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GLENCORE PLC - GLN - Stake in Rosneft held by Glencore-QIA Consortium

Release Date: 07/05/2018 07:05
Code(s): GLN     PDF:  
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GLN - Stake in Rosneft held by Glencore-QIA Consortium

Glencore plc
(Incorporated in Jersey under the Companies (Jersey) Law 1991)
(Registration number 107710)
JSE Share Code: GLN
LSE Share Code: GLEN
HKSE Share Code: 805HK
ISIN: JE00B4T3BW64

Baar, Switzerland
4 May 2018

         Stake in Rosneft held by Glencore-QIA Consortium

Glencore refers to the announcement on 16 October 2017 concerning the
Consortium’s agreement to sell to CEFC China Energy Company Limited a 14.16%
stake in Rosneft.

The Consortium has today sent a notice to CEFC to terminate that agreement in
accordance with its terms and accordingly that proposed sale will no longer
proceed.

The members of the Consortium have agreed to dissolve the Consortium originally
put in place in December 2016 for the purposes of acquiring a 19.5% stake in
Rosneft and will take direct ownership of the underlying Rosneft shares.       In
connection with that, the Consortium has today entered into an agreement to
transfer a 14.16% stake in Rosneft to a wholly owned subsidiary of QIA (the
“Transaction”) the consideration for which will to be used for the settlement of
the Consortium’s liabilities. This agreement will become effective on 7 May 2018.

On completion of the Transaction, the Consortium will be wound up and the margin
guarantees provided by Glencore will be terminated. At that point, Glencore will
retain an equity stake in Rosneft shares commensurate with its original equity
investment announced in January 2017, which amounts to 0.57%, and QIA will hold
an equity stake of 18.93%.

The Transaction is subject to a number of conditions in favour of QIA and
regulatory approvals.

The consideration for the Transaction attributable to Glencore’s interest in the
Consortium (being 50% of the consideration for the Transaction) is approximately
EUR 3.7 billion.

For further information please contact:

Media
Charles Watenphul t: +41 41 709 24 62   m: +41 79 904 33 20   charles.watenphul@glencore.com
Investors
Martin Fewings    t: +41 41 709 2880    m: +41 79 737 5642    martin.fewings@glencore.com
Ash Lazenby       t: +41 41 709 2714    m: +41 79 543 3804    ash.lazenby@glencore.com

www.glencore.com
Glencore LEI: 2138002658CPO9NBH955

Notes for Editors
Glencore is one of the world’s largest global diversified natural resource companies and a
major producer and marketer of more than 90 commodities. The Group's operations comprise
around 150 mining and metallurgical sites, oil production assets and agricultural
facilities.

With a strong footprint in both established and emerging regions for natural resources,
Glencore's industrial and marketing activities are supported by a global network of more
than 90 offices located in over 50 countries.

Glencore's customers are industrial consumers, such as those in the automotive, steel,
power generation, oil and food processing sectors. We also provide financing, logistics
and other services to producers and consumers of commodities. Glencore's companies employ
around 146,000 people, including contractors.

Glencore is proud to be a member of the Voluntary Principles on Security and Human Rights
and the International Council on Mining and Metals. We are an active participant in the
Extractive Industries Transparency Initiative.

Follow us on social media:
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Disclaimer
The companies in which Glencore plc directly and indirectly has an interest are separate and distinct
legal entities. In this document, “Glencore”, “Glencore group” and “Group” are 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.

Sponsor
Absa Bank Limited (acting through its Corporate and Investment Bank Division)

Date: 07/05/2018 07:05:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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