Basis of preparation
The reported financial information has been prepared on the basis as outlined in note 2 of the interim financial statements. The unaudited and unreviewed pro forma financial information for 2013 and where otherwise noted has been prepared as if the acquisition of Xstrata plc and full consolidation of such had taken place as of 1 January 2013 to illustrate the effects of the acquisition on the profit from continuing operations and cash flow statement for the six month period ended June 2013.
The unaudited and unreviewed pro forma financial information has been prepared in a manner consistent with the accounting policies applicable for periods ending on or after 1 January
2013 as outlined in note 2 of the financial statements with the exception of the accounting treatment applied to certain associates and joint ventures for which Glencore’s attributable share of revenues and expenses are presented (see note 3) and reflects the final fair value adjustments arising from the acquisition of Xstrata on 2 May 2013 as if the acquisition of
Xstrata plc and full consolidation of such had taken place as of 1 January 2013. These adjustments primarily relate to depreciation, amortisation and the unwind of onerous and unfavourable contract provisions. The pro forma financial information has been prepared for illustrative purposes only and, because of its nature, addresses a hypothetical situation and therefore does not reflect the Group’s actual financial position or results.
A reconciliation of the pro forma results to the reported results for the six months ended 30 June 2013 is included in the Appendix on page 73 of the 2014 Half-Year Report.
The reported and pro forma financial information is presented in the Financial Review section before significant items unless otherwise stated to provide an enhanced understanding and comparative basis of the underlying financial performance. Significant items (refer to page 6 of the 2014 Half-Year Report) are items of income and expense which, due to their financial impact and nature or the expected infrequency of the events giving rise to them, are separated for internal reporting and analysis of Glencore’s results.
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

Glendell Mine, Australia

4

•
– marketing EBIT +27% y/y to $1.5bn
– industrial EBITDA +3% y/y to $4.8bn
– Net income +8% y/y to $2bn
– FFO +15% y/y to $4.9bn
•
•
•
•
•
•
– $1bn additional buy back and 11% dividend increase, on top of $639M of convertible bonds bought back during H1 2014
– $3.9bn total capital return actioned in 2014 or $29 cents per share
– since IPO Glencore capital return has exceeded IPO proceeds of $7.9bn
– capital structure will be constantly reviewed
5

Safety remains our top priority
• All fatal incidents investigated and subsequently reviewed by the Board
• SafeWork in process of being rolled-out across the Group
• Expertise from well-performing divisions leveraged across the organisation
• 10 fatalities H1 2014
• Continued improvement in LTIFR: 3.0 (2009) to 1.88 (H1 2014)
• 74% of assets performing ahead of 2014 targets
Environment
• No serious environmental incident in H1 2014
• Mopani smelter upgrade completed in April 2014
Communities and stakeholder engagement
• Community programmes continue to focus on health, education and infrastructure
• Pro-active engagement with governments, communities and
NGOs
Policy setting and memberships
• ICMM membership received in April 2014 after independent expert review
• Membership of the Dow Jones Sustainability Index since 2013
• Signatory of the UN Global Compact since June 2014
• Endorsement and implementation of Voluntary Principles on
Security and Human Rights in March 2014 (admission pending)
LTIFR (1) 2009 to H1 2014
3.5
3.0
2.5
3.00
2.74
2.51
2.05
2.0
1.89 1.88
1.5
2009 2010 2011 2012 2013 H1
2014
Note: (1) Lost time incidents (LTIs) are recorded when an employee or contractor is unable to work following an incident. Glencore records LTIs which result 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. LTIFR is the total number of LTIs recorded per million working hours.
6

Harvester at Balaklava, Australia

US$M
Adjusted EBITDA
(2)
Adjusted EBIT
(2)
Net income attributable to equity holders pre-significant items
(3)
Funds from operations (FFO)
(4)
Capex (excluding Las Bambas)
EPS – basic ($/share)
Effective tax rate
H1 2014 H1 2013
6,464
3,624
2,010
4,909
4,027
0.15
27.2%
(1)
6,002
3,182
1,860
4,264
5,653
0.14
17.5%
% change
8
14
8
15
(29)
7
US$M
Net debt
(4)
FFO to Net debt
(4) (7)
Net debt to Adjusted EBITDA
(7)
Adjusted EBITDA to Net interest
(7)
Adjusted for Las
Bambas / Caracal
(5)
32,595
33.8%
2.41x
30.06.2014 31.12.2013
37,595
29.3%
2.78x
9.45x
(2)
35,798
29.0%
2.74x
9.12x
Notes:
(1) Refer to basis of preparation on page 4 of 2014 Half-year Report.
(2) Refer to Glossary (page 75) for definitions and reconciliation of Adjusted EBIT/EBITDA to note 3 of the interim financial statements.
(3) Refer to significant items table on page 6 of 2014 Half-year Report.
(4) Refer to Net debt and FFO tables on page 8 of 2014 Half-year Report.
(5) Net debt adjusted by $5 billion, including the effects, in July 2014, of the net proceeds received on sale of Las Bambas less the consideration paid for Caracal.
(6) Change %, calculated post $5 billion impact of the net consideration received on sale of Las Bambas less consideration paid for Caracal.
(7) H1 2014 ratio based on last 12 months’ FFO and Adjusted EBITDA and 2013 ratios based on pro forma results.
% change
(9)
(6)
17
(6)
(12)
(6)
4
8

Adjusted EBIT H1 2013 vs H1 2014 (US$M)
Robust contribution from marketing. Adjusted
EBITDA and EBIT up 23% and 27% respectively over
H1 2013, reflecting supportive market conditions in many commodities and synergy benefits from Xstrata and
Viterra
1,600
1,400
+27%
1,512
1,200
1,186
1,000
800
600
400
200
0
H1 2013
Total
H1 2014
Metals & Minerals: higher volumes,
Xstrata synergies and generally favourable markets boosted EBIT by 25% to $888M
711
H1 2013
+25%
888
H1 2014
Metals & Minerals
Energy: decrease in EBIT reflects fewer trading opportunities and low volatility in oil pricing/curve structure
501
(55)%
227
H1 2013 H1 2014
Energy
Agriculture: strong contribution from
Viterra’s grain handling operations, following record crops in Canada and an above average crop in South Australia.
Comparable period performance was unusually weak
15
473
H1 2013 H1 2014
Agriculture
9

Adjusted pro forma EBITDA/EBIT H1 2013 vs H1 2014 (US$M)
Strong industrial first half performance with higher copper, coal and oil volumes, cost reductions and favourable FX movements more than offsetting challenging pricing conditions for key commodities.
Adjusted EBITDA and EBIT up
3% and 6% respectively
Metals & Minerals:
EBITDA and EBIT
+11% and +26% respectively. Strong copper volumes
(+13%), improved ferroalloys results & higher nickel prices more than offset the impact of the mid-2013 zinc mine closures
Energy:
At EBITDA level the negative impact of weaker coal prices was substantially mitigated by higher low-cost coal volumes and weaker
AUD and ZAR. Oil
EBITDA up 45% to
$266M as a result of higher West Africa production volumes
4,800
4,680
+3%
4,840
3,800 +11%
3,512
2,800
EBITDA
3,153
1,800
800
-200
1,996
EBIT
+6%
2,112
H1 2013
Total
H1 2014
1,508
H1 2013
+26%
1,902
H1 2014
Metals & Minerals
(6)%
1,566
1,468
581
(32)%
394
H1 2013 H1 2014
Energy
Agriculture:
Significant improvement in earnings supported by
33% increase in processing/production
3
-35
73
35
H1 2013 H1 2014
Agriculture
10

Industrial pro forma adjusted EBIT pre-exceptional items – H1 2013 vs H1 2014 (US$M)
2,500
567 (44)
2,300 (136)
2,112
2,100
1,996 (980)
551 (262)
1,900
1,700
420 1,500
1,300
1,100
900
700
500
H1 2013
Adj. EBIT
Price Volume Net cost Inflation FX
Metals and minerals
Energy products
Agricultural products
D&A Other H1 2014
Adj. EBIT
11

Key debt metrics (1)
US$bn
Net funding
Net debt (3)
FFO to Net debt
(3) (5)
Net debt to Adjusted
EBITDA
(2) (3) (5)
Adjusted EBITDA (2) to net interest
(5)
Weighted average funding cost (%)
4.5
4.0
3.5
3.0
30.6.2014
Adjusted (4)
49.4
32.6
33.8%
2.41x
30.6.2014 31.12.2013
54.4
37.6
29.3%
2.78x
9.45x
52.2
35.8
29.0%
2.74x
9.12x
• Robust liquidity position with $9.2bn of committed undrawn credit facilities and cash as of 30 June 2014 (pre Las Bambas)
• Strong cashflow coverage ratios:
(post Las Bambas)
• FFO to Net debt of 33.8%
• Net debt to Adjusted EBITDA of 2.41x
• 2014 debt activities
• April: issued $2bn and EUR1.1bn of bonds
• June: new $15.3bn committed RCF in three tranches
• June: repurchased and cancelled 25% of convertible bonds due December 2014
• Moody’s and S&P’s investment grade credit ratings at Baa2 (stable) and BBB (stable)
• Maintenance of strong Baa/BBB levels remains a financial target/priority
• Average VaR (1 day 95%) of $30M, representing less than 0.1% of shareholders’ equity ($30M in H1 2013)
2.5
2009 2010 2011 2012 2013 2014
Notes:
(1) Refer to basis of preparation on page 4. (2) Refer to glossary (page 75) for definitions and reconciliation of Adjusted EBIT/EBITDA to note 3 of the interim financial statements.
(3) Refer to net debt and FFO tables on page 8. (4) Net debt adjusted by $5 billion, including the effects, in July 2014, of the net proceeds received on sale of Las Bambas less the consideration paid for Caracal. (5) H1 2014 ratio based on last 12 months’ FFO and Adjusted EBITDA and 2013 ratios based on pro forma results.
12

• Operational free cashflow and declining capex, together with the Las Bambas proceeds have firmly consolidated Glencore’s credit metrics within the
BBB/Baa rating
• Strong BBB/Baa considered to be our optimal capital structure
• supports marketing activities – positively differentiated credit positioning from most trading competitors
• enables Glencore to efficiently grow cashflow, earnings and dividends per share
• provides abundant access to capital markets allowing efficient and prudent balance sheet and liquidity management
35%
30%
25%
BBB/Baa illustrative target metrics (1)
FFO/Adj. Net Debt (2)
45%
Adj. Net Debt (2) /EBITDA
1.75x
2.00x
$4.9bn funds from operations in
H1 2014, up $650M year on year
40%
BBB+/
Baa1
20%
BBB/
Baa2
BBB-
/Baa3
2.25x
2.50x
2.75x
3.00x
3.25x
33.8%
FFO to Net debt
Target: >25%
2.41x
Net debt to Adjusted
EBITDA
Target: <3x
Notes: (1) Estimated rating metrics based on Glencore’s calculation of Adjusted Net debt. (2) Net debt calculated as Net Funding less Readily Marketable Inventories, including net consideration of $5 billion from the Las Bambas disposal and the Caracal acquisition in July 2014. FFO and EBITDA are last 12 months.
13

Metals & Minerals: $2,697M (1)
4,000
3,500
-$800M
Energy products: $999M
4,000
Expansionary
Sustaining
3,500
Total Industrial: $3,759M (1)
6,000
5,000
Full year guidance unchanged at $8.7bn
3,000 3,000
-$1.77bn
4,000
2,500 2,002 2,500 3,588
2,000
1,329
2,000 3,000
2,086
1,500 1,500
-$942M
2,000
1,516
1,000 1,000
1,495
1,368
708 1,000 1,944
500 500
1,673
0 0
425
291
H1 2013 H1 2014
0
H1 2013 H1 2014 H1 2013 H1 2014
Notes: H1 2013 is pro forma for the Xstrata merger. (1) Excluding Las Bambas expansionary capex of $798M and $899M in H1 2014 and H1 2013 respectively.
Excluding Marketing capex and capitalised project interest of $268M in H1 2014 ($121M in H1 2013).
14

Ship loading at Port Giles, Australia

Asset portfolio optimised 
Earnings power of the marketing business rebased 
Balance sheet repositioned 
Differentiated price outlook – exposure to the right commodities 
Strong pipeline of future growth opportunities

Owner-oriented management aligned with external shareholders 
16

>$1.9b industrial merger synergies and other cost savings by end
2014
Q1 first quartile cost positions for industrial assets on track for end
2015
Post-integration cost efficiencies and focus now ingrained in industrial asset structures
$6.8bn asset disposals over last 12 months (1)
Illustrative C1 metals cash cost curve / Inverse FOB cash margin thermal coal
FeCr
2015
Cu
2015
$2.5bn acquisitions over the last 12 months (2)
$35bn combined Glencore and
Xstrata expansionary capex since 2009 (3)
Zn
2015
Ni
2015
Thermal Coal
2015
Q1
Notes: (1) Including Las Bambas, Frieda River, Viterra disposals, Agmet and PT Stargate Pasific. (2) Includes Caracal, Mutanda, Clermont. (3) Excludes Las Bambas.
Q2
17

• Historical Marketing EBIT guidance of $2bn to $3bn per annum
• EBIT guidance range increased to
$2.7 – $3.7bn from 2014, following the Xstrata and Viterra transactions
• Marketing business benefits from unique scale, diversification and relationships – the clear global #1
• Unrivalled global intelligence / market knowledge and insight:
• underlying commodity supply/demand
• corporate activity/opportunities
• Earnings uplift available as physical output grows
• Low cost of capital, minimal fixed assets and stable cost base underpin, resilient and high ROE
Marketing EBIT ($M)
0 1,000
2008
2009
2010
2011
2012
2013
2014
2,000 3,000
H1 14 annualised
$700M annual EBIT guidance range increased, following the Xstrata and
Viterra transactions
H1
14
18

Consensus price forecasts 2014=100
140
130
Nickel
Aluminium
Zinc
120
Thermal
Coal
110
Copper
Oil
100
90
Iron Ore
80
2014
Source: Consensus broker research
2015 2016 2017 2018
19

Commissioning 2014 Commissioning 2015 2016+ brownfield growth options
Copper
Katanga Phase V : increase to 300ktpa milling + 2*35ktpa
EW tankhouses
Zinc
McArthur River Phase 3
Expansion : increase to
370ktpa zinc in concentrate
Ferroalloys
Lion II : 360kt Premus technology smelter - complete
Copper
Nkana Synclinorium: New shaft to extend section life by
25 years
DRC Power: first 162MW refurbished turbine (G27) at
Inga
Oil
Krim (DOB/DOI): – Chad
Commissioning 2016
Coal
Ulan West : +8Mtpa export thermal
Wonderfontein : +2.7Mtpa export thermal
Tweefontein : +7Mtpa for 24 years
Oil
Mangara (DOB/DOI) – Chad
Copper
Mopani Deeps : new shaft infrastructure to provide a
25% increase in own source production and a 20% reduction in mine cash costs
Commissioning 2017
Iron Ore
Askaf : 7Mtpa iron ore mine utilising existing SNIM rail and port infrastructure
Note: Cu equivalent annual growth including above projects of c. 6% expected 2014-2017.
Copper
Coroccohuyaco
Mutanda Sulphides
Zinc
Mararovskoe
Dolinno
Nickel
Raglan 40ktpa
Raglan Phase II
Coal
Bulga life extension (OC&UG)
Mt Owen extension
Rolleston Phase II expansion
GGV expansion
Optimum / Zonnebloem
Oil: >800 MM bbls of risked prospective resource potential in Chad
Chad exploration : Doseo/Borogop,
DOBI/DOI, DOH blocks
Chad development : Kibea and nearby discoveries
Bolongo – Cameroon
Diega – Equatorial Guinea
20

maintain strong
BBB/Baa credit metrics
• Strong BBB/Baa believed to be the optimal rating target supporting the balance between our growth strategy and shareholder returns
including ongoing buyback programme
• IPO proceeds (c.$7.9bn) fully returned to shareholders since IPO
• Ongoing buyback program should underpin EPS accretion as well as
P/E multiples
Criteria:
• risk
• return
• cash payback
screen growth options against capital allocation criteria
• High-returning opportunistic M&A and brownfield growth opportunities screened against rigorous capital allocation criteria
• Investment opportunities also screened against returns generated from buybacks
• Generates growth in profits and FCF
21

Delivering on our commitments
• Asset portfolio largely restructured
• Marketing earnings rebased
• Balance sheet strengthened
• Exposure to the right commodities
• Strong pipeline of organic growth opportunities
Confidence in outlook allows us to start returning excess capital to shareholders on a sustainable basis
• 25% of convertible bonds repurchased
• Dividend rebased – interim dividend $6 cents
• Ongoing share buyback – $1bn until 31
March 2015
IPO proceeds have already been returned to shareholders
8
7
Buyback
$1.0bn
Convertible repurchase
$639M
6
5
4
3
2
IPO proceeds
$7.9bn
Dividends since IPO
$6.3bn
IPO proceeds now already returned to shareholders
Capital structure will be constantly reviewed
1
0
Note: Dividends include the 2014 declared interim dividend. 22

Los Quenuales, Peru

Lady Loretta mine, Australia

Copper Zinc Nickel Thermal Coal
Tight market conditions reflected in critically low cathode stocks
• Cathode deficit in H1
2014 - impact of supply disruptions met by reduction in exchange stocks to levels last seen in late 2008
• Forecast stronger H2 supply growth likely to be tempered by scrap shortages and risks around aging mines and delivery of new greenfield supply.
• Continued Chinese strength and improving western demand likely to keep H2 supply in check
• Capex cuts and project deferrals to generate deficit markets again from 2015
Zinc market continues to tighten
• Improving Western demand, combined with record metal imports into China during H1 has resulted in a significant draw down of zinc metal inventories worldwide
• Lower inventories, tightening spreads, increased premia all point to a zinc metal deficit already in 2014
• With the key Western mine closures forecast from 2015 and no significant new projects underway to replace them, the market deficit will only widen further
Rebalancing near-term, then sizeable deficit emerging
• Indonesia’s export ban and enforcement has put more than 300kt of primary Ni production
(mostly Chinese NPI) at risk
• Record levels of raw and finished inventories will initially limit the impact of the ban
• Amid robust forecast demand, sizeable deficits forecast to emerge as ore stockpiles and exchange stocks are run down.
• Permitting / infrastructure will limit the pace of Indonesian
NPI build out
Growing pressure for supply cuts
• Despite continuing strong demand from the major Pacific and Atlantic consumers, the market remains oversupplied due to a slow supply response
• c.35% of seaborne supply is cash negative and more than two thirds of Chinese domestic producers are believed to be suffering losses
• Growing likelihood of production cuts amid Indonesian efforts to tackle illegal exports and Chinese measures aimed at curbing overcapacity
• Capex cuts and project deferrals will help to accelerate the necessary rebalancing
• Medium/long-term confidence in market upside – demand supported by role as lowest cost fuel choice
25

Anthony Hayward
Chairman H
• Former CEO of BP
• CEO of Genel Energy (LON)
Leonhard Fischer
Non Executive Director A(C), N, R
• CEO of RHJ International (parent of the Kleinwort Benson Group)
(EBR)
• NED of Julius Baer (VTX)
Ivan Glasenberg, CEO
Executive Director H
• CEO of Glencore since 2002
• 30 years with Glencore
• NED of Rusal (HKEx)
• NED of Pirelli
Peter Coates
Non Executive Director H(C)
• 40 years of experience in the resource industry
• NED of Santos and
Amalgamated Holdings (both
ASX)
Peter Grauer
Senior Independent
Non Executive Director N(C), A
• Chairman of Bloomberg
• NED of Davita Healthcare
(NYSE)
• Member of International
Business Council of WEF
Committees: A Audit; H HSEC; N Nomination; R Remuneration; C Chair
William Macaulay
John Mack
Patrice Merrin
Non Executive Director A, R
• Chairman and CEO of First
Reserve
• Chairman of Dresser-Rand and
CHC Group (both NYSE)
• NED of Weatherford International
(NYSE)
Non Executive Director R(C),N
• Former CEO of Morgan Stanley
• Member of the Advisory Board of CIC, of International Business Council of
WEF, of NYC Financial Services
Advisory Committee and of Shanghai
International Financial Advisory Council
Non Executive Director H
• Former COO of Sherritt and former CEO of Luscar (Canada’s largest coal company)
• Former Chair of CML Healthcare (then
TSX)
• NED of Stillwater Mining (NYSE)
26

• Increased interim distribution reflects confidence in our outlook and financial position
• Interim distribution of 6 cents per share declared, an 11% increase
• Payment date: 19 Sep 2014
Jersey
Distribution payments (US cents per share)
18
16
14
12
10
8
6
4
2
0
15.0
10.0
5.0
+8%
15.8
10.4
5.4
16.5
11.1
5.4
+11%
2011 2012 2013
6.0
2014
Johannesburg
22 Aug
Hong Kong
29 Aug
Interim distribution timetable
Exchange rate reference date:
Last time to trade on JSE to be recorded in the register on record date:
Last day to effect removal of shares cum div between Jersey and JSE registers:
Interim Ex-Div Date:
Last time for lodging transfers in Hong Kong:
Interim Distribution record date:
Deadline currency election (Jersey):
Removal of shares between Jersey and JSE:
Exchange rate reference date:
Final Distribution payment date:
3 Sep
5 Sep
8 Sep
10 Sep
19 Sep
29 Aug
1 Sep
5 Sep
From 8 Sep
19 Sep
3 Sep
4:30pm 4 Sep
5 Sep
10 Sep
19 Sep
Note: Dematerialisation and rematerialisation of registered share certificates in South Africa may not be effected during the period from Monday 1 September 2014 to Friday 5 September 2014, both days inclusive. Distributions will be declared and paid in U.S. dollars, although Shareholders on the Jersey register will be able to elect to receive their distribution payments in Pounds Sterling, Euros or Swiss Francs. Shareholders on the Hong Kong branch register will receive their distributions in Hong Kong dollars. Shareholders on the Johannesburg register will receive their distributions in
South African Rand.
27

#1
Export thermal coal production (Mt) Mined copper production (kt)
#3
98
55
Glencore Bumi
43
BHPB
40
Siberian
35
Adaro
Energy
31
AAL
Export metallurgical coal production (Mt)
1,874 1,792
1,497
1,149
775
631
Freeport Codelco Glencore BHPB
#1
Anglo
American
Rio Tinto
Mined zinc production (kt)
#6
34
26
21
19 18
12
BHPB Mitsub.
Teck Alpha AAL
Mined nickel production (kt)
Glencore
#5
251
215
134
124
98
81
Norilsk
2015
Vale PT Aneka
Tambang
BHPB Glencore Jinchuan
Source: AME, Wood MacKenzie, CRU, Heinz Pariser, Glencore 2013 production report.
1,399
#1
848
Glencore Vedanta
615
Teck
582
299 289
China
Minmetals
Votorantim Nyrstar
Ferrochrome production (kt)
1,238
Glencore
1,117
ERG
860
434
280
189
Samancor Outokumpu Hernic ASA Metals
28

The impact of the proportionate consolidation of certain associates and joint ventures, and the pro forma adjustments, is set out in the following table:
US$ million
H1 2014
Reported
Adjustment for proportionate consolidation
H1 2014
Adjusted
Reported
H1 2013
Reported
Adjustments for proportionate consolidation and Xstrata
H1 2013
Pro forma
Revenue 114,064 1,486 115,550 112,035 9,358 121,393
Adjusted EBITDA
Adjusted EBIT
Net income attributable to equity holders – pre significant items
Significant items
Net income attributable to equity holders – post significant items
6,038
3,471
2,010
(290)
426
153
-
-
6,464
3,624
2,010
(290)
3,491
2,008
1,207
(10,593)
2,511
1,174
653
9,378
6,002
3,182
1,860
(1,215)
FFO
Capex
1,720
4,831
4,585
-
78
240
1,720
4,909
4,825
(9,386)
1,919
3,400
10,031
2,345
3,152
645
4,264
6,552
29

Oil drilling, Chad

Recently completed acquisition of Caracal, Glencore’s JV partner in Chad
Strategic rationale
• Larger working interest in a proven oil basin gives Glencore the opportunity to fully benefit from both development and high prospect exploration activities in Chad
• Extensive exploration portfolio of over 80 prospects and leads analogous to existing discoveries
• Continued build out of Glencore’s operated E&P platform opens up a wider spectrum of opportunities across the E&P life cycle (exploration, development & production)
• Accelerated development using existing pipeline infrastructure
Production
PSC map
• First oil from Badila field in
September 2013
• Mangara field scheduled to be on-stream during
H2 2014
Badila and Mangara EXAs
EXAs approved
Glencore: 85%
SHT (Chad NOC):15%
EEAs
Glencore: 100%
• Exited 2013 with production of 10,000 barrels of oil per day
(gross)
• Target production of 40 to
45 kbbl/day by 2015
Mangara
Badila
DOH
Borogop
Chari East Doseo
Doseo / Borogop PSC
DOB / DOI (Badila / Mangara) PSC
DOH PSC
PSC: Profit Sharing Contract; EXA: Exclusive Exploitation Authorizations; EEA: Exclusive Exploration Authorizations. 31

E&P Portfolio location
Note: * Glencore operated
Asset Participation
Equatorial Guinea
Block I
Block O
Block X
Block V *
Block EG 05 *
Cameroon
Matanda *
Bolongo *
Tilapia
Chad
DOB/DOI *
Mangara Field *
Badila Field*
DOH *
Doseo/Borogop *
Morocco
Boujdour Offshore*
Foum Ognit Offshore
Participating
Interest
23.75%
25.00%
37.50%
80.00%
60.00%
Participating
Interest
90.00%
100.00%
33.33%
Participating
Interest
100%
85.00%
85.00%
100%
100%
Participating
Interest
38.25%
18.75%
32

Koniambo, New Caledonia

H1 2014 Performance
• First half production of 4.1kt primarily impacted by power availability issues
• Early operation of the plant’s principal energy source (2 x 135MW steam turbines) uncovered a range of OEM manufacturing problems impacting heat exchanger tube bundles, combustors and fan impellers
• Plant initially operated on a de-rated basis supplemented by backup diesel turbines
• Metallurgical plant has been operating for 12 months under Glencore control
• Confidence in the technology is very high
• Operational staff now familiar with the rampup/operating challenges
• Smelter producing commercial grade ferronickel
Power update
• Sufficient power now available until steam turbines are fully operational
• Remanufacture of the heat exchanger tube bundles underway which should enable both lines to generate power at capacity during Q2
2015
Revised production guidance
• 2014: 10 to 18kt Ni
• 2015: 25 to 40kt Ni
• 2016: > 50kt Ni to nameplate capacity
Power availability no longer a constraint
• Requirement at full capacity:
• Total current power sources:
• STG 1
• CTG 1 & 2
• ENERCAL (local provider)
• 3 mobile generators
215MW
250MW
50MW
2 x 52 MW
35MW
3 x 20MW
Koniambo metallurgical plant
STG: Steam Turbine Generator; CTG: Combustion Turbine Generator.
34

Katanga KOV pit, DRC

Global copper stocks (Mt)
1.8
1.6
1.4
1.2
1.0
0.8
0.6
0.4
0.2
0.0
January
2013
June 2013 January
2014
June 2014 Present
LME COMEX SHFE CHINA BONDED
Global copper stocks (Mt)
1.8
1.6
1.61
1.4
1.41
1.2
1.0
1.13
0.98
0.94
0.87
0.8
0.6
0.59
0.51
0.4
0.2
0.28
0.26
0.0
January
2013
June 2013 January
2014
June 2014
Total copper stocks
Total excluding China bonded
Present
36

Abbot Point, Australia

1,000
800
773
866
941
975
991 1,013
1,032
1,000
800
792
880
931
971
1,019
1,061
1,111
600 600
400
200
0
2011 2012 2013 2014F 2015F 2016F 2017F
Indonesia Australia
South Africa USA
Colombia
Other
Russia
Source: Glencore.
400
200
0
2011 2012 2013 2014F 2015F 2016F 2017F
China
Taiwan
India
Germany
Japan
Other
Korea
38

FOB thermal coal cash margins at current market prices ($/t)
20
Glencore
15
10
5
Major 1
Major 2
Major 3
Major 4
Major 5
Major 6
Major 7
Major 8
Other
-
(5)
(10)
(15)
(20)
0 50 100 150 200 250 300 350 400 450 500 550 600 650 700 750 800 850 900 950
Million Tonnes
Source: Glencore 39

Asset details
• Glencore effective ownership: 79.8%
• Capex: $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
• Under construction
• Coal Processing Plant, 91.9% complete
• Full Project, 87.4% complete
• Plant operational Q4 2014
• Project completion Q2 2015
Coal Processing Plant
Rail load-out nearing completion
40

Mine development and MIA Asset details
• 90% Glencore
• Brownfield project
• 8Mtpa, export thermal and semi-soft coking
• 23 year mine life
• Second quartile cash cost
Project details
• Project complete
• Approved 2011
• CHPP completed Q4 2013
Construction update
• CHPP fully commissioned and operational
• On time and on budget ($1.4bn)
CHPP and product stockpiles
41

Asset details
• 90% Glencore
• 8Mtpa export thermal coal
• 14 year mine life
• First quartile cash cost at full production
Project details
• 92% complete
• Approved 2010
Construction update
• Longwall commenced operating in May 2014
• Project on time and on budget ($1.2bn)
Box cut and main gate entry
First longwall shear
42

Nickel crowns, Nikkelverk, Norway

Mining sector performance year to date
4%
12%
11% 11% 10%
9%
8%
7%
6%
6%
5%
4%
2% 1% 1%
0% 0%
-1% -1%
-2% -2% -2%
Mining sector performance last 3 years
50%
105%
88% 83%
69% 66% 65% 59% 58% 58%
47% 41% 41% 40% 38% 36% 33%
27% 19%
-1%
-20% -29%
Source: Bloomberg, as of 18 August 2014. 44

Commodity demand: 2004 vs 2014F
2004
2014 13.9
21.9
2.0
52.6
1.90
976
1.2
467
16.9
10.3
30.3
1.29
Copper Zinc Iron Ore Alu Nickel Thermal Coal
Prices have generally firmed during H1 2014 led by nickel. Slowing supply growth lending support
Copper Zinc Iron ore Alu Nickel
35.0% 40.0%
30.0%
20.0%
10.0%
0.0%
-10.0%
-20.0%
-30.0%
-40.0%
-50.0%
-15.0%
-6.0%
6.0%
10.0%
-41.0%
-30.0%
-4.0%
14.0%
5.0%
Coal
Last 18 months
YTD
-12.0%
-6.0%
Source: Bloomberg as at 18 August 2014, Wood Mackenzie, Deutsche Bank, Glencore estimates 45