Noble 1H 2021 Presentation

Noble Group Holdings Limited
(Incorporated in Bermuda with limited liability)
August 2021 6 Months Results June 2021

Executive Summary
Executive Summary 3
Six months ended 30 June 2021
▪ Positive first half of the year with a solid performance driven by our trading business, supported by our
physical operations and stable balance sheet
▪ Results driven by outperformance in MMO segment, mostly from trading Metallurgical Coke, offset by
weaker results in the Energy segment, where volatility in Energy Coal markets impacted proprietary trading
profitability – risk policies amended to restrict future trading of this type (see p.11)
▪ Robust Group and Trading Co operating income from supply chains of US$70 million and US$63
million, respectively
▪ Exceptional build up of working capital, especially inventories in our Kalon business as a result of Covid-
19 supply chain disruption with some expectation of a normalization in the second half of 2021 (see p.16)
▪ Cash positions of Group and Trading Co at US$362 a n d US$286 million respectively
▪ Net debt covenant headroom of US$66 million
▪ Positive contribution from investment in Harbour Energy generated an upside of US$9 million for Asset
Co
▪ 1H 2021 Group volumes slightly lower than 1H 2020 at 25 million tonnes, due to lower volumes in Energy
Coal and Freight
▪ Trading Co Bond interest payment of US$31 million in cash
Financial Results
5
Financial Highlights
▪ Group volumes from offtake and marketing of 25 million tonnes, lower than 1H 2020 volumes of 34 million
tonnes mainly due to lower volume in Energy Coal and Freight as a result of supply disruption caused by
Australia floods and reduction in the number of vessel leases during the period.
▪ Group operating income from supply chains of US$ 70 million and EBITDA of US$49 million driven by strong
performance in the MMO segment, in particular Met Coke business.
▪ Lower SAO expenses compared to 1H 2020 as a result of on-going focus on controlling costs. Expense
reduction initiatives continue, so a further downward trajectory of SAO for 2021 is expected, extending into 2022
▪ Group cash balances of US$362 million and net debt of US$1,187 million as at 30 June 2021.
Group (million tonnes/US$ millions) 1H 2021 1H 2020 Group (US$ millions) 30 Jun 2021 31 Dec 2020
Volumes (offtake and marketing) 25 34 Cash equivalents 362 377
Operating income from

70 (27) Net debt 1,187 1,090
supply chains
SAO expenses (54) (67)
EBITDA 49 (10)
(1) Adjusted measure.

6
Financial Highlights (cont’d)

Trading Co Asset Co
▪ Despite on-going COVID-19 impacts around the world, ▪ 1H 2021 volumes comprise only Jamalco, as all Asset
Noble was able to generate positive operating income Co vessels were sold before 31 December 2020.
from supply chains, in particular the MMO segment.
▪ Jamalco’s performance improved in 1H 2021 as a
▪ The Coke business dominated the global seaborne result of higher alumina prices compared to 1H 2020.
market in H1, correctly anticipating steel production
▪ Harbour revaluation increased by US$9 million in 1H
strength and able to fully benefit from the rising market.
2021.
▪ Energy Coal business performance suffered trading
losses from price volatility and unprecedented increase
in coal prices, as well as global supply issues in key
coal producing markets.
Trading Co Results(1) 1H 1H Asset Co Results(1) 1H 1H

(Million tonnes/US$ millions) 2021 2020 (Million tonnes/US$ millions) 2021 2020
Volumes(2) 24.9 32.9 Volumes 0.5 1.5

Revenues 1,469 1,297 Revenues 194 164
Operating income from supply chains 63 (17) Operating income from supply chains 7 (10)
EBITDA 43 8 EBITDA 10 (12)
(2) Includes offtake and marketing volume
7
Group Income Statement Summary(1)
(US$ millions / million tonnes) Q1 Q2 1H 2021 1H 2020

Volume (million tonnes)(2) 13.0 12.5 25.5 34.4
Revenue 874 790 1,663 1,461
Operating income/(loss) from supply chains 35 35 70 (27)
Profit/(loss) on supply chain assets 8 14 22 (62)
Share of profits and losses of joint ventures & associates 74 (65) 9 (108)
Total operating income/(loss) 117 (17) 101 (197)
Other income net of other expenses 6 3 9 5
Selling, administrative and operating expenses (23) (30) (54) (67)
Profit/(loss) before interest and tax 100 (44) 56 (258)
Finance income 3 3 6 12
Finance costs (43) (44) (87) (86)
Loss before tax 59 (85) (26) (333)
Taxation (1) (1) (3) 2
Net loss 58 (86) (29) (331)
EBITDA 38 11 49 (10)

8
Asset Co Income Statement Summary(1)

Volume (million tonnes) 0.2 0.3 0.5 1.5
Revenue 79 115 194 164
Profit/(loss) on supply chain assets 0 - 0 (23)
Share of profits and losses of joint ventures & associates 74 (65) 9 (105)
Total operating income/(loss) 76 (60) 16 (138)
Other income net of other expenses 0 (0) (0) (0)
Profit/(loss) before interest and tax 74 (63) 11 (147)
Finance costs (13) (13) (26) (37)
Profit/(loss)before tax 61 (76) (15) (179)
Taxation (1) (1) (2) 4
Net loss 60 (77) (17) (175)
EBITDA 4 6 10 (12)
▪ Share of profits and losses of joint ventures & associates due to revaluation adjustment in Harbour Energy.

9
Trading Co Income Statement Summary(1)
Revenue 795 675 1,469 1,297
Share of profits and losses of joint ventures & associates (0) 0 0 (3)
Total operating income/(loss) 42 43 84 (59)
Other income net of other expenses 6 4 9 5
Profit/(loss) before interest and tax 29 21 50 (104)
Finance costs (22) (22) (44) (40)
Profit/(loss)before tax 9 2 11 (138)
Taxation (1) 0 (1) (2)
Net profit/(loss) 9 2 10 (140)
EBITDA 35 8 43 8

10
Trading Co Income Statement Summary - Energy (2)

Revenue 338 340 678 753
Operating income from supply chains 4 (17) (13) (7)
Loss on supply chain assets - (0) (0) (2)
Share of profits and losses of joint ventures & associates 0 1 1 (1)
Total operating income 4 (16) (12) (10)
Excluding material non-cash elements and items outside of

Q1 Q2 1H 2021 1H 2020
underlying performance(3)
Operating income from supply chains 4 (17) (13) (7)
Non-cash elements and items outside of underlying
6 2 7 34
performance(3)
Adjusted operating income from supply chains 10 (15) (6) 27
(1) Includes offtake and marketing volumes.

(3) These are related to historical (pre-RED) investments/trades and IFRS9 credit provision.
11
Trading Co Income Statement Summary - Energy (2)
▪ Energy Coal: During H1 2021, coal price volatility (Q1) and an unprecedented increase in prices (Q2) impacted
proprietary trading profitability of the Energy Coal Business, driven by paper trades rather than physical flows. Global
supply issues in key coal producing markets as well as dependence of price on China’s coal import strategy caused
sudden price fluctuations and surges which made it very difficult for the business to adjust its trade book and price
positions. Key focus for the remainder of the year will be on execution and growing volumes, with less exposure to price
risk, (including reducing limits around proprietary trading), positioning the book to take advantage of the prevailing strength
in prices by locking profitable term business.
▪ Asia Oil : The business met its performance target in Q2 and 1H2021, even with sales volume lower than planned due to
various limitations and challenges. The desk has been able to profitably trade around the market strength since the start of
the year and is currently on track to meet Q3 target.
Trading Co Energy Trading Co

(US$ millions)
Operating Income Operating Income EBITDA
Reported results 63 (6) 43
Energy Coal paper trading loss (21) (21) (21)
Adjusted results 84 15 64

12
Trading Co Income Statement Summary - MMO (ex Freight) (2)

Revenue 425 308 733 469
Operating income/(loss) from supply chains 30 43 73 5
Loss on supply chain assets (0) 3 3 (31)
Share of profits and losses of joint ventures & associates (0) (1) (1) (2)

Q1 Q2 1H 2021 1H 2020
4 (4) (0) 13
performance(3)
Adjusted operating income from supply chains 34 39 73 18
▪ Met Coal and Coke: The business dominated the global seaborne market in H1. As anticipated, steel production in China and rest of the world
(Brazil, Europe and Japan) has been strong and bullish. The business’ positioning in Q1 helped to maximize profitability. In Q2, the business
continued to secure substantial coke tonnage with subsequent sales at high margins. The business continues to manage price risk carefully and in
the period further developed customer markets especially in in Vietnam, Indonesia and Malaysia.
▪ Kalon: The Special Ores, Industrial Metals & Aluminium business, trading under the wholly-owned subsidiary of Kalon Resources, had a strong
second quarter. First half performance was ahead of targets on the back of positive contributions from all parts of the business, including Iron Ore,
Chrome Ore, Manganese Ore, Tin, Tungsten, Tantalum, Niobium, Aluminium and Alumina. While COVID-related disruptions slowed down some
supply chains and led to higher than normal inventory levels in Q2, the business remains well diversified by both product and geography enabling it
to deliver a solid set of results for the first half.

13
Trading Co Income Statement Summary - MMO (ex Freight) (2)
(cont’d)
Revenue 425 308 733 469
Loss on supply chain assets (0) 3 3 (31)
Share of profits and losses of joint ventures & associates (0) (1) (1) (2)
Q1 Q2 1H 2021 1H 2020
4 (4) (0) 13
performance(3)
Adjusted operating income from supply chains 34 39 73 18
▪ Mongolia: Covid -19 has continued to impact supply chains hampering some flows across certain borders. It is expected in 2H 2021 that
the supply chain constraints will ease at certain borders and the business is well position to ramp up existing supply chains to take
advantage of this. Despite these challenges, strategic contracts will enable the business to benefit from the current price environment
across ferrous and non-ferrous for the balance of the year.

14
Trading Co Income Statement Summary - Freight (1)

Volume (million tonnes) 1.9 1.5 3.4 6.9
Revenue 32 27 59 75
Operating loss from supply chains (1) 3 2 (15)
Share of profits and losses of joint ventures & associates - - - (0)
▪ Freight : Increases in seaborne volumes of all major dry bulk commodities, a reduction in fleet and logistical challenges posed by Covid-19
delivered a strong improvement in freight rates across the 1H of 2021, delivering net positive operating income of $21 million in 1H 2021. Our
strategy of significantly reducing length in the Freight book is progressing well with lease novation and other lease exits executed or underway
with the objective of substantially reducing the overhang by year end.

15
Group EBITDA(1)
(US$ millions) Trading Co Asset Co Other Group
Profit/(loss) before interest and tax 50 11 (5) 56
Depreciation 13 9 - 22
EBITDA 63 20 (5) 78
Share-based payment and equity-settled share option
- - 0 0
expenses
Net impairment losses (12) (1) - (12)
Share of P&L of JVs & associates (0) (9) - (9)
Gain on disposal of subsidiaries (3) - - (3)
Gain on disposal of PPE 0 - - 0
Expected credit loss on amount due from fellow
(0) (0) 0 -
subsidiaries
Onerous lease provision (1) - - (1)
Gain from vessel lease novation (6) - - (6)
Legal claim provision 2 (0) - 2
Dividend income from equity investments at FVOCI (0) - - (0)
EBITDA (adjusted) 43 10 (5) 49

16
Liquidity & Debt

▪ Group cash balances at US$362 million and net debt of US$1,187 million at 30 June 2021
▪ Trading Co cash balances at US$286 million and net debt(1) of US$359 million at 30 June 2021
▪ Net debt covenant fulfilled with headroom of US$66 million
▪ Management remain focused on the liquidity position as Noble continues to optimally deploy capital to maximise
profitability in margin generating business lines and support growth opportunities
▪ Trading Co cash position impacted by an exceptional build-up of inventory (approximately US$56m) where a
specific Kalon supply chain was adversely impacted by Covid-19 restrictions. We anticipate that these restrictions
will be eased later this year and we have developed contingency plans in the event that they are not.
Group
30 June 2021
(US$ millions)
Trading Co
30 June 2021
(US$ millions)
1,480
1,118
Headroom $66 million
644
362
359 425
286
Total debt Cash & cash equivalent Net debt

Total debt(1) Cash & cash equivalent Net debt(1) Net debt covenant
(1) Excluded UPAS LC of US$44 million.

17
Group Cash Movements
From 31 December 2020 to 30 June 2021
(Cash balance reconciliation, US$ million)
18
Trading Co Cash Movements
From 31 December 2020 to 30 June 2021
(Cash balance reconciliation, US$ million)
Primarily
inventory
build up UPAS LC
Divestment of investments
• Tharisa c.$11 utilisation
Including: Primarily • Arafura c.$5
• Net movement of RPP and bank debts $(8); inventory
• Facilities fee and interest $(2); and build up
• Hold Co $(2) Including:
• Net movement of bank debts $3;
• Facilities fee and interest ($14); and
• Hold Co $1
19
Noble Group Holdings Limited

Selling, administrative and operating expenses
(US$ millions) Q1 Q2 1H 2021 1H 2020
Human capital costs 14 16 30 28

Termination-related expenses 0 2 2 9
Directors’ fees 1 1 2 2
Audit, legal and tax expenses 3 5 8 5
Advisors & consultancy fees 2 3 5 10
Communication and information services expenses 1 1 2 4
Office costs 2 2 3 5
Insurance (non-trade) 0 0 1 1
Travelling and entertainment 0 0 0 2
Other - - - 1
Total selling, administrative and operating expenses 23 30 54 67
Ongoing human capital costs are generally trending down but in Q2 they included certain bonus accruals in
light of the improved trading performance in specific business units.
20
Disclaimer
▪ This presentation (the “Presentation”) does not constitute or form part of, and should not be construed as, an offer or invitation to sell or issue, or the solicitation of an offer to
purchase, subscribe for, underwrite or otherwise acquire, any securities of Noble Group Holdings Limited and any of its subsidiaries (“Noble Holdings” or the “Company”) nor
should it or any part of it form the basis of, or be relied on in connection with, any contract to purchase or subscribe for any securities of Noble Holdings, nor shall it or any
part of it form the basis of or be relied on in connection with any contract or commitment whatsoever.
▪ No securities of Noble Holdings have been, or will be, registered under the United States Securities Act of 1933, as amended, or the securities laws of any other jurisdiction.
▪ This Presentation is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or
regulation and persons into whose possession this Presentation comes must inform themselves about, and observe, any such restrictions.
▪ The material in this Presentation has been prepared by Noble Holdings and is general background information about the Company’s activities current as at the date of this
Presentation. This information is given in summary form and does not purport to be complete. No representation, warranty or undertaking, express or implied, is made as to,
and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or the opinions contained herein. None of Noble Holdings nor
any of its subsidiaries, affiliates, advisors, representatives and agents shall have any responsibility or liability whatsoever (in negligence or otherwise) relating to the accuracy
or completeness of the information and opinions contained in this Presentation or for any loss howsoever arising from any reliance or use of this Presentation or its contents
or otherwise arising in connection with this Presentation.
▪ This Presentation may contain forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and the securities laws of other
jurisdictions. Forward-looking statements are not statements of historical fact and reflect Noble Holdings’s intent, belief or current expectations with respect to its future
businesses and operations, market conditions, results of operation and financial condition, capital adequacy, specific provisions and risk management practices. Forward-
looking statements are not guarantees of future performance and our actual results of operations, financial condition and liquidity, and the development of the industries in
which Noble Holdings operates may differ materially from those made in or suggested by the forward-looking statements contained in this Presentation. In addition, even if
our results of operations, financial condition and liquidity are consistent with the forward-looking statements contained in this communication, those results or developments
may not be indicative of results or developments in subsequent periods.
▪ Readers are cautioned not to place undue reliance on these forward-looking statements. Noble Holdings does not represent or warrant that their actual future results,
performance or achievements will be as discussed in those forward-looking statements. Further, Noble Holdings disclaims any responsibility, and undertakes no obligation to
update or revise any forward-looking statements contained in this Presentation to reflect any change in their expectations with respect to such statements or information after
the date of this Presentation or to reflect any change in events, conditions or circumstances on which Noble Holdings based any such statements.
21
Disclaimer (continued)
▪ This Presentation contains financial information regarding the businesses and assets of Noble Holdings and its consolidated subsidiaries. Such financial information may not
have been audited, reviewed or verified by any independent accounting firm. Certain financial data included in this Presentation consists of “non-IFRS financial measures.”
These non-IFRS financial measures, as defined by Noble Holdings, may not be comparable to similarly titled measures as presented by other companies, nor should they be
considered as an alternative to the historical financial results or other indicators of Noble Holdings’s cash flow based on IFRS. Even though the non-IFRS financial measures
are used by management to assess the Company’s financial position, financial results and liquidity and these types of measures are commonly used by investors, they have
important limitations as analytical tools, and you should not consider them in isolation or as substitutes for analysis of Noble’s financial position or results of operations as
reported under IFRS. The inclusion of financial information in this Presentation should not be regarded as a representation or warranty by Noble Holdings, or any of its
affiliates, advisors or representatives or any other person as to the accuracy or completeness of such information’s portrayal of the financial condition or results of operations
of Noble Holdings and its consolidated subsidiaries and should not be relied upon when making an investment decision.
▪ 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. If you have any doubt about the foregoing or any content of this Presentation,
you should seek independent financial advice.
▪ Shareholders, potential investors and holders of the existing debts and other securities of the Company are advised to exercise caution when dealing in the securities of
Noble Holdings.
▪ This document contains information on past performance which should not be construed as an indication of future performance.
▪ © Copyright 2019 Noble Group Holdings Limited and its affiliates. All rights reserved.

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Noble Group Holdings Limited

(Incorporated in Bermuda with limited liability)

August 2021 6 Months Results June 2021

Volumes (offtake and marketing) 25 34 Cash equivalents 362 377

Operating income from

SAO expenses (54) (67)

(1) Adjusted measure.

Financial Highlights (cont’d)

Trading Co Results(1) 1H 1H Asset Co Results(1) 1H 1H

Volumes(2) 24.9 32.9 Volumes 0.5 1.5

(US$ millions / million tonnes) Q1 Q2 1H 2021 1H 2020

(1) Adjusted measure.

(US$ millions / million tonnes) Q1 Q2 1H 2021 1H 2020

(1) Adjusted measure.

(1) Adjusted measure.

Six months ended 30 June 2021

Excluding material non-cash elements and items outside of

(1) Includes offtake and marketing volumes.

Six months ended 30 June 2021

Trading Co Energy Trading Co

Energy Coal paper trading loss (21) (21) (21)

(1) Includes offtake and marketing volumes.

Six months ended 30 June 2021

(US$ millions / million tonnes) Q1 Q2 1H 2021 1H 2020

Excluding material non-cash elements and items outside of

(1) Includes offtake and marketing volumes.

(1) Includes offtake and marketing volumes.

Six months ended 30 June 2021

(1) Adjusted measure.

(1) Adjusted measure.

Liquidity & Debt

Headroom $66 million

Total debt Cash & cash equivalent Net debt

(1) Excluded UPAS LC of US$44 million.

Noble Group Holdings Limited

(US$ millions) Q1 Q2 1H 2021 1H 2020

Human capital costs 14 16 30 28

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