26 May 2015 South32 Level 35, 108 St Georges Terrace

Perth Western 6000 Australia south32.net

LETTER TO SHAREHOLDERS

South32 Limited (ASX, LSE, JSE: S32) (South32): In accordance with ASX Listing Rule 3.17.1, enclosed is a copy of a letter being sent today to shareholders who hold South32 shares on the Australian Securities Exchange.

Similar letters will be sent to shareholders who will hold South32 securities on either the London Stock Exchange or Johannesburg Stock Exchange.

Nicole Duncan Chief Legal Officer and Company Secretary +61 8 9324 9000 [email protected]

Further information on South32 Limited can be found at: www.South32.net.

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

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