Commodities trading houses Comments to the Pirrong’s report

Diego Valiante, Ph.D. Head of Capital Markets Research ECMI-CEPS 35% 2005-2013 CAGR - Revenues 30%

25%

20%

15%

10%

5%

0%

Source: S&P Capital IQ. Note: Selected trading houses and top 5 commodities firms in mining/industrial metals, oil and and agricultural/soft commodities. Information about Louis Dreyfus B.V., System Capital Management, 2013 © Valiante Diego – Centre for International, Mercuria is insufficient. Vitol’s data is up to 2010. European Policy Studies (CEPS) 500,000 2013 Revenues $mn 450,000

400,000

350,000

300,000

250,000

200,000

150,000

100,000

50,000

0

Source: S&P Capital IQ. Note: Selected trading houses and top 5 commodities firms in mining/industrial metals, oil and natural gas and agricultural/soft commodities. Information about System Capital Management, Gunvor International, 2013 © Valiante Diego – Centre for Mercuria, Vitol is not available. European Policy Studies (CEPS) 950% 2008-2013 Increase in fixed assets investments 850% 750% 650% 550% 450% 350% 250% 150% 50%

-50%

ADM

BP plc BP

Cargill

Wilmar

Vale S.A. Vale

Trafigura

Alcoa inc Alcoa

Olam Ltd Olam

Marubeni

Viterra Inc Viterra

Nestle S.A. Nestle

Rio Tinto plc Tinto Rio

Votorantim Votorantim

Noble Group Noble

ArcelorMittal

Bunge Limited Bunge

Bhp Billiton plc Billiton Bhp

Conagra Food Inc Food Conagra

Louis Dreyfus B.V. Dreyfus Louis

Glencore Xtrata plc Xtrata Glencore

Anglo American plc American Anglo

EDF Trading Limited Trading EDF

Mitsui Chemicals inc Chemicals Mitsui Marquard & Bahls AG Marquard

Source: S&P Capital IQ. Note: Trading houses and commodities firms selected by the Pirrong’s International Trading Shell Aluminumcorp China of Aluminumcorp Ltd report. Information about System Capital Management, Gunvor International, Mercuria, Vitol is 2013 © Valiante Diego – Centre for not available. European Policy Studies (CEPS)