Glencore : 2022 AGM presentation

AGM

28th April 2022

Nickel

Raglan, Canada

IMPORTANT NOTICE CONCERNING THIS DOCUMENT INCLUDING FORWARD LOOKING STATEMENTS

This document contains statements that are, or may be deemed to be, "forward looking statements" which are prospective in nature. These forward looking statements may be identified by the use of forward looking terminology, or the negative thereof such as "outlook", "plans", "expects" or "does not expect", "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 the last published annual report and half-year report, both of which are freely available on Glencore's website.

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.

2021AGM 2

2021 scorecard

Financial ($bn)

Industrial

Marketing

21.3 +84%

Adj.EBITDA(1)

17.1 +118% Adj. Ind. EBITDA

3.7 +11% Adj. Marketing EBIT

13.1 +204% Equity FCF(2)

6.0 -62% Net debt(3)

4.0

Announced new shareholder returns from 2021 cash flows

• • Increased demand, constrained supply and inventory drawdowns led to significantly higher commodity prices

• • Competitive unit cost positions and higher average prices generated EBITDA mining margin growth

  Metals: 45% vs 36% in 2020 Coal: 47% vs 18% in 2020

• • Record 2021 performance, above our long-term guidance range

• • Strong trading performance across all key commodity departments

• • Favourable marketing conditions in line with tight physical market fundamentals and global supply chain constraints

Notes: (1) Refer basis of presentation on page 6 of the Preliminary Results 2021, refer to Note 2 page 47 and Alternative Performance Measures page 109 for definition and reconciliation of Adjusted EBITDA/EBIT. (2) Equity free cash flow calculated as FFO less net capex cash flow and dividends to minorities. (3) Including Marketing finance lease liabilities of $0.9 billion.

ESG scorecard

Environment

Sector leading approach to climate change

Committed in 2021 to incremental total emissions reductions(1):

• • new short-term target of a 15% (c.55Mt) reduction by 2026

• • medium-term target up 10% to a 50% (c.184Mt) reduction by 2035

• • Net zero ambition by 2050 (c.368Mt CO2e reduction)

Notes: (1) Scope 1+2+3 emissions, against 2019 base period.

Social

SafeWork relaunched to address historical safety performance

• • Unfortunately, we reported the loss of four lives during the year

• • We remain relentless in our ambition to achieve a fatality-free business

Diversity and Inclusion strategy launched to leverage local efforts, coordinate action across the business and deliver key objectives

• • Cross functional taskforce chaired by the CEO is being established to oversee internal diversity and inclusion programmes and global strategic partnerships

Governance

We have dedicated substantial resources over the last few years to build and implement a Best-in-class ethics and compliance programme

We presently expect to resolve the U.S., UK and Brazilian investigations in 2022 and have recorded a provision for the costs of the resolutions

UNIQUELY POSITIONED

Our 2022 Priorities

1Safety

2 Climate

3 Efficiency & discipline

Our ambition is to prevent fatalities, occupational diseases and injuries wherever we operate

"SafeWork" relaunched in 2021 to address historical safety performance. We have seen improvement, but unfortunately, we experienced four fatalities in 2021

We believe consistent application of SafeWork will drive a culture of safe operating discipline and get our people home safe

Progressing along our core pathways to achieve our climate commitments:

Operational footprint: identify and deploy value accretive MACC opportunities

Scope 3 emissions: responsibly declining coal production commitments, including increased reduction targets announced in 2021

Prioritising capex: investing in transition metals: >80% in 2021

Supply chains: working with customers to increase use of low-carbon metals

Supporting abatement: essential for Net zero: progressing our CCUS project

Resource efficiency: growing the circular economy: new EV battery recycling collaboration with Britishvolt

Transparent approach: annual reporting on progress against our climate action transition plan

Operational

Deliver expected operational volumes with good cost/project management

• • Koniambo nickel operational stability

• • Zhairem zinc ramp-up

• • Mutanda copper/cobalt ramp-up

Portfolio simplification:

• • 9 asset disposals

• • 14 sales processes underway

• • 13 assets under internal review

Financial

Commitment to strong BBB/Baa credit ratings through the cycle

Maximise free cash flow generation

Shareholder returns as and when our returns framework allows