Mobile equipment, Raglan Nickel, Canada. Preliminary Results February 2017

Transcription

1 Mobile equipment, Raglan Nickel, Canada Preliminary Results 23 February 2017

2 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. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. 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 discussed in Glencore s Annual Report which will be updated in the Annual Report, which will be published in early March 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. Other than in accordance with its legal or regulatory obligations (including under the UK Listing Rules and the Disclosure and Transparency Rules of the UK Financial Conduct Authority and the Rules Governing the Listing of Securities on the Stock Exchange of Hong Kong Limited and the Listing Requirements of the Johannesburg Stock Exchange Limited), 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 no statement in this document should be interpreted to mean that earnings per Glencore share for the current or future financial years would necessarily match or exceed the historical published earnings per Glencore share. 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 making of this document does not constitute a recommendation regarding any securities. 2

3 Lydenburg ferrochrome smelter, South Africa Ivan Glasenberg Chief Executive Officer

4 Highlights Strong financial performance Adjusted EBITDA (1,2) of $10.3bn, up 18%; Adjusted EBIT (1,2) of $3.9bn, up 81% Net income pre-significant items of $2bn, +48% Funds from operations of $7.8bn, up 17% Capital expenditure of $3.5bn, down 41% Underpinned by outstanding cost performance Full year operational unit cash cost performance in our key commodities: copper 87c/lb, zinc 5c/lb (16c/lb ex gold), nickel 265c/lb, and thermal coal $39/t at a $18/t margin Lower copper, zinc and nickel cost structures expected to be sustained into 2017 along with expected higher coal margins and the resilience of Marketing Marketing Adjusted EBIT of $2.8bn, up 14% and above previous guidance of $2.5-$2.7bn. Supported by generally healthier market conditions across all business segments 2017 guidance of $2.2-$2.5bn - lower range reflects the sale of 50% of Glencore Agriculture in December September debt reduction plan complete Net funding and Net debt reduced by $14.7bn & $14.1bn respectively over the past eighteen months to $32.6bn and $15.5bn Cash flow coverage ratios significantly improved and repositioned to strong investment grade levels FFO to Net debt: 50% Net debt to Adjusted EBITDA: 1.51x Notes: (1) Refer to basis of preparation on page 6 of the Preliminary Results. (2) Refer to note 2 pg 53 of the Preliminary Results for definition and reconciliation of Adjusted EBITDA/EBIT. 4

5 Safety Sadly, two incidents at operations in the DRC and Zambia resulted in ten fatalities. A further six incidents resulted in six fatalities Board and senior management committed to improving safety performance Performance milestones: South America: first fatality free year Agriculture: two years fatality free for the first time Europe assets: two years fatality free for the first time Kazzinc: one fatality in 26 months Sinchi Wayra: 24 months fatality free LTIFR, 1.40, 4% increase on TRIFR, 4.05, 7% decrease on c.154,000 employees and contractors at end of (1) Notes: Lost time incidents (LTIs) are recorded when an employee or contractor is unable to work following an incident. LTIs are recorded when an incident results in lost days from the first rostered day absent after the day of injury. The day of the injury is not included. LTIFR is the total number of LTIs recorded per million working hours. LTIs do not include Restricted Work Injuries (RWI) and fatalities. TRIFR = Total sum of Fatalities, Lost Time Injuries, Restricted Work Injuries and Medical Treatment Injuries per million hours worked. (1) Includes 100% of Agricultural products 5

6 Spiral section, Tweefontein coal wash plant, South Africa Steven Kalmin Chief Financial Officer

7 Financial highlights Strong financial performance Outstanding cost performance (1) Capital structure repositioned Capital allocation policy to maximise value creation Strongly cash generative business at spot prices and throughout the cycle Adjusted EBITDA Adjusted EBIT Marketing EBIT +18% $10.3bn +81% $3.9bn +14% $2.8bn Reductions in cost structures underpinned by extensive cost efficiencies / savings, favourable FX and by-product credits Strong BBB/Baa ratings target and maintenance remains a top priority pursuing maximum through the cycle leverage of 2x Framework (2) to balance protection of our capital structure along with business reinvestment/growth and shareholder returns. $1bn distribution in 2017 Underpinned by industryleading margins in key asset segments combined with resilient marketing earnings Net Income Funds from operations Net funding Net debt Committed Avail. Liquidity +48% $2.0bn +17% $7.8bn -21% $32.6bn -40% $15.5bn +10% $16.7bn Cu 87c/lb Ni 265c/lb Zn -5c/lb 16c/lb pre Au Thermal Coal $18/t $39/t ND/Adj.EBITDA (x) FFO/ND (%) 50% 1.5x M&A + Other Min. 25% Industrial distribution $1bn fixed Marketing distribution Maintain strong BBB/Baa Equity cash flows Cu,Ni,Zn,Coal EBITDA (3) $11.6bn + Other Ind EBITDA $0.6bn + Mktg EBITDA (4) $2.4bn = Group EBITDA $14.6bn - Cash taxes + interest $3.6bn - capex (5) $4.1bn = illustrative spot FCF (6) $6.9bn Notes: (1) See slides 11 and 21 for calculation and reconciliation to earnings. Zinc costs include 21c/lb gold credit. (2) See notes on slide 14 for framework definitions. (3) Copper, nickel, zinc and coal Industrial Adjusted EBITDA calculated using costs and spot prices as detailed in slide 11, production as detailed in slide 21, Cal17 NEWC forward curve for thermal coal as at 20 February (4) Marketing Adjusted EBITDA calculated using the midpoint of Marketing Adjusted EBIT guidance on slide 9 plus $75M of Marketing D&A. (5) Industrial capex including JV capex and capitalised interest, plus marketing capex of c.$75m in 2017F. (6) excludes working capital changes and distributions 7

8 Marketing Adjusted EBIT up 14% to $2.8bn Marketing Adjusted EBIT ($M) +14% $2,464 $2, '562 1'255 Metals and Minerals Energy Products Agricultural Products Corp and Other (1) Strong marketing performance, up 14%, reflecting the benefits of generally healthier demand and supportive marketing conditions in Metals and minerals Up 24%, on the back of improved demand conditions, notably in China and declining inventory levels for our key commodities Relative to, nickel and ferroalloys enjoyed strong growth from increased Chinese stainless steel production Energy Products With oil trading conditions normalising somewhat compared to, this was more than offset by the improved coal marketing backdrop, aided by policy moves to curb Chinese domestic coal production/overcapacity Agricultural Products (1) A solid performance in difficult market conditions, with Viterra Canada having had to cope with lower crop volumes and increased handling competition Notes: (1) Agricultural Products Adjusted EBIT comprises 11 months at 100% and 1 month at 50% to reflect stake sale. 8

9 2017 Marketing guidance $2.2-$2.5bn Adjusted EBIT (1) Marketing Adjusted EBIT ($M) Earnings guidance ranges reflect the sale of 50% of Glencore Agriculture in December Long-term Guidance range: +2017: $2.2-$3.2bn Movement into the mid to upper part of long-term guidance range of $2.2-$3.2bn would require: a combination of production/volume growth, uptick in additional working capital, higher interest rates and tighter physical market conditions A low cost of capital, stable cost base and low capex requirements underpin resilient and high returns on equity Marketing earnings are generated from the handling, blending, distribution and optimisation, in substantial scale, of physical commodities, augmented by arbitrage opportunities F Guidance: $2.2bn to $2.5bn Notes: (1) Increased from $2.1bn to $2.4bn range guidance provided in December. 9

10 Industrial Adjusted EBITDA up 22% to $7.3bn Industrial Adjusted EBITDA by segment ($M) 150 6,034 2'269 4' % 7,343 1'503 6' Industrial Adjusted EBITDA Bridge ($M) 6' '322 Higher: cobalt at Mutanda; copper at Collahuasi; lead at Kazzinc and nickel at INO KZT: +53% ZAR: +15% ARS: +60% Higher grades, operational improvements, energy/consumables savings, general cost initiatives 98 7'343 Industrial Adjusted EBITDA up 22%, reflecting significantly lower cost structures, favourable FX movements and improved mix towards higher margin businesses Metals and minerals Up 50% in line with significant operating cost reductions and productivity efficiencies comfortably offsetting the impact of curtailing copper and zinc production in H2 Energy Products Down 34%, reflecting the decision to hedge a portion of coal production, locking in/capping the effective sales price of 44Mt in. This resulted in an opportunity cost of $980M being recognised, without which Energy Industrial Adjusted EBITDA would have been 9% higher than Agricultural Products (1) Metals and Minerals Energy Products Agricultural Products Corp and Other EBITDA Price Volume Cost Inflation FX Coal Hedging Other EBITDA Similar overall performance in, compared to Notes: (1) Agricultural Adjusted EBITDA comprises 11 months at 100% and 1 month at 50% to reflect stake sale. 10

11 Industrial mining costs/margins Reductions in copper, zinc and nickel cost structures expected to be sustained into 2017 Supported by healthy by-product credits and extensive cost efficiencies/savings Increase in coal unit costs substantially driven by revenue linked royalties associated with higher prices and FX headwinds Extracting some higher cost (but high margin) coal and increased fuel prices also contributes to the higher blended cost average An ongoing comprehensive Coal Cost-Out/Margin-Up initiative programme is targeting a further c.$300m of sustainable annual cash flow benefits by end-2018 Cu Costs (c/lb) (1) Ni Costs ($/lb) (1) A Guidance 516 A 2017 Guidance 436 Spot LME c/lb Spot LME c/lb Zn Costs (c/lb) (1) Coal Thermal Costs ($/t) (1) A Guidance A 2017 Guidance 18 Spot LME c/lb $/t Margin A Guidance A 2017 Guidance A Guidance A 2017 Guidance Note: (1) Disclosed cost is full cost and includes all cash costs to allow reconciliation and generation of EBITDA. Spot LME as at 20 February See slide 21 for reconciliation of actual costs to Adjusted EBITDA and production volumes underlying 2017 cost forecasts. 11

12 Industrial capex spend has normalised Total Industrial capex ($bn) (2) includes: Lion II, Twelopele pelletiser, Antamina, Antapaccay, Mount Margaret, Collahuasi, Lomas Bayas, EHM underground, George Fisher expansion, Bracemac McLeod, Lady Loretta, MRM Phase III, Koniambo, Fraser Morgan, Raglan Qakimajurq, Ravensworth North, Ulan OC, Rolleston Phase 1, Cerrejon Phase 1, Tweefontein OC, Ulan West UG, Mutanda, Katanga, Mopani, Equatorial Guinea, Wonderfontein, Pullenshope, Koornfontein, Porto Nuevo, Prodeco c.$4bn A well capitalised business requiring modest capex going forward More than $38 billion of expansionary capital (c.$64bn total capital) invested in the combined Glencore/Xstrata asset base since 2009 Heavy (mostly Xstrata s) capex program now essentially complete Technology/infrastructure upgrades at Katanga and Mopani provide permanent capex (and opex) reductions Industrial capex (1) declined to $3.4bn from $5.7bn in 2017 Industrial capex (1) guidance of c.$4bn Increase reflects preparations for Katanga Whole Ore Leach commissioning by end 2017, some incremental oil drilling, coal mobile equipment purchases and Mopani s concentrator/shaft sinking progression Total Industrial capex guidance at c.$4bn per annum over the next three to five years Including c.$3bn of sustaining capex No large greenfield expansion projects pf 2010pf 2011pf 2012pf 2013pf Notes: (1) Total Industrial capex including JV capex and capitalised interest, excluding marketing capex of $138M in and c.$70m in 2017F. (2) Glencore total Industrial capex 2006 to 2008, combined Glencore and Xstrata total Industrial capex from Excludes Las Bambas capex from 2010 to

13 Optimisation of balance sheet capital structure Capital structure successfully repositioned to provide greater balance sheet strength and flexibility Net funding and Net debt reduced by $14.7bn and $14.1bn respectively to $32.6bn and $15.5bn over the last 18 months $2.6bn of executed bond tenders in October and December caps post-2017 maturities at c.$3bn in any one year (down from $4-$5bn) Committed available liquidity of $16.7bn at end of, comfortably covers bond maturities for the next five years Strong BBB/Baa ratings target and maintenance remains a top priority Proactive actions in / demonstrate our commitment Targeting maximum 2x Net debt/adjusted EBITDA through the cycle Delivery of robust cash flow coverage ratios at year end : FFO to Net Debt of 50% Net debt to Adjusted EBITDA of 1.51x Optimised capital structure provides less risk, more flexibility and stability of distributions Net funding ($bn) FFO to Net debt 28% % 29% % % % % 25% Net debt ($bn) Net debt to Adjusted EBITDA Targeting maximum 2x x 13

14 Maximising value creation through capital allocation 5 M&A + Other Min. 25% Industrial distribution 4 (3) (4) 1 $1bn fixed Marketing distribution Maintain strong BBB/Baa (2) Equity cash (1) flows 3 2 Our capital allocation framework balances preservation of our optimal capital structure along with business reinvestment/growth and shareholder distributions 2017 cash distribution of $1bn, to be paid in equal tranches in and H cash distribution (in respect of 2017 cash flows) will comprise: Fixed $1bn base distribution reflecting the resilience, predictability and stability of Marketing cash flows Comfortably covered from trough cash flow generation in and further supported by structurally lower gearing and a longer/smoother bond maturity profile Variable distribution representing a minimum payout of 25% of Industrial free cash flows Fixed and variable distribution components to be confirmed annually Based on prevailing conditions and outlook Variable distribution percentage potentially increased, as appropriate In context of overall balance sheet requirements, surplus capital position and subject to prevailing conditions & outlook Cash distribution generally favoured versus buyback given inherent volatility in prices Notes: (1) Equity cash flows defined as Adjusted EBITDA less tax, interest and other, sustaining and expansionary capex and dividends paid to minorities. (2) Fixed marketing distribution of $1bn represents c.50% of pre-wc Marketing free cash flow, (3) Minimum 25% Variable distribution from Industrial free cash flow. (4) M&A + Other includes consideration around portfolio optimisation, asset monetisation, recycling and debt reduction. Reinvestment screened against rigorous criteria. 14

15 Pre-shift safety check, Goedgevonden coal, South Africa Ivan Glasenberg Chief Executive Officer

16 Rising supply risks are expected to underpin higher prices Twenty-four months of low prices have induced stresses on the supply side: voluntary supply cutbacks involuntary supply cutbacks (strikes/technical issues) Chinese supply side structural reforms high grading to enhance cash flows Increasingly favourable fundamentals for copper Annual % change in copper mine supply (1) 0.0% Commodity market fundamentals are improving against a backdrop of: better than expected demand limited, if any, inventory build through the trough of the cycle Reduced sector reinvestment is laying the foundation for sustainably better sector returns From a peak of c.$71bn in 2012, diversified s total capex shrank to an estimated $25bn in (5) Industry is already struggling to overcome aging mines, falling grades, energy/water/infrastructure shortages as well as social licence to operate challenges The pipeline of highly probable and probable copper projects at the end of is now almost half of that seen pre-super cycle mine project pipeline at lowest level in 16 years Annual % change in iron ore supply (2) Copper mine project pipeline (RHS indexed 2001=100) (3) LME Copper (LHS $/t) (4) % F Notes: (1) Wood Mackenzie Global copper short-term outlook January (2) Source Wood Mackenzie. (3) Copper mine project pipeline comprises the total production volume of projects categorised as highly probable and probable by Wood Mackenzie s Global copper long-term outlooks from 2001 to, indexed change from (4) Annual average LME cash copper price, source Wood Mackenzie and Bloomberg. (5) Source Morgan Stanley and Citi Research

17 Glencore s coal portfolio resilience Drivers of seaborne coal demand in Asia well known Supply deficit supports existing assets and demand for highenergy coal Glencore assets well positioned on the industry cost curve Global energy demand growth requires all fuel sources IEA modelling of nationally determined contributions shows absolute coal demand continues to grow to meet the needs of growing populations, especially in Asia Overall portfolio well positioned to respond to climate change opportunities (nickel, cobalt, copper) Board-level commitment to identify opportunities to reduce GHG footprint and respond to risks posed by climate change Seaborne coal supply decays rapidly without further investment (Mt) (1) Glencore portfolio Global primary energy demand (Btce) (2,3) 19.3Btce Coal; Actual Industry natural supply decline at 5% p.a Btce % Coal; % 2030 (2) New Policy 2030 Renewable Bio Energy Hydro Nuclear Gas Oil Coal Installed coal generating capacity (GW) (4) North America Europe Mediterranean Other Asia Taiwan Japan India Asia dominates future coal demand China Sources: (1) Glencore analysis. (2) IEA WEO New Policy Scenario reflects policies that governments have implemented by mid-, as well as those that the IEA expects governments to implement over the next 25 years. (3) Btce : billion tonnes of coal equivalent standardised coal quantity using coal with energy content of 7000kcal/kg or GJ/t. Converted to metric tonnes based on global average coal energy of 4850kcal/kg nar. (4) Platts World Electric Power Plant Database, Glencore analysis, IEA WEO. 17

18 Uniquely positioned for the challenges and opportunities that lie ahead Earnings diversified by commodity and geography (1) Zinc Ferro alloys Nickel Copper Agri Coal Australia Oil Marketing North America South America South Africa Other Africa Europe CIS Outstanding costs for our key commodities 2017F (2) Cu 89c/lb Ni 247c/lb Zn -10c/lb 10c/lb pre Au Thermal Coal $28/t $44/t The right commodity mix to feed the changing needs of maturing economies Key supply positions in the commodities (cobalt/nickel) that underpin the battery chemistry likely to power future EV and storage batteries Major producer of other mid and late cycle commodities such as copper, zinc and thermal coal Significant growth potential: capacity awaiting restart Cu +c.400ktpa Zn +c.500ktpa plus multi-commodity brownfield growth options when the time is right Well capitalised asset base: modest go forward capex c.$4bn pf 2010pf 2011pf 2012pf 2013pf Maximizing value creation through capital allocation M&A + Other Min. 25% Industrial distribution $1bn fixed Marketing distribution Maintain strong BBB/Baa Equity cash flows Strong IG balance sheet: less risk/more stability ND/Adj.EBITDA 50% FFO/ND 1.5x FCF generative across the cycle at spot prices on an annualised basis (3) Cu Zn Ni Coal Ind. Other Mktg Spot EBITDA Spot FCF $4.4bn $2.8bn $0.6bn $3.8bn $0.6bn $2.4bn $14.6bn $6.9bn Notes: (1) Adjusted EBITDA split calculated pre-coal hedging impact and corporate overheads. Geographic split based on operating asset EBITDA. (2) See slide 21 for production volumes underlying 2017 cost forecasts. (3) Key commodity department spot annualised EBITDA calculations based on costs on slide 11 and production from slide 21. LME spot prices as of 20 February 2017 for metals, Cal17 NEWC forward curve for thermal coal as at 20 February Spot annualised FCF calculated from Spot EBITDA after deducting cash taxes and interest of $3.6bn, capex of $4.1bn. Excludes working capital changes and distributions. 18

19 Drag line, Tweefontein coal mine, South Africa Q&A

20 Power generation, Raglan Nickel, Canada Appendix

21 Notes Slide 11: Industrial mining costs/margins (1) actual copper unit cost calculated on department production of 1,270.6kt (not including c.155kt additional copper produced as by-product in the zinc and nickel divisions) less 41.1kt produced at Mopani forecast copper unit cost calculated on guided mid-point of production of 1,214kt (excluding c.142kt of forecast copper production as by-product in the zinc and nickel divisions) less c.66kt forecast production at Mopani. Costs include TC/RCs, freight, royalties and a credit for custom metallurgical EBITDA (2) actual zinc unit cost calculated on department production of 1,027kt (not including c.67kt of zinc produced as a by-product in other divisions) adjusted for c.85% payability, resulting in payable production of 873kt forecast zinc unit cost calculated on guided mid-point of production of 1,190kt less c.123kt of zinc produced as by-product by other divisions to give forecast department production of 1,067kt, which adjusted for 85% payability, results in payable production of 905kt. Zinc cost includes credit for custom metallurgical EBITDA (3) actual nickel unit cost calculated on production of 101.5kt, excluding Koniambo forecast nickel unit cost calculated on forecast production of 101.4kt, excluding Koniambo (4) 2017 forecast coal unit cost calculated basis current Calendar 2017 forward NEWC price of $78/t, adjusted for portfolio mix (-$6/t) to generate an annualised spot margin that can be applied across overall forecast group production of 135Mt (i.e. $28/t margin) (5) Reconciling actual copper unit costs to Adjusted Copper EBITDA of $3.333bn: Add back $280M for Katanga and Mopani (primarily operating costs incurred at Katanga, with production currently suspended, pending delivery of the whole ore leach upgrade project) to give underlying EBITDA of $3,613bn. Divide underlying EBITDA of $3.613bn by production of kt (see Note 1 above) to give EBITDA/lb of $133c/lb. LME average price of $220.8c/lb less EBITDA/lb of $133c/lb = cost per pound of c.$87c/lb (6) Reconciling actual zinc unit costs (including gold credits) to Adjusted Zinc EBITDA of $1.916bn: Divide Adjusted Zinc EBITDA of $1.916bn by payable metal production of 873kt (see Note 2 above) to give EBITDA/lb of c.$100c/lb LME average price of $95c/lb less EBITDA/lb of $100c/lb = cost per pound of c.-$5c/lb. Add back Kazzinc gold credit of $21c/lb to give zinc mine unit costs ex gold of $16c/lb (7) Reconciling actual nickel unit costs to Adjusted Nickel EBITDA of $427M: Deduct $43M for inventory/stock change to give underlying EBITDA of $384M Divide underlying EBITDA of $384M by production of 101.5kt (see Note 3 above) to give EBITDA/lb of c.$172c/lb LME average price of $436c/lb less EBITDA/lb of $172c/lb = cost per pound of c.$265c/lb (8) Reconciling actual margin to Adjusted Coal EBITDA of $1.382bn: Add back corporate coal hedging opportunity cost of $980M to give underlying EBITDA of $2.362bn, divide underlying EBITDA of $2.362bn by ex-mine sales of 134Mt to give EBITDA/t of $18/t NEWC average price of $66/t adjusted to $57/t to reflect portfolio mix less EBITDA/t of $18/t = cost per tonne of $39/t 21

22 Production guidance Commodity Unit Actual 2014 Actual Actual Guidance 2017 Copper kt 1,546 1,502 1,426 1,355 ± 25 Zinc kt 1,387 1,445 1,094 1,190 ± 25 Lead kt ± 10 Nickel kt ± 4 Ferrochrome kt 1,295 1,462 1,523 1,650 ± 25 Coal Mt ± 3 Key 2017 production changes: Copper: Reduction includes lower production at Alumbrera as it reaches end of life, a 20kt reduction from the sale of 30% of EHM and lower byproduct units from the nickel and zinc divisions Zinc: Increase mainly reflects higher grades at Antamina Nickel: Modest increase in line with higher Koniambo production Coal: Increase reflects restarts of Collinsville and Integra UG, full ownership of Newlands/Collinsville in Australia and normalisation of production in Colombia following weather related disruptions 22

23 Distribution timetable 2017 distribution timetable Jersey Johannesburg Hong Kong Exchange rate reference date: Last time to trade on JSE to be recorded in the register on record date: Last day to effect removal of shares cum div between Jersey and JSE registers: 28 April 9 May 9 May Final Ex-Div Date: 11 May 10 May 11 May Last time for lodging transfers in Hong Kong: 4:30 PM, 11 May Final Distribution record date: 12 May 12 May 12 May Deadline currency election (Jersey): 15 May Removal of shares between Jersey and JSE: From 15 May Exchange rate reference date: 17 May 17 May Final Distribution payment date: 31 May 31 May 31 May Planned H Distribution Sep 2017 Sep 2017 Sep

24 Power generation, Raglan Nickel, Canada 24