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General Presentation Glencore CEO – Ivan Glasenberg Miami, 15th May, 2012 Why invest in Glencore? 1. Unique market position in global commodities 2. Strong track record of value creation driven by capital discipline and a focus on returns 3. Management are owners not renters of assets 4. Strong pipeline of high quality production growth with low capital cost 5. Marketing operations are scale-able at low incremental capital cost 6. Robust balance sheet 7. Xstrata merger and Viterra acquisition create unique natural resources group Glencore - a uniquely compelling way for investors to benefit from commodity demand growth I 2 What does Glencore do? . Position throughout the value chain allows Glencore to capture value at each stage . Producers typically solely focused on sale of own products while other marketing peers do not have Glencore’s scale and access to own supply Upstream Marketing, Processing / Marketing, production Storage and freight refining Storage and freight Zinc / copper / lead Alumina / aluminium Ferroalloys / Metals and Minerals nickel / cobalt / iron ore Oil Coal / coke n/a n/a Energy Products Energy Agricultural products Agri. Agri. Products Key: I 3 Significant presence Lesser presence How is Glencore’s business model unique? Scale Strong competitive positions in core activities Unique breadth of local presence with critical mass: more than 50 offices in more than 40 countries Largest global user of letters of credit 98 active banking relationships Diversification 54 geographies 18 major commodity groups Vertical integration Production to delivery to customer No single competitor in all markets Human capital Culture and high retention rates Long-term customer/supplier relationships 7 000 customer and supplier relationships Supplier relationships provide unique access to compelling asset deals I 4 Strong track record of value creation… 1974 1987 / 1988 . Establishment . Transition into an 1990 1997 2004 2008 2011 2012 of Glencore integrated producer . Acquisition of . Acquisition of . First public . Merger of Katanga and . IPO of . Merger with focused on with acquisition of a stake in majority stake bond issue of Nikanor resulting in a 8.5% Glencore Xstrata physical US smelter and Xstrata (then in Kazzinc $950m holding in the combined marketing of Peruvian mine Sudelektra entity commodities AG) . Purchase of initial 40% stake in Vasilkovskoye Gold (via Kazzinc) 1970s 1980s 1990s 2000s 2010s 1981 1993 / 94 1995 2002 2007 2009 . Acquisition of a . Manage- . Glencore . Subs- . Selected . Government 2009 – 2010 2012 Dutch grain trading ment acquires tantial Glencore approves start of . Issuance of . Acquisition company, buyout first Glencore aluminium West African $2.3bn of Viterra foundation of (“MBO”) building coal & alumina hydrocarbon convertible Agricultural Products block of assets assets projects bond division Prodeco contrib- contributed development uted to to create phase forming UC Rusal Equity value creation since 1996 Xstrata plc After management buy-out….. …to current 2012 $1.2 bn $44 bn Value creation +3550% vs. +121% S&P Index +50% FTSE 100 I 5 … driven by best in class RoE Last 10 years RoE range (1) % 61% 58% 50% 51% 45% 38% 36% 34% 21% 21% 19% 18% 15% 15% 15% 15% 11% 13% 4% 5% 6% Averages Note: (1) Net Income / average equity excl. minority interests. Data based on last 10 full reported financial years for all companies, ending FY2010. Length of historical period for some peers is limited by availability of publicly disclosed financials. Glencore pre-expectionals. I 6 Capital discipline is a key focus at Glencore Capital efficient model allows shareholders to benefit from robust FCF generation 2012E-2014E Capex as percentage of aggregate value(1) 40% 36% 32% 31% 28% 24% 8% + 2012E-2014E EBITDA CAGR (Based on broker consensus)(1) 8% 4% 1% 11% Note: (1) Based on broker consensus estimates provided by Capital IQ and Enterprise Value as of 10 May 2012. I 7 Glencore management are owners not caretakers of assets CEO and CFO holdings in peers 16.82% Acquisition of Shares by Directors in 2011-2012YTD (1) 0.12% 0.09% 0.08% 0.04% 0.01% 0.00% 0.00% 0.01% 0.00% Xstrata Anglo American Rio Tinto BHP Billiton Glencore 0.25% 0.11% 0.01% 0.02% 0.02% Freeport Note: (1) Based on FY2011 annual reports for the comparable companies. For the period 30 June 2010 – 30 September 2011 for BHP Billiton I 8 Unique pipeline of production growth from low-risk, low-cost and high grade brownfield operations Asset grades 2011A to 2015E copper equivalent volume growth CAGR Cu % content per tonne of P&P reserves % 4.2% (1) 12.9% 3.4% 10.3% 7.4% 7.3% 6.4% 1.9% 5.5% 0.8% 0.7% Katanga Mutanda Mopani Kazzinc Global Average Source: Company filings, IPO prospectus., broker consensus estimates Note: (1) Relates to the expectd Cu equivalent 2011-15E production CAGR expected across the entire Industrial Asset’s portfolio I 9 Source: Glencore expansion projects data from IPO prospectus techni from IPOprospectus data projects expansion Glencore Source: January 2012). Cu conversion prices updated to spot prices on priceson to spot updated prices 2012).Cuconversion January $31,150/MT). Prodeco $31,150/MT). Notes: Notes: mines’ own (1) Includes Kazzinc and Mopani represents expected capex represents expected Mopani and Kazzinc Efficient capex tonne / USD (‘000) (‘000 prod’n Cu eq ($m) Capex Total 10 15 20 25 5 ) Cu eq. 900 40 Konkola North capex 5,200 232 Galore Creek Freida River 5,300 240 calculated 16,000 741 Olympic Dam production only. production 900 50 Coroccohuayco Antucoya as 2010 – as2010 1,350 80 1,750 104 Aktogay 1,600 100 Lomas Bayas Sulphide for LOM 3,800 240 La Granja 2014 expansionary capex expansionary 2014 8,200 531 Oyu Tolgoi El Pachon programme underpins high returns over production ramp-up until 2015E. production ramp-up until over 4,800 323 240 16 Boseto expansion 2 March 2012: (Copper - 2 March2012: 3,500 241 Reko Diq Tampakan 6,500 450 cal reports. Peer projects from Deutsche Bank research note note research Bank Deutsche from Peerprojects reports. cal 6,000 419 Collahuasi expansion 3,300 231 El Morro less capex less 3,200 227 Quebrada Blanca exp 8,200 597 Resolution 2,750 201 Relincho allo $8,625.0/MT, 1,800 134 Bozshakol cated to the port as per IPO prospectus. Kazz totheportas perIPOprospectus. cated 5,500 421 Los Pelambres exp 3,200 248 Queilaveco Peer copper projects copper Peer Glencore projects 900 70 Tenke Fungurume exp Brent Crude Oil- BrentCrude 4,000 319 Collahuasi expansion (b) 5,500 441 Pebble 4,500 365 Las Bambas 3,800 317 Sierra Gorda (Quadra) 2,000 171 Nokomis $124.0/bbl, $124.0/bbl, 3,500 308 Cerro Verde exp 4,200 374 Michiquillay 900 82 Morenci exp (Higher capital intensity – intensity capital (Higher Coal - Coal 4,000 387 Escondida exp OGP1 1,100 113 Mina Justa inc capex inc $103.9/MT, Zinc $103.9/MT, Zinc 2,300 243 Haquira 1,100 117 Toquepala exp 350 40 Lumwana Expansion and production as per IPO prospectus. IPO prospectus. per as and production 1,000 120 Tia Maria 350 46 Puthep - $2,088.5/MT, Cobalt - Cobalt $2,088.5/MT, a higher long-term price,11 long-term higher a 3,200 427 Chuquicumata UG Low-cost incremental tonnes 1,020 146 Asarco Rehab 2,800 414 Agua Rica growth from flagship (1) 1,323 205 Kazzinc 6,000 985 Grasberg UG projects 1,750 300 Sentinel 770 145 Prodeco 1,477 310 Mopani 550 130 Kansanshi expansion Mutanda 734 193 576 159 Inca de Oro 635 199 Katanga Phase IV I 10 (2) 10 Xstrata & Viterra enhance Glencore’s position . $[90]bn pending merger of equals with Xstrata – $500m of synergies in 2013 – full inclusion of Xstrata production within Glencore’s marketing operations – Scope for optimisation of combined development portfolio to allow faster/cheaper/lower risk growth – Improved diversification within the enlarged business – Completion expected Q3 2012 . $[6]bn pending acquisition of Viterra announced in March 2012 – Acquisition of a first class asset with leading positions in two key agricultural export markets – Tier 1 portfolio of assets in Canada and Australia – Currently at a key regulatory turning point in Canada given pending Canadian Wheat Board deregulation – Turns Glencore into a truly global trader in wheat, barley and canola, boosting Glencore’s global origination capabilities by filling a key geographic gap in origination markets – Expected to be earnings-enhancing to Glencore in the first full year after consolidation (1) – Completion expected Q3 2012 Note: (1) This statement should not be interpreted to mean that future earnings per share of Glencore will necessarily match or exceed the historical earnings per share of Glencore. I 11 Appendix Key financial highlights US$ 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. I 13 (4) FFO is Operating cash flow before working capital changes less net interest paid, less tax paid, plus dividends received from associates. Robust balance sheet(1) 2011 2010 . Robust balance sheet with almost $7 billion of committed liquidity headroom as at 31 December Total assets $86.2bn $79.8bn 2011 Glencore $29.3bn $19.6bn .
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