Investor Day - Xstrata

Stoxx Global 1800MediaHealth CareAutosRetailFinancialsTravelIndustrial GoodsChemicalsTechnologyInsuranceP&HF&BOil & GasReal EstateContructionTelecomm.BanksUtilitiesStoxx Europe MiningBasic ResourcesHSBC Global MiningWhere is the mining sector today?Demand has been and remains healthy … … but prices have been falling for 18 months1211.0Copper Zinc Alu Nickel Iron ore Coal010%7.9%(3)87.16.65.7 5.9(10)6(9)4.94.44.643.22.6(16)1.7(20)2(22)(23)0Copper Zinc Iron ore Alu Nickel Coal(27)(30)5 yr average 2013Source: Bloomberg, 29 Feb 2012 to 29 Aug 2013Mining sector under-performance has been striking relative to major indices and key EM sectors80%72%60%40%20%10% 10%0%23%57%54% 52%49%35%29%42% 40%17%11%15% 14%36% 35% 35% 35% 34%23%9%6% 5%28%1%21% 18% 19%15% 16%9%(0%)(1%) (6%)1 year 3 years-20%-40%(2%)(2%)(12%)(18%) (14%)(19%)(26%) (28%)Source: Bloomberg, 29 Aug 20136