Glencore CEO

–

Ivan GlasenbergMiami, 15th

May, 2012

I 2

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 3

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

Met

als

and

Min

eral

sEn

ergy

Pro

duct

sA

gri.

Prod

ucts

Oil

Coal / coke

Significant presence

Lesser presence

Key:

Ferroalloys / nickel /cobalt / iron ore

Marketing,Storage and freight

Marketing,Storage and freight

Processing / refining

Upstream production

Agriculturalproducts

Alumina / aluminium

Zinc /

copper /lead

n/a n/a

What does Glencore do?

I 4

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 5

After management buy-out…..

$1.2 bn

Strong track record of value creation…

…to current 2012

$44 bn

Equity value creation since 1996

Value creation

+3550%

2002

Subs-

tantial

Glencore coal assets contrib-

uted

to forming Xstrata plc

1974

Establishment of Glencore focused on physical marketing of commodities

1987 / 1988

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

1980s 1990s 2000s 2010s1970s

1990

Acquisition of a stake in Xstrata (then Sudelektra

AG)

2007

Selected Glencore aluminium & alumina assets contributed

to create

UC

Rusal

2011

IPO of Glencore

1993 / 94

Manage-

ment

buyout (“MBO”)

1995

Glencore acquires first building block of Prodeco

2004

First public bond issue of $950m

1981

Acquisition of a Dutch grain trading company, foundation of Agricultural Products division

2008

Merger of Katanga and Nikanor

resulting in a 8.5% holding in the combined entity

Purchase of initial 40% stake in Vasilkovskoye

Gold (via Kazzinc)

2009

Government approves start of West African hydrocarbon projects development phase

1997

Acquisition of majority stake in Kazzinc

2012

Merger with Xstrata

2009 –

2010

Issuance of $2.3bn

convertible bond

2012

Acquisition of Viterra

vs. +121% S&P Index+50% FTSE 100

I 6

%

Last 10 years RoE

range (1)

Averages

61%

50% 51%

36%

58%

45%

34%

21% 19% 21%

15%11%

15%18%

15% 15%

13%

4% 6%5%

38%

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.

… driven by best in class RoE

I 7Note: (1) Based on broker consensus estimates provided by Capital IQ and Enterprise Value as of 10 May 2012.

Capital efficient model allows shareholders to benefit from robust FCF generation

2012E-2014E Capex as percentage of aggregate value(1)

2012E-2014E EBITDA CAGR (Based on broker consensus)(1)

8% 4% 1% 11%

+

Capital discipline is a key focus at Glencore

8%

24%

36%32%

28%

40%

31%

I 8

0.01% 0.01%

0.09%

0.00% 0.00%

0.00%

0.04%

0.08%

0.12%

Xstrata Anglo American Rio Tinto BHP Billiton Glencore

Acquisition of Shares by Directors in 2011-2012YTD

(1)

CEO

and CFO

holdings in peers

Note: (1) Based on FY2011

annual reports for the comparable companies. For the period 30 June 2010 –

30 September 2011 for BHP

Billiton

Glencore management are owners not caretakers of assets

0.02% 0.02%0.11%

0.01%

0.25%

Freeport

16.82%

I 9

Unique pipeline of production growth from low-risk, low-cost and high

grade brownfield

operations

Asset grades

Cu % content per tonne

of P&P

reserves

Source: Company filings, IPO prospectus., broker consensus estimates

4.2%

3.4%

1.9%

0.8%0.7%

Katanga Mutanda Mopani Kazzinc Global Average

12.9%

10.3%

7.4% 7.3%

6.4%

5.5%

2011A to 2015E copper equivalent volume growth CAGR

%

Note: (1) Relates to the expectd

Cu equivalent 2011-15E production CAGR expected across the entire Industrial Asset’s portfolio

(1)

I 10

5

10

15

20

25

Konk

ola

Nor

thG

alor

e C

reek

Frei

da R

iver

Oly

mpi

c D

amC

oroc

cohu

ayco

Antu

coya

Akto

gay

Lom

as B

ayas

Sul

phid

eLa

Gra

nja

Oyu

Tol

goi

El P

acho

nBo

seto

exp

ansi

onR

eko

Diq

Tam

paka

nC

olla

huas

i exp

ansi

onEl

Mor

roQ

uebr

ada

Blan

ca e

xpR

esol

utio

nR

elin

cho

Bozs

hako

lLo

s Pe

lam

bres

exp

Que

ilave

coTe

nke

Fung

urum

e ex

pC

olla

huas

i exp

ansi

on (b

)Pe

bble

Las

Bam

bas

Sier

ra G

orda

(Qua

dra)

Nok

omis

Cer

ro V

erde

exp

Mic

hiqu

illay

Mor

enci

exp

Esco

ndid

a ex

p O

GP1

Min

a Ju

sta

Haq

uira

Toqu

epal

a ex

pLu

mw

ana

Expa

nsio

nTi

a M

aria

Puth

epC

huqu

icum

ata

UG

Asar

co R

ehab

Agua

Ric

aKa

zzin

cG

rasb

erg

UG

Sent

inel

Prod

eco

Mop

ani

Kans

ansh

i exp

ansi

onM

utan

daIn

ca d

e O

roKa

tang

a Ph

ase

IV

Source: Glencore expansion projects data from IPO prospectus technical reports. Peer projects from Deutsche Bank research note (Higher capital intensity –

a higher long-term price, 11 January 2012). Cu conversion prices updated to spot prices on 2 March 2012: (Copper -

$8,625.0/MT, Brent Crude Oil -

$124.0/bbl, Coal -

$103.9/MT, Zinc -

$2,088.5/MT, Cobalt -

$31,150/MT). Prodeco

capex

calculated as 2010 –

2014 expansionary capex

less capex

allocated to the port as per IPO prospectus. Kazzinc capex

and production as per IPO prospectus. Kazzinc and Mopani represents expected capex

for LOM

over production ramp-up until 2015E.Notes: (1) Includes own mines’

production only.

USD (‘000) / tonne

Cu eq.(2)

Glencore projects

Cu eq

prod’n

(‘000)

Total Capex ($m)

Efficient capex

programme underpins high returns

Low-cost incremental tonnes from flagship growth

projects

10

(1)

40 232

240

741

50 80 104

100

240

531

323

16 241

450

419

231

227

597

201

134

421

248

70 319

441

365

317

171

308

374

82 387

113

243

117

40 120

46 427

146

414

205

985

300

145

310

130

193

159

199

900

5,20

05,

300

16,0

0090

01,

350

1,75

01,

600

3,80

08,

200

4,80

024

03,

500

6,50

06,

000

3,30

03,

200

8,20

02,

750

1,80

05,

500

3,20

090

04,

000

5,50

04,

500

3,80

02,

000

3,50

04,

200

900

4,00

01,

100

2,30

01,

100

350

1,00

035

03,

200

1,02

02,

800

1,32

36,

000

1,75

077

01,

477

550

734

576

635

Peer copper projects

I 11

$[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 ofGlencore.

Xstrata & Viterra

enhance Glencore’s

position

Appendix

I 13

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.

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%

Key financial highlights

I 14

2011 2010

Total assets $86.2bn $79.8bn

Glencore shareholders' funds $29.3bn $19.6bn

Net debt $12.9bn $14.8bn

Adjusted current ratio 1.5x 1.3x

FFO to Net debt 27% 23%

Net debt to Adjusted EBITDA 2.0x 2.4x

Robust balance sheet with almost $7 billion of

committed liquidity headroom as at 31 December

2011

12% fall in net debt over the year to $12.9bn

Strong and improving cashflow

coverage ratios with

FFO

to Net debt increasing 20% from 22.6% to

27.2% and Net Debt to Adjusted EBITDA falling to

2.0x

No material refinancing in next 12 months

S&P and Moody’s investment grade credit ratings

strengthened in July 2011 to BBB (stable) and Baa2

(stable) respectively

–

Following announcement of Xstrata merger,

both agencies have flagged possible

upgrade potential

Average VaR

(1 day 95%) was $39m (2010: $43m),

representing a modest 0.1% of shareholders’

equity

Notes:

(1) All definitions as per Preliminary Results Release 2011.

Robust balance sheet(1)

I 15

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

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

Marketing activities Industrial activities

Financial

(3)

Geographical presence Over 40 countries Over 30 countries

Employees Close to 3,000 Over 58,000

Main activity Sourcing, distribution and marketing

Controlled and non-

controlled investments in producing and

development assets

Operational

(1)

FY 11 Revenues

FY 11 EBITDA $6.5bn

FY 11 EBIT $3.0bn$2.3bn

Total assets: $86.2bn

Glencore shareholders’

funds: $29.3bn

FY 11 Net income

Glencore

Over 40 countries

Over 58,000

A leading integrated producer and marketer

of commodities

$186.2bn

$5.4bn

$4.1bn(2)

Standard & Poor’s: BBB (stable)

Moody’s: Baa2

(stable)

I 16

Glencore overview

Unique

Global Infrastructure

Zinc/Copper/Lead

XstrataZinc/Copper

Alumina/Aluminium

Xstrata Nickel

Coal

Xstrata Coal

Nickel

Xstrata Alloys

GrainOil

Main OfficesOfficesAgents

Xstrata

Century Aluminum

Xstrata

XstrataRusalCentury Aluminum

Prodeco

Xstrata

Los Quenuales

Sherwin Alumina

Various Rusal

Companies

Various Russneft

Companies

Mopani

Kazzinc

Shanduka

Cobar

Xstrata

Moreno

Sinchi

Wayra

Murrin Murrin

Chemoil

Rusal

AR

Zinc

Rusal

Katanga Mutanda

Pasar

Portovesme Recylex

Xstrata

E&P

Assets

Biopetrol

Punitaqui

Perkoa

Rio Vermelho

Umcebo/ Optimum

Xstrata

Xstrata

Xstrata

Nyrstar

Volcan

Polymet

Columbia Falls

Timbues Renova

Ponta Pora

Kansuki

I 17

Definition

Examples

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

Diverse commodity range, supply base and extensive storage, handling and processing capabilities enable exploitation of price differentials across various products

Differences in grade, e.g. blending different grades 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)

Product2

Ethanol

Corn Vegoil

BiodieselEnergy distributor

Gasoline

Gasoil

Triangulation of freight movements and regional supply/demand dynamics allow for capitalisation and execution of value add and profit enhancing transactions

Glencore enters into generic and flexible purchase and sales contracts with various industry participants

Extensive and global commodity books provide opportunities to divert cargos and enter into swap agreements to optimise physical delivery schedule

Optimisation of existing contracts results in reduced shipping costs and higher profit margins compared to standard trades

Geographical1

Glencore is able to benefit from ‘inefficiencies’

in the shape of the forward price curves

“Carry trades”

booked in contango

market, benefiting from its comparatively lower financing and storage costs than that implied by the forward curve

Glencore can benefit from a backwardation market by pricing sales contracts as early as possible and deferring the quotation periods (QPs) of supply contracts

Timing3

Marketing illustration –

arbitrage opportunities

I 18

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

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 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.

2

Approached by a large producer with commitments to deliver alumina into the Mediterranean, Glencore swaps its Mediterranean Alumina (A) for Northern European Alumina

(C) in exchange for the freight differential

3

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

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 costs.

4a

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

Glencore’s

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

4bPurchase contract Sales contract Swap agreement Optimisation

of existing contracts

Optimisation

of existing contracts

AA

B

A

C

C

D

E

B

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

Marketing illustration –

geographical arbitrage

I 19

Glencore’s

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

–

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 mean Glencore calculates that the margin would improve with a blend of 75% rapeoil

and 25% soyoil

Glencore improve their margin by selling rapeoil

and buying soyoil

Scenario Catalyst Outcome1 32

Ethanol

Corn Vegoil

BiodieselEnergy distributor

Gasoline

Gasoil

Different vegoil

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

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

Marketing illustration –

product arbitrage

I 20

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 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 contracts

Time arbitrage is dependent on the existence of liquid forward and futures markets and competitive access to storage and financing

Illustrative example -

Oil in a contango

market

Glencore purchases 100 barrels of oil at $75 each

3 month forward price is $80 per barrel

Glencore sells forward 100 barrels at $80, resulting in a profit before financing, storage and other transaction costs of $5

At maturity Glencore delivers 100 barrels of oil

Profit per barrel is $5 less say $3 of financing, storage and other transaction costs

Scenario1 Outcome4Glencore’s

strategy3Catalyst2

$75 / bbl

Current value Forward price

$80 / bbl

Spot 3m forward

$70

$75

$80

$85

Marketing illustration –

time arbitrage

I 21

Glencore’s

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

–

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

Market price of a commodity in location X is $100

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

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

Glencore can offer a CIF price of say $106-$110 and still win the contract as lowest cost provider

Scenario1 Outcome3Glencore’s

strategy2

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

Marketing illustration –

freight & logistics

I 22

Simon MurrayIndependent Non Executive Chairman

Independent Non Executive DirectorsExecutive Directors

CEOIvan Glasenberg

CFOSteven Kalmin

INEDPeter CoatesAged 66

40 years of experience in the resource industry

Member of the Boards of Santos and Amalgamated Holdings

INEDWilliam Macaulay

Aged 66

Chairman and CEO

of First Reserve

Chairman of Dresser-Rand

SIDAnthony Hayward

Aged 54

Former CEO

of BP

Board member of TNK-BP and partner of AEA

Investors, founder of Vallares

INEDLeonhard Fischer

Aged 49

CEO

of RHJ

International and former CEO

of Wintherthur

Member of the Boards of Julius Baer Gruppe, AXA Konzern

and Arecon

INEDLi Ning

Aged 55

Executive Director of Henderson Land Development Company

Director of Hong Kong (Ferry) Holdings

Aged 55

BoD

Member since 2002

CEO

of Glencore since 2002

27 years with Glencore

Aged 41

CFO

of Glencore since 2005

12 years with Glencore

•

Aged 72•

Executive Chairman of GEMS•

Board member of Richemont

and Essar

Energy

Highly experienced Board of Directors and management team

World class management and board