2016 Half-Year Results

24 August 2016

Ernest Henry copper mine, Australia

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 Annual Report 2015.

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

Highlights

Ivan Glasenberg – Chief Executive OfficerNew wheelhouse, Synclinorium shaft, Mopani, Zambia

Solid H1 performance in difficult market conditions

• Strong cash generation despite lower commodity prices and production• EBITDA(1,2) $4bn, -13%; industrial EBITDA $2.7bn, -20%; marketing EBIT(2) $1.2bn, +14%• Solid cash flow generation with FFO of $2.8bn • Capex of $1.6bn, -51%

• Industry-leading cost positions• Outstanding first-half operational unit cost performance in key commodities; Copper 97c/lb,

Zinc -3c/lb (15c/lb ex gold), Nickel 246c/lb and Thermal coal $37/t

• Marketing remains a unique, low-risk defensive earnings driver• Adjusted EBIT up 14% to $1.2bn• Full year guidance unchanged at $2.4-2.7bn

• Continued strong liquidity and balance sheet flexibility• Committed available liquidity of c.$15bn• Public market credit spreads and CDS substantially normalised

• Targeting even lower Net Funding and Net Debt of $31-32bn and $16.5-17.5bn respectively by the end of 2016• $2.3bn reduction in Net funding and Net debt to $39bn and $23.6bn respectively at 30 June• Agreed asset disposals of $3.9bn, successfully delivering towards $4-5bn target; opportunity

to be selective around remaining sales processes• Annualised free cash flow generation >$4.5bn(3) at current spot prices

4Note: (1) Refer to basis of preparation on page 4 of 2016 Half-Year Report. (2) Refer to note 3 of the financial statements for definition and reconciliation of Adjusted

EBITDA/EBIT. (3) After estimated taxes and interest of $2.2bn, estimated industrial capex of $3.5bn and $0.1bn of marketing capex, pre the impact of any asset

disposal processes yet to be completed, basis spot annualised EBITDA of c.$10.5bn as calculated in reference to note 2 on slide 18. Excludes working capital changes.

Sustainability and governance

5

Safety• Regrettably 12 fatalities from 4 incidents YTD

• All fatalities at our “focus assets”

• LTIFR 1.28, 4% improvement

• TRIFR 4.79, 5% improvement

• Continued effort on ensuring leading practice

at our “Focus Assets”

Environment• Global tailings storage facility review under

way

Governance• Analysis of implications of climate change on

our portfolio published, with a particular focus

on the coal business

• Publication of our payments to host

governments underscores our commitment to

transparency

2.74

2.49

2.06

1.88

1.58

1.321.28

2010 2011 2012 2013 2014 2015 2016H1

LTIFR(1) 2010 to June 2016

53% reduction

Note: (1) Lost time incidents (LTIs) are recorded when an employee or contractor is unable to work following an incident. In the past Glencore recorded LTIs which resulted in lost days from the next

calendar day after the incident whilst Xstrata recorded LTIs which resulted in lost days from the next rostered day after the incident - therefore the combined LTI figure is not based on data of

consistent definition (historically, prior to merger). From 2014 Glencore records LTIs when an incident results in lost days from the first rostered day absent after the day of the 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 (fatalities were included up to 2013).

Historic data has been restated to exclude fatalities and to reflect data collection improvements.

Financial performance

Steven Kalmin – Chief Financial Officer

Altyntau-Vostok, Precious Metals refinery, Kazzinc

Summary

Solid H1 2016 performance in difficult market conditions ...

• EBITDA of $4bn, down 13%; EBIT $875M, down 38%

• Marketing EBIT of $1.2bn, up 14%

• Net income pre-exceptional items $300M(1), down 66%

• Industrial capex of $1.5bn, down 51%

• Funds from operations of $2.8bn, down 21%

… underpinned by industry-leading cost performance …

• Significant declines in H1 unit operating costs compared to FY2015: Copper 97c/lb, Zinc -3c/lb (15c/lb ex gold credit), Nickel 246c/lb and Thermal coal $37/t

… and our unique balance sheet flexibility

• Net funding of $39bn, down $2.3bn (5%)

• Net debt of $23.6, down $2.3bn (9%)

• Committed liquidity of c.$15bn

Focussed on preserving our investment grade ratings

• Moodys and S&P ratings currently at Baa3/BBB- with stable outlooks

• Targeting upgrade to strong Baa/BBB rating in the medium term

• Delivery of revised Net funding and Net debt targets by end 2016 ensures high probability that Net debt to Adjusted EBITDA falls closer to 2x

• pro-forma ratio comfortably <2x basis debt reduction targets and relevant Adjusted EBITDA at spot prices

7(1) Attributable loss to equity holders pre-significant items of $369M; refer to significant items table on page 5 of 2016 Half-Year Report.

Solid marketing EBIT performance of $1.2bn

8

Marketing EBIT contribution, up 14%, reflecting some normalisation of trading conditions that impacted H1 2015.

• Metals and minerals

• Strong performance, up 92% y/y driven by strong contributions from copper and zinc as well as improved earnings from aluminium and nickel relative to the impact that lower premiums and weak stainless production had on the prior period

• Energy

• Weaker year-on-year performance reflects particularly supportive oil market conditions seen in H1 2015, along with a continued challenging coal market backdrop

• Agriculture

• Weaker earnings in large part due to a lower Viterra Canada contribution. Seasonally, H2 much better for ViterraCanada and Australia, which is again expected to be the case

444

852

479

252199

122

2015 H1 2016 H1

Metals and Minerals Energy Products

Agricultural Products Corp and Other

Adjusted Marketing EBIT ($M)

1,071

1,217+14%

Marketing is a unique, low-risk defensive earnings driver

9

Historical

guidance

range:

$2-3bn

Marketing EBIT ($M)

Long-term

guidance

range:

$2.7-3.7bn

299

295

342

283

227

153

Interest

expense

allocation

($M)

• H1 2016 EBIT performance reflects the strength and resilience of the business model

• Marketing earnings are generated from the handling, blending, distribution and optimisation of physical commodities, augmented by arbitrage opportunities – all of which are less sensitive to flat price movements

• Highly cash flow generative business

– Minimal fixed assets/capex required

– Relatively low effective tax rate

• Unchanged 2016E EBIT guidance range of $2.4 to $2.7bn

• Working capital’s correlation with commodity prices ensures cash flow is insulated in periods of lower prices

• Average VaR (1 day 95%) of $36M in H1 2016, represents less than 0.1% of shareholders’ equity ($41M H1 2015)

0 1'000 2'000 3'000 4'000

2008

2009

2010

2011

2012

2013

2014

2015

2016FH2 Guidance

$1.2-1.5bnH1: $1.2bn

Robust industrial performance underpinned by lower costs

10

Industrial EBITDA down 20%, reflecting the impact of lower commodity prices, substantially mitigated by lower costs and favourable FX movements

• Metals and minerals

• Significant operating cost reductions along with favourable FX, mostly offset the impact of lower prices, leaving EBITDA largely unchanged year-on-year. EBITDA mining margin increased from 24% to 28%

• Energy

• Substantially lower oil and coal prices weighed on EBITDA, partially mitigated by cost savings, efficiencies and FX

• Agriculture

• Softer earnings reflect difficult EU oilseed processing and biodiesel margin conditions

2'436 2'365

1'140

571

71

29

2015 H1 2016 H1

Metals and Minerals Energy Products

Agricultural Products Corp and Other

Adjusted Industrial EBITDA ($M)

3,431

2,735

-20%

Cost savings and favourable FX significantly mitigated the impact of lower commodity prices

11

3'431

(2049)

252

720

(203)

634

(50)

2'735

2015 H1EBITDA

Price Volume Cost Inflation FX Other 2016 H1EBITDA

Higher grades and

strong performance

at Antapaccay,

Alumbrera.

Increased cobalt

production at

Mutanda

Lower fuel/energy

costs, operational

efficiencies /

restructuring,

overall

procurement

initiatives / benefits

South Africa,

Kazakhstan,

Argentina,

Colombia

KZT +86%,

ZAR +29%,

AUD +6%,

ARS +63%

COP +26%

CAD +8%

2016 H1

• 66% of negative price impact offset by real cost reductions and favourable FX movements

Next 12 months

• Continued focus on maximising free cash flow generation

Industrial Adjusted EBITDA ($M)

Strong first-half operational performance and industry-leading cost positions

12

10497 96

2016 FYGuidance

2016 H1Actual

2016 FYRevised

Copper costs (c/lb)(1,5) Nickel costs (c/lb)(3,7)Zinc costs (c/lb)(2,6) Thermal Coal costs ($/t)(4,8)

295

246

273

2016 FYGuidance

2016 H1Actual

2016 FYRevised

39

37

39

45

2016 FYGuidance

2016 H1Actual

2016 FYRevised

Average H1 2016 LME

393.2 c/lbAverage H1 2016

LME 213.5c/lb

Average H1 2016 LME

81.7 c/lbAverage NEWC H1 2016

($51/t) adjusted for

portfolio mix

• Significant reduction in cost structures over the first half of the year, underpinned by higher by-product credits and delivery of additional cost efficiencies/savings

• Full year unit cost estimates revised lower again to reflect stronger than expected cost improvements year to date

• Continued focus on cost efficiencies/reduction over the balance of 2016

H1 2016 Cu C1 costs (c/lb)(1)

Mutanda 105

Collahuasi 118

Antamina 38

Alumbrera 73

Lomas Bayas 127

Antapaccay 80

Nth Queensland 130

Cobar 128

C1 Weighted average: 91

C1 Including royalties 97

C1 Ex TC/RCs / freight /

Royalties: 70

Notes (1,2,3,4,5,6,7,8) - see slide 23

27

-3 -3

2016 FYGuidance

2016 H1Actual

2016 FYRevised

15

ex gold

18

ex gold

2016 Half-year credit metrics

13

13H1 13FY 14H1 14FY 15H1 15FY 16H1

2.8

2.7

2.8

2.4

2.7

3.0

2.9

Net

funding(1)

($bn)

Net debt(1)

($bn)

FFO to

Net debt

Net debt to

Adjusted

EBITDA

28%29% 29%

33%

30%

26%

25%

34.8 35.8

37.630.5 29.6

25.923.6

49.2

52.2

54.449.8

47.3

41.239.0

• Strong liquidity position with $14.9bn of committed available liquidity at end June• Comfortably covers next 3 years’ bond

maturities

• Healthy cashflow coverage ratios:• FFO to Net debt of 24.9%

• Net debt to Adjusted EBITDA of 2.91x

• Improving credit market conditions• Public market credit spreads and CDS

substantially normalised

• Issued 5 year CHF 250M bond at 2.25% in May

• Finalised new RCF of $7.7bn in May

• Net funding and Net debt targets by end 2016 ensure high probability that Net debt to Adj. EBITDA falls closer to 2x • Achievement of strong BBB/Baa in the

medium term remains a financial target

• No financial covenants

Note: (1) Refer to page 7 of 2016 Half-Year Report.

Capex more than halved in H1 2016

14

1'864 1'048 2'700

1'205

452

800

2015 H1 2016 H1 2016 E

Sustaining Expansionary

• H1 2016 industrial capex of $1.5bn, down 51%

• Full year 2016 industrial capex guidance unchanged at $3.5bn

• First-half capex reflects:

• Reduced spending profile, in line with limited expansion projects underway

• Lower sustaining capex in line with proactive supply reductions in copper, zinc, lead, coal and oil

• FX support from the stronger US dollar and achievement of overall group procurement benefits

• Post-2016 capex remains dependent on price and associated incentive to reactivate certain latent capacities

• Sustainable group capex of $2.7bn at current production levels

Industrial capex ($M)(1)

Note: (1) Total industrial capex including JV capex and capitalised interest, excluding Marketing capex of $71M in H1 2016 and $120M in H1 2015.

-51%

3,069

1,500

3,500

GRailSale process underway on potential sale of Glencore’s Hunter Valley coal haulage fleet

- expected completion Q4 2016, subject to regulatory approvals

Ernest Henry (EHM)Joint Venture with Evolution Mining where Evolution will have a 30% economic stake in the mine

and be entitled to 100% of EHM gold production, subject to an agreed life of mine and block model.

Evolution will pay AUD880 million to Glencore upon closing of the transaction as well as ongoing

monthly cash contributions equal to 30% of production and capital costs associated with copper

concentrates – expected completion Q4 2016

$3.9bn of the $4-5bn asset disposals target delivered to date –opportunity to be selective around remaining processes

15

Glencore AgriAgreed sale of 49.99% of Glencore Agri to Canada Pension Plan Investment Board (CPPIB) and

British Columbia Investment Management Corporation (bcIMC) for combined proceeds of $3.125bn

- expected completion Q4 2016, subject to regulatory approvals

Komarovskoye goldSale of the Komarovskoye gold deposit in Kazakhstan to Polymetal for $100M cash and deferred

consideration of up to $80M – completed 2 August 2016

Vasilkovskoye goldProcess underway exploring options around sale or streaming

Dec.1

5

Net re

ductio

n

Jun

.16

Ag

ri p

rop

ort

ionate

con

solid

atio

n

Asset dis

posals

Work

ing

cap

ital

Fre

e C

ash F

low

(annu

alis

ed s

pot fo

r six

mo

nth

s) Dec.1

6 E

Dec.1

7 E

RMI reduced

by $0.9bn

primarily to

reflect Agri

sale(2,3)

Increase to

reflect impact

of higher

prices

Targeting lower Net funding and Net debt by end 2016

16

• Continued progress on delivery of our debt reduction measures / targets

• 2016 Net funding and Net debt targets reduced further to $31-32bn and c.$16.5-17.5bn respectively reflecting:

• proportionate vs full consolidation of Glencore Agri (lowers Net funding, RMI and Net debt by $1.7b, $1bn and $0.7bn respectively)

• forecast higher free cash flow generation in H2 at current spot prices

• less one-off build in working capital to reflect higher prices

• We remain focused on preserving our current investment grade credit ratings and returning to strong BBB/Baa in the not too distant future

Debt bridge ($bn)

Net

funding

$41.3Net

funding

$39.0

Net

funding

$31-32bn

$4-5

c.$2.3

$1.7(2,3)

$2.3

Net

debt

$23.6

Net

debt

$16.5

-17.5

bn

RM

I $15.4

RM

I c.$

15bn

Net

debt

$25.9

RM

I $15.4

RM

I $14.5

Net

debt

c.$

15

Note: (1) 2016 H1 RMI comprises $10.9 billion (2015: $10.9 billion) of inventories carried at fair value less costs of disposal and $4.5 billion (2015: $4.4 billion) of

inventories carried at the lower of cost or net realisable value. Refer to Glossary on page 69 of the 2016 Half-Year Report. (2) Refer to Glossary on page 71 of the

2016 Half-year Report; Glencore Agri Net funding and Net debt already accounted for within discontinued operations at 30 June 2016. (3) See slide 21

c.$3.9bn

agreed to date

Realised on sale

completion:

forecast Q4

Net

funding

<$30bn

Net

debt

$25.9

bn

RM

I $15.4

(1)

Net

debt

$23.6

bn

RM

I $15.4

(1)

c.$1.0

Concluding remarks

Ivan Glasenberg – Chief Executive Officer

Copper anode, Mount Isa Mines copper smelter, Australia

Focussed and confident on delivering our debt reduction plan

We are highly cash generative at current spot prices …• Annualised free cash flow generation >$4.5bn(1) at current spot prices• Annualised spot price EBITDA of c$10.5bn(2)

... supported by Tier 1 cost positions in our key commodities …• 2016 full year unit cost guidance revised to(3): 96c/lb Copper, -3c/lb Zinc (18c/lb ex gold),

273c/lb Nickel and $39/t Thermal coal

… and the resilience of our marketing business• Earnings largely underpinned by logistics activities/services that are less sensitive to prices• Forecast H2 marketing Adjusted EBIT of $1.2-1.5bn

Targeting lower 2016 Net funding and Net debt of $31-32bn and $16.5-17.5bn• Asset disposals target now largely achieved – opportunity to be selective on remaining active

disposal processes

We possess significant growth optionality for the right market conditions• Our production cuts have preserved the value of our resources for the future• Our low-cost latent capacity includes: 300kt of copper, 500kt of Zinc, 100kt of lead and 15Mt

of thermal coal

18Note: (1) After estimated taxes and interest of $2.2bn, estimated industrial capex of $3.5bn and $0.1bn of marketing capex, pre the impact of any asset disposal

processes yet to be completed. Excludes working capital changes. (2) Basis 2016 FY Revised industrial unit costs/margins on slide 12 and associated 2016 FY

volumes as noted in slide 23; mid-point of marketing guidance on slide 9 plus $200M of marketing D&A, pre the impact of any asset disposal processes yet to be

completed. Prices as of 18 August 2016. (3) Relative to original 2016FY guidance in March 1 2015 Preliminary Results presentation on slide 12.

Q&A

Copper scrap recycling, Horne smelter, Canada

Appendix

Raglan wind power generation, Nickel, Canada

Glencore Agri accounting treatment

• Agreed sale of 49.99% of Glencore Agri to Canada Pension Plan Investment Board and British Columbia Investment Management Corporation

• Negotiated governance structure will result in the statutory accounting deconsolidation of Glencore Agri on close of sale

• In respect of our ongoing ownership stake of 50.01%, and for as long as we hold >35%, Glencore Agri meets the definition of a joint arrangement, classified as a joint venture as determined under IFRS 11 and accounted for using the equity method in accordance with IAS 28

• Post sell-down, it is currently expected that Glencore’s financial reporting of Glencore Agri will be consistent with the treatment of our interests in Cerrejón, Antamina and Collahuasi

• i.e. equity accounting for statutory reporting and proportionate consolidation for Financial Review / segment reporting to provide an enhanced understanding of underlying financial performance and position

21

Commodity prices

80

90

100

110

120

130

140

150

Jan.16 Mar.16 May.16 Jul.16

Copper

Zinc

Nickel

35

40

45

50

55

60

65

70

Dec.15 Nov.16 Oct.17 Sep.18 Aug.19 Jul.20

Jul 2016

Jun 2016

May 2016

Apr 2016

Mar 2016

Feb 2016

Jan 2016

Dec 2016

22

Indexed: January 2016=100

API4 thermal coal curvesIndexed base metal prices YTD

Data: Bloomberg, ICAP

Notes

Slide 12: Strong first-half operational performance and industry-leading cost positions

• (1) 2016 H1 copper unit cost calculated on department production of 624.4kt (not including c.79kt additional copper produced as by-product in the zinc and nickel divisions) less 21.3kt produced at Mopani. 2016 FY copper unit cost calculated on guided mid-point of department production of 1.26kt less c.45kt forecast production at Mopani (excluding c.150kt of forecast copper production as by-product in the zinc and nickel divisions). Costs include TC/RCs, freight, royalties and a credit for custom metallurgical EBITDA

• (2) 2016 H1 zinc unit cost calculated on department production of 484.7kt (not including c.22kt of zinc produced as a by-product in other divisions) adjusted for c.85% payability, resulting in payable production of 412kt. 2016 FY zinc unit cost calculated on forecast department production of 1.03Mt (excludes c.65kt of zinc produced as by-product by other divisions) adjusted for 85% payability, resulting in payable production of 876kt. Zinc cost includes credit to account for custom metallurgical EBITDA

• (3) 2016 H1 nickel unit cost calculated on production of 51.5kt, excluding Koniambo. 2016 FY nickel unit cost calculated on forecast production of 100kt, excluding Koniambo

• (4) Average NEWC H1 2016 price of $51/t adjusted for portfolio mix (-$6/t) to generate a margin that can be applied across overall group ex-mine sales of 65Mt. 2016 FY coal unit cost calculated basis current spot NEWC price of $68/t adjusted for portfolio mix (-$11/t) to generate an annualised spot margin that can be applied across overall forecast group production of 125Mt (i.e. $18/t margin)

• (5) Reconciling actual H1 copper unit costs to H1 Adjusted Copper EBITDA of $1.344bn: • Add back $130M for Katanga and Mopani (primarily operating costs incurred at Katanga, with production currently suspended, pending delivery of the whole ore

leach upgrade project) and $80M for inventory changes to give underlying EBITDA of $1.554bn.

• Divide underlying EBITDA of $1.554bn by H1 production of 603.1kt (see Note 1 above) to give EBITDA/lb of $117c/lb.

• LME average price of $214c/lb over H1 2016 less EBITDA/lb of 117c/lb = cost per pound of c.$97c/lb

• (6) Reconciling actual H1 zinc unit costs (including gold credits) to H1 Adjusted Zinc EBITDA of $770M: • Divide Adjusted Zinc EBITDA of $770M by H1 payable metal production of 412kt (see Note 2 above) to give EBITDA/lb of c.$85c/lb

• LME average price of $81.7c/lb over H1 2016 less EBITDA/lb of $85c/lb = cost per pound of c.-$3c/lb. Add back Kazzinc gold credit of 18c/lb to give zinc mine

unit costs of 15c/lb

• (7) Reconciling actual H1 nickel unit costs to H1 Adjusted Nickel EBITDA of $168M: • Divide Adjusted Nickel EBITDA of $168M by H1 metal production of 51.5kt (see Note 3 above) to give EBITDA/lb of c.$147c/lb

• LME average price of $393c/lb over H1 2016 less EBITDA/lb of $147c/lb = cost per pound of c.$246c/lb

• (8) Reconciling actual H1 margin to H1 Adjusted Coal EBITDA of $506M: • Divide Total Coal EBITDA of $506M by H1 ex-mine sales of 65Mt to give EBITDA/t of $8/t

• NEWC average price of $51/t over H1 2016 adjusted to $45 /t to reflect portfolio mix less EBITDA/t of $8/t = cost per tonne of $37/t

23

2016 Production Guidance

Commodity Unit Actual

FY 2014

Actual

FY 2015

Actual

H1 2016

Guidance

FY 2016

Copper kt 1,546 1,502 703 1,410 ± 25

Zinc kt 1,387 1,445 507 1,095 ± 25

Lead kt 308 298 145 285 ± 10

Nickel kt 101 96 57 116 ± 4

Ferrochrome kt 1,295 1,462 762 1,575 ± 25

Coal Mt 146 132 59 125 ± 3

Oil kbbl 7,351 10,569 4,350 8,000 ± 300

24

Changes to previous guidance (1 March 2016) reflect:

Copper: +20kt to 1,410kt (± 25kt) – strong YTD performances across a number of assets, including

Collahuasi

Coal: -5mt to 125mt (± 3Mt) – lower South African output and weather related reductions in Colombia

Oil: -200kbbl to 8,000kbbl (± 300kbbl) – reduced workover activity in Chad, basis current lower margins,

and the wish to preserve the resource for an improved pricing environment