Roger Jones, Co-Head of Commodities Kevin Norrish, Director, Commodities Research Bharath Manium, Director, Commodities Investor Solutions Monday 10 March 2008

Roger Jones, Co-Head of Commodities Welcome

Our commodities business operates globally across a broad range of asset classes Energy Crude Oil Refined Products European Power & Gas US Power & Gas Coal Other Speciality Markets Forest Products Weather Environmental products Agricultural products Softs Freight Industrial Materials Base Metals Precious Metals Plastics Investor Products Swaps Commodity Bonds Funds

Introductions Kevin Norrish, Director, Commodities Research - Commodity market investment outlook - Results of conference audience survey - Comparison with 2007 results Bharath Manium, Director, Commodities Investor Solutions - Latest evolution in investor products

Kevin Norrish, Director, Commodities Research Commodity market investment outlook Survey findings

In the wake of the credit crisis, commodity investments have outperformed

Demand for commodity investments continues to gather pace Commodity market investments hit $178bn in 2007 Launch of new commodity investor products has soared in early 2008

Key fundamental drivers

Depletion of the resource base Steep decline in mature non-OPEC oil output continues Copper reserves relative to demand are very low

Costs escalation is rampant Oil project capital costs rising as fast as prices - tar sands capital costs +300% since 2001 Costs of aluminium smelters are more than double the previous decade

Commodity market trends are increasingly interlinked Climate change/carbon costs Rising Asian living standards & industrialisation Higher gold prices Inflation concerns & weaker dollar Inflation concerns Inflation concerns Rising energy prices Higher grain prices Higher livestock prices Boost demand for biofuels & raise production costs Higher animal feed costs Higher food prices raise labour costs Higher food prices raise labour costs Higher industrial metals prices Producer policy Resource scarcity

It’s not too late! The prices of many commodities have set new records in nominal terms in recent months. But relative to inflation-adjusted benchmarks, price rises look more modest. Many commodities are still trading a long way below their 1970/80s “real” price highs.

Carbon: New opportunities for Investors Analysis of the relative economics of different emissions-cutting measures is still in its infancy and cost curves like that shown below come in many different shapes and sizes. But one way or another the incorporation of carbon emission costs will be an important factor impacting future energy costs and prices.

Barcelona Annual Conference Survey Results

In turbulent financial conditions, investors are raising their commodities exposure…

What do you think is the most attractive aspect of investing in commodities? Today 2007 55% 8% 33% 4% 2006 48% 15% 33% 4% Question 1

In 2006/2007, what percentage of your portfolio was in commodities? Today 2007 33% 37% 11% 19% 2006 50% 31% 7% 12% Question 2

Over the next 3 years, what percentage of your portfolio will be in commodities? Today 2007 6% 35% 37% 22% 2006 7% 38% 19% 36% Question 3

Investors view commodities as long-term exposures…

How long, typically, would you expect to hold your commodity exposure? Today 2007 9% 20% 29% 42% 2006 12% 21% 40% 28% Question 4

What is currently your greatest concern with investing in commodities? Today 2007 43% 21% 23% 13% 2006 54% 17% 15% 13% Question 5

What do you think the average price of oil will be over the next five years? 54% 27% 16% 2% New York Conference Results December 2007 Today Question 6

Investor strategy…

How are you currently investing in commodities? Today 2007 18% 25% 13% 45% 2006 16% 20% 49% Question 7

Over the next 3 years, how do you expect to be investing in commodities? Today 2007 3% 21% 27% 50% 2006 11% 28% 15% 46% Question 8

Which markets do investors favour…?

Which commodity sector do you expect will give the highest returns in 2008? New York Conference Results December 2007 18% 19% 8% 45% 10% Today Question 9

What, in your opinion is the best way of getting exposure to the climate change theme? 33% 16% 40% 12% New York Conference Results December 2007 Today Question 10

Bharath Manium, Director, Commodities Investor Solutions Product innovations

Product Innovations New asset underlyings New payoff structures - Carbon - Coal and Freight Agriculturals New payoff structures The quest for alpha - CORALS - Everest Alpha

Questions & Answers