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Angola - Argentina - Australia - Belarus - Bolivia - Brazil - Bulgaria - Canada - Chile - China - Congo - DR Congo - Cte dIvoire

English 2010

Dominican Republic - Ecuador - El Salvador - Estonia - Ghana - Greece - Guatemala - Honduras - India - Indonesia - Japan

Tragura is one of the largest independent companies trading commodities today. We handle every element involved in the sourcing and trading of crude oil, petroleum products, renewable energies, non-ferrous concentrates and rened metals. 1,900 of our people operate in ofces in 44 countries across the globe to give us the local knowledge to anticipate and respond to variations in global supply and demand. In the oil sector, Tragura has access to over 45 million barrels of storage facilities through a combination of owned terminals under its PUMA network and long-term lease agreements with third party oil terminals; we also time charter in excess of 75 vessels worldwide. In the metals and minerals sector, Tragura has grown in all areas of the supply chain. Tragura has expanded its mining investment activities to incorporate projects in Africa, and is a signicant stakeholder in various publicly listed mining entities. Tragura owns and operates mines in Peru and various concentrate storage facilities in Africa, China and South America. Tragura also owns LME approved warehouse facilities in Asia, Europe and America. Capitalising on resource trading and investment expertise Tragura has diversied into asset management through the development of offshore hedge funds.

Tragura key facts


Tragura is the worlds third largest independent oil trader and the second largest independent trader in the non-ferrous market, with access to approximately US$20 billion in credit facilities and investments in industrial assets around the world of more than US$1.5 billion. We currently have in excess of US$1 billion in assets in the various resource funds that are managed by Galena Asset Management, our wholly owned subsidiary.

67 OFFICES IN 44 COUNTRIES
worldwide

IN EXCESS OF US$1 BILLION


funds under management with Galena Asset Management

US$47.3 BILLION
turnover in 2009

2ND LARGEST
independent non-ferrous trading company in the world

1,900 EMPLOYEES
in ofces across the globe

OVER 9 MILLION TONS


of metals and raw materials traded per annum

90%
of whom are local nationals

3RD LARGEST
independent oil trader in the world

US$1.5 BILLION
of industrial assets

OVER 2 MILLION
barrels of crude and oil products traded daily

Our ofces worldwide

Map Key
Tragura ofces Independent representatives

EUROPE
AMSTERDAM The Netherlands ATHENS Greece BELGRADE* Serbia GENEVA Switzerland ISTANBUL Turkey LONDON United Kingdom LUCERNE Switzerland MINSK Belarus SOFIA* Bulgaria TALLINN* Estonia

AFRICA & MIDDLE EAST


ABIDJAN Cte dIvoire ABU DHABI United Arab Emirates BRAZZAVILLE Congo DUBAI United Arab Emirates JOHANNESBURG South Africa KOLWEZI DR Congo LAGOS* Nigeria LOBITO* Angola LUANDA Angola LUBUMBASHI DR Congo LUSAKA Zambia MAPUTO* Mozambique MUSCAT Oman NDOLA Zambia POINTE NOIRE Congo TEMA Ghana WINDHOEK Namibia

ASIA & AUSTRALIA


ASHGABAT Turkmenistan BEIJING China BRISBANE* Australia FANGCHENG China GUANGZOU China JAKARTA* Indonesia MUMBAI (BOMBAY)* India KANDLA (GUJARAT) India KUNMING CITY China NEW DELHI* India NINGBO China SEOUL* South Korea SHANGHAI China SINGAPORE Singapore TAICANG China TOKYO* Japan ULAANBAATAR Mongolia

NORTH AMERICA & SOUTH AMERICA


ASUNCIN Paraguay AYACUCHO Peru BUENOS AIRES Argentina CALGARY Canada CAETE Peru EL PEON Dominican Republic ENCARNACIN Paraguay GUATEMALA CITY Guatemala GUAYAQUIL Ecuador GUAYNABO Puerto Rico HOUSTON United States of America LIMA Peru MANZANILLO Mexico MEXICO CITY Mexico POTOS Bolivia QUITO Ecuador RIO DE JANEIRO* Brazil SAN SALVADOR El Salvador SANTIAGO Chile STAMFORD United States of America TEGUCIGALPA Honduras TELA Honduras

* Independent representative

Two ofces in Lima

Doing business with Tragura


Central to Traguras approach to business is a culture that values each individual contact as a respected source of insight and information, and that empowers each trader to respond to the needs of their customers.

This not only promotes an energetic approach to meeting every customer requirement but also benets Traguras own business through the initiative that our traders show in responding to market opportunities.

Our long-term commitment to the commodities we trade in is demonstrated through our ownership of the key assets: mines, and storage facilities as well as other logistical operations. This commitment provides real benets to our clients through the competitive advantage it brings: our ability to deliver at the right specication, at the right time and at the right price.

Our business A long-term approach


Tragura trades commodities, such as crude oil, rened products, non-ferrous, concentrates and rened metals and provides the ships and facilities to store and transport them.

Physical trading is a long-term business. Investment in and access to key physical assets around the world is central to our business model. Management of ships, storage tanks, mines and other logistical assets gives us a business advantage while demonstrating our commitment to the territories in which we operate. Primarily run by local management, our hubs are highly attuned to the regions in which they operate; our people are encouraged to take the initiative in spotting opportunities and opening up new areas of supply and demand. We believe in the importance of responding to market needs rather than trying to shape them. The ability to do so rests on the strength of the partnerships that we build and the passionate interest that each trader takes in his or her area of expertise. Our cultural diversity, and the many connections between our local trading hubs and the markets they serve, provides a vast resource of detailed information, which we integrate into a global picture of shifting trends. Traguras approach is to respond quickly and precisely to the opportunities that arise through shortage or surplus, often by releasing the reserves of a commodity that we have in storage or diverting those in transit.

The impact on the global economy is a smoothing out of the peaks and troughs in global supply and demand. Private ownership enables us to make rapid decisions as well as to take long-term views on new markets and opportunities. The strong growth experienced by Tragura over the past ve years testies to the value of this approach. Supporting our customers and suppliers often means providing services beyond our core business of sourcing and supplying commodities. Increasingly we are offering logistical transport as well as nance and other types of risk management to our customers. Galena Asset Management, is one example of this. Established in 2003, and now the appointed manager of ve separate funds, with over US$1 billion under management. Galenas advantage is its ability to leverage information and analysis from its close relationship to our physical trading business.

Our products
Oil and its derivatives
Crude oil is far from a homogenous commodity. The unique molecular characteristics of each different source of crude determine how efciently it will process into a broad range of derivative products, including liquid petroleum gas (LPG), gasoline, naphtha, jet fuel, diesel, fuel oil and asphalt but also plastics, pharmaceuticals, detergents and much else. Awareness of movements in demand and prices for crude oil and its products is a key aspect of oil trading. This is delivered by Traguras global network of ofces and operations. Our trading hubs close relationships with their regions ensure early awareness of the events and trends that drive demand. Rened metal refers to metal of purity greater than 99.95% content produced by smelters around the world. Unlike concentrate, rened metal is generally homogenous in terms of quality.

Renewables
Renewables are a growing part of the energy sector. This is a consequence of the long term rising cost of oil and the wider quest for more sustainable sources of energy in the face of climate change. One area of marked growth is within the biofuels sector. This expansion is driven in part by policy such as the EU Biofuels Directive, which stipulates a 20% substitution of standard fossil fuels with alternative biofuels in road transport by 2020. Traguras role is the sourcing and marketing of bio-diesel and ethanol.

Metals and minerals


Tragura handles the supply of metal concentrates from mines to smelting facilities and of rened metals from smelters to downstream consumers such as rod mills and galvanisers. Tragura trades copper, lead and zinc concentrates as well as alumina, the prime source of aluminium. The greatest complexity in the metals and minerals trading sector is in concentrates. The term concentrate refers to the product produced by mines from ore extracted out of the ground. Each type of concentrate has different degrees of impurities and complexities dependent on the ore mineralogy, which imply greater or lesser costs to treat and rene. In-depth, on-the-ground information on the composition of concentrates and understanding the characteristics of each smelter is central to the trading of them. For this reason, the most successful minerals traders also have a long-term commitment to the production and supply chain process. Traguras rened trading activity centres around copper, lead, zinc and aluminium metal.

New Commodities
Tragura has recently entered into the coal and iron ore markets and have created the necessary infrastructure to be a global force in the traded market of each of these commodities.

Industrial Assets
Tragura directly invests in assets that are closely related, and complimentary to, the groups core commodity trading activities. Teams of international and local specialists dedicated to the development and management of these investments, combined with the nancial and commercial support from Traguras trading activities are key to the successful development and growth of the industrial asset base. Tragura has invested in assets in the oil, oil product and minerals and metals sectors.
Investments in the oil and product sectors have focused upon logistical operations relating to storage and transportation. Puma Energy is the primary investment entity particularly when a network of retail stations is operated. The utilisation of these facilities by Tragura provides a constant source of turnover for the industrial asset at competitive market prices resulting in diversication of group income. Indicative examples of Traguras assets and investments across the globe are below:

Metals and Minerals


Investment in minerals and metals encompasses investments in logistical operations, principally warehousing, and upstream activities such as mines and smelters. The investments are made both directly where we retain full operational control through group owned companies or through activist shareholdings in publicly listed entities. Traguras Cormin Group is a concentrates warehousing facility, based in Peru with smaller operations in Mexico and Chile, which provides logistical support for mining activities through the handling, storage and blending of concentrates. A signicant shareholding is retained in the Toronto-listed Iberian Minerals, which owns two producing mines: Condestable in Peru (formerly operated by Tragura) and Mina Aguas Tenidas (MATSA) in Spain. Tragura owns minority shareholdings in two publically-listed Democratic Republic of Congo-based copper mines, Anvil Mining and Tiger Resources. These provide Tragura with a long-term source of supply in addition to having the potential to be combined in order to extract identied synergies. Tragura has further minority holdings in other mining companies typically in support of long term offtake and marketing arrangements and in addition wholly owns and operates Catalina Huanca a zinc, lead and silver mine located in Peru. Tragura is the owner of N.E.M.S. a worldwide warehousing operation which offers a variety of LME registered storage locations and logistical services.
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Oil and its derivatives


In Ghana Puma Energy has built a SBM and CBM offshore oil delivery system to improve the oil logistics infrastructure of the country. As part of a joint venture partnership Puma Energy assisted in the construction of a 400,000 m3 (approximately 2.5 million barrels) storage facility in the Port of Tanjung Langsat, Malaysia, that was completed in April 2008. Through Puma Energy Guatemala S.A the Group owns the largest rened product storage facility on the West Coast of Central America based in Guatemala, enabling the leverage of enhanced supply logistics throughout the region.

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Asset Management
Galena Asset Management Ltd. was established in 2003. The company is regulated by the Financial Services Authority of the U.K. and is the independent appointed manager of ve separate Cayman Islands domiciled hedge funds, with over US$1 billion under management.

Galenas principal advantage is its ability to leverage information and analysis from its close relationship to our physical trading and industrial investment businesses. Together with an understanding of investment ows and a structured hedge fund risk management discipline Galenas independent asset management team has attracted high prole investor groups that have beneted from robust, low volatile returns.

Galena manages ve funds, including a discretionary metals derivatives fund, discretionary oil derivatives fund, two funds benchmarked to commodity indices and a resource focused special situations fund. A greater understanding of investment ows that have greatly impacted upon commodity markets and prices in recent times have enabled the group to be a leader in all aspects of the market.

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Risk management
The successful management of a broad denition of risk from counterparty to credit to political to product denes the success of our business. We constantly strive to reduce the nature and level of all the risks we face.

Offsetting risk is central to what Tragura does; and we consider our continued investment in market-leading risk management systems as vital to preserving our competitive advantage. Tragura has invested substantially in a bespoke, IT-based system, which integrates information from all our activities and provides a real-time, transparent tool to monitor and adjust operations according to the environment. Information services are key to Traguras success, and the Group has well-dened IT security, business continuity and disaster recovery plans in place.

A culture of risk awareness runs through all of Traguras business activities, with traders operating within clearly dened risk parameters. A full risk review is undertaken for all new clients, counterparty credit limits are monitored throughout, and independent risk specialists evaluate and report trading exposures. For Tragura, strict risk management is not a restriction but a business opportunity.

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Responsibilities
Traguras impact on the global economy is a positive one; our responsibility is to the communities in which we operate, our customers, our suppliers and employees.

As physical traders whose success rests on long-term ownership of assets, supporting local communities is essential to our business. Our community involvement programme will bring together the contributions that Tragura already makes under a more cohesive group framework. Our business also benets from our commitment to training, including the Fast Track scheme, which aims to full the potential of promising Tragura employees from all backgrounds and ensures that we maintain our proud record of ethnic and cultural diversity in management positions.

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The Tragura Foundation


Launched in November 2007, the Tragura Foundation was inspired by a desire to consolidate the charitable and community-oriented actions of Tragura employees around the world and to encourage, support and develop these activities. Over 5 million US dollars have been dedicated to philanthropic and charitable activities in 2009, on all continents. www.tragurafoundation.com
Reecting the Tragura Groups philosophy to give individuals the opportunity to develop and reach their full potential, the Tragura Foundation aims at making a real difference by creating genuine, positive and lasting changes in the societies, communities and projects it supports. The Environment and Education are two of our mainstream elds of action, but our initiatives also encompass the themes of Health and Disability, Rural Development, Social Inclusion, and Social Entrepreneurship. When needed in the countries where the Group operates, we also get involved in Emergency Relief and Post-Disaster Recovery activities. Because the special link to the Groups people is key to our philanthropic activities, the Foundation develops its projects in close cooperation with the Charity Committees in our main ofces. These committees are being set up by the employees themselves, all volunteering to support local charities and initiatives. Some recent examples of projects the Foundation has been supporting this year: Narrowing the educational gap in lowincome communities in the United States, through a multi-year multiregional partnership with Teach For America. In South Africa, developing an after-school programme in a township nearby Johannesburg, providing a stable and secure environment where teenagers receive educational support and tutoring, training in HIV prevention and awareness and life-skills education (partnership with FXB-International Association, Switzerland).
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In West Africa, contributing to the eradication of cataract-blindness over four countries through an outreach eld eye-operation structure (partnership with VIDIS Association, France). Through a local foundation established and inspired by Traguras mining entities in Peru, almost US$860,000 have been dedicated for development in the rural and Andean communities of the country. Synergizing environmental awareness, education and social inclusion by training young disabled people, mostly suffering from Down syndrome, to become environmental educators in some Buenos Aires schools and companies (partnership with Cascos Verdes, Argentina). Establishing a Community Centre in a resettlement area of Luoshui town, Sichuan Province, China, providing community services to the victims of the 2008 earthquake which struck the region (partnership with NGODPC, China).

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The future
The trade in commodities responds to a range of geo-political trends and developments, and the ability to identify and react to these is a key element of Traguras success.

Already prominent amongst the challenges and opportunities that will emerge over the medium term are increasing demand for ocean freight, changing legislation, the importance of inland road and rail transport, the rise of renewables, the demands of oil exploration and the growing inuence of China on commodity markets. Traguras understanding of these and other developments rests upon our diversity as a company, our long-term commitment to the commodities we trade, real-time information, research and scenario planning. With 90% of our ofces and operations run by locals, our continued strong investment in assets and IT, we can look forward to the future with great condence. Spotting talent, and encouraging individual employees to develop their skills are vital to the ability of Tragura to monitor shifts in supply and demand. It is the local knowledge and networks of individuals that frequently provide us with a competitive edge when it comes to an understanding of market trends.

In summary
The culture of our company has been built around the qualities of the markets in which we work. We encourage our people to be energetic: driven and decisive in identifying and pursuing opportunity; respectful both of the signicance of what we do and of the individual needs and qualities of our customers and suppliers. We believe that success in commodities trading comes through genuine long-term commitment to all elements in the production and trading process. This commitment involves the long-term ownership and operation of key physical assets such as mines and storage facilities, and long-term support of the communities in which we operate. We rmly believe that the culture of Tragura is different: a people business based on encouraging all of us to realise our full potential. In a challenging world, we believe this culture will ensure that Tragura continues to succeed.

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For further information please visit our website.

www.trafigura.com

Trafigura Beheer B.V., Amsterdam, Branch Office Lucerne, Trafigura AG Puma Energy International B.V., Amsterdam, Branch Office Lucerne Postfach 4268 Zrichstrasse 31 6002 Lucerne Switzerland Europe Tel: (41) 41 419 43 43 Fax: (41) 41 419 43 44

Mexico - Mongolia - Mozambique - Namibia - Nigeria - Oman - Paraguay - Peru - Serbia - Singapore - South Africa - South Korea

www.trafigura.com

Switzerland -The Netherlands - Turkey - Turkmenistan - United Arab Emirates - United Kingdom - United States of America - Zambia