Pro forma Glencore Xstrata

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Glencore (GLEN)

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	Revenue			Adjusted EBITDA			Adjusted EBIT
US $ million	Glencore	Xstrata	Total	Glencore	Xstrata	Total	Glencore	Xstrata	Total
Marketing activities
Metals and Minerals	48 254	-	48 254	1 379	-	1 379	1 363	-	1 363
Energy Products	133 296	-	133 296	494	-	494	435	-	435
Agricultural Products	17 751	-	17 751	394	-	394	371	-	371
Corporate and other				- 39	-	- 39	- 39	-	- 39
	199 301	-	199 301	2 228	-	2 228	2 130	-	2 130
Less Intragroup sales ¹			- 9 588			-			-
Total marketing activities			189 713			2 228			2 130

Industrial activities
Copper	3 473	13 363	16 836	539	3 389	3 928	223	2 454	2 677
Zinc	3 809	3 672	7 481	1 057	1 070	2 127	583	595	1 178
Nickel	668	2 689	3 357	25	746	771	- 89	150	61
Aluminium/Alumina	426	-	426	8	-	8	- 4	-	- 4
Ferroalloys	44	1 503	1 547	- 6	155	149	- 7	- 5	- 12
Iron Ore	-	-	-	-	- 11	- 11	-	- 11	- 11
Share of income from associates				2	- 3	- 1	2	- 3	- 1
Metals and Minerals	8 420	21 227	29 647	1 625	5 346	6 971	708	3 180	3 888
Coal	2 339	10 085	12 424	466	2 986	3 452	158	1 831	1 989
Oil	1 302	-	1 302	488	-	488	407	-	407
Share of income from associates				29	4	33	29	4	33
Energy Products	3 641	10 085	13 726	983	2 990	3 973	594	1 835	2 429
Agricultural Products	3 074	-	3 074	44	-	44	- 25	-	- 25
Share of income from associates				15	-	15	15	-	15
Agricultural Products	3 074	-	3 074	59	-	59	- 10	-	- 10
Corporate and other	-	306	306	1 048	- 213	835	1 048	- 224	824
	15 135	31 618	46 753	3 715	8 123	11 838	2 340	4 791	7 131
Less Xstrata equity result in standalone Glencore			-			- 1 174			- 1 174
Total industrial activities			46 753			10 664			5 957

Total			236 466			12 892			8 087
¹ $ 8 163 million relates to Metals and Minerals and $ 1 425 million to Energy Products.

2011	Revenue			Adjusted EBITDA			Adjusted EBIT
US $ million	Glencore	Xstrata	Total	Glencore	Xstrata	Total	Glencore	Xstrata	Total
Marketing activities
Metals and Minerals	43 317	-	43 317	1 247	-	1 247	1 242	-	1 242
Energy Products	114 756	-	114 756	724	-	724	697	-	697
Agricultural Products	13 744	-	13 744	- 8	-	- 8	- 8	-	- 8
Corporate and other				- 9	-	- 9	- 20	-	- 20
	171 817	-	171 817	1 954	-	1 954	1 911	-	1 911
Less Intragroup sales ¹			- 10 914			-			-
Total marketing activities			160 903			1 954			1 911

Industrial activities
Copper	4 176	15 037	19 213	774	4 915	5 689	538	3 924	4 462
Zinc	3 291	3 756	7 047	1 159	1 223	2 382	752	814	1 566
Nickel	680	3 192	3 872	83	1 234	1 317	- 29	611	582
Aluminium/Alumina	520	-	520	60	-	60	50	-	50
Ferroalloys	-	1 689	1 689	-	294	294	-	153	153
Iron Ore	-	-	-	-	- 11	- 11	-	- 11	- 11
Other share of income from associates				46	25	71	46	25	71
Metals and Minerals	8 667	23 674	32 341	2 122	7 680	9 802	1 357	5 516	6 873
Coal	1 667	9 981	11 648	493	3 853	4 346	330	2 810	3 140
Oil	642	-	642	23	-	23	- 10	-	- 10
Share of income from associates				55	4	59	55	4	59
Energy Products	2 309	9 981	12 290	571	3 857	4 428	375	2 814	3 189
Agricultural Products	3 359	-	3 359	5	-	5	- 57	-	- 57
Share of income from associates				18	-	18	18	-	18
Agricultural Products	3 359	-	3 359	23	-	23	- 39	-	- 39
Corporate and other	-	222	222	1 794	140	1 934	1 794	130	1 924
	14 335	33 877	48 212	4 510	11 677	16 187	3 487	8 460	11 947
Less Xstrata equity result in standalone Glencore			-			- 1 893			- 1 893
Total industrial activities			48 212			14 294			10 054

Total			209 115			16 248			11 965
¹ $ 9 238 million relates to Metals and Minerals and $ 1 676 million to Energy Products

2012 US $ million	Metals and minerals	Energy products	Agricultural products	Corporate and other	Total

Revenue from third parties	69 738	145 597	20 825	306	236 466

Marketing activities
Adjusted EBIT	1 363	435	371	- 39	2 130
Depreciation and amortisation	16	59	23	-	98
Adjusted EBITDA	1 379	494	394	- 39	2 228

Industrial activities
Adjusted EBIT	3 888	2 429	- 10	- 350	5 957
Depreciation and amortisation	3 083	1 544	69	11	4 707
Adjusted EBITDA	6 971	3 973	59	- 339	10 664

Total Adjusted EBITDA	8 350	4 467	453	- 378	12 892
Depreciation and amortisation	- 3 099	- 1 603	- 92	- 11	- 4 805
Total Adjusted EBIT	5 251	2 864	361	- 389	8 087

Impact of presenting Xstrata JVs on an equity accounting basis					- 617
Adjusted EBIT - statutory measure					7 470

Interest expense - net					- 1 179
Net other items					- 4
Income tax expense					- 260
Non-controlling interests					- 489
Income attributable to equity holders pre significant items					5 538

Significant items		Glencore	Xstrata
Other expense - net		- 1 152	- 1 293		- 2 445
Net (loss)/gain on disposal of investments		- 128	-		- 128
Mark to market valuation of certain natural gas forward contracts		- 123	-		- 123
Unrealised intergroup profit elimination		- 84	-		- 84
Share of Associates' exceptional items		-	- 945		- 945
Finance		-	- 12		- 12
Tax		300	14		314
Non-controlling interests share of significant items		64	85		149
Significant items		- 1 123	- 2 151		- 3 274
Income attributable to equity holders on the basis of the pro forma income statement					2 264

2011 US $ million	Metals and minerals	Energy products	Agricultural products	Corporate and other	Total

Revenue from third parties	66 420	125 370	17 103	222	209 115

Marketing activities
Adjusted EBIT	1 242	697	- 8	- 20	1 911
Depreciation and amortisation	5	27	-	11	43
Adjusted EBITDA	1 247	724	- 8	- 9	1 954

Industrial activities
Adjusted EBIT	6 873	3 189	- 39	31	10 054
Depreciation and amortisation	2 929	1 239	62	10	4 240
Adjusted EBITDA	9 802	4 428	23	41	14 294

Total Adjusted EBITDA	11 049	5 152	15	32	16 248
Depreciation and amortisation	- 2 934	- 1 266	- 62	- 21	- 4 283
Total Adjusted EBIT	8 115	3 886	- 47	11	11 965

Impact of presenting Xstrata JVs on an equity accounting basis					- 545
Adjusted EBIT - statutory measure					11 420

2012 ^1,2 US $ million	Glencore	Xstrata	Adjustments	Total

Total RMI	17 290	1 356 ³	-	18 646
Total Inventories	20 682	6 031	-	26 713

Reported Debt	35 526	17 067	-	52 593

Less: Cash, cash equivalents and marketable securities	- 2 820	- 1 983	86	- 4 717
Net Funding	32 706	15 084	86	47 876

Less: RMI	- 17 290	- 1 356 ³	-	- 18 646
Net Debt	15 416	13 728	86	29 230
Net Debt adjusted for the Viterra acquisition	11 457	13 728	86	25 271

Net Interest Expense	- 970	- 225	-	- 1 195

FFO	4 115	6 567	- 414	10 268
Less: Dividends	- 1 066	- 1 285	414	- 1 937
RCF	3 049	5 282	-	8 331
Change in Working Capital	727	- 1 572	-	- 845
Less: Capex	- 3 117	- 10 537	-	- 13 654
FCF	659	- 6 827	-	- 6 168

Total Debt/Adjusted EBITDA	5.98	2.10		4.08
Net Debt/Adjusted EBITDA	2.59	1.69		2.27
Net Debt adjusted for the Viterra acquisition / Adjusted EBITDA	1.93	1.69		1.96
Interest Cover	6.13	36.10		10.82

FFO/Net Debt	26.7%	47.8%		35.1%
FFO/Net Debt adjusted for the Viterra acquisition	35.9%	47.8%		40.6%
RCF/Net Debt	19.8%	38.5%		28.5%
RCF/Net Debt adjusted for the Viterra acquisition	26.6%	38.5%		33.0%
¹ The definitions of the terms in the table above are consistent with those applied and defined in the Glencore International plc 2012 annual report. ² The key financial position highlights have been presented including Xstrata's joint ventures - Cerrejón, Antamina and Collahuasi, on a proportional consolidation basis, to provide a greater understanding of the underlying results of the Group. ³ Xstrata RMI has been estimated as equal to the finished goods inventory.

	2012	2011	Change

S&P GSCI Industrial Metals Index	382	440	- 13%
LME (cash) zinc price ($/t)	1 948	2 193	- 11%
LME (cash) copper price ($/t)	7 958	8 813	- 10%
LME (cash) lead price ($/t)	2 062	2 397	- 14%
Gold price ($/toz)	1 669	1 573	6%
Metal Bulletin alumina price ($/t)	319	374	- 15%
LME (cash) aluminium price ($/t)	2 022	2 398	- 16%
LME (cash) nickel price ($/t)	17 530	22 843	- 23%
Metal Bulletin cobalt price 99.3% ($/lb)	13	16	- 19%
Iron ore (Platts 62% CFR North China) price ($/DMT)	130	169	- 23%
Metal Bulletin ferrochrome 6-8% C basis 60% Cr, max 1.5% Si (¢/lb)	109	122	- 11%
Platinum price ($/toz)	1 552	1 720	- 10%

	Average 2012	Spot 31 Dec 2012	Average 2011	Spot 31 Dec 2011	Change in average prices

AU D : USD	1.04	1.04	1.03	1.02	1%
USD : CAD	1.00	0.99	0.99	1.02	1%
USD : COP	1 797	1 767	1 848	1 939	- 3%
EUR : USD	1.29	1.32	1.39	1.30	- 7%
GBP : USD	1.59	1.63	1.60	1.55	- 1%
GBP : CHF	1.49	1.49	1.42	1.46	5%
USD : CHF	0.94	0.92	0.89	0.94	6%
USD : KZT	149	150	147	148	1%
USD : ZAR	8.21	8.47	7.26	8.09	13%

	Units	2012	2011	Change

Zinc metal and concentrates ¹	million MT	2.8	2.7	4%
Copper metal and concentrates ¹	million MT	2.3	1.9	21%
Lead metal and concentrates ¹	million MT	0.7	0.7	-
Gold	thousand toz	746	756	- 1%
Silver	thousand toz	22 544	11 128	103%
Alumina/aluminium	million MT	11.5	11.4	1%
Ferroalloys (incl. agency)	million MT	3.0	2.7	11%
Nickel	thousand MT	232.3	191.4	21%
Cobalt	thousand MT	16.1	22.9	- 30%
Iron ore	million MT	19.8	10.3	92%
¹ Estimated metal unit contained.

thousand ¹		Using feed from own sources	Using feed from third party sources	2012 Total	Using feed from own sources	Using feed from third party sources	2011 Total	Own feed change

Total Zinc contained	MT	1 589.9	894.8	2 484.7	1 609.1	885.1	2 494.2	- 1%
Total Copper contained	MT	1 202.5	786.2	1 988.7	1 325.9	943.7	2 269.6	- 9%
Total Lead contained	MT	320.6	288.0	608.6	308.4	272.8	581.2	4%
Total Tin contained	MT	1.1	-	1.1	2.2	-	2.2	- 50%
Total Gold (incl. Gold equivalents) 2	toz	1 559	753	2 312	1 700	610	2 310	- 8%
Total Alumina	MT	-	1 379	1 379	-	1 460	1 460	n.m.
Total Ferro manganese	MT	-	17.3	17.3	-	-	-	n.m.
Total Silicon manganese	MT	-	15.9	15.9	-	-	-	n.m.
Total Nickel contained	MT	109.3	100.9	210.2	106.1	96.8	202.9	3%
Total Cobalt	MT	14.3	4.2	18.5	14.2	3.8	18.0	1%
Total Ferrochrome	MT	938	-	938	1 021	-	1 021	- 8%
Total Platinum	toz	80	-	80	92	-	92	- 13%
Total Palladium	toz	45	-	45	47	-	47	- 4%
Total Rhodium	toz	14	-	14	15	-	15	- 7%

million	2012	2011	Change

Thermal coal (MT)	78.3	91.0	- 14%
Metallurgical coal (MT)	4.1	4.1	-
Coke (MT)	0.2	0.3	- 33%
Crude oil (bbls)	421.4	271.4	55%
Oil products (bbls)	742.2	577.8	28%

Million MT ^{1, 2}	Own	Buy-in Coal	2012 Total	Own	Buy-in Coal	2011 Total	Own production change

Australian coking coal	6.9	-	6.9	7.6	-	7.6	- 9%
Australian thermal coal (Export)	43.8	-	43.8	37.1	-	37.1	18%
Australian thermal coal (Domestic)	5.1	-	5.1	7.4	-	7.4	- 31%
Australian semi-soft coal	4.3	-	4.3	5.3	-	5.3	- 19%
South African thermal coal 3 (Export)	21.1	-	21.1	9.6	-	9.6	120%
South African thermal coal 3 (Domestic)	24.7	1.6	26.3	12.4	0.8	13.2	99%
Prodeco (Colombia) thermal coal	14.8	0.1	14.9	14.6	0.2	14.8	1%
Cerrejon (Colombia) thermal coal 4	11.6	-	11.6	10.8	-	10.8	7%
Total coal	132.2	1.8	134.0	104.8	1.0	105.8	26%
1 Controlled industrial assets and JVs only. Production is on a 100% basis except for JVs, where the Group's attributable share of production is included. 2 As of 31 December 2012, 48 million tonnes had been sold forward at an average price of $ 93 per tonne. 3 South African thermal coal production in 2011 has been reported exclusive of Mpumalanga tonnes. The Mpumulanga assets were sold effective 31 December 2011 and they produced one million tonnes for the 12 month period. 4 The Group's pro-rata share of Cerrejón production (33.3%).

thousand bbls	2012 Total	2011 Total	Change

Oil ¹
Block I	22 570	2 785	710%
Total	22 570	2 785	710%
¹ On a 100% basis. The Group's ownership interest in the Aseng field is 23.75%.

US $ million			Adjustments
	Glencore (as reported)	Xstrata (as reported)	Accounting policy alignment adjustments	Alignment of balance sheet captions adjustments	Intra-Group adjustments	Acquisition accounting adjustments	Pro forma net assets of the Group as at 31 December 2012

Note	1	2	3	4	5	6	7
Asset
Non-current assets
Intangible assets	2 664	7 414	- 1 968	-	-	169	8 279
Property, plant and equipment	23 238	59 937	- 10 104	26	-	-	73 097
Biological assets	-	24	-	- 24	-	-	-
Inventories	-	2	-	- 2	-	-	-
Accounts receivable	-	400	- 21	- 379	-	-	-
Investments in associates and jointly controlled entities	18 767	1 018	10 431	-	- 16 215	-	14 001
Other investments	1 589	336	- 3	-	-	-	1 922
Derivative financial assets	-	771	-	- 771	-	-	-
Advances and loans and other financial assets	3 758	717	-	1 198	-	-	5 673
Prepayments	-	48	-	- 48	-	-	-
Deferred tax assets	1 462	16	- 10	-	-	-	1 468
	51 478	70 683	- 1 675	-	- 16 215	169	104 440

US $ million

Total consideration transferred ⁽ⁱ⁾	29 478
Add fair value of previously held interest in Xstrata ⁽ⁱⁱ⁾	15 143
Less book value of net assets acquired	- 46 791
Add non controlling interest in book value of net assets acquired	2 339
Goodwill (before measurement of the assets acquired and liabilities assumed at their fair value on Closing)	169

thousand ¹		Using feed from own sources	Using feed from third party sources	2012 Total	Using feed from own sources	Using feed from third party sources	2011 Total	Own feed change

African copper (Katanga, Mutanda, Mopani, Sable)
Katanga
Copper metal ³	MT	93.0	-	93.0	91.2	-	91.2	2%
Cobalt	MT	2.1	-	2.1	2.4	-	2.4	- 13%
Mutanda
Copper metal ³	MT	87.0	-	87.0	63.7	-	63.7	37%
Cobalt⁴	MT	8.5	-	8.5	7.9	-	7.9	8%
Mopani
Copper metal	MT	99.0	88.1	187.1	101.4	103.0	204.4	- 2%
Cobalt	MT	0.1	0.2	0.3	0.6	0.3	0.9	- 83%
Other
Copper metal	MT	-	8.8	8.8	-	2.0	2.0	n.m.
Cobalt ⁴	MT	-	0.7	0.7	-	0.2	0.2	n.m.

Total Copper metal ³	MT	279.0	96.9	375.9	256.3	105.0	361.3	9%
Total Cobalt⁴	MT	10.7	0.9	11.6	10.9	0.5	11.4	- 2%

Collahuasi (Chile) ⁵
Copper metal	MT	16.2	-	16.2	15.8	-	15.8	3%
Copper in concentrates	MT	107.9	-	107.9	183.6	-	183.6	- 41%
Silver in concentrates	toz	1 334	-	1 334	1 786	-	1 786	- 25%

Antamina (Peru) ⁶
Copper in concentrates	MT	150.8	-	150.8	112.6	-	112.6	34%
Silver in concentrates	toz	4 203	-	4 203	3 646	-	3 646	15%

thousand ¹		Using feed from own sources	Using feed from third party sources	2012 Total	Using feed from own sources	Using feed from third party sources	2011 Total	Own feed change

Other South America (Alumbrera, Lomas Bayas, Altonorte, Tintaya, Antapaccay, Punitaqui)
Alumbrera (Argentina)
Copper in concentrates	MT	135.7	-	135.7	116.7	-	116.7	16%
Gold in concentrates and in doré	toz	364	-	364	356	-	356	2%
Silver in concentrates and in doré	toz	1 487	-	1 487	1 015	-	1 015	47%
Lomas Bayas (Chile)
Copper metal	MT	73.3	-	73.3	73.6	-	73.6	-
Altonorte (Chile)
Copper anode 7	MT	-	270.2	270.2	-	311.0	311.0	n.m.
Tintaya/Antapaccay (Peru)

	2012	2011	Change

S&P GSCI Agriculture Index	459	490	- 6%
CBOT wheat price (US¢/bu)	751	709	6%
CBOT corn no.2 price (US¢/bu)	695	680	2%
CBOT soya beans (US¢/bu)	1 466	1 317	11%
ICE cotton price (US¢/lb)	80	137	- 42%
NYMEX sugar # 11 price (US¢/lb)	22	27	- 19%

million MT	2012	2011	Change

Grains	30.9	25.3	22%
Oil/oilseeds	13.6	10.8	26%
Cotton	0.5	0.5	-
Sugar	0.9	0.7	29%

thousand MT	2012 Total	2011 Total	Change

Farming	674	827	- 19%
Oilseed crushing	2 779	2 008	38%
Oilseed crushing long term toll agreement	876	948	- 8%
Biodiesel	534	569	- 6%
Rice milling	248	304	- 18%
Wheat milling	1 061	1 001	6%
Sugarcane processing	1 256	906	39%
Total	7 428	6 563	13%