Trafigura Group 2014 Corporate Brochure

ADVANCING TR ADETRAFIGURA GROUP CORPORATE BROCHURE

KEYFACTS

$133.0bn 150.7mmt +2,200Group turnover (2012: USD120.4 billion)

Combined commodities traded* (2012: 137.7mmt)

Wet and dry freight fixtures per year

76% 117.8mmt +2.4mOil and Petroleum Products turnover as a percentage of Group income** (2012: 76 percent)

Oil and Petroleum Products total volumes traded (2012: 102.8mmt)

Barrels of oil traded each day (2012: 2.1 million)

24% 11.0mmt 21.9mmtNon-ferrous and Bulk Commodities turnover as a percentage of Group income (2012: 24 percent)

Non-ferrous Commodities total volume traded (2012: 11.1mmt)

Bulk Commodities total volume traded (2012: 23.7mmt)

8,773 +$42.5bn +$40.0bnAverage number of employees in 2013*** (2012: 8,445)

Financial lines available to Trafigura (2012: USD38 billion)

Total assets (2012: USD36.9 billion)

* million metric tonnes. ** Percentage does not include distribution and storage.*** Employee numbers include Puma Energy.All figures quoted in Corporate Brochure are correct as of 30 September 2013, unless stipulated otherwise.

CONTENTSOverview02 How we’re advancing trade around the world06 Our business overview08 Business model and structure

Performance Capabilities10 Oil and Petroleum Products Trading14 Creating value in Corpus Christi, Texas16 Non-ferrous and Bulk Commodities Trading18 Shipping and Chartering20 Puma Energy22 Creating value with Puma Energy24 DT Group26 Impala28 Creating value in Colombia30 Mining Group32 Creating value with MATSA in Spain34 Galena Asset Management

Corporate Responsibility34 Our approach to sustainability36 Trafigura Foundation

Trafigura is one of the world’s leading independent commodity trading and logistics houses.

Our business is advancing trade for a growing array of customers and counterparties around the world.

Our marketing and distribution capabilities combined with our infrastructure investments create value by connecting producers and end-users.

This brochure describes how we work and the services we provide.

ADVANCING TRADE

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TRAFIGURA CORPORATE BROCHURE 01

HOW WE’RE ADVANCING TR ADE

AROUND THE

WORLDInternational trade is the lifeblood of the

global economy. Without it, roads are not built, cities cannot grow and societies stagnate.

Trafigura’s overriding mission is to help make trade happen. We move physical commodities from where they are plentiful to where they are required.

We’re continually improving processes and uncovering opportunities. This takes focus,

dedication and global resources.

OVERVIEW

02 TRAFIGURA CORPORATE BROCHURE

Advancing trade with EXCELLENT SERVICESOur customers need a reliable trading partner offering high-quality, comprehensive service and precise, tailored delivery – on time every time. We have built an organisation, a structure and a culture that can achieve that anywhere in the world.

Trafigura is privately owned and fully independent. We cherish that independence. It means we can concentrate all our energy and resources on what customers want.

We are able to meet the most challenging delivery specifications. Our global trading operations span dozens of key commodities. We own infrastructure worldwide. We have extensive experience and capabilities across the board. We can offer financial support, tailored delivery and end-to-end logistics.

Advancing trade by DEVELOPING MARKETSFrom relatively small beginnings, Trafigura has grown in just two decades into a leading global commodity and logistics house. In the process, we have helped to redefine the way commodities are traded.

Trafigura is the world’s second largest independent oil trader and one of the largest independent non-ferrous and bulk trading companies. We have grown rapidly by consistently delivering leading-edge services in our markets. We develop trade routes and product categories. We improve logistics. We strengthen connections between suppliers and end-users.

United Arab Emirates

Peru


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Advancing trade with FINANCIAL STRENGTH AND RESILIENCEOur capital base improves the quality of our services. World-class risk management strengthens the company’s resilience.

Our prudent approach to risk management unlocks access to volatile markets. Our strong balance sheet generates economies of scale, supports infrastructure investment and allows us to finance production.

Advancing trade by INVESTING IN INFRASTRUCTUREOur focus is on long-term relationships. We buy and build assets and infrastructure to support our trading activities.

We make substantial investments to enhance our trading activities. We build warehouses and storage facilities, operate truck and barge fleets, buy ships and develop mines – whatever is needed – to help trade flow. In 2014, we will be opening a new terminal at the edge of Brazil’s iron ore producing quadrangle and installing a crude oil and condensate pipeline in shale-rich South Texas, US.

US

OVERVIEW

United Arab Emirates


Advancing trade LOCALLYOur flat management structure puts decision making in the hands of people in the field.

Trafigura is an agile, responsive business operating in fluid, fast-changing markets. We believe the best, long-term decisions come from understanding the territory. We drive accountability deep into our organisation. Local nationals are key decision makers in many of our offices. They can respond on the ground and they understand local customs and market priorities.

Advancing trade RESPONSIBLYThe people who run Trafigura also own the business. That makes it personal. We act responsibly in all our markets. We work closely with host governments, project partners and local communities to generate lasting shared value. We subscribe to the latest international environmental and safety standards.

Advancing trade through INNOVATIONOur trading activities extend knowledge and bring global markets closer together. We have trading desks in all major time zones monitoring physical commodity markets around the clock. Specialist teams hedge price risk in OTC markets and on commodity future exchanges. We use our infrastructure, global network and market knowledge to identify and act on trading opportunities.

Advancing trade GLOBALLYWe have the scale and global presence to fulfil deliveries anytime, anywhere. We have access to commodity suppliers and consumers worldwide. Trafigura is active in 58 countries on six continents. Our global network supports our trading activities. Each of our offices has access to the knowledge, resources and support of the Trafigura Group.

Customers for oil and petroleum products include electric utilities, refiners, majors and State-owned oil companies. Our non-ferrous and bulk commodities customers range from mining companies to smelters and refined metals retailers.

Singapore

Tanzania


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OUR BUSINESS

OVERVIEWTrafigura’s core business is physical trading and logistics; our assets and investments complement and enhance these activities. Trafigura is managed through a global network of companies with central hubs and regional offices.

AFRICA

62 Regional offices

2,411Employees

EUROPE

15Regional offices

1,525Employees

MIDDLE EAST

3 Regional offices

84 Employees

7%Proportion of Oil and Petroleum Products turnover attributable to region

27%Proportion of Non-ferrous and Bulk Commodities turnover attributable to region

+€300mInvestment in MATSA mine

GLOBAL ACTIVITY

TRADING ACTIVITIES

Oil and Petroleum Products

We are one of the world’s largest traders by volume of oil and petroleum products. We operate in a fragmented market where no single company has a leading position. Trafigura is one of the few oil and petroleum products traders with global presence and comprehensive coverage of all major markets. Supported by offices worldwide, our Oil and Petroleum Products division operates from key regional offices in Beijing, Calgary, Geneva, Houston, Johannesburg, Montevideo, Moscow, Mumbai and Singapore.

117.8mmtOil and Petroleum Products volume traded (2012: 102.8mmt)

Non-ferrous and Bulk Commodities

We are one of the world’s largest non-ferrous and bulk commodities traders. Supported by offices worldwide, our Non-ferrous and Bulk Commodities division operates from key regional offices in Geneva, Johannesburg, Lima, Mexico City, Montevideo, Mumbai, Shanghai, Singapore and Stamford. We negotiate off-take agreements with miners and smelters and invest in logistics to improve market access for our clients.

32.9mmtNon-ferrous and Bulk Commodities volume traded (2012: 34.9mmt)

Shipping and Chartering*

Our Shipping and Chartering Desk is closely integrated into Trafigura’s business model, providing freight services to the commodity trading teams internally and trading freight externally in the professional market.

Operations are based in the following regional offices of Athens, Geneva, Houston, Montevideo and Singapore. All post-fixture operations are managed from our Athens office.

+2,300Shipping and Chartering fixtures (2012: +2,300)


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* Financials relevant to Shipping and Chartering are consolidated within Oil and Petroleum Products/Non-ferrous and Bulk Commodities trading activities.

** Effective 16 September, 2013, Trafigura held 48.79% in Puma Energy. Puma Energy was de-consolidated at the end of the financial year at which point Trafigura ceased to control Puma Energy.

DIVISIONAL PERFORMANCE

Group Turnover (USD billion) Oil and Petroleum Products

volume traded (mmt)

Non-ferrous and Bulk Commodities

volume traded (mmt)

Non-Ferrous Bulk

INDUSTRIAL AND FINANCIAL ASSETS

Puma Energy**

• Storage capacity: 4.6m m3 (2012: 4.5m m3)

• Throughput volumes: 22.2m m3 (2012: 22.6m m3)

• Service stations: +1,500 (2012: +1,300)

49%ownership

3,565employees

DT Group

• Countries of operation: 5 (2012: 5)

• Owned vessels: 6 (2012: 5)

50%ownership

585employees

Impala

• Countries of operation: +30 (2012: +30)

• Warehousing sites: +50 (2012: +40)

• Storage capacity: +1.3m m2 (2012: +1.2m m2)

100%ownership

1,209employees

Mining Group

• Ore extracted at MATSA: 2.2mmt (2012: 2.2mmt)

• Ore extracted at Catalina Huanca: 0.6mmt (2012: 0.6mmt)

100%ownership

1,309employees

Galena Asset Management

• Liquid trading strategies: +USD1.6bn

• Credit strategy: +USD84m

• Real asset strategy: +USD325m

$2bnTotal funds under management, including managed accounts (2012: USD2.2 billion)

10years in operation

NORTH AMERICA

6Regional offices

258 Employees

LATIN AMERICA

42 Regional offices

2,566Employees

ASIA & AUSTRALIA

39 Regional offices

1,929Employees+$850m

Investment in Corpus Christi +270Retail sites purchased in Australia, 2013

+$800mInvestment in Colombia


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We perform a straightforward economic role. We identify and act on imbalances between supply and demand. We achieve that by moving physical commodities from places where they are plentiful to where they are required.

OUR BUSINESS MODEL CREATES VALUE...

WHAT WE DO

DELIVERWe operate efficient, safe and high-

quality logistics. We move commodities by barge, truck, rail, pipeline and vessel

in support of our core trading activities and for third parties.

STOREWe store petroleum products at

Puma Energy and other third-party- owned tankage. We store non-ferrous

and bulk commodities at Impala terminals and third-party-

owned facilities.

BLENDWe blend physical commodities

to regional, market and customer specifications in strategically located

terminals and warehouses around the world.

SOURCEWe negotiate off-take agreements with oil producers, refiners, mining companies and smelters. We invest

in logistics that improve market access for our suppliers.

HOW WE CREATE VALUE

1 WITH EXCELLENT SERVICES

THAT BRIDGE THE GAP BETWEEN

PRODUCERS AND END-USERS

• We tailor our services according to the precise needs of our customers.

• We source economically vital commodities and fuels in a wide range of locations.

• We deliver specific quantities and grades of commodity exactly when and where required.

2 BY BUILDING NEW LOGISTICS AND

INFRASTRUCTURE SO THAT SUPPLY

CAN MEET DEMAND

• If the infrastructure isn’t there we build it ourselves.

• We invest in transportation, storage facilities, ports and terminals.

• We buy, lease and charter vessels.

3 BY DEVELOPING

EFFICIENT MARKETS

• We improve market efficiency by extending access and injecting innovation.

• We promote economic integration and international competitiveness.

4 THROUGH OUR FINANCIAL

STRENGTH AND RESILIENCE

• We are a reliable trading partner.

• We manage market and operational risks effectively.

• We trade in large amounts and benefit from economies of scale.

• We conduct multiple projects simultaneously.

• We build infrastructure and logistics across the world.

• We support customers by financing production.

5 BY DRIVING ECONOMIC

AND SOCIAL PROGRESS

• International trade drives growth and generates wealth in the global economy.

• We create jobs and promote industrialisation in local economies.

• We subscribe to international health, safety, environmental and employment standards.

• Wherever we operate, we forge links with local communities and contribute positively to society.

WHAT MAKES US DISTINCTIVE

FOCUS• We focus single-mindedly on physical trade to deliver increased

value for our customers.

• We’re constantly refining our structure and processes.

• We invest in assets that can extend our trading capabilities.

• We are always developing our trading expertise and market awareness.

COMMITMENT• Our managers are significant stakeholders in the business. That

makes it personal.

• We’re here for the long term. We invest heavily in infrastructure and logistics to make trading more efficient.

• We engage and adapt. We listen closely to our customers to match their requirements more precisely. We’re constantly looking to improve our services in response to changing circumstances.

GLOBAL RESOURCESWe create better opportunities for trade through:

• Our extensive global network.

• State-of-the-art infrastructure and logistics.

• Advanced IT systems.

• World-class risk management.

The focus, commitment and resources at Trafigura combine to create an alert, agile and responsive organisation that is continually refining its approach.

BUSINESS MODEL AND STRUCTURE


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OIL AND PETROLEUMPRODUCTS

TRADING

NON-FERROUS AND BULKTRADING

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GALENA ASSET

MANAGEMENT**

Trafigura’s core business is physical trading and logistics. Our assets and investments complement and enhance this activity. The chart below graphically represents the centrality of trading to our approach.

...OUR STRUCTURE DELIVERS IT

* The size of each segment is not indicative of percentage of ownership or contribution to Trafigura’s bottom line.

** Galena Asset Management’s teams operate wholly independently of Trafigura, but benefit from the Group’s insights into global supply and demand.

Strategic investments in storage and logistics capabilities create arbitrage opportunities. As firm believers in the benefits of local rather than central control, we structure these investments as standalone businesses.*


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CRUDE

In the crude oil market, we use our global presence, market knowledge and logistics capabilities to balance supply and demand, optimise supply chains and service the needs of our customers around the world.

We operate primarily as physical traders. We source oil from a variety of counterparts including private companies, production companies, oil majors and state-owned oil companies.

We also provide distribution solutions for producers and assist refineries with cash flow constraints or limited tankage by supplying smaller shipments and tailored financing services.

Arbitraging the differences in relative value between locations is a key part of Trafigura’s crude oil business. We ship product around the globe to balance regional surpluses with deficits.

We store and transport millions of barrels of crude oil each day. We own tankage at strategic locations. These volumes are supplemented with long and short-term tankage leases enabling us to respond quickly to shifting demand patterns.

GASOLINE

We source, store, blend and deliver cost effective gasoline solutions to customers worldwide.

We have key relationships in every core trading region of the world, including with national oil companies, major refiners, and numerous downstream partners. The majority of our customers are long-term partners. Many of our new business partners have chosen to renew and expand business with us following solid performance, bespoke customer service and fair pricing.

We have expert knowledge in logistics, supply chains, and gasoline blending. Our team is geographically dispersed but centrally coordinated from key regional offices.

Along with our global arbitrage position we also own and lease a large and diverse tankage position globally. Key locations include the Gulf Coast, New York, Caribbean, South America, ARA (Amsterdam/Rotterdam/Antwerp), Mediterranean, Arab Gulf, Singapore, Korea and Australia. We operate a considerable shipping network and are active in the pipeline trade.

Beijing

Mumbai

Geneva

Moscow

Houston

Calgary

Montevideo

Johannesburg

Singapore

PERFORMANCE CAPABILITIES

OIL AND PETROLEUM PRODUCTS TRADINGTrafigura is one of the world’s largest traders by volume of oil and petroleum products, now handling over 2.4 million barrels a day. It is one of the few independent oil traders with a global presence and comprehensive product coverage, as well as extensive logistical and storage capability around the world. Our global trading teams are based in Geneva, Houston, Montevideo and Singapore and are supported by offices in Beijing, Calgary, Johannesburg, Moscow and Mumbai.

K EY FACTS

WHERE WE OPERATEKey regional offices

VOLUMES TRADED IN 2013

76%Contribution to global turnover* (2012: 76 percent)

117.8mmtTotal volumes traded (2012: 102.8mmt)

OIL AND PETROLEUM PRODUCTS VOLUME TRADED (MMT)

* Percentage does not include distribution and storage.


Our expertise, combined with our focus on a range of customer needs, keeps us competitive and in a continual growth phase.

FUEL OIL

Our fuel oil trading team combines global presence, market knowledge and efficient logistics to connect producers and end users.

Our teams deploy interlocking skills. Origination teams on the ground develop relationships with power generators and bunker fuel traders. Traders monitor macro-economic and market-led patterns and trends. Analysts assess potential blending strategies.

We blend a wide variety of fuel oil streams with components from different areas to fit specific categories of customer demand, with 40 percent of global fuel oil supply used in bunkers, 20 percent in power generation and the remainder for refinery feedstocks.

For bunker fuel customers, we mostly blend to the dominant, RMG380, and related standards. We serve the main fuel centres of Singapore, Dubai and Rotterdam. We also have long-term supply contracts to Caribbean countries and are West and East Africa’s biggest bunker fuel supplier.

MIDDLE DISTILLATES

Our mid-distillates trading operation covers jet fuel, diesel and gas oil. Our teams lease storage globally and use tankage to blend products to local specifications and premium-priced fuels. We trade low-sulphur and high-sulphur distillates interchangeably.

Our well-integrated teams are able to shift trading style and focus in line with changing market conditions. Key to our success is the ability to coordinate activities globally and to interact with other parts of the Group to bring customers integrated solutions. We liaise closely with other trading desks and work alongside our biodiesel traders to deliver blends that meet bespoke criteria.

We spot-charter and time-charter a wide range of tonnage through our Shipping and Chartering desk. For physical arbitrage, we charter large tankers. Our teams lease floating storage vessels to provide prompt supply for customers with limited storage.

NAPHTHA

We are one of the world’s most active naphtha traders and one of the few with a US export facility – a key asset that enables us to handle rapidly growing volumes of naphtha from US shale oil and gas fields. We are developing trade flows to the Far East, South America and Europe.

We source, store and blend all the most actively demanded products and grades. Our naphtha teams operate in Singapore, Geneva and Houston with local offices managing origination and business development. We work with colleagues in Dubai, Montevideo, Puerto Rico and West Africa.

We focus on long-term relationships and make a point of working with our customers to meet their changing needs. Our product coverage allows us to take advantage of naphtha’s high substitutability. We monitor relative pricing and shifting demand patterns from petrochemical companies. Close working relationships with our gasoline traders and the LPG desk allow us to assess relative pricing for different products and grades.


40.7mmtCrude oil

20.3mmtGasoline

15.0mmtFuel oil

26.7mmtMiddle distillates

8.7mmtNaphtha


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OIL AND PETROLEUM PRODUCTS TRADING CONTINUED

CONDENSATES

Trafigura is a leading international condensates trader, the desk sources both clean and dirty condensate from oil and gas producers and has term off-take agreements in the Africa, Far East, Middle East, Russia, the Former Soviet Union and South America. It has terminals for blending and building or breaking bulk in the Arabic Gulf, Baltic, and the Far East.

We are creating new markets for condensates. Some of our customers previously had no use for this versatile product, but we are finding applications at units such as refineries, splitters, petrochemical plants and power generation facilities.

With expected increased plastics demand, new condensate splitters are coming online across the Far East in 2014. We have taken advantage of this demand to arbitrage in grades that previously remained within their regions.

AROMATICS

The aromatics desk is new and growing fast, active in all market hubs and moving cargoes between regions.

We trade feedstocks for the petrochemical industry such as benzene, toluene, xylene and their derivatives styrene monomer and paraxylene. We also trade pyrolysis gasoline (pygas), which is used both as a gasoline component and a petrochemical feedstock.

Our long-term storage agreements in key locations have created arbitrage opportunities and enhanced the flexibility of our services for our trading partners. We are building up our business by strengthening relationships with industry. We are negotiating long-term contracts to buy or sell specific aromatics in every region.

LIQUEFIED PETROLEUM GAS (LPG)

Our LPG trading activity is increasing, expanding both volumes and geographical scope in a market which is rapidly growing in size and importance. Our scale and global presence enables us to react to market changes and to be efficient in our logistics.

We trade propane, butane, isobutane and some mixed LPG. We buy from refiners and gas producers. We participate in the global refrigerated arbitrage business.

Our traders link major production areas in the Middle East, North, West and East Africa, the North Sea, Mediterranean and the US Gulf with demand from Asia, Northwest Europe, the Mediterranean, Latin America and the Caribbean.

We supply territories where bottled gas is popular and are especially active in West Africa and Latin America. We lease tankage at strategic locations and supply Puma Energy’s LPG terminals in Benin and Senegal. We work closely with dedicated LPG chartering specialists and control a wide range of tonnage; everything from small, pressurised or semi-refrigerated tankers to Panamax Gas Carriers and Very Large Gas Carriers (VLGCs).

LIQUEFIED NATURAL GAS (LNG)

Trafigura has recently established an important presence in this fast-growing market. The company is taking advantage of its geographical diversification, deep understanding of the global customer base, presence in oil and bulk products and skills in risk management and logistics.

The share of natural gas within the energy mix is increasing year-on-year. Within that, LNG is growing even faster.

The LNG industry has traditionally required high capital expenditure for producers, consumers and shippers. It has complex logistics and high barriers to entry. This obliged industry players to commit to multi-decade long-term contracts.

However, with the emergence of new buyers and the volatility in supply and demand experienced over the last few years, the spot market is growing. Trafigura has already become one of the largest independent traders, transporting around one million tonnes in the LNG desk’s first full year of operation.

The LNG team is based in Geneva, and supported worldwide. It works closely with the LPG, natural gas and coal desks.


Langsat Terminal, Malaysia, where we are building the world’s largest bitumen storage facility.


BIODIESEL

We are committed to promoting biodiesel as a sustainable alternative to fossil fuel-based diesel and are active on all the major international trade routes.

Knowledge of the different regulatory systems, feedstock prices and quality parameters around the globe is key to successful trading. We track interactions between agricultural commodities, energy markets and regulatory authorities across the world.

Our teams source supplies globally, both directly from agribusinesses and through the professional markets. We’ve built strategic partnerships with producers in the Americas, Europe and Asia.

Our customers include oil majors, refineries and downstream suppliers. We store locally and blend product to order to bring them the quantities and grades they require when and where they need them.

BITUMEN

Bitumen is a growth area for the Trafigura Group, with demand set to expand rapidly as the global economic outlook improves and road construction and maintenance programmes develop. Our goal is to apply our trading, logistical and transportation skills to modernise the bitumen trade, which increasingly features the movement of large cargoes between regions in safe and environmentally-sound specialist vessels and tanker trucks.

Trafigura is building its bitumen book with a strong, logistics-based offering. It is investing in the latest shipping, transportation containers,

terminals and purpose-built storage tanks that maintain temperatures at 150 degrees centigrade. Our first bitumen tanker entered service in January 2013 and we now have six vessels dedicated to the product.

In distribution, Trafigura works closely with Puma Energy and DT Group which both have strong networks in emerging economies. We supply DT Group in Angola and Puma Energy terminals in Australia, Puerto Rico, Guatemala, Spain and Vietnam. We will shortly be adding a major storage centre in Mozambique and are constructing what will be the world’s biggest bitumen facility at the Langsat terminal in Malaysia.

Bitumen vessel, Rijeka, Croatia.


1.8mmtCondensates

1.3mmtAromatics

1.7mmtLPG

1.0mmtLNG

1.1mmtBiodiesel

0.5mmtBitumen


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CREATING VALUE IN CORPUS CHRISTI, TEXAS

A STRONG US PRESENCEEXCELLENT SERVICES AND FACILITIES THAT BRIDGE THE GAP

BETWEEN PRODUCERS AND END-USERSTrafigura's Corpus Christi terminal puts the company at the centre of the action in the world’s largest, most dynamic, energy market. Trafigura had modest expectations when it originally invested in Texas Dock & Rail (TDR). Just two years on, thanks to the shale revolution, Corpus is one of the company’s most important strategic assets. It is a classic case of being in the right place at the right time – but it would never have happened without Trafigura’s agility, eye for opportunity and appetite for innovation.

UNITED STATES


DEVELOPING EFFICIENT MARKETSSoon after taking over the terminal, Trafigura assigned its trading teams with the task of developing innovative new uses for the facility. It didn’t take long. The nearby Eagle Ford shale field is expanding rapidly and domestic naphtha was plentiful and cheap. Naphtha traders suggested a pipeline. The LPG desk is building market share with cheap butane and propane from Texas. In the US market Trafigura is becoming known as an important exporter of naphtha and other products – a big change in profile that is set to develop further.

BUILDING NEW LOGISTICS AND

INFRASTRUCTUREThe terminal is expanding rapidly. Since 2012, the company has acquired additional acreage in Corpus Christi. The new sites will process Eagle Ford crude into various oil and petroleum products and will provide storage capacity that will exceed 3.6 million barrels.

EXTENDINGTHE FOOTPRINT

Barrels per day estimated

production at Eagle Ford

+1.8m

Planned total CAPEX by Trafigura

+$850m

Barrels of planned storage capacity

at Corpus Christi facilities

+3.6m

MAXIMISING OPPORTUNITIES


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INTRODUCTION

Non-ferrous and Bulk Commodities trading teams are based in Geneva, Montevideo, Singapore and Stamford and are supported by offices in Johannesburg, Lima, Mexico City, Mumbai and Shanghai.

Our dry freight desk supports our trading teams with cost-effective, seaborne logistics. We time-charter on average 35 bulk carriers per annum on a long-term basis, including all the main vessel types. We concluded between 650 and 700 dry fixtures this year.

CONCENTRATES AND ORE

We trade alumina, copper, lead and zinc concentrates. We aggregate ores from a variety of sources.

Our teams source alumina from refineries in Australia, Brazil, China, Europe, India and Jamaica.

We source copper, lead and zinc from resource-rich areas in Africa, Australia, Canada, China, Europe, Indonesia, South America and the US.

We work closely with our mining partners. We can offer financial assistance in exchange for off-take agreements. Technical assistance includes geological surveys and drilling consultancy services through Trafigura’s Mining Group. We invest to improve transport links through Impala – enabling the safe and prompt passage of product to market.

Our warehousing, blending and transport capabilities allow us to combine base tonnage, to blend down to specific import and customer requirements and to transport products to Western Europe, China, Southeast Asia, the US, Russia and Japan.

ShanghaiStamford

Lima

Mexico City


NON-FERROUS AND BULK COMMODITIES TRADINGTrafigura is one of the world’s largest non-ferrous and bulk commodities traders. We are building global connectivity between miners, smelters, refined metals retailers and commodity buyers. No single supplier accounts for more than 5 percent of our total bulk turnover.

K EY FACTS



24%Contribution to global turnover (2012: 24 percent)

32.9mmtTotal volumes traded (2012: 34.9mmt)

NON-FERROUS AND BULK COMMODITIES VOLUME TRADED (MMT)

Mumbai

Geneva

Montevideo

Johannesburg

Singapore


REFINED METALS

Trafigura’s refined metals trading desks are in Geneva, Shanghai, Singapore and Stamford.

We trade in a broad range of refined metals, including copper, aluminium, zinc, lead, nickel, and recently tin and silver.

We also trade concentrates for these metals, so the refined team and the concentrate teams work together, using a variety of tools to facilitate trading, including structured finance and tolling models.

Unlike other Western metal traders, we trade significant positions within China through our domestic trading subsidiary. We use our expertise in international and Chinese markets to trade pricing differentials between these markets. We optimise performance by maintaining multiple positions at numerous locations. Being active globally allows us to meet supply and demand more effectively.

COAL

Trafigura is a leading independent thermal coal trader. Our focus is on developing novel trading positions, advantageous origination strategies and innovative delivery methods. We apply these approaches across a full range of thermal coal qualities, in all the major points of origin and across all the major global sales markets. Beyond pure trading, these approaches are also supported by our mining presence in Bowie Resource Partners and in our logistics positions on the Mississippi, in Indonesia and in China.

The Bowie Resource Partners transaction, completed in 2013, enhances our coal mining presence and enables us to supply customers with over 14mtpa* of consistent quality coal from four mines in Colorado and Utah.

On the Mississippi, our Burnside Terminal will be fully operational in 2014. The facility, which has a 15mtpa capacity, will consolidate our logistics position and ability to source, optimise, and sell a full range of coal qualities in the region for both the international and domestic markets.

In China, one of our most important markets, our domestic subsidiary Guotong gives an extra dimension to our trading, allowing us to trade over 3mtpa of both domestic and international coal into a blending and disaggregation business, with a focus on challenging markets along the Yangtze River.

In Indonesia, we have developed and are marketing two key sub-bituminous coal brands, TEK and TSK (+5mtpa), which are sold throughout Asia. Based on close management of a complex supply chain, these coal products present our customers with reliable deliveries and consistent quality.

IRON ORE

We trade the whole spectrum of iron ore products and grades, including fine, low-grade and high-grade lump, pellet feed and pellets. Our origination teams operate in all the main exporting countries. Global exposure, freight requirements, risk management and financing are managed centrally.

We use our extensive international network to connect specific buyers with particular grades of stock. Impala’s terminal and warehousing network provides the business with an important competitive advantage.

We deal with the major producers in key exporting countries such as Australia and Brazil as well as smaller mining concerns in India, South Africa, Mexico and Chile.

In China, our sales teams have built up strong contacts with local trading houses. We market our stocks through established distribution channels and are the only non-Chinese trader with a cash-and-carry business in the country.

Impala terminal, Dar es Salaam, Tanzania.


7.5mmtNon-ferrous metal concentrates

3.4mmtNon-ferrous refined metals

17.0mmtCoal

4.3mmtIron ore

* mtpa: million tonnes per annum.


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INTRODUCTION

Our shipping and chartering operations are managed out of Trafigura’s key regional offices. All post-fixture operations, which include issuing voyage orders, completing stowage plans, negotiating with port agents and managing demurrage claims are managed from our Athens office.

COLLABORATING WITH TRADING TEAMS

Trafigura’s commodity trading teams work closely with our freight desks. Our commodity traders rely on real-time freight pricing to structure physical arbitrage opportunities.

Our freight specialists quote fixed freight prices and use market knowledge to maintain open and hedged positions. Commodities traders use freight pricing to fix delivery costs and price transactions accurately.

Our freight professionals maintain a continuing, two-way dialogue with the various trading desks. Knowledge of traders’ requirements helps to shape freight trading strategy and capacity planning.

Trafigura’s trading and freight activities also combine to extend Trafigura’s service to customers. Our clients can select to buy commodities and freight together, on CIF (Cost, Insurance and Freight) instead of FOB (Free On Board) terms.

CHARTERING AND DERIVATIVES MARKETS

Our freight trading teams lease time-chartered vessels and negotiate spot fixings as required to manage Trafigura’s physical freight positions. They also trade physical freight with external clients and are highly active in the derivatives market.

WET AND GAS FREIGHT

We charter a range of tanker tonnage to meet our physical delivery requirements for the worldwide transportation of oil and petroleum products.

Athens

2013 Wet and Dry Freight Activity

Wet Dry

Tonnage shipped 60mmt(1) 26mmt(2)

Number of fixtures 1,600 650-700

Average time charter fleet 50(3) 35(3)

(1) Includes both internal and external usage as well as tonnes ‘Re-Let’ to other owners/operators.

(2) Includes 13mmt external customer tonnage.

(3) A vessel on hire for longer than 3-5 months.


K EY FACTS


Geneva

Montevideo

Singapore

Houston

SHIPPING AND CHARTERINGTrafigura Maritime Logistics provides freight services to Trafigura’s various commodity trading teams. It also trades freight externally in the professional market.


Our wet freight desks deal in all vessel sizes, from 2,000 to 300,000 dead-weight tonnes (DWT) tankers. They trade in every market segment, including crude, clean, dirty, LNG and LPG.

We fix vessels on spot voyage, buy COA (Contracts Of Affreightment) and take ships on time charter for periods spanning 30 days to five years. We work closely with Puma Energy, especially in Africa and Latin America, to manage delivery schedules and maximise fleet utilisation.

We use tanker Forward Freight Agreements (FFA) to lock into fixed freight prices and hedge our shipping exposure. We typically sell paper against various cargo sizes on specific routes largely performed by our time-charter fleet.

Many of our customers are regular counterparties for Trafigura. All the majors have strict vetting protocols. They will only trade with companies whose assets and procedures meet their best practice. We ensure we conform to the most rigorous safety and environmental standards available.

DRY FREIGHT

Around 30 percent of Trafigura’s annual shipped tonnage is in dry bulk commodities such as coal, iron ore and mineral concentrates.

These cargoes are shipped using a combination of time charter and voyage charter where we control on average 35-40 ships on time charter and 35-40 ships on voyage charter at any one time.

Our freight exposure is actively managed using a portfolio of physical and derivative freight positions. We are active in the FFA market and trade bunker swaps to minimise our risk and exposure to large fluctuations in the freight market.

As a service centre internally, we work closely with all Non-ferrous and Bulk Commodities trading desks.

In addition to this service provision, we also offer freight services externally to third-party customers including miners, steel mills and other trading houses.

SHIPPING AND CHARTERING: VESSEL SCREENING

As a trading company that regularly buys and sells cargo from and to oil majors, we must always ensure we meet their rigorous standards for shipping and freight. We require every vessel we charter to have earned at least two oil major approvals using the Oil Companies International Marine Forum (OCIMF) Ship Inspection Report (SIRE) Programme within the previous six-month period.

And we go further. A strict vessel screening policy makes safety a top priority. We only charter double-hulled tankers for period and spot fixings and for our storage business. We are one of very few trading houses to insist on double- hulled vessels. We also have an age-limitation policy, only chartering ships that are less than 25 years old. We also make sure that all our vessels are classified by a member of the International Association of Classification Societies.

Imposing such high minimum specifications on our fleet can incur additional costs. But the knowledge – for ourselves, our customers and our partners – that cargoes are conveyed as safely and cleanly as possible, outweighs the expense.

Above: DT Group-owned vessel – Sao Domingos Savio.

Naming ceremony of the Palanca Montevideo and Palanca Muscat Bitumen vessels, Ulsan, South Korea.


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PUMA ENERGYPuma Energy is a global oil and petroleum products distribution company backed by strong infrastructural resources, in over 40 countries across five continents. The company handles over 22 million m3 of oil products annually with 14 million m3 sold via a network of over 50 bulk storage terminals, 27 airports and more than 1,500 service stations.

INTRODUCTION

Puma Energy has built a successful global business by keeping things simple. The company invests where growing oil consumption is under-served by existing infrastructure. It delivers product when and where it is needed, and invests in storage, supply systems and people.

In 2013, Trafigura’s stake in Puma Energy fell to 49 percent and the company was deconsolidated from the Trafigura Group balance sheet. It now operates as a fully independent entity, while continuing to benefit from synergies with Trafigura and its access to global fuel markets. Puma Energy also gains from minority shareholder Sonangol’s strong financial and industrial backing.

GROWING ORGANICALLY AND THROUGH ACQUISITION

Puma Energy continues to grow its operations both organically and through acquisition. At the end of 2013, turnover was forecast to reach USD13.0 billion, up from USD8.5 billion at the end of 2012. Puma Energy’s fixed asset base has also increased significantly to USD3.2 billion in September 2013 (2012: USD2.3 billion).

Puma Energy has consistently incorporated new businesses into its portfolio. This has been achieved in existing markets, in Africa, Central America and Southern Africa, as well as in new markets, such as Indonesia, entered in 2012, and Australia, where it acquired a number of companies in 2013 and is now the largest independent fuel retailer and a major wholesale distributor.

Puma Energy now sells fuel through over 1,500 retail sites in the Americas, Africa and Australia. In the past, it was known for its successes in emerging economies, but today its largest retail networks are in fast-growing, developed economies.

* All figures estimated as of 30 September 2013. Puma Energy’s financial year runs from 1 January to 31 December.


K EY FACTS

WHERE WE OPERATEPrinciple bulk storage terminals

PERFORMANCE INDICATORS*

+4.6m m3

Storage capacity (2012: 4.5 million m3)

22.2m m3

Throughput volumes (2012: 22.6 million m3)

14.4m m3

Sales volumes (2012: 8.4 million m3)

+1,500Service stations (2012: +1,300)

Australia

Estonia

Puerto Rico

Namibia

Singapore


GLOBAL HUB TERMINALS AND REGIONAL STORAGE

Strategically located bulk storage terminals provide the backbone for Puma Energy’s fuel distribution businesses.

The Bayamon terminal in Puerto Rico serves the US, Caribbean and Central American markets. Other terminals are in the Jebel Ali Free Zone in the UAE and off the southern coast of Malaysia, at the epicentre of global trade routes.

The company has strong midstream capabilities in Estonia, at the Sillamäe and Paldiski terminals. Significant ongoing investment here has grown throughput of light oils, shale oil, petrochemicals, LPG, gasoline and aviation fuels.

An extensive network of regional facilities supplements the hub terminals, for example the newly-expanded 100,000m3 storage terminal in Walvis Bay, Namibia and growing operations in Tanzania and in Mozambique. A new terminal at Mackay in Northeast Australia is also currently being constructed to support the business there.

PRODUCT DIVERSIFICATION

Business lines and retail customers around the world trust Puma Energy to deliver high-quality fuels safely, reliably and at a fair price. It has extensive B2B distribution networks and contracts with oil majors and leading oil traders. It works closely with multi-national businesses such as Castel Group and Coca-Cola. In Northern Europe, Gazprom is an important customer for storage locations.

Puma Energy’s fuel delivery services support economic development and national infrastructure programmes. It supplies mining businesses. Multi-national construction companies like Odebrecht rely on Puma Energy fuels in multiple territories. Puma Energy is the exclusive fuel supplier to the Panama Canal Authority for the Panama Canal expansion programme. It has long-term contracts with large power generation companies around the world.

Puma Energy’s fuel delivery services support economic development and national infrastructure programmes.

The recent acquisition of Caltex Australia Ltd.’s bitumen business confirmed Puma Energy’s status as a leading global bitumen distributor. With facilities also in Angola, Central America and Vietnam, Puma Energy also benefits from Trafigura’s strengths as a bitumen supplier.

Puma Energy’s aviation business continues to grow. Puma Aviation International now has operations in 27 airports in 11 countries. It services major international carriers, such as Delta, Air France/KLM, Emirates and DHL. In lubricants, Puma Energy is now the world’s largest distributor of Castrol products.

Puma Energy truck, Panama.


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ENTERING NEW TERRITORIES

FINANCIAL STRENGTH AND RESILIENCEIn a few short weeks in 2013, Puma Energy moved decisively to shake up the established order in the Australian fuel market. A series of finely judged acquisitions created the country’s largest independent fuel operator. Ausfuel Gull, Neumann Petroleum, Matilda and CCG were already strong, well-run businesses. They will only get stronger within Puma Energy. They have joined a dynamic, global organisation with ready access to international energy markets.

AUSTRALIA

CREATING VALUE WITH PUMA ENERGY


RISING TOTHE CHALLENGEDEVELOPING EFFICIENT MARKETS The opportunities are immense. Australia has a thriving natural resources sector. It has the world’s third highest fuel consumption and second highest car ownership rate per capita. There are over 300 airports and 900,000 kilometres of road. Puma Energy knows what it takes to get fuel to remote, rural regions. It already transports over a billion litres of fuel products every year. It is forging a national independent network that connects with local needs. It will be a reliable partner for Australian industry.

BUILDING NEW LOGISTICS AND INFRASTRUCTURESince entering the country there has been no let up. Puma Energy now has over 270 retail sites. Its 1,000 plus employees across Australia deliver a comprehensive commercial, retail, distribution, transport and storage organisation. In October 2013, Puma Energy announced its acquisition of Caltex Bitumen. Construction of a major new storage facility is almost complete. The Mackay Port terminal will be operational in early 2014.

VERTICALLYINTEGRATED SERVICES

Australian road network

900,000km

Puma Energy operated service stations

in Australia

+270New Puma Energy employees

in Australia

+1,000


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INTRODUCTION

African economies are rebounding strongly after several years of slower growth following the global financial crisis. An ambitious public expenditure programme in DT’s countries of operation is encouraging economic diversification and reducing reliance on oil and gas.

ANGOFRET

Angofret is a wholly-owned subsidiary of the DT Group. The company is currently building four new multifunctional logistics platforms along the Caminho de Ferro de Benguela (CFB) railway line. The CFB railway is one of the most important railway routes in Angola. It will substantially transform trading opportunities within the region. Angofret’s platforms will be positioned between Lobito, on the Atlantic coast, and Luau, at the border of Angola and the Democratic Republic of Congo. Its platforms at Catumbela, Huambo, Luena and Luau will include container stacking facilities and modern technology for handling supplies and merchandise. The platforms will play a critical role in increasing the efficiency of Angola’s railway system.

DT GROUPDT Group is a strategically important joint venture between Trafigura Pte Ltd and Cochan Ltd. Through DT Group, the two companies are combining their extensive knowledge, expertise and resources to deliver infrastructure, products and services. DT Group’s interests span trading, shipping infrastructure, asset management, logistics and mining. DT has offices in Geneva, Johannesburg, Luanda and Singapore.

PERFORMANCE INDICATORS

585People employed globally

6Owned vessels

$2bnAssets under management

$5.7bnSales revenue

Huambo422 Km

Luanda

Luena1,032 Km

Luau1,340 Km

Catumbela11 Km

ANGOLALobito

Angofret’s logistics platforms, Caminho de Ferro de Benguela railway line.

Switzerland

Angola

Singapore

South Africa

K EY FACTS

WHERE WE OPERATE


DT TRADING

DTS Refining and DTS Commercial are the trading arms for several commercial activities of the DT Group. It trades crude, fuel oil, gasoline, jet, naphtha, gas oil, bunker, LPG and bitumen.

AEMR

AEMR is a mining company owned by DT Group (60 percent), the Angolan Government through Ferrangol (30 percent) and Genius Mineira (10 percent). The company intends to play a leading role in the development of the domestic iron, manganese and steel-making industry. The project encompasses plant processing, logistics and port facilities.

DT SHIPPING

DT’s shipping operation owns six operational vessels which supply bunkers and bitumen off the West African coast. DT Shipping also has a number of vessels on time charter. Sao Domingos Savio, DT Shipping’s sixth vessel and second specialist bitumen tanker, became operational in 2013.

DT Shipping’s fleet includes:

Name Built Type Size (MT DWT)

Ana Nzinga 2009 Oil/chemical tanker 17,567

Kiluanje 2009 Oil products tanker 6,152

Katyavala 2009 Oil products tanker 6,178

Mandume 2010 Oil/chemical tanker 7,252

Acacia Rubra 2011 Asphalt/bitumen tanker 6,065

Sao Domingos Savio 2013 Asphalt/bitumen tanker 14,911

DT AGRO

DT is developing agricultural projects in Angola through DT Agro. The company aims to promote local development through self-sufficiency in food production, the creation of jobs, the transfer of knowledge and the diversification of the economy. It is scaling up its involvement in agricultural projects. In 2013, it initiated a pilot project growing fruit and vegetables at a 70-hectare site in Catumbela.

ANGORECYCLING

Angorecycling provides a scrap and recyclable waste collection service in Angola. The company offers consultancy and resourcing on all aspects of collection, treatment, recycling and disposal. It owns and operates vehicles, equipment and recycling facilities in Luanda, Lobito and Namibe.

DTS IMOBILIARIA

DTS Imobiliaria’s prime function is the acquisition of land and buildings for DT Group businesses. The company has developed offices, commercial buildings, and logistics and procurement facilities in West and East Africa.

DTS SERVICOS

DTS Servicos specialises in providing first-class support services to the various DT and Puma Energy Group companies in Angola. These include construction, procurement, legal advice, finance, treasury, IT, facilities management, human resources and aviation.

FUNDACAO DT

Fundacao DT is the social heart of the DT Group that aims to promote projects related to education, health, science and culture, thereby improving the welfare and living conditions in DT’s community. Fundacao DT aims to encourage skills transfer by employees for charitable missions, sharing knowledge and experience to contribute and add value to the community. Fundacao DT owns and finances a kindergarten school in Benguela province, Angola.

DT’s Mandume Vessel.

Ana Nzinga vessel, DT Bunkering operations, Angola.

Children at DT’s school in Benguela.


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IMPALAImpala owns and operates a network of terminals that facilitate global trade flows of essential commodities. The company specialises in providing port, LME and non-LME warehouse facilities and multi-modal logistics services that give access to markets and new opportunities.

Impala performs a vital economic role by smoothing international commodity flows. The company’s advanced logistics solutions link counterparties across continents.

Impala’s services provide ease of access to markets for raw materials in challenging locations around the world. At times of high global demand for raw materials Impala connects producers and consumers. When there is excess production, Impala’s cost-effective storage helps to regularise supply.

Impala’s business has three main pillars: Impala owns and manages over 50 terminal sites worldwide and delivers safe, efficient warehousing and logistics services by barge, rail and road transportation.

Safety, reliability and compliance with international standards are at the core of the company’s offering.

Trafigura originally set up warehousing and logistics facilities where it had trading interests because of a lack of third-party offerings of an acceptable standard. Impala’s first major sites were therefore in developing or emerging markets where Trafigura was already present.

END-TO-END LOGISTICS

Today, Impala’s global network of terminals, warehousing and logistics services provides an attractive platform for other clients with complementary trade flows. Many of the world’s top companies rely on Impala to move, store, blend and deliver their bulk commodities cost-effectively. The company is the leading infrastructure and logistics specialist in Latin America, a significant participant in Africa and has burgeoning operations in North America and Asia.

For customers looking to deliver domestically, Impala completes the required customs clearance. The company can provide financing and collateral management services. It offers storage, onward shipping and final-mile delivery. Impala’s services include containerisation, blending, weighing, sampling and laboratory testing.


K EY FACTS


+30Countries of operation

+50Terminal sites worldwide

+1.3mStorage capacity (m2)

+$250mInvestment* in Burnside facility, US

+$800mInvestment in Colombian operations

+$200mInvestment in Callao Facility, Peru

*Investment figures include actual figures spent at FY2013 as well as forecast spend for FY2014.


INVESTING IN MULTI-MODAL TERMINALS

The company is investing over USD250 million to refurbish and expand a state-of-the-art bulk storage terminal in Burnside on the Mississippi. Burnside will be a key strategic hub, with access by barge, vessel and rail from the US coal producing heartland to international export markets. The terminal is ideally placed for barge-to-vessel and rail-to-vessel transfers.

Impala has acquired Superporto Sudeste in Brazil in a joint venture with Mubadala Development Company. The terminal, which will commence operations in 2014, is designed to handle cape-size vessels and has an initial capacity of 50 million tonnes of iron ore per year. In time, minimal CAPEX would be required to increase this figure to 75 million tonnes of iron ore per annum. The port connects to Brazil’s iron ore Quadrangle via the MRS railroad and will be the major export outlet for Brazilian iron ore mines.

DEVELOPING DELIVERY SYSTEMS

Impala’s investment of over USD800 million in Colombia is transforming the Magdalena River into a highly competitive water transport route. Impala is introducing a fleet of over 120 double-hulled, dry and wet cargo barges to transport coal, oil products and other commodities to and from the Barranquilla port on the Caribbean Sea. A new river port is currently being developed at Barancabermeja to connect river, road and rail cargoes.

Impala’s enclosed metal concentrates warehousing operation at Callao, Peru’s leading commercial port, is a beacon location for quality and safety. The company has invested more than USD200 million in creating state-of-the-art warehousing facilities including a jointly owned conveyor belt to streamline the delivery of metal concentrates here. A fully encapsulated tubular conveyor belt transports material direct from its warehouse to a dedicated berth at Callao. The new delivery system greatly simplifies dry cargo loading, replacing around 150,000 truckloads of metal concentrates annually.

INDEPENDENCE AND CONFIDENTIALITY IN REFINED METALS

Impala manages LME bonded refined metals warehousing and logistics. Its refined metals warehousing facilities in Belgium, China, Malaysia, the Netherlands, Singapore, South Korea, Turkey, UAE, the UK, and the US previously traded under the NEMS brand. With Impala’s stringent data management policies, traders, merchants, and bankers can be confident that sensitive information is not available to any other party.

DELIVERING METALS IN CHINA

Impala has joined forces with leading Chinese logistics concern SIPG Logistics to create a specialist transportation network. The joint venture benefits from SIPGL’s integrated logistics and port infrastructure on the Yangtse River and Impala’s global network and expertise. The joint venture collects and delivers raw materials and finished products across China and through the Impala’s global network.

BUILDING CAPACITY

Impala is investing internationally to build capacity and extend its global presence. The company will continue to develop strategic locations with multi-modal access, with a particular focus on facilities with direct waterside access that link to key commodity trade routes.

Impala’s terminal facilities within the port of Dar es Salaam, Tanzania.


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CREATING VALUE IN COLOMBIA

ACTIVATING MAGDALENA

DRIVING ECONOMIC AND SOCIAL PROGRESSColombia’s mighty Magdalena River flows northwards for more than 1,500 kilometres from south of Bogota to the Caribbean Sea. Its delta basin covers nearly a quarter of the country. It hosts two-thirds of the population and produces over 80 percent of GDP. And yet, its undoubted potential has never been fully realised. That is changing, thanks to Impala. Today, the Magdalena River is set to develop into a vital industrial artery.

COLOMBIA


EXCELLENT SERVICES THAT BRIDGE THE GAP

BETWEEN PRODUCERS AND END-USERSImpala barges began transporting coal along the Magdalena River in 2012. Since then, the company’s involvement has grown. It is developing a fully integrated, two-way supply chain connecting river, road and rail cargoes with inland mining and oil wells. Its trucks will carry coal and oil products to the custom-built Barrancabermeja river port and unload onto barges. The barges will then travel northwards to the coastal port of Baranquilla for storage or barge-to-ship transfer operations. On return trips, they will import naphtha, steel and general cargo.

MAKINGTR ADE FLOW

FLUVIAL

FACILITIES BUILDING NEW LOGISTICS AND INFRASTRUCTUREUntil recently, almost all raw materials went by road. The small, single-hulled vessels on the river were unable to transport coal, oil or petroleum products economically. Impala saw a role for fluvial transportation and is backing its vision with significant investment. It is introducing a fleet of over 20 tugs and 120 double-hulled barges to manage both wet and dry freight. A new fluvial port at Barrancabermeja is being developed to the latest international standards.

Total planned investment

in Colombian operations

+$800m

Tugs to assist in managing

fleet of barges

+20Double-hulled wet and dry

cargo barges to be introduced

+120


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HISTORY AND POSITIONING

Trafigura has been actively involved in mining activities throughout its 20-year history. The formation of the Mining Group in 2012 consolidated the company’s position.

The Mining Group has operations across the globe. Active in Latin America, Europe, Asia and Africa and overseeing operations from offices in Lima, Geneva, Seville, Singapore and Johannesburg, our strategy centres on growing existing operations organically, developing new projects where opportunities arise and providing technical services to the Trafigura Group.

We supply technical services both internally and to selected trading partners. This may include technical due diligence for Galena Asset Management.

STRATEGY FOR GROWTH

The Mining Group’s flagship operation is the Aguas Teñidas Mine (MATSA) on the Iberian Pyrite Belt in Southwestern Spain. We are also active in Angola and DRC and operate the Catalina Huanca mine in Peru, as well as developing a zinc and lead project in Latin America.

Our technical team has global experience. Team members travel extensively and have broad and deep backgrounds in extraction industries. Their high level of technical expertise gives them unique insights when assessing the viability, management and development potential of projects.

MINING GROUPThe Mining Group manages mining operations, develops projects, conducts technical audits of existing and potential partner projects and provides advisory and support services to Galena Asset Management, Trafigura’s trading desks and trading partners.



2.2mmtOre extracted at MATSA (2012: 2.2mmt)

0.6mmtOre extracted at Catalina Huanca (2012: 0.62mmt)

K EY FACTS

WHERE WE OPERATE

Singapore

South Africa

Switzerland

DRC

Angola

Spain

Peru


Interconnectivity between Trafigura’s operations is a key source of competitive advantage. We aim to add value to trading flows. We supply technical services both internally and to selected trading partners. This may include technical due diligence for Galena Asset Management fund managers, geophysical surveys or engineering support.

Interconnectivity between Trafigura’s operations is a key source of competitive advantage.

EXPANDING MATSA

We have recently embarked on a major expansion project at MATSA in Spain. MATSA is a 2.2 million tonnes per year underground mine and concentrator producing copper, zinc and lead concentrates as well as silver.

Recent exploration has uncovered additional mineral reserves. Trafigura is building a new treatment plant which is expected to double production. This major investment will create one of Spain’s largest mining operations.

TECHNICAL SERVICES IN AFRICA

In Angola, the Government is pursuing a long-term plan to become self-sufficient in steel. The AEMR joint venture, partly owned by DT Group, is developing iron ore and manganese mining assets. The Mining Group works alongside DT Group in Angola to keep these operations running on budget and to plan.

In the DRC, we provide technical services through Luna Mining to two major copper exploration projects. We run three dense media separation plants in the country, processing copper ore.

TWO-AND-A-HALF MILLENNIA OF MINING HISTORY

The MATSA mine occupies a mineral deposit on the Iberian Pyrite Belt in the municipality of Almonaster Real in Huelva province, Spain. It has a rich history of mining going back 2,500 years.

In modern times, mining was first developed in 1980. Initially, it operated successfully, but in the 1990s declining metals markets rendered it uneconomic. It was shut down in 2001.

With metals prices rallying in 2005, Iberian Minerals, the then parent company of MATSA, acquired a 100 percent interest in the mine and presented a proposal to authorities to restart operations. The mine was restarted in 2007 and, at the present day, is wholly owned by Trafigura.

Above: Aguas Teñidas Mine (MATSA), Southwestern Spain.

Catalina Huanca Mine, Peru.


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CREATING VALUE WITH MATSA IN SPAIN

A RICHER, LONGERLIFE

BUILDING NEW LOGISTICS AND INFRASTRUCTUREThe Mining Group’s flagship Aguas Teñidas Mine (MATSA) on the Iberian Pyrite Belt is a richly productive mine and concentrator producing copper, zinc and lead concentrates with some silver. Recent exploration has uncovered additional mineral reserves. It is now embarking on a two-year expansion project which will add a new treatment plant, double production to 4.4 million tonnes per annum and extend the life of the mine to over 15 years.

SPAIN


DEVELOPING EFFICIENT MARKETSOperational efficiencies at the mine have increased annual production by over 20 percent over the past five years. The planned expansion will double this. The MATSA operation and its related logistics are closely integrated with the company’s non-ferrous concentrate trading activities. Concentrates are exported through the nearby ports of Huelva and Algeciras to Brazil, China, Mexico and Northern Europe.

PROMOTINGINTEGRATED TRADING

Investment

+€300m

Expected production

per year

+4.4mmt

Permanent jobs created

+200

People to be employed

during construction

+1,000

ENCOURAGINGENTERPRISEDRIVING ECONOMIC AND SOCIAL PROGRESSAndalusia is one of Spain’s poorest regions with 33 percent of the population unemployed. Youth unemployment stands at 58 percent. Trafigura Mining Group’s EUR300 million investment in a new mining complex and treatment plant will create up to 200 permanent jobs. Around 1,000 people will be employed during the construction phase. The mine actively promotes procurement of local suppliers, employees and services.


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GALENA ASSET MANAGEMENTGalena Asset Management has provided specialised alternative investment solutions since 2003.

Galena Asset Management, a wholly owned subsidiary of Trafigura, benefits from Trafigura’s leading position and market intelligence to achieve superior, risk-adjusted returns for its investors.

The long-term performance of Galena’s funds confirm the effectiveness of the company’s investment style in commodities markets. Galena combines a rigorous top-down analysis with bottom-up asset selection informed by practical knowledge in the field. Galena is now applying similar methodologies to the management of real assets.

Galena combines a rigorous top-down analysis with bottom-up asset selection informed by practical knowledge in the field.

DIVERSIFIED OFFERING FOR INVESTORS

Galena’s funds, which span metals, energy and commodity equities, are known to deliver consistent returns.

Fund managers identify the best approach dependent on fundamentals and momentum in physical and derivative value. Investments follow a coordinated and controlled approach towards profiting from inefficiencies, thus unlocking longer-term strategic value.

Galena has structured its business to maximise the advantages from a close working relationship with Trafigura, without compromising the company’s autonomy. Galena operates a one-way Chinese wall between its operations and those of its parent company. Trafigura’s detailed knowledge and experience in physical commodities markets inform Galena’s trading strategy, but the company’s investment process is entirely independent.

Galena offers investors three types of commodity-linked investment opportunity. Galena has funds focusing on liquid trading, credit and real assets.


K EY FACTS


+2bnTotal funds under management, including managed accounts

TOTAL FUNDS COMPRISED AS

FOLLOWS:

+$1.6bnLiquid trading strategies

+$325mReal asset strategy

+$84mCredit strategy


MAXIMISING VALUE FOR OUR INVESTORS

Global market intelligenceGalena combines an extensive knowledge of commodity market fundamentals with unique research afforded by the Trafigura Group. This unparalleled insight into physical arbitrage and relative value across global commodity markets enables a balanced, yet dynamic, investment strategy.

Institutionally compliantGalena offers investors the assurance of over 10 years of asset management experience with a strong institutionally compliant platform. Its funds attract high-profile investment institutions from around the world including family offices, pension funds, endowment funds, insurance companies and sovereign wealth funds.

Globally regulatedGalena is authorised and regulated by the Financial Conduct Authority (FCA) in the UK. The company is also regulated in all of the locations where it operates.

LIQUID TRADING STRATEGIES

METALSLong/shortGalena’s trading approach relies on an ability to access information through the Trafigura Group. The Galena Metals team is agnostic on whether to be net long or short in the market. It seeks to be profitable in all commodity cycles whilst controlling volatility.

Long onlyExperience in the long/short side offers Galena’s Metals team an advantage in seeking to outperform the underlying benchmarks by 50 basis points per month in long only strategies. A flexible approach is followed in the use of leverage and in over- or under-allocation to a specific metal relative to the benchmark.

ENERGYThe Galena Energy team runs a long/short portfolio that combines the trading of crude oil and refined petroleum products. Trafigura’s leading position and expertise in the physical energy markets enables Galena’s team to leverage our internal models and views. The objective is primarily to produce strong volatility-adjusted returns.

MULTIEach Galena manager in the long/short Multi-strategy team has extensive experience in trading specific commodity-related asset classes. The trading is shorter term than Galena’s metals and energy dedicated strategies, and therefore relies less on Trafigura intelligence. Trading involves the use of derivatives and excludes physical commodities.

CREDIT STRATEGIES

TRADE FINANCEThe Galena Trade Finance team relies on Trafigura’s expertise and banking network to originate, monitor and risk manage best-in-class transactions. The fund does not lend to Trafigura and uses conservative leverage.

BANK CAPITALThe Galena Bank Capital team has an established track record in providing institutional investors with customised solutions in the trade finance space. Galena offers flexible access to the commodity trade finance asset class in connecting the specific needs of investors with potential distressed sellers of credit portfolios in the commodity domain.

REAL ASSETS STRATEGIES

MININGThe Galena Mining team for the Private Equity Resource Fund seeks to take substantial and active interests in junior and mid-tier mining companies. It calls upon expertise from the Trafigura Group, mainly relying on the technical mining, logistics and corporate finance teams.

SHIPPINGThe Galena Shipping team’s strategy consists of acquiring a diversified portfolio of vessels in both wet and dry sectors. The portfolio is built in collaboration with Trafigura shipping specialists and seeks to be optimised for the Group’s commercial usage. Thanks to the long-term time charters agreed with the Group, the strategy enables investors to benefit from a stable income and an attractive upside.

2013 FUND PERFORMANCE

Liquid Trading StrategiesInception

DateAssets UnderManagement1

Performance Since Inception

Compounded Annual Return

Largest Monthly Gain

Largest Monthly Loss

Annualised Volatility

Galena Metals Fund Jun-04 $765m 130.18% 9.43% 9.14% -10.40% 11.17%

Galena Energy Fund Apr-09 $200m -6.03% -1.37% 4.96% -4.27% 5.98%

Galena Azurite Fund Apr-08 $46m 4.34% 0.77% 12.54% -18.91% 22.37%

Galena Azurite Benchmark2 -23.19% -4.60% 12.47% -25.24% 23.28%

Galena Malachite Fund May-07 $570m 15.31% 2.25% 13.49% -25.32% 22.53%

Galena Malachite Benchmark2 -8.22% -2.69% 12.47% -24.49% 22.24%

Credit Strategy

Galena Commodity Trade Finance Fund Sep-10 $84m 16.08% 4.95% 0.62% 0.00% 0.40%

Real Asset Strategy

Galena Private Equity Resources Fund Dec-12 $325m

1 Including Managed Accounts | 2 Based on GSCI precious metals and industrial metals sub-indices


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OUR APPROACH TO SUSTAINABILITY

CORPOR ATE RESPONSIBILITY

By engaging seriously with social, ec0nomic and environmental issues on the ground we forge stronger relationships with those around us.


OUR APPROACH

To play a pivotal and lasting role in the physical commodities business requires a long-term perspective.

Since 1993, Trafigura has invested in economic infrastructure, built long-term relationships with producers and end-users, streamlined and simplified logistics and acquired and developed storage and processing facilities.

Long-term prosperity is built on firm foundations. We maintain stable relationships by creating lasting, shared value. We deliver sustainable growth by acting as reliable partners for our clients, stakeholders and shareholders.

THE CHALLENGE

Our trading activities, which lie at the heart of Trafigura’s business model, involve the physical movement of commodities from places where they are abundant to where they are in demand. We source, store, blend and deliver a wide variety of materials, from crude oil to ores, concentrates and refined metals, across the globe. This presents a series of significant challenges and opportunities in relation to the broad issue of sustainability: from assuring we acquire materials from responsible sources; to complying with sanctions and legal requirements; to shipping products in a safe and secure manner; to selecting and managing contractors and counterparties.

Our industrial assets, which support our trading interests, include oil storage facilities, fuel service stations, vessels, warehouses and mines. Assets are strategically positioned at key junctions in the global flow of commodities – providing employment to thousands of skilled people.

Our activities are as technically and commercially complex as they are geographically and operationally dispersed. This requires Trafigura to perform its operations to the highest standards and in a responsible manner, ensuring that health, safety, environmental and community (HSEC) matters are at the forefront of planning and decision making processes. But we recognise that we need to go further, society expects it.

OUR COMMITMENT

Fuelled by increasing urbanisation and industrial development the incredible growth of global trade in the last two decades has demanded the faster, more efficient, transit of natural resources from points of origination to consumption. Trafigura has played a prominent role in driving and refining this revolution.

As a leading commodities trading house, we act as partner to nations, corporations and communities. We aim to resolve complex supply and demand imbalances while earning the trust and support of the international community through ever more responsible practices and behaviours.

This is what we mean by being at the forefront of advancing trade. We welcome the challenge and this responsibility.

GOVERNANCE AND OVERSIGHT

Trafigura’s Management Board has appointed an HSEC Steering Group to advise the business on HSEC matters. The Steering Group, co-Chaired by a member of Trafigura’s Supervisory Board and the company’s Global Head of Corporate Affairs, comprises senior representatives from each Trafigura subsidiary and division. The Group also includes a member of Trafigura’s Management Board.

Trafigura’s Internal Controls and Compliance Departments provide input and advice to the Steering Group on risk management, regulatory compliance and adherence to the Group’s ethical policies where required.

The mandate of Trafigura’s HSEC Steering Group is centred around the intention to create a robust yet streamlined approach to the management of HSEC issues across the Group, with an emphasis on implementation and performance improvement at an operating company and local site level. The key responsibilities of the Management Board are to establish the vision, provide direction and ensure adequate allocation of resources to HSEC globally.

HSEC POLICY AND BUSINESS PRINCIPLES

Trafigura has a Group-wide framework to manage its HSEC responsibilities, in the form of the HSEC Policy and Business Principles.

The HSEC Policy sets out the high-level priorities and commitments of the Management Board. The Business Principles communicate the expectations of the Management Board with respect to how the Group and its operating divisions and subsidiaries are expected to operate and behave.

Each constituent entity within the Group is responsible for implementation of Trafigura’s HSEC Policy and Business Principles, and for supplementing this with relevant sector specific standards and supporting policies and procedures for their day-to-day operations.

Trafigura’s Code of Business Conduct, which complements our HSEC Policy and Business Principles, articulates those business practices expected of all employees.

The HSEC Policy sets out the high- level priorities and commitments of the Management Board. The Business Principles communicate the expectations of the Management Board with respect to how the Group and its operating divisions and subsidiaries are expected to operate and behave.

Visit www.trafigura.com to review our HSEC Policy and HSEC Business Principles.


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TRAFIGURA FOUNDATIONThe Trafigura Foundation provides long-term funding and expertise to improve socio-economic conditions for vulnerable communities around the world. It joins forces with proven organisations on the ground to achieve more for its beneficiaries.

IECD programme to promote micro-entrepreneurship in the DRC, Cameroon and Ivory Coast.

CORPOR ATE RESPONSIBILITY


The Trafigura Foundation was established in 2007 as an independent philanthropic organisation. Since then, it has partnered with over 40 organisations and allocated over USD32 million to dozens of programmes spread across over 30 countries.

ACTING AUTONOMOUSLY

The ability to act autonomously is fundamental to our philanthropic philosophy. Our independent status is both recognised and respected at Trafigura.

We do, however, rely on the expertise and enthusiasm of those on the corporate side of the business. Many of our trustees have backgrounds in Trafigura. They contribute knowledge and are influential advocates for the Foundation’s interests within the company.

RAISING AWARENESS AND BUILDING BRIDGES

As a global organisation, Trafigura touches all kinds of communities all over the world. Challenging socio-economic conditions are more prevalent in emerging economies, but they also exist in the so-called developed economies. Some face poverty; they may have problems with access to education or health. There are economic and social development issues. We address both.

The Foundation works within Trafigura to make such realities more tangible for company employees. We are building awareness and strengthening the structures for those wishing to contribute time, money or expertise.

CHARITY COMMITTEES

Trafigura’s major offices provide a mechanism for staff to relay information from the field and to promote topical issues. The Foundation uses Charity Committees to pass on news about its programmes.

Charity Committees recommend projects for consideration by the Foundation. They also manage a ‘charity of the year’ programme, where local employees get to vote for their favourite charity and ultimately work with it to raise funds. The winning charity gets a significant grant while the Foundation also matches employee fund raising like-for-like.

DURABLE PARTNERSHIPS

We support long-term projects that deliver sustainable results. We place a strong emphasis on income-generating activities because they lead to autonomy from donations. Financial assistance is just one part of what we offer. We provide human and logistical resources and share our expertise to help them reach their goals. By joining forces with proven partners we achieve more for our beneficiaries.

LASTING CHANGE

We focus on projects with the potential for long-term change. We therefore only invest in projects with at least a three-year duration. Our three main areas of focus are cornerstones for socio-economic development:• Sustainable development• Education and integration• Health

Recent examples include investing in micro-entrepreneurs in India, providing life and work skills training for marginalised youth in the US, and funding a mobile treatment facility that treats cataracts and restores sight for thousands of West Africans. The Trafigura Foundation is changing lives and helping to create viable futures for disadvantaged communities.

To learn more go to: www.trafigurafoundation.org

Work & Learn Centre New Orleans (first bike repair workshop for girls).

APOPO Angola, de-mining with trained giant rats.

We support long-term projects that deliver sustainable results. We place a strong emphasis on income-generating activities because they lead to autonomy from donations.


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TRAFIGURA WORK AND LEARN CENTRE – NEW ORLEANS

Twenty-five percent of Foundation funding supports programmes around employability and social integration. Today’s youth are tomorrow’s potential employees. Businesses not only have a responsibility they have a direct stake in making sure young people are prepared for the world of work.

In May 2013, the Trafigura Work & Learn Centre opened in New Orleans, based on a very successful, Foundation-supported, Domus Work & Learn Centre in Stamford.

Over 47 percent of 18 to 24 year-olds in the New Orleans Central City area are unemployed. The New Orleans Centre provides life skills and job training to young people returning from correctional facilities.

The Centre operates two days a week over four twelve-week periods across the year. Its first local business is a bicycle repair shop. Young people learn practical skills. They are also helped with essential soft skills, such as building relationships with those around them and forming a healthy and marketable work ethic.

SOCIAL INVESTMENT FUNDING IN INDIA

Trafigura Foundation’s three-year partnership with Rang De is reaching out to India’s rural communities through a low-cost microcredit system based on non-profit, peer-to-peer lending. This innovative initiative offers not just funding, but ideas and business resources. By the end of 2012, it had attracted over 11,000 micro-entrepreneurs, the overwhelming majority of them women.

TREATING BLINDNESS IN WEST AFRICA

The Foundation is promoting health in Africa through its support for a ground-breaking technique to cure cataract-related blindness. The Phakokit, a single-use sterilised kit for cataract operations, is simplifying eye surgery in rough field conditions. Over 200,000 West Africans suffer from blindness caused by cataracts. The programme has already restored vision to thousands.

JUST ADD VISION

The Trafigura Foundation coordinates financial, social and practical resources to change lives and help create viable futures for disadvantaged communities. Our slogan, ‘just add vision’ encapsulates our farsighted, constructively critical approach.

The Foundation is promoting health in Africa through its support for a ground-breaking technique to cure cataract-related blindness

This innovative initiative offers not just funding, but ideas and business resources.

KEY REGIONAL OFFICES

A full list of Trafigura’s representative offices can be found at www.trafigura.com

CANADA Calgary Trafigura Canada General Partnership Livingston Place, Suite 1200 250 – 2 Street S.W. Calgary Alberta T2P 0C1 Canada Tel: +1 403 294 0400

CHINABeijing Trafigura Beheer B.V. Room# 2103, Building B Ping’an International Financial Center No. 1-3 Xinyuan South Road Chaoyang District 100027 China Tel: +86 10 8446 5100

Shanghai Trafigura Investment (China) Co., Ltd. 32 Floor Mirae Asset Tower 166 Lujiazui Ring Road Pudong Shanghai 200120 China Tel: +86 21 6125 8300

INDIAMumbai Trafigura India Private Limited First Floor, 2nd North Avenue Maker Maxity Bandra Kurla Complex Mumbai 400 051 India Tel: +91 22 4226 8550

MEXICOMexico City Trafigura Mexico Reforma 115 Oficina 2102 Col. Lomas de Chapultepec Delegacion Miguel Hidalgo Federal District México 11000 Tel: +52 5552 01 4100

PERU Lima Trafigura Peru Av. Victor A. Belaunde 147 Via Principal 103 – Torre Real Diez Piso 6 Centro Empresarial Real, San Isidro Peru Tel: +51 1 215 9900

RUSSIAMoscow Trafigura Eurasia 10 Povarskaya Str. Bld.1, Office 300 Moscow 121069 The Russian Federation Tel: +7 495 641 1728

SINGAPORESingapore Trafigura Pte Ltd 10 Collyer Quay Level 29 Ocean Financial Centre Singapore 049315 Tel: +65 6319 2960

SOUTH AFRICAJohannesburg Trafigura Services South Africa (PTY) Ltd 4th Floor Rosebank 32A Jellicoe Avenue Oxford Corner Johannesburg South Africa Tel: +27 11 750 6800

SWITZERLAND Geneva Trafigura Pte Ltd 1 Rue de Jargonnant 1207 Geneva Switzerland Tel: +41 22 594 6900

UNITED STATES OF AMERICAHouston Trafigura AG 1401 Mckinney Suite 1500 Houston TX 77010 United States of America Tel: +1 832 203 6400

Stamford Trafigura AG One Stamford Plaza 16th Floor, 263 Tresser Boulevard Stamford, CT 06901 United States of America Tel: +1 203 355 7200

URUGUAYMontevideo Trafigura Pte Ltd Zonamerica, Ruta 8 km 17.500 Celebra Building, 5th Floor Montevideo Uruguay Tel: +598 2518 8100


Trafigura Beheer B.V. and the companies in which it directly or indirectly owns investments are separate and distinct entities. In this publication, the collective expressions ‘Trafigura’, ‘Trafigura Group’, ‘the Company’ and ‘the Group’ may be used for convenience where reference is made in general to those companies. Likewise, the words ‘we’, ‘us’, ‘our’ and ‘ourselves’ are used in some places to refer to the companies of the Trafigura Group in general. These expressions are also used where no useful purpose is served by identifying any particular company or companies.

Printed by Pureprint on Vision Superior which is FSC certified.

Pureprint is certificated to ISO 14001 environmental management system, is registered to EMAS the Eco Management Audit Scheme, is a CarbonNeutral® Company and has been awarded The Queen’s Award for Enterprise: Sustainable Development.

Designed and produced by Salterbaxter. Written by Gotell Communications. Photography by Giles Barnard, Edwin Koo, Gareth Bentley and Jonathan Glynn-Smith.

Trafigura Beheer B.V.

Gustav Mahlerplein 1021082 MA AmsterdamThe NetherlandsEmail: [email protected]

www.trafigura.com TD/0047.1e

Economy & Finance

Trafigura Group 2014 Corporate Brochure