Glencore presentationGlencore presentationLondon, 3rd November 2011

Glencore investment propositionp p

Unique market position in integrated tradingq p g gHigh growth and return, diversificationSignificant barriers to entry

Best in class equity value creation track recordFrom $1.2 bn in 1996 to $45 bn equity currentlyUnique M&A approach focused on ROEUnique M&A approach focused on ROE

Best in class alignment between management and shareholder interestsOwners not renters of assets

Best in class volume growth in industrial assetsPortfolio on time / to budgetG th d i k ti tiGrowth drives marketing operations

Robust balance sheet / cash generation

Glencore is the best in class way to gain exposure to structural growth in global commodity demand

GLENCOÂE I 2

Glencore at a glanceg

Key highlights Integrated business segments

Integrated commodity producer and marketer

Key highlights Integrated business segments

Integrated commodity producer and marketer, active in every step of the supply chain

One of the world’s largest physical marketers for the j it f it ditimajority of its core commodities

Diversified industrial asset portfolio - complements sourcing, distribution and marketing operations

Robust financial and operational track record “through th l ”

Zinc / copper / leadAlumina /

Metals and Minerals

OilCoal / coke

Energy Products

GrainsOils / oilseedsCotton / sugar

Agricultural Products

the cycle”

Experienced management team - proven track record of profitability, value creation and risk management

aluminiumFerroalloys / nickel / cobalt / iron ore

Cotton / sugar

K i t t i152

145

184

Key financials Key statistics($ bn) More than 57,500 employees (including over 2,700 in

marketing operations) spread across over 40 countries

K i t t i Key investments in non-

listed companies:

50.7% Kazzinc

73.1% Mopani

6.8 6.23.9 3.3

6.2 5.37.7 6.6

106145

106Key investments in

listed companies:

34.4% Xstrata

74.8% Katanga p

40.0% Mutanda

100% Prodeco

100% Murrin Murrin (4)

Revenue Adjusted EBITDA Adjusted EBIT

2008 2009 2010 H1 2011 (annualised)

74.8% Katanga

29% Optimum Coal

8.8% UC Rusal

54.2% Century Aluminum (3)

(1) (2) (1) (2)

N t (1) E l di ti l it

GLENCOÂE I 3

E&P portfolio (various shareholdings)Notes: (1) Excluding exceptional items(2) Adjusted EBITDA and adjusted EBIT includes associates and dividend income (3) Including 9.8% two cash-settled total return swaps(4) As of recent successful Minara takeover

Glencore overview

Unique Global InfrastructureVarious Rusal

Xstrata

Xstrata Xstrata

Rusal

CenturyVarious Rusal CompaniesRecylex Biopetrol

Century

XstrataVarious Russneft Companies

Kazzinc /Altyntau

Portovesme

Prodeco

Xstrata

Sherwin

Chemoil

Xstrata Pasar

Perkoa

Prodeco

Xstrata

Los Quenuales

Xstrata

Xstrata

Rusal

Rusal

Mutanda

E&P Initiatives

Rio Vermelho

MopaniShanduka / Optimum

Cobar

XstrataMoreno

Sinchi Wayra

Murrin MurrinAR Zinc Katanga XstrataXstrata Xstrata

Punitaqui

Zinc/Copper

XstrataZi /C

Alumina/Aluminium

X t t Ni k l

Coal

X t t C l

Nickel

X t t All

Grain

C t

Oil

Main OfficesOfficesIndependent Offices

MopaniOptimumXstrataMoreno Murrin MurrinAR Zinc Katanga XstrataXstrata Xstrata

GLENCOÂE I 4

Zinc/Copper Xstrata Nickel Xstrata Coal Xstrata Alloys Century

Full integration through the value chainPosition throughout the value chain allows Glencore to capture value at each stage

Producers typically more focused on sale of own products than third-party marketing while other marketing peers do not have Glencore’s scale and access to own supply

g g

not have Glencore s scale and access to own supply

Glencore’s core competencies span the value chain

Marketing,Storage and freight

Marketing,Storage and freight

Processing / refining

Upstream production

eral

s

Storage and freight Storage and freightrefiningproduction

Zinc /copper /lead

Met

als

and

Min

e

Ferroalloys /

Alumina / aluminium

Muc

ts Oil

ynickel /cobalt / iron ore

Ener

gy P

rod

Coal / coken/a n/a

Agr

i. Pr

oduc

ts Agriculturalproducts

GLENCOÂE I 5Significant presence Lesser presence

Key:

Significant barriers to entry

• Insight into market flows and access to real-time information across the globe

• Distinctive ability to seize price differentials and arbitrage opportunities

Scale and global reach

g y

• Distinctive ability to seize price differentials and arbitrage opportunities

• Large scale and global sourcing and distribution of commodities is working capital intensive

• Ability to fund investments in production facilities and industrial activities

Access to financing and risk management skills

• Ability to secure sourcing arrangements through facilitation of producer and/or consumer financing

g

E li bl l f diti• Ensures a reliable supply of commodities

• Enhances credibility with producers and customers alike where reliability and performance are sought after attributes

Long-termsupplier / customer relationship

• Significant intellectual capital, which is generally challenging and time-consuming to create in, or transfer to, a new organization is a key competitive advantage on the marketing side of the business

Human capital

• Global geographic and diversified commodity mix, which is difficult and expensive toDiversified Global geographic and diversified commodity mix, which is difficult and expensive to reproduce but important to long-term sustainable success

Diversified geographic and commodity mix

• Distinctive factor vis-à-vis majority of other commodity marketersVertical integration j y y

• Provides stable source of supply and unique insight into the critical industrial production part of the commodity value chain

e t ca teg at o

Glencore business model is not easily replicable by new entrants

GLENCOÂE I 6

Glencore business model is not easily replicable by new entrants

Best in class value creation track record

1974 1987 / 1988 1990 20112004 200819971974Establishment of Glencore focused on physical marketing of commodities

1987 / 1988Transition into an integrated producer with acquisition of US smelter and Peruvian mine

1990Acquisition of a stake in Xstrata (then Sudelektra AG)

2011IPO of Glencore

2004First public bond issue of $950m

Merger of Katanga and Nikanor resulting in a 8.5% holding in the combined entityPurchase of initial 40% stake in Vasilkovskoye Gold (via Kazzinc)

1997Acquisition of majority stake in Kazzinc

2002Substantial

1980s 1990s 2000s 2010s1970s

2007Selected

1993 / 94Management

1995Glencore

2009 – 2010Issuance of

1981Acquisition of a Dutch

2009Government approves

Glencore coal assets contributed to forming Xstrata plc

Glencore aluminium & alumina assets contributed to create UC Rusal

gbuyout (“MBO”)

acquires first building block of Prodeco

Issuance of $2.3bn convertible bond

qgrain trading company, foundation of Agricultural Products division

ppstart of West African hydrocarbon projects development phase

Equity value creation since 1996After management buy-out…..

$1.2 bn

…to current 2011

$45 bn

Equity value creation since 1996

Value creation

vs +102% S&P Index

+3650%

GLENCOÂE I 7

vs. +102% S&P Index+50% FTSE 100

Proven history of class-leading returnsTrack record of value creation achieved by world class management team

Proven history of class-leading returns

%

Last 10 years RoE range (1)

61%58%

50% 51%

45%

36%34%38%

21% 19% 21%

15% 15%18%

15% 15%

11% 13%

4% 6%5%

Averages

Note: (1) Net Income / average equity excl. minority interests. Data based on last 10 full reported financial years. Length of historical period for some peers is limited

GLENCOÂE I 8

( ) g q y y p y g p pby availability of publicly disclosed financials. Glencore pre-expectionals.

Performance is less correlated to commodity prices than peers

Marketing has made a profit every year since completion of the management buyout

– Resilient model throughout the cycle

Marketing income is less correlated to commodity prices than that of diversified miners, with key profit drivers being

– Margin per unit of commodity, rather than based on absolute value

– Service-like fee income

Control of the logistics value chain– Control of the logistics value chain

– Uniquely positioned for geographical, product and time arbitrages

– Market volatility and forward curve / spread opportunities

– Unparalleled geographic and product diversification

– Scale and market share

E i f l i i i i fi d i k– Economies of scale in sourcing, transportation, storage, insurance, finance and risk management

– Limited directional trading strategies, including the ability to profit in falling markets

GLENCOÂE I 9

Best in class alignment management and shareholder interests

CEO and CFO holdings in peersGlencore management has considerably more “skin in the game” compared to peers

CEO and CFO holdings in peers

16.82%18%

14%

16%

8%

10%

12%

% O

/S

4%

6%

8%%

0.02% 0.02% 0.11% 0.01% 0.25%0%

2%

BHP Billit Ri Ti t X t t A l A i F t GlBHP Billiton Rio Tinto Xstrata Anglo American Freeport Glencore

Glencore total employee ownership currently 83%

GLENCOÂE I 10

Control of high quality industrial assetsProdeco Kazzinc Katanga

g q y

Major fully integrated zinc, copper and gold producer in Kazakhstan, 50.7% owned by Glencore8 mines, 2 zinc smelters, 1 lead smelter, 1 copper smelter commenced in 2011, precious metal plant and auxiliary unitsGold assets (being organised into Altyntau) include

Large-scale copper-cobalt project in the Democratic Republic of Congo, 74.8% owned by GlencoreListed on the Toronto Stock ExchangeOpen pit and underground mining, ore concentrator leaching circuits and electro

Thermal coal project in Colombia, 100% Glencore ownershipTwo open-pit mines (Calenturitas and La Jagua) and owned rolling stock and port facilities (1)

Production expected to ramp up from 10m MT Gold assets (being organised into Altyntau) include– 100% of VasGold – recovery of 450 - 500k oz

p.a. expected– 48% of Novoshirokinskoe - expanding from

450k MT p.a. to 600k MT p.a. mine design capacity within 2 - 3 yearsP i t l f th K i i

concentrator, leaching circuits and electro-winning plantProduction expected to increase to c. 308k MT of copper, 8k MT of cobalt and 22k MT of cobalt contained in cobalt hydroxide by 2015Reserves and Resources

R ( d d b bl )

Production expected to ramp up from 10m MT p.a. in 2010 to 19.9m MT in 2013 and 20.7m MT by 2015Saleable reserves of 337m MT, total resources of 540m MT

– Precious metals from other Kazzinc minesReserves (proven and probable, contained metal):

– 3,122k MT Zn– 471k MT Cu– 855k MT Pb

– Reserves (proved and probable)97.0m MT ore (4.2 %TCu, 0.5 %TCo)

– Resources (measured and indicated)287.4m MT ore (4.0 %TCu, 0.5 %TCo)

– Resources (inferred)180.2m MT ore (2.3 %TCu, 0.3 %TCo)

– 11.8 m toz Au– 77.3 m toz Ag

280,000,

350,000,

20

25

Production profileThermal Coal (m MT)

Production profileCopper (k MT)

250

300

350

800

1'000

Production profile Gold (k oz) Zinc (k MT)

Gold Zinc

70,000,

140,000,

210,000,

0

5

10

15

50

100

150

200

250

200

400

600

GLENCOÂE I 11

,0, 20082009201020112012201320142015

02008 2009 2010 2011 2012 2013 2014 2015

002008 2009 2010 2011 2012 2013 2014 2015

Notes: (1) Licence to operate the port renewed on an annual basis until Puerto Nuevo is completed.

Control of high quality industrial assetsMutanda West African Oil Assets Mopani

Two fields under development offshore Equatorial

g q y

GuineaAseng: first oil expected Q4 2011 at an estimated rate of 50,000 barrels per day; Glencore stake 23.8%Alen: first oil expected Q4 2013 at an estimated rate of 37,500 barrels per day; Glencore stake 25%Both fields operated by US listed Noble Energy, HoustonFurther discoveries in Block I and O as well as substantial exploration potential

Glencore owns 73.1% of Mopani, with the remainder of the business owned by First Quantum Minerals Ltd. (16.9%) and Zambia Consolidated Copper Mines Investment Holdings Plc (10%)

Glencore owns 50% of Samref Congo Sprlwhich in turn holds an 80% ownership interest in Mutanda Mining SprlGlencore is the operatorNewly developed high grade copper and Holdings Plc (10%)

Integrated mining and processing operation in the Copperbelt region of Zambia, producing copper and cobalt metal. It can process oxide and sulphide copper-cobalt concentrates produced by Katanga and Mutanda.Mopani also produces sulphuric acid, which is

Newly developed high grade copper and cobalt producer; operations located in the province of Katanga in the DRCMutanda is being developed to produce approximately 110,000 tonnes p.a. of copper and approximately 23,000 tonnesp a of cobalt contained in cobalt hydroxide Mopani also produces sulphuric acid, which is

used in the leaching operations at Katanga and Mutanda.Operations are located in the cities of Kitwe and Mufulira.

p.a. of cobalt contained in cobalt hydroxide as of 2012Potential for further production increase through merger with Kansuki

100

120

210

280

Production profileCopper (k MT)

Production profileCopper (k MT)

20'000

25'000

Production profile(bbls / d)

20

40

60

80

70

140

210

5'000

10'000

15'000

20 000

GLENCOÂE I 12

02008 2009 2010 2011 2012 2013 2014 2015

02008 2009 2010 2011 2012 2013 2014 2015

02008 2009 2010 2011 2012 2013 2014 2015

Industrial production growthp gCu equivalent

2'000'000

1'800'000

2 000 000

Additional potential growth from Kansuki and

agricultural production

1'400'000

1'600'000 agricultural production

Approved i

1'000'000

1'200'000expansion projects

600'000

800'000

200'000

400'000

02008 2009 2010 2011E 2012E 2013E 2014E

GLENCOÂE I 13

Mopani E&P Prodeco Kazzinc Katanga Mutanda Kansuki Agricultural

Key Financial Highlightsy g g

US$ m H1 2011 H1 2010 % ChangeUS$ m H1 2011 H1 2010 % Change

Revenue 92'120 70'007 32%

Adjusted EBITDA (1) 3'845 2'635 47%

Adjusted EBIT (2) 3'303 2'197 50%

Glencore income (3) 2'450 1'558 57%

Operating cash flow before working capital changes 2'472 1'809 37%

Funds from operations (FFO) (4) 2'145 1'372 56%

Net Debt 8'287 14,756 (5) (44)%

FFO to Net Debt(6) 49.6% 22.6%(5) 119.0%

(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(5) FY 2010

GLENCOÂE I 14

(5) FY 2010(6) Last 12 months

Robust Balance Sheet(1)

Investment grade credit rating has strengthened further:H1 2011 FY 2010 g g g

– Moody’s LT: Baa2 ST: P-2 Outlook: Stable

– S&P LT: BBB ST: A-2 Outlook: Stable

H1 2011 FY 2010

Gross Debt $24.1bn $30.6bn

Strong credit metrics going into H2

$10.4bn of cash and committed undrawn unsecured

Net Funding $22.5bn $29.1bn

Net Debt $8.3bn $14.8bn

credit lines

Additional > $2bn available liquidity under committed

in entor and recei ables borro ing base facilities

Gearing 22% 43%

inventory and receivables borrowing base facilities

$1.3bn working capital release in Q2 2011

No material refinancing in the next 12 months

FFO to Net Debt 50% 23%

Net Debt to AdjustedEBITDA

1.1x 2.4x No material refinancing in the next 12 months

Average VaR (1 day 95%) in H1 2011 was $48m (H1

2010: $37m)

EBITDA

Adjusted EBITDA toNet Interest

8.3x 6.9x

Average variable cost of funds improved by ca. 50 bps

since IPO

GLENCOÂE I 15(1) All definitions as per Interim Report 2011

Working capital flows enhance resilience

In a scenario of declining commodity prices, the release in working capital compensates for drop in earnings

g p

The cash inflows preserve liquidity and position Glencore to capitalise on investment opportunities arising for example through a market downturn

Current capital employed vs commodities marketsQ2 2008 – Q1 2009:

280

20,000

Current capital employed vs. commodities markets • Rapid fall in commodity prices from the mid-2008 peaks• Glencore’s operations released c.$8bn of CCE, more than

offsetting any impact of the fall in profitability.

230

280

16,000

base

d)

loye

d (U

S$m

)

1808,000

12,000

CC

I Ind

ex (r

eb

rent

cap

ital e

mpl

1304,000

Cur

r

80-Q1 03

Q2 03

Q3 03

Q4 03

Q1 04

Q2 04

Q3 04

Q4 04

Q1 05

Q2 05

Q3 05

Q4 05

Q1 06

Q2 06

Q3 06

Q4 06

Q1 07

Q2 07

Q3 07

Q4 07

Q1 08

Q2 08

Q3 08

Q4 08

Q1 09

Q2 09

Q3 09

Q4 09

Q1 10

Q2 10

Q3 10

Q4 10

Q1 11

Q2 11

Current capital employed CCI Index (rebased)

GLENCOÂE I 16Note: Current capital employed defined as current assets less accounts payable, income tax payable and other financial liabilities.

AppendixAppendix

Key statisticsyGlencore operates significant industrial and marketing activities across the various business segments

Marketing activities Industrial activities

Operational

Glencore

Main activity Sourcing, distribution and marketing

Controlled and non-controlled investments in

producing and development assets

p

A leading integrated producer and marketer

of commodities

Geographical presence Over 40 countries Over 30 countries

Employees Over 2,700 Over 54,800(1)

Over 40 countries

Over 57,500

Financial

H1 11 Revenues Total assets: $81.4 bn$92.1bn

H1 11 EBITDA $3.8bn

H1 11 EBIT $3.0bn$2.3bn

Glencore shareholders’ funds: $29.0 bn

$3.3bn Standard & Poor’s: BBB (stable)

(3)H1 Net income $2.5bn(2) Moody’s: Baa2 (stable)

GLENCOÂE I 18

Notes: (1) Marketing employees includes managers, support staff and employees in global offices.(2) Excludes exceptional items

Marketing illustration – arbitrage opportunitiesg g pp

Glencore has the ability to implement and execute any combination of the following arbitrage opportunities

Geographical1 Timing3Product2

Gasoline

Ethanol

Corn Vegoil

BiodieselEnergy distributor

Gasoil

Triangulation of freight movements and regional supply/demand dynamics allow

Diverse commodity range, supply base and extensive storage, handling and processing capabilities

Glencore is able to benefit from ‘inefficiencies’ in the shape of the forward price curves Definition

g

for capitalisation and execution of value add and profit enhancing transactions

enable exploitation of price differentials across various products

Glencore enters into generic and flexible purchase and sales

Differences in grade, e.g. blending different grades to meet contract

“Carry trades” booked in contangomarket benefiting from its

Definition

flexible purchase and sales contracts with various industry participantsExtensive and global commodity books provide opportunities to di t d t i t

different grades to meet contract requirements at a lower overall costLocking in processing margins to take advantage of price differentials between unprocessed and

d d t

market, benefiting from its comparatively lower financing and storage costs than that implied by the forward curve Glencore can benefit from a b k d ti k t b i iE l divert cargos and enter into

swap agreements to optimise physical delivery scheduleOptimisation of existing contracts results in reduced

processed productSubstituting products where an end-product can be produced from a variety of commodities (e.g. animal feed)

backwardation market by pricing sales contracts as early as possible and deferring the quotation periods (QPs) of supply contracts

Examples

GLENCOÂE I 19

shipping costs and higher profit margins compared to standard trades

)

Marketing illustration – geographical arbitrage

Vanilla transaction executed by various industry participants…Vanilla transaction executed by various industry participants…

… premium profit margins achieved by Glencore due to its extensive and global alumina book with insight into freight movements… premium profit margins achieved by Glencore due to its extensive and global alumina book with insight into freight movements

1 2 3 4a 4bPurchase contract Sales contract Swap agreement Optimisation of Optimisation of

g g g p g

Glencore enters into an exclusive 10 year purchase agreement from an Alumina refinery in the Mediterranean basin.

1

Glencore enters into a contract to supply alumina to a Black Sea customer (B)The logical origin to supply

2

Approached by a large producer with commitments to deliver alumina into the Mediterranean, Glencore swaps its Mediterranean

3

Glencore has an existing alumina supply commitment to Iceland (D), typically sourced from Jamaica (E).

I li ht f th

4a

Jamaican alumina (E) is then finally shipped to the Black Sea customer (B) resulting in a higher margin

Glencore’s ability to

4bPurchase contract Sales contract Swap agreement Optimisation of existing contracts

Optimisation of existing contracts

alumina is from A. Net of freight costs, the sales agreement is priced at premium to the purchase contract thereby locking in a modest margin.

Alumina (A) for Northern European Alumina (C) in exchange for the freight differential

In light of the swap agreement, Glencore recognises the benefit of supplying the new Northern European Alumina (instead of the Jamaican) to Iceland due to reduced shipping

Glencore’s ability to optimise freight and rationalisation of existing contracts allow it to lock in a higher profit margin on a standard trade

pp gcosts.

B C DB

AA

C

E

A

Extensive and global alumina book provide flexibility to enhance profit margins

Glencore’s reputation as a secure and reliable counterparty present additional opportunities to optimise existing contracts

Triangulation of global freight movements allow Glencore to capitalise and execute value add and profit enhancing trades

GLENCOÂE I 20

Marketing illustration – product arbitrage

Glencore’s diverse commodity range and processing ability enables it to exploit price differentials across various products, for example

U i diff i d bl di diff t d t th t t t t i t t

g p g

– Using differences in grade, e.g. blending different grades together to meet contract requirements at a lower overall cost

– Locking in processing margins to take advantage of price differentials between unprocessed and processed product

– Substituting products where an end-product can be produced from a variety of commodities (e.g. animal feed)

Illustrative example - Agriculture

After 3 months, relative forward price movements

Glencore improve their margin by selling

Scenario Catalyst Outcome1 32

Gasoline forward price movements mean Glencore calculates that the margin would improve with a blend of 75% rapeoil and 25% soyoil

margin by selling rapeoil and buying soyoil

Ethanol BiodieselEnergy distributor

Corn VegoilGasoil

Different vegoil blends (rapeoil, soyoil, palmoil) produce Biodiesel with different quality specifications and hence market values

B d 12 th f d i Gl l l t

GLENCOÂE I 21

Based on 12 month forward prices Glencore calculate an optimal Biodiesel producer’s margin with a feedstock of 100% rapeoil

Marketing illustration – time arbitrage

Glencore is able to benefit from inefficiencies in the shape of the forward price curves – In a contango market, Glencore can book “carry trades”, benefiting from its comparatively lower

fi i d t t th th t i li d b th f d

g g

financing and storage costs than that implied by the forward curve – Glencore can also benefit from a backwardation market by pricing sales contracts as early as

possible and deferring the quotation periods (QPs) of supply contractsTime arbitrage is dependent on the existence of liquid forward and futures markets and competitive g p q paccess to storage and financing

Illustrative example - Oil in a contango market

• Glencore purchases 100 barrels of oil at

• 3 month forward price is $80 per

• Glencore sells forward 100 barrels

• At maturity Glencore delivers 100 barrels

Scenario1 Outcome4Glencore’s strategy3Catalyst2

100 barrels of oil at $75 each

price is $80 per barrel

forward 100 barrels at $80, resulting in a profit before financing, storage and other

delivers 100 barrels of oil

• Profit per barrel is $5 less say $3 of financing storage

Current value Forward price$85 and other

transaction costs of $5

financing, storage and other transaction costs

$75

$80

$75 / bbl $80 / bbl

Spot 3m forward

$70

GLENCOÂE I 22

Marketing illustration – freight & logistics

Glencore’s freight and logistics operations are key to supporting marketing strategies, understanding trade flows and adding additional value, for example

B b i bl t h i ll t t d t d t t t k d t f ili k t

g g g

– By being able to physically transport and store products to take advantage of prevailing market conditions

– The scale of operations ensures low cost transportation, often allowing Glencore to win contracts by offering a lower unit price CIF (Cost, Insurance, Freight) than competitors

Illustrative example - General

Scenario1 Outcome3Glencore’s strategy2

Market price of a commodity in location X is $100

P ili k t t t

Glencore is able to operate at lower unit costs for freight due to scale, experience and

ti l i t ti

Glencore can offer a CIF price of say $106-$110 and still win the contract as l t t idPrevailing market transport

cost to ship the commodity to location Y is $10, total CIF price is $110

vertical integration lowest cost provider

Market = $10 / unit Glencore = $6 / unit

GLENCOÂE I 23

World class management and BoardgHighly experienced Board of Directors and management team

Simon MurrayIndependent Non Executive Chairman

• Aged 71• Executive Chairman of GEMS• Board member of Richemont andp

Independent Non Executive DirectorsExecutive Directors

Board member of Richemont and Essar Energy

CEO INEDSID INEDCEOIvan Glasenberg

INEDPeter Coates

• Aged 65• 40 years of experience in the

resource industry• Member of the Boards of

SIDAnthony Hayward

• Aged 54• Former CEO of BP• Board member of TNK-BP and

partner of AEA Investors

INEDLeonhard Fischer

• Aged 48• CEO of RHJ International and

former CEO of WintherthurMember of the Boards of Julius

• Aged 54• BoD Member since 2002• CEO of Glencore since 2002

27 ith Gl • Member of the Boards of Santos and Amalgamated Holdings

partner of AEA Investors, founder of Vallares

• Member of the Boards of Julius Baer Gruppe, AXA Konzern and Arecon

• 27 years with Glencore

CFOSteven Kalmin

INEDWilliam Macaulay

A d 66

INEDLi Ning

• Aged 54A d 41

GLENCOÂE I 24

• Aged 66• Chairman and CEO of First

Reserve• Chairman of Dresser-Rand

• Aged 54• Executive Director of Henderson

Land Development Company• Director of Hong Kong (Ferry)

Holdings

• Aged 41• CFO of Glencore since 2005• 12 years with Glencore