Preliminary Results 201623 February 2017

Mobile equipment, Raglan Nickel, Canada

Important notice concerning this document including 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 “outlook”, "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 in Glencore’s 2015 Annual Report which will be updated in the 2016 Annual Report, which will be published in early March 2017 .

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 UK 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

Ivan GlasenbergChief Executive Officer

Lydenburg ferrochrome smelter, South Africa

2016 Highlights

Strong financial performance• Adjusted EBITDA(1,2) of $10.3bn, up 18%; Adjusted EBIT(1,2) of $3.9bn, up 81%• Net income pre-significant items of $2bn, +48%• Funds from operations of $7.8bn, up 17%• Capital expenditure of $3.5bn, down 41%

Underpinned by outstanding cost performance …• Full year operational unit cash cost performance in our key commodities: copper 87c/lb, zinc –5c/lb (16c/lb ex gold), nickel

265c/lb, and thermal coal $39/t at a $18/t margin• Lower copper, zinc and nickel cost structures expected to be sustained into 2017 along with expected higher coal margins

… and the resilience of Marketing• Marketing Adjusted EBIT of $2.8bn, up 14% and above previous guidance of $2.5-$2.7bn. Supported by generally healthier

market conditions across all business segments• 2017 guidance of $2.2-$2.5bn - lower range reflects the sale of 50% of Glencore Agriculture in December 2016

September 2015 debt reduction plan complete• Net funding and Net debt reduced by $14.7bn & $14.1bn respectively over the past eighteen months to $32.6bn and $15.5bn• Cash flow coverage ratios significantly improved and repositioned to strong investment grade levels– FFO to Net debt: 50%– Net debt to Adjusted EBITDA: 1.51x

4Notes: (1) Refer to basis of preparation on page 6 of the Preliminary Results 2016. (2) Refer to note 2 pg 53 of the Preliminary Results 2016 for definition and reconciliation of Adjusted EBITDA/EBIT.

Safety

5

• Sadly, two incidents at operations in the DRC and Zambia resulted in ten fatalities.

• A further six incidents resulted in six fatalities

• Board and senior management committed to improving safety performance

• 2016 Performance milestones:• South America: first fatality free year• Agriculture: two years fatality free for the first

time• Europe assets: two years fatality free for the

first time• Kazzinc: one fatality in 26 months• Sinchi Wayra: 24 months fatality free• LTIFR, 1.40, 4% increase on 2015• TRIFR, 4.05, 7% decrease on 2015

• c.154,000 employees and contractors at end of 2016(1)

Notes: Lost time incidents (LTIs) are recorded when an employee or contractor is unable to work following an incident. LTIs are recorded when an incident results in lost days from the first rostered day absent after the day of injury. The day of the injury is not included. LTIFR is the total number of LTIs recorded per million working hours. LTIs do not include Restricted Work Injuries (RWI) and fatalities. TRIFR = Total sum of Fatalities, Lost Time Injuries, Restricted Work Injuries and Medical Treatment Injuries per million hours worked. (1) Includes 100% of Agricultural products

Steven KalminChief Financial Officer

Spiral section, Tweefontein coal wash plant, South Africa

Financial highlights

7

Capital allocation policy to maximise value creation

Framework(2) to balance protection of our capital structure along with business reinvestment/growth and shareholder returns. $1bn distribution in 2017

Outstanding cost performance(1)

Reductions in 2016 cost structures underpinned by extensive cost efficiencies / savings, favourable FX and by-product credits

Strong 2016 financial performance

Capital structure repositioned

Strong BBB/Baa ratings target and maintenance remains a top priority – pursuing maximum through the cycle leverage of 2x

Strongly cash generative business at spot prices and throughout the cycle

Underpinned by industry-leading margins in key asset segments combined with resilient marketing earnings

50%ND/Adj.EBITDA (x)

FFO/ND (%)

1.5x

2013 2014 2015 2016

Maintain strong

BBB/Baa

Equity cash flows

$1bn fixed Marketing distribution

Min. 25% Industrial

distribution

M&A + Other

Cu Zn

Ni ThermalCoal

87c/lb

265c/lb $18/tmargin @ $39/t

AdjustedEBITDA

+18% $10.3bn

AdjustedEBIT

+81%$3.9bn

MarketingEBIT

+14%$2.8bn

NetIncome

+48%$2.0bn

Funds fromoperations

+17%$7.8bn

Netfunding

-21%$32.6bn

Netdebt

-40%$15.5bn

CommittedAvail. Liquidity

+10%$16.7bn

Cu,Ni,Zn,Coal EBITDA(3) $11.6bn

+ Other Ind EBITDA $0.6bn

+ Mktg EBITDA(4) $2.4bn

= Group EBITDA $14.6bn

- Cash taxes + interest $3.6bn

- capex(5) $4.1bn

= illustrative spot FCF(6) $6.9bn

Notes: (1) See slides 11 and 21 for calculation and reconciliation to earnings. Zinc costs include 21c/lb gold credit. (2) See notes on slide 14 for framework definitions. (3) Copper, nickel, zinc and coal Industrial Adjusted EBITDA calculated using costs and spot prices as detailed in slide 11, production as detailed in slide 21, Cal17 NEWC forward curve for thermal coal as at 20 February 2017. (4) Marketing Adjusted EBITDA calculated using the midpoint of Marketing Adjusted EBIT guidance on slide 9 plus $75M of Marketing D&A. (5) Industrial capex including JV capex and capitalised interest, plus marketing capex of c.$75M in 2017F. (6) excludes working capital changes and distributions

-5c/lb16c/lb pre Au

Marketing Adjusted EBIT up 14% to $2.8bn

Strong marketing performance, up 14%, reflecting the benefits of generally healthier demand and supportive marketing conditions in 2016• Metals and minerals

• Up 24%, on the back of improved demand conditions, notably in China and declining inventory levels for our key commodities

• Relative to 2015, nickel and ferroalloys enjoyed strong growth from increased Chinese stainless steel production

• Energy Products• With oil trading conditions normalising somewhat compared

to 2015, this was more than offset by the improved coal marketing backdrop, aided by policy moves to curb Chinese domestic coal production/overcapacity

• Agricultural Products(1)

• A solid performance in difficult market conditions, with Viterra Canada having had to cope with lower crop volumes and increased handling competition

8

1'2551'562

778

909

461

418

2015 2016Metals and Minerals Energy ProductsAgricultural Products Corp and Other

(1)

Marketing Adjusted EBIT ($M)$2,815

+14%$2,464

Notes: (1) Agricultural Products Adjusted EBIT comprises 11 months at 100% and 1 month at 50% to reflect stake sale.

2017 Marketing guidance $2.2-$2.5bn Adjusted EBIT(1)

• Earnings guidance ranges reflect the sale of 50% of Glencore Agriculture in December 2016

• Movement into the mid to upper part of long-term guidance range of $2.2-$3.2bn would require:• a combination of production/volume growth, uptick in

additional working capital, higher interest rates and tighter physical market conditions

• A low cost of capital, stable cost base and low capex requirements underpin resilient and high returns on equity• Marketing earnings are generated from the handling,

blending, distribution and optimisation, in substantial scale, of physical commodities, augmented by arbitrage opportunities

9

0

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3500

2008

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2017

F

Long-termGuidance range:+2017: $2.2-$3.2bn

Marketing Adjusted EBIT ($M)

Gui

danc

e: $

2.2b

n to

$2.

5bn

Notes: (1) Increased from $2.1bn to $2.4bn range guidance provided in December 2016.

Industrial Adjusted EBITDA up 22% to $7.3bn

Industrial Adjusted EBITDA up 22%, reflecting significantly lower cost structures, favourable FX movements and improved mix towards higher margin businesses• Metals and minerals

• Up 50% in line with significant operating cost reductions and productivity efficiencies comfortably offsetting the impact of curtailing copper and zinc production in H2 2015

• Energy Products• Down 34%, reflecting the decision to hedge a

portion of coal production, locking in/capping the effective sales price of 44Mt in 2016. This resulted in an “opportunity cost” of $980M being recognised, without which Energy Industrial Adjusted EBITDA would have been 9% higher than 2015

• Agricultural Products(1)

• Similar overall performance in 2016, compared to 2015

10

4'030

6'030

2'269

1'503150

138

2015 2016Metals and Minerals Energy ProductsAgricultural Products Corp and Other

Industrial Adjusted EBITDA by segment ($M)

7,343

+22%

6,034

Notes: (1) Agricultural Adjusted EBITDA comprises 11 months at 100% and 1 month at 50% to reflect stake sale.

6'034 46

508

1'322

392

707

980

98 7'343

2015

EBI

TDA

Pric

e

Vol

ume

Cos

t

Infla

tion

FX

Coa

lH

edgi

ng

Oth

er

2016

EBI

TDA

Industrial Adjusted EBITDA Bridge ($M)

KZT: +53%ZAR: +15%ARS: +60%

Higher grades, operational improvements, energy/consumables savings, general cost initiatives

Higher: cobalt at Mutanda; copper at Collahuasi; lead at Kazzincand nickel at INO

Industrial mining costs/margins

11

CuCosts (c/lb)(1)

ZnCosts (c/lb)(1)

CoalThermal Costs ($/t)(1)

NiCosts ($/lb)(1)

136 96 87 89

250221

275

2015A 2016Guidance

2016A 2017Guidance

Note: (1) Disclosed cost is full cost and includes all cash costs to allow reconciliation and generation of EBITDA. Spot LME as at 20 February 2017. See slide 21 for reconciliation of 2016 actual costs to Adjusted EBITDA and production volumes underlying 2017 cost forecasts.

269 273 265 248

516

436

504

2015A 2016Guidance

2016A 2017Guidance

41

-3 -5 -10

18 16 10

87 95

131

2015A 2016Guidance

2016A 2017Guidance

40 39 39 44

1618

28

2015A 2016Guidance

2016A 2017Guidance

$/t Margin

Spot LME c/lb• Reductions in 2016 copper, zinc and nickel cost structures expected to be sustained into 2017• Supported by healthy by-product

credits and extensive cost efficiencies/savings

• Increase in coal unit costs substantially driven by revenue linked royalties associated with higher prices and FX headwinds• Extracting some higher cost (but

high margin) coal and increased fuel prices also contributes to the higher blended cost average

• An ongoing comprehensive Coal Cost-Out/Margin-Up initiative programme is targeting a further c.$300M of sustainable annual cash flow benefits by end-2018

Spot LME c/lb

Spot LME c/lb

0

2

4

6

8

10

12

14

2006

2007

2008

2009

pf

2010

pf

2011

pf

2012

pf

2013

pf

2014

2015

2016

+201

7

c.$4bn

Industrial capex spend has normalised

• A well capitalised business requiring modest capex going forward• More than $38 billion of expansionary capital (c.$64bn total capital)

invested in the combined Glencore/Xstrata asset base since 2009• Heavy (mostly Xstrata’s) capex program now essentially complete• Technology/infrastructure upgrades at Katanga and Mopani provide

permanent capex (and opex) reductions

• 2016 Industrial capex(1) declined to $3.4bn from $5.7bn in 2015

• 2017 Industrial capex(1) guidance of c.$4bn• Increase reflects preparations for Katanga Whole Ore Leach

commissioning by end 2017, some incremental oil drilling, coal mobile equipment purchases and Mopani’s concentrator/shaft sinking progression

• Total Industrial capex guidance at c.$4bn per annum over the next three to five years • Including c.$3bn of sustaining capex• No large greenfield expansion projects

12

Total Industrial capex ($bn)(2)

2009-2016 includes: Lion II, Twelopelepelletiser, Antamina, Antapaccay, Mount Margaret, Collahuasi, Lomas Bayas, EHM underground, George Fisher expansion, Bracemac McLeod, Lady Loretta, MRM Phase III, Koniambo, Fraser Morgan, Raglan Qakimajurq, Ravensworth North, Ulan OC, Rolleston Phase 1, Cerrejon Phase 1, Tweefontein OC, Ulan West UG, Mutanda, Katanga, Mopani, Equatorial Guinea, Wonderfontein, Pullenshope, Koornfontein, Porto Nuevo, Prodeco

Notes: (1) Total Industrial capex including JV capex and capitalised interest, excluding marketing capex of $138M in 2016 and c.$70M in 2017F. (2) Glencore total Industrial capex 2006 to 2008, combined Glencore and Xstrata total Industrial capex from 2009. Excludes Las Bambas capex from 2010 to 2014.

Optimisation of balance sheet capital structure

• Capital structure successfully repositioned to provide greater balance sheet strength and flexibility• Net funding and Net debt reduced by $14.7bn and $14.1bn

respectively to $32.6bn and $15.5bn over the last 18 months• $2.6bn of executed bond tenders in October and December

caps post-2017 maturities at c.$3bn in any one year (down from $4-$5bn)

• Committed available liquidity of $16.7bn at end of 2016, comfortably covers bond maturities for the next five years

• Strong BBB/Baa ratings target and maintenance remains a top priority• Proactive actions in 2015/2016 demonstrate our commitment• Targeting maximum 2x Net debt/Adjusted EBITDA

through the cycle• Delivery of robust cash flow coverage ratios at year end 2016:– FFO to Net Debt of 50%– Net debt to Adjusted EBITDA of 1.51x

• Optimised capital structure provides less risk, more flexibility and stability of distributions

13

Net debt ($bn)

FFO to Net debt

28%29% 29%

33%

30%

26%25%

50%

H12013

FY2013

H12014

FY2014

H12015

FY2015

H12016

FY2016

34.8 35.8 37.6

30.529.6

25.923.6

15.5

H12013

FY2013

H12014

FY2014

H12015

FY2015

H12016

FY2016

49.252.2 54.4

49.8 47.3

41.239.0

32.6

H12013

FY2013

H12014

FY2014

H12015

FY2015

H12016

FY2016

Net debt to Adjusted EBITDA

Net funding ($bn)

2.8

2.7

2.8

2.4

2.7

3.02.9

H12013

FY2013

H12014

FY2014

H12015

FY2015

H12016

FY2016

1.51x

Targeting maximum 2x

Maximising value creation through capital allocation

Maintain strong

BBB/Baa

Equity cash flows

$1bn fixed Marketing distribution

Min. 25% Industrial

distribution

M&A + Other

• Our capital allocation framework balances preservation of our optimal capital structure along with business reinvestment/growth and shareholder distributions

• 2017 cash distribution of $1bn, to be paid in equal tranches in H1 and H2 2017

• 2018 cash distribution (in respect of 2017 cash flows) will comprise:• Fixed $1bn base distribution reflecting the resilience, predictability and stability of

Marketing cash flows– Comfortably covered from trough cash flow generation in 2016 and further

supported by structurally lower gearing and a longer/smoother bond maturity profile• Variable distribution representing a minimum payout of 25% of Industrial free cash

flows

• Fixed and variable distribution components to be confirmed annually• Based on prevailing conditions and outlook

• Variable distribution percentage potentially increased, as appropriate• In context of overall balance sheet requirements, surplus capital position and subject

to prevailing conditions & outlook• Cash distribution generally favoured versus buyback given inherent volatility in

prices

14

1

2

34

5

Notes: (1) Equity cash flows defined as Adjusted EBITDA less tax, interest and other, sustaining and expansionary capex and dividends paid to minorities. (2) Fixed marketing distribution of $1bn represents c.50% of pre-WC Marketing free cash flow, (3) Minimum 25% Variable distribution from Industrial free cash flow. (4) M&A + Other includes consideration around portfolio optimisation, asset monetisation, recycling and debt reduction. Reinvestment screened against rigorous criteria.

(1)

(2)

(3)

(4)

Ivan GlasenbergChief Executive Officer

Pre-shift safety check, Goedgevonden coal, South Africa

0

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4000

6000

8000

2001 2003 2005 2007 2009 2011 2013 2015

Rising supply risks are expected to underpin higher prices

16

… mine project pipeline at lowest level in 16 yearsLME

Copper (LHS $/t)(4)

Copper mine project pipeline

(RHS indexed2001=100)(3)

Increasingly favourable fundamentals for copper …

0.0%

-2.0%

2011 2012 2013 2014 2015 2016 2017F

Annual % changein copper mine supply(1)

Annual % change in iron ore supply(2)

• Twenty-four months of low prices have induced stresses on the supply side:• voluntary supply cutbacks• involuntary supply cutbacks (strikes/technical issues)• Chinese supply side structural reforms• high grading to enhance cash flows

• Commodity market fundamentals are improving against a backdrop of:• better than expected demand• limited, if any, inventory build through the trough of the cycle

• Reduced sector reinvestment is laying the foundation for sustainably better sector returns• From a peak of c.$71bn in 2012, diversified’s total capex

shrank to an estimated $25bn in 2016(5)

• Industry is already struggling to overcome aging mines, falling grades, energy/water/infrastructure shortages as well as “social licence to operate” challenges

• The pipeline of highly probable and probable copper projects at the end of 2016 is now almost half of that seen pre-super cycle

Notes: (1) Wood Mackenzie Global copper short-term outlook January 2017. (2) Source Wood Mackenzie. (3) Copper mine project pipeline comprises the total production volume of projects categorised as highly probable and probable by Wood Mackenzie’s Global copper long-term outlooks from 2001 to 2016, indexed change from 2001. (4) Annual average LME cash copper price, source Wood Mackenzie and Bloomberg. (5) Source Morgan Stanley and Citi Research.

0

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2029

2030

Coal; 5.8Coal; 5.60

5

10

15

20

25

2030New Policy

2013Actual

Renewable Bio Energy Hydro Nuclear Gas Oil Coal

17Sources: (1) Glencore analysis. (2) IEA WEO 2016. 2030 New Policy Scenario reflects policies that governments have implemented by mid-2015, as well as those that the IEA expects governments to implement over the next 25 years. (3) Btce : billion tonnes of coal equivalent – standardised coal quantity using coal with energy content of 7000kcal/kg or 29.31 GJ/t. Converted to metric tonnes based on global average coal energy of 4850kcal/kg nar. (4) Platts World Electric Power Plant Database, Glencore analysis, IEA WEO 2016.

Global primary energy demand (Btce)(2,3)

19.3Btce23.1Btce

Installed coal generating capacity (GW) (4)

China

North America

Europe

India

Other Asia

Mediterranean

JapanTaiwan

Asia dominates future coal

demand

• Drivers of seaborne coal demand in Asia well known

• Supply deficit supports existing assets and demand for high-energy coal

• Glencore assets well positioned on the industry cost curve

• Global energy demand growth requires all fuel sources• IEA modelling of nationally determined

contributions shows absolute coal demand continues to grow to meet the needs of growing populations, especially in Asia

• Overall portfolio well positioned to respond to climate change opportunities (nickel, cobalt, copper)

• Board-level commitment to identify opportunities to reduce GHG footprint and respond to risks posed by climate change

0200400600800

100012001400

2015

2016

2017

2018

2019

2020

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2024

2025

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2028

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2030

Industry natural supply decline at

5% p.a.

Seaborne coal supply decays rapidly without further investment (Mt)(1)

Glencore portfolio

29% 25%

Glencore’s coal portfolio resilience

(2)

Uniquely positioned for the challenges and opportunities that lie ahead

18

Earnings diversified by commodity and geography(1)

NorthAmerica

SouthAmerica

South Africa

CISAustralia

EuropeOther Africa

Coal

Copper

Zinc

Nickel

Ferroalloys

Agri

Oil

Marketing

The right commodity mix to feed the changing needs of maturing economies

Outstanding costs for our key commodities – 2017F(2)

Significant growth potential: capacity awaiting restart

Well capitalised asset base: modest go forward capex

Strong IG balance sheet:less risk/more stability

Maximizing value creation through capital allocation

FCF generative across the cycle at spot prices on an annualised basis(3)

Cu+c.400ktpa

Zn+c.500ktpa

Cu

NiZn

Coal

$4.4bn$2.8bn$0.6bn$3.8bn

Spot EBITDA $14.6bnSpot FCF $6.9bn

50%ND/Adj.EBITDA

FFO/ND

2013 2014 2015 20161.5x

Maintain strong

BBB/Baa

Equity cash flows

$1bn fixed Marketing distribution

Min. 25% Industrial

distribution

M&A + Other

Cu Zn

Ni ThermalCoal

89c/lb

247c/lb $28/tmargin @ $44/t

Notes: (1) 2016 Adjusted EBITDA split calculated pre-coal hedging impact and corporate overheads. Geographic split based on operating asset EBITDA. (2) See slide 21 for production volumes underlying 2017 cost forecasts. (3) Key commodity department spot annualised EBITDA calculations based on costs on slide 11 and production from slide 21. LME spot prices as of 20 February 2017 for metals, Cal17 NEWC forward curve for thermal coal as at 20 February 2017. Spot annualised FCF calculated from Spot EBITDA after deducting cash taxes and interest of $3.6bn, capex of $4.1bn. Excludes working capital changes and distributions.

• Key supply positions in the commodities (cobalt/nickel) that underpin the battery chemistry likely to power future EV and storage batteries

• Major producer of other mid and late cycle commodities such as copper, zinc and thermal coal

02468

101214

2006

2007

2008

2009

pf20

10pf

2011

pf20

12pf

2013

pf20

1420

1520

16+2

017

c.$4bn

• plus multi-commodity brownfield growth options when the time is right

-10c/lb10c/lb pre Au

Ind. Other $0.6bnMktg $2.4bn

Q&A

Drag line, Tweefontein coal mine, South Africa

Appendix

Power generation, Raglan Nickel, Canada

Notes

Slide 11: Industrial mining costs/margins• (1) 2016 actual copper unit cost calculated on department production of 1,270.6kt (not including c.155kt additional copper produced as by-product in the zinc and nickel divisions)

less 41.1kt produced at Mopani. 2017 forecast copper unit cost calculated on guided mid-point of production of 1,214kt (excluding c.142kt of forecast copper production as by-product in the zinc and nickel divisions) less c.66kt forecast production at Mopani. Costs include TC/RCs, freight, royalties and a credit for custom metallurgical EBITDA

• (2) 2016 actual zinc unit cost calculated on department production of 1,027kt (not including c.67kt of zinc produced as a by-product in other divisions) adjusted for c.85% payability, resulting in payable production of 873kt. 2017 forecast zinc unit cost calculated on guided mid-point of production of 1,190kt less c.123kt of zinc produced as by-product by other divisions to give forecast department production of 1,067kt, which adjusted for 85% payability, results in payable production of 905kt. Zinc cost includes credit for custom metallurgical EBITDA

• (3) 2016 actual nickel unit cost calculated on production of 101.5kt, excluding Koniambo. 2017 forecast nickel unit cost calculated on forecast production of 101.4kt, excluding Koniambo

• (4) 2017 forecast coal unit cost calculated basis current Calendar 2017 forward NEWC price of $78/t, adjusted for portfolio mix (-$6/t) to generate an annualised spot margin that can be applied across overall forecast group production of 135Mt (i.e. $28/t margin)

• (5) Reconciling actual 2016 copper unit costs to Adjusted Copper EBITDA of $3.333bn: • Add back $280M for Katanga and Mopani (primarily operating costs incurred at Katanga, with production currently suspended, pending delivery of the whole ore leach upgrade project) to give underlying EBITDA of

$3,613bn.

• Divide underlying EBITDA of $3.613bn by production of 1229.5kt (see Note 1 above) to give EBITDA/lb of $133c/lb.

• LME average price of $220.8c/lb less EBITDA/lb of $133c/lb = cost per pound of c.$87c/lb

• (6) Reconciling actual 2016 zinc unit costs (including gold credits) to Adjusted Zinc EBITDA of $1.916bn: • Divide Adjusted Zinc EBITDA of $1.916bn by payable metal production of 873kt (see Note 2 above) to give EBITDA/lb of c.$100c/lb

• LME average price of $95c/lb less EBITDA/lb of $100c/lb = cost per pound of c.-$5c/lb. Add back Kazzinc gold credit of $21c/lb to give zinc mine unit costs ex gold of $16c/lb

• (7) Reconciling actual 2016 nickel unit costs to Adjusted Nickel EBITDA of $427M: • Deduct $43M for inventory/stock change to give underlying EBITDA of $384M

• Divide underlying EBITDA of $384M by production of 101.5kt (see Note 3 above) to give EBITDA/lb of c.$172c/lb

• LME average price of $436c/lb less EBITDA/lb of $172c/lb = cost per pound of c.$265c/lb

• (8) Reconciling actual 2016 margin to Adjusted Coal EBITDA of $1.382bn: • Add back corporate coal hedging “opportunity cost” of $980M to give underlying EBITDA of $2.362bn, divide underlying EBITDA of $2.362bn by ex-mine sales of 134Mt to give EBITDA/t of $18/t

• NEWC 2016 average price of $66/t adjusted to $57/t to reflect portfolio mix less EBITDA/t of $18/t = cost per tonne of $39/t

21

Production guidance

22

Commodity Unit Actual FY 2014

Actual FY 2015

Actual FY 2016

GuidanceFY 2017

Copper kt 1,546 1,502 1,426 1,355 ± 25Zinc kt 1,387 1,445 1,094 1,190 ± 25Lead kt 308 298 294 300 ± 10Nickel kt 101 96 115 120 ± 4Ferrochrome kt 1,295 1,462 1,523 1,650 ± 25Coal Mt 146 132 125 135 ± 3

Key 2017 production changes:• Copper: Reduction includes lower production at Alumbrera as it reaches end of life, a 20kt reduction from the sale of 30% of EHM and lower by-

product units from the nickel and zinc divisions

• Zinc: Increase mainly reflects higher grades at Antamina

• Nickel: Modest increase in line with higher Koniambo production

• Coal: Increase reflects restarts of Collinsville and Integra UG, full ownership of Newlands/Collinsville in Australia and normalisation of production in Colombia following 2016 weather related disruptions

Distribution timetable

23

H1 2017 distribution timetable Jersey Johannesburg Hong Kong

Exchange rate reference date: 28 April

Last time to trade on JSE to be recorded in the register on record date: 9 May

Last day to effect removal of shares cum div between Jersey and JSE registers: 9 May

Final Ex-Div Date: 11 May 10 May 11 May

Last time for lodging transfers in Hong Kong: 4:30 PM, 11 May

Final Distribution record date: 12 May 12 May 12 May

Deadline currency election (Jersey): 15 May

Removal of shares between Jersey and JSE: From 15 May

Exchange rate reference date: 17 May 17 May

Final Distribution payment date: 31 May 31 May 31 May

Planned H2 2017 Distribution Sep 2017 Sep 2017 Sep 2017

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Power generation, Raglan Nickel, Canada