2019 Investor Update

3 December 2019

Important notice concerning this document including forward looking statements

1

This document contains statements that are, or may be deemed to be, "forward looking statements" which are prospective in nature. These forward looking statements may be identified by the use of forward looking terminology, or the negative thereof such as "outlook", "plans", "expects" or "does not expect", "is expected", "continues", "assumes", "is subject to", "budget", "scheduled", "estimates", "aims", "forecasts", "risks", "intends", "positioned", "predicts", "anticipates" or "does not anticipate", or "believes", or variations of such words or comparable terminology and phrases or statements that certain actions, events or results "may", "could", "should", "shall", "would", "might" or "will" be taken, occur or be achieved. 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 disclosed in Glencore's 2018 Annual Report.

For example, our future revenues from our assets, projects or mines will be based, in part, on the market price of the commodity products produced, which may vary significantly from current levels. These may materially affect the timing and feasibility of particular developments. Other factors include (without limitation) the ability to produce and transport products profitably, demand for our products, changes to the assumptions regarding the recoverable value of our tangible and intangible assets, the effect of foreign currency exchange rates on market prices and operating costs, and actions by governmental authorities, such as changes in taxation or regulation, and political uncertainty. 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.

Except as required by applicable regulations or by law, 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 past performance cannot be relied on as a guide to future performance. 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 companies in which Glencore plc directly and indirectly has an interest are separate and distinct legal entities. In this document, "Glencore", "Glencore group" and "Group" are used for convenience only where references are made to Glencore plc and its subsidiaries in general. These collective expressions are used for ease of reference only and do not imply any other relationship between the companies. Likewise, the words "we", "us" and "our" are also used to refer collectively to members of the Group or to those who work for them. These expressions are also used where no useful purpose is served by identifying the particular company or companies.

2019 Investor Update

Our investment case

Ivan Glasenberg - CEO

2019 Investor Update

Our investment case

3

Our markets

  • Tightly balanced and destocked
  • Easily accessible, high-quality resources are increasingly scarce
  • Well positioned for key future growth trends
    • Urbanisation/ rising living standards
    • Electrification of mobility
    • Decarbonisationof energy
  • Growing market deficit potential for our commodities

Our business

  • Unique combination of assets and marketing
  • Diversified portfolio of new energy materials and high quality coal
  • Large long-life assets with generally first quartile cost positions
  • Significant pipeline of internal growth options to supply future needs
  • Countercyclical resilience of Marketing cash flows
  • Robust and flexible balance sheet
  • Highly cash generative business throughout the cycle - illustrative 2020 FCF of c.$4.4bn at current pricing

Creating value

  • Integration of sustainability throughout our business
  • Experienced management team
  • Relentless focus on maximising value creation through balancing business

reinvestment/growth and shareholder returns

  • Flexible business model that adapts quickly to changing conditions
  • Disciplined approach to value over volume

2019 Investor Update

Operational Update

Peter Freyberg - Head Industrial Assets

2019 Investor Update

Production Update

5

Summary

Diversified portfolio of generally large long-lifelow-cost

Copper equivalent production forecast - own source

assets

  • Largely flat production profile over the next three years
  • Higher zinc and oil with generally steady coal and nickel volumes across the outlook period, offset by the transition of Mutanda to care and maintenance
  • Continued focus on operational improvement, supported by our GT and XPS technology businesses

Growth

  • Copper - Katanga, Mopani
  • Cobalt - Katanga
  • Zinc - Zhairem, Antamina
  • Coal - United Wambo
  • Nickel - Koniambo
  • Oil - Equatorial Guinea, Chad, Cameroon

Declines

Copper and cobalt - Mutanda, non-copper department

by-product production at Kidd, Sudbury and Kazzinc

Key changes

(-) Mutanda

Care and

Maintenance

  1. Mopani smelter restart

(+) Increasing oil

equivalent volumes:

Chad, EG, Cameroon

(+) Katanga

2020-2022

annualised

steady state

  1. United Wambo start up

(-) Cu: Kidd, Sudbury

and Kazzinc by

(+) Zhairem:

product

(-) Zn: Matagami and

first production

Izcaycruz

Zinc - Depletion of current reserves: Matagami and

Iscaycruz

Nickel - INO modest decline ahead of new production

from 2023

(+) Antamina: high Zn production 2020/21

End 2019F

End 2020F

End 2021F

End 2022F

2019 Investor Update

Production Update

6

Summary

Group guidance - own source(1)

2019F

2020F

2021F

2022F

Copper - excl. African Copper

kt

1010 ± 20

975 ± 25

980 ± 25

930 ± 25

Copper - African Copper(2)

kt

375 ± 15

325 ± 25

355 ± 25

370 ± 25

Copper - Group

kt

1385 ± 35

1300 ± 50

1335 ± 50

1300 ± 50

Cobalt

kt

43 ± 2

29 ± 4

32 ± 4

32 ± 4

Zinc(3)

kt

1110 ± 25

1265 ± 30

1400 ± 30

1200 ± 30

Nickel

kt

128 ± 5

125 ± 5

126 ± 6

129 ± 7

Ferrochrome

kt

1450 ± 25

1340 ± 25

1450 ± 25

1450 ± 25

Coal(4)

Mt

140 ± 2

135 ± 4

136 ± 5

140 ± 5

Oil - entitlement interest

Mbbl

5.5 ± 0.2

6.5 ± 0.2

11.0 ± 0.4

12.7 ± 0.4

2019 Investor Update

Notes: (1) With the exception of coal, mid-point 2019F production guidance as per Third Quarter 2019 Production Report, Page 17. (2) Reflecting the lengthy Mopani smelter

maintenance shutdown in H2 2019, 2019F African copper production includes c.9kt of copper contained in concentrate that will either be held for sale or processed to

produce cathode when the smelter restarts. (3) Excludes Volcan. (4) Coal 2019F guidance reduced by 5Mt to 140Mt, reflecting recent Colombian volume reductions as well as

a safety stoppage In South Africa.

Production Update

7

Ramp-up / Development assets progressing to plan

Katanga

  • Targeting annualised steady state production of 300ktpy Cu and 30ktpy Co towards the end of 2020
  • The first of Katanga's two cobalt dryers has been restarted. Realisation of full drying capacity expected mid-2020

Mopani

  • Smelter restart expected from early 2020

Koniambo

  • Continued focus on stabilising the operation and reducing metallurgical plant downtime
  • 30-40ktpyNi in FeNi planned over the next 3 years, c.50ktpy Ni in FeNi long-term target

Katanga sulphuric acid plant

2019 Investor Update

Production update

8

Copper and cobalt

Copper guidance

  • Modest decline over the outlook period, primarily reflecting the transition of Mutanda to care and maintenance in Q4 2019
  • Option to restart Mutanda at some point, subject to market conditions and feasibility study validation
  • African copper production: Katanga expected to reach annualised steady state capacity by the end of 2020
  • Copper production, excluding African copper, lower in line with expected declines (primarily grade related) in non- copper department assets (Kidd, INO and Kazzinc)

Cobalt guidance

  • Mutanda care and maintenance in 2019, partially offset by forecast higher Katanga cobalt production over the outlook period
  • As above, option to restart Mutanda at some point subject to market conditions

Copper guidance (kt) - own source(1,2)

1385 ± 35

1300 ± 50

1335

± 50

1300 ± 50

375

± 15

325 ± 25

355 ± 25

370 ± 25

1010

± 20

975 ±25

980

± 25

930 ± 25

2019F

2020F

2021F

2022F

Copper - excl. African Copper

African Copper

Cobalt guidance (kt) - own source(1)

43 ±2

29 ± 4

32 ± 4

32 ± 4

2019F

2020F

2021F

2022F

2019 Investor Update

Notes: (1) Mid-point 2019F production guidance as per Third Quarter 2019 Production Report, Page 17. (2) Reflecting the lengthy Mopani smelter maintenance shutdown in

H2 2019, 2019F African copper production includes c.9kt of copper contained in concentrate that will either be held for sale or processed to produce cathode when the

smelter restarts.

Production update

9

Coal

Coal guidance

  • 2019 production guidance reduced by 5Mt to 140Mt, reflecting recent Colombian volume reductions as well as a safety stoppage in South Africa
  • Flat production by 2022 with nearer-term volumes (2020 and 2021) impacted by permitting delays (United Wambo)
  • Production volumes comfortably within our commitment to limit capacity to levels at the time of announcement(1) - broadly 150Mtpy

Colombia

  • Cerrejon volumes adjusted to 26Mtpy (100%) in line with challenging Atlantic market conditions. Prodeco volumes are flat over the outlook period, however decline thereafter

Australia

  • Permitting delays have shifted United Wambo (c.5Mtpy at 100%) first production towards the end of 2020

South Africa

  • Stable volumes across the outlook period

Coal guidance (Mt) - own source

Coal production capacity cap - 150Mtpy

140 ±2

135 ± 4

136 ± 5

140 ±5

2019F

2020F

2021F

2022F

Coking Coal

Semi-soft Coal

Australia Thermal Export

Australia Thermal Domestic

SA Thermal Export

SA Thermal Domestic

Prodeco

Cerrejon

2019 Investor Update

Notes: (1) See RNS 20 February 2019, "Furthering Our Commitment to the Transition to a Low Carbon Economy".

Production update

10

Zinc

Zinc guidance

Production increases through the outlook period with near-

term higher Antamina zinc grades and commissioning of

Zinc guidance (kt) - own source(1,2)

1400 ±30

Zhairem in Kazakhstan

Kazzinc

  • Zhairem - first production expected in 2020. Temporary spike in 2021 from parallel-running of Zhairem and Maleevsky, which depletes over the medium term

Australia

  • Steady production over the outlook period

North and South America

  • Production volumes in 2022 impacted by the depletion of current reserves at Matagami in Canada and Iscaycruz in Peru, and a return to more 'normal' levels of zinc production from Antamina

1265 ±30

1110 ± 25

1200 ± 30

2019F

2020F

2021F

2022F

Kazzinc

Australia

North America

South America

Cu dept - Antamina

2019 Investor Update

Notes: (1) 2019F production guidance as per Third Quarter 2019 Production Report, Page 17. (2) Excludes Volcan.

Production update

11

Nickel

Nickel guidance

  • Flat production profile across the outlook period with the planned ramp up of Koniambo offsetting some modest expected declines from INO's existing mines, before they recover from 2023 as new projects get commissioned

Koniambo

  • Focus on stabilising the operation and minimising downtime of the metallurgical plant
  • 30-40ktpyNi in FeNi planned over the next 3 years; c.50ktpy Ni in FeNi long-term target

INO

  • Production profile reflects some modest expected depletion of existing mines, while new volumes from Raglan Phase II and Onaping Depth are realised from 2023

Murrin Murrin

  • Consistent production of 36-39ktpy, depending on maintenance timing

Nickel guidance (kt) - own source(1)

128 ± 5

125 ± 5

126 ± 6

129 ± 7

2019F

2020F

2021F

2022F

INO

Murrin Murrin

Koniambo

2019 Investor Update

Notes: (1) 2019F production guidance as per Third Quarter 2019 Production Report, Page 17.

Production update

12

Oil

Oil guidance

  • Increasing equivalent oil entitlement interest over the outlook period, driven by material growth in Equatorial Guinea (primarily LNG) and liquid volumes in Chad and Cameroon

Equatorial Guinea

  • Higher volumes from 2021 as the Alen field transitions to its LNG development phase

Chad

  • Steady growth through the outlook period, with production from the Badila and Mangara fields supplemented later by the Krim field

Cameroon

  • Increasing volumes from the Bolongo field (Glencore interest 37.5%)

Oil equivalent guidance (mbbl) - entitlement interest(1)

12.7 ± 0.4

11.0 ±0.4

6.5 ±0.2

5.5 ± 0.2

2019F

2020F

2021F

2022F

Chad

Equatorial Guinea

Cameroon

2019 Investor Update

Notes: (1) 2019F production guidance as per Third Quarter 2019 Production Report, Page 17.

Production Update

13

Future growth options

Significant pipeline of internal brownfield and greenfield growth options for when markets inevitably require these commodities

Cu 70Mt M+I Resources(1)

Co

Zn 57Mt M+I Resources(1)

Coroccohuayco: Peru

Mutanda sulphides: DRC

Volcan projects: Peru

El Pachon: Argentina

Obruchevskoye: Kazakhstan

Polymet: USA

Ni 4.6Mt M+I Resources(1)

Novo-Leninogorsky:Kazakhstan

Collahuasiexpansion: Chile

Chekmar: Kazakhstan

Agua Rica (integrated with

VasilkovskoyeUG: Kazakhstan

Alumbrera): Argentina

Pallas Green: Ireland

Mutanda sulphides: DRC

Nickel Rim Depth: Canada

Hackett River: Canada

Lomas Bayassulphides: Chile

Moose Lake: Canada

Norman West: Canada

Raglan Phase 2 extensions:

Canada

14bt M+I Resources(1)

Argent: South Africa

Nooitgedacht: South Africa Zonnebloem P2: South Africa

Valeria: Australia

Glendell North: Australia

Mangoola North: Australia

Bulga extension: Australia HVO extension: Australia

2019 Investor Update

Notes: (1) Measured and Indicated contained relevant commodity in resource calculated on corresponding tonnages and grades presented in the 2018

Resources and Reserves report and adjusted to reflect Glencore's attributable interest.

Safety update

14

Unacceptable number of fatalities in 2019

  • Copper: Mopani - six, DRC - three
  • Zinc - five
  • Coal - one
  • Alloys - one

Immediate actions

  • Fatality reduction interventions at Mopani and Kazzinc to address conditions and behaviours
  • Corporate-leddeep dive SafeWork assessments at targeted assets

Reinforcement of Fatality Reduction Programs, comprising six key elements:

  • Major interventions
  • SafeWork reviews
  • Safety cases
  • Assurance
  • Leadership development
  • Improved integration planning

We believe that all Glencore operations can be fatality free

  • The updated Fatality Reduction Program builds on our investment in SafeWork with the goal of achieving a step- change in performance

2019 Investor Update

Financial Update

Steven Kalmin - Chief Financial Officer

2019 Investor Update

2020 unit cash costs/margins

16

Cu

Zn

Ni

Production: 1.30Mt, -85kt vs 2019E

Production: 1.27Mt,+155kt vs 2019E

Production: 125Kt, -3kt vs 2019E

Production: 135Mt, -5Mt vs 2019E

Unit costs: 120 ¢/lb, -36 ¢/lb vs 2019E

Unit costs: 25 ¢/lb (57 ¢/lb ex Au)

Unit costs: 396 ¢/lb, unchanged

Unit costs: Thermal FOB cash cost

Unit costs ex-Africa:82 ¢/lb

+15 ¢/lb (+14 ¢/lb ex Au) vs 2019E

Unit costs ex-Koniambo:287 ¢/lb

$47/t, +1$/t vs 2019E

  • Forecast first quartile position
  • Targeting c.100 ¢/lb group mine unit cash costs by 2021 with achievement of steady state production at Katanga

Forecast first quartile position

Forecast second quartile position

Forecast first quartile cash margin

Cost increase reflects forecast lower

Stable unit costs

curve

by-product credits per tonne of

Stable unit costs

proportionately higher Zn metal

Declining margin in line with lower

produced and some impact of higher

overall net pricing

Zn TCs. Underlying gross mine unit

costs are broadly steady year-on-year

Mine costs (¢/lb)

Mine costs (¢/lb)

Mine costs (¢/lb)

Thermal mine costs and margin($/t)

156

57

396

396

47

46

47

120

Ex gold

43

104

24

25

Ex Koniambo

40

Margin @

80

82

$80/t Newc

101

211

288

287

10

27

23

Ex Africa

-4

2018A

2019

2020

2018A

2019

2020

2018A

2019

2020

2018A

2019

2020

H1 update

Guidance

H1 update

Guidance

H1 update

Guidance

H1 update

Guidance

2019 Investor Update

Capex update

17

2020-2022 guidance - Industrial capex average of c.$5.0bn per annum

Sustaining capex

  • Average $3.7bn

Expansionary capex

  • Average $1.3bn

Average c.$0.2bn per annum uplift over December 2018 guidance

  • Mainly change in footprint, reflecting the acquisition of Astron (oil refinery and related distribution)
  • Impact of new leasing standard (IFRS 16)
  • Some Tailings Storage Facility reinforcements to meet more conservative scenario probability thresholds

Capex outlook ($bn)

To allow better like for

2019F

5.0

like comparison:

primarily Astron, some

Sustaining

4.6

0.4

capitalisation of

$3.7bn

previous operating

5.0

leases and progression

of various mine project

studies (eg. Polymet/El

2020F

4.9

Pachon)

Sustaining

5.1

0.4

$4.0bn

5.5

2021F

4.4

Sustaining

4.7

0.3

$3.7bn

5.0

2022F

2018 Guidance

2019 Guidance

Sust.

3.9

0.3

$3.2bn

4.2

Industrial Oil portfolio

  • Deployment of capital into E&P (Chad, Cameroon, EG) and the recent acquisition of the Astron refinery is forecast to generate meaningful EBITDA in the coming years
  • Basis $65/bbl, EBITDA generation is forecast to exceed $650M by 2022

Forecast Industrial Oil EBITDA ($M)

>650

153

2018A 2019F 2020F 2021F 2022F

2019 Investor Update

Marketing

18

Guidance update

2019 Marketing Adjusted EBIT

  • Tracking within our long-term range, including accounting for the previously reported negative H1 2019 non-cash cobalt mark-to-market impact

Long-term Marketing Adjusted EBIT

  • Unchanged guidance range of $2.2 to $3.2bn
  • Current market conditions suggest 2020 earnings towards the middle of the long-term range

Performance towards the top end of the long-term range requires the alignment of conditions for many/all commodities that reflect:

  • Production/volume growth
  • Tight/tightening physical market conditions
  • Selective deployment of additional working capital
  • Higher interest rates

Long-term Marketing Adjusted EBIT ($M)

3.5

3.2

3.0

2.8

2.8

2.9

2.5

2.3

2.4

2.5

2.1

2.4

1.9

2.0

1.5

Long-term

1.6

guidance range:

$2.2-$3.2bn

1.0

0.5

0.0

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019+

2019 Investor Update

2020 illustrative "spot" annualised cashflows

19

Group

$bn

Copper EBITDA

3.6

Zinc EBITDA

1.7

Nickel EBITDA

0.7

Coal EBITDA

3.1

Other Industrial EBITDA(1)

0.4

Marketing EBITDA(2)

2.9

Group EBITDA

12.4

Cash Taxes, Interest + other

-2.7

Industrial Capex(3)

-5.3

Illustrative spot free cash flow(4)

4.4

Ex-Africa

Copper(5)

Guidance

Guidance

Zinc(7)

Guidance

Total copper production (kt)

1300

975

Total zinc production (kt)

1265

Cu from other depts (kt)

-110

-110

Zn from Cu department (kt)

-152

Net relevant production (kt)

1190

865

Payability deduction (kt)

-165

Realised Cu price - 96% LME (c/lb)

256

256

Net relevant production (kt)

948

Full cash cost (c/lb)

-120

-82

Spot Zn price (c/lb)

105

Margin (c/lb)

136

174

Cost guidance (c/lb)

-25

Margin ($/t)

2999

3837

Margin (c/lb)

80

Spot annualised Adj. EBITDA ($M)

3570

3320

Margin ($/t)

1773

Spot annualised Adj. EBITDA ($M)

1680

Coal(6)

Guidance

Nickel(8)

Guidance

Total coal (Mt)

135

Production (kt)

125

Relevant NEWC price ($/t)

80

Spot Ni price (c/lb)

660

Portfolio mix adjustment @ December 2019 ($/t)

-10

Cost guidance (c/lb)

-396

Thermal cost guidance ($/t)

-47

Margin (c/lb)

264

Margin ($/t)

23

Margin ($/t)

5817

Spot annualised Adj. EBITDA ($M)

3105

Spot annualised Adj. EBITDA ($M)

727

Notes: (1) Other industrial EBITDA includes Ferroalloys, Oil and Aluminium less c.$350M corporate SG&A. (2) Marketing Adjusted EBITDA of $2.9bn is calculated from the mid-point of the of the $2.2-$3.2bn EBIT guidance range plus $200M of Marketing D+A. (3) Net cash capex including JV capex in 2020E, but excluding c.$200M of capitalised leases compared to Slide 17. (4) Excludes working capital changes and distributions. (5) Copper spot annualised adjusted EBITDA calculated basis mid-point of 2020 production guidance Slide 6 adjusted for copper produced by other departments. Spot LME price as at 26 November 2019. Costs include by-products, TC/RCs, freight, royalties and a credit for custom metallurgical EBITDA. (6) Coal spot annualised adjusted EBITDA calculated basis mid-point of production guidance Slide 6. Relevant forecast NEWC price of $80/t, as at end November 2019, less $10/t portfolio mix adjustment and mine costs of $47/t (Slide 16) giving a $23/t margin to be applied across overall forecast group mid-point of production guidance of 135Mt. (7) Zinc spot annualised adjusted EBITDA calculated basis mid-point of production guidance Slide 6 adjusted for zinc produced by other departments less payability adjustment. Spot LME price as at 26 November 2019. Cost includes credit for by-products and custom metallurgical EBITDA. (8) Nickel spot annualised adjusted EBITDA calculated basis mid-point of production guidance Slide 6. Spot LME price as at 26 November 2019.

2019 Investor Update

Capital allocation

20

Balancing shareholder returns, capital structure and growth

2019 distributions and buybacks total $4.7bn:

  • $2.7bn base distribution (20 ¢/share), basis 2018 cash flows
  • $2.0bn share buyback program

2020 distribution in respect of 2019 cash flows

  • Minimum: $1bn from marketing cash flows + 25% of industrial free cash flows
  • Seek to match 2019's base distribution of 20 ¢/share (c.$2.6bn at current relevant share count)

2020 equity cash flows will be prioritised for:

  • Net debt- maintain $10-$16bn(1) guidance range. Targeting reduction in Net debt to Adj. EBITDA towards 1x over the next 12 months (1.24x at 30 June)
  • Buybacks- accounting for above, as and when surplus free cash flow generation allows

Non-core asset disposals

  • Reiterate target of at least $1bn from non-corelong-term asset monetisations during 2019/2020 (c.$0.3bn completed to date)

Shareholder Capital

returns structure

Growth

2019 Investor Update

Notes: (1) Excluding Marketing related finance lease liabilities in respect of previously classified operating leases required to be capitalised under the new IFRS leasing standard, effective 1

January 2019. Such amount was c.$0.6bn as at 31 October 2019, representing primarily chartered vessels and various storage facilities, where the majority of such commitments expire

within 2 years.

Well positioned

Ivan Glasenberg - Chief Executive Officer

2019 Investor Update

Well positioned

22

Despite weaker 2019 demand, base metals are fundamentally in good shape

Markets are tightly balanced …

Supply demand balance, as % of demand(1)

10%

Surplus

5%

… and heavily destocked

Global visible inventory, days consumption(2)

30

Copper

10 days'

consumption

20

10

0

60

Zinc

0%

40

3 days'

consumption

20

-5%

0

Deficit

90

Nickel

15 days'

60

consumption

-10%

30

1995

1999

2003

2007

2011

2015

2019F

0

Copper

Zinc

Nickel

Q1 1995

Q1 2001

Q1 2007

Q1 2013

Q1 2019

2019 Investor Update

Notes: (1) Wood Mackenzie Q3 2019 Long-Term outlook for zinc. Wood Mackenzie Q3 Long-Term outlook for copper. Wood Mackenzie Q2 2013 Long-Term outlook for nickel

for 1995-2007 estimates, Glencore estimates for 2008-2019F. (2) Visible inventories comprise various sources including LME, SHFE, and Comex. Wood Mackenzie has

estimated Chinese bonded warehouse stock, included for copper.

Well positioned

23

Key future growth trends …

Urbanisation and rising living standards:

2bn increase in global population by 2050 (1)

Benefits all commodities across the spectrum, from basic infrastructure through to discretionary consumer goods

Thermal coal competing with renewables in new energy supply. Coal expected to remain competitive in its current key Asian demand region

Electrification

of Mobility:

Up to 580M EVs on the road by 2040 (2)

Material new source of commodity demand, considerably benefiting nickel, cobalt and copper

Thermal coal provides significant current baseload generation as well as being part of the planned energy growth mix in Asia. LT outlook driven by pace of decarbonisation

Decarbonisation of energy:

+1,000GW of wind power by 2029 (3)

Requires redesign of traditional energy systems to run on renewables. Benefits copper, nickel, cobalt and vanadium through battery systems and related biomass/wind/solar grid infrastructure

Thermal coal with CCS has a critical role to play in the successful transition to a low carbon economy(4)

2019 Investor Update

Notes(1) United Nations Population Division, World Population Prospects: The 2019 Highlights, medium-variant projection. (2) BNEF Long-Term Electric Vehicle outlook

2019. (3) Copper and the Green economy - Thoughts from our decarbonisation conference, Bernstein, 30 September 2019. (4) Imperial College London, CIAB study,

October 2019.

Well positioned

24

… are major new sources of demand

Decarbonisation requires a lot of copper

Additional cumulative Cu demand needed(1)

Current Government policies to reduce CO2 emissions by 2030 will require an additional cumulative 22Mt of copper by 2030(1)

2018 Refined copper supply: c.23.5Mt(2)

Electrification of mobility requires nickel and cobalt

Nickel demand in electric vehicles (kt Ni)(3)

+330kt of new EV nickel demand by 2025

2018 nickel market: 2.4Mt

2019F2025F

22

Copper supply needs to grow 3.6% every year between now and 2030 to meet modelled government targets(1):

2000-2018 annual average copper supply growth: 2.6%(2)

Cobalt demand in electric vehicles (kt Co)(3)

+73kt of new EV cobalt demand by 2025

2018 cobalt market: 120kt

2019F2025F

2019 Investor Update

Notes: (1) Bernstein, Metals & Mining: Copper and the Green economy - Thoughts from our decarbonisation conference, European Commission Joined Research Centre

EDGAR, International Energy Agency (IEA), US Department of Energy, "Government Targets 2030" gradual reduction in emissions - Mid level scenario. (2) Wood Mackenzie,

Q3 2019 Long-Term copper outlook. (3) Glencore estimates, B3, based on 11.5Mt new passenger EV sales by 2025, ca. 10% penetration rate.

Well positioned

25

Energy demand fundamentals also support an ongoing role for coal, primarily in Asia

As the global population expands and living standards improve, more energy is needed

New coal fired generating capacity build in Asia/Middle

East expected to add c.160 million tonnes of coal demand

by 2030(1)

In Asia, coal based power generation is forecast to remain

the lowest cost source of baseload power into the

mid-2030s(2)

Structural deficits emerging

Seaborne thermal coal supply demand balance (Mt)(1)

1,200

Demand Range

1,000

New Asian generating capacity offsets European declines

Supply increasingly at risk

  • Development approval delays and shrinking financing options likely to limit planned future supply
  • Indonesian seaborne supply (c.42% of seaborne supply in 2018) is expected to reduce as domestic coal generating capacity expands
  • Accelerating depletion of the seaborne coal reserve base

Growing risk of failure to meet energy needs and compromised economic growth

800

600

400

200

New build generating capacity(1)

Region

Volume (Mt)

North Asia

+20

South-East Asia

+55

Sub-continent

+55

Middle East

+30

Supply

risk

Planned

supply

Supply with no

reinvestment

0

2010

2015

2020F

2025F

2030F

2035F

2019 Investor Update

Notes: (1) Glencore analysis - net global demand growth c.90Mt (2) Coal vs renewables with battery firming, NPS+Carbon Tracker - The Trillion dollar energy windfall

Our 2020 priorities

2019 Investor Update

Our 2020 priorities

27

Health & safety

Ramp-up /

Operating

Strong

efficiency &

Management

Confidence

development

balance

Capital

assets

sheet

discipline

  • Deliver a step- change in safety performance
  • Implementation of the Glencore Fatality Reduction Program

Deliver Katanga

Deliver

2020 guidance of

budgeted

270ktpy Cu and

operational

29ktpy Co

volumes at/near

Mopani smelter

first quartile

costs/margins

restart early 2020

Maximise free

Successful

cash flow

commissioning of

generation

the new Katanga

Focus on

Acid plant

through H1 2020

portfolio NPV

Koniambo

per share

operational

stability

Commitment to

Transition to

Stability and

strong BBB/Baa

new generation

consistency of

Investment

of leadership

operational and

Grade

financial

Targeting

performance

reduction in

Return excess

ND/Adj. EBITDA

capital to

towards 1x over

shareholders

next 12 months

Be disciplined

Buybacks as and

within our capital

when surplus free

allocation

cash flow allows

framework

2019 Investor Update

Appendix

2019 Investor Update

Buyback update

29

Shares eligible for distribution

$2bn buy back - c.$90M remaining

  • 566 million shares purchased since 22 February 2019
  • 1.071 billion shares purchased since buybacks commenced in July 2018
  • Current $2bn buyback program to run to year end

Shares eligible for distribution as at 26 November 2019 (thousand shares):

Issued share capital

14,586,200

Less Treasury shares (@ 26 Nov 2019)

1,227,808

Less Trust shares(2)

129,993

Shares eligible for distributions

13,228,399

Shares eligible for distribution (million shares)

Issued share capital

14300

H1 18: 14,254

Shares eligible for

distribution - issued share

capital less treasury and

FY 18: 13,832

13800

trust shares

30 June 2019: 13,550

13300

FY 19F: 13,201 (1)

H1 15: 12,937

12800

FY14 H115 FY15 H116 FY16 H117 FY17 H118 FY18 H119 FY'19

2019 Investor Update

Source: Glencore, as of 26 November 2019. (1) Assumes $2bn buyback completed by year-end at an average GBP2.50 share price and 1.287 GBP/USD. (2) Refer Note 15, 2019 Half-Year Results.

Page 46

Listed entity market valuations and selection of other entities

30

Listed entities

% owned

Market value $M

Russneft

25.0%

638

EN+

10.6%

625

Volcan

23.3%(1)

398

Rosneft

0.6%

428

Century

47.4%

297

Yancoal

6.8%

181

Other(2)

Various

216

Total

2784

Selection of other entities

US oil infrastructure

BaseCore (50% owned royalty company)

2019 Investor Update

Notes: Market values as at 26 November 2019. (1) Economic interest based on aggregate market cap derived from both share classes. (2) Other includes Trevali Mining, Recyclex, Oz

Minerals, Paranapanema and Merafe

2020 key EBITDA sensitivities

31

Approximate estimated impact on FY2020 EBITDA of a 10% change:

$M

Copper price

740

Australian export thermal coal price

350

Australian hard coking coal price

115

Zinc price

270

Cobalt price

90

Nickel

180

AUD vs USD

520

ZAR vs USD

145

CAD vs USD

160

CLP vs USD

55

2019 Investor Update

Technology solutions for our industry

32

Glencore has been leading industry technology for decades: Primus, CTSCo, Onaping Depth electric mine

GLENCORE TECHNOLOGY

  • Global leader in metals and minerals processing technology for more than 30 years
  • Supplies services/technology to 22 of the 26 ICMM members
    • IsaMill - Grinding/Ultrafine grinding: 129 installations across 21 countries
    • IsaKidd - Copper refining: produces >11 million tpy of copper from more than 100 licences (c.47% of global copper supply)
    • Jameson Cell - Flotation: 350 installations across 30 countries
    • IsaSmelt - Lead and copper smelting: more than 9 million tpy of copper containing materials smelted with IsaSmelt
    • Albion Process - Oxidative leaching of base/precious metal sulphide concentrates
  • Team of world-class metallurgists, engineers, geoscientists, technicans and technologists with real world experience in process development/optimisation, asset integrity management and mine/process automation
  • Supplies services to 38 clients across the world's major mining districts

2019 Investor Update

Source:www.glencoretechnology.com,www.xps.ca

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Glencore plc published this content on 03 December 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 December 2019 14:02:03 UTC