Corporate Presentation

January 2020
Agenda

TRAFIGURA OVERVIEW WHAT MAKES US DIFFERENT BUSINESS DIVISIONS

2
Trafigura Overview
TRAFIGURA OVERVIEW

Trafigura Group at a Glance

Physical trading and logistics lie at the heart of our business. We move physical commodities from places
they are plentiful to where they are most needed – reliably, efficiently and responsibly.

$171.5bn $54.2bn 5,106 41

Group revenue Total assets Average number of Countries of operation
employees over year

389.2mmt 292.0mmt 19.9mmt 77.3mmt

Combined volume of Oil and Petroleum Products Metals total volume traded Minerals total volume traded
commodities traded total volume traded

All figures in this presentation refer to Trafigura’s financial year ended 30 September 2019, unless otherwise stated.

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TRAFIGURA OVERVIEW

Logistics-Driven Business Model

• Trafigura plays a pivotal role in the supply chain, bringing commodities from thousands of producers to millions of consumers around
the world.
• Physical trading is not an on-screen, dematerialised market. Supported by a global network, our traders rely on their analysis and
understanding of global commodities supply and demand.
• Unlike financial institutions, Trafigura physical traders execute dozens of trades per day rather than thousands.

Technical arbitrage
We can obtain on-
specification products at the
lowest possible cost.

Time arbitrage
Our scale allows us to take
advantage of changing market
conditions.

Contract arbitrage
We can choose the pricing
period for a given contract,
giving us optionality.

www.trafigura.com/arbitrage

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TRAFIGURA OVERVIEW

What We Do: Source Store Blend Deliver

We connect producers and end-users of commodities by performing transformations in space, time and form.

We use our market knowledge, logistics and global infrastructure to:

• Move physical commodities from a place where they are abundant to where they are in demand (space).
• Store physical commodities while supply is unusually high and release inventories at times of high demand (time).
• Blend physical commodities to alter their quality or grade according to customer specifications (form).

PROCESSORS

SOURCE STORE BLEND DELIVER

We negotiate offtake We store petroleum We blend physical We operate efficient, safe
agreements with oil products at owned and commodities to regional, and high-quality logistics.
producers, refiners, mining third-party tankage. We market and customer We move commodities by
Transforme
companies and smelters. store metals and minerals specifications in barge, truck, rail, pipeline
d
We own mines and smelters at ImpalaTerminals and strategicallylocatedcommoditi and vessel in support of our
and investin logistics that third-party- owned facilities. terminals and warehouses
es core trading activities and
improve market access for around the world. for third parties.
our suppliers.

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TRAFIGURA OVERVIEW

Business Performance
Volumes of wet and dry commodities traded by Trafigura have grown consistently year-on-year
since 1993. In 2019 the Group traded a combined total of 389.2mmt of oil and petroleum products and
metals and minerals.

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 TRAFIGURA OVERVIEW

Our Revenue by Geography (%)

In 2019, both our core trading divisions experienced volume growth, demonstrating our resilience in volatile
market conditions and the value of strategic development of commercial partnerships.

OIL & PETROLEUM PRODUCTS METALS & MINERALS

Middle East Middle East

North America 8% Africa
3% Africa 18% 3%
4%

North America
24% Latin America
2%
Asia &
Australia
292.0mmt Asia &
Australia
97.2mmt 56%
Oil & Petroleum products Metals and Minerals
total volume traded 29% total volume traded
(+6.10%) (+1.35%)
Latin America Europe
9% 13%

Europe
31%

389.2mmt
Combined volume of commodities traded (+4.9%)

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TRAFIGURA OVERVIEW

Our Global Office Network

80 offices in
41 countries

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What Makes Us Different
WHAT MAKES US DIFFERENT

Excellent End-to-End Services

We use our global network, logistics expertise and in-depth market understanding to make connections
and add value across the supply chain.

SOURCING COMMODITIES AND FUELS FINANCIAL AND TECHNICAL SUPPORT INNOVATION IN A DYNAMIC
FROM ALMOST ANY LOCATION FOR PRODUCERS ENVIRONMENT
We travel inland to remote, hard-to-access We support producers with off-take We introduce counterparties and develop
locations. We develop bespoke agreements. Our technical team supports product categories and trading routes.
transportation and logistics solutions. mining production. We find innovative solutions to global
commodity challenges.

41 countries 389.2mmt $2.1bn

With 80 offices, our network reaches Combined volume of commodities traded EBITDA (earnings before interest, tax,
to every corner of the globe depreciation and amortisation)

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WHAT MAKES US DIFFERENT

Logistics & Infrastructure

Our investments in transportation, storage, ports and terminal facilities strengthen our ability to deliver
commodities to where our customers want.

SHIPPING AND CHARTERING STORAGE FACILITIES, PORTS INVESTMENTS

AND TERMINALS
• We time charter vessels and negotiate • We store and blend petroleum products • We invest in transportation, storage
spot fixings to manage our physical at Puma Energy and other third-party facilities, mines, smelters, ports and
freight positions. owned tankage. terminals that extend our trading
capabilities.
• We also trade physical freight with • We store metals and minerals at Impala
external clients. Terminals and third-party owned • If the infrastructure is not there,
facilities. we build it. If structures already exist,
we improve them.

4,173 16.6m m3 $95m

Shipping and chartering fixtures Annual throughput volumes at Capital expenditure and investment net of
in 2019 Puma Energy facilities divestments (recorded in the cash flow statement
as net cash used in investing activities)

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WHAT MAKES US DIFFERENT

Business Support
Our expertise in analysing, managing and reducing risk helps optimise
our performance and the service we give our customers. The Deals Desk
and Operations departments are vital cogs in the Trafigura machine.
DEALS DESK OPERATIONS

• Provides market and risk analysis • Works round the clock to make sure
globally on a real-time basis. all aspects of trade are executed to
the best commercial advantage, while
• Monitors all elements of risk and ensuring full compliance with
exposure related to our commercial regulations and legislation.
activity and reports it directly to the
board on a daily basis. • Assesses logistical, credit, hedging
and performance risk and proactively
• Adds value by providing traders with risk works to reduce, if not eliminate
assessments and analysis that highlight entirely, risks in each area.
their exposure, optionality and profit
and loss. • Trains personnel to properly identify and
mitigate risks relating to every shipment
• Helps traders to make the right and to find customised solutions that
commercial decisions and to optimise provide the optimal benefit for our
the opportunities their portfolios counterparties and
generate. our organisation.
• Operates primarily out of regional hub
offices in Mumbai, Montevideo and
Shanghai.

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WHAT MAKES US DIFFERENT

Strategic Relationships
Strategic alliances with carefully selected counterparties extend the scope of our activities. Financial
partners invest alongside us. Industrial partners contribute valuable complementary skills and resources.
We are making more progress alongside our partners. We are buying and building terminals and storage
and increasing production and processing capacity. We are integrating assets, boosting performance and
realising gains.

MUBADALA INVESTMENT COMPANY ROSNEFT PUMA ENERGY NYRSTAR

Trafigura and Abu-Dhabi-based The Group has expanded its traded Trafigura holds a 49.3% investment in Trafigura has a 98% shareholding in the
investment and development company volumes of crude and refined products in Puma Energy , a global oil and petroleum world’s largest zinc smelting group
Mubadala have created a joint venture to part thanks to the strong commercial products distribution company. Nyrstar.
invest in a number of base metals projects relationship with Rosneft. Puma manages 16.6 million m3 Trafigura has further developed its
across the globe. 2016 saw the first exports of Russian throughput volumes per annum via its commercial relationship with Nyrstar
Projects include MATSA mining operation refined products sourced from the Russian network of 106 bulk storage terminals, 84 through agreements to offtake refined
in Spain, Porto Sudeste and Mineracao oil producer. airports and 3,082 retail sites. metals and to supply its smelters with
Morro do Ipe operation in Brazil. concentrate.

NAYARA ENERGY BUCKEYE PARTNERS TERRAFAME JINCHUAN GROUP

Trafigura has a 24.5% stake in Nayara Through our commercial relationship with Our 15.5% stake in Terrafame, operator Trafigura has a 30% equity stake in
Energy, formerly Essar Oil Limited from Buckeye Texas Partners, Trafigura has the of a major nickel, cobalt and zinc mine in Jinchuan Group’s copper smelter in
Essar Group. full commercial rights to three major central Finland, has placed us in a Guangxi Province in China.
facilities in Corpus Christi, Texas, US. leading position to trade nickel feed for
Nayara Energy owns India’s second The 30% shareholding is linked to a multi-
Trafigura has access to over 6m barrels batteries. year commercial agreement where
largest private refinery located on
strategic shipping routes to demand storage capacity and 100,000 barrel per day Trafigura will deliver 30% of the facility’s
centres and close to sources of splitter capacity. concentrates and offtake 30% of its
production, a domestic retail network of copper cathode production.
over 5,000 retail stations and storage
facilities.

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WHAT MAKES US DIFFERENT

Systems & Financial Strength

Our customers benefit from our ability to trade globally, including our capacity to trade illiquid commodities
and manage physical positions. We provide our customers with financial services and technical support.

A RELIABLE TRADING PARTNER ECONOMIES OF SCALE

• Consistently profitable. • Synergies between industrial and trading activities.

• $54.2 billion in total assets. • Business supported by sophisticated and interconnected
IT systems.
• $10.8 billion of non-current assets.

FUNDING DIVERSIFICATION ACTIVE RISK MANAGEMENT

• Comprehensive access to bank loan and capital markets across • Highly conservative approach to risk management that enables
multiple markets and loan maturities. low-risk participation in commodity markets.

$59.7bn 135 0.18%

Lines of banking credit Supporting banks worldwide Average daily value at risk as
a percentage of shareholders’ equity

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WHAT MAKES US DIFFERENT

Advancing Trade Responsibly

Our ambition is to become sector leaders in corporate responsibility.

HIGHLIGHTS OUR COMMITMENT OUR PARTNERSHIPS

• We are at the cutting edge of improving • We have to earn and maintain a social • We are members of the United Nations
standards in the industry. license to operate. Global Compact - the world's largest
corporate sustainability initiative.
• Our policies and principles communicate • We need to operate a systematic and
mandatory practices for all staff rigorous approach. • We are the only private commodity
members. trading company to support the
• Our partners deserve assurance that we Extractive Industries Transparency
• Our annual Responsibility Report operate to high standards. Initiative (EITI).
presents our progress in instilling
corporate responsibility across our • We see good performance in this area as • We are members of the World Economic
organisation and amongst our business a means of securing a competitive edge. Forum, the Global Business initiative on
partners. Human Rights and the Global Maritime
Forum.

www.trafigura.com
/responsibility

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WHAT MAKES US DIFFERENT

Our People
Critical to our working environment is a climate of integrity, ethical conduct, equal opportunity and
mutual respect amongst staff.

ENTREPRENEURIAL, EXPERT STAFF CONNECTED TO CUSTOMERS VALUE-ADDING PARTNERSHIPS

• Trafigura is owned by over 700 of • We listen closely to our customers and • Local personnel are key decision makers.
its employees. work hard to meet their demands.
• We partner with governments,
• Our ownership structure instils greater • We find the best way to add value by counterparties and communities to
stability. creating tailor-made solutions. generate lasting shared value.
• As a privately owned business, we can • Our overriding aim is to make global • By facilitating technical exchange,
focus on the long-term interests of our trade more reliable, more efficient and dialogue, and financial support, we help
customers and our organisation. always responsible. our partners realise their full potential.

www.trafigura.com
/our-people

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Business Divisions
Oil & Petroleum Products
Metals & Minerals
Shipping & Chartering
BUSINESS DIVISIONS

Oil & Petroleum Products

One of the world’s largest independent traders, we combine in-depth market knowledge, operational
expertise, global infrastructure and advanced logistics to meet the complex needs of our customers.

OUR ACTIVITIES IN 2019 OIL & PETROLEUM PRODUCTS

TOTAL VOLUME TRADED (MMT)
Volumes traded
2019 350.0
(mmt)

Crude oil 147.2 292mmt 300.0

Fuel oil 28.5
Total volume traded
Middle distillates 35.5 250.0
Gasoline 25.7
200.0
Naphtha 15.9

Liquefied natural gas (LNG) 12.6 65% 150.0

Natural gas 17.1
Contribution to global revenue

Liquefied petroleum gas (LPG) 7.4 100.0

Condensates 1.5
50.0
6m

117.8

120.4

146.3

205.4

256.0

275.2

292.0
Biodiesel 0.6

Bitumen 0.0 Barrels traded per day 0.0

2013 2014 2015 2016 2017 2018 2019
Total 292.0

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BUSINESS DIVISIONS

Metals & Minerals

A world-leading metals and minerals trader, we provide marketing, risk management and logistical services
to the global mining and metals industry, connecting miners, smelters and refined metal fabricators.

OUR ACTIVITIES IN 2019 METALS & MINERALS

TOTAL VOLUME TRADED (MMT)
100
METALS AND MINERALS
TOTAL VOLUME TRADED (MMT) 1.35% 90

Non-ferrous metal Increase in volumes traded 80

Iron ore concentrates
10.6
70
17.9
60
Non-ferrous
refined metals 50
6.4 9.3

35% 40

77.3
30
97.2mmt Contribution to global revenue

77.4
54.6
44.1
39.3
11.3 37.8
21.9
Total volume traded 20
(+1.35%)
10

12.8

14.9

15.3

18.5

19.9
37.8

11
0

Coal
14 2013 2014 2015

Metals*
2016 2017

Minerals**
2018 2019

59.4 Number of commodities traded

* Includes non-ferrous metal concentrates and refined metals.
(managed through eight books) ** Includes coal, iron ore and others.

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BUSINESS DIVISIONS

Shipping & Chartering

Trafigura Maritime Logistics arranges shipping and freight services for Trafigura as well as for third-party clients. It
operates as a service-provider securing competitive and reliable freight for in-house oil, metals and minerals traders
and the Wet and Dry Freight desks operate as profit centres in their own right.

ACTIVITIES

• Trafigura Maritime Logistics is a provider of • We fix vessels on spot voyage, buy/sell • We buy and sell freight in physical markets
ocean freight services carrying multiple contracts of affreightment (COAs) and take to optimise chartering efficiency.
commodities on various ship types and sizes ships on time charter from 30 days to five
• We operate a fleet of 100-120 wet and 45-
worldwide. years anywhere in the world.
50 dry vessels at any one time providing
• Our shipping and chartering teams are • Our vessel screening policy ensures safety freight services to third-party customers.
located in Geneva, Athens, Houston, Lima, and reliability of freight services.
Montevideo and Singapore. As a result, our
coverage of freight and physical commodity
markets is 24 hours.
• Wet, gas and dry freight traders are
embedded in our global commodity
trading teams.

4,173 3,001 1,172

Total shipping and chartering Wet fixtures in 2019 Dry fixtures in 2019
fixtures in 2019

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“…the transition to a lower-carbon economy will bring
disruption and dislocation, as well as enhanced cyclicality
and volatility. These are things that we traders understand
and are trained to navigate.”
Jeremy Weir, March 2019
 Trafigura Group PTE Ltd
10 Collyer Quay #29-00
Ocean Financial Centre
Singapore 049315

Trafigura PTE Ltd

Branch Office Geneva
1, Rue de Jargonnant
1207 Geneva
Switzerland

Trafigura Trading LLC

5 Houston Center
1401 McKinney, Suite 1500
Houston, Texas 77010
United States

www.trafigura.com www.trafigura.com
/locations /contact