Glencore PLC — Environmental & Social Information 2016

Jun 29, 2016

PAYMENTS TO GOVERNMENTS REPORT 2015

Highlights

Total government contributions in 2015 of around \$5 billion, of which \$2.86 billion relates to EU Directive payments.

Overview of payments made to governments in 2015 in line with EU Directive reporting requirements Amounts in US\$ 1,000

Chief Financial Officer's statement

I am pleased to present Glencore's first report on our economic contribution and payments to governments. This report discloses the payments we made during 2015 on a country‑by‑country and project‑by‑project basis and is aligned with the reporting requirements of Chapter 10 of the EU Accounting Directive.

We are committed to the highest standards of corporate governance and transparency and support increased transparency around the redistribution and reinvestment of such payments.

This report builds upon the disclosures we have provided in our annual Sustainability Reports since 2010, and our commitment as an active member of the Extractive Industries Transparency Initiative (EITI).

The latest edition of our Sustainability Report can be found at www.glencore.com, which provides further details on the broader spectrum of socio‑economic benefits we bring to our host communities and countries in a safe and environmentally responsible manner.

The payments we made

Taxes and royalties are direct annual contributions to our host governments. These payments often represent a significant proportion of their incomes. Levels are determined by the relevant national, regional or local government in accordance with local laws and regulations.

Our activities within our host countries enable governments to monetise their assets. The tax and royalty payments we make in connection with our activities can be used to provide the citizens of those countries with government services and infrastructure to improve their quality of life.

During 2015, our total direct contribution to governments amounted to some \$5 billion, of which \$2.86 billion related to payments to governments in respect of our extractive industries, as provided in accordance with the EU Transparency Directive.

Taxes, royalties and the like are only one element of our broader economic and social contribution. In 2015, our total economic contribution amounted to \$25.2 billion, comprising taxes and royalties, employees' wages and benefits, and payments to local suppliers.

I look forward to engaging with our stakeholders on this report.

Steve Kalmin Chief Financial Officer

Our approach to tax and transparency

Together with our peers, our economic contributions, including our tax and royalty payments, are many of our host countries' most significant sources of income. The size of our business and the long‑term nature of our operations mean that we can make a considerable economic impact in our host countries. This includes providing direct and indirect employment for local communities and supporting local suppliers.

We strongly support transparency in the redistribution and reinvestment of these payments and are active participants in the Extractive Industries Transparency Initiative (EITI).

We are aware of our economic impact on local communities and regions and take a responsible and transparent approach in communicating this with all of our stakeholders. In addition, our license to operate depends on ensuring that the benefits our stakeholders gain from our activities include the opportunity for a sustainable future. This includes acting responsibly over our tax affairs.

We believe that communities should have access to clear information on how much their governments have earned from the extraction of natural resources. It is also vital that citizens can find out how these revenues contribute to the development of their society and their country's economic status. Ensuring that our host countries and communities have transparent information about our payments to their governments also reduces the potential for corruption by all parties.

Countries that transparently and effectively allocate natural resource wealth for the benefit of their communities have the potential to attract greater, more responsible and longer‑term business investment. It is imperative that businesses, governments and civil society work in partnership to support transparency.

Behaving transparently and responsibly over our payments to governments is imbedded in Glencore's fundamental values. Our values reflect our purpose, our priorities and the intrinsic beliefs by which we conduct ourselves.

Our approach to tax payments reflects such values, our Code of Conduct and our long‑term business strategy, dictating that we seek to maintain long term, open, transparent and cooperative relationships with tax authorities in our host countries. We pay all relevant taxes, royalties and other levies in amounts entirely determined by the legislation of relevant national, regional or local governments.

A core component of our business model is our marketing activities, which in addition to mainly sourcing commodities from third parties, sources product from our industrial operations. To this end, the Group has established a centralised approach over the past four decades to reap the benefits of economies of scale and expertise related to marketing, logistics, procurement, risk management, legal, finance etc. in jurisdictions that also provide stable government and clear legal and regulatory frameworks. Our primary marketing entities and/or support functions are located in Switzerland, United Kingdom, Netherlands, Singapore and the United States. The pricing of transactions between Group companies is based on a determination of fair market and arms‑length commercial equivalent pricing and terms.

Reports1

The following reports have been prepared on the basis as outlined in About this Report on page 15.

Payments per country

Amounts in USD 1,000	Production	Taxes on		Customs/ export &
Country Argentina	Entitlements 0	income2 7,159	Royalties 17,661	import duties 500,103	Bonuses 0	Fees 147
Australia	0	66,195	389,659	363,641	0	16,191
Bolivia	0	0	27,316	9,456	0	0
Burkina Faso	0	0	1,696	2,036	0	0
Canada	0	44,769	0	89	0	1,209
Chad	73,276	0	0	0	4,000	2,604
Chile	0	0	9	286	0	1,405
Colombia	0	23,832	112,969	0	0	0
Congo, The Democratic Republic of	0	176,646	104,180	129,186	0	29,426
Equatorial Guinea	258,707	36,363	0	0	0	980
Kazakhstan	0	79,986	65,890	5	0	0
Namibia	0	6,659	1,043	99	0	0
Peru	0	54,204	28,826	39	0	6,596
South Africa	0	0	11,974	69,427	0	0
Tanzania	0	0	0	0	0	206
Zambia	0	270	41,885	4,734	0	4
Rest of the world	0	0	0	0	0	0
Total	331,983	496,083	803,108	1,079,101	4,000	58,768

¹ The reports are not corrected for rounding.

2 Taxes on income: does not include income taxes paid in Colombia, Peru and Chile, relating to Glencore's ownership interest in joint ventures (Cerrejón, Antamina and Collahuasi) amounting to a total of \$204 million.

³ Other taxes include: wealth tax, stamp duties, transfer tax, environmental tax and other taxes according to local law.

4 Payments not included in the Sustainability Report: primarily relating to oil assets in Equatorial Guinea that are not operated by Glencore and infrastructure improvements. These were not part of the scope of the 2015 Sustainability Report, which will be revisited for the 2016 report.

Payments by government

Amounts in USD 1,000 Country	Production Entitlements	Taxes on income	Royalties	Customs/ export & import duties	Bonuses	Fees	Infrastructure Improvements	Total
Argentina
National	0	7,159	0	500,103	0	0	0	507,262
Regional – Catamarca	0	0	16,586	0	0	0	0	16,586
Regional – Jujuy Province	0	0	1,075	0	0	0	0	1,075
Local – San Juan	0	0	0	0	0	147	0	147
Total	0	7,159	17,661	500,103	0	147	0	525,070
Australia
National	0	66,195	0	363,641	0	0	0	429,836
Regional – New South Wales	0	0	233,846	0	0	3,964	13,007	250,817
Regional – Northern Territory	0	0	0	0	0	812	0	812
Regional – Queensland	0	0	143,265	0	0	9,154	0	152,419
Regional – Western Australia	0	0	12,548	0	0	2,261	0	14,809
Local – Muswellbrook Shire Council	0	0	0	0	0	0	1,021	1,021
Local – Singleton Shire
Council	0	0	0	0	0	0	17,050	17,050
Total	0	66,195	389,659	363,641	0	16,191	31,078	866,764
Bolivia
National	0	0	27,316	9,456	0	0	0	36,772
Total	0	0	27,316	9,456	0	0	0	36,772
Burkina Faso
National	0	0	1,696	2,036	0	0	0	3,732
Total	0	0	1,696	2,036	0	0	0	3,732
Canada
National	0	14,577	0	89	0	0	0	14,666
Regional – British Columbia	0	0	0	0	0	819	0	819
Regional – Nunavut	0	0	0	0	0	44	0	44
Regional – Ontario	0	15,334	0	0	0	105	0	15,439
Regional – Quebec	0	14,858	0	0	0	241	0	15,099
Total	0	44,769	0	89	0	1,209	0	46,067

Production	Taxes on		Customs/ export &			Infrastructure
							Total
73,2765	0	0	0	4,000	2,604	0	79,880
73,276	0	0	0	4,000	2,604	0	79,880
0	0	9	286	0	739	0	1,034
0	0	0	0	0	125	0	125
0	0	0	0	0	541	0	541
0	0	9	286	0	1,405	0	1,700
							136,798
0	0	3	0	0	0	0	3
0	23,832	112,969	0	0	0	0	136,801
							493,150
							493,150
258,7076	36,363	0	0	0	980	0	296,050
258,707	36,363	0	0	0	980	0	296,050
0	79,986	65,890	5	0	0	0	145,881
0	79,986	65,890	5	0	0	0	145,881
							7,801
							7,801
							84,949
							4,716
	Entitlements 0 Congo, The Democratic Republic of 0 0 0 0 0 0	income 23,832 176,646 176,646 6,659 6,659 54,204 0	Royalties 112,966 104,180 104,180 1,043 1,043 28,826 0	import duties 0 129,186 129,186 99 99 39 0	Bonuses 0 0 0 0 0 0 0	Fees 0 29,426 29,426 0 0 1,880 4,716	Improvements 0 53,712 53,712 0 0 0 0

5 Includes production lifting of 1.85MM barrels valued at market price under production sharing agreement.

6 Includes production lifting of 5.9MM barrels valued at market price under production sharing agreement.

Payments by government continued

Amounts in USD 1,000 Country	Production Entitlements	Taxes on income	Royalties	Customs/ export & import duties	Bonuses	Fees	Infrastructure Improvements	Total
South Africa
National	0	0	11,974	69,427	0	0	2,099	83,500
Total	0	0	11,974	69,427	0	0	2,099	83,500
Tanzania
National	0	0	0	0	0	206	0	206
Total	0	0	0	0	0	206	0	206
Zambia
National	0	270	41,885	4,734	0	4	0	46,893
Total	0	270	41,885	4,734	0	4	0	46,893
Total	331,983	496,083	803,108	1,079,101	4,000	58,768	86,889	2,859,932

Payments by project

Amounts in US\$ 1'000	Production Entitlements	Taxes on income	Royalties	Customs/ export & import duties	Bonuses	Fees	Infrastructure improvements	Total
Argentina
Catamarca Province
Project – Minera Alumbrera	0	1,982	16,586	50,239	0	0	0	68,807
Jujuy Province Project –
Minera Aguilar/AR Zinc	0	5,030	1,075	3,808	0	0	0	9,913
San Juan Project – Minera Pachon	0	147	0	0	0	147	0	294
Entity Level	0	0	0	446,056	0	0	0	446,056
	0	7,159	17,661	500,103	0	147	0	525,070
Australia
New South Wales Project –
Cobar Copper	0	(226)	6,026	0	0	150	0	5,950
New South Wales Project – Coking Coal	0	0	20,094	0	0	185	0	20,279
New South Wales Project –
Thermal Coal	0	69,472	207,726	0	0	3,629	31,078	311,905
Northern Territory Project – McArthur River Zinc	0	(194)	0	0	0	812	0	618
Queensland Project –
Coking Coal	0	(128)	25,593	0	0	2,174	0	27,638
Queensland Project – Ernest Henry Mine Copper	0	(1,236)	16,606	0	0	519	0	15,889
Queensland Project –
Mount Isa Mines Copper	0	136	28,974	0	0	1,854	0	30,964
Queensland Project – Mount Isa Mines Zinc	0	(2,148)	41,630	0	0	1,854	0	41,337
Queensland Project –
Thermal Coal	0	(247)	30,462	0	0	2,752	0	32,967
Western Australian Project – Murrin Murrin Nickel	0	767	12,548	0	0	2,261	0	15,576
Entity Level	0	0	0	363,641	0	0	0	363,641
	0	66,195	389,659	363,641	0	16,191	31,078	866,764

Payments by project continued

Amounts in US\$ 1'000	Production Entitlements	Taxes on income	Royalties	Customs/ export & import duties	Bonuses	Fees	Infrastructure improvements	Total
Bolivia
Oruro Project – Minera Illapa	0	0	5,076	0	0	0	0	5,076
Oruro Project – Sinchi Wayra	0	0	1,488	0	0	0	0	1,488
Potosi Project – Minera Illapa	0	0	3,786	0	0	0	0	3,786
Potosi Project – Sinchi Wayra	0	0	16,966	0	0	0	0	16,966
Entity Level	0	0	0	9,456	0	0	0	9,456
	0	0	27,316	9,456	0	0	0	36,772
Burkina Faso
Koudougou Project –
Perkoa Mine	0 0	0 0	1,696 1,696	2,036 2,036	0 0	0 0	0 0	3,732 3,732
Canada
British Columbia Project – Coking Coal	0	0	0	0	0	819	0	819
Nunavut Project – Hackett	0	0	0	0	0	44	0	44
Ontario Project – Corporate	0	22,980	0	0	0	0	0	22,980
Ontario Project – Kidd	0	1,275	0	0	0	7	0	1,282
Ontario Project – Sudbury	0	5,656	0	0	0	98	0	5,754
Quebec Project – Raglan	0	13,620	0	0	0	98	0	13,718
Quebec Project – Matagami	0	1,238	0	0	0	35	0	1,273
Quebec Project – various exploration projects	0	0	0	0	0	108	0	108
Entity Level	0	0	0	89	0	0	0	89
	0	44,769	0	89	0	1,209	0	46,067
Chad
Badila Field Project	45,857	0	0	0	0	823	0	46,680
DOH Project	0	0	0	0	0	250	0	250
Doseo/Borogop Project	0	0	0	0	0	708	0	708
Kibea EXA	0	0	0	0	2,000	0	0	2,000
Krim EXA	0	0	0	0	2,000	0	0	2,000
Mangara Field Project	27,419	0	0	0	0	823	0	28,242
	73,276	0	0	0	4,000	2,604	0	79,880

Amounts in US\$ 1'000	Production Entitlements	Taxes on income	Royalties	Customs/ export & import duties	Bonuses	Fees	Infrastructure improvements	Total
Chile
IV Region Coquimbo
Project – Minera Punitaqui	0	0	9	0	0	221	0	230
Sierra Gorda – II Region Antofagosta Project –
Minera Lomas Bayas	0	0	0	92	0	1,184	0	1,276
Entity Level	0	0	0	194	0	0	0	194
	0	0	9	286	0	1,405	0	1,700
Colombia
Cesar Department
Project – Prodeco	0	23,832	112,969	0	0	0	0	136,801
	0	23,832	112,969	0	0	0	0	136,801
Congo, The Democratic Republic of
DRC Copperbelt
Region Project	0	176,646	104,180	129,186	0	29,426	53,712	493,150
	0	176,646	104,180	129,186	0	29,426	53,712	493,150
Equatorial Guinea
Block EG-05 Project	0	0	0	0	0	393	0	393
Block I – Aseng Project	105,632	36,363	0	0	0	172	0	142,167
Block O – Alen Project	153,075	0	0	0	0	136	0	153,211
Block V Project	0	0	0	0	0	279	0	279
	258,707	36,363	0	0	0	980	0	296,050
Kazakhstan
North-East Kazakhstan
Project – Kazzinc	0	79,986	65,890	5	0	0	0	145,881
	0	79,986	65,890	5	0	0	0	145,881
Namibia
Karas Project –
Rosh Pinah Mine	0 0	6,659 6,659	1,043 1,043	99 99	0 0	0 0	0 0	7,801 7,801

Payments by project continued

Amounts in US\$ 1'000	Production Entitlements	Taxes on income	Royalties	Customs/ export & import duties	Bonuses	Fees	Infrastructure improvements	Total
Peru
Cusco Project – Minera Antapaccay	0	54,204	26,728	39	0	4,716	0	85,687
Huarochiri Project – Minera Los Quenuales	0	0	894	0	0	439	0	1,333
Oyon Project – Minera Los Quenuales	0	0	1,203	0	0	1,441	0	2,644
	0	54,204	28,826	39	0	6,596	0	89,665
South Africa
Mpumalanga Province Project – Thermal Coal	0	0	11,865	0	0	0	744	12,609
North West Province Project – Ferroalloys
Assets	0	0	109	0	0	0	1,355	1,464
Entity Level	0	0	0	69,427	0	0	0	69,427
	0	0	11,974	69,427	0	0	2,099	83,500
Tanzania
Kagera Region Project –
Kabanga	0 0	0 0	0 0	0 0	0 0	206 206	0 0	206 206
Zambia
Copperbelt Region Project – Mopani	0	270	41,885	4,734	0	0	0	46,889
Lusaka Region Project – Limeco Resources	0	0	0	0	0	4	0	4
	0	270	41,885	4,734	0	4	0	46,893
Total	331,983	496,083	803,108	1,079,101	4,000	58,768		86,889 2,859,932

Payments by region & commodity

Amounts in US\$ 1'000	Production Entitlements	Taxes on income	Royalties	Customs/ export & import duties	Bonuses	Fees	Infrastructure improvements	Total
Coal Assets
Australian Coking Coal	0	(128)	45,686	0	0	2,359	0	47,917
Australian Thermal Coal	0	69,225	238,188	0	0	6,381	31,078	344,872
Colombia: Prodeco	0	23,832	112,969	0	0	0	0	136,801
North America
Coking Coal	0	0	0	0	0	819	0	819
North America: Nunavut	0	0	0	0	0	44	0	44
South African
Thermal Coal	0	0	11,865	69,427	0	0	744	82,036
	0	92,929	408,708	69,427	0	9,603	31,822	612,489
Copper Assets
Africa: DRC Copperbelt
region, Zambia Copperbelt region	0	176,916	146,065	133,920	0	29,426	53,712	540,039
Australia: Mount Isa,
Ernest Henry, Cobar	0	(1,326)	51,607	0	0	2,523	0	52,804
South America: Alumbrera, Lomas Bayas, Antapaccay,
Punitaqui	0	56,186	43,323	50,371	0	6,122	0	156,002
	0	231,776	240,995	184,291	0	38,071	53,712	748,845
Nickel Assets
Africa: Kabanga	0	0	0	0	0	206	0	206
Australia: Murrin Murrin	0	767	12,548	0	0	2,261	0	15,576
North America: Raglan,
Sudbury	0	19,276	0	0	0	196	0	19,472
	0	20,043	12,548	0	0	2,663	0	35,254
Oil Assets
Chad	73,276	0	0	0	4,000	2,604	0	79,880
Equatorial Guinea	258,707	36,363	0	0	0	980	0	296,050
	331,983	36,363	0	0	4,000	3,584	0	375,930

Payments by region & commodity continued

	Production	Taxes on		Customs/ export &			Infrastructure
Amounts in US\$ 1'000	Entitlements	income	Royalties	import duties	Bonuses	Fees	improvements	Total
Zinc Assets
Australia: Mount Isa,
McArthur River	0	(2,342)	41,630	0	0	2,666	0	41,954
Kazakhstan: Kazzinc	0	79,986	65,890	5	0	0	0	145,881
North America: Matagami, Kidd	0	2,512	0	0	0	42	0	2,554
Other Zinc: Minera
Aguilar/AR Zinc, Los
Quenuales, Sinchi Wayra,
Illapa, Rosh Pinah, Perkoa	0	11,837	33,227	15,399	0	2,027	0	62,490
	0	91,993	140,747	15,404	0	4,735	0	252,879
Ferroalloys
South Africa: Ferroalloys
Assets	0	0	109	0	0	0	1,355	1,464
	0	0	109	0	0	0	1,355	1,464
Corporate & entity level
Entity level	0	0	0	809,979	0	0	0	809,979
Corporate & unallocated	0	22,980	1	0	0	112	0	23,093
	0	22,980	1	809,979	0	112	0	833,072
Total	331,983	496,083	803,108	1,079,101	4,000	58,768		86,889 2,859,932

About this Report

Basis of Preparation and Scope

This report has been prepared as required by the Transparency Directive Amending Directive (2013/50/ EU), with the disclosure of Payments to Governments, in line with Chapter 10 of the EU Accounting Directive (2013/34/EU), along with a voluntary additional report of payments by 'regions and commodity'. Taxes, production entitlements, royalties and other payments to governments are presented on a cash‑paid basis during the reporting period. In‑kind payments are converted into monetary value at the date of settlement. The report includes all such payments for activities which relate to exploration, discovery, development and extraction of minerals, oil, coal deposits and other materials resulting from extracting activities of each of our operations, including joint operations. However, it excludes payments by entities that are accounted for using the equity method, such as Cerrejón, Antamina and Collahuasi. The report also excludes payments related to refining, processing, marketing and trading.

Glencore plc as parent of the group has prepared the report on a consolidated basis and reports the activity of any of its subsidiary undertakings that are active in the extractive industry.

Unless noted otherwise in the report, the following terms have the meanings noted below:

Government

Any national, regional or local authority of a country and includes any department, agency or undertaking controlled by such an authority.

Project

Operational activities that are governed by a single contract, license, lease, concession or similar legal agreements and form the basis for payment of liabilities to a government. Where multiple such agreements are substantially interconnected, this is considered as a single project.

Most of Glencore's extractive operations are covered by operationally and geographically connected contracts and activities. As a result, the projects reported by Glencore are mainly defined per commodity within an interconnected geographical area.

Production entitlements

Payments to governments based on the volume of output, as mandated in any agreement or license. These mandated volume based calculations can be paid in cash or in‑kind, and can be net of any other royalty payments. In‑kind payments are converted to a dollar amount based on the market price prevailing at the date of settlement.

Taxes on income

Payments to governments based on taxable profits and taxes levied on production. It also includes withholding taxes paid on dividends, interest, royalties and services. These taxes are generally represented as income taxes in the Consolidated Income Statement of Glencore. Taxes levied on consumption such as value‑added taxes, personal income taxes or sales taxes are excluded.

Basis of Preparation and Scope continued

Royalties

Payments to governments in respect of revenue or production related to the extraction of mineral, coal, oil and gas reserves.

Customs/export & import duties

Payments to governments in relation to goods imported into a country/exported from a country. Customs duties are usually imposed on an ad valorem basis, but sometimes on the basis of specific duties charged on particular items. These payments have been voluntarily added to the reports.

Dividends

Payments so named to governments, other than dividends to government units in their capacity as ordinary shareholders in an enterprise. Such dividends are normally paid to a government in lieu of production entitlements or royalties. There were no such dividend payments to governments during the reporting period.

Bonuses

Payments to general government units related to awards, grants, or transfer of extraction rights. Payments can be in the form of periodic payments or a fixed amount upon signing of a contract, achievement of certain production levels or targets and discovery of (additional) mineral resources or deposits.

Fees

Payments to governments where no specific service is attached, but rather 'levies' on the initial or ongoing right to use an area for exploration, development and/or production. Such fees include licenses, rentals, entry fees and other consideration for licences and concessions.

Infrastructure improvements

Payments to governments, comprising of the provision of public access infrastructure, such as roads and bridges. Payments are either in the form of cash or in‑kind contributions (the completed infrastructure). Payments in respect of social or community programs such as building/providing a hospital, school or playground are excluded.

Disclosure threshold

Payments made to a government as a single payment or as a series of related payments of £86,000 (EUR 100,000) or more made in a financial year form part of this report.

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", "no reason to believe", "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.

All such statements are expressly qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. The forward-looking statements contained in this document 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 as well as publicly available information from external sources.

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 differ materially from actual results. A number of important factors could affect future performance, results as well as the considerations contained in this document, include economic conditions, resource access and distribution, changes in law and regulation including environmental measures and other factors as discussed, but not limited to, in Glencore's Annual Report 2015. Other unpredictable or unknown factors not discussed in this document or in Glencore's Annual Report 2015 could also have a material effect on forward looking statements.

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.