IPAD KATANGA MINING CONFERENCE

20-21 October - Lubumbashi

Carl Kachale,

Trade Finance Head, Sub-Sahara Africa

2

Table of Contents

Citi Globally and in SSA 3

Citi in DRC 7

DRC Mining Sector at a Glance 8

Commodity Trade Finance 10

Metals & Minerals Commodity outlook 16

Core Team 27

Credentials in the Mining Sector 28

Citi Globally and in SSA

WHO IS CITI?

4

Local Presence Worldwide

5

The Power of Our Network

6

The Benefits to our Clients

7

Who is Citi in DRC?

• Citigroup Congo was established in 1971 making

it the first international bank to open in the

country.

• Citi Congo is a Corporate/Institutional Bank with

a focus on innovative cash management, trade

services and finance, treasury, transaction

banking and corporate finance solutions for our

customers.

• Maintain 2 Branches:

- Kinshasa

- Lubumbashi

- Citi has countrywide coverage through a strong

digital connectivity and strategic partnerships

with our local Correspondent FI.

Services / Products Provided:

• Cash Management

• Trade Services and Finance

• Treasury Services

• Corporate Finance & Lending

• Securities Services

8

DRC Mining Sector at a Glance

The Democratic Republic of the Congo is estimated to have $24 trillion (equivalent to the combined Gross Domestic

Product of Europe and the United States) worth of untapped deposits of minerals including the world’s largest reserves of

Coltan and significant quantities of the world’s Cobalt. The primary resources extracted in the DRC include cobalt,

diamonds, gold, copper, and oil.

$3.3 billion in 2012 FDI

into DRC (Source:

World Investment

Report 2013, United

Nations, July 2013

80% of processing

plants in Katanga

Province owned by

Chinese companies

90% of minerals

extracted from Katanga

mines exported to

China

3% of Global copper

reserves situated in the

DRC

25% Global diamond

reserves in DRC, and

largest in Africa

Largest global cobalt

production with

approximately 45%

of global cobalt

reserves

Largest tantalum

producer globally in

2012

Largest tin producer

globally in 2012

Largest copper

producer globally in

2012

Highest gold

reserves globally

COMMODITY TRADE FINANCE IN AFRICA

10

11

12

13

Transactional Financing: Account Receivables

Metals & Mineral Traders sell commodities to their strategic buyers on short term (30 – 90 days) open account payment

terms. Citi can provide payment cover and/or funding to the sellers

Sellers Metals & Minerals Traders

Buyers Producers

Underlying Goods Metals & Minerals

Tenor 30 – 90 days

Facility size US$ 20 – 100 Million

Advance rate 90% - 100%

Type Disclosed / Undisclosed (Silent)

Other Requirement Both Seller and Buyer to be

Citibank credit client with strong

track record

14

15

Citi’s Point of View

METALS AND MINERALS COMMODITIES Q4/15 OUTLOOK

17 Sources: Citi Research team

18 Source: NBS, People Bank of China, Citi Research

19 Sources: Bloomberg, NBS, Wood Mackenzie, Citi Research

20 Source: Antaike, Bloomberg, NBS, Wood Mackenzie, Citi Research

21 Sources: Antaike, Bloomberg, NBS, Wood Mackenzie, Citi Research

22

Cobalt is predominately used in alloys because of its strength and ability to resist corrosion, so, naturally, most of the mined cobalt is

used in metallurgy for things like gas turbines and jet engines.

However, cobalt has several other uses including chemical catalysts, gamma radiation, porcelain production, pigmentation for paint

and glass, and, of course, batteries

From a production standpoint, Asia dominates, as the region accounts for nearly half of the world’s output. Both Europe and the

Americas each account for just under a quarter of production each.

Cobalt is not commonly listed due to the fact that it is difficult to categorize it as either a base metal (industrial) or as a precious metal.

Cobalt market participants have good reason to be excited. The Elon Musk-led electric-car maker burst onto the scene in February with

plans to build the $5-billion facility. Tesla will require a steady, stable supply of graphite, lithium and cobalt — and more importantly it

will require a lot of those materials

Cobalt: Industrial or Rare Earth? Cobalt is a difficult metal to categorize, as some consider it to be an industrial metal, while others place it under the rare

earth metals umbrella.

http://www.lme.com/metals/minor-metals/cobalt/, http://commodityhq.com/commodity/industrial-metals/cobalt/,

PRECIOUS METALS

24 Sources: Bloomberg, LME, Citi research

25 Sources: Bloomberg, Citi Research

26 Sources: Company Reports, Bloomberg, Wood Mackenzie, World Gold Council, Citi Research

27

Kevin Murray

CEO - Citi West and Central Africa

Viviane Bakayoko

CEO, Citi DRC

Sophie Kafuti

Treasury & Trade

Solutions Head, DRC

Michael Kayembe

Corporate Banking

Head, DRC

Peter Crawley

Treasury and Trade Solutions Head SSA

Stewart Makura

Commodity Trade

Finance Head, SSA

Carl Kachale

Trade Finance

Head, SSA

Geoff Gursel

TTS Sales Head, SSA

Wale Soyingbe

Trade Head SSA

Core Team

CREDENTIALS IN THE MINING SECTOR

38.8

35.2

13.7

11.610.4

Citi CS MS GS DB

Lead Advisor on

Acquisition of Cripple Creek

& Victor Mine from

US$820 mm

June 2015

Joint Bookrunner on

Initial Public Offering

US$250 mm

Pending

Sole Advisor on

Sale of 13% Stake

in Euronimba to

Undisclosed

Pending

Lead Bookrunner on

Bond Offering

US$1.2 bn

June 2015

Sole Advisor on

Sale of 50% Stake in Minas

de Aguas Tenidas to

US$700 mm

June 2015

‘s Leadership in Metals & Mining Globally

Citi is the Leading M&A Advisor Globally in M&M 2015 YTD Market Share, %

9

41

Deals #

Value,

$bn

4

37

9

14

6

12

6

11

Selected M&A and Capital Markets Transactions in 2015

Joint Lead Arranger on Term

Loan Facility

US$1.8 bn

January 2015

Joint Bookrunner on

Second Lien Senior

Secured Notes Offering

US$1.0 bn

March 2015

Sole Advisor on

Acquisition of Waihi Gold

Mine from

US$101 mm

April 2015

Lead Bookrunner on

Bond Offering

US$1.5 bn

May 2015

Sole Advisor on

Spin-off of Lonmin plc

US$306 mm

May 2015

Joint Bookrunner on

Bond Offering

US$1.0 bn

May 2015

Joint Bookrunner on

Common Equity Offering

US$682 mm

June 2015

’s Leading Metals and Mining Franchise

We have led the execution for several of the largest and most important transactions in the metals and mining sector,

including extensive experience with base metals producers.

Key Base Metals Transactions Other Landmark Metals and Mining Transactions

Joint Advisor on

Acquisition of

Glencore’s Las Bambas

Copper Project

US$7.0bn

July 2014

Sole Advisor on Sale of

Black Swan Operation and Lake

Johnston Project to

Undisclosed

September 2014

Joint Advisor on

Acquisition of

US$41bn

Unconsummated

Joint Advisor on

Acquisition of

US$3.5bn

March 2012

Sole Advisor on Sale of

Pinto Valley Copper Mine to

US$650mm

April 2013

Joint Advisor on

Sale of 44.6% Stake in

ENRC to a Consortium

US$2.25bn

May 2013

Joint Advisor on

Merger with

US$53.7bn

May 2013

Sole Advisor on

Acquisition of Northparkes

Copper & Gold Mine from

US$820mm

July 2013

Joint Advisor on Sale to

US$25.9bn

March 2007

Joint Global Coordinator on Initial

Public Offering

US$10.0bn (May 2011)

Joint Bookrunner on

Convertible Notes Offering

US$2.3bn (Dec 2009)

Sole Dealer Manager on

Share Buy-Back Offer

US$4.5bn

November 2011

Joint Advisor on

Acquisition of

US$33.2bn

Unconsummated

North America

Joint Bookrunner on

Initial Public Offering

Pending

Pending

Joint Advisor on

Acquisition of

US$189.0bn

Unconsummated

Joint Bookrunner on

Initial Public Offering

US$3.4bn

October 2010

Advisor on Identification and

Structuring of Rights Offering and

Negotiations with

US$1.3bn

December 2010

Joint Advisor on

Acquisition of

US$8.5bn

June 2011

Joint Global Coordinator and Joint

Bookrunner on

Initial Public Offering

US$1.9bn

June 2011

Joint Advisor on Successful

Defense from

US$11.0bn

November 2008

Joint Global Coordinator and

Bookrunner on Rights Offering

US$1.6bn

July 2010

Joint Advisor on

Sale to

A$6.1bn

June 2008

Sole Advisor on Sale of

Avalon / Cawse Assets to

Undisclosed

May 2014

Joint Advisor on

Sale of Severstal NA to

US$2.3bn

September 2014

Joint Advisor on

Sale to

US$2.9bn

November 2014

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