2019 Investor Update 3 December 2019 Important notice concerning this document including forward looking statements 1

This document contains statements that are, or may be deemed to be, “forward looking statements” which are prospective in nature. These forward looking statements may be identified by the use of forward looking terminology, or the negative thereof such as “outlook”, "plans", "expects" or "does not expect", "is expected", "continues", "assumes", "is subject to", "budget", "scheduled", "estimates", "aims", "forecasts", "risks", "intends", "positioned", "predicts", "anticipates" or "does not anticipate", or "believes", or variations of such words or comparable terminology and phrases or statements that certain actions, events or results "may", "could", "should", “shall”, "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements are not based on historical facts, but rather on current predictions, expectations, beliefs, opinions, plans, objectives, goals, intentions and projections about future events, results of operations, prospects, financial condition and discussions of strategy.

By their nature, forward-looking statements involve known and unknown risks and uncertainties, many of which are beyond Glencore’s control. Forward-looking statements are not guarantees of future performance and may and often do differ materially from actual results. Important factors that could cause these uncertainties include, but are not limited to, those disclosed in Glencore’s 2018 Annual Report.

For example, our future revenues from our assets, projects or mines will be based, in part, on the market price of the commodity products produced, which may vary significantly from current levels. These may materially affect the timing and feasibility of particular developments. Other factors include (without limitation) the ability to produce and transport products profitably, demand for our products, changes to the assumptions regarding the recoverable value of our tangible and intangible assets, the effect of foreign currency exchange rates on market prices and operating costs, and actions by governmental authorities, such as changes in taxation or regulation, and political uncertainty. Neither Glencore nor any of its associates or directors, officers or advisers, provides any representation, assurance or guarantee that the occurrence of the events expressed or implied in any forward- looking statements in this document will actually occur. You are cautioned not to place undue reliance on these forward-looking statements which only speak as of the date of this document.

Except as required by applicable regulations or by law, Glencore is not under any obligation and Glencore and its affiliates expressly disclaim any intention, obligation or undertaking, to update or revise any forward looking statements, whether as a result of new information, future events or otherwise. This document shall not, under any circumstances, create any implication that there has been no change in the business or affairs of Glencore since the date of this document or that the information contained herein is correct as at any time subsequent to its date.

No statement in this document is intended as a profit forecast or a profit estimate and past performance cannot be relied on as a guide to future performance. This document does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for any securities.

The companies in which Glencore plc directly and indirectly has an interest are separate and distinct legal entities. In this document, “Glencore”, “Glencore group” and “Group” are used for convenience only where references are made to Glencore plc and its subsidiaries in general. These collective expressions are used for ease of reference only and do not imply any other relationship between the companies. Likewise, the words “we”, “us” and “our” are also used to refer collectively to members of the Group or to those who work for them. These expressions are also used where no useful purpose is served by identifying the particular company or companies.

2019 Investor Update Our investment case Ivan Glasenberg – CEO

2019 Investor Update Our investment case 3

Our markets Our business Creating value

• Tightly balanced and destocked • Unique combination of assets and • Integration of sustainability throughout marketing our business • Easily accessible, high-quality resources are increasingly scarce • Diversified portfolio of new energy • Experienced management team materials and high quality coal • Well positioned for key future growth • Relentless focus on maximising value trends • Large long-life assets with generally creation through balancing business - Urbanisation / rising living standards first quartile cost positions reinvestment/growth and shareholder - Electrification of mobility • Significant pipeline of internal growth returns - Decarbonisation of energy options to supply future needs • Flexible business model that adapts Countercyclical resilience of Marketing • Growing market deficit potential for • quickly to changing conditions our commodities cash flows • Disciplined approach to value over • Robust and flexible balance sheet volume • Highly cash generative business throughout the cycle - illustrative 2020 FCF of c.$4.4bn at current pricing

2019 Investor Update Operational Update Peter Freyberg – Head Industrial Assets

2019 Investor Update Production Update 5 Summary

Diversified portfolio of generally large long-life low-cost Copper equivalent production forecast – own source assets Key changes • Largely flat production profile over the next three years • Higher zinc and oil with generally steady coal and nickel (+) Increasing oil volumes across the outlook period, offset by the equivalent volumes: transition of Mutanda to care and maintenance Chad, EG, Cameroon (+) Katanga • Continued focus on operational improvement, 2020-2022 annualised (-) Mutanda supported by our GT and XPS technology businesses steady state Care and Growth Maintenance (+) United Wambo • Copper – Katanga, Mopani start up • Cobalt – Katanga • Zinc – Zhairem, Antamina Coal – United Wambo • (-) Cu: Kidd, Sudbury • Nickel – Koniambo and Kazzinc by • Oil – Equatorial Guinea, Chad, Cameroon (+) Mopani product (+) Zhairem: smelter (-) Zn: Matagami and Declines first production restart Izcaycruz • Copper and cobalt – Mutanda, non-copper department by-product production at Kidd, Sudbury and Kazzinc (+) Antamina: high Zn production 2020/21 • Zinc – Depletion of current reserves: Matagami and Iscaycruz • Nickel – INO modest decline ahead of new production from 2023 End 2019F End 2020F End 2021F End 2022F

2019 Investor Update Production Update 6 Summary

Group guidance – own source(1)

2019F 2020F 2021F 2022F Copper - excl. African Copper kt 1010 ± 20 975 ± 25 980 ± 25 930 ± 25 Copper - African Copper(2) kt 375 ± 15 325 ± 25 355 ± 25 370 ± 25 Copper - Group kt 1385 ± 35 1300 ± 50 1335 ± 50 1300 ± 50

Cobalt kt 43 ± 2 29 ± 4 32 ± 4 32 ± 4 Zinc(3) kt 1110 ± 25 1265 ± 30 1400 ± 30 1200 ± 30 Nickel kt 128 ± 5 125 ± 5 126 ± 6 129 ± 7 Ferrochrome kt 1450 ± 25 1340 ± 25 1450 ± 25 1450 ± 25 Coal(4) Mt 140 ± 2 135 ± 4 136 ± 5 140 ± 5 Oil – entitlement interest Mbbl 5.5 ± 0.2 6.5 ± 0.2 11.0 ± 0.4 12.7 ± 0.4

2019 Investor Update Notes: (1) With the exception of coal, mid-point 2019F production guidance as per Third Quarter 2019 Production Report, Page 17. (2) Reflecting the lengthy Mopani smelter maintenance shutdown in H2 2019, 2019F African copper production includes c.9kt of copper contained in concentrate that will either be held for sale or processed to produce cathode when the smelter restarts. (3) Excludes Volcan. (4) Coal 2019F guidance reduced by 5Mt to 140Mt, reflecting recent Colombian volume reductions as well as a safety stoppage In South Africa. Production Update 7 Ramp-up / Development assets progressing to plan

Katanga • Targeting annualised steady state production of 300ktpy Cu and 30ktpy Co towards the end of 2020 • The first of Katanga’s two cobalt dryers has been restarted. Realisation of full drying capacity expected mid-2020

Mopani • Smelter restart expected from early 2020

Koniambo • Continued focus on stabilising the operation and reducing metallurgical plant downtime • 30-40ktpy Ni in FeNi planned over the next 3 years, c.50ktpy Ni in FeNi long-term target

Katanga sulphuric acid plant

2019 Investor Update Production update 8 Copper and cobalt

Copper guidance Copper guidance (kt) – own source(1,2) Modest decline over the outlook period, primarily • 1385 ± 35 1335 ± 50 reflecting the transition of Mutanda to care and 1300 ± 50 1300 ± 50 375 ± 15 maintenance in Q4 2019 325 ± 25 355 ± 25 370 ± 25 • Option to restart Mutanda at some point, subject to market conditions and feasibility study validation 1010 ± 20 975 ± 25 980 ± 25 930 ± 25 • African copper production: Katanga expected to reach annualised steady state capacity by the end of 2020 • Copper production, excluding African copper, lower in line with expected declines (primarily grade related) in non- 2019F 2020F 2021F 2022F copper department assets (Kidd, INO and Kazzinc) Copper - excl. African Copper African Copper

Cobalt guidance Cobalt guidance (kt) – own source(1)

• Mutanda care and maintenance in 2019, partially offset by 43 ± 2 forecast higher Katanga cobalt production over the outlook period 32 ± 4 32 ± 4 29 ± 4 • As above, option to restart Mutanda at some point subject to market conditions

2019F 2020F 2021F 2022F

2019 Investor Update Notes: (1) Mid-point 2019F production guidance as per Third Quarter 2019 Production Report, Page 17. (2) Reflecting the lengthy Mopani smelter maintenance shutdown in H2 2019, 2019F African copper production includes c.9kt of copper contained in concentrate that will either be held for sale or processed to produce cathode when the smelter restarts. Production update 9 Coal

Coal guidance Coal guidance (Mt) – own source • 2019 production guidance reduced by 5Mt to 140Mt, reflecting recent Colombian volume reductions as well as a Coal production capacity cap – 150Mtpy safety stoppage in South Africa 140 ± 2 140 ± 5 135 ± 4 136 ± 5 • Flat production by 2022 with nearer-term volumes (2020 and 2021) impacted by permitting delays (United Wambo) • Production volumes comfortably within our commitment to limit capacity to levels at the time of announcement(1) - broadly 150Mtpy

Colombia • Cerrejon volumes adjusted to 26Mtpy (100%) in line with challenging Atlantic market conditions. Prodeco volumes are flat over the outlook period, however decline thereafter

Australia • Permitting delays have shifted United Wambo (c.5Mtpy at 100%) first production towards the end of 2020 2019F 2020F 2021F 2022F South Africa Coking Coal Semi-soft Coal • Stable volumes across the outlook period Australia Thermal Export Australia Thermal Domestic SA Thermal Export SA Thermal Domestic Prodeco Cerrejon

2019 Investor Update Notes: (1) See RNS 20 February 2019, “Furthering Our Commitment to the Transition to a Low Carbon Economy”. Production update 10 Zinc

Zinc guidance (kt) – own source(1,2) Zinc guidance • Production increases through the outlook period with near- 1400 ± 30 term higher Antamina zinc grades and commissioning of 1265 ± 30 Zhairem in Kazakhstan 1200 ± 30 Kazzinc 1110 ± 25 • Zhairem – first production expected in 2020. Temporary spike in 2021 from parallel-running of Zhairem and Maleevsky, which depletes over the medium term

Australia • Steady production over the outlook period

North and South America • Production volumes in 2022 impacted by the depletion of current reserves at Matagami in Canada and Iscaycruz in Peru, and a return to more ‘normal’ levels of zinc production from Antamina

2019F 2020F 2021F 2022F Kazzinc Australia North America South America Cu dept - Antamina

2019 Investor Update Notes: (1) 2019F production guidance as per Third Quarter 2019 Production Report, Page 17. (2) Excludes Volcan. Production update 11 Nickel

Nickel guidance Nickel guidance (kt) – own source(1) • Flat production profile across the outlook period with the planned ramp up of Koniambo offsetting some modest 128 ± 5 129 ± 7 expected declines from INO’s existing mines, before they 125 ± 5 126 ± 6 recover from 2023 as new projects get commissioned

Koniambo • Focus on stabilising the operation and minimising downtime of the metallurgical plant • 30-40ktpy Ni in FeNi planned over the next 3 years; c.50ktpy Ni in FeNi long-term target

INO • Production profile reflects some modest expected depletion of existing mines, while new volumes from Raglan Phase II and Onaping Depth are realised from 2023

Murrin Murrin • Consistent production of 36-39ktpy, depending on maintenance timing 2019F 2020F 2021F 2022F INO Murrin Murrin Koniambo

2019 Investor Update Notes: (1) 2019F production guidance as per Third Quarter 2019 Production Report, Page 17. Production update 12 Oil

Oil equivalent guidance (mbbl) – entitlement interest(1) Oil guidance • Increasing equivalent oil entitlement interest over the 12.7 ± 0.4 outlook period, driven by material growth in Equatorial Guinea (primarily LNG) and liquid volumes in Chad and 11.0 ± 0.4 Cameroon

Equatorial Guinea • Higher volumes from 2021 as the Alen field transitions to its LNG development phase 6.5 ± 0.2 Chad 5.5 ± 0.2 • Steady growth through the outlook period, with production from the Badila and Mangara fields supplemented later by the Krim field

Cameroon • Increasing volumes from the Bolongo field (Glencore interest 37.5%)

2019F 2020F 2021F 2022F Chad Equatorial Guinea Cameroon

2019 Investor Update Notes: (1) 2019F production guidance as per Third Quarter 2019 Production Report, Page 17. Production Update 13 Future growth options

Significant pipeline of internal brownfield and greenfield growth options for when markets inevitably require these commodities

Cu 70Mt M+I Resources(1) Co Zn 57Mt M+I Resources(1) 14bt M+I Resources(1)

Coroccohuayco: Peru Mutanda sulphides: DRC Volcan projects: Peru Argent: South Africa El Pachon: Argentina Obruchevskoye: Kazakhstan Nooitgedacht: South Africa Polymet: USA Novo-Leninogorsky:Kazakhstan Zonnebloem P2: South Africa Collahuasi expansion: Chile Chekmar: Kazakhstan Valeria: Australia 4.6Mt M+I Resources(1) Agua Rica (integrated with Ni Vasilkovskoye UG: Kazakhstan Glendell North: Australia Alumbrera): Argentina Pallas Green: Ireland Mangoola North: Australia Mutanda sulphides: DRC Nickel Rim Depth: Canada Hackett River: Canada Bulga extension: Australia Lomas Bayas sulphides: Chile Moose Lake: Canada HVO extension: Australia Norman West: Canada Raglan Phase 2 extensions: Canada

2019 Investor Update Notes: (1) Measured and Indicated contained relevant commodity in resource calculated on corresponding tonnages and grades presented in the 2018 Resources and Reserves report and adjusted to reflect Glencore’s attributable interest. Safety update 14

Unacceptable number of fatalities in 2019 • Copper: Mopani – six, DRC – three • Zinc – five • Coal – one • Alloys – one Immediate actions • Fatality reduction interventions at Mopani and Kazzinc to address conditions and behaviours • Corporate-led deep dive SafeWork assessments at targeted assets Reinforcement of Fatality Reduction Programs, comprising six key elements: • Major interventions • SafeWork reviews • Safety cases • Assurance • Leadership development • Improved integration planning We believe that all Glencore operations can be fatality free • The updated Fatality Reduction Program builds on our investment in SafeWork with the goal of achieving a step- change in performance

2019 Investor Update Financial Update Steven Kalmin – Chief Financial Officer

2019 Investor Update 2020 unit cash costs/margins 16

Cu Zn Ni

Production: 1.30Mt, -85kt vs 2019E Production: 1.27Mt,+155kt vs 2019E Production: 125Kt, -3kt vs 2019E Production: 135Mt, -5Mt vs 2019E Unit costs: 120 ¢/lb, -36 ¢/lb vs 2019E Unit costs: 25 ¢/lb (57 ¢/lb ex Au) Unit costs: 396 ¢/lb, unchanged Unit costs: Thermal FOB cash cost Unit costs ex-Africa: 82 ¢/lb +15 ¢/lb (+14 ¢/lb ex Au) vs 2019E Unit costs ex-Koniambo: 287 ¢/lb $47/t, +1$/t vs 2019E

• Forecast first quartile position • Forecast first quartile position • Forecast second quartile position • Forecast first quartile cash margin • Targeting c.100 ¢/lb group mine unit • Cost increase reflects forecast lower • Stable unit costs curve cash costs by 2021 with achievement by-product credits per tonne of • Stable unit costs of steady state production at proportionately higher Zn metal • Declining margin in line with lower Katanga produced and some impact of higher overall net pricing Zn TCs. Underlying gross mine unit costs are broadly steady year-on-year

Mine costs (¢/lb) Mine costs (¢/lb) Mine costs (¢/lb) Thermal mine costs and margin ($/t)

156 57 396 396 47 46 47 43 120 Ex gold 104 Ex Koniambo 40 24 25 Margin @ $80/t Newc 80 82 288 287 101 10 211 27 Ex Africa 23 -4

2018A 2019 2020 2018A 2019 2020 2018A 2019 2020 2018A 2019 2020 H1 update Guidance H1 update Guidance H1 update Guidance H1 update Guidance

2019 Investor Update Capex update 17 2020-2022 guidance – Industrial capex average of c.$5.0bn per annum

Sustaining capex Capex outlook ($bn) Industrial Oil portfolio • Average $3.7bn • Deployment of capital into E&P To allow better like for 5.0 like comparison: (Chad, Cameroon, EG) and the Expansionary capex 2019F primarily Astron, some recent acquisition of the Astron Sustaining capitalisation of • Average $1.3bn $3.7bn 4.6 0.4 previous operating refinery is forecast to generate leases and progression meaningful EBITDA in the coming 5.0 of various mine project years Average c.$0.2bn per annum uplift studies (eg. Polymet/El over December 2018 guidance 4.9 Pachon) • Basis $65/bbl, EBITDA generation is 2020F forecast to exceed $650M by 2022 Sustaining • Mainly change in footprint, 5.1 0.4 reflecting the acquisition of Astron $4.0bn (oil refinery and related 5.5 Forecast Industrial Oil EBITDA ($M) distribution) 4.4 >650 • Impact of new leasing standard 2021F Sustaining (IFRS 16) $3.7bn 4.7 0.3 Some Tailings Storage Facility • 5.0 reinforcements to meet more conservative scenario probability 2018 Guidance 153 thresholds 2022F Sust. 2019 Guidance $3.2bn 3.9 0.3

4.2 2018A 2019F 2020F 2021F 2022F

2019 Investor Update Marketing 18 Guidance update

2019 Marketing Adjusted EBIT Long-term Marketing Adjusted EBIT ($M) • Tracking within our long-term range, including 3.5 accounting for the previously reported negative H1 2019 3.2 non-cash cobalt mark-to-market impact 2.9 3.0 2.8 2.8 Long-term Marketing Adjusted EBIT 2.5 • Unchanged guidance range of $2.2 to $3.2bn 2.5 2.3 2.4 • Current market conditions suggest 2020 earnings towards 2.1 2.4 the middle of the long-term range 1.9 2.0 Performance towards the top end of the long-term range requires the alignment of conditions for many/all Long-term 1.5 guidance range: commodities that reflect: 1.6 $2.2-$3.2bn • Production/volume growth • Tight/tightening physical market conditions 1.0 • Selective deployment of additional working capital • Higher interest rates 0.5

0.0 2011 2013 2015 2012 2017 2016 2018 2014 2010 2009 2008 2019+

2019 Investor Update 2020 illustrative “spot” annualised cashflows 19

Ex-Africa Group $bn Copper(5) Guidance Guidance Zinc(7) Guidance Copper EBITDA 3.6 Total copper production (kt) 1300 975 Total zinc production (kt) 1265 Cu from other depts (kt) -110 -110 Zn from Cu department (kt) -152 Zinc EBITDA 1.7 Net relevant production (kt) 1190 865 Payability deduction (kt) -165 Nickel EBITDA 0.7 Realised Cu price - 96% LME (c/lb) 256 256 Net relevant production (kt) 948 Coal EBITDA 3.1 Full cash cost (c/lb) -120 -82 Spot Zn price (c/lb) 105 Other Industrial EBITDA(1) 0.4 Margin (c/lb) 136 174 Cost guidance (c/lb) -25 Margin ($/t) 2999 3837 Margin (c/lb) 80 Marketing EBITDA(2) 2.9 Spot annualised Adj. EBITDA ($M) 3570 3320 Margin ($/t) 1773 Group EBITDA 12.4 Spot annualised Adj. EBITDA ($M) 1680 Cash Taxes, Interest + other -2.7 Industrial Capex(3) -5.3 Coal(6) Guidance Nickel(8) Guidance Illustrative spot free cash flow(4) 4.4 Total coal (Mt) 135 Production (kt) 125 Relevant NEWC price ($/t) 80 Spot Ni price (c/lb) 660 Portfolio mix adjustment @ December 2019 ($/t) -10 Cost guidance (c/lb) -396 Thermal cost guidance ($/t) -47 Margin (c/lb) 264 Margin ($/t) 23 Margin ($/t) 5817 Spot annualised Adj. EBITDA ($M) 3105 Spot annualised Adj. EBITDA ($M) 727

Notes: (1) Other industrial EBITDA includes Ferroalloys, Oil and Aluminium less c.$350M corporate SG&A. (2) Marketing Adjusted EBITDA of $2.9bn is calculated from the mid-point of the of the $2.2-$3.2bn EBIT guidance range plus $200M of Marketing D+A. (3) Net cash capex including JV capex in 2020E, but excluding c.$200M of capitalised leases compared to Slide 17. (4) Excludes working capital changes and distributions. (5) Copper spot annualised adjusted EBITDA calculated basis mid-point of 2020 production guidance Slide 6 adjusted for copper produced by other departments. Spot LME price as at 26 November 2019. Costs include by-products, TC/RCs, freight, royalties and a credit for custom metallurgical EBITDA. (6) Coal spot annualised adjusted EBITDA calculated basis mid-point of production guidance Slide 6. Relevant forecast NEWC price of $80/t, as at end November 2019, less $10/t portfolio mix adjustment and mine costs of $47/t (Slide 16) giving a $23/t margin to be applied across overall forecast group mid-point of production guidance of 135Mt. (7) Zinc spot annualised adjusted EBITDA calculated basis mid-point of production guidance Slide 6 adjusted for zinc produced by other departments less payability adjustment. Spot LME price as at 26 November 2019. Cost includes credit for by-products and custom metallurgical EBITDA. (8) Nickel spot annualised adjusted EBITDA calculated basis mid-point of production guidance Slide 6. Spot LME price as at 26 November 2019.

2019 Investor Update Capital allocation 20 Balancing shareholder returns, capital structure and growth

2019 distributions and buybacks total $4.7bn: ◦ $2.7bn base distribution (20 ¢/share), basis 2018 cash flows ◦ $2.0bn share buyback program 2020 distribution in respect of 2019 cash flows ◦ Minimum: $1bn from marketing cash flows + 25% of industrial free cash flows ◦ Seek to match 2019’s base distribution of 20 ¢/share (c.$2.6bn at current relevant share count) Shareholder Capital 2020 equity cash flows will be prioritised for: returns structure (1) ◦ Net debt – maintain $10-$16bn guidance range. Targeting reduction in Net debt to Adj. EBITDA towards 1x over the next 12 months (1.24x at 30 June) ◦ Buybacks – accounting for above, as and when surplus free cash flow generation allows Growth Non-core asset disposals ◦ Reiterate target of at least $1bn from non-core long-term asset monetisations during 2019/2020 (c.$0.3bn completed to date)

2019 Investor Update Notes: (1) Excluding Marketing related finance lease liabilities in respect of previously classified operating leases required to be capitalised under the new IFRS leasing standard, effective 1 January 2019. Such amount was c.$0.6bn as at 31 October 2019, representing primarily chartered vessels and various storage facilities, where the majority of such commitments expire within 2 years. Well positioned Ivan Glasenberg – Chief Executive Officer

2019 Investor Update Well positioned 22 Despite weaker 2019 demand, base metals are fundamentally in good shape

Markets are tightly balanced … … and heavily destocked Supply demand balance, as % of demand(1) Global visible inventory, days consumption(2) Copper 30 10 days’ 10% consumption 20 Surplus 10

5% 0

60 Zinc

0% 40 3 days’ consumption

20

0 -5%

90 Nickel 15 days’ Deficit consumption 60

-10% 30 1995 1999 2003 2007 2011 2015 2019F 0 Copper Zinc Nickel Q1 1995 Q1 2001 Q1 2007 Q1 2013 Q1 2019

2019 Investor Update Notes: (1) Wood Mackenzie Q3 2019 Long-Term outlook for zinc. Wood Mackenzie Q3 Long-Term outlook for copper. Wood Mackenzie Q2 2013 Long-Term outlook for nickel for 1995-2007 estimates, Glencore estimates for 2008-2019F. (2) Visible inventories comprise various sources including LME, SHFE, and Comex. Wood Mackenzie has estimated Chinese bonded warehouse stock, included for copper. Well positioned 23 Key future growth trends …

Urbanisation and rising Electrification Decarbonisation of living standards: of Mobility: energy: 2bn increase in global Up to 580M EVs on +1,000GW of wind population by 2050 (1) the road by 2040 (2) power by 2029 (3)

Benefits all commodities across Material new source of Requires redesign of traditional the spectrum, from basic commodity demand, energy systems to run on infrastructure through to considerably benefiting renewables. Benefits copper, discretionary consumer goods nickel, cobalt and copper nickel, cobalt and vanadium through battery systems and Thermal coal competing with Thermal coal provides related biomass/wind/solar grid renewables in new energy significant current baseload infrastructure supply. Coal expected to remain generation as well as being competitive in its current key part of the planned energy Thermal coal with CCS has a Asian demand region growth mix in Asia. LT critical role to play in the outlook driven by pace of successful transition to a low decarbonisation carbon economy(4)

2019 Investor Update Notes(1) United Nations Population Division, World Population Prospects: The 2019 Highlights, medium-variant projection. (2) BNEF Long-Term Electric Vehicle outlook 2019. (3) Copper and the Green economy – Thoughts from our decarbonisation conference, Bernstein, 30 September 2019. (4) Imperial College London, CIAB study, October 2019. Well positioned 24 … are major new sources of demand

Decarbonisation requires a lot of copper Electrification of mobility requires nickel and cobalt Additional cumulative Cu demand needed(1) Nickel demand in electric vehicles (kt Ni)(3)

Current Government policies to +330kt of new reduce CO2 emissions by 2030 will EV nickel require an additional cumulative demand by 22Mt of copper by 2030(1) 2025 2018 nickel 2018 Refined market: copper supply: 2.4Mt c.23.5Mt(2) 2019F 2025F 22 Cobalt demand in electric vehicles (kt Co)(3) Copper supply needs to grow 3.6% every year between now and +73kt of new EV 2030 to meet modelled cobalt demand government targets(1): by 2025 2000-2018 annual average copper (2) 2018 supply growth: 2.6% cobalt market: 120kt 2019F 2025F

2019 Investor Update Notes: (1) Bernstein, Metals & Mining: Copper and the Green economy – Thoughts from our decarbonisation conference, European Commission Joined Research Centre EDGAR, International Energy Agency (IEA), US Department of Energy, “Government Targets 2030” gradual reduction in emissions – Mid level scenario. (2) Wood Mackenzie, Q3 2019 Long-Term copper outlook. (3) Glencore estimates, B3, based on 11.5Mt new passenger EV sales by 2025, ca. 10% penetration rate. Well positioned 25 Energy demand fundamentals also support an ongoing role for coal, primarily in Asia

As the global population expands and living standards Structural deficits emerging improve, more energy is needed Seaborne thermal coal supply demand balance (Mt)(1) • New coal fired generating capacity build in Asia/Middle 1,200 East expected to add c.160 million tonnes of coal demand by 2030(1) Demand Range • In Asia, coal based power generation is forecast to remain 1,000 the lowest cost source of baseload power into the mid-2030s(2) Supply • New Asian generating capacity offsets European declines 800 risk Planned Supply increasingly at risk supply • Development approval delays and shrinking financing 600 options likely to limit planned future supply • Indonesian seaborne supply (c.42% of seaborne supply in Supply with no 2018) is expected to reduce as domestic coal generating 400 reinvestment capacity expands New build generating capacity(1) Region Volume (Mt) • Accelerating depletion of the seaborne coal reserve base North Asia +20 200 South-East Asia +55 Growing risk of failure to meet energy needs and Sub-continent +55 Middle East +30 compromised economic growth 0 2010 2015 2020F 2025F 2030F 2035F

2019 Investor Update Notes: (1) Glencore analysis – net global demand growth c.90Mt (2) Coal vs renewables with battery firming, NPS+Carbon Tracker – The Trillion dollar energy windfall Our 2020 priorities

2019 Investor Update Our 2020 priorities 27

Operating Ramp-up / Strong Health & efficiency & development balance Management Confidence safety Capital assets sheet discipline

• Deliver a step- • Deliver Katanga • Deliver • Commitment to • Transition to • Stability and change in safety 2020 guidance of budgeted strong BBB/Baa new generation consistency of performance 270ktpy Cu and operational Investment of leadership operational and volumes at/near Grade financial • Implementation 29ktpy Co first quartile performance of the Glencore • Mopani smelter • Targeting costs/margins Fatality restart early 2020 reduction in • Return excess Reduction • Maximise free ND/Adj. EBITDA capital to • Successful cash flow towards 1x over shareholders Program commissioning of generation next 12 months the new Katanga • Be disciplined Acid plant • Focus on • Buybacks as and within our capital through H1 2020 portfolio NPV when surplus free allocation per share cash flow allows framework • Koniambo operational stability

2019 Investor Update Appendix

2019 Investor Update Buyback update 29 Shares eligible for distribution

$2bn buy back – c.$90M remaining Shares eligible for distribution (million shares) • 566 million shares purchased since 22 February 2019 • 1.071 billion shares purchased since buybacks commenced in July 2018 Issued share capital • Current $2bn buyback program to run to year end

14300 Shares eligible for distribution as at 26 November 2019 H1 18: 14,254 (thousand shares): Shares eligible for Issued share capital 14,586,200 distribution – issued share Less Treasury shares (@ 26 Nov 2019) 1,227,808 capital less treasury and trust shares FY 18: 13,832 Less Trust shares(2) 129,993 13800 Shares eligible for distributions 13,228,399

30 June 2019: 13,550

13300

FY 19F: 13,201 (1)

H1 15: 12,937 12800 FY14 H115 FY15 H116 FY16 H117 FY17 H118 FY18 H119 FY'19

2019 Investor Update Source: Glencore, as of 26 November 2019. (1) Assumes $2bn buyback completed by year-end at an average GBP2.50 share price and 1.287 GBP/USD. (2) Refer Note 15, 2019 Half-Year Results. Page 46 Listed entity market valuations and selection of other entities 30

Listed entities % owned Market value $M Russneft 25.0% 638 EN+ 10.6% 625 Volcan 23.3%(1) 398 Rosneft 0.6% 428 Century 47.4% 297 Yancoal 6.8% 181 Other(2) Various 216 Total 2784

Selection of other entities US oil infrastructure BaseCore (50% owned royalty company)

2019 Investor Update Notes: Market values as at 26 November 2019. (1) Economic interest based on aggregate market cap derived from both share classes. (2) Other includes Trevali Mining, Recyclex, Oz Minerals, Paranapanema and Merafe 2020 key EBITDA sensitivities 31

Approximate estimated impact on FY2020 EBITDA of a 10% change: $M Copper price 740 Australian export thermal coal price 350 Australian hard coking coal price 115 Zinc price 270 Cobalt price 90 Nickel 180 AUD vs USD 520 ZAR vs USD 145 CAD vs USD 160 CLP vs USD 55

2019 Investor Update Technology solutions for our industry 32 Glencore has been leading industry technology for decades: Primus, CTSCo, Onaping Depth electric mine

GLENCORE TECHNOLOGY

• Global leader in metals and minerals processing technology for • Team of world-class more than 30 years metallurgists, engineers, • Supplies services/technology to 22 of the 26 ICMM members geoscientists, technicans and technologists with real world • IsaMill – Grinding/Ultrafine grinding: 129 installations across 21 countries experience in process development/optimisation, asset IsaKidd – Copper refining: produces >11 million tpy of copper • integrity management and from more than 100 licences (c.47% of global copper supply) mine/process automation • Jameson Cell – Flotation: 350 installations across 30 countries • Supplies services to 38 clients • IsaSmelt – Lead and copper smelting: more than 9 million tpy of across the world’s major mining copper containing materials smelted with IsaSmelt districts • Albion Process – Oxidative leaching of base/precious metal sulphide concentrates

2019 Investor Update Source: www.glencoretechnology.com, www.xps.ca