REVENUE 46,528,338 66,712,404 (30) Cost of sales and services (45,858,088) (66,597,372) (31) Operating income from supply chains 670, ,

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1 Financial statements for the year ended 31 December 2016 These figures have been audited PART I INFORMATION REQUIRED FOR ANNOUNCEMENTS OF QUARTERLY (Q1, Q2, Q3), HALF YEAR AND FULL YEAR RESULTS 1(a)(i) An income statement (for the group) together with a comparative statement for the corresponding period of the immediately preceding financial year Year ended Year ended Increase/ 31 Dec Dec 2015 (Decrease) US$'000 US$'000 % REVENUE 46,528,338 66,712,404 (30) Cost of sales and services (45,858,088) (66,597,372) (31) Operating income from supply chains 670, , Profit/(loss) on supply chain assets, net 134,225 (815,628) N/A Share of profits and losses of: Joint ventures (12,260) (12,984) (6) Associates (59,259) (271,505) (78) TOTAL OPERATING INCOME/(LOSS) 732,956 (985,085) N/A Other income net of other expenses 3,783 1, Selling, administrative and operating expenses (661,648) (555,143) 19 PROFIT/(LOSS) BEFORE INTEREST AND TAX 75,091 (1,539,023) N/A Finance income 48,209 57,404 (16) Finance costs (206,003) (232,000) (11) LOSS BEFORE TAX (82,703) (1,713,619) (95) Taxation 90,840 43, PROFIT/(LOSS) FOR THE YEAR 8,137 (1,670,452) N/A Attributable to: Equity holders of the parent 8,653 (1,672,010) N/A Non-controlling interests (516) 1,558 N/A 8,137 (1,670,452) N/A LOSS PER SHARE ATTRIBUTABLE TO ORDINARY EQUITY HOLDERS OF THE PARENT (see paragraph 6) Group US$ US$ (restated) Basic (0.0014) (0.1787) Diluted (0.0014) (0.1787) 1

2 1(a)(i) An income statement (for the group) together with a comparative statement for the corresponding period of the immediately preceding financial year (cont'd) Notes: (A) PROFIT/(LOSS) FROM UNDERLYING BUSINESSES Income statement The Group has used adjusted net profit/(loss) to measure its underlying financial performance. Adjusted net profit/(loss) excludes those items of financial performance that, due to their size and nature, the Group believes should be considered separately to assess its underlying performance. The adjusted income statement aligns to the performance information the Co-CEOs use for day to day management of the Group s business decisions. Year ended 31 December 2016 Year ended 31 December 2015 #1 #2 #3 #1 #2 Business Business departments departments IFRS discontinuing Exceptional Adjusted IFRS discontinuing Exceptional Adjusted income or to be non-cash income income or to be non-cash income statement discontinued items statement statement discontinued items statement US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 Revenue 46,528,338 (1,004,076) - 45,524,262 66,712,404 (6,010,665) - 60,701,739 Cost of sales and services (45,858,088) 1,111,901 29,700 (44,716,487) (66,597,372) 5,982,501 1,061,204 (59,553,667) *1 *1 Operating income from supply chains 670, ,825 29, , ,032 (28,164) 1,061,204 1,148,072 *2 *2 Profit/(loss) on supply chain assets 134,225 9,774 67, ,595 (815,628) 10, ,580 (95,843) Share of profits and losses of: Joint ventures (12,260) (12,216) - (24,476) (12,984) 6,464 - (6,520) Associates (59,259) (67) - (59,326) (271,505) 8, ,578 (70,372) *3 Total operating income/(loss) 732, ,316 97, ,568 (985,085) (2,940) 1,963, ,337 Selling, administrative and operating expenses and other income, net (657,865) 62,919 - (594,946) (553,938) 77,938 - (476,000) Profit/(loss) before interest and tax 75, ,235 97, ,622 (1,539,023) 74,998 1,963, ,337 Net finance costs (157,794) 2,855 - (154,939) (174,596) 5,746 - (168,850) Taxation 90,840 (22,741) (1,694) 66,405 43,167 (16,576) (48,676) (22,085) *4 *4 Net profit/(loss) 8, ,349 95, ,088 (1,670,452) 64,168 1,914, ,402 #1 Represents results of businesses which are discontinuing or are to be discontinued in the near future and costs associated with repositioning the Group s cost structure, including headcount reductions. These businesses include certain gas & power product divisions in North America and Europe; certain mining & metals product divisions in North America and Europe; and certain energy product divisions in North America. #2 Exceptional non-cash items included in the Group s operating income from supply chains along with other non-operational items such as impairment losses on supply chain assets, re-measurement gain on a pre-existing interest in a joint venture and share of profits and losses of disposed joint ventures and associates. *1 These adjustments represent exceptional non-cash losses reflecting valuation adjustments and certain provisions and reserves recorded in the Group s operating income from supply chains. Year ended Year ended 31 Dec Dec 2015 US$'000 US$'000 Valuation adjustment due to changes in coal anchor price assumptions and ratings-related discount rates *1# - (771,372) Write-off of commodity contracts and other provisions *1## (29,700) (289,832) (29,700) (1,061,204) *1# Long term price curves represent forward prices beyond the observable market and are based on fundamental demand/supply analysis backed by broker consensus. Forward curves beyond the tenor supported by broker consensus are built incorporating CPI inflation derived from market quotes plus a commodity cost adjustment. Forward cashflows in foreign currencies are converted to US$ using observable forward FX curves. These curves are then used as an input into the valuation models used to calculate the fair value of the long-term commodity contracts. This valuation adjustment for the year ended 31 December 2015 primarily related to a change in the Group's long term coal prices, reflected by a lowering of the anchor coal price, used for projecting the years subsequent to those for which observable market data exists. No changes were made to the coal anchor price assumption in *1## Write-offs of commodity contracts and other provisions include write-offs of commodity and other derivative financial instruments as a result of the termination of the underlying commercial agreement, provisions for onerous contracts and provisions related to the closure or curtailment of certain trading operations. 2

3 1(a)(i) An income statement (for the group) together with a comparative statement for the corresponding period of the immediately preceding financial year (cont'd) Notes: (A) PROFIT/(LOSS) FROM UNDERLYING BUSINESSES (cont'd) Year ended Year ended 31 Dec Dec 2015 US$'000 US$'000 *2 The adjustment to losses on supply chain assets includes: - impairment of non-current assets (66,461) (701,759) - investment in COFCO Agri Limited (formerly Noble Agri Limited) ("CAL") - (531,615) - investment in other associates (4,888) (96,317) - mine properties (2,845) (23,742) - long term equity investments (8,231) (11,140) - investments in joint ventures (44) (8,735) - property, plant and equipment (50,453) (30,210) - impairment of prepayments (5,380) (7,821) - re-measurement gain on a pre-existing interest in joint venture 4,245 - (67,596) (709,580) *3 Share of loss of CAL Share of loss of CAL represented the 49% share of net assets under the equity method of accounting. *4 Taxation Taxation related to the tax effect of the adjustments. #3 Adjusted net profit for the year ended 31 December 2016 includes gain on disposal of Noble America Energy Solutions ("NES") of US$291,485,000 reported in profit/(loss) on supply chain assets and NES underlying profit before interest and tax of US$113,900,000 from 1 January 2016 to date of disposal on 1 December Statement of cash flows As a result of the adjustments to the income statement mentioned above the IFRS statement of cash flows is adjusted as follows: Year ended 31 December 2016 Year ended 31 December 2015 IFRS Exceptional Adjusted IFRS Exceptional Adjusted statement of non-cash statement of statement of non-cash statement of cash flows* items cash flows cash flows* items cash flows US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 Operating profit/(loss) before working capital changes 127,962 16, ,462 (331,827) 1,061, ,377 Decrease/(increase) in working capital (1,135,461) (16,500) (1,151,961) 119,193 (1,061,204) (942,011) * Included cashflows impact of businesses departments discontinuing or to be discontinued. 1(a)(ii) A comprehensive income statement (for the group) together with a comparative statement for the corresponding period of the immediately preceding financial year Year ended Year ended 31 Dec Dec 2015 US$'000 US$'000 PROFIT/(LOSS) FOR THE YEAR 8,137 (1,670,452) OTHER COMPREHENSIVE INCOME Net other comprehensive income/(loss) to be reclassified to profit or loss in subsequent periods: Net gains on cash flow hedges after tax 132,583 52,346 Revaluation/realization of long term equity investments 4,649 (6,330) Exchange differences on translation of foreign operations (11,240) (40,533) OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF TAX 125,992 5,483 TOTAL COMPREHENSIVE INCOME/(LOSS) FOR THE YEAR, NET OF TAX (see paragraph 1(d)(i)) 134,129 (1,664,969) Attributable to: Equity holders of the parent 134,645 (1,666,527) Non-controlling interests (516) 1, ,129 (1,664,969) 3

4 1(b)(i) A statement of financial position (for the issuer and group), together with a comparative statement as at the end of the immediately preceding financial year Group Company As at As at As at As at 31/12/ /12/ /12/ /12/2015 Notes US$'000 US$'000 US$'000 US$'000 (restated) NON-CURRENT ASSETS Property, plant and equipment 759, , Mine properties 12,823 15, Intangible assets 125, , Investments in subsidiaries - - 3,301,307 3,731,687 Investments in joint ventures 196, , Investments in associates 461, ,345 13,441 16,303 Long term equity investments 28,436 35, Long term loans 288, , Deferred tax assets 241, ,116 22,100 - Total non-current assets 2,114,302 2,456,224 3,337,458 3,748,833 CURRENT ASSETS Cash and cash equivalents (A) 1,170,471 1,953, , ,932 Due from subsidiaries - - 4,174,522 5,773,980 Trade receivables 2,407,412 2,434, Prepayments, deposits and other receivables (B) 867,010 1,166,089 40,466 46,707 Fair value gains on commodity and other derivative financial instruments (C) 3,780,517 6,204, Inventories (D) 1,643,046 1,791, Tax recoverable 61,927 92, ,930,383 13,642,172 4,517,340 6,576,013 Assets in subsidiaries classified as held for sale (E) 239, , Assets in associates classified as held for sale (F) - 748, Total current assets 10,170,333 14,595,755 4,517,340 6,576,013 CURRENT LIABILITIES Due to subsidiaries ,851 2,044,916 Trade and other payables and accrued liabilities (H) 3,151,299 4,726, , ,001 Fair value losses on commodity and other derivative financial instruments (C) 1,004,098 3,026,629 4,648 62,065 Bank debts 1,293,425 2,127, ,270 1,692,054 Senior notes (I) - 360, ,241 Tax payable 23,693 7, ,472,515 10,249,072 1,396,633 4,407,277 Liabilities in subsidiaries classified as held for sale (E) 12,525 6, Liabilities related to held for sale subsidiaries (E) 64,449 64, Total current liabilities 5,549,489 10,319,699 1,396,633 4,407,277 NET CURRENT ASSETS 4,620,844 4,276,056 3,120,707 2,168,736 TOTAL ASSETS LESS CURRENT LIABILITIES 6,735,146 6,732,280 6,458,165 5,917,569 NON-CURRENT LIABILITIES Bank debts 1,194,119 1,846,189 1,137,753 1,779,775 Senior notes (I) 1,555,309 1,586,911 1,555,309 1,586,911 Deferred tax liabilities 6,154 1, Total non-current liabilities 2,755,582 3,434,418 2,693,062 3,366,686 NET ASSETS 3,979,564 3,297,862 3,765,103 2,550,883 4

5 1(b)(i) A statement of financial position (for the issuer and group), together with a comparative statement as at the end of the immediately preceding financial year (cont'd) Group Company As at As at As at As at 31/12/ /12/ /12/ /12/2015 Notes US$'000 US$'000 US$'000 US$'000 EQUITY (restated) Equity attributable to equity holders of the parent Issued capital 427, , , ,360 Share premium 2,323,902 2,049,677 2,323,902 2,049,677 Treasury shares (88,704) (102,075) (88,704) (102,075) Capital securities (J) 397, , , ,547 Reserves (78,886) (278,418) 107,950 (30,890) Reserves in subsidiaries classified as held for sale (E) 5,398 5, Retained profits 988,019 1,003, ,400 20,264 3,974,284 3,292,066 3,765,103 2,550,883 Non-controlling interests Non-controlling interests 2,869 3, Non-controlling interests attributable to subsidiaries classified as held for sale (E) 2,411 2, ,280 5, TOTAL EQUITY 3,979,564 3,297,862 3,765,103 2,550,883 Notes: (A) Cash and cash equivalents Cash and cash equivalents in the statement of financial position include: Group Company As at As at As at As at 31/12/ /12/ /12/ /12/2015 US$'000 US$'000 US$'000 US$'000 Cash and short term time deposits 817,794 1,170, , ,932 Cash balances with future brokers 352, , Cash and cash equivalents 1,170,471 1,953, , ,932 For the purpose of the consolidated statement of cash flows, only the portion of the cash balances with futures brokers that are immediately available for use in the business operations are included as cash and cash equivalents. Group Company As at As at As at As at 31/12/ /12/ /12/ /12/2015 US$'000 US$'000 US$'000 US$'000 Cash and cash equivalents per above 1,170,471 1,953, , ,932 Cash balances attributable to subsidiaries classified as held for sale 1,420 3, Less: Cash balances with futures brokers not immediately available for use in the business operations (66,533) (397,044) - - Less: Time deposit with original maturity of more than three months when acquired (10,000) ,095,358 1,559, , ,932 (B) Prepayments, deposits and other receivables Group Company As at As at As at As at 31/12/ /12/ /12/ /12/2015 US$'000 US$'000 US$'000 US$'000 Prepayments to suppliers 214, , Trade prepayments 81, , Non-trade prepayments 25,324 20,619 12,419 2,441 Deposits and other receivables 263, ,455 15,325 31,312 Contracts in progress 42,070 58, Current portion of long term loans 96, , Cash reserve 12,500 13,500 12,500 12,500 Amounts due from joint ventures/associates 132, , ,010 1,166,089 40,466 46,707 5

6 1(b)(i) A statement of financial position (for the issuer and group), together with a comparative statement as at the end of the immediately preceding financial year (cont'd) (C) Commodity and other derivative financial instruments All derivative financial instruments are initially recognised at fair value on the date on which the contract is entered into and are subsequently re-measured at fair value. Any gains or losses arising from changes in the fair value of derivatives for trading purpose are recorded in the income statement in the cost of sales and services in the period of change. Whereas the gains or losses arising from changes in the fair value of derivatives for cashflow hedge purpose are recorded in the equity reserve. Group As at As at 31/12/ /12/2015 US$'000 US$'000 Fair value gains on commodity and other derivative financial instruments 3,780,517 6,204,980 Fair value losses on commodity and other derivative financial instruments (1,004,098) (3,026,629) Net fair value gains on commodity and other derivative financial instruments 2,776,419 3,178,351 (D) Inventories Readily marketable inventories ("RMI") are certain commodity inventories (hedged or presold) which are readily convertible to cash because of their commodity characteristics, widely available markets and international pricing mechanisms. RMI is not a defined IFRS concept. At 31 December 2016 RMI was US$1,526,251,000 (2015: US$1,710,185,000), which represented 93% (2015: 95%) of total inventories and included certain inventories in transit to customers. (E) (i) Subsidiaries classified as held for sale As part of the disposal of CAL Group, the Group retained the palm business in exchange for a promissory note of US$64,449,000 to CAL Group. The promissory note carries a contingent value right under which the Group shall remit to the CAL Group, the proceeds of the sale of palm business, less any taxes, expenses and other costs of sale, received by the Group from a third party, and the CAL Group shall return the promissory note. The major classes of assets and liabilities for the sale of palm business as at 31 December 2016 are as follows: As at 31/12/2016 US$'000 Non-current assets 206,845 Current assets 21,412 Assets in subsidiaries classified as held for sale 228,257 Liabilities in subsidiaries classified as held for sale (all current) (9,905) Net assets directly associated with subsidiaries classified as held for sale 218,352 Liabilities related to held for sale (64,449) Reserves in subsidiaries classified as held for sale 5,609 Non-controlling interests attributable to subsidiaries classified as held for sale 2,411 6

7 1(b)(i) A statement of financial position (for the issuer and group), together with a comparative statement as at the end of the immediately preceding financial year (cont'd) (E) (ii) Subsidiaries classified as held for sale (cont'd) In December 2016, the Group decided to dispose of four subsidiaries in the Mining and Metals segment, namely Worldwide Warehouse Solutions LLC, Worldwide Warehouse Solutions UK Ltd, Worldwide Warehouse Solutions Singapore Pte. Ltd., and Worldwide Warehouse Solutions (Shanghai) Company Limited, together the "WWS Companies". The major classes of assets and liabilities for the sale of WWS Companies as at 31 December 2016 are as follows: As at 31/12/2016 US$'000 Non-current assets 6,026 Current assets 5,667 Assets in subsidiaries classified as held for sale 11,693 Liabilities in subsidiaries classified as held for sale (all current) (2,620) Net assets directly associated with subsidiaries classified as held for sale 9,073 Reserves in subsidiaries classified as held for sale (211) (F) Associates classified as held for sale On 23 December 2015, the Company and Noble Agri International Limited ("NAIL") entered into a proposed sale of 1,509,937,328 ordinary shares of par value US$1.00 each of CAL in accordance with the terms and conditions of the share sale agreement. Consideration of the 49% stake in CAL under the share sale Agreement comprised: 1) US$750 million payable in cash to by COFCO International Limited at closing; plus 2) Deferred consideration subject to certain adjustments and a cap of US$200 million The Group's interest in CAL Group of US$748 million as at 31 December 2015 was included in current assets as assets in associates classified as held for sale. On 3 March 2016, cash consideration of US$750 million was received and CAL ceased to be an associate of the Group. (G) Disposal of subsidiaries On 10 October 2016, the Group announced that it had entered into a purchase agreement with Calpine Energy Services Holdco II LLC and Calpin Energy Financial Holdings LLC in connection with (i) the proposed sale of all of the issued and outstanding membership interests (the "Units") of NES and (ii) the proposed assignment by the Company of the rights and the post-closing obligations under an ISDA 2002 Master Agreement dated 1 January 2016 and related Master Confirmation dated 1 August 2016 entered into between NGL and NES (the "Proposed Disposal"). Consideration for the Proposed Disposal comprised: i) US$800 million; ii) plus the net working capital of NES on the day immediately preceding the closing date; and iii) minus any indebtedness of NES on the day immediately preceding the closing date. On 1 December 2016, the Group announced that the sale was completed and that the Group no longer holds any units in NES. The major classes of assets and liabilities for the sale of NES as at 1 December 2016 are as follows: As at 1/12/2016 US$'000 Non-current assets 203,287 Current assets 1,175,406 Total assets 1,378,693 Total liabilities (523,774) Equity value attribute to the Group 854,919 Gain on disposal 291,485 Satisfied by cash 1,146,404 An analysis of the net inflow of cash and cash equivalents in respect of the disposal of NES is as follows: US$'000 Cash consideration 1,146,404 Cash and cash equivalents disposed as of 1 December 2016 (164,110) Net inflow of cash and cash equivalents in respect of the disposal 982,294 7

8 1(b)(i) A statement of financial position (for the issuer and group), together with a comparative statement as at the end of the immediately preceding financial year (cont'd) (H) Trade and other payables and accrued liabilities Group As at As at Company As at As at 31/12/ /12/ /12/ /12/2015 US$'000 US$'000 US$'000 US$'000 Trade payables 2,504,430 3,731, Accrued purchases 54, , Accrued trade liabilities 172, ,369 10, Accrued finance costs 40,655 61,948 38,515 59,339 Accrued non-trade liabilities 310, , , ,577 Excess of progress billings over contracts costs 49,258 64, Amounts due to joint ventures/associates 19,071 14, ,151,299 4,726, , ,001 (I) Senior notes US$1,176,920,000 (Originally US$1,250,000,000) Senior Notes due 29 January 2020 In October 2009, the Company issued 6.750% senior notes of US$850 million at %. On 9 February 2010, the Company issued a further US$400 million 6.750% senior notes due 2020 at % to form a single series US$1,250 million senior notes due 29 January The Company has the right to redeem some or all of the senior notes at any time on or after 16 October 2010 at the redemption prices stipulated in "Description of notes - Optional redemption" in the agreement. In May 2012, June 2012 and January 2016, the Company repurchased US$73,080,000 of its US$1,250,000, % senior notes. Such senior notes were cancelled subsequent to the repurchases. The principal amount of senior notes outstanding was US$1,176,920,000 as at 31 December US$3,000,000,000 Medium Term Note Programme In August 2011, the Company established a US$3,000,000,000 medium term note programme. Under the programme, the Company may issue notes from time to time in various currencies, amounts and tenors. The notes may bear fixed or floating rates, interest on dual currency or index linked bases or may not bear interest. The notes may be offered on a syndicated or non-syndicated basis. The pricing supplement issued in respect of each issue of notes will state whether such notes may be redeemed prior to their stated maturity at the Company s option (either in whole or in part) and/or at the option of the holders, and if so the terms applicable to such redemption. The Company has the right to redeem some or all of the medium term notes at any time at the redemption prices stipulated in the agreement of the medium term notes. On 30 January and 20 March 2013, the Company issued 4.00% medium term notes of RMB1,000,000,000 at par due 29 January 2016 and issued 3.625% medium term notes of US$400,000,000 at % due 20 March 2018, respectively. The notes of RMB1,000,000,000 due on 29 January 2016 were fully redeemed. In March 2015 and January 2016, the Company repurchased US$21,000,000 of its US$400,000, % medium term notes. Such medium term notes were cancelled subsequent to the repurchases. The principal amount of medium term notes outstanding was US$379,000,000 as at 31 December RM3,000,000,000 Medium Term Note Programme In March 2012, the Company established a multi-currency Islamic medium term note program of up to Malaysian Ringgit 3 billion (or its equivalent in foreign currency) under the laws of Malaysia. Under the program, the Company may issue Islamic medium term notes ( Sukuk Murabahah ) from time to time in Malaysian Ringgit or in other currencies, in various amounts and tenors of more than a year and up to a maximum tenor of 20 years. The Sukuk Murabahah holders, in subscribing or purchasing the Sukuk Murabahah with rights of early redemption, grant the Issuer the option to redeem the Sukuk Murabahah, in whole or in part, prior to maturity dates stipulated in the agreement of the notes. In October 2012, December 2012 and January 2013, the Company issued 4.50% medium term notes of RM300,000,000 at par due 16 October 2015, 4.22% medium term notes of RM300,000,000 at par due 13 December 2014 and 4.30% medium term notes of RM300,000,000 at par due 30 January 2016, respectively. All notes were fully redeemed on their respective due dates. THB 2,850,000,000 Guaranteed Bonds On 26 April 2013, the Company issued Thai Baht denominated guaranteed bonds of THB 2,850,000,000 due 25 April The bonds were issued at 3.55% coupon, unconditionally and irrevocably guaranteed as to the payment of principal and interest by Credit Guarantee and Investment Facility ( CGIF Guarantee ) in accordance with the terms of the CGIF Guarantee. The bonds were fully redeemed on 25 April

9 1(b)(i) A statement of financial position (for the issuer and group), together with a comparative statement as at the end of the immediately preceding financial year (cont'd) (J) Capital securities 6.0% US$400,000,000 Perpetual The Company issued perpetual capital securities with a par value of US$350,000,000 on 24 June On 10 July 2014, the Company issued an additional US$50,000,000 of the perpetual capital securities at an issue price of 101%. The US$50,000,000 perpetual capital securities were consolidated with the US$350,000,000 capital securities issued on 24 June 2014 to form a single series of US$400,000,000 in perpetual capital securities. The capital securities are perpetual and do not have a fixed redemption date. The distribution of the securities is 6.0% per annum, payable in arrears on a semi-annual basis at the discretion of the company. The first distribution date was on 24 December The Company may, on giving not more than 60 nor less than 30 days' irrevocable notice to the holders in writing, redeem all but not some only of the securities in accordance with the terms and conditions of the securities. In the event of a winding-up, the rights and claims of the holders in respect of the capital securities shall rank ahead of claims in respect of the Company's shareholders, but shall be subordinated in right of payment to the claims of all present and future unsubordinated obligations, except for obligations of the Company that are expressed to rank pari passu with, or junior to, its obligations under the capital securities. 1(b)(ii) Aggregate amount of group's borrowings and debt securities As at 31/12/2016 As at 31/12/2015 Secured Unsecured Secured Unsecured US$'000 US$'000 US$'000 US$'000 (a) Amount repayable in one year or less, or on demand 476, , ,195 2,075,860 (b) Amount repayable after one year 56,366 2,693,062 66,414 3,366,686 Total 532,842 3,510, ,609 5,442,546 (c) Details of any collateral: Certain bank debts were secured by trade receivables, inventories, vessels and equipment of the Group as at 31 December 2016 and 31 December (c) A statement of cash flows (for the group), together with a comparative statement for the corresponding period of the immediately preceding financial year Year ended Year ended 31 Dec Dec 2015 Notes US$'000 US$'000 (restated) CASH FLOWS FROM OPERATING ACTIVITIES Loss before tax (82,703) (1,713,619) Adjustments to loss before tax (A) 210,665 1,381,792 Operating profit/(loss) before working capital changes 127,962 (331,827) Decrease/(increase) in working capital (B) (1,135,461) 119,193 Net decrease/(increase) of cash balances with futures brokers not immediately available for use in the business operations 330,511 (46,636) Interest received 48,209 57,404 Taxes refunded/(paid) 36,296 (33,665) Net cash flows used in operating activities (592,483) (235,531) NET CASH FLOWS FROM/(USED IN) INVESTING ACTIVITIES (C) 1,728,524 (286,930) NET CASH FLOWS FROM/(USED IN) FINANCING ACTIVITIES (D) (1,598,535) 1,544,821 NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS (462,494) 1,022,360 Net foreign exchange differences (1,459) (17,325) Cash and cash equivalents at beginning of year 1,559, ,276 CASH AND CASH EQUIVALENTS AT END OF YEAR 1,095,358 1,559,311 ANALYSIS OF BALANCES OF CASH AND CASH EQUIVALENTS Bank balances and short term time deposits 817,794 1,170,078 Cash balances with future brokers 352, ,192 1,170,471 1,953,270 Cash balances attributable to subsidiaries classified as held for sale 1,420 3,085 Less: Cash balances with futures brokers not immediately available for use in the business operations (66,533) (397,044) Less: Time deposit with original maturity of more than three months when acquired (10,000) - Cash and cash equivalents as stated in the statement of cash flows 1,095,358 1,559,311 9

10 1(c) A statement of cash flows (for the group), together with a comparative statement for the corresponding period of the immediately preceding financial year (cont'd) Year ended Year ended 31 Dec Dec 2015 US$'000 US$'000 Notes to the statement of cash flows:- (restated) (A) Adjustments to loss before tax: Depreciation 104,301 95,184 Amortisation of intangible assets 18,090 22,195 Losses/(gains) on redemption of senior notes (13,315) 941 Impairment of non-current assets 66, ,759 Impairment of prepayments 16,780 7,821 Impairment of long term loans 1,800 6,200 Impairment of trade receivables 12,006 3,404 Net gain on disposal of non-current assets (280,003) (7,874) Re-measurement gain on a pre-existing interest in joint venture (4,245) - Share of profits and losses of joint ventures/associates 71, ,489 Share-based payment and equity-settled share option expenses 60,336 93,340 Dividend income from long term equity investments (859) (263) Net finance costs 157, , ,665 1,381,792 (B) (C) (D) Decrease/(increase) in working capital includes: Decrease/(increase) in trade receivables (330,859) 1,281,182 Decrease in prepayments, deposits and other receivables 239, ,791 Decrease in net fair value gains/losses on commodity and other derivative financial instruments 234,234 1,411,567 Decrease in inventories 148, ,396 Decrease in trade and other payables and accrued liabilities (1,426,781) (3,493,743) (1,135,461) 119,193 Net cash flows from/(used in) investing activities: Additions of property, plant and equipment (114,224) (87,190) Proceeds from disposal of property, plant and equipment 5,230 9,558 Investments in joint ventures/associates (6,151) (59,187) Reduction of investments in joint ventures/associates Decrease/(increase) in amounts due from joint ventures/associates 74,528 (93,791) Proceeds from disposal of joint ventures 6,869 - Proceeds from disposal of associates 750,000 - Disposal of long term equity investments, net 8,868 5,479 Dividend income from long term equity investments Decrease/(increase) in long term loans 30,975 (28,693) Net cash paid on acquisition of subsidiaries (1,586) (33,369) Cash inflow on disposal of subsidiaries 982,294 - Increase in time deposit (10,000) - 1,728,524 (286,930) Net cash flows from/(used in) financing activities: Interest paid on financing activities (205,226) (230,396) Bank debts - additions 2,063,528 9,461,966 Bank debts - repayments (3,549,986) (6,646,205) Exercise of share options - 63 Redemption of senior notes (379,306) (868,109) Acquisition of treasury shares - (102,075) Net proceeds from rights issue 496,455 - Dividend paid to equity holders - (46,423) Dividend paid for capital securities (24,000) (24,000) (1,598,535) 1,544,821 10

11 These figures have been audited 1(d)(i) A statement (for the issuer and group) showing either (i) all changes in equity or (ii) changes in equity other than those arising from capitalisation issues and distributions to shareholders, together with a comparative statement for the corresponding period of the immediately preceding financial year Attributable to equity holders of the parent Reserves Noncontrolling interests Share- Long term Acquisition Reserves in attributable to based Share Capital Cash flow investment Exchange of non- subsidiaries Non- subsidiaries Issued Share Treasury Capital payment option redemption hedging revaluation fluctuation controlling classified as Retained controlling classified as Total capital premium shares securities reserve reserve reserve reserve reserve reserve interests held for sale profits Total interests held for sale equity US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 At 1 January 2015 As previously reported 216,357 2,049, ,547 (145,291) 116,361 6,237 (302,306) 7,677 (62,096) - 5,609 2,767,389 5,057,101 3,858 3,006 5,063,965 IAS 16 and IAS 41 Amendments (21,590) (21,590) - (283) (21,873) As restated 216,357 2,049, ,547 (145,291) 116,361 6,237 (302,306) 7,677 (62,096) - 5,609 2,745,799 5,035,511 3,858 2,723 5,042,092 Profit/(loss) for the year (1,672,010) (1,672,010) 1,599 (41) (1,670,452) Other comprehensive income/(loss), net of tax (See 1a(ii)) ,346 (6,330) (40,533) , ,483 Total comprehensive income/(loss), net of tax (See 1a(ii)) ,346 (6,330) (40,533) - - (1,672,010) (1,666,527) 1,599 (41) (1,664,969) Issue of shares on exercise of share options Acquisition of treasury shares - - (102,075) (102,075) - - (102,075) Share-based payment , , ,070 Equity-settled share option expenses , , ,270 Cash dividend (46,423) (46,423) - - (46,423) Capital securities dividend (24,000) (24,000) - - (24,000) Non-controlling interests arising from business combination Disposal of a subsidiary (186) - (186) Acquisition of non-controlling interests , ,177 (2,177) - - At 31 December 2015 (restated) 216,360 2,049,677 (102,075) 397,547 (73,221) 137,631 6,237 (249,960) 1,347 (102,629) 2,177 5,609 1,003,366 3,292,066 3,114 2,682 3,297,862 At 1 January ,360 2,049,677 (102,075) 397,547 (73,221) 137,631 6,237 (249,960) 1,347 (102,629) 2,177 5,609 1,003,366 3,292,066 3,114 2,682 3,297,862 Profit for the year ,653 8,653 (245) (271) 8,137 Other comprehensive income/(loss), net of tax (See 1a(ii)) ,583 4,649 (11,240) , ,992 Total comprehensive income/(loss), net of tax (See 1a(ii)) ,583 4,649 (11,240) - - 8, ,645 (245) (271) 134,129 Transfer of reserve to held for sales (211) Rights issue of shares 210, , (4,896) , ,455 Share-based payment - (16,478) 13,371-62, , ,431 Equity-settled share option expenses , , ,080 Capital securities dividend (24,000) (24,000) - - (24,000) Disposal of a subsidiary ,784 (2,177) - - 4, ,607 At 31 December ,008 2,323,902 (88,704) 397,547 (15,579) 148,711 6,237 (117,377) 5,996 (106,874) - 5, ,019 3,974,284 2,869 2,411 3,979,564 11

12 1(d)(ii) Details of any changes in the company's share capital arising from rights issue, bonus issue, share buy-backs, exercise of share options or warrants, conversion of other issues of equity securities, issue of shares for cash or as consideration for acquisition or for any other purpose since the end of the previous period reported on. State also the number of shares that may be issued on conversion of all the outstanding convertibles, as well as the number of shares held as treasury shares, if any, against the total number of issued shares excluding treasury shares of the issuer, as at the end of the current financial period reported on and as at the end of the corresponding period of the immediately preceding financial year Company As at As at 31/12/ /12/2015 Share 000 Share 000 ISSUED CAPITAL At 1 January 6,739,467 6,739,367 Issue of shares on exercise of share options Rights issue of shares 6,535,410 - At 31 December 13,274,877 6,739,467 SHARE OPTIONS OUTSTANDING AT 31 DECEMBER 571, ,438 TREASURY SHARES At 1 January 204,057 - Acquisition of treasury shares - 204,057 Share-based payment (26,729) - At 31 December 177, ,057 On 3 June 2016, the Group announced a renounceable underwritten rights issue on the basis of one rights share for every one existing share held by entitled shareholders as at 30 June Shareholders approved the rights issue in the Special General Meeting held on 24 June The rights issue was completed on 1 August Accordingly, the issued share capital excluding treasury shares was increased to 13,070,819,124 shares of HK$0.25 each on 4 August (d)(iii) To show the total number of issued shares excluding treasury shares as at the end of the current financial period and as at the end of the immediately preceding year Total number of issued shares excluding treasury shares as at 31 December 2016 was 13,097,548,524 shares (31 December 2015: 6,535,409,562 shares). 1(d)(iv) A statement showing all sales, transfers, disposal, cancellation and/or use of treasury shares as at the end of the current financial period reported on Please refer to the 1(d)(ii) above. 2 Whether the figures have been audited or reviewed, and in accordance with which auditing standard or practice The financial statements have been audited, in accordance with Hong Kong Standards on Auditing. 3 Whether the figures have been audited or reviewed, the auditors' report (including any qualifications or emphasis of matter) The independent Auditors' Report on the financial statements, as attached, is unqualified. 4 Whether the same accounting policies and methods of computation as in the issuer's most recently audited annual financial statements have been applied The accounting policies adopted are primarily consistent with those disclosed in the 2015 audited financial statements, except for those disclosed under paragraph 5 below. Certain comparative amounts in the financial statements have been reclassified and restated to conform with the current year's presentation. 5 If there are any changes in the accounting policies and methods of computation, including any required by an accounting standard, what has changed, as well as the reasons for, and the effect of, the change The Group has adopted "IAS 16 and IAS 41 Amendments - Amendments to IAS 16 and IAS 41 - Bearer Plants" for the first time for the current year's financial statements. The effect of the adoption of these IFRSs on the financial statements of the Group was a restatement of total equity of US$21,873,000, see note 1d(i) above. 12

13 6 Earnings per ordinary share of the group for the current financial period reported on and the corresponding period of the immediately preceding financial year, after deducting any provision for preference dividends Basic loss per share amounts are calculated by dividing the profit/(loss) for the year attributable to ordinary equity holders of the parent less capital securities dividend by the weighted average number of ordinary shares outstanding during the year. Diluted loss per share amounts are calculated by dividing the loss for the year attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding during the year plus the weighted average number of ordinary shares that would be issued on the conversion of all the dilutive potential ordinary shares into ordinary shares. The computations of basic and diluted loss per share are based on: Loss Year ended Year ended 31 Dec Dec 2015 US$'000 US$'000 Profit/(loss) attributable to equity holders of the parent for basic and diluted earnings per share 8,653 (1,672,010) Less: Capital securities dividend (24,000) (24,000) Adjusted loss attributable to ordinary equity holders of the parent for basic and diluted earnings per share (15,347) (1,696,010) Year ended Year ended 31 Dec Dec 2015 Share'000 Share'000 (restated) Weighted average number of ordinary shares 10,831,359 9,488,855 Dilutive effect of share options - - Weighted average number of ordinary shares adjusted for the dilutive effect 10,831,359 9,488,855 The effect of the bonus element resulting from the rights issue has been included in the calculation of basic and diluted earnings per share and prior year basic and diluted earnings per share is adjusted in order to provide a comparable basis for the rights issue in the current year. 7 Net asset value (for the issuer and group) per ordinary share based on the total number of issued shares excluding treasury shares of the issuer at the end of the (a) current financial period reported on; and (b) immediately preceding financial year Group Company As at As at As at As at 31/12/ /12/ /12/ /12/2015 (restated) Net asset value per ordinary share based on issued share capital at end of the year US$ 0.30 US$ 0.50 US$ 0.29 US$ A review of the performance of the group, to the extent necessary for a reasonable understanding of the group's business. It must include a discussion of the following: a) any significant factors that affected the turnover, costs, and earnings of the group for the current financial period reported on, including (where applicable) seasonal or cyclical factors; and b) any material factors that affected the cash flow, working capital, assets or liabilities of the group during the current financial period reported on Please refer to the attached appendix: management's discussion and analysis of financial condition and results of operations. 9 Where a forecast, or a prospect statement, has been previously disclosed to shareholders, any variance between it and the actual results No forecast was previously given. 10 A commentary at the date of this announcement of the significant trends and competitive conditions of the industry in which the group operates and any known factors or events that may affect the group in the next reporting period and the next 12 months Please refer to the attached appendix: management's discussion and analysis of financial condition and results of operations. 13

14 11 Dividend (a) (b) (c) (d) Current financial period reported on Nil Corresponding period of the immediately preceding financial year Nil Date payable: Not applicable Books closure date: Not applicable 12 If no dividend has been declared/recommended, a statement to that effect No dividend has been declared/recommended for the year ended 31 December Interested Person Transactions The Group does not have a general mandate from shareholders for interested person transactions. 14 Confirmation By Directors Pursuant to Rule 705(5) of the Listing Manual Not applicable 15 Confirmation that the issuer has procured undertakings from all its directors and executive officers under Rule 720(1). The Company has procured undertakings from all its directors and executive officers in compliance with Listing Rule 720(1). 16 Use of Proceeds The Group had used approximately 20% of the net proceeds from its 2016 rights issue for the repayment of part of its syndicated loan facilities. Such use and percentage was in accordance with the stated use and percentage allocated in the offer information statement dated 28 June

15 PART II 17 Segmented revenue and results for business or geographical segments (of the group) in the form presented in the issuer's most recently audited annual financial statements, with comparative information for the immediately preceding year For management purposes, the Group is organised into business units based on their products and services and has four reporting operating segments as follows: (a) (b) (c) (d) Energy: The Group's Energy segment includes the following product divisions: Energy Coal, which trades and provides supply chain and risk management services on bituminous and sub-bituminous energy coal, and Oil Liquids, which trades and offers expertise in crude oil, distillates, gasoline, naphtha, ethanol and other refined products. Gas & Power: The Group s Gas & Power segment includes the following product divisions: Gas & Power, which trades and provides supply chain management services on gas, LNG, power and input coal, and Energy Solutions, which offers supply and risk management services to retail customers on power and gas. On 1 December 2016, the Group announced the sales was completed and the Group no longer holds any units in NES. Mining & Metals: The Group's Mining & Metals segment includes the following product divisions: Metals, which trades and provide supply chain management services on aluminum, alumina and bauxite, copper, zinc, lead, nickel and raw materials, and Carbon Steel Materials, which trades and provide risk management and logistics services on iron ore, met coal, met coke and specialty ores and alloys. Corporate: The Group s Corporate segment incorporates: Logistics, which provides internal and external customers with ocean transport in the dry bulk segment, long term freight solutions and freight market guidance; Financial Services, which leverages the origination and customer solution activities of the businesses of the Group; certain investments in associates and joint ventures which include Yancoal Australia Limited ( Yancoal ) and Harbour Energy, L.P. ( Harbour ); and other corporate activities. Adjusted income statement by Segment Energy Gas & Power Mining & Metals Corporate Adjustments Consolidated per IFRS (restated) (restated) (restated) (restated) (restated) Tonnage (MT'000) 154, ,360 N/A N/A 27,304 32,380 39,984 87, , , ,341 Volume (Mwh'000)* N/A N/A 357, ,346 N/A N/A N/A N/A 382, , , ,778 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 Revenue 39,670,302 50,810, , ,764 4,917,921 7,872, ,796 1,302,096 1,004,076 6,010,665 46,528,338 66,712,404 Cost of sales and services (39,331,432) (49,899,953) (345,906) (322,001) (4,721,495) (7,973,972) (317,654) (1,357,741) (1,141,601) (7,043,705) (45,858,088) (66,597,372) Operating income/(loss) from supply chains # 338, , , , ,426 (101,223) 15,142 (55,645) (137,525) (1,033,040) 670, ,032 Profit/(loss) on supply chain assets, net # (8,013) (3,355) 291,394 (43) (6,247) 11,429 (65,539) (103,874) (77,370) (719,785) 134,225 (815,628) Share of profits and losses of: Joint ventures (5,012) (6,370) (19,870) (544) 12,216 (6,464) (12,260) (12,984) Associates # (2,446) (3,417) (4,404) (7,053) (4,925) (16,303) (47,551) (43,599) 67 (201,133) (59,259) (271,505) Total operating income/(loss) # 328, , , , ,242 (112,467) (117,818) (203,662) (202,612) (1,960,422) 732,956 (985,085) Profit/(loss) before interest and tax # 90, , , ,255 86,992 (212,176) (256,305) (205,929) (265,531) (2,038,360) 75,091 (1,539,023) *Volume conversions from MMBTu to Mwh based on current market heat rates # Adjusted for business department discontinuing or to be discontinued and exceptional non-cash items. Refer to Note 1(a)(i)(A) 15

16 PART II 18 In the review of performance, the factors leading to any material changes in contributions to turnover and earnings by the operating segments Please refer to the attached appendix: management's discussion and analysis of financial condition and results of operations. 19 A breakdown of the Group's sales Year ended Year ended Increase/ 31 Dec Dec 2015 (decrease) US$'000 US$'000 % (a) Sales from continuing operation reported for the first half year 23,847,022 34,997,576 (32) (b) Operating profit/(loss) after tax before deducting minority interests reported for the first half year (14,472) 169,053 N/A (c) Sales from continuing operation reported for the second half year 22,681,316 31,714,828 (28) (d) Operating loss after tax before deducting minority interests reported for the second half year 22,609 (1,839,505) N/A 20 A breakdown of the total annual dividend (in dollar value) for the issuer's latest full year and its previous full year Year ended Year ended 31 Dec Dec 2015 US$'000 US$'000 (a) Ordinary - 46,423 (b) Capital securities 24,000 24,000 Total 24,000 70, Disclosure of person occupying a managerial position in the issuer or any of its principal subsidiaries who is a relative of a director or chief executive officer or substantial shareholder of the issuer pursuant to Rule 704(10) During the year, there was no person occupying a managerial position in the Company or any of its principal subsidiaries who is a relative of a director or chief executive officer or substantial shareholder of the Company. BY ORDER OF THE BOARD Richard Samuel Elman Chairman 27 February

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