Bond Glencore Global AG 3.125% ( XS1968703345 ) in GBP

Glencore Global AG

100 % ▲

Switzerland

XS1968703345 ( in GBP )

3.125% per year ( payment 1 time a year)

25/03/2026

Prospectus brochure of the bond Glencore International AG XS1968703345 en GBP 3.125%, maturity 25/03/2026

100 000 GBP

500 000 000 GBP

26/03/2026 ( In 45 days )

Glencore International AG is a multinational commodity trading and mining company headquartered in Baar, Switzerland, with operations spanning the globe in the production and marketing of various metals and minerals, energy products, and agricultural products.

The Bond issued by Glencore Global AG ( Switzerland ) , in GBP, with the ISIN code XS1968703345, pays a coupon of 3.125% per year.
The coupons are paid 1 time per year and the Bond maturity is 25/03/2026

Base Prospectus dated 22 June 2018
Glencore Finance (Europe) Limited
(incorporated in Jersey)
guaranteed by

Glencore plc
(incorporated in Jersey)
and
Glencore International AG
(incorporated in Switzerland)
and
Glencore (Schweiz) AG
(incorporated in Switzerland)
U.S.$20,000,000,000
Euro Medium Term Note Programme

Arranger
Barclays
Dealers
Barclays
BNP PARIBAS
Citigroup
Credit Suisse
Deutsche Bank
HSBC
J.P. Morgan
NatWest Markets

Under this U.S.$20,000,000,000 Euro Medium Term Note Programme (the "Programme"), Glencore Finance
(Europe) Limited (the "Issuer") may from time to time issue notes (the "Notes") unconditionally (subject, in
the case of Glencore (Schweiz) AG, to applicable Swiss law) and irrevocably guaranteed by Glencore plc
("Glencore" or the "Company"), Glencore International AG and Glencore (Schweiz) AG (each a "Guarantor"
and together, the "Guarantors") and denominated in any currency agreed between the Issuer, the Guarantors
and the relevant Dealer (as defined below).
The maximum aggregate principal amount of Notes outstanding at any one time under the Programme will not
exceed U.S.$20,000,000,000 (and for this purpose, any Notes denominated in another currency shall be
translated into U.S. dollars at the date of the agreement to issue such Notes (calculated in accordance with the
provisions of the Dealership Agreement (as defined under "Subscription and Sale")). The maximum aggregate
principal amount of Notes which may be outstanding at any one time under the Programme may be increased
from time to time, subject to compliance with the relevant provisions of the Dealership Agreement as defined
under "Subscription and Sale".
The Notes may be issued on a continuing basis to one or more of the Dealers specified under "General
Description of the Programme" and any additional Dealer appointed under the Programme from time to time
by the Issuer and each Guarantor (each a "Dealer" and together the "Dealers"), which appointment may be for
a specific issue or on an ongoing basis. References in this Base Prospectus to the "relevant Dealer" shall, in
relation to an issue of Notes being (or intended to be) subscribed by more than one Dealer, be to the lead
manager of such issue and, in relation to an issue of Notes subscribed by one Dealer, be to such Dealer.
Application has been made for Notes issued under the Programme for the period of 12 months after the
publication of this Base Prospectus to be listed on the Official List of the Luxembourg Stock Exchange and
admitted to trading on the regulated market of the Luxembourg Stock Exchange (the "Luxembourg Stock
Exchange's Regulated Market"). References in the Base Prospectus to Notes being "listed" (and all related
references) shall mean that such Notes have been listed on the Luxembourg Stock Exchange and admitted to
trading on the Luxembourg Stock Exchange's Regulated Market. The Luxembourg Stock Exchange's
Regulated Market is a regulated market for the purposes of the Directive of the European Parliament and the
Council on markets in financial instruments 2014/65/EU (as amended, "MiFID II"). The Programme also
permits Notes to be issued on the basis that they will not be admitted to listing, trading and/or quotation by any
listing authority, stock exchange and/or quotation system or to be admitted to listing, trading and/or quotation
by such other or further listing authorities as may be agreed with the Issuer ("Exempt Notes"). The Luxembourg
Commission de Surveillance du Secteur Financier (the "CSSF") has neither approved nor reviewed information
contained in this Base Prospectus in connection with any Exempt Notes. Notice of the aggregate nominal
amount of the Notes, interest (if any) payable in respect of Notes, the issue price of Notes and any other terms
and conditions which are applicable to each Tranche (as defined under "Terms and Conditions of the Notes") of
Notes will be set out in the applicable final terms (the "Final Terms") which, with respect to the Notes to be
admitted to listing on the Official List of the Luxembourg Stock Exchange and to trading on the Regulated
Market of the Luxembourg Stock Exchange, will be filed with the Luxembourg Stock Exchange and the CSSF.
In the case of any Notes which are to be admitted to trading on a regulated market within the European
Economic Area or offered to the public in a Member State of the European Economic Area in circumstances
which require the publication of a prospectus under the Prospectus Directive (as defined herein), the minimum
specified denomination shall be 100,000 (or its equivalent in any other currency as at the date of issue of the
Notes).
This document comprises a base prospectus for the purposes of Article 5.4 of the Prospectus Directive and for
the purpose of giving information with regard to the Issuer and each Guarantor, which, according to the
particular nature of the Issuer and each Guarantor and the Notes, is necessary to enable investors to make an

2

informed assessment of the liabilities, financial position, profit and losses and prospects of the Issuer.
References in this Base Prospectus to the "Group" are to references to the Company and its subsidiaries and
any subsidiary thereof from time to time, and references to "Xstrata" are to Xstrata Limited (previously known
as Xstrata plc) and its subsidiaries and any subsidiary thereof as at completion of the acquisition by Glencore
of Xstrata completed on 2 May 2013 (the "Acquisition"). The companies in which Glencore directly and
indirectly has an interest are separate and distinct legal entities. In this document, "Glencore" and "Group" is
used for convenience only where references are made to Glencore plc and its subsidiaries in general. These
collective expressions are used for ease of reference only and do not imply any other relationship between the
companies. Likewise, the words "we", "us" and "our" are also used to refer collectively to members of the
Group or to those who work for them. These expressions are also used where no useful purpose is served by
identifying the particular company or companies.
This document comprises the base prospectus in respect of Glencore Finance (Europe) Limited and for that
purpose, this whole document would be referred to as the "Base Prospectus". This Base Prospectus has been
approved by the CSSF which is the Luxembourg competent authority for the purpose of the Prospectus
Directive and relevant implementing measures in Luxembourg, as a base prospectus issued in compliance with
the Prospectus Directive and relevant implementing measures in Luxembourg for the purpose of giving
information with regard to the issue of Notes issued under the Programme described in this Base Prospectus
during the period of twelve months after the date hereof. By approving this Base Prospectus, the CSSF does
not give any undertaking as to the economical and financial soundness of the operation or the quality or solvency
of the Issuer in line with the provisions of article 7(7) of the Luxembourg Act dated 10 July 2005 (as amended)
relating to prospectuses for securities (loi relative aux prospectus pour valeurs mobilières).
Prospective investors should have regard to the factors described under the section headed "Risk Factors" in
this Base Prospectus.
The Programme is, as of the date of this Base Prospectus, rated Baa2 in respect of the Notes by Moody's
Investors Service Ltd. ("Moody's") and BBB+ in respect of the Notes by Standard & Poor's Credit Market
Services Europe Limited ("S&P"). Moody's and S&P are established in the European Union and are registered
under Regulation (EC) No 1060/2009 on credit rating agencies, as amended (the "CRA Regulation"). Further
information relating to the registration of rating agencies under the CRA Regulation and a current list of
registered credit rating agencies can be found on the website of the European Securities and Markets Authority.
Tranches of Notes issued under the Programme may be rated or unrated. Where a Tranche of Notes is rated, the
applicable rating(s), which will not necessarily be the same as the rating applicable to the Programme, will be
specified in the relevant Final Terms. In general, European regulated investors are restricted from using a rating
for regulatory purposes if such rating is not issued by a credit rating agency established in the European Union
and registered under the CRA Regulation.
A rating is not a recommendation to buy, sell or hold securities and may be subject to suspension, change or
withdrawal at any time by the assigning rating agency.
Amounts payable under any floating rate notes ("Floating Rate Notes") may be calculated by reference to one
of LIBOR or EURIBOR (each as defined herein), as specified in the applicable Final Terms. As at the date of
this Prospectus, the administrator of EURIBOR does not appear on the register of administrators and
benchmarks ("Register of Administrators") established and maintained by the European Securities and Markets
Authority ("ESMA") pursuant to article 36 of the Benchmark Regulation (Regulation (EU) 2016/1011) (the
"BMR"). As far as the Issuer is aware, the transitional provisions in Article 51 of the BMR apply, such that the
admninistrator of EURIBOR is not currently required to obtain authorisation or registration. As of the date of
this Prospectus, IBA (ICE Benchmark Administration Ltd), the administrator of LIBOR, is included on the
Register of Administrators.

3

This document should be read and construed together with any supplements hereto and with any other
documents incorporated by reference herein and, in relation to any Tranche of Notes, should be read and
construed together with the relevant Final Terms.
The Issuer and each Guarantor has confirmed to the Dealers named under "Subscription and Sale" below that
this Base Prospectus (including for this purpose, each relevant Final Terms) contains all information which is
(in the context of the Programme, the issue and offering of the Notes and the guarantees of the Notes (the
"Guarantees of the Notes")) material; that such information is true, accurate and complete in all material
respects and is not misleading in any material respect; that any opinions, predictions or intentions expressed
herein are honestly held or made, are based on reasonable assumptions and are not misleading in any material
respect; that this Base Prospectus does not omit to state any material fact necessary to make such information,
opinions, predictions or intentions (in the context of the Programme, the issue and offering of the Notes and the
Guarantees of the Notes) not misleading in any material respect; and that all reasonable enquiries have been
made to verify the foregoing.
No person has been authorised to give any information or to make any representation not contained in or not
consistent with this Base Prospectus or any other document entered into in relation to the Programme or any
information supplied by the Issuer or any Guarantor or such other information as is in the public domain and,
if given or made, such information or representation should not be relied upon as having been authorised by
any of the Issuer, the Trustee, the Guarantors or the Dealers.
No representation or warranty is made or implied by the Dealers or any of their respective affiliates, and neither
the Dealers nor any of their respective affiliates makes any representation or warranty or accepts any
responsibility as to the accuracy or completeness of the information contained in this Base Prospectus. Neither
the delivery of this Base Prospectus or any Final Terms nor the offering or delivery of any Note shall, in any
circumstances, create any implication that the information contained in this Base Prospectus is true subsequent
to the date hereof or the date upon which this Base Prospectus has been most recently amended or supplemented
or that there has been no adverse change, or any event reasonably likely to involve any adverse change, in the
condition (financial or otherwise) of the Issuer or any Guarantor since the date thereof or, if later, the date upon
which this Base Prospectus has been most recently amended or supplemented or that any other information
supplied in connection with the Programme is correct at any time subsequent to the date on which it is supplied
or, if different, the date indicated in the document containing the same.
MIFID II PRODUCT GOVERNANCE / TARGET MARKET  The Final Terms in respect of any Notes
will include a legend entitled "MiFID II Product Governance" which will outline the target market assessment
in respect of the Notes and which channels for distribution of the Notes are appropriate. Any person
subsequently offering, selling or recommending the Notes (a "distributor") should take into consideration the
target market assessment; however, a distributor subject to MiFID II is responsible for undertaking its own
target market assessment in respect of the Notes (by either adopting or refining the target market assessment)
and determining appropriate distribution channels.
A determination will be made in relation to each issue about whether, for the purpose of the MiFID Product
Governance rules under EU Delegated Directive 2017/593 (the "MiFID Product Governance Rules"), any
Dealer subscribing for any Notes is a manufacturer in respect of such Notes, but otherwise neither the Arranger
nor the Dealers nor any of their respective affiliates will be a manufacturer for the purpose of the MiFID Product
Governance Rules.
PROHIBITION OF SALES TO EEA RETAIL INVESTORS The Notes are not intended to be offered,
sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail
investor in the European Economic Area ("EEA"). For these purposes, a retail investor means a person who is
one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of MiFID II; (ii) a customer within

4

the meaning of Directive 2002/92/EC (as amended, "IMD"), where that customer would not qualify as a
professional client as defined in point (10) of Article 4(1) of MiFID II; or (iii) not a qualified investor as defined
in the Prospectus Directive. Consequently, no key information document required by Regulation (EU) No
1286/2014 (the "PRIIPs Regulation") for offering or selling the Notes or otherwise making them available to
retail investors in the EEA has been prepared and therefore offering or selling the Notes or otherwise making
them available to any retail investor in the EEA may be unlawful under the PRIIPs Regulation.
The distribution of this Base Prospectus and any Final Terms and the offering and delivery of the Notes in
certain jurisdictions may be restricted by law. Persons into whose possession this Base Prospectus or any Final
Terms comes are required by the Issuer, any Guarantor and the Dealers to inform themselves about and to
observe any such restrictions. For a description of certain restrictions on offers and deliveries of Notes and on
the distribution of this Base Prospectus or any Final Terms and other offering material relating to the Notes, see
"Subscription and Sale". In particular, the Notes and the Guarantees of the Notes have not been and will not be
registered under the United States Securities Act of 1933 (as amended) (the "Securities Act") and are subject to
U.S. tax law requirements. Subject to certain exceptions, the Notes and the Guarantees of the Notes may not be
offered, sold or delivered within the United States or to U.S. persons. Neither this Base Prospectus nor any
Final Terms constitutes an offer or an invitation to subscribe for any Notes and should not be considered as a
recommendation by the Issuer, the Guarantors, the Trustee, the Dealers or any of them that any recipient of this
Base Prospectus or any Final Terms should subscribe for any Notes. Each recipient of this Base Prospectus or
any Final Terms shall be taken to have made its own investigation and appraisal of the condition (financial or
otherwise) of the Issuer and the Guarantors.
The Issuer and the Guarantors may agree with any Dealer that Notes may be issued in a form not contemplated
by the Terms and Conditions of the Notes herein, in which event (in the case of Notes intended to be admitted
to listing on the Official List of the Luxembourg Stock Exchange and to trading on the Luxembourg Stock
Exchange's Regulated Market) a supplement to this Base Prospectus, if appropriate, will be made available
which will describe the effect of the agreement reached in relation to such Notes.
In this Base Prospectus, unless otherwise specified, references to a "Member State" are references to a Member
State of the European Economic Area, references to "Relevant Member State" means a Member State of the
European Economic Area which has implemented the Prospectus Directive, references to "Prospectus
Directive" mean Directive 2003/71/EC (as amended, including by Directive 2010/73/EU), and includes any
relevant implementing measure in the Relevant Member State, references to "US", "U.S." and "United States"
are to the United States of America, references to "U.S.$" and "U.S. dollars" are to United States dollars,
references to "EUR", "" or "Euro" are to the currency introduced at the start of the third stage of European
economic and monetary union, and as defined in Article 2 of Council Regulation (EC) No 974/98 of 3 May
1998 on the introduction of the Euro, as amended, references to "sterling", "pound sterling" and "£" are to the
lawful currency of the United Kingdom, references to "ZAR" are to South African Rand, references to "Swiss
Francs" are to the lawful currency of Switzerland, references to "Argentine Pesos" or "ARS" are to the lawful
currency of Argentina, references to "Australian dollars", "A$" or "AUD" are to the lawful currency of
Australia, references to "Canadian dollars", "C$" or "CAD" are to the lawful currency of Canada, references
to "Chilean Peso" or "CLP" are to the lawful currency of Chile, references to "yen" or "JPY" are to the lawful
currency of Japan, references to "Peruvian Sol" or "PEN" are to the lawful currency of Peru and references to
"Kazakhstani Tenge" or "KZT" are to the lawful currency of Kazakhstan.
Certain figures included in this Base Prospectus have been subject to rounding adjustments; accordingly, figures
shown for the same category presented in different tables may vary slightly and figures shown as totals in certain
tables may not be an arithmetic aggregation of the figures which precede them.
This Base Prospectus has been prepared on the basis that any offer of Notes in any Relevant Member State will
be made pursuant to an exemption under the Prospectus Directive, as implemented in that Relevant Member

5

State, from the requirement to publish a prospectus for offers of Notes. Accordingly any person making or
intending to make an offer in that Relevant Member State of Notes which are the subject of an offering
contemplated in this Base Prospectus as completed by Final Terms in relation to the offer of those Notes may
only do so in circumstances in which no obligation arises for the Issuer, the Guarantors or any Dealer to publish
a prospectus pursuant to Article 3 of the Prospectus Directive or supplement a prospectus pursuant to Article
16 of the Prospectus Directive, in each case, in relation to such offer. None of the Issuer, the Guarantors nor
any Dealer has authorised, nor do they authorise, the making of any offer of Notes in circumstances in which
an obligation arises for the Issuer, the Guarantors or any Dealer to publish or supplement a prospectus for such
offer and the relevant Issuer has consented in writing to its use for the purpose of such offer.
In connection with the issue of any Tranche of Notes, one or more relevant Dealers (in such capacity, the
"Stabilisation Manager(s)") (or any person acting on behalf of any Stabilisation Manager(s)) may over
allot Notes or effect transactions with a view to supporting the market price of the Notes at a level higher
than that which might otherwise prevail. However, stabilisation may not necessarily occur. Any
stabilisation action may begin on or after the date on which adequate public disclosure of the terms of
the offer of the relevant Tranche of Notes is made and, if begun, may cease at any time, but it must end
no later than the earlier of 30 days after the issue date of the relevant Tranche of Notes and 60 days after
the date of the allotment of the relevant Tranche of Notes. Any stabilisation action or over allotment must
be conducted by the relevant Stabilisation Manager(s) (or any person acting on behalf of any Stabilisation
Manager(s)) in accordance with all applicable laws and rules.

6

RESPONSIBILITY STATEMENT
The Issuer and each Guarantor (together, the "Responsible Persons") accepts responsibility for the information
contained in this Base Prospectus and the Final Terms for each Tranche of Notes issued under the Programme
and declares that, having taken all reasonable care to ensure that such is the case, the information contained in
this Base Prospectus is, to the best of its knowledge, in accordance with the facts and contains no omission
likely to affect its import.

7

TABLE OF CONTENTS
Page
RISK FACTORS ....................................................................................................................................... 9
GENERAL DESCRIPTION OF THE PROGRAMME .......................................................................... 32
INFORMATION INCORPORATED BY REFERENCE ........................................................................ 36
SUPPLEMENT TO THE BASE PROSPECTUS .................................................................................... 40
FORMS OF THE NOTES ....................................................................................................................... 41
TERMS AND CONDITIONS OF THE NOTES .................................................................................... 44
FORM OF FINAL TERMS ..................................................................................................................... 78
OVERVIEW OF PROVISIONS RELATING TO THE NOTES WHILE IN GLOBAL FORM ............ 88
DESCRIPTION OF GLENCORE FINANCE (EUROPE) LIMITED .................................................... 92
DESCRIPTION OF THE COMPANY AND THE GROUP ................................................................... 93
DESCRIPTION OF GLENCORE INTERNATIONAL AG.................................................................. 143
DESCRIPTION OF GLENCORE (SCHWEIZ) AG ............................................................................. 144
SUBSCRIPTION AND SALE .............................................................................................................. 145
TAXATION ........................................................................................................................................... 148
GENERAL INFORMATION ................................................................................................................ 153
DEFINITIONS AND GLOSSARY OF TECHNICAL TERMS ............................................................ 157
APPENDIX 1 -- OVERVIEW OF CERTAIN DIFFERENCES BETWEEN INTERNATIONAL
FINANCIAL REPORTING STANDARDS AND SWISS GENERALLY ACCEPTED
ACCOUNTING PRINCIPLES ..................................................................................................... 160

8

RISK FACTORS
Prospective investors should read and carefully consider the following risk factors and other information in
this Base Prospectus before deciding to invest in the Notes. Additional risks not currently known to the Issuer
or the Guarantors or that they now deem immaterial may also adversely affect the Issuer or the Guarantors or
affect an investment in the Notes.
Risks relating to Glencore Finance (Europe) Limited
Glencore Finance (Europe) Limited is a finance vehicle.
Glencore Finance (Europe) Limited's primary business is the raising of money for the purpose of on lending to
other members of the Group. Accordingly, substantially all Glencore Finance (Europe) Limited's assets are
loans and advances made to other members of the Group, and the ability of Glencore Finance (Europe) Limited
to satisfy its obligations in respect of the Notes will depend upon payments made to it by other members of the
Group in respect of loans and advances made by Glencore Finance (Europe) Limited.
External risks relating to the Group
The Group is exposed to fluctuations in commodity prices and to deterioration in economic and
financial conditions.
The revenue and earnings of the Group's industrial asset activities and, to a lesser extent, the Group's marketing
activities are dependent upon prevailing commodity prices. Commodity prices are influenced by a number of
external factors, including the supply and demand for commodities, speculative activities by market
participants, global political and economic conditions and related industry cycles and production costs in major
producing countries. Fluctuations in the price of commodities produced or marketed by the Group could
materially impact the Group's business, results of operations and earnings.
The impacts that fluctuating commodity prices have on the Group's business differ between its marketing
activities and industrial activities.
In a market environment in which prices for a particular commodity are higher on average, the
premiums/margins that the Group generates in its physical marketing operations relating to such commodity as
a result of geographical, time and quality imbalances tend to be higher. The Group's marketing activities also
generally benefit from fluctuating market prices, rather than long periods of stable prices, as it seeks to
physically arbitrage such resulting price differentials. As prices of commodities rise, the Group generally has
higher working capital financing requirements over the same quantity of commodities in question. During
periods of falling commodity prices, the opposite applies in that the Group will require less working capital
financing for its marketing activities.
Higher prices will be particularly favourable to the profitability of the Group in respect of those commodities
which the Group produces at its industrial assets or are produced by its associated companies and other
investees. Similarly, low prices will negatively impact the Group's industrial activities and could result in such
activities incurring losses.
A significant downturn in the price of commodities generally results in a decline in the Group's profitability
during such a period and could potentially result in a devaluation of inventories and impairments. Although the
impact of a downturn in commodity prices affects industrial and marketing activities differently, the negative
impact on its industrial activities is generally greater, as the profitability in the industrial activities is more
directly exposed to price risk due to its higher level of fixed costs, while the Group's marketing activities are
ordinarily substantially hedged in respect of price risk and principally operate a service-like margin-based
model. The Group does not typically engage in meaningful hedging against declines in commodity prices

9

related to industrial production and, as a result, volatility in commodity prices has directly impacted its results
of operations. If the Group does not engage in meaningful hedging against declines in commodity prices, its
business and results of operations could also be impacted by volatility in commodity prices.
The significant falls in commodity prices experienced during 2015 and the continued uncertainty with respect
to the global economic outlook make fluctuations in commodity prices a particularly material risk for the Group.
Any negative developments, particularly impacting China and its economy, could lead to reductions in demand
for and, consequently, prices of the Group's commodities.
In addition, an actual or perceived decline in economic and financial conditions globally or in a specific country,
region or sector may have a material adverse effect on the business, results of operations or earnings of the
Group. For example, although most commodities' fixed pricing periods are relatively short, a significant
reduction or increase in commodity prices could result in customers or suppliers, as the case may be, being
unwilling or unable to honour their contractual commitments to purchase or sell commodities on pre-agreed
pricing terms. In addition, a tightening of available credit may make it more difficult to obtain, or may increase
the cost of obtaining, financing for the Group's marketing activities and capital expenditures at the Group's
industrial assets. Changing production levels in response to current price levels or estimates of future price
levels imposes costs, and, if mistimed, could adversely affect the results of the Group's operations or financial
condition. In addition, the default, or a significant decline in the credit rating, of one or more sovereigns or
financial institutions could cause severe stress in the financial system generally and could adversely affect the
markets in which the Group operates and the businesses and economic condition and prospects of its
counterparties, customers, suppliers or creditors, directly or indirectly, in ways which it is difficult to predict.
The impact of this could be detrimental to the Group and could have a material adverse effect on the business,
results of operations or earnings of the Group.
The Group is exposed to fluctuations in the expected volumes of supply and demand for commodities.
The expected volumes of supply and demand for the commodities in which the Group is active vary over time,
based on competitor supply policies, changes in resource availability, government policies and regulation, costs
of production, global and regional economic conditions, demand in end markets for products in which the
commodities are used, technological developments, including commodity substitutions, fluctuations in global
production capacity, global and regional weather conditions, natural disasters and diseases, all of which impact
global markets and demand for commodities. Furthermore, changes in expected supply and demand conditions
impact the expected future prices (and thus the price curve) of each commodity.
Fluctuations in the volume of each commodity produced by the Group or marketed by the Group could
materially impact the business, results of operations and earnings of the Group. These fluctuations could result
in a reduction or increase in the income generated in respect of the volumes handled by the Group's marketing
activities, or a reduction or increase in the volume and/or margin in respect of commodities produced by the
Group's industrial assets.
The Group is exposed to fluctuations in currency exchange and interest rates.
The vast majority of transactions undertaken by the Group's industrial and marketing activities are denominated
in U.S. dollars. However, the Group is exposed to fluctuations in currency exchange rates through its industrial
activities, because a large proportion of the operating costs of these assets are denominated in the currency of
the country in which each asset is located, including the Australian dollar, the Canadian dollar, the Euro, the
Kazakhstani Tenge, the Chilean Peso, the South African Rand, the Argentine Peso, the Colombian Peso and the
Peruvian Sol. The Group is also exposed to fluctuations in currency exchange rates through its global office
network which are denominated largely in the currency of the country in which each office is located, the largest
of such currency exposures being to the Swiss Franc, the pound sterling and the Euro. The Group is also exposed

10