Noble Group Holdings Limited

April 2019

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Positioning of Noble Group Holdings Limited

Achievements

Focused on Core Businesses including AsiaEnergy, Metals, Tech Metals, Steel Complex andFreight

Stable and loyal base of customers andsuppliers, well positioned to grow

Focused on the Asia Pacific region deliveringenergy solutions into Asian regulated power gridswhere NGHL has a strong franchise

Strong and experienced management team todrive the business forward, whilst focused on riskmanagement

Asset Co debt provided on a non recoursebasis to all other debt in the Group

Key Highlights of NGHL

Return to profitability. Noble Group postedUS$75 million of EBITDA(1) in Q1 2019

Secured committed 3-year trade financefacility of US$700 million to support ongoingoperations and growth

Secured US$100 million support facility tofacilitate ongoing hedging requirements

Sustainable capital structure and termed outdebt maturity profile

Significant opportunity for all stakeholders tocapture economic upside, business wellpositioned for growth

NGHL has established a stable platform with a sustainable capital structure to deliver

long-term value to all of its stakeholders

(1) Adjusted measure. Refer to the Addendum of the Q1 2019 results document for the definition and reconciliation of non-IFRS Financial Performance Measures.

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Noble Group Holdings LimitedAsia’s leading independent energy products and industrial raw materials supply chain manager

Business Overview

Trading Co Group Asset Co Group

Asia Energy Metals Tech Metals

Steel Complex

Freight

Jamalco (Alumina) Harbour Energy (Oil & Gas) Plantations (Palm Oil) Vessels (Dry Bulk Carriers)

Strategy & Business Model

Build value for stakeholders with sustainable, focused franchises built upon long-term supplier and customer relationships

Streamlined business focused on product flows where the Group

has a strong existing Asian regional presence or a strategic global

relationship

Leverage market opportunities in global energy consumption,

where Asia is projected to see the largest growth

Principal Activities

Marketing Risk Management Services

Offtake Blending & Processing

Financing Logistics & Transportation

By The Numbers

30+ years in operation Presence in >15 countries

c.275 employees >80 million tonnes shipped(1)

>US$4.5 billion of revenue(1)>US$500 million cash at

31 December 2018

(1) Pro forma FY 2018 results from continuing operations. Volumes shipped include both offtake and marketing.

Illustrative Asian regional presence

Hong Kong head office

Domestic trading hub

Illustrative Asian regional trade flows

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Asset Co Group

Jamalco(Alumina)

Joint venture investment with Government of Jamaica in

integrated bauxite mining and alumina production

55% ownership share in Jamalco alumina production, as

well as exclusive offtaker of remaining 45% share

Harbour

Energy(Oil & Gas)

Joint venture investment with EIG Global Energy Partners.

Invested in producing North Sea oil assets

Plantations(Palm Oil)

Palm oil plantations in Indonesia

Vessels(Dry Bulk Carriers)

5 dry bulk carrier vessels

Noble Group Holdings LimitedMarket-leading franchises built upon long-term supplier and customer relationships, with strategic investments in Jamalco and Harbour Energy

(1) Asia Energy comprises energy coal, LNG and oil products. Steel Complex comprises met coal & coke and special ores & industrial minerals. Metals comprises base metals and aluminum complex.

Sales processes underway

Trading Co Group

Business(1) Product Description

Energy Coal Bit and sub-bit

thermal coal

Leading non-producer shipper of

seaborne thermal coal

LNG & Oil

Products

LNG, gasoil,

gasoline, jet fuel &

HFO

Global LNG supply chain solution

and ASEAN-focused supplier of

refined oil products

Met Coal

& Coke

HCC, PCI, semisoft

coal and met coke

Leading non-producer shipper of

met coal & coke

Special Ores

& Industrial

Minerals

Manganese, chrome

tin & tungsten

High margin special ores &

industrial minerals business

Base Metals Copper, zinc, lead &

nickel

Niche physical merchant of non

ferrous metal & concentrates

Aluminium Alumina &

aluminum

Vertically-integrated bauxite,

alumina & aluminum supply chain

Tech Metals Rare earths, cobalt

& lithium

Investing in tech metal assets across

the value chain

Freight Capesize, Panamax

& Supramax bulk

carriers

Servicing in-house and third party

clients

Operating Segment: EnergyMetals,

Minerals & Ores

Source from our producer suppliers in low-cost regions

Provide value-added services

Deliver to our network of customers

Logistics & Transportation

(examples: barging, freight)

Price Risk Management

(examples: swaps and scheduled deliveries)

Processing & Blending

(examples: quality and mix specifications)

Structured & Trade Financing Solutions(examples: payment terms, prepayment, offtake & marketing arrangements)

Business Model

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Leading Risk Management FrameworkAdvanced systems supported by team of risk professionals that are core to risk management process

Key Principles of Risk Management Framework (Illustrative Transaction)

Physical

Producer

Buy from producer based on offtake contract

Stockpile/Terminal

Transport to stockpile or coal terminal

Blending

Blending to customers’ specifications

Shipping

Charter transport for shipment to customer

Customer

Deliver to customer

Financial Hedging to cover market risk

Risks Managed

Market RiskMarket Risk

Operational RiskMarket Risk

Operational RiskMarket Risk

Operational RiskMarket Risk

Operational Risk

Price, spread, premium riskPrice, spread, premium risk

Force MajeurePrice, spread, premium risk

Force Majeure

Logistics, price, spread, premium riskForce Majeure

Price, spread, premium risk

Credit risk to suppliers, customers and financial brokers throughout the supply chain

Focus on ensuring that risks are properly understood, quantified and

managed, according to NGHL’s risk appetite and available capital

resources

Risk management structure parallels commercial business structure

Direct involvement of risk management decisions and activities by

the Board Risk Oversight Committee

Risk Management Framework

Infrastructure GovernanceAnalysis &

QuantificationManagement

Market Risk Credit Risk Operational Risk

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Increasing Asian Electricity Generation Increasing Global Steel Production

Energy coal and gas will continue to be the main

fuels for Asian electricity generation

0

5,000

10,000

15,000

20,000

2016 2020 2025 2030

Coal Gas Hydro Oil Nuclear Other/Renewables

Asian Electricity Generation by Fuel(1)

(TWh)

1,675

1,725

1,775

1,825

1,875

1,925

2017 2019 2021

69%

31%

Asia and Oceania

Rest of World

2021 by region

Asia continues to represent the majority of

global steel production

Global Steel Production(2)

(million tonnes)

Market OpportunitiesNoble Group well positioned for long-term growth in Asian energy consumption and global steel production

(1) Source: IEA World Energy Outlook 2017, IEA World Energy Outlook 2016 – Current Policies Scenario.(2) Source: CRU (July 2018).

Q1 2019 Summary

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Financial HighlightsThree months ended 31 March 2019

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Global demand for the Group’s traded commodities remained strong in Q1 2019, however prices demonstrated somevolatility and were generally lower during the period compared to 2018 levels

Solid performance in Q1 2019 with both Trading Co Group and Asset Co Group recording positive operating incomefrom supply chains and EBITDA(1). Total Group net profit of US$30.3 million in Q1 2019

Volumes are expected to ramp-up over the remainder of the year as Trading Co Group continues to deliver on its coreflows and expands on its existing new relationships while commencing a measured build out of new long termpartnerships

Cash balance stood at US$507 million at 31 March 2019 with adjusted net debt of US$1,103 million(1) after adjustingfor readily marketable inventories

Strong liquidity position, committed trade finance and hedging support facility and termed out debtmaturity profile provide a stable platform to return the Group to sustainable profitability and deliverlong term value to all of its stakeholders

(1) Adjusted measure. Refer to the Addendum of the Q1 2019 results document for the definition and reconciliation of non-IFRS Financial Performance Measures.

By the Numbers:Operating income from supply chains

$87(US$ millions)

Volumes (offtake and marketing)13

(million tonnes)EBITDA(1) $75

(US$ millions)

Trading Co Group

Solid trading performance with contributions from boththe Energy and Metals, Minerals and Ores segments

Gross margin percentages were strong driven byfavourable trading conditions. Expected to normaliseover the remainder of 2019

Strong liquidity position and conservative leverage –adjusted net debt at US$158 million(1) at 31 March 2019

Segment ResultsPositive operating income from supply chains and EBITDA

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By the Numbers(1)

(US$ millions)

Volumes (million tonnes)(2)

Revenues

Operating income from supply chains

Gross margin %

EBITDA

11.2

714.6

62.6

8.8%

38.1

Asset Co Group

Good performance by Jamalco in the strong aluminaprice environment

Volume figure includes those related to Jamalco andexternal customer volumes shipped by the Vessels(3)

Operating environment continues to remain favourablefor Jamalco and Harbour Energy

EBITDA included US$19 million performance feedistributions from Harbour Energy

Net debt at 31 March 2019 at US$655 million(1)

By the Numbers(1)

(US$ millions)

Volumes (million tonnes)

Revenues

Operating income from supply chains

EBITDA

1.8143.224.439.0

(1) Adjusted measures. Refer to the Addendum of the Q1 2019 results document for the definition and reconciliation of non-IFRS Financial Performance Measures.

(2) Includes offtake and marketing volumes.(3) 5 Vessels are held by Asset Co.

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Consolidated Income Statement SummaryThree months ended 31 March 2019

(US$ millions / million tonnes) Trading Co

Group(2)Asset CoGroup(2) Other(2)(3) Total

Volume (million tonnes)(1) 11.2 1.8 - 13.0

Revenue 714.6 143.2 (0.1) 857.7

Operating income from supply chains 62.6 24.4 - 86.9

Loss on supply chain assets (6.4) - (0.0) (6.4)

Share of profits and losses of joint ventures & associates (1.2) - - (1.2)

Total operating income 55.0 24.4 (0.0) 79.4

Other income net of other expenses 1.6 8.7 8.4 18.7

Selling, administrative and operating expenses (26.8) (1.9) (1.6) (30.3)

Profit before interest and tax 29.8 31.1 6.8 67.8

Finance income 5.7 3.2 (0.0) 8.9

Finance costs (15.7) (18.5) (4.1) (38.3)

Taxation (0.7) (7.3) - (8.0)

Net income 19.2 8.5 2.7 30.3

EBITDA(2) 38.1 39.0 (1.6) 75.5

(1) Includes offtake and marketing volumes.(2) Adjusted measure. Refer to the Addendum of the Q1 2019 results document for the definition and reconciliation of non-IFRS Financial Performance

Measures.(3) Contains the results of Noble Group Holdings Limited, Noble Intermediate Hold Co Limited and Noble Trading Hold Co Limited, and certain accounting

adjustments to align the Asset Co Group and Trading Co Group business units with the accounting treatment required at the Noble Group Holdings Limited level. This does not contain any of the Group’s operating components.

Solid Q1 2019 performance by both Trading Co Group and Asset Co Group

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Trading Co Group - Pro Forma EBITDAUnderpinned by market-leading franchise businesses

Trading Co Group of businesses to achieve steady

state by 2021

Based on current businesses, clients and supply

chains – additional earnings growth potential given

strong market fundamentals

Product diversity with mix of established franchise

businesses and growth pipeline

Streamlined cost structure reflecting reduced

complexity and footprint

Committed medium term trade finance & hedging

support facility to support commodities trading

businesses

Termed out debt maturity profile with the first debt

repayment occurring in 2023

(1) Pro forma reflects steady state long term forecast. Excludes cash flows associated with Asset Co Assets with exception of direct Trading Company Fees.(2) Excludes bank debt (including receivables purchase programme and vessel financing).

Pro Forma EBITDA(1)(US$ millions)

Operating Income from SupplyChains

$275-325

Volumes 75-85mt

SAO Expenses $100-125

Pro Forma Annual EBITDA $175-200

Pro Forma Credit Metrics (2)

Net Debt(2) to EBITDA 1.1-1.3x

Total Debt(2) to EBITDA 3.5-4.0x

Cash Interest Coverage 2.9-3.3x

First Debt Maturity(Trading Co Bond)

2023

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Disclaimer

This presentation (the “Presentation”) does not constitute or form part of, and should not be construed as, an offer or invitation to sell or issue, or the solicitation

of an offer to purchase, subscribe for, underwrite or otherwise acquire, any securities of Noble Group Holdings Limited (“Noble”) and any of its subsidiaries

(collectively, the “Group”) or any affiliate thereof, nor should it or any part of it form the basis of, or be relied on in connection with, any contract to purchase or

subscribe for any securities of the Group, nor shall it or any part of it form the basis of or be relied on in connection with any contract or commitment whatsoever.

No securities of the Group have been, or will be, registered under the United States Securities Act of 1933, as amended, or the securities laws of any other

jurisdiction.

This Presentation is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary

to law or regulation and persons into whose possession this Presentation comes must inform themselves about, and observe, any such restrictions.

The material in this Presentation has been prepared by Noble and is general background information about Noble’s activities current as at the date of this

Presentation. This information is given in summary form and does not purport to be complete. No representation, warranty or undertaking, express or implied, is

made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or the opinions contained herein. None of

Noble nor any of its subsidiaries, affiliates, advisors, representatives and agents shall have any responsibility or liability whatsoever (in negligence or otherwise)

relating to the accuracy or completeness of the information and opinions contained in this Presentation or for any loss howsoever arising from any reliance or use

of this Presentation or its contents or otherwise arising in connection with this Presentation.

This Presentation may contain forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and the securities laws

of other jurisdictions. Forward-looking statements are not statements of historical fact and reflect Noble’s intent, belief or current expectations with respect to its

future businesses and operations, market conditions, results of operation and financial condition, capital adequacy, specific provisions and risk management

practices. Forward-looking statements are not guarantees of future performance and our actual results of operations, financial condition and liquidity, and the

development of the industries in which Noble operates may differ materially from those made in or suggested by the forward-looking statements contained in this

Presentation. In addition, even if our results of operations, financial condition and liquidity are consistent with the forward-looking statements contained in this

communication, those results or developments may not be indicative of results or developments in subsequent periods.

Readers are cautioned not to place undue reliance on these forward-looking statements. Noble does not represent or warrant that their actual future results,

performance or achievements will be as discussed in those forward-looking statements. Further, Noble disclaims any responsibility, and undertakes no obligation

to update or revise any forward-looking statements contained in this Presentation to reflect any change in their expectations with respect to such statements or

information after the date of this Presentation or to reflect any change in events, conditions or circumstances on which Noble based any such statements.

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Disclaimer (continued)

This Presentation contains financial information regarding the businesses and assets of Noble and its consolidated subsidiaries. Such financial information may

not have been audited, reviewed or verified by any independent accounting firm. Certain financial data included in this Presentation consists of “non-IFRS

financial measures.” These non-IFRS financial measures, as defined by Noble, may not be comparable to similarly titled measures as presented by other

companies, nor should they be considered as an alternative to the historical financial results or other indicators of Noble’s cash flow based on IFRS. Even though

the non-IFRS financial measures are used by management to assess Noble’s financial position, financial results and liquidity and these types of measures are

commonly used by investors, they have important limitations as analytical tools, and you should not consider them in isolation or as substitutes for analysis of

Noble’s financial position or results of operations as reported under IFRS. The inclusion of financial information in this Presentation should not be regarded as a

representation or warranty by Noble, or any of its affiliates, advisors or representatives or any other person as to the accuracy or completeness of such

information’s portrayal of the financial condition or results of operations of Noble and its consolidated subsidiaries and should not be relied upon when making an

investment decision.

Information in this Presentation, including forward-looking financial information, should not be considered as advice or a recommendation to investors or

potential investors in relation to holding, purchasing or selling securities or other financial products or instruments. If you have any doubt about the foregoing or

any content of this Presentation, you should seek independent financial advice.

Shareholders, potential investors and holders of the existing debts and other securities of the Group are advised to exercise caution when dealing in the securities

of the Group.