Page 1

NEWS RELEASE Baar , 5 August 2021 2021 Half - Year Report Highlights Glencore's Chief Executive Officer , Gary Nagle , commented : " I am pleased to report strong progress and group performance over the first half of 2021. Our Industrial assets recorded a much improved safety performance , our strengthened climate commitments are amongst the most ambitious in the sector , group half year Adjusted EBITDA of $ 8.7 billion was a record , Net debt targets were achieved early and shareholder returns have been topped up . " Following Covid - 19's severe global impacts in early 2020 , the subsequent economic recovery has seen prices of most of our commodities surging to multi - year highs amid accelerating demand and lingering supply constraints . Fiscal and monetary stimulus , successful vaccine roll - outs and increasing momentum in relation to decarbonisation of energy systems should continue to underpin sector sentiment going forward . " Our marketing business excelled in this environment , recording Adjusted EBIT of $ 1.8 billion . In contrast to the outsized oil earnings that dominated last year's record first - half results , strong trading performances were delivered by all key commodity teams during this year . In the Industrial business , Adjusted EBITDA of $ 6.6 billion was up 152 % , benefiting from strong metals prices and expanded mining margins . While our coal business was impacted by relatively weak pricing and lower volumes earlier in the year , we anticipate a significantly improved finish to 2021 , buoyed by the strong recovery in both thermal and coking coal prices from Q2 . " Against such first - half backdrop , cash generation was strong , with FFO almost doubling to $ 7.3 billion , and Net debt of $ 10.6 billion correspondingly moving to the lower end of our target range . Accordingly , and aided by the robust cashflow currently being generated within the business , I am pleased to announce additional shareholder returns , comprising a c . $ 0.5 billion special cash distribution ( $ 0.04 / share ) for payment in September and a $ 650 million share buyback to be completed by the release of our full year results next year . This overall top - up lifts planned 2021 shareholder returns to c . $ 2.8 billion . GLENCORE " The strength of Glencore's enviable portfolio today reflects Ivan's persistent pursuit of value creation and his vision in unlocking the enhanced benefits and synergies from combining a large diversified suite of Industrial assets with related Marketing activities . Our company is ideally positioned in terms of commodity mix and business model and I look forward to working with all our stakeholders to realise our ambition of meeting the expected resource needs of the future , while creating sustainable long - term value . " US $ million Key statement of income and cash flows highlights : Revenue Adjusted EBITDA * Adjusted EBIT Net income / ( loss ) attributable to equity holders Earnings / ( loss ) per share ( Basic ) ( US $ ) Funds from operations ( FFO ) 20 Cash generated by operating activities before working capital changes Net purchase and sale of property , plant and equipment²⁰ US $ million Key financial position highlights : Total assets Net funding 230 Net debt2,30 Ratios : FFO to Net debt2,3,4⁰ Net debt to Adjusted EBITDA3,40 Glencore Half - Year Report 2021 H1 2021 93,805 8,654 5,305 1,277 0.10 7,310 7,181 1,767 H1 2020 70,961 4,833 1,472 ( 2,600 ) ( 0.20 ) 3,686 4,317 1,700 30.06.2021 122,419 31,854 10,624 112.5 % 0.69 Change % 32 79 260 n.m. n.m. 98 66 4 31.12.2020 118,000 35,428 15,844 52.5 % 1.37 1 Refer to basis of presentation on page 4 . 2 Refer to page 8 . 3 Includes $ 1,005 million ( 2020 : $ 652 million ) of Marketing related lease liabilities . 4 H12021 ratios based on last 12 months ' FFO and Adjusted EBITDA , refer to APMS section for reconciliation . > Adjusted measures referred to as Alternative performance measures ( APMS ) which are not defined or specified under the requirements of International Financial Reporting Standards ; refer to APMS section on page 64 for definitions and reconciliations and to note 3 of the financial statements for reconciliation of Adjusted EBIT / EBITDA . 2020 142,338 11,560 4,416 ( 1,903 ) ( 0.14 ) 8,325 8,568 3,921 Change % 4 * ( 10 ) ( 33 ) 114 ( 50 ) 1