Glencore : 2020 Investor Update

Investor Update

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Our purpose

Responsibly sourcing
the commodities that
advance everyday life	1

Important notice concerning this document including forward-looking statements

This document contains, or incorporates by reference, 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 fact they do not relate only to historical or current facts, and/or by the use of forward-looking terminology, or the negative thereof, such as "outlook", "plans", "expects" or "does not expect", "continues", "assumes", "is subject to", "budget", "scheduled", "estimates", "aims", "forecasts", "potential", "targets", "risks", "intends", "commits", "positioned", "predicts", "projected", "plans", "achieves", "goals", "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, commitments, intentions and projections about future events, results of operations, prospects, financial condition and discussions of strategy. Forward-looking statements can be made in writing but also may be made verbally by members of the board or management of Glencore plc and/or its subsidiaries in connection with this document.

By their nature, forward-looking statements involve known and unknown risks and uncertainties, many of which are beyond the control of Glencore plc or its subsidiaries. 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 plc's 2019 Annual Report (including, without limitation, those in the Principal Risks and Uncertainties section).

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, commodity prices, developments and impacts (whether direct or indirect) in relation to the Covid-19 pandemic, the success of future acquisitions, disposals and other strategic transactions, evolving practices with regards to the interpretation and application of accounting and regulatory standards, the outcome of current and future legal proceedings and regulatory investigations, actions taken by governmental authorities, such as changes in legislation, taxation, policies, licensing or regulation, and/or political uncertainty.

Neither Glencore plc nor its subsidiaries, nor any of their associates, directors, officers, employees or advisers, provides any representation, warranty, assurance or guarantee that the occurrence of any actions, events or results expressed or implied in any forward-looking statements in this document or any related presentation will actually be taken, occur or be achieved. You should not place, and are cautioned against placing, reliance on these forward-looking statements, which only speak as of the date of this document or of the date of the particular statement (as applicable).

Except as required by law, neither Glencore plc nor any of its subsidiaries is under any obligation, and Glencore plc and its subsidiaries expressly disclaim any intention, obligation or undertaking, to release publicly or 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 plc or any of its subsidiaries 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. Nothing in this document shall, in any jurisdiction, 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 or financial instruments, nor shall it constitute a recommendation or advice in respect of any securities or other financial instruments or any other matter.

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 and where references are made to Glencore plc and/or its subsidiaries in general (as applicable). 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.

Notes:	Glencore 2020 Investor Update	2

Overview

Ivan Glasenberg Chief Executive Officer

Glencore 2020 Investor Update

	OVERVIEW		PRODUCTION	PORTFOLIO MANAGEMENT PRODUCT USE SUMMARY APPENDIX
Investment proposition		Key macro themes	Uniquely positioned	Pathway to net zero	Strategy for a sustainable future

Our investment proposition

Key themes shaping our future

• Steering a Paris Agreement aligned strategy ...
  ... while meeting growing everyday needs for affordable and reliable energy, infrastructure and transportation

• Decarbonising energy demand requires exponentially more non-fossil commodities

We enable

the

transition to a low carbon economy

• Our responsive business model adapts to the themes that shape our future and customers' needs
• We are a leading producer, marketer and recycler of transition commodities
• Unique amongst peers with medium-term Paris aligned total CO2e emissions reduction target and 2050 net zero(1) ambition for Scope 1+2+3
• Responsible stewardship of declining coal business over time as industry decarbonises

We are

uniquely

positioned

• The transition to a low-carbon future is overall positive for Glencore. All decarbonisation pathways require our metals enabling commodities
• Our high quality portfolio of transition commodities is large- scale, long-life and low-cost
• Highly cash generative: illustrative c.$14.1bn EBITDA and $5.6bn FCF at current spot prices(2)
• Our climate ambition and business strategy make us part of the solution

Notes:

1. Post 2035, we have set ourselves the ambition to achieve, with a supportive policy environment, net zero total emissions by 2050. (2) Refer slides 41 and 47 for underlying calculations and assumptions

Glencore 2020 Investor Update

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