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A Leading Integrated Marketer and Producer of Commodities

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A Leading Integrated Marketer and Producer of Commodities Glencore Preliminary Results 2011 5 March 2012 Ivan Glasenberg Chief Executive Officer I 1 2011 highlights . Solid underlying profit highlighting the diversity and growth in Glencore’s businesses – Adjusted EBIT(1) up 2% to $5.4bn (Industrial up 18%, Marketing up >10% excluding Agricultural Products) – Glencore net income(1) up 7% to $4.1bn . Strong operating cash flow of $3.5bn(2) up 6% . Robust balance sheet with close to $7bn committed liquidity(3) provides security and opportunities – FFO to Net debt at 27% – S&P and Moody’s investment grade credit ratings improved in July(4) . Final dividend of $0.10 per share (total dividend of $0.15 per share) . Growth projects overall on track to time and budget Notes: (1) Pre other significant items. (2) Funds from operations. (3) Cash and undrawn committed facilities. (4) Moody’s Baa2 (stable), S&P BBB (stable). Following announcement of Xstrata merger, both agencies have flagged possible upgrade potential. I 2 2011 operating performance – Marketing activities Metals & Marketing activities delivered consistent results over 2011, generating Adjusted EBIT of $1.2bn, 11% lower than 2010 Minerals Marketed volumes were 5,652k MT Cu equivalent, 4% lower than 2010 Decline in performance partly due to lower profits from the ferroalloys and zinc/copper departments (which performed strongly in 2010 when physical purchasing and restocking in Asia was particularly intensive), offset by higher profits in the alumina/aluminium department where arbitrage opportunities were more favourable Energy Energy products’ marketing activities reported Adjusted EBIT of $697m in 2011, 55% up on 2010, driven by Products stronger oil market fundamentals during H1 2011 Market during H2 2011 proved more challenging, with weaker expectations for developed market economic growth, poor refining margins and weaker freight rates In the coal business, profits remained solid even though reduced volatility and lower overall freight rates resulted in fewer arbitrage opportunities Agricultural Marketing Adjusted EBIT in 2011 was $(8)m compared to 2010’s record $659m, with cotton being the key Products negative while grain and seeds performed resiliently Cotton caused significant loss/opportunity cost to numerous market participants and the industry in general due to Non and/or delayed contract performance by suppliers in a rising market Non-performance of customer contracts in the subsequent declining market Unprecedented disconnect/imperfect correlation between futures market and physical markets I 3 2011 operating performance – Industrial activities Metals & Performance improved during 2011, driven by higher average prices compared to 2010 and increased Minerals production rates at many operations; particularly Kazzinc, Katanga and Mutanda as they continued to deliver expansionary plans Production from own sources Zinc: up 9% to 563kt Copper: up 35% to 363kt Gold: up 26% to 706ktoz (1) Total own coal production up 18% to 20.5 million tonnes, mainly driven by Prodeco production increasing 45% Energy to 14.6 million tonnes Products Puerto Nuevo more than 50% complete; commissioning expected in Q1 2013 Aseng oil production in Block I started in November 2011, well ahead of initial estimates with total production of 2.8 million bbls, averaging in excess of 50,000 bbls per day Agricultural Total production and processing up 52% to 6.6 million tonnes Products Higher production achieved across the asset portfolio which is currently in a phase of substantial targeted expansion and development Rio Vermelho production slightly below expectations due to severe frosts in June and August and consequently lower agricultural yields A 5 year expansion plan is under way to increase crushing capacity from 1 million tonnes to 2.6 million tonnes 4 oilseed processing facilities added to portfolio(2) which will add 3.6 million tonnes of processing capacity Notes: (1) Includes gold equivalents (silver) at a gold/silver conversion ratio of 1/44.53 and 1/60.63 for 2011 and 2010 respectively based on average prices. (2) 2 facilities acquired in Czech Republic and Poland, and Hungarian facility construction completed/commissioned in December 2011. Timbues soya bean facility completion I 4 expected in H1 2012. Organic growth – Glencore’s own production Cu equivalent production volume (1) (in tonnes, 100% basis) 2,000,000 1,800,000 2011A – 2015E CAGR: 20.0% 1,600,000 1,400,000 1,200,000 1,000,000 800,000 2011A – 2013E 2013E – 2015E 600,000 CAGR: 30.6% CAGR: 10.3% 400,000 200,000 0 2011A 2013E 2015E Mopani E&P Prodeco Kazzinc Katanga Mutanda 5 Note: Cu conversion prices updated to spot prices on 2 March 2012. I (1) Includes mentioned assets only; total Cu equivalent volume growth for Glencore is 12.9%. Key growth assets – continued progressive ramp-up Own production (kt) Kazzinc Zinc production using feed from own mining sources up 3% 239 2.9% 246 Near completion of new Metallurgy Project at estimated cost of $926m 123 H2 120 H2 (new 70kt copper smelter now in operation) 116 H1 126 H1 Gold production ramp-up continues with a 20% increase in own feed 2010 2011 production Zinc Operational improvements at Altyntau expected to result in Own production (ktoz) processing production capacity increasing to 8.0 million 19.6% 390 tonnes per annum by 2013 326 183 H2 198 H2 Processing silver-rich Dukatsky concentrate contributed to a 47% 207 increase in total silver production 128 H1 H1 2010 2011 Significant increases in JORC reserves achieved during 2011 Gold Copper production of 91kt, up 57% Katanga Cobalt production of 2.4kt, down 29% as a result of lower head grades Own production (kt) Dewatering of the KOV pit completed in H1 2011, enabling the mining 91 7% 56. of 2,522kt of ore at an average copper grade of 4.98% copper content 58 48 H2 33 H2 The Accelerated Development Plan (Phase III) was completed during 25 H1 43 H1 H2 2011, increasing annual capacity to 150kt of copper and 8kt of cobalt 2010 2011 Copper Updated Phase IV Expansion and associated financing commitment approved during Q4 2011 to achieve 310kt of annual production I 6 Key growth assets – continued progressive ramp-up Mutanda Completion of additional SX/EW circuits in Q2 2011, bringing capacity to 60kt copper cathode per annum Copper production in 2011 of 64kt, exceeding the initial plan by 50% Own production (kt) Expansion plan 64 – Installed annualised capacity of 110kt by end of Q2 2012, well ahead 1% 29 38 H2 of schedule 16 26 H1 – Currently assessing various expansion options with potential to expand 2010 2011 capacity to 210kt per annum Copper – Planned $340m investment in conjunction with Katanga and Kansuki in joint electricity project with SNEL (recovered via lower electricity tariffs) – Ongoing discussions on combination of Mutanda and Kansuki E&P First production from the Aseng field achieved in November 2011, ahead of the planned start-up of Q1 2012 – Gross oil production achieved to the end of December 2011 was 2.8 million bbls, an average daily rate in excess of 50,000 bbls/day (in excess of 55,000 bbls/day since the start of 2012) Subsea development drilling and well completion work on Alen gas/condensate field remains on schedule for first production in late 2013 with a target flow rate of 37,500 bbls per day Total own coal production in 2011 was 14.6 million tonnes, up 46% Own production (kt) Prodeco 14,586 compared to 2010 2% 5. 10,042 4 – Broad expansion project under way: forecast to increase production 7,493 H2 to 21 million tonnes by Q4 2013 4,657 H2 7,093 H1 Largest capital expenditure project currently under way is the 5,385 H1 construction of the new direct loading port (Puerto Nuevo) 20102010 20112011 – Project on schedule and expected to be commissioned in Q1 2013 Coal I 7 Steven Kalmin Chief Financial Officer I 8 Key financial highlights US$ m 2011 2010 % Change Revenue 186,152 144,978 28% Adjusted EBITDA (1) 6,464 6,201 4% Adjusted EBIT (2) 5,398 5,290 2% Glencore net income (3) 4,060 3,799 7% Funds from operations (FFO) (4) 3,522 3,333 6% Net debt 12,938 14,756 (12%) FFO to Net debt 27.2% 22.6% 20% Notes: (1) Adjusted EBITDA is revenue less cost of goods sold, less selling and administrative expenses, plus share of income from associates and joint controlled entities, plus dividend income, plus depreciation and amortisation. (2) Adjusted EBIT is Adjusted EBITDA less depreciation and amortisation. (3) Pre other significant items. (4) FFO is Operating cash flow before working capital changes less net interest paid, less tax paid, plus dividends received from associates. I 9 2011 financial performance – Marketing activities Adjusted EBIT 2011 vs 2010 Strong underlying profitability in marketing business against a (US$ m) generally challenging market backdrop (1) 3,200 Metals and Minerals 2,337 Delivered consistent results over the course of 2011 2,400 -18% 659 generating Adjusted EBIT of $1,242m, 11% lower than 2010 1,911 Energy 1, 6 0 0 450 697 Reported Adjusted EBIT of $697m in 2011, a 55% increase on 2010, driven in particular by stronger oil market 800 1, 4 0 1 1, 2 4 2 fundamentals during H1 2011 H2 2011 performance impacted by lower wet freight rates and 0 (8) (173) (20) a more challenging oil market environment which provided fewer opportunities (800) 2010 2011 Agricultural Products Metals and Minerals Energy Agriculture Corporate Grain and oilseeds reported solid results Overall agricultural products marketing results were significantly impacted by the unprecedented cotton market environment Notes: (1)
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