Interim Results

2016
 2

Key Highlights
 Material progress on key initiatives announced with the Investor Update on 3rd June 2016
- US$500 million rights issue successfully closed
- Sale of Noble Americas Energy Solutions progressing well and on track to complete in 2016
- Progress made on recycling capital out of low return businesses which negatively impacted profitability and
volumes in the period
- Focusing on our highest return and growth franchises including Energy and Gas & Power Segments which
continue to generate good returns despite capital restrictions
- Continued deleveraging with net debt to capitalization at 47% on a pro forma basis(1), as of 30 June 2016
 Businesses managed for liquidity in the first six months of 2016, which impacted overall
profitability
- Positive cash flow from operating profit before working capital changes of US$175 million for the six months
ended 30 June 2016
- Positive operating income margin at 2.06%, an increase on FY2015(2) margin of 1.88% and FY2014(2) margin of
2.00%
- Operating income from supply chains of US$476 million, down 38% from H1 2015(2)
- Mining & Metals Segment, although significantly improved from prior year (FY2015 EBIT loss of US$223
million(2)), was impacted by capital restrictions, which resulted in an EBIT loss of US$8 million
- Selling, administrative & operating expenses up 4% year-on-year. Decline in underlying run rate offset by
restructuring costs and retention payments
- Net profit, excluding losses from discontinuing businesses, of US$38 million in a capital constrained
environment

(1) Pro forma US$500 million rights issue

(2) Adjusted for exceptional non-cash losses and discontinuing businesses
 3

Noble Today
Interim 2016 Results
 4

Consolidated Income Statement Summary

Six Months Ended 30 June 2016
(Tonnes M/ US$M) 30 June 2016 30 June 2015
Tonnage 111.8 131.9
Revenue 23,138 32,611
Operating income from supply chains, net(1) 476 765
Operating income margin (%) 2.06% 2.35%
(1)
Losses on supply chain assets (33) (23)
Share of profits & losses of joint ventures & associates(1) (32) (39)
Total operating income(1) 411 703
Other income net of other expenses 6 0
Selling, administrative and operating expenses (295) (282)
(1)
Profit before interest & tax 122 421
Net finance costs (76) (93)
Taxation (8) 3
(1)
Profit from continuing operations 38 331
(2)
Exceptional non-cash losses, net of tax - (112)
Post-tax loss from discontinuing businesses(3) (52) (50)
Non-controlling interests 0 0
Net profit/(loss) (14) 169

Profit from continuing operations(1) 38 331

(1) Six months ended 30 June 2015 adjusted for exceptional non-cash losses and other items. See note 2 below
(2) Includes exceptional non-cash losses recorded in operating income from supply chains of US$8 million, impairment losses on supply chain assets US$5
million and share of losses related to Noble Agri of US$99 million
(3) Represents results of businesses which are discontinuing or to be discontinued in the near future. These businesses include certain gas & power product
divisions in Europe, certain mining & metals product divisions in North America and Europe, and certain energy product divisions in North America.
 5

Segment Results
Energy – Oil Liquids positive despite constraints, Energy Coal realization
in line with expectations
Oil Liquids
 Oil Liquids volumes grew by 23% from prior year,
while revenues fell, as a result of lower prices.
 Operating income continued to be impacted by
working capital constraints as we managed the
business for liquidity.
 Despite the working capital constraints, all major
businesses operated profitably, and the returns on
capital employed continued to be in line with
expectations on the transactions undertaken.
Energy Coal
 Energy Coal performed well in a challenging market
environment, with volumes increasing 6% from H1
2015.
 Energy Coal realizations from contracts rolled off in
line with expectations.
 The new joint venture with a Japanese Power Utility
to procure coal and to manage price risk and supply
chain commenced operations during Q2 2016.
 Completed alignment of the Energy Coal, LNG and
Diesel businesses toward the Asian Energy Customers.

Volume Revenue Profit Before Interest & Tax(1)

(Million Tonnes) (US$M) (US$M)

80.5 25,496 384

68.4 19,837
150

1H 2015 1H 2016 1H 2015 1H 2016 1H 2015 1H 2016

(1) Adjusted for discontinuing or to be discontinued business

 6

Segment Results
Gas & Power – NAES continues to perform, Gas & Power impacted by capital
constraints and business restructure
Energy Solutions Gas & Power
 Operating income from supply chains in H1 2016 in  Operating income from supply chains for Gas & Power
line with expectations, although slightly below H1 impacted by working capital constraints as we managed
2015. our business for liquidity.
 All regions continued to perform well, despite the  Results further impacted by the closing/downsizing of
distraction of the sale process. the European and Brazilian businesses.
 Sale process underway and progressing well, with  The LNG franchise has been re-organized to take
completion expected in 2016. advantage of our existing relationships with Asian
energy customers.

Volume(2) Revenue(2) Profit Before Interest & Tax(2)

(Million MWh) (1) (US$M) (US$M)

193.9 324 334 132

185.7
81

1H 2015 1H 2016 1H 2015 1H 2016 1H 2015 1H 2016

(1) MMBTu to MWh conversion based on market heat rates
(2) Adjusted for discontinuing or to be discontinued business
 7

Segment Results
Mining & Metals – Metals results impacted by capital reallocation. Carbon
Steel Materials focused on counterparty performance
Metals Carbon Steel Materials
 Tonnage and revenue continued to fall as we  Carbon Steel Materials volumes fell 34% from H1
completed the exit from the Base Metals (Copper, 2015, primarily due to reduced volumes in Iron Ore as
Zinc, Lead and Nickel) businesses in North America the business focused on ensuring counterparty
and Europe. performance. Revenues fell in line with overall price
declines.
 Operating income from supply chains in Q2 2016
was impacted by capital restrictions and  Operating income from supply chains continued to be
management’s focus on the exit from the base metals impacted by the margin pressure faced across the
business. industry.
 Profitability of our Jamalco asset improved during
the first half, as it moved toward the bottom quartile
of the cost curve.
Volume(1) Revenue(1) Profit Before Interest & Tax(1),(2)
(Million Tonnes) (US$M) (US$M)
1H 2015 1H 2016

(2)

19.1 4,732
(7)
13.0 2,821

1H 2015 1H 2016 1H 2015 1H 2016

(1) Adjusted for discontinuing or to be discontinued business

(2) Adjusted for exceptional non-cash losses
 8

Segment Results
Corporate – Return to profitability for Logistics
Logistics
 Freight rates improved in the second quarter of 2016 due to an increase in seaborne demand, which resulted in
Capesize freight rates rallying to over US$8,000 per day. Although daily freight rates have improved from their
historic lows, we expect them to remain range bound between US$5,000 and US$10,000 per day. The market
continues to trade below operating costs, and we continue to expect to see defaults in the later part of the year.
 The Logistics business has continued to focus on profitability over volumes, with Q2 2016 volume of 9.5 million
tonnes, down sharply from the same period last year, split 31% in house and 69% for external customers. The
volume decline is a deliberate result of the business actively focusing on credit risk, as counterparty risk within
shipping is at historically high levels.
 Operating Income from Supply Chains continued its positive trend from Q1 2016.
Performance of Major Associates & Joint Ventures
 The Corporate & Others Segment incorporates the Logistics business as well as the investments in our major
associates and joint ventures including Yancoal Australia Limited (“Yancoal”).
 The majority of the total US$32 million in the Group’s share of losses of joint ventures and associates for the six
months ended 30 June 2016 is allocated to this Segment, which primarily reflects the six months performance of
Yancoal.
 9

Working Capital & Net debt

Working capital stable, although constrained, as we manage for liquidity
Working capital management Net Debt/Capitalization(2)
(US$M)

1,244 54.7% 53.7%

52.0%
1,236
46.9%
4,080 45.1%
1,166
4,503 1,206 1,071
3,178 2,204
2,618
3,970
3,295 2,434 2,925
2,567
2,423 1,750 1,792 1,604
1,487

30 Sep 15 31 Dec 15 31 Mar 16 30 Jun 16 Proforma (5)

(3,456) (3,373)
(4,727)
(6,339) (5,596)
31 Dec 31 Mar 30 Jun
(US$M)
2015 2016 2016

Gross Debt 5,921 5,040 5,016

(1)
30 Jun 15 30 Sep 15 31 Dec 15 31 Mar 16 30 Jun 16
Less Cash(3) 1,953 1,353 1,096

Inventories Trade & other payables Net Debt 3,968 3,687 3,920
Trade receivables Net fair value gains
Prepayments, deposits & other receivables Adjusted Net Debt(4) 2,258 2,293 2,399

(2) Capitalization = net debt + shareholders’ equity (unrelated to the

market value or share price movement)
(3) Cash includes cash with brokers not immediately available for use
and NAES cash balances of $177 million
(1) Excluding Noble Americas Energy Solutions (“NAES”) working capital which (4) Adjusted for RMI
has been classified as assets and liabilities held for sale (5) Proforma US$500 million rights issue
 10

The Future
Business Plan & Funding
 11

Actions Taken to Date

Focused on raising liquidity

 Sold remaining 49% stake in Noble Agri to raise US$750 million

 Completed the refinancing of the Revolving Credit Facility and the US Borrowing Base Facility

 Repositioned Metals business to release working capital(1) and focus on vertically integrated
Aluminium franchise (including our Jamalco asset) and Asian Base Metals franchise

 Managed counterparty and performance risk in Carbon Steel Materials and Freight businesses
resulting in improved profitability albeit on lower volumes

 Raised over US$500 million from the oversubscribed rights issue, of which 20% was used to pay
down debt

Profit before Interest & Tax: Capital Raised:

Improved by US$75 million(2) US$1.9 billion(3)

(1) Repositioning includes closure of Base Metals businesses in Europe and North America
(2) Improvement compares FY2015 actual results (adjusted for exceptional non-cash losses) to Management target
(3) Capital raised to date in 2016. Amount is inclusive of the proceeds from the Noble Agri sale, Metals business repositioning and the US$700 million
generated since 30 June 2016 which is inclusive of the US$500 million rights issue proceeds
 12

Actions in Progress
Execute on remaining capital raise initiatives and rationalize cost structure

 Sale of Noble Americas Energy Solutions underway with strong interest from potential buyers

 Closure of European Power & Gas business and other loss making or low return businesses in
progress

 Sale of non-core assets related to loss making or low return businesses to release capital

 Increasing capital allocated to high return businesses to generate increased profitability

 Further cost reduction initiatives including flattening of organizational structure, rationalizing

the London Office and closure of satellite offices

Target Capital to be Raised: US$1.3 billion(1)

(1) Remaining US$1.3 billion of the total US$2 billion announced on 3 June 2016 Investor Update
 13

Focus on Our High Returning Businesses

The Focus: High Return Businesses that have a Noble Group Brand Franchise

Oil Liquids

 The global franchise trades all major products. It is a

high return business with record year in 2015.
 Growth opportunities visible in all regions

North American Gas & Power

Hard Commodities
and LNG
Oil Liquids
 In G&P, Noble has a dynamic  In Energy Coal, Noble is a leading
business covering all major products global independent shipper of
and pipelines in the US & Canada North American Energy seaborne thermal coal
Gas & Power Coal
 Disciplined approach to capital  Noble also has a market-leading share
employed combined with physical of the global seaborne trade in met
understanding of the market has Met. coal and coke, built around long-term
LNG
created high returns for many years Coal relationships with global steel mills
 Leverage Noble’s market leading
Asian Energy Franchise to deliver
LNG to existing customers Iron Ore Corporate

Metals

Capitalize growth businesses, and sell/reduce loss making activities

Maintain strong product diversity
 14

Oil Liquids, North America Gas & Power, LNG

Growth opportunities across the barrel and around the world
Opportunities: % Return on Capital Employed
PBIT as a percentage of Total Capital Employed for Oil Liquids,
 Growth of US Natural Gas export capacity to North America Gas & Power, and LNG
provide further opportunities in US regional
supply/demand balances, as well as global 24%
LNG.
 Strong global oil demand growth and US
product exports, provide continued
opportunities for South American franchise. >15%

 Mexican Energy Reform to provide continued

growth of midstream and infrastructure
opportunities, bolstering our newly opened 10%
Mexico City office.
 Expansion of MENA/Asian Refinery capacity,
providing new trade flows of refined products
exports from Asia.
 Expanding LNG flows, leveraging on
relationships in the Middle East with the Asian 2015 2016 Annualised Target
energy customer base.
 15

Energy Coal
Continued stable cash realization
Coal Cash Cost Curve % Realisation
Global seaborne supply (US$/tonne) Actual realisation as a percentage of forecast (%)

103%
110 99%
96%
100
90 82%

80
Majority of origination
70 contracts relate to producers
in the 1st and 2nd quartiles of
60
the cost curve
50
40
30
20
10
0
0 100 200 300 400 600 700 800 900 2013 2014 2015 2016 1H
 Coal is transported from our long-term producers in  Realisation from this portfolio of contracts has
Australia, Indonesia, South Africa and Mongolia to continued to be in line with expectations.
customers globally, with the key focus on Asia.
 Long term anchor points remain at US$55/tonne,
 Majority of level 3 net fair value assets relate to long- below long term market consensus.
term physical contracts in Energy Coal or Met
Coal/Coke.
 16

The Asian Customer Franchise

Coal and LNG remain key to Asian energy consumption

Asian Electricity Generation by Fuel Asian Energy Demand & Noble’s Asian
Twh Energy Customer Franchise:
15,000  Growth in Coal demand outstripped electricity demand
growth over the period 1990 - 2012, totaling 541% (9%
CAGR).
12,000  The share of coal in the electricity mix was 39% in 1990
and is expected to be 56% in 2020.
 Gas demand grew by 371% over the period 1990 – 2012
9,000 (7% CAGR).
 Gas demand is expected to continue to grow at an
average of 3% p.a. until 2025.
6,000
 Noble has spent the last twenty years developing
relationships with Asian energy customers and targets to
deliver 100 million tonnes of coal in 2020.
3,000
 These long-term Asian energy customers will also be our
customers for LNG. Realignment across the Coal and
0 LNG businesses has been completed.
2012 2020 2025
Coal Oil Gas Nuclear Hydro Other Renewables

Source: IEA 2014

Vision for the Future
17

Target operating income from supply chains of c. US$1 billion and EBIT of
c. US$550 million

Business Priorities: 2018-2019 Annual Earnings Target

(US$M)

 Remainder of 2016: manage for liquidity, exit

low return assets and businesses, rationalize cost 1,000
structure and execute on capital raise initiatives.

 Next 18 months: focus on commercial

opportunities and invest in higher return
businesses, split of earnings across the business 550
is expected as follows
 Oil Liquids: 40-50%
 Hard Commodities: 30-40%
 Gas & Power: 10-20%

 Future: achieve annual earnings targets,

maintaining diversity in earnings.
Target operating income from supply chains
Target EBIT
Vision for the Future
18

Continue to focus on debt reduction with target net debt to capitalization 45%

 Debt reduction underway with US$900 million in debt paid down in 2016
 Secured debt as a % of total debt expected to increase as the most cost effective method of financing the businesses
 Total debt repayment sources at US$4.4bn on a proforma basis, covering close to 90% of total debt as of 30 June
2016

Debt Profile Net Debt to Capitalization(1)

(US$M)

5,922 54.7% 53.7%

479 52.0%
5,016
46.9%
621 45%

5,443
4,395

31 Dec 15 30 Jun 16 31 Dec 15 31 Mar 16 30 Jun 16 Proforma Target

Rights Issue
Unsecured Secured
(1) Capitalization = net debt + shareholders’ equity (unrelated to any share
price movement)
 19

Noble Group
Noble Group (SGX: N21) manages a portfolio of global supply chains covering a range of industrial and energy products, facilitating the
marketing, processing, financing and transportation of essential raw materials. Sourcing bulk commodities from low cost regions such as
South America, South Africa, Australia and Indonesia, the Group supplies high growth demand markets, particularly in Asia and the Middle
East. We are ranked number 77 in the 2015 Fortune Global 500. For more information please visit www.thisisnoble.com.

Disclaimer
The material in this presentation has been prepared by Noble Group Limited (“Noble”) and is general background information about
Noble’s activities current as at the date of this presentation. This information is given in summary form and does not purport to be
complete. Information in this presentation, including forward-looking financial information, should not be considered as advice or a
recommendation to investors or potential investors in relation to holding, purchasing or selling securities or other financial products or
instruments, and does not take into account your particular investment objectives, financial situation or needs. Before acting on any
information, you should consider the appropriateness of the information having regard to these matters, any public information relating to
Noble and, in particular, you should seek independent financial advice. All securities and financial product or instrument transactions
involve risks, which include (among others) the risk of adverse or unanticipated market, financial or political developments and, in
international transactions, currency risk.

This presentation may contain forward-looking statements including statements regarding our intent, belief or current expectations with
respect to Noble’s businesses and operations, market conditions, results of operation and financial condition, capital adequacy, specific
provisions and risk management practices. Readers are cautioned not to place undue reliance on these forward-looking statements. Noble
does not undertake any obligation to publicly release the result of any revisions to these forward-looking statements to reflect events or
circumstances after the date hereof to reflect the occurrence of unanticipated events. While due care has been used in the preparation of
information herein, actual results may vary in a materially positive or negative manner. Forecasts and hypothetical examples are subject to
uncertainty and contingencies outside Noble’s control.