Analyst Visit, Ravensworth North 29 September 2014

Sell-side analyst visit Coal

29 September 2014

Forward looking statements

This document contains statements that are, or may be deemed to be, “forward looking statements” which are prospective in nature. These forward looking statements may be identified by the use of forward looking terminology, or the negative thereof such as "plans", "expects" or "does not expect", "is expected", "continues", "assumes", "is subject to", "budget", "scheduled", "estimates", "aims", "forecasts", "risks", "intends", "positioned", "predicts", "anticipates" or "does not anticipate", or "believes", or variations of such words or comparable terminology and phrases or statements that certain actions, events or results "may", "could", "should", “shall”, "would", "might" or "will" be taken, occur or be achieved. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Forward-looking statements are not based on historical facts, but rather on current predictions, expectations, beliefs, opinions, plans, objectives, goals, intentions and projections about future events, results of operations, prospects, financial condition and discussions of strategy.

By their nature, forward looking statements involve known and unknown risks and uncertainties, many of which are beyond Glencore’s control. Forward looking statements are not guarantees of future performance and may and often do differ materially from actual results. Important factors that could cause these uncertainties include, but are not limited to, those discussed under “Principal risks and uncertainties” of Glencore’s Annual Report 2013 and “Risks and uncertainties” in Glencore’s 2014 Half-Year Report.

Neither Glencore nor any of its associates or directors, officers or advisers, provides any representation, assurance or guarantee that the occurrence of the events expressed or implied in any forward-looking statements in this document will actually occur. You are cautioned not to place undue reliance on these forward-looking statements which only speak as of the date of this document. Other than in accordance with its legal or regulatory obligations (including under the UK Listing Rules and the Disclosure and Transparency Rules of the Financial Conduct Authority and the Rules Governing the Listing of Securities on the Stock Exchange of Hong Kong Limited and the Listing Requirements of the Johannesburg Stock Exchange Limited), Glencore is not under any obligation and Glencore and its affiliates expressly disclaim any intention, obligation or undertaking to update or revise any forward looking statements, whether as a result of new information, future events or otherwise. This document shall not, under any circumstances, create any implication that there has been no change in the business or affairs of Glencore since the date of this document or that the information contained herein is correct as at any time subsequent to its date.

No statement in this document is intended as a profit forecast or a profit estimate and no statement in this document should be interpreted to mean that earnings per Glencore share for the current or future financial years would necessarily match or exceed the historical published earnings per Glencore share.

This document does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for any securities. The making of this document does not constitute a recommendation regarding any securities.

2

Agenda

• Welcome – Senior Management Team

• Tor Peterson – Head of Coal Marketing • Thermal coal market outlook

• Peter Freyberg – Head of Coal Assets • Global asset overview

• Questions

3

Leading Coal Portfolio

22 operating coal complexes

Exporting equity coal through 9 ports

40Mtpa, low cost rail business

#1 in high energy export thermal coal Significant position in export

metallurgical coal

Diversified global footprint

58.4

15.8

0 10 20 30 40

Others

BHP

Anglo

Drummond

Glencore

Mt

COLOMBIA

0 10 20 30 40 50 60

Sasol

Exxaro

BHPB

Anglo

Glencore

Mt

SOUTH AFRICA

0 20 40 60 80 100

Anglo

Peabody

Rio Tinto

BHPB

Glencore

Mt

AUSTRALIA

Australia proforma for full year Clermont. Includes export and domestic coal sales 4

Supportive thermal coal seaborne market outlook

• Attractive long-term thermal coal market fundamentals remain in place based on economics and availability

• Seaborne thermal coal is more than a China story • energy key to emerging market growth / industrialisation • thermal coal central to this for the foreseeable future

• Thermal demand growth projected at 5% pa; slowing supply growth • Lack of ongoing investment helping to rebalance the market

• Our export coal business is the largest, most diversified, best positioned on margin curve and possesses the greatest growth optionality • majors either don't have much thermal coal or are under-investing as viewed as non-core

5

China re-balances supply and demand

6

Net imports have grown by 350Mt in the last 10 years

Long term impact on coal demand driven by Chinese economic growth • A sustained GDP growth rate of around 7% pa would see the Chinese economy double in 10 years • Elasticity of electricity with respect to GDP in China is ~1.0, declining over time • Even with lower growth rates energy demand will grow significantly • We expect at least 50% of new electricity demand will need to be met with coal based generation • The Chinese economy will require significant coal feedstock for conversion purposes

As expected, China is addressing air pollution issues • Imposition of coal quality constraints • Principal impact on inefficient industrial boilers and utilities • Action to address urban pollution will include remotely produced coal based electricity and coal based gas • Utilities with de-sulphurisation and particulate controls expected to be excluded from current pollution

measures • Sulphur relaxation permissible for coking coal

Over 2 billion tonnes of Chinese domestic coal production capacity does not meet the quality criteria / environmental objectives for the 3 identified regions

Glencore's product portfolio, trading position and embedded optionality means we are well positioned to manage market dynamics

• Change creates arbitrage opportunities upon which our trading business is built

India has emerged as the dominant growth market

7

• 12th 5yr plan • $36bn invested in generation

capacity • $61bn invested in transmission

capacity

• Coal fired capacity • Currently 145GW installed • Target 214GW installed by 2020

• 65.5% capacity utilisation and >26%

transmission losses • 10% capacity improvement = 48Mt

coal demand with no new installed generation capacity

• New installed capacity adds 345Mt coal demand

0

50

100

150

200

250

300

350

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

Indonesia South Africa Australia USA Others

Indian thermal coal imports (Mt)

YTD Annualised

Sources: CEA, Government budget, Glencore

Forecast range

0

200

400

600

800

1'000

1'200

2011 2012 2013 2014F 2015F 2016F 2017F

China India Japan KoreaTaiwan Germany Other

1,114

Market update – thermal coal supply and demand

8

Seaborne thermal coal demand (Mt)

792

880 931

960 1,019

1,063

Source: Glencore

-100

-80

-60

-40

-20

0

20

2011 2012 2013 2014 2015 2016 2017

Supply Demand Balance (Mt)

Supply growth exceeded demand • Chinese repositioning creating uncertainty

Demand growth forecast at +5% pa (+50Mtpa) over next 3 years • Supply growth expected to lag

Thermal coal margins will need to increase to support investment in new capacity

0

50

100

150

200

250

300

350

400

2011 2012 2013 2014F 2015F 2016F 2017F

China India Japan KoreaTaiwan EU Other

Market update – metallurgical coal supply and demand

9

Seaborne metallurgical coal demand (Mt)

261 280

312 308 317 322 324

Source: Glencore

Demand reduction yoy from 2013 / 2014 • Supply growth is being constrained due to demand

growth and lower prices during 2013 / 2014

Constrained demand growth forecast • < 2% over the next 3 years

Current metallurgical coal margins are expected to lead to further mine closures

-100

-80

-60

-40

-20

0

20

2011 2012 2013 2014 2015 2016 2017

Supply Demand Balance (Mt)

Glencore best positioned for current and future markets

Mt Seaborne thermal coal supply

GlencoreMajor 1Major 2Major 3Major 4Major 5Major 6Major 7Major 8Other

10 Source: Glencore

FOB thermal coal cash margins at current market prices ($/t)

Best in Class Operator

Leader in safe operations

12

Group coal safety performance • Visible leadership a key management approach

• Strong focus on management of catastrophic risks and risk controls

• SafeCoal initiative established 12 Fatal Hazard Protocols now rolled out across Glencore in SafeWork

• Efficient assurance and verification processes

• Consistent improvement in LTIFR and TRIFR

0

5

10

15

2009 2010 2011 2012 2013 2014YTD

Inju

ries

per m

illion

hou

rs w

orke

d

TRIFR LTIFR

2010 2011 2012 2013 H1 2014

Prod

uctiv

ity (

Bcm

.m3/

Annu

m)

Leader in operational performance

13

Glencore Coal - Tier 1 All T & S Loading Units Fleet Performance

Undergrounds • Blakefield South best performing longwall in

Australia for FY 13/14 • 3 of top 4 longwalls in Australia (Blakefield

South, Oaky North and Ulan West1) • Glencore has had the highest producing

longwall in Australia for the last 10 years • Ulan West longwall commenced 3 months

ahead of schedule • Development and tonnage ramp up ahead of

budget • Initial run rate positions Ulan West productivity

within top 3 producers in Australia • South African continuous miners performing at the

top end of 2 seam sections

Open Cuts • 26% increase in Tier 1 loading unit

performance • Compared to global trend of declining

performance2

1 Based on annualised production since commissioning 2 Source PwC Report “Mining for Efficiency” August 2014

Open cut mining efficiency

• PwC provided an independent assessment of Australian and Global mining equipment performance over the period 2002-2013

• Glencore performance across the board compares very favourably

• Glencore equipment performance is higher than the industry medium and best practices

• Whilst productivity trends have reduced (pre August 2014) Glencore excavator units continues to improve

• Similar leading operational performance by Glencore is also demonstrated in other loading unit categories

14 Source: Glencore data and PwC Report “Mining for Efficiency” August 2014

Hydraulic Excavator Performance Summary 2009

Glencore – ‘Tier 1’ Hydraulic Excavators

2009 Actual

Liebherr Liebherr Liebherr Liebherr Liebherr Liebherr Hitachi Hitachi Hitachi O&K Liebherr Hitachi Liebherr Hitachi Hitachi Hitachi Hitachi O&K Hitachi Hitachi O&K O&K O&K Hitachi Hitachi Cat Cat Hitachi Cat R996 996 996B R996B R996B 996 EX5500 EX3600 EX5500 RH 170B R9400 EX3600 996B EX3600 EX3600 EX5600 EX2500 RH 340B EX3600 EX5500 RH 170B RH 170B RH 170B EX3600 EX3600 6040 6050 EX2500 6060

Newlands Mt Owen Mangoola Liddell Liddell Mt Owen Rav Ops Calenturitas Glendell La Jagua Mangoola Calenturitas Mt Owen Calenturitas Calenturitas Bulga Glendell La Jagua Calenturitas Glendell La Jagua La Jagua La Jagua Calenturitas Calenturitas Rav Ops La Jagua Glendell Calenturitas

Glencore - Hydraulic Excavators Q2-2014 - Tier 1

Operational Best

Practice

Glencore – ‘Tier 1’ Hydraulic Excavators

15

Hydraulic Excavator Performance Summary 2014

Glencore – ‘Tier 1’ Hydraulic Excavators

2009 Actual

Liebherr Liebherr Liebherr Liebherr Liebherr Liebherr Hitachi Hitachi Hitachi O&K Liebherr Hitachi Liebherr Hitachi Hitachi Hitachi Hitachi O&K Hitachi Hitachi O&K O&K O&K Hitachi Hitachi Cat Cat Hitachi Cat R996 996 996B R996B R996B 996 EX5500 EX3600 EX5500 RH 170B R9400 EX3600 996B EX3600 EX3600 EX5600 EX2500 RH 340B EX3600 EX5500 RH 170B RH 170B RH 170B EX3600 EX3600 6040 6050 EX2500 6060

Newlands Mt Owen Mangoola Liddell Liddell Mt Owen Rav Ops Calenturitas Glendell La Jagua Mangoola Calenturitas Mt Owen Calenturitas Calenturitas Bulga Glendell La Jagua Calenturitas Glendell La Jagua La Jagua La Jagua Calenturitas Calenturitas Rav Ops La Jagua Glendell Calenturitas

Glencore - Hydraulic Excavators Q2-2014 - Tier 1

Operational Best

Practice

Glencore – ‘Tier 1’ Hydraulic Excavators

16

25

50

75

FY 12 FOB cashcosts

Inflation FX Real saving 1H 14 FOB cashcosts

US $/t Chart Title

US $1.8bn cost improvement since 2012

Sustained reduction in FOB cash costs since 2012, achieved through: • Reduced overheads • Optimisation of underground rosters • 20% improvement in reliability of

underground development • Increased productivities – 26%

improvement in productivity of Tier 1 shovels & excavators

• Removal of high cost production • Rationalisation of contractor spend • Negotiations with key suppliers • New production firmly in first quartile

(Ulan West, Rolleston expansion, Clermont)

17

Uncontrollable Controllable

Focus shift from growth to margin….

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Other Producers

2015 Surplus port contracted capacity as a percentage of contract1

Significantly lower 2015 take-or-pay exposure than other exporters Glencore maintains a strategic advantage over other coal exporters in Australia through a significantly lower 2015 take-or-pay exposure

18

Contracted Capacity (Mt)

Surplus (Mt)

Surplus as % Contracted

Total industry ~475 ~100 21%

1 All ports except Brisbane and PKCT, based on 2015 forecast production

Coal assets totaling 196 Mtpa (installed)

19

Managed Production (Mt)*

Australia Interest 2012 2013 2014** Installed

Mt Owen / Glendell 100% 9.1 8.8 8.8 9.0

Mangoola 100% 8.2 8.2 10.2 10.3

Tahmoor 100% 1.6 2.0 1.4 2.2

Ravensworth 90% 6.0 8.5 8.6 12.0

Ulan 90% 6.1 6.5 7.2 15.0

West Wallsend 80% 3.3 3.1 3.0 3.3

Rolleston 75% 8.9 10.2 11.4 12.0

Bulga 68.3% 9.8 11.0 11.4 11.4

Liddell 67.5% 4.6 4.6 4.0 4.6

Collinsville 55% 3.4 2.4 1.8 4.0

Newlands 55% 5.9 7.1 7.2 7.4

Oaky Creek 55% 7.5 8.0 7.6 8.0

Clermont 25% - - 11.4 13.0

Total 74 81 94** 112

Managed Production (Mt)*

South Africa Interest 2012 2013 2014 ** Installed

Tweefontein 79.8% 7.2 7.2 7.4 7.2

Impunzi 79.8% 6.3 5.1 5.6 6.7

GGV 74% 7.7 7.6 7.0 7.7

Optimum 67.6% 11.0 10.1 9.8 11.2

Koornfontein 67.6% 2.8 2.4 1.8 2.8

Shanduka 49.9% 6.3 6.5 5.6 6.3

Umcebo 45.7% 7.1 6.7 7.2 7.7

Total 48 46 42** 50

Total Coal 148 157 168** 196

Managed Production (Mt)*

Colombia Interest 2012 2013 2014 ** Installed

Prodeco 100% 14.8 18.6 20.2 21

Cerrejón* 33% 11.5 11.0 11.8 13.3

Total 26 30 32** 34

*Production figures on a managed basis except Cerrejón. Percentage refers to Glencore’s attributable interest. ** 2014 based on H1 14 production annualised, Clermont included on a pro-forma basis.

Growth and optionality

Growth and optionality

Organic and acquisition growth • Synergistic and targeted acquisition strategy • Successful delivery of high returning projects • Early cashflow to improve returns • High margin assets positioned favourable on the cost curve

21 *Production figures on a managed basis except Cerrejón 33% equity interest

-

20

40

60

80

100

120

140

160

180

2006 2007 2008 2009 2010 2011 2012 2013

Man

aged

sal

eabl

e pr

oduc

tion

(Mt)

Colombia*

South Africa

Australia

Production growth history

History of creating value through acquisitions of adjacent resources and brownfield expansions

22

Australia •Mt Owen Complex: Mt Owen (BHP), Glendell/Liddell (Savage Resources), Rav East (Rio Tinto)

•Ravensworth North: Cumnock (listed co.), Narama (50% Rio Tinto; 50% Iluka), Rav West (Rio Tinto), RCT(RSP)

Colombia •Prodeco: Calenturitas (local entrepreneur), Carbones de La Jagua (Caribe), CMU (Consorcio Minero Unido), CET (Carbones el Tesoro)

South Africa • Impunzi: ATCOM OC (50% Duiker; 50% Total) with rationalisation of Vandyksdrift (BHP B), DTJV (JCI)

•Tweefontein: Boschmans, Witcons, Waterpan (Duiker) •GGV project: GGV (Duiker); Zaaiwater (Anglo) •Optimum Complex: Optimum ; Zonnebloem (Xstrata)

Brownfield expansions in Australia

•Delivered projects: Beltana, Glendell, Rolleston, Wollombi, Liddell, Mangoola, Blakefield South, Ulan West

•Pipeline projects: Mt Owen extension, Liddell extension, Bulga life extension, Rolleston Phase II expansion, Mangoola extension

Clermont coal mine acquisition

• Recently developed open cut thermal coal mine

• Minimal future capital requirements • Product coal transported 13.5km by conveyor

to rail loadout • Truck & shovel fleet feed In-Pit Crushing and

Conveying system (IPCC); now ex-pit • Low cost operation (1st quartile margin),

underpinned by 3.3:1 LOM strip ratio • Connected by rail to DBCT (280km) and

Abbott Point (380km) • Ownership: Glencore/Sumitomo 50.1%,

Mitsubishi 31.4%, J-Power 15%, JCD 3.5%

23

Clermont: optimisation under Glencore management

• Acquisition price of US$1,015m for Rio Tinto’s 50.1% stake, through GS Coal (owned 50:50 by Glencore & Sumitomo)

• Successfully syndicated bank facility provided US$550m of debt to GS Coal

• Cash contribution by Glencore of approximately US$270m after transaction costs

• Glencore appointed manager for operating and marketing entity, earning relevant fees

• Closed 31 May 2014

Changed management structure, reduced overall numbers

Program in place to bring equipment productivity up to Glencore standards

Steady state output expected to be in excess of 13 Mtpa product

Lowered operating costs

Improving resource recovery

Review of E-IPCC

24

Glencore post acquisition initiatives

1

2

3

4

5

6

Coal project pipeline update

25

2013 2014 2015 2016

Ravensworth North 8Mtpa brownfield capacity

Australia Complete

Puerto Nuevo 21Mtpa port capacity

Colombia Complete

Ulan West 8Mtpa brownfield capacity

Australia Commissioned May 14

Tweefontein 8Mtpa brownfield capacity

South Africa Expected commissioning Q4

Cerrejón 7Mtpa brownfield

capacity Colombia

2016+ Mt Owen extension, Liddell extension, Bulga life extension, Rolleston Phase II, Mangoola extension, GGV expansion, Optimum/Zonnebloem

Ulan West Project delivered

26

Underground mine entry

First longwall shear

Asset details • 90% Glencore • 8Mtpa export thermal coal • 14 year mine life • First quartile cash cost at full production

Project details • Approved 2010 Construction update • Longwall commenced operating May 2014

– 3 months ahead of schedule and on budget US $1.2bn

Tweefontein Optimisation Project update

27

Coal Processing Plant

Rail load-out

Asset details • Glencore effective ownership: 79.8% • Capex: US $823m • Brownfields expansion of existing operations

• replacement of 3 old processing plants with modern plant

• construction of rapid loading rail terminal • development of large open cut mine with 7

pits and owner operated fleet • Production capacity: 13.6Mtpa ROM; 7Mtpa

Saleable • Thermal: 75% Export; 25% Domestic

Project status • Rail loadout commissioned and operational • Plant operational Q4 2014 • Project completion Q2 2015 • Ahead of schedule, under budget

Cerrejón P40 update

28

Marine works

Ship loader

Asset details • 33% Glencore / 33% Anglo / 33% BHPB • +20 year mine life • By-pass export thermal coal • First quartile cash cost

Project details • 95% complete • Mine expansion, upgraded rail & second ship

loading facility • Ship loader currently being commissioned

Ravensworth North

Hunter Valley overview

30

10kmMangoola

Liddell Mt OwenGlendell

Rav UGRav Nth

United(Project)

Bulga OCBulga UG

Mt Pleasant(Project)

Bengalla

HV Ops

Warkworth

Mt Thorley

Rail

UlanUlan WestUlan OC

XC NSW Operations

C&A Operations

Hunter Valley, NSW

• Opportunities:

• Maximised recovery –

• open pit boundaries

• undeveloped undergrounds

• Operational sequencing

• Implementation of best practices

• Product optimisation

• Blending opportunities

• Logistics management

• Overhead reduction

• Procurement

Glencore Operations

31

31

Ravensworth North

Ravensworth North

Pit Shell

Hunter River

Mt Owen

Glendell

Ravensworth Surface Operations

Ravensworth Underground

Liddell

31

Ravensworth North

32

Mine development

Life of Mine production profile

Asset details • 90% Glencore / 10% Itochu • Brownfield project • 8Mtpa, export thermal 80% and semi-soft

coking 20% • 23 year mine life • Second quartile cash cost

Project scope • Upgrade to Ravensworth CHPP and

stockpile facilities • Relocation of roads and power lines • Ultra class truck and shovel fleets • MIA, water and rail infrastructure

Project details • Project commenced 2011 • First coal produced 2012 utilising existing

CHPP capacity at Ravensworth UG • Project completed Q4 2013

Delivered on time, on budget at US$1.4bn

-

2

4

6

8

-

5

10

15

2012 2014 2016 2018 2020 2022 2024 2026 2028 2030

Strip

ratio

Prod

uctio

n (M

t)

ROM Product Strip ratio

Ravensworth North History

33

The transactions

combined enabled

development of one of the

Hunter Valley’s largest

brownfield developments

CHPP, rail load-out

facilities and tenure. Enabled consolidation of leases with Cumnock &

Narama

Surface access to enable out of

pit dumping

Obtained control of site infrastructure,

mining equipment and

tenure

Narama - Buy out Iluka 50% interest

Aug 2007

MacGen / Coal & Allied

Access agreements

2010 /11

Resource Pacific

- Off-market takeover

Mar 2011

Ravensworth North Project delivered on

time, on budget

Sept 2014

Cumnock OC

Ravensworth West

Narama

Ravensworth Ops off Lemington Road

Exploration license granted

Complex project approval

34

Exploration license granted

Project combines: • Multiple surface titles • Varying stratified mining

depth approvals • Negotiating a number of

minority joint venture interests

• Obtaining adjacent landholder consents

To achieve a combined Ravensworth North project approval

Q&A

Ravensworth North - Induction & tour guide slides

Ravensworth Operations - Site safety requirements

• When in the Mine or CHPP the following PPE must be worn: • Hi-vis shirt or vest

• Safety helmet

• Safety glasses

• Steel toe boots

• No smoking is permitted on site

• It is prohibited to be under the influence of alcohol or illicit drugs on this site

• Stay with a site representative at all times, follow their instruction & do not wander off or near highwalls edges - Always remain behind safety fences, bunds or windrows

• In case of emergency follow the directions of your site representative

• All Incidents, Near Misses and Hazards must be reported to your site representative ASAP

• Be careful where you walk and uneven surfaces in the mine

37

Safety and Environmental care are of paramount importance

— Tour Route — NE Hwy — Railway Viewing Point

38

Narama

ROM Ravensworth

North Operations MIA

WEA Dump

RCHPP

Tour Plan

Narama West

Mine planning – geology • Coal seams extend from the Bulga

Formation through to the Foybrook Formation of the Wittingham Coal Measures

• Over 64 coal working sections • Coal thickness 0.3 – 4.0m • Approx 40% coals <0.5m • Pit depth >270m • Relatively flat dipping deposit with a

number of regional faults / dykes • 280Mt ROM resources • Avg Strip Ratio 5.2:1

39 Copy to go here

Loading Units • 3x Cat 6090 Shovels (980t) • 1x Cat 6060 Excavator (600t) • 3x Cat 6040 Excavators (350t) • 2x LeTourneau L-1850 Loaders

Trucks • 23x Cat 797F XQ Haul Trucks • 31x Cat 789 Haul Trucks • 4x Cat 789D XQ Water Trucks • 2x Cat 775F Service Trucks

Drills • 2x Cat MD6420 Drill Rigs • 2x Cat MD6290 Drill Rigs

Dozers • 8x Cat D11T Track Dozers • 4x Cat D10T Track Dozers • 4x Cat D11T CHPP Dozers • 3x Cat 854K Rubber Tyre Dozers

Ancillaries • 2x Cat 24M Graders • 1x Cat 16M Grader

40

Mobile equipment