UK – CameroonTrade & Investment

ForumMay 7th 2014

Glencore

• leading integrated producer and marketer of commodities, with worldwide activities in the production, refinement, processing, third party procurement, storage and transport of those products

• more than 90 offices in over 50 countries; operations comprise over 150 mining and metallurgical sites, oil production assets, farms and agricultural facilities. We employ approximately 200,000 people, including contractors

• listed on London, Hong Kong and Johannesburg Stock Exchanges

• current rating BBB (stable) / Baa2 (stable)

• scale and commodity diversity• unique business model, fully-integrated along the supply

chain to capture value in an evolving competitive landscape

• ability to respond to changing industry dynamics• core competence in commodity marketing, logistics, risk

management and financing• leading industrial asset portfolio of diversified operations

with strong growth prospects• diversified position across multiple commodities,

suppliers and customers• world-class management team, entrepreneurial culture

and track record of value creation

At a glance

Key competitive strengths

Metals and Minerals

Energy ProductsAgricultural

Products

• Copper• Zinc/Lead• Aluminium• Ferroalloys• Nickel• Iron Ore

• Coal

• Oil

Grains

Oils/Oilseeds

Sugar

Cotton

Key financials

Revenue Adjusted EBITDA Adjusted EBIT

236,236

13,086

8,591

239,673

13,071

7,434

(US$ m)

2012 2013

2

3

Where we operate

More than 90 offices in over 50 countries, over 150 industrial sites and facilities

A high value, liquids-based strategy…with trading synergies

4

`

Attractive and balanced portfolio of exploration, development and production assets

1

West and Central African focus primarily targeting oil plays

2

Significant production growth from EG (Alen) and Chad in 2013 to add to existing Aseng production

3

Demonstrated ability to source attractive opportunities and prove up resources

4

Strong in-house technical and financial capabilities

5

A growing Exploration and Production Portfolio

5

E&P Portfolio Location Asset Participation

Equatorial Guinea

Participating Interest

Cost Bearing Interest

Block I 23.75% 25.00%

Block O 25.00% 28.57%

Block X 37.50% 44.10%

Block V * 80.00% 100.00%

Block EG 05 * 60.00% 75.00%

CameroonParticipating

InterestCost Bearing

Interest

Matanda * 90.00% 90.00%

Bolongo * 100.00% 100.00%

Tilapia 33.33% 33.33%

ChadParticipating

InterestCost Bearing

Interest

DOB/DOI 33.33% 33.33%

Mangara Field 35.00% 41.17%

Badila Field 35.00% 41.17%

DOH 33.33% 33.33%

Doseo/Borogop 33.33% 33.33%

* Glencore operated

MoroccoParticipating

InterestCost Bearing

Interest

Boujdour Offshore*

38.25% 51.00%

Foum Ognit Offshore

18.75% 25%

EG05 PSC

Ratified

A track record of success

Exploration

2004 2005 2006 2007 2008 2009 20112010 2012 2013 2014 2015 2016

EG Block O PSC Signed

Alen Discovery

EG Block I Farm-In

Aseng Discovery

Cameroon Matanda PSC Signed

Diega Discovery

EG Block X PSC Signed

Cameroon Bolongo PSC Signed

EG Block V Farm-in

Cameroon Tilapia Farm-in

ChadFarm-in

Carla Appraisal

Oak Appraisal

Development and Production

Aseng POD Approval Alen POD Approval

Aseng First Oil

Badila First Oil

Alen First Oil

Matanda Drilling

• A strategy started in the early 2000’s, now translating into reserves and production

Morocco Farm-in

Krim Exploration Well

Drilling History:

• 52 wells drilled since 2004

• 17 exploration wells

• 21 appraisal wells

• and 14 development wells

• 5 dry holes

Carla Discovery Oak Discovery

6

7

Growing upstream production

Oct-11 Jan-12 Apr-12 Jul-12 Oct-12 Jan-13 Apr-13 Jul-13 Oct-13 Jan-14 Apr-14 Jul-14 Oct-140

10

20

30

40

50

60

70

80

90

100

110

120

Gross production 2011 - 2014

Badila

Alen

Aseng

Pro

dcu

tio

n (

KB

PD

)

8

• NM-3x well confirms significant wet gas play in Cretaceous

• Well results currently being evaluated

• Further drilling opportunities in the license with total potential of >1tcf

• Gas monetisation feasibility study on going

Cameroon – Matanda

Matanda (Glencore 90% Operator, AFEX 10%)

9

• Oak oil field discovered in 2012

• Resource potential in the development area of 30 – 100mmbbls oil

• Current appraisal drilling programme nearing completion

• Development feasibility study set to commence

Bolongo (Glencore 100% & Operator)

Cameroon – Bolongo

10

Conclusions

• Cameroon is a core area for Glencore upstream investment

• Exploration investment to date in the Bolongo and Matanda licenses exceeds US$460mm

• Appraisal results from the Oak discovery may lead to a development requiring significant investment.

• Future potential for significant gas development exists in the Matanda license

QUESTIONS?

11