TR-1: Standard form for notification of major holdings 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 18 September 2020 TR-1: Standard form for notification of major holdings NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer and to the FCA in Microsoft Word format if possible)i 1a. Identity of the issuer or the underlying issuer of South32 Limited existing shares to which voting rights are attachedii: 1b. Please indicate if the issuer is a non-UK issuer (please mark with an “X” if appropriate) Non-UK issuer X 2. Reason for the notification (please mark the appropriate box or boxes with an “X”) An acquisition or disposal of voting rights X An acquisition or disposal of financial instruments An event changing the breakdown of voting rights Other (please specify)iii: Type 1 and Type 3 Disclosure as per the Transparency Directive II Regulation X 3. Details of person subject to the notification obligationiv Name Schroders plc City and country of registered office (if applicable) London, UK 4. Full name of shareholder(s) (if different from 3.)v Name City and country of registered office (if applicable) 5. Date on which the threshold was crossed or 15.09.2020 reachedvi: 6. Date on which issuer notified (DD/MM/YYYY): 16.09.2020 7. Total positions of person(s) subject to the notification obligation % of voting rights % of voting rights Total number of through financial in- Total of both in % attached to shares voting rights of struments (8.A + 8.B) (total of 8. A) issuervii (total of 8.B 1 + 8.B 2) Resulting situation on the date on which threshold was 8.129% N/A 8.129% 4,846,267,883 crossed or reached 1 Position of previous notification (if 9.999% N/A 9.999% applicable) 8. Notified details of the resulting situation on the date on which the threshold was crossed or reachedviii A: Voting rights attached to shares Class/type of Number of voting rightsix % of voting rights shares ISIN code (if possible) Direct Indirect Direct Indirect (Art 9 of Directive (Art 10 of Directive (Art 9 of Directive (Art 10 of Directive 2004/109/EC) (DTR5.1) 2004/109/EC) 2004/109/EC) (DTR5.1) 2004/109/EC) (DTR5.2.1) (DTR5.2.1) AU000000S320 393,954,033 8.129% SUBTOTAL 8. A 393,954,033 8.129% B 1: Financial Instruments according to Art. 13(1)(a) of Directive 2004/109/EC (DTR5.3.1.1 (a)) Number of voting rights Type of financial Expiration Exercise/ that may be acquired if % of voting rights instrument datex Conversion Periodxi the instrument is exercised/converted. SUBTOTAL 8. B 1 B 2: Financial Instruments with similar economic effect according to Art. 13(1)(b) of Directive 2004/109/EC (DTR5.3.1.1 (b)) Exercise/ Physical or Type of financial Expiration Number of Conversion cash % of voting rights instrument datex voting rights Period xi settlementxii SUBTOTAL 8.B.2 2 9. Information in relation to the person subject to the notification obligation (please mark the applicable box with an “X”) Person subject to the notification obligation is not controlled by any natural person or legal entity and does not xiii control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuer Full chain of controlled undertakings through which the voting rights and/or the xiv financial instruments are effectively held starting with the ultimate controlling natural person or legal entity X (please add additional rows as necessary) % of voting rights % of voting rights if it Total of both if it through financial in- equals or is higher equals or is higher Namexv struments if it equals than the notifiable than the notifiable or is higher than the threshold threshold notifiable threshold Schroders plc Schroder Administration Limited Schroder Wealth Hold- ings Limited Schroder & Co. Limited Schroders plc Schroder Administration Limited Schroder International Holdings Limited Schroder Investment Management Limited Schroders plc Schroder Administration Limited Schroder International Holdings Limited Schroder Australia Hold- ings PTY Limited Schroder Investment Management Australia Limited 10. In case of proxy voting, please identify: Name of the proxy holder The number and % of voting rights held 3 The date until which the voting rights will be held 11. Additional informationxvi This disclosure is being made due to a legal entity, Schroder Investment Management Limited, crossing below the 5% threshold Place of completion London Date of completion 17.09.2020 JSE Sponsor: UBS South Africa (Pty) Ltd 18 September 2020 4 Date: 18-09-2020 08:30:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 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