE) listing rules states that the requisite exchange control authority from the Financial Surveillance Department of the South African Reserve Bank (SARB) is required to be provided to the JSE before the JSE can approve payment of special dividends to South African shareholders. About South32 South32 is a globally diversified mining and metals company. We produce bauxite, alumina, aluminium, energy and metallurgical coal, manganese, nickel, silver, lead and zinc at our operations in Australia, Southern Africa and South America. We are also the owner of a high grade zinc, lead and silver development option in North America and have several partnerships with junior explorers with a focus on base metals. Our purpose is to make a difference by developing natural resources, improving people’s lives now and for generations to come, and to be trusted by our owners and partners to realise the potential of their resources. Short Form Announcement This short form announcement is the responsibility of the directors and represents a summary of the information in the full announcement and does not contain full or complete details. Any investment decision by investors and/or shareholders should be based on consideration of the full announcement. The full announcement has been released on JSE https://senspdf.jse.co.za/documents/2020/JSE/ISSE/S32/HY20Result.pdf. It is also accessible on the Company’s website at www.south32.net. Copies of the full announcement may be requested, at no charge, by contacting Investor Relations at InvestorRelations@south32.net. FURTHER INFORMATION INVESTOR RELATIONS Alex Volante Tom Gallop T +61 8 9324 9029 T +61 8 9324 9030 M +61 403 328 408 M +61 439 353 948 E Alex.Volante@south32.net E Tom.Gallop@south32.net MEDIA RELATIONS Rebecca Keenan Jenny White T +61 8 9324 9364 T +44 20 7798 1773 M +61 402 087 055 M +44 7900 046 758 E Rebecca.Keenan@south32.net E Jenny.White@south32.net Further information on South32 can be found at www.south32.net. JSE Sponsor: UBS South Africa (Pty) Ltd 13 February 2020 Date: 13-02-2020 08:30:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. 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