DIVERSIFIED. DEDICATED. DRIVEN.

Melbourne Mining Club | 4 June 2015

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 in the Principal Risks and Uncertainties in Glencore’s Annual Report 2014.

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

3

Our business is a global network that spans entire commodity supply chains

Diversity across commodities and geographies coupled with marketing and mining operations is a key strength

4

181,000 employees (including contractors)

Produce and market over 90 commodities

150 mining and agricultural facilities

$9.3bn returned to Glencore shareholders

Glencore approach

• Management own 30% of our company

• Focused on shareholder value

• We treat every cent we spend as our own

money

• We value entrepreneurship

• We value results over process

• We keep things simple and keep

bureaucracy to a minimum

5

Glencore in Australia

We are proud of the contribution we make in Australia - average investment of ~$2.6bn per annum or ~$7m a day

7

Over 15 years of successful investment and operation in Australia

8

Contributed over $13bn to the Australian economy in 2014

9

Ulan Underground Coal Mine (NSW)

Mount Isa Mines (Qld)

11

McArthur River Zinc Mine (NT)

Murrin Murrin Nickel Operations (WA)

Viterra Grain Silo and Storage Facilities (SA)

Glencore Technology: IsaKidd

16

Glencore approach to license to operate

ENGAGE – LISTEN – RESPOND

• Bulga Life Extension Coal Project (NSW)

• We engaged with > 400 stakeholders from the local community and the region

• We made a number of major changes to minimise impacts:

- changed the mining direction

- avoided relocating a local road

- avoided disturbing sensitive ecological woodland

(Warkworth Sands)

- decided to construct a purpose-built bund - or man-made hill – around the operations to lower noise impacts

17

Outlook for coal

Where we are today…

• Glencore first to respond to oversupply

• Halts Wandoan Greenfield Coal Project

• Cuts coal exports by 15Mt

• Operating adjustments across our business

• Continue to review all operations

• Glencore won’t push incremental tonnes into

markets that don’t want them or need them

• Long term demand fundamentals remain strong

– South East Asian growth

19

Under all credible scenarios coal remains significant part of the growing global energy mix and coal volumes grow

20

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2012 2030 NewPolicy

2030 CurrentPolicy

Total Primary Energy Demand

Renewables

Bioenergy

Hydro

Nuclear

Gas

Oil

Coal

0

200

400

600

800

1000

1200

1400

2000 2005 2010 2015 2020 2025 2030

Mt Seaborne thermal coal demand

CurrentPolicy

Source: IEA WEO 2014

Carbon is part of the political, social and regulatory landscape that needs to be balanced with the global energy reality

• Acknowledge the energy reality

• It’s not about whether coal will be used, it’s

about how coal will be used

• Balance environmental and economic

drivers

• Adopt a least cost approach to reducing

emissions

• Prioritise investment in high efficiency low

emission technology for fossil fuels

21

0

500

1,000

1,500

2,000

Mt Thermal coal demand

Sth E. AsiaIndia

Closing remarks

Why people invest with Glencore

• Management aligned with shareholder interests

• We are more diversified by commodity and geography than our peers

• We make a real contribution every day in each of our communities and to

the economy

• We are driven by market intelligence, supply and demand

• We are always focused on creating value for our shareholders

• Our ownership structure enables us to act quickly and decisively

23

Thank you

Page 1 of 8

Peter Freyberg – Presentation to Melbourne Mining Club

Melbourne Town Hall

Thursday 4 June 2015

Check against delivery

Ladies and Gentlemen,

I’d like to thank the Melbourne Mining Club for inviting Glencore to speak today and

acknowledge Melbourne Mining Club’s Patron, Sir Arvi Parbo.

I’d also like to acknowledge my Glencore colleagues who are here today from the nickel,

coal, copper, zinc and grain businesses.

I’m delighted to be here amongst a crowd of strong supporters of the Australia’s resources

sector.

I’m going to speak mainly about two things.

The first is Glencore and the second is the outlook of the global coal industry.

So who is Glencore and why are we any different from other global mining companies?

To really understand why Glencore is different, it’s helpful to understand how the company

has evolved.

Starting out as a privately-owned commodity trading house, Glencore had little or no

ownership of industrial assets.

Glencore had traders on the ground in countries all over the world – in countries that

produced resources and in countries that bought resources.

The traders had to take positions. They bought and sold commodities based on an up to

date view on the market. They provided logistics solutions where needed.

At the same time, they had to keep everybody in the supply chain happy whilst also making

money.

Market intelligence, strong communication and quick decisions characterised the

management model – and these are still important features of our business today.

By the mid to late 1990s – because Glencore was dealing with so many producers – the

company began to see opportunities to invest in assets.

Market conditions at that time were helpful and good opportunities arose.

Glencore believed it could manage many of these assets better than the existing owners.

And because of our wide ranging interactions, we also identified some good people to help

us run these assets.

Many of the assets acquired were underperforming.

We’ve turned them into world-class Tier 1 assets.

Page 2 of 8

Here in Australia, our Ulan, Bulga, Ravensworth and Mt Owen coal complexes are great

examples of this.

Our business has evolved largely through acquisition and development across a range of

commodities.

Globally, Glencore employs over 181,000 people with 90 offices located in 50 countries and

150 mining, metallurgical and agricultural facilities.

We trade and market 90 commodities with group revenue last year of 224 billion US dollars.

Perhaps more importantly, since Glencore’s IPO in 2011 we’ve returned over 9.3 billion

dollars to shareholders.

So coming back to the original question – why is Glencore different?

I think it comes down to this:

Firstly: Glencore management own 30% of the company

That means shareholder value is a key driver and we treat every cent we spend as our own

money.

Secondly: We don’t simply take the price on offer, we utilise our trading network to

understand the market.

Our marketing business accounts for 80% of total revenues and produces consistently

strong earnings.

It is a significant buffer against commodity price falls.

Thirdly: We are the most diversified natural resources company by commodity and by

geography.

But at the same time we are dispassionate about our commodity mix.

We only invest where it represents value for our shareholders.

And lastly: We keep things simple. We are accountable but we’re lean and keep

bureaucracy to a minimum.

For example - we run our global coal assets from Sydney with a team of dozen people.

That’s 12 people covering three continents and 180 million tonnes of coal.

Our operational leadership is literally “at the coal face”. Our people are empowered to

responsibly manage and achieve safe coal at the lowest possible cost.

This kind of accountability and empowerment is why our leadership teams are incredibly

stable.

Almost all the leadership working across our global coal business was with Glencore prior to

the spin-off of Xstrata thirteen years ago.

We don’t move people from one commodity to another.

We believe in developing commodity expertise rather than developing process expertise.

Page 3 of 8

Glencore in Australia

Our Australian operations are an important part of Glencore’s global business. We operate

five commodity businesses including coal, copper, nickel, zinc and grain.

Since 2007, we’ve invested $21 billion in Australia – building mines, plants, material handling

systems, rail and other infrastructure, all of which create and sustain real jobs over a whole

generation.

This equates to an average rate of investment of $2.6 billion every year.

On a daily basis, that investment equates to $7 million every single day.

We’ve been investing here for more than 15 years.

Over that time we’ve bought assets and we’ve built assets – mostly at the right time in the

commodity cycle.

We’ve invested far – far – more money into the country than we’ve ever taken out.

And we’ve consistently reinvested our Australian earnings back into our businesses here.

I’m very proud of our company’s contribution to Australia. We employ 18,000 Australians

and last year contributed $13 billion to local, state and national economies.

We spent nearly $8 billion on goods and services – many of which we sourced

locally.

We spent nearly $2 billion on wages and salaries.

We paid $1.2 billion to Australian Governments in taxes and royalties; and

We invested a further $2 billion in capital projects.

We believe the absolute best contribution to Australia we can make is to run a profitable

business in a safe and responsible way.

You will all have seen the media and debate around corporate taxation.

Just to be clear – Since 2007, our business has paid $9 billion in taxes and royalties.

More than $2 billion of this was corporate income tax.

People have been dismissive of the royalties we pay in Australia.

So let’s talk about that.

The simplistic view that royalties are just the price mining companies pay for access to the

resource fails to understand the risks we take – and capital we invest – to produce them.

Without this investment, the resources would stay in the ground and be of no value to

anyone.

Another important point is that – unlike corporate income tax – we pay a royalty on every

tonne of coal we sell – whether it is profitable or loss-making.

Glencore is not as well-known as some of our big competitors in Australia.

We’ve never been a company that seeks the limelight – although it occasionally finds us –

and we don’t do “beauty contests”.

Page 4 of 8

Nor do we spend millions on “branding” campaigns.

But we do run some very successful businesses in Australia.

Our Australian Coal business employs more than 8,000 people in 20 mines across 13 mining

complexes in NSW and Queensland. Last year we managed the production of 98 million

tonnes of coal.

Our Copper business employs nearly 4,000 people in Mount Isa and at Cobar in New South

Wales.

We’re the largest zinc producer in Australia and employ close to 4,000 people in Mount Isa

and at McArthur River in the Northern Territory.

Our Australian mines represent the largest zinc resource base in the world and make up

about 45% of our global production. We’re also proud that at McArthur River Mine, nearly

20% of our 700 strong workforce is Indigenous.

Our Nickel business employs more than 1,000 people in Murrin Murrin in Western Australia.

The mine has operated for more than 15 years and has one of the longest life of mine

reserves in the Australian nickel industry.

Our Grain business comprises Glencore Grain and Viterra, our storage and handling

business in South Australia, and employs nearly 3,000 people at peak harvest.

We’re one of the largest buyers of grain, oilseeds and cotton direct from Australian growers.

We’re also one of the leading exporters of Australian grain, much of which goes to Asia and

the Middle East.

We also have a global Technology business which develops and exports innovative

Australia minerals processing technology to many countries around the world.

So what else is important to Glencore?

Firstly, safety.

It’s is our top priority: Keeping our employees and contractors safe – all day, every day.

Safety must be systemic and embedded at every level – from top management to casual

labourers.

We acknowledge that outside of Australia in some parts of the world we have serious

challenges in the area of safety. But we are determined to fix them.

For me, safety is personal.

In 2000 Glencore acquired a coal business in South Africa that comprised 13 mines.

It was the number three exporter and it had the worst safety record of the major coal

producers in the country.

It had multiple fatalities every year and a lost time frequency rate of more than 10 per million

hours worked.

Over a period of several years we turned this around.

Today our South African coal business is twice the size of what it was then.

We’re now the country’s largest coal exporter and we also now lead in safety performance.

Page 5 of 8

In 2009, our global safety performance started slipping. We had a number of fatalities and

the number of injuries was unacceptable.

I started a program which we called SafeCoal.

We made a decision that we wouldn’t produce coal unless it was safe.

We needed to stop hurting people.

What did we do?

We focused raising awareness of hazards and risks – making sure that everybody

understood the fatal hazards in their workplace and that they knew how to control the

risks.

We worked on behavioural change.

We increased our focus on effective safety communication.

We simplified our processes.

And we put a huge emphasis on safety leadership.

SafeCoal has delivered – it is now part of our culture.

However, we can never be complacent and will always need to continue to improve.

I’m proud to say that Safecoal is now being rolled out as “SafeWork” across the entire

Glencore global business.

The bottom line – Embedding a safe work culture is never instant, it’s a journey.

We are sticking to it and we will succeed.

Another thing our business takes very seriously is our licence to operate.

While the term “licence to operate” has become clichéd the sentiment behind it has not.

Local communities are having a bigger say in whether new projects are approved.

And so they should.

Glencore believes that high operational standards should be set.

Mining companies do not have a God-given right to build, extend or expand operations.

The successful approval of our life of mine extension project at Bulga, in the New South

Wales Hunter Valley, is an example of our approach to project development and community

engagement.

We planned, listened and worked cooperatively with the community and responded to

concerns and issues raised.

As a result we made major changes to our initial mine plans:

We consulted with more than 400 stakeholders from the local communities and

around the region.

We changed the mining direction so it went away from two local villages.

We decided not to relocate a local road.

Page 6 of 8

We avoided disturbing sensitive ecological woodland.

We decided to construct a man-made hill around the operations to lower noise

impacts.

Getting these things right is important.

We as an industry can – and do – successfully coexist with our community and other

industries.

But the license to operate has to be earned.

The state of the sector

Now to coal.

Thermal coal is our biggest business in Australia and – despite its current challenges – we

are optimistic about the long-term future.

We operate some of the most efficient and low cost mines in the country but we’re not

immune from the market conditions.

And we’ve have had to make some tough decisions.

The global coal market is still is rebalancing.

After a period of much new production increases right across the industry in the boom times,

Glencore was the first to say: “It’s time to stop building.”

Unfortunately our Wandoan coal project in Queensland is a case in point.

This was a $7 billion investment in mine, rail and port infrastructure in Queensland to bring

on an additional 22 million tonnes a year in Stage 1 of the project.

By September 2013, prices had fallen significantly and it was clear to us that adding further

tonnes into the market at that time would destroy value across our whole portfolio

Placing Wandoan on hold was the right thing to do by our shareholders and the rest of the

Australian thermal export market.

More recently, we announced that we would reduce our 2015 coal exports by 15 million

tonnes.

The detail behind our decision has not always been clearly understood, so I will explain.

Our business plan saw us increasing exports.

Our installed capacity – after our Clermont acquisition last year – was programmed to run

close to 110 million tonnes.

But the market doesn’t need all this coal.

So we’ve cut.

We’ve decided not to produce anywhere near that volume this year.

We think an appropriate level of exports this year is closer to 90 million tonnes than to 100

million tonnes.

Simply put, our decision to remove volume is the responsible thing to do.

Page 7 of 8

We will not push incremental tonnes into markets that don’t want them or need them.

Doing so would force prices down further.

Right now we aren’t looking at incremental build.

However, we are looking at assets and opportunities to position ourselves for the future.

These include bolt-ons, synergy plays and option building opportunities.

This is a good time in the cycle for this.

But we will only do it at the right price.

Looking back to the market:

While weaker demand in China is an important factor in the current low coal price,

Glencore’s long-term supply and demand outlook has never relied on ongoing Chinese

import growth.

We remain bullish about thermal coal in the longer-term, particularly based on our detailed

understanding of thermal power station build – and demand – in Korea, Taiwan, Vietnam,

India and Japan.

According to the International Energy Agency, global GDP will almost double over the next

25 years and global energy demand will increase by 37%.

Access to energy is key to social and economic development.

Yet still 1.3 billion people remain without access to electricity and 2.6 billion people are

without clean cooking facilities.

Coal is still the most abundant, most economic and the most reliable means of delivering

access to energy and supporting a rise in living standards in many developing economies.

Coal will continue to be chosen as the base load primary energy provider for decades

ahead.

In fact, coal use is going to continue to increase.

So how do we reconcile this continued and increasing use of coal with climate change goals

and the reduction of carbon emissions?

As a first step there needs to be acknowledgement that coal is not going to be wished away.

It is being used and it is going to be used.

Why?

Because building coal fired power is still the cheapest way of powering people out of

poverty.

Compared to solar or nuclear in India, coal provides in the order of 4 times the amount of

power per dollar invested – and at half the cost.

The technology exists to materially reduce emissions from coal.

Firstly by ensuring that efficient coal generation is being used.

And secondly by developing carbon capture and storage where feasible.

How important is this?

Page 8 of 8

If all the newly installed coal-fired power capacity added between 2000-2010 (about 550GW)

had been deployed using state of the art, ultra-supercritical technology, we would have

achieved 2 billion tonnes of carbon emission reductions.

This is equivalent to running the European Emissions Trading Scheme for 53 years at its

current rate, or running the Kyoto protocol three times over.

In the context of COP21 in Paris later this year, we need global policy that acknowledges the

global energy reality that fossil fuels including coal will continue to be used.

We also need policy which addresses the funding gap to facilitate the build of high efficiency

low emission power stations.

There has been significant populist policy over the last decade. This populist policy avoids

talking about coal.

Where has it got us?

The fact is that $2 trillion was invested in renewables and only 1% of that was invested in

carbon capture and storage.

Had more available funding been directed to CCS and cleaning up fossil fuels we’d be much

further ahead today with the emissions reduction task.

In conclusion, I’m very proud to be part of Glencore.

I’m proud of what we are doing globally and I’m proud of what we’re doing here in Australia

Our investments here will make a difference for a generation – particularly in rural and

regional areas.

I’ll leave you with my view about why people invest with us. And there are a number of good

reasons:

Firstly, management is aligned with shareholder interests

We create more value by the fact we are driven by market intelligence and our

knowledge of supply and demand

Secondly, we’re in the right commodities:

o Copper, nickel and zinc are all at various stages of moving to deficit

o We remain in a difficult part of the thermal coal cycle, but the fundamentals

remain strong

o Price volatility has returned to oil. This brings good trading opportunities

o Our global grain business contributed 1 billion US dollars to our 2014

earnings

I believe this is a compelling argument.

Thank you very much.

ENDS