London, 14 April 2011

Commodities Now: Glencore International plc (“Glencore” or the “Company”) today announces its intention to proceed with an initial public offering (“IPO”) of ordinary shares (the “Global Offer”).

Glencore intends to apply for Admission of its ordinary shares to the premium listing segment of the Official List of the UK Listing Authority and primary listing on the main market of the London Stock Exchange, and a secondary listing of its ordinary shares on the Hong Kong Stock Exchange. Glencore is a leading integrated producer and marketer of commodities with worldwide activities in the marketing of metals and minerals, energy products and agricultural products as well as the production, refinement, processing, storage and transport of these products.

Transaction Overview

Transaction highlights include:

·  The Global Offer is expected to comprise the issue of new ordinary shares by the Company and the sale of existing ordinary shares by certain existing shareholders solely to cover their expected individual tax liabilities and loans(i).

·  The Global Offer is expected to represent between 15 and 20 per cent of the Company’s post-IPO issued share capital. Glencore is currently targeting an offering size of approximately US$9 billion to US$11 billion, comprising a primary component of approximately US$6.8 to US$8.8 billion, and the secondary sale by existing shareholders of approximately US$2.2 billion as mentioned above.

·  All existing shareholders will be subject to lock-up arrangements with effect from Admission.

·  Following discussions with FTSE, and based on its likely market capitalisation, Glencore is expected to enter the FTSE 100 at the close of business on the first day of trading on the London Stock Exchange under the fast entry rule – the first company in 25 years and only the third company ever to do so(ii).

·  Glencore’s proposed new board will comprise Ivan Glasenberg and Steven Kalmin, Chief Executive Officer and Chief Financial Officer, respectively, as Executive Directors, an Independent Non-Executive Chairman to be announced shortly, Anthony Hayward as Senior Independent Director, and Peter Coates, Leonhard Fischer, William Macaulay and Li Ning as Independent Non-Executive Directors.

·  The Company intends to apply the proceeds of the Global Offer towards increasing its ownership in JSC Kazzinc (“Kazzinc”); funding its capital expenditure for the next three years, including expansion projects; and reducing drawings and/or repaying various debt obligations of the Glencore group.

·  Once listed, Glencore intends to pursue a progressive dividend policy with the intention of maintaining or increasing its total ordinary dividend each year. Interim dividends are expected to represent approximately one third of the total dividend for any year. The Directors currently expect to declare an interim dividend of US$350 million in August 2011 concurrent with publication of the interim results for the six months to 30 June 2011. This equates to a full-year dividend of over US$1 billion.

·  The Global Offer is expected to be completed in May 2011.

Glencore Highlights

Glencore is a leading integrated producer and marketer of commodities. The Company is active in every step of the supply chain in metals and minerals, energy and agricultural products. Glencore produces, sources, processes, refines, transports, stores, finances and supplies commodities used by the world’s industries.

Glencore employs approximately 54,800 people in its industrial assets in over 30 countries. A further 2,700 people are employed in Glencore’s marketing operations, in a global network of more than 50 offices in over 40 countries.

Glencore believes that it is:

·  The world’s largest physical supplier of third-party sourced commodities in the majority of the metals and minerals it markets.

·  Among the world’s largest non-integrated physical suppliers of crude oil and oil products.

·  The world’s largest participant in the supply of seaborne steam coal.

·  Among the world’s leading physical suppliers of third-party sourced sugar.

·  One of the leading exporters of grain from Europe, the CIS and Australia.

Glencore’s success has been built upon a unique combination of competitive strengths, notably:

·  Scale and leading market shares in commodity marketing globally: Glencore has significant market share positions in the addressable markets for its products – i.e. the volumes generally accessible to a third-party marketer.

·  Core competence in commodity marketing, logistics, risk management and financing: Glencore has built a strong reputation over decades as a reliable supplier of quality products on a timely basis. Extensive global market knowledge, insight and full logistics capabilities enable it to generate value-added margins and capitalise on commodity arbitrage opportunities.

·  Investments in high-quality, low-cost extraction and processing operations with strong growth prospects: Glencore owns interests in many high-quality extraction and processing assets including Prodeco (coal), Katanga (copper and cobalt), Kazzinc (zinc, copper, lead, gold and silver) and oil exploration and production assets in West Africa, and has stakes in some of the world’s leading publicly quoted commodity producers including Xstrata plc and UC RUSAL.

·  Marketer with integrated production and processing capabilities: Glencore regards its ownership of industrial assets not just as a source of self-produced commodities, but also as a tool to increase flexibility, optionality, security of supply and to gain market insight.

·  Diversified across multiple commodities, suppliers and customers: Glencore markets a range of over 90 distinct commodities from a diverse supply base to a diverse customer base.

·  Track-record of value creation by a world-class management team: With a proven track-record of developing and growing the business, Glencore has been consistently profitable since the management buyout in 1994 and, over the last 10 years, generated an average annual return on equity of 38%. Glencore senior management has more than 200 years aggregate experience working together, yet an average age of just 46.

·  Resilient financial performance of marketing: Glencore believes the financial performance of its marketing activities is less correlated to commodity prices than its industrial activities. This lower correlation makes Glencore’s earnings less volatile than those of equivalent pure commodity producers that do not enjoy the full benefits of complete supply chain and third-party marketing.

·  Significant barriers to entry: Glencore’s scale, global reach and solid track record present significant barriers to sustainable competitive entry into the global physical commodity marketing industry, which requires, amongst other attributes, substantial access to credit markets and a global network which supports the assembly of logistics and risk management capabilities and strong producer relationships.

Ivan Glasenberg, Glencore’s Chief Executive Officer, said today: “Over many decades, we have developed Glencore into an unrivalled global integrated commodity producer and marketer, active in almost every bulk commodity market. An IPO is the next logical step in our development and strategy. It will provide us with the financial flexibility to capitalise upon long-term growth opportunities throughout our business and achieve further sustainable growth. It will also offer international investors an opportunity to invest in our unique commodities business model and participate in our future growth.”

Ends --