September 2015

Noble Group
Who we are and what we do
Noble Group Limited
HEAD OFFICE
Hong Kong
18th Floor, MassMutual Tower
38 Gloucester Road, Hong Kong
Tel +852 2861 3511
Fax +852 2527 0282
General Enquiry:
noble@thisisnoble.com
Corporate Affairs:
Stephen Brown -
stephenbrown@thisisnoble.com
REGIONAL HUBS
Singapore
60 Anson Road
#19-01 Mapletree Anson
Singapore 079914
Tel +65 6305 4888
Fax +65 6405 4889
Stamford
Four Stamford Plaza
107 Elm Street, 7th Floor
Stamford, CT 06902, USA
Tel +1 203 / 324 8555
Fax +1 203 / 324 8565
Rollover Fax +1 203 / 324 8567
London
33 Cavendish Square
London, W1G 0PW
United Kingdom
Tel +44 20 / 7907 5888
Fax +44 20 / 7491 2778
San Diego
401 West A Street
Suite 500
San Diego, CA 92101
USA
Tel +1 877 273 6772
Fax +1 619 684 8355

1 SEP 2015
About Us
» Noble Group (SGX:N21) is a leading supply chain manager: we buy physical commodities and transform
them into customised, consumable products that meet the requirements of our customers through
1) our logistics and transportation services, 2) our price risk management and hedging services,
and 3) our processing and blending capabilities

» Our core strategy is to be the best company in the world at moving the physical commodity from the
producer to the consumer and managing the market, credit, and operational risk associated with that

» We seek to be partners rather than competitors with our producer customers and with investors looking
to invest in producing assets with Noble supplying best-in-class execution at the most competitive price

» Our most valuable assets are our network of relationships with our producer and consumer customers,
our midstream supply chain assets & expertise, and our people who provide the value-added services to
our customers

» Our objective is to build long-term value for our shareholders, our partners, our customers, and our
people, with a sustainable global franchise and a focus on long-term supplier and customer relationships

2 SEP 2015
Our Business Today
» We are ranked number 77 in the 2015 Fortune OUR BUSINESSES
Global 500
Energy
» Our tonnage for 1H 2015 was 133 million tonnes
 Oil Liquids
and revenue reached $35 billion  Energy Coal
» In Oil Liquids, we are one of the largest gasoline
blenders on the Gulf Coast
Gas & Power
» In Energy Coal, we are one of the biggest shippers  Energy Solutions
of seaborne coal  Gas & Power

» In Power & Gas, we have one of the leading

electricity distribution businesses in North America
Metals & Mining
» In Metals, we have a key industry role in global  Metals
aluminium markets  Carbon Steel Materials

» In Carbon Steel Materials, we have a significant

non-producer share of the seaborne market Corporate
» In Logistics, we annually charter approximately  Logistics
 Origination & Customer Solutions
1,000 ships in order to carry products

3 SEP 2015
How We Create Value as a Physical Merchant
We source » We source from producers including miners, smelters, oil and gas producers, refiners, and
commodities from power generators
our producer » With an asset-light strategy, we secure diversified and consistent sources of trade flows
customers in through contractual arrangements and investments in associates rather than from asset
low-cost regions ownership or on a cargo by cargo basis

» We service the requirements of our customers by transforming commodities in:

- Space/location (through our logistics and transportation services)
We provide
- Time (through our price risk management and hedging services)
value-added
transformations / - Form (through our processing and blending capabilities to ensure the optimal
product mix and qualities)
services
» We also provide structured and trade financing solutions to facilitate delivery of our
services

We deliver » We serve customers including steel mills, metal processors, oil refineries, petrochemical
products to our plants, power generators, and power and gas consumers
network of » We service customers by delivering the products they want in the desired locations at the
customers across times they need them, and we offer financing and structured solutions to facilitate seamless
the globe execution

4 SEP 2015
Creating Value through Transformations and
Services
We source We deliver
commodities from We provide value-added products to our
our producer transformations / network of
customers in services customers across
low-cost regions the globe

Logistics and Price risk management Processing and blending

transportation services and hedging services capabilities
(e.g. freight, breaking bulk, and (e.g. swaps and scheduled
(e.g. quality and mix specifications)
ground transportation) deliveries)

Structured and trade financing solutions

(e.g. payment terms, prepayment, and offtake/marketing arrangements)

5 SEP 2015
Our Businesses
Our Key Business Segments Today

Corporate
» Logistics » Origination & Customer Solutions » Associates & JVs

Metals & Mining Energy Gas & Power

» Metals » Oil Liquids » Gas & Power
» Carbon Steel Materials » Energy Coal » Energy Solutions
Volumes Volumes Volumes
EBIT EBIT EBIT
(Million (Million (Million
(US$MM) (US$MM) (US$MM)
Tonnes) Tonnes) MWh)

1H2015 20.0 3 1H2015 68.4 363 1H2015 507.8 100

1H2014 17.2 187 1H2014 54.2 266 1H2014 425.7 167

7 SEP 2015
Metals & Mining
Metals Business Overview
Business Overview
» Noble is a leading participant in the global base metals market, sourcing
from producers worldwide through offtake agreements, short and long-
term purchases, as well as marketing arrangements, before distributing to
a global industrial consumer base
» The bauxite, alumina, and aluminium business is the most mature
business within Noble Metals, with a 55% interest in the Jamalco alumina
refinery – one of the largest integrated alumina operations in the Americas
» Noble has also been a leading participant in the global metals markets for
many years, and our zinc, copper, lead, and nickel businesses are focussed
on offering product to our Asian client base
» Noble Metals provides innovative solutions to maximise the value of the
supply chains for our partners, both producers and consumers, across
non-ferrous metals
Strengths / Strategic Opportunities
» Our key global franchises are aluminium,
alumina and offering global coverage and
services, as a leading merchant
» Our Base Metal business operates on a
regional basis emphasizing on accessing new
opportunities in Asia
» We cultivate strong relationships with our
direct customer base who appreciate our
flexible approach to accommodating their
product needs
» We customise supply arrangements for our
global metals consumers to maximise sourcing
options
» We partner with producers globally on flexible
terms to maximise value of production
» We offer customised structured financing
solutions
8 SEP 2015
Metals & Mining
Metals Business Model
Mines, Smelters & Products, Transformations & Services Smelters & Refineries,
Refineries Galvanizers, Stainless
Steel Producers, and
Traded products: Large End Users (Aero,
» Aluminium, alumina and bauxite, copper, zinc, lead, Auto, Construction, and
nickel, and raw materials (concentrates, etc.) Packaging)

Capabilities and services include:

- Offtake and marketing services
- Logistics and warehousing solutions
- Tolling arrangements
- Structured financing arrangements, including
prepayments
- Location/time/quality swaps
- Financing trades
» Our Metals business incorporates the trading and
management of supply chains for the key base metals, as
well as ownership of certain strategic assets including a
global network of LME warehouses and one of the largest
integrated alumina operations in the Americas

9 SEP 2015
Metals & Mining
Metals Business Footprint
ZINC, LEAD, BAUXITE, RAW
ALUMINIUM COPPER
NICKEL ALUMINA MATERIALS1

Products

 Canada / US  Latin America  Western  Latin America  Latin America

 Western  United States Europe and Caribbean  Australia
Origination
market Europe  Sub-Saharan  India  Africa  Sub-Saharan
 CIS Africa  United States Africa
 Australia  Mongolia
 Scrap market  Scrap market  Open market  Open market  Prepayments
 Open market  Open market  Prepayments  Prepayments  Investments
Origination
method  Prepayments  Prepayments  Marketing  Investments  Marketing &
 Marketing &  Investments  Investments  Swaps offtake
offtake

 Aerospace  Wire and cable  Galvanizers  Refineries  Smelters

Noble’s  Automotive  Tubing  Automotive  Smelters
Customers  Construction  Brass  Stainless steel
 Packaging

(1) Concentrates & other intermediate raw materials

10 SEP 2015
Metals & Mining
Metals Business Case Study – Clarendon Alumina Production and Jamalco
» In June 2013, Noble signed a major prepayment and
alumina offtake agreement with Clarendon Alumina
Production (“CAP”)
Provides Noble with immediate access to
high-quality alumina supply
» CAP will supply c. 600,000 tonnes per annum to
Noble (c. 6 million tonnes over the life of the contract)

» The US$120 million prepayment facility will be repaid

within 10 years Established partnership with a
best-in-class operator (Alcoa)
» In October 2014, Noble announced the acquisition of
55% of Jamalco from Alcoa, providing Noble with an
additional 778,800 tonnes of alumina offtake, and
aligning Noble as a JV partner in Jamalco alongside
the Government of Jamaica
Cultivated a long-term relationship with
the Government of Jamaica

Enhances Noble’s access to multiple

potential commodities opportunities
within Jamaica

11 SEP 2015
Metals & Mining
Carbon Steel Materials
Business Overview Strengths / Strategic Opportunities
» Noble’s Carbon Steel Materials business focuses on providing products to the steel » With a superior reputation in the global seaborne
manufacturing industry encompassing iron ore, chrome, manganese ore, market, we will further build on relationships on
metallurgical coal, and metallurgical coke the demand side. China will continue to be a very
important consumer and platform for the Carbon
» The business has a global reach, with a focus on the Asian steel mills, sourcing
Steel Materials business
cost competitive products and then bundling these together with risk
management and logistics services, a more comprehensive service than other » Our key strengths include:
suppliers can offer
- Strong long-term steel mill relationships
» Producers are limited to supplying raw materials and typically do not provide an (particularly in China)
integrated suite of products. The majority of our supply contracts are with
- Significant non-producer share of seaborne
market-leading, low-cost producers
market
» Raw material suppliers continue to be under significant pressure as prices further
- Flexibility in trading terms
decline due to supply-side overcapacity. Demand growth for carbon steel
materials remains weak and will require a number of years to absorb supply-side - Strong logistics capability to secure cost
overcapacity effective and timely supply and to assist
client and the value proposition
(particularly in India)
» We will utilise the following strategies in order to
navigate the current challenging environment and
deliver long-term profitable growth:
- Expand portfolio via structured
transactions and enhance existing position
with low-cost quartile producers
- Expand customer base and leverage the
marketing network to cross sell products in
the steel complex

12 SEP 2015
Metals & Mining
Carbon Steel Materials Business Model
Iron Ore, Chrome, Products, Transformations & Services Global Steel Mills
Manganese Ore, and
Metallurgical Coal Mines
Traded products:
» Iron ore, met coal, met coke, and specialty ores & alloys

Capabilities and services include:

» Offtake and marketing services
» Blending and optimisation
» Logistics flexibility
» Structured financing arrangements, including
prepayments
» Branding alternatives
» Stock & sale
» Price risk management

13 SEP 2015
Metals & Mining
Carbon Steel Materials 2015 Major Trade Flows

Trading head office

Regional hub
Iron ore (estimated trade flows of c.20.0Mtpa in 2015)
Met coal (estimated trade flows of c.7.0Mtpa in 2015)
Met coke (estimated trade flows of c.7.8Mtpa in 2015)
Special ore and alloys (estimated trade flows of c.2.4Mtpa in 2015)

14 SEP 2015
Metals & Mining
Carbon Steel Materials Case Study – Long-term Iron Ore Offtake
» In October 2013, Noble secured a long-term offtake
with an Australian iron ore producer Consistent with asset-light approach by
accessing flows without requiring
» Noble partnered with an Australian Bank, which
syndicated a medium-term prepayment facility
balance sheet deployment
secured by offtake to Noble

» Noble provided the Australian iron ore

producer/the Australian Bank with guaranteed Established long-term partnership with
payment stream with minimal execution risks low-cost, market-leading iron ore producer

Complementary to existing offtake and

further diversifies
Noble’s product portfolio

Strengthens long-term commodity flows

15 SEP 2015
Energy
Oil Liquids Business Overview
Business Overview Strengths / Strategic Opportunities
» Noble is a major participant in global physical oil trading. We trade large physical » We are one of the largest gasoline blenders on the
volumes, including crude oil and refined products via ship, barge, pipeline, truck, Gulf Coast and we continue to develop supply and
and rail, with access to over 15 million barrels of storage globally marketing relationships with American, EMEA,
and Asian customers
» Noble has blending and wholesale capabilities in North America and the
Caribbean, and long-term leases on liquids storage capacity in both Europe and » We have global trading and operations in Stamford,
the Far East Houston, Denver, London, and Singapore

» We work with producers, consumers, and refiners to manage exposures along the » We offer flexible structured financing solutions to
supply chain, offering clients a variety of services that go beyond the traditional meet our customers’ needs
commodity price hedging solutions - Recently, we completed a landmark
» Given the current low price environment, we have leveraged Noble’s reach to transaction with PetroEcuador providing a
partner with producers and other businesses who have been adversely affected, to US$1 billion loan, which we then
provide pre-financing, risk management, or logistic services repackaged and sold to institutional
investors
» Regulatory change continues to impact the market. For instance, the uncertain
regulatory environment that comes with the Renewable Fuels Standard could - As part of the deal, Noble is supplying
have an impact on our biofuel’s business. The Oil Liquids team understands the 30%-50% of the naphtha and diesel
risks and opportunities and trades accordingly. Further, the changes relating to imported by PetroEcuador for 5 years
Mexico energy reform are expected to create opportunities to expand our Latin » Oil Liquids is working alongside Noble’s strong
American franchise historic relationships within other businesses, such
as Energy Coal, to establish new businesses
» A key element will be our work with our investment
partners at EIG to maximise our exposures with
their asset activities

16 SEP 2015
Energy
Oil Liquids Business Model
NOCs, Independent Products, Transformations & Services Global Oil Producer,
E&Ps, Refiners, Refiners, Traders,
Midstream Companies, Governments, and
and Capital Providers Traded products: Large Consumers
» Crude, distillates, gasoline, naphtha, LPG, polymers,
biodiesel, ethanol, and MTBE/ETBE

Capabilities and services include:

- Pipeline, terminal trading, and blending
- Logistics, storage solutions, and fleet management
across the globe
- Tolling arrangements and inventory intermediation
- Offtake and marketing services with customised
netbacks
- Structured financing arrangements, including
pre-payments
- Global cargo arbitrage across Oil Liquids products
- Location/time/quality swaps/options
» We selectively invest in strategic infrastructure assets such
as terminals and pipeline capacities in order to maximise
optimality for trading
» In addition to these services, we also opportunistically
provide producers and customers with credit or equity
investment to secure critical trade flows
» We provide value-enhancing solutions for our partners
and clients

17 SEP 2015
 Energy
Oil Liquids Scale & Presence Tonnage Growth
EMEA
North America 5 year CAGR: 20%
 NW European refinery supply deal and
 Largest non-refining shipper on credit intermediation
Colonial Pipeline and major capacity  7 million barrels of product storage
holder on Magellan and Explorer  NW Europe products to Africa
pipelines  Key relationship with crude and product
 Significant NY Harbor, Chicago and exports
Los Angeles products trading  West African crude to U.S.
 Rack distribution business in  Distillate supply in Northern and Southern
Southern U.S. and MidContinent Europe
 Clean products blending and export  Gasoline Blending
out of Gulf Coast
 Clean products marketing and
supply
 Midstream augmentation of product
supply business into Mexico

Latin America
Asia & South Pacific
 Large gasoline supplier into PMI
 Long-term agreement for gasoline  India: diesel and gasoline exports to the
and diesel into PetroEcuador West
 Storage terminals in Panama to  Indonesia: servicing mining assets shorts
facilitate tender business into  China: export products and import crude
Uruguay, Chile, Bolivia, Brazil and  Platform to service mining clients
Argentina  Russia –Eastern Crude movements
 Supply, terminalling and  Gasoline components to U.S. and Europe
distribution development projects

Capabilities Products Key Partners

Rail/Truck Gasoline and

Storage Off-take Ethanol Harbour Energy: Marketing and Logistics
Transport Components

Olefins and
Trading Blending Rack Sales Distillates X2: Fuel Supply
Polyolefins

Structured
Supply Pipeline Transport Crude Oil NGLs Mansfield Oil: Clean Fuels JV
Transactions

18 SEP 2015
Energy
Heide Crude Supply & Inventory Intermediation
» In May 2015, Noble entered into an exclusive supply
agreement with Heide Refinery with crude and feedstock Consistent with asset-light approach by
» The 90,000+ barrel per day capacity refinery is located accessing flows without owning a
on the North Sea near Hamburg, Germany, with jetty, refinery
storage, and pipeline infrastructure and ability to accept
600,000 barrels of crude cargos

» As part of the transaction, Noble acquires the refinery’s

Provides an established physical
crude and product inventory in the tanks on a continual
basis presence in the European refining
market
» The transaction was tightly structured with a
collateralised package to generate P&L through multiple
revenue streams

Enhances our access to key Majors,

NOCs, and large physical players

Strengthens our optionality / ability to

bring in a wider variety of products to
optimise economics

19 SEP 2015
Energy
Energy Coal Business Overview
Business Overview
» Noble’s Energy Coal business is a leading global franchise consisting of a balanced
portfolio of trading, marketing, and supply chain management services. At the
core of the business are the long-term relationships and partnerships with both
producers and consumers, wherein we manage the product flows and also provide
supply chain and risk management services
» While the Energy Coal market is experiencing a downturn, our business remains
strong and is positioned for further growth in this environment:
- In the traditional large markets of North Asia, we are expanding our new
services and leveraging our cross-commodity portfolio to create multiple
touch points and new income streams with our clients
- We continue to build strategic partnerships with existing and new build
Independent Power Producers (“IPP”) globally, especially in the growth
regions of India, Southeast Asia, and Africa; creating these long term
shorts is key to excelling in this market now and in the future
- We have ventured into new markets, including domestic market product
supply in Indonesia, formation of a joint venture in China, and an
enhanced portfolio of services in North Asia
» There are opportunities in a difficult market to further boost the existing flows,
where some players in the supply chain struggle with the conditions, take
advantage of opportunities created by the conditions, and to develop new markets
and partnerships
Strengths / Strategic Opportunities
» Our deep understanding of client requirements
helps us to optimise our portfolio and create value
along the supply chain
» We focus on the customer and are the preferred
competitive supplier across a balanced portfolio of
locations and products based on flexible delivery
terms
» We have strategically located marketing teams
within all key consumer markets, including China,
Taiwan, India, Japan, and Korea
» Our core flows from Indonesia and Australia, and
the key relationships in these countries continue to
provide growth options as new opportunities
emerge from the difficult market conditions
» We also see growth opportunities in Africa,
particularly North and West Africa, and in the
Mediterranean region. New coal fired capacity
expansions in Africa provide opportunities; given
our presence in the region via multiple commodity
flows we are aiming to leverage into new coal flows
20 SEP 2015
Energy
Energy Coal Business Model
Portfolio of offtake and Products, Transformations & Services Supply contracts to 70+
marketing arrangements customers (IPPs,
with over 20 mines power producers, and
across multiple ports in Traded products: trading houses) with
Australia, Indonesia, » Bituminous and sub-bituminous energy coal key focus markets:
South Africa, and Russia China, India, Japan,
Korea, Taiwan,
Capabilities and services include:
SE Asia, and Mexico
» The Noble Brand – product and service quality,
performance, and conformance
» Product offtake, supply, optimisation, and marketing
services
» Supply chain and logistics management
» Portfolio optimisation and price risk management
» Structured and trade finance offerings
» Investor relationships and project management expertise
» Time, quality, and location spreads

21 SEP 2015
Energy
World’s Leading Energy Coal Trader and Supply Chain Manager

Key Origination Markets

Key Destination Markets

Offices/representations

Domestic Market

Trade Flow

22 SEP 2015
Energy
Energy Coal Case Study – Indonesian Energy Coal Marketing Rights
» In 2013, Noble was appointed as the exclusive long-term
coal marketing agent and obtained offtake rights for a
In line with Noble’s asset-light strategy,
new Indonesian energy coal mine
managing coal flows without
» Noble leveraged its in-country presence and experience to direct mine ownership
identify this opportunity and relationship

» In conjunction with the coal marketing agreement, Noble

participated in financing to fund construction of the mine
and its associated infrastructure
» Noble has achieved penetration of this new coal source in
key Southeast Asian markets and thereby established a
diversified end customer base for the mine
Leveraged Noble’s extensive Indonesian
experience to identify this mine with
coal quality well-suited to Noble’s
key end customers in Asia

» Financing was tightly structured with checks and Established multiple income streams,
balances in place to ensure repayment of principal including from value-added services to
the mine (such as coal transport logistics
» The transaction has created a new base flow for Noble to
trade and Noble is actively seeking opportunities to grow and technical assistance)
the relationship

Consistent with Noble’s strategy of

growing Indonesian customer base
through long-term arrangements with
trusted counterparties

23 SEP 2015
Gas & Power
Gas & Power Business Overview
Business Overview
» Noble’s Gas & Power business is a client-focused energy trading and merchant
business, partnering with both producers and consumers to address their
exposures along the whole supply chain
» The global gas market is undergoing important structural changes. On the supply
side, progress is being made for US shale to reach global markets in the imminent
future via LNG, and on the demand side traditional drivers of growth (Japan,
Korea, and China) are being replaced by new entrants with fast growing demand
» In the US, we see opportunities to partner with key exporters offering our
expertise in gas purchasing, risk management, and gas logistics and with natural
gas producers, offering risk management, transport optimisation, and structured
financing solutions
» In Europe, regulatory changes and lacklustre demand growth are driving capacity
tightening, a consolidation of players in the sector, and the sale of assets. Noble
sees opportunities to partner with new investors as a service provider, offering our
expertise and physical capabilities. In Eastern European countries, we see a role
helping to improve security of supply and linking this market into the build out of
the LNG platform
» We seek to develop a portfolio of long-term sustainable supply contracts in growth
regions, offering flexible solutions and taking on credit, operational, and risk
management challenges where we can offer a competitive edge
Strengths / Strategic Opportunities
» We work with both producers and consumers,
offering a wide variety of services to address their
commodity exposures along the whole supply chain
» We leverage our in-house proprietary and real-time
research to optimise value for our customers
» We collaborate with other business units to expand
the breadth of product offering for our customers’
specific needs
» We continue to explore partnerships with private
equity, sovereign wealth funds, and hedge funds
where we can contribute our knowledge, our
expertise, and our relationships to leverage their
capital and expand our access to trade flows
» We continue to build out our LNG platform across
the globe and are approaching our goal of reaching
1 million tonnes per annum delivered within the
first 12 months of operations
» Our global G&P business has grown by over 70% in
the past 2.5 years, averaging a growth rate of 10%
per quarter
24 SEP 2015
Gas & Power
Gas & Power Business Model
Gas & Power Producers, Products, Transformations & Services Utilities, Retail
Generators, IPPs, Aggregators & Large End
Pipeline & Midstream Users, and IPPs
Companies, and Capital Traded products:
Providers & Investors » Gas, LNG, power, and input coal

Capabilities and services include:

- Trade execution and physical sales
- Risk management and hedging services
- Management, optimisation, and leasing of assets
- Transportation services
- Fuel procurement, asset tolling
- Structured financing
» In addition to these services, we also opportunistically
provide producers and customers with prepayments and
offtakes, as well as partnering with institutional investors
with interest in the space
» We utilise a combination of merchant marketing and
energy financing expertise to manage market risk with
competitively priced and flexible supply or offtake
structures

25 SEP 2015
Gas & Power
Gas & Power Scale & Presence Significant business growth
Platforms Business Growth: Global Gas & Power
72%
• North America: Mature and robust business covering all the major products and
pipelines in the key market areas across the US and Canada 300
• Europe: Covering all the major products across the key European energy hubs; 250 Polar
a growing business: focused on replicating North American success and expanding

Millions MWh
Vortex
reach across Eastern Europe through key partnerships 200
• South America: Power trading and asset optimization business
150
• LNG: Connecting gas markets across the globe. Offering flexible “tailor made” solutions
& building long term relationships with key LNG producers & consumers; 100
• Middle East/Africa: First LNG provider to Egypt under multi-year term deal,
connecting supply from Middle East & Europe ; long-term offtake discussions 50
• Europe: LNG storage, exports and reloads -
• Asia: Spot and term contracts in Japan
• Caribbean: Power generation and small scale bus development opportunities
• South America: Business development opportunities in Brazil and Argentina

Key Focus and Value Drivers

• North West Gas (Calgary Can): Transportation and marketing
Gas Business Going Global
• North East Gas and Power: Long term transportation and marketing, full service,
power supply & logistics capabilities
• North America, FTR: Power transmission rights trading
• Central and Eastern EU gas: Storage, swing and counter flow services
• Others:
 Risk management, market access  Asset hedging and optimization
 Physical and financial product diversity  Credit intermediation
 Security of supply  Inflection shale play

Breadth of Customer Relations and Partnerships

• IPP’s, Utilities, Aggregators, Traders, LNG portfolio players, Harbour Energy, Noble
Energy Coal (cross selling), Financial sponsors: capital and asset management

26 SEP 2015
Gas & Power
Gas & Power Case Study – Unlocking New LNG Market: Egypt
» In 2015, Noble was awarded a multi-year, multi-cargo
deal to supply LNG to Egyptian Natural Gas Holding Positions Noble as a major player in
Company (EGAS)
high growth LNG demand region
» Noble contracted LNG supply from, among others, (Middle East)
Middle East and Europe

» In addition, Noble is leveraging its experience in

chartering LNG vessels by handling the related LNG
logistics Demonstrates Noble’s ability to unlock
new LNG markets
» Noble commissioned first Egyptian LNG import facility
in Ain Sokhna and supplied the first two LNG cargoes
ever imported into Egypt

Establishes a platform to grow our

LNG business into other regions

Provides strong flow optimisation

opportunities

27 SEP 2015
Gas & Power
Energy Solutions Overview
Business Overview
» Noble Americas Energy Solutions is a leading power marketer focused on
offering supply and risk management services to commercial and
industrial (“C&I”) customers.
» Strategically, Noble Americas Energy Solutions acts as a conduit for
customers to manage their price and energy risk exposure. We buy energy
wholesale and repackage that energy into retail products. Noble Americas
Energy Solutions continually develops products and risk management
tools that change the manner in which customers think about, and
manage, their energy expenditure.
» Noble Americas Energy Solutions has grown gross margin and EBIT every
year for the last decade. Retention rates are amongst the highest in the
industry.
» We continue to grow our business within our existing markets and are
actively evaluating opportunities to expand our business into other
geographies.
» Lower price volatility continues to impact margins across the North
America. However, our client-focused business model along with our
superior risk management expertise has placed Noble Americas Energy
Solutions in a strong position to create value for our customers in an ever-
changing energy environment.
Strengths / Strategic Opportunities
» Deliver best in class energy solutions, risk
management and client services
» Help clients understand the markets,
understand the inherent risks, create a plan for
the future, and execute on the plan – repeat
» Create the best client experience in the market
» Generator/Supplier independent
» Focused on commodity management for the
larger commercial and industrial sector
» Strategic opportunities
» Consolidation of competitors
» Deeper penetration in existing markets
» Mexico’s Energy reform (pending rules
and regulations)
» Renewables and technology

28 SEP 2015
Gas & Power
Energy Solutions Business Model
Wholesale Energy Products, Transformations & Services Commercial & Industrial
Producers, Generators, Consumers
and Traders
Traded products:
» Electricity and natural gas

Capabilities and services include:

» We buy wholesale energy and repackage into retail
products for our customers
» We help our customers manage price, supply, and
transport risks
» Product Structures
- Pricing structures – fixed price, heat rate, day-
ahead index, real-time index, caps, floors, collars
- Quantities (hourly and monthly) – block, shaped
block, load following
- Portfolio management products – layered hedging
strategy
- Renewable products
» Risk Management Services
- Load – shape and swing
- Regulatory
- Market – energy, basis, etc.
- Credit

29 SEP 2015
Gas & Power
Energy Solutions Scale & Presence
Energy Solutions Scale & Presence

» We operate from six locations with 210 WA

employees and are currently the 4th largest ME
MT ND
C&I retail marketer in the US at just under VT
OR MN NH
8,000 MW peak load.(1)
ID SD WI NY MA
» We have approximately 1,200 consumer WY MI CTRI
clients, with 90,000 meters. We source IA PA
NV NE OH NJ
supply from over 60 suppliers. DC D
IL IN MD
UT WV
» We maintain high customer retention rates CA CO VA E
KS MO KY
by providing superior customer service,
flexible product options, and the best energy NC
TN
professionals in the industry. AZ OK
NM AR SC
» We provide retail electricity in all the GA
MS AL
deregulated states in the US and natural gas
in California and Nevada. TX LA
FL

Retail electricity service

Retail electricity and natural gas service
Retail natural gas service
Wholesale electricity delivery to C&I customers
Energy Solutions office locations
(1) Source: DNV-GL 2014 report
30 SEP 2015
Gas & Power
Energy Solutions Key Statistics
» Energy Solutions achieved average pre-tax profit of US$174MM per year over the
past 3 years

» The business delivered steady growth for every one of the past 9 years, with c.38%
compounded annual pre-tax profit growth rate over the past 9 years

» The business is extremely stable and resilient

- Over the past 9 years, the worst one day P&L performance has been a loss of
less than US$1mm, and the worst 10 day performance has been a gain

- The number of “up” days averages 227 vs. “down” days averages of 25, since
2007

- Average VAR of $143,000, Max VAR of $380,000, since 2007

» High credit worthy client base. Since becoming part of Noble, credit write-offs
average less than $500,000 per year

31 SEP 2015
Corporate
Logistics
Business Overview
» The Logistics business services external clients as well as Noble’s internal freight
requirements with modern competitive ocean transport in the dry bulk segment
(including iron ore, energy coal, and grains), which are transported in Cape,
Panamax, and Supramax bulk carriers
» In addition to providing ocean transport, the Logistics business provides both
internal and external customers with long-term freight solutions and freight
market guidance. The business executes forwards in the Freight derivatives
market as hedges to its physical freight exposure
» In 2014, Noble Chartering became the first non-Japanese incorporated shipping
firm to be granted a 15 year Consecutive Voyage Charter Contract with a leading
Japanese power utility
» We have established partnership with industry leaders:
- K-Noble is our JV with K-Line. It was established in 2012 and controls
8 Capesize ships
- OPG Power JV was established in 2014 with 2 Ultramaxes
- Jindal Steel & Power JV owned 4 Kamsarmax newbuilds
Strengths / Strategic Opportunities
» Noble Chartering was established in 1988 and has
grown to be an award-winning dry bulk operator
with a reliable track record of punctual
performance across all market conditions
» Noble Chartering is one of the top 5 Freight
Forward Agreement (FFA) traders in the market
with risk management and market intelligence
platforms built around trading
» At any given time, Noble has over 200 vessels on
charter, either owned, bareboat, time charter
period, or trips, comprised of vessels that have
young age profiles and high RightShip safety
ratings
» Noble Chartering holds Contracts of Affreightment
(“COA”) with major industrial companies around
the globe
» Noble Chartering manages a flexible fleet of ships
to offer optimal support to clients
» Noble is able to access new and profitable
opportunities by leveraging internal flows from
other businesses (e.g. iron ore, coal, coke, and
grain)
» Noble Chartering provides critical value add to our
clients by offering assistance on trading/hedging by
providing freight derivatives, risk management,
and market intelligence
32 SEP 2015
Corporate
Origination & Customer Solutions Overview
Business Overview Strengths / Strategic Opportunities
» The Origination & Customer Solutions team leverages the origination and » The team supports the businesses by originating
customer solutions activities of each of the businesses new opportunities through a broad network of
customer relationships, frequently at the C-Suite
level as well as full financial channel coverage
through relationships with banks, institutional
BUSINESS LINES
investors, and other global pools of capital
Oil Energy Energy Gas & Carbon Steel
Liquids Coal Solutions Power Metals Materials Chartering » Regulatory changes impacting banks’ participation
in commodity trading and commodity financing
have resulted in their reduced participation in
physical business and the reduction of balance
sheet availability, which have constrained access to
capital for our counterparties
CAPITAL AND ORIGINATION PARTNERS
» The team’s customer financing solutions
CUSTOMER FINANCING SOLUTIONS capabilities facilitate the origination of new offtake,
marketing, and supply arrangements by actively
Structured Commodity Finance Commodity Enhanced Finance Financing Solutions
working with our counterparties who are seeking
financing alternatives at both ends of the supply
REGIONAL CUSTOMER COVERAGE chain to develop creative financing solutions that
AMERICAS EMEA ASIA
accommodate their specific needs

» The team has embedded capital and origination

partners in each business who understand the
strategy and flows of the business and who also
have the financial skills to structure, price, and
distribute different elements of the capital
structure to facilitate access to trade flows

33 SEP 2015
Corporate
Research
Business Overview Strengths
» Research is core to our asset-light strategy. While asset-heavy traders rely » Research team is embedded within the trading
on their asset flow data, we collect proprietary trade information and data teams, enabling real-time communication and
and process it along with other available statistics to develop a cutting edge analysis with the trading book leaders to make
fundamental analysis on each commodity we trade decisions
» Real-time decision support and analysis of specific trades through collation - 80% of work involves helping
and analysis of proprietary as well as publicly-available “data” to arrive at: businesses on trades and analysis
- Insights into correlations, market anomalies, and short-term - 20% of work focused on broader
impacts of market forces and events fundamental research
- Recommendations on tactical and strategic trading opportunities, » External customer-facing activities include
with insights into short/medium fundamentals and factors driving support to marketing and origination activity
market call in the form of:
- Quantitative modelling of typical market responses to price and - External reports
fundamentals action in order to timely anticipate market moves
- Visits to clients and counterparties
- Monitoring and forecasting of key market statistics and the market
response to these - Sharing of views and research with
external players
» Focus is not just on directional price movements, but also on how to
capture volatility in geographic, quality, and time spreads » Our proprietary data is the most valuable
» Regular updates to CEO, Management Committee, and Risk Committee in-house commodity
» Weekly and monthly publications on trends
and views

34 SEP 2015
Associates & JVs
Our Partnerships Create Opportunities & Value
» As part of our asset-light strategy we have reduced our exposure to controlling and operating assets such as Gloucester and
Noble Agri and at the same time released over US$4.1 billion of cash
» In addition, we have looked to partner with industry-leading players in new businesses such as X2 Resources and EIG in
Harbour Energy
- Allows us to leverage the operating expertise and day-to-day management of our partners
- Enables Noble to focus on its core competencies in providing critical supply chain services to enhance overall
equity value
- Strengthens our access to commodities flows of key products Noble trades
» Associates represent 10% of our total assets, with Noble Agri and Yancoal representing 8% of total assets
- Consistent with our strategy of building key relationships in opportunistic new markets, the remaining 2%
represents small equity interests in Inflection Energy LLC, an oil and gas exploration and production company, and
a number of stock exchange listed independent mining and resource development companies that are in the process
of ramping up to commercial production

Total Assets (BV) Total Associates (BV)

Total Assets: US$19.9 billion(1) Total Value of Associates: US$2.0 billion(1)

Other
17%
Other Associates
10% Yancoal
89% 16%
Noble Agri
67%
Harbour
1%

(1) As at 30 June 2015

35 SEP 2015
Associates & JVs
Noble Agri — Establishing Agri Platform to Capture Key Growth Markets
Key highlights China is a key demand growth market

» Landmark joint venture between Noble Group, and a » Global demand for agricultural commodities is increasing
consortium consisting of COFCO, HOPU Investments, and » China is anticipated to see the largest increase in import
other financial investors through sale of 51% of Noble Agri volumes of agricultural commodities in absolute terms
for US$1.5 billion
» China’s self-sufficiency has been decreasing across
» Engages in agricultural trading and processing businesses commodities, with increasing net import requirements for all
which it originates from low-cost producing regions major categories
to regions with high demand, such as Asia and the
Middle East
» Owns and operates logistics and processing assets in Global Agri import volume share(1)
strategic locations within key global trade flows
» Principal international origination platform for COFCO to 2012/13 2023/24E
create a fully integrated value chain China, 15% China, 24%
(77 million (174 million
 Diversification of product offering and geographies tonnes) tonnes)

 Synergies from integration Japan, 9%

 Fully capture trading margin embedded in S. Korea, 5% Japan, 6%
COFCO’s import volumes Mexico, 4%
Mexico, 6%
» Intention to integrate Noble Agri with other US, 3%
S. Korea, 3%
COFCO-owned trading businesses – in particular Egypt, 3%
Dutch agricultural commodity trading firm Nidera
Source: USDA, OECD-FAO, FAPRI
(1) Top 5 Agri importing countries chosen based on top 5 countries of each individual
commodities

36 SEP 2015
Associates & JVs
Inflection Energy LLC (“Inflection”) – Partnering with a Natural Gas Company with
Tremendous Growth Promise
» Inflection is an upstream oil and gas exploration and production company with assets principally
located in the Marcellus Shale developing dry gas window

» Noble provided initial equity commitment to Inflection as part of a Series C funding round for 26.2% of
Inflection as an active equity partner

» In addition, Noble provides Inflection with marketing and risk management services

» Noble has marketed 100% of Inflection’s dry-gas production and has been counterparty to multiple
hedging transactions
» Company is continuing to expand its footprint in
Marcellus Shale, with 15 producing wells and 5
additional developments expected to be operational by
year end

» As growth potential for Company’s core asset base

remains significant, Noble has contributed to Inflection’s
development plan with an aim to recycle capital with
attractive value creation

37 SEP 2015
Associates & JVs
Atlas and Cockatoo – Partnering with Development Companies to Enhance Our
Strategic Access to Trade Flows
Atlas Resources
» Established in 2007, PT Atlas Resources Tbk (“Atlas”) is
an Indonesian coal producer that holds a number of
Mining Business Licenses for production and
exploration in the provinces of East Kalimantan and
South Sumatra and Mining Authorisations for
exploration in the province of Papua
» Noble initially invested in Atlas through debt and
converted the debt into equity as part of the IPO
process in 2011
» Over the years, Noble has entered into a series of
arrangements with Atlas, including port operating
agreement, strategic development agreement,
marketing agreement, and long-term coal sale
agreement
» As one of the key coal producers in Indonesia, Atlas
continues to be a strategic partner for Noble,
particularly with Noble’s growing activities in Indonesia
Cockatoo
» Cockatoo Coal Limited (“Cockatoo”) is an ASX-listed coal
development and production company
» Baralaba mine is Cockatoo’s flagship project and is one of
the lowest cost PCI coal producers in the Bowen Basin,
Australia
» Noble had been an investor in Blackwood Corporation
and became a 21% shareholder in Cockatoo when
Blackwood and Cockatoo merged in 2013. As part of the
transaction, Noble became an offtake and marketing
partner to Cockatoo
» In 1Q 2015, Noble extended its relationship with
Cockatoo, supporting its A$125 million rights issue with
A$53 million participation to raise capital to expand
Baralaba’s production from 1 million tonnes per annum to
3.5 million tonnes per annum. As part of the transaction,
Noble entered into a new 28.5 million tonne offtake
arrangement with Cockatoo
» PCI is a niche product, primarily exported from Australia.
While utilisation rates remain low in developing
countries, we expect demand from China and India to
increase three-fold over time. Cockatoo represents a
strategic partnership that provides Noble with a critical
PCI footprint in Queensland, Australia
38 SEP 2015
 Formation of Strategic Partnerships
» Consistent with Noble’s asset-light strategy, the partnerships secure long-term trade flows, and free Noble
from the burden of operating industrial assets or the need to carry these assets on our balance sheet
» This allows us to focus on our core competency – to be the best company in the world at moving the physical
commodity from the producer to the consumer and managing the market, credit and operational risk
associated with that

39 SEP 2015
Our Board of Directors
Executive Directors
Richard Samuel Elman
Chairman and Executive Director
Mr. Elman is the founder and Chairman of the Company. He first arrived in Asia during the mid-1960s from England and
has more than 50 years experience in the physical commodities industry. Prior to setting up the group in 1986, he spent
10 years with Phibro as Regional Director of their Asia operations, including two years in New York as a Board Director.

Yusuf Alireza
Chief Executive Officer and Executive Director
Prior to joining Noble, Mr. Alireza was Co-President of Asia (ex Japan) for Goldman Sachs and a member of that firm’s
Global Management Committee. He joined Goldman in 1992 in New York, moved to London in 1997 where his last
position was Head of EMEA sales and structuring efforts. In mid 2008 he moved to Hong Kong to lead Goldman’s Asia
Pacific securities division. Mr. Alireza also serves on the Global Board of Room to Read. Mr. Alireza has a joint
undergraduate and graduate degree from Georgetown University’s School of Foreign Service.

William James Randall

Executive Director and President
Mr. Randall’s career started with Noble Group in Australia in February 1997, transferring to Asia in 1999 where he
established Noble’s coal operations, mining and supply chain management businesses. He served as a Director of Noble
Energy Inc before being appointed Global Head of Coal & Coke in 2006, and a member of the Noble Group internal
management Board in 2008. He was appointed an Executive Director and Head of Hard Commodities in 2012, prior to
which he was Head of Energy Coal & Carbon Complex. He holds a Bachelor degree in Business from the Australian
Catholic University, majoring in international marketing and finance.

41 SEP 2015
Non-Executive Director
Xubo (Patrick) Yu
Non-Executive Director
Mr. Yu has been the President of COFCO Corporation (“COFCO”) since 2007, and he is also the Chairman &
Non-Executive Director of China Agri-Industries Holdings Limited (stock code: 0606 HK), Chairman &
Non-Executive Director of China Foods Limited (stock code: 0506 HK), Vice-Chairman and Non-Executive
Director of China Mengniu Dairy Company Limited (stock code: 2319 HK), Chairman and Non-Executive
Director of China Modern Dairy Holdings Ltd. (stock code:1117 HK). He joined COFCO’s agri-commodity
import and export department in 1988 and started COFCO’s commodity futures business in 1992 after
working in the Chicago-based joint venture between COFCO and the Continental Grain Company. He has
been the General Manager and Chairman of COFCO Futures, Director of Dalian Commodity Exchange,
Member of China Futures Association, Executive Member of China Grain Association, and Chief Director of
China Animal & Plant Inspection & Quarantine Board.

Mr. Yu obtained a degree of Executive Master of Business Administration from China Europe International
Business School, and a Bachelor’s degree in economics from University of International Business &
Economics, China.

42 SEP 2015
Independent Non-Executive Directors
David Gordon Eldon
Lead Independent Director
Mr. Eldon retired as Chairman of The Hongkong and Shanghai Banking Corporation Limited, and as a main
Board Director of HSBC Holdings plc, in 2005 after 37 years with the HSBC Group, all of which were spent
in the Middle and Far East. He is currently Non-Executive Chairman of HSBC Bank Middle East Limited, of
HSBC Bank Oman S.A.O.G., and Chair of HSBC’s Global Commercial Banking Risk Committee. He was
previously Non-Executive Chairman of the Dubai International Financial Centre Authority (“DIFCA”), and
is presently a member of the DIFCA Higher Board. He is a Past Chairman of the Hong Kong General
Chamber of Commerce. Mr. Eldon was a Consultant for the Korea National Competitiveness Council - Office
of the President, as well as being a Founding Member and Past Chairman of the Seoul International
Business Advisory Council. He is Chairman of the Advisory Board of Asiya Investments, a Middle East based
investment house operating in Asia, and Adviser to Singapore-based Southern Capital Group and Hong
Kong based New Lily International Ltd., as well sitting on the Advisory Board of Alexander Proudfoot. In
addition he has a number of Government and community appointments in Hong Kong and overseas. Mr.
Eldon is a Fellow of the Chartered Institute of Bankers, and was conferred an Honorary Doctor of Business
Administration by the City University of Hong Kong in November 2003. He was named the DHL/SCMP
Hong Kong Business Person of the Year for 2003, and in 2004 was awarded the Gold Bauhinia Star by the
Government of the Hong Kong SAR. In 2005 he was made a Commander of the Order of the British Empire
for his contribution to banking, and awarded Honorary Citizenship of Seoul in recognition of his work for
the city. He was awarded the Asian Banker Lifetime Achievement Award in 2006, and received an Honorary
Doctorate from the Hong Kong Academy for Performing Arts in 2011. Mr. Eldon is a Justice of the Peace.

43 SEP 2015
Independent Non-Executive Directors (Cont’d)
Iain Ferguson Bruce
Independent Non-Executive Director
Mr. Bruce joined KPMG in Hong Kong in 1964 and was elected to its partnership in 1971. He was the Senior Partner
of KPMG from 1991 until his retirement in 1996 and served as Chairman of KPMG Asia Pacific from 1993 to 1997.
Since 1964, Mr. Bruce has been a member of the Institute of Chartered Accountants of Scotland, and is a fellow of the
Hong Kong Institute of Certified Public Accountants, with over 50 years international experience in accounting and
consulting. He is a fellow of the Hong Kong Institute of Directors and the Hong Kong Securities and Investment
Institute. Mr. Bruce serves as an Independent Non-Executive Director on the Boards of several publicly listed
companies in Hong Kong, namely Goodbaby International Holdings Limited, Louis XIII Holdings Limited (formerly
known as Paul Y. Engineering Group Limited), Sands China Limited, Tencent Holdings Limited and Wing On
Company International Limited. He is also an Independent Non-Executive Director of Yingli Green Energy Holding
Company Limited, a company whose shares are traded on the New York Stock Exchange. He is an Independent Non-
Executive Director of Citibank (Hong Kong) Limited and MSIG Insurance (Hong Kong) Limited, and is the Chairman
of KCS Limited.

Robert Tze Leung Chan

Independent Non-Executive Director
Mr. Chan is an experienced banker with 39 years of experience in both commercial and investment banking having
worked in London, Malaysia and Singapore. He retired from United Overseas Bank at the end of 2011 after 35 years
of service, 25 years of which he was the Chief Executive Officer of United Overseas Bank, Hong Kong. He is an
Independent Non-Executive Director of Hutchison Port Holdings Management Pte Limited, Quam Limited and
Sibanye Gold Limited. He is Chairman and Non-Executive Director of The Hour Glass (HK) Limited, and a Senior
Adviser to Long March Capital Limited, a fund management company based in Beijing and Shanghai in partnership
with leading Chinese institutions including the CITIC Group. He is also a Director of Dalton Foundation Limited. He
holds degrees in Bachelor of Science (Econ) Hons. and Master of Business Administration, and is a Fellow of the
Hong Kong Institute of Directors.

44 SEP 2015
Independent Non-Executive Directors (Cont’d)
Irene Yun Lien Lee
Independent Non-Executive Director
Ms. Lee is the Executive Chairman of Hysan Development Company Limited, an Independent Non-Executive
Director of Cathay Pacific Airways Limited, CLP Holdings Limited and Hang Seng Bank Limited (all listed on
the Hong Kong Stock Exchange); and is an Independent Non-Executive Director of HSBC Holdings PLC and
The Hongkong and Shanghai Banking Corporation Limited. She has held senior positions with a number of
global financial institutions involved in investment banking and funds management over the past thirty years.
She has been an Executive Director of Citicorp Investment Bank Limited in New York, London and Sydney;
and Head of Corporate Finance at Commonwealth Bank of Australia and Chief Executive Officer of Sealcorp
Holdings Limited, both based in Sydney. She also served as a member of the Australian Government
Takeovers Panel and numerous listed and unlisted companies in Australia. Ms. Lee holds a Bachelor of Arts
Degree from Smith College, United States of America, and is a Barrister-at-Law in England and Wales and a
member of the Honourable Society of Gray’s Inn, United Kingdom.

Ambassador Burton Levin

Independent Non-Executive Director
Ambassador Levin has more than 38 years of experience in the diplomatic service for the United States of
America in Asia. Ambassador Levin is an advisor to Sit Investment Associates and also the Chairman
Emeritus of the Hopkins-Nanjing center. He holds a Bachelor of Arts degree from Brooklyn College and a
Master of International Affairs degree from Columbia University, the United States of America.

45 SEP 2015
Independent Non-Executive Directors (Cont’d)
Richard Paul Margolis
Independent Non-Executive Director
Mr. Margolis is a former diplomat, investment banker and businessman with more than 30 years’ experience
in Greater China. He currently holds senior advisory roles with the Holdingham Group, Rothschild
(Investment Bank) and Milestone Capital. Subsequent to his diplomatic service with the Foreign and
Commonwealth Office in London, Beijing, Paris and Hong Kong, Mr. Margolis pursued a private sector
career in Hong Kong. He was Managing Director, Corporate Finance at Smith New Court Far East, and Head
of Strategy and Planning for Asia Pacific at Merrill Lynch. Mr. Margolis served on the boards of China Oilfield
Services, Hsin Chong Construction (both listed on the Hong Kong Stock Exchange) and Bank of China
International Investment Management Company; and was a member of the Hong Kong Stock Exchange
Listing Committee and the Hong Kong Securities and Futures Commission Advisory Committee. From 2003
to 2011, he was the Regional Director, North East Asia for Rolls-Royce. Mr. Margolis was awarded the CBE
(Commander of the Order of the British Empire) in 2011 for services to British business in China.

Christopher Dale Pratt

Independent Non-Executive Director
Mr. Pratt was the Executive Chairman of Swire Pacific Ltd from February 2006 until his retirement in March
2014. He was also Chairman of Cathay Pacific Airways Limited, Hong Kong Aircraft Engineering Company
Limited, John Swire & Sons (H.K.) Limited and Swire Properties Limited, and a Director of Swire Beverages
Limited, Air China Limited and The Hongkong and Shanghai Banking Corporation Limited. He joined the
Swire group in 1978 and has worked with the group in Hong Kong, Australia and Papua New Guinea.
Mr. Pratt was awarded the CBE (Commander of the Order of the British Empire) in 2000 for Services to the
Community in Papua New Guinea. Mr. Pratt is an Independent Non-Executive Director of Johnson Electric
Holdings Limited, PureCircle Limited and the Grosvenor Group.

46 SEP 2015
Independent Non-Executive Directors (Cont’d)
Alan Howard Smith
Independent Non-Executive Director
Mr. Smith was the Vice Chairman — Pacific Region of Credit Suisse First Boston, Hong Kong (“CSFB”) from
1997 until he retired in 2001. Before joining CSFB, he was the Chairman from 1994 to 1996 and Managing
Director from 1983 to 1994 of the Jardine Fleming Group, which he joined in 1972. He graduated with an LLB
(Hons) degree from Bristol University in 1964, and was admitted as a Solicitor in England in 1967, and in
Hong Kong in 1970. Mr. Smith is a Director of Genting Hong Kong Limited, Guangdong Land Holdings
Limited (formerly known as Kingway Brewery Holdings Limited) and Wheelock and Company Limited.
He was Asian Finance Banker of the Year and was twice elected to the Council of the Stock Exchange of
Hong Kong.

Paul Jeremy Brough

Independent Non-Executive Director
Mr. Brough is an Independent Non-Executive Director of GuocoLeisure Limited (listed on the Singapore
Stock Exchange); and a Non-Executive Director of Habib Bank Zurich (Hong Kong) Limited, a Hong Kong
restricted licence bank. He stepped down as the Chairman and CEO of Emerald Plantation Holdings Limited
(“EPHL”) on 1 April 2015 and resigned from the EPHL Board on 15 April 2015; and was an Executive Director
and Interim CEO of Greenheart Group Limited (listed on the Hong Kong Stock Exchange) until he was
re-designated as a Non-Executive Director of the company effective 2 April 2015.

Mr. Brough came to Hong Kong in 1983 to join KPMG, where he became a Partner in 1991, and later became
the Senior Partner of Hong Kong. He retired from KPMG in 2012. Mr. Brough is an associate of the Institute
of Chartered Accountants in England and Wales, the Hong Kong Institute of Certified Public Accountants and
the Hong Kong Securities and Investment Institute.

47 SEP 2015
Independent Non-Executive Directors (Cont’d)
David Yeow
Independent Non-Executive Director
Mr. Yeow is an Independent Non-Executive Director of Bund Center Investment Ltd (listed on the Singapore
Stock Exchange) since February 2010. He is a Senior Partner and (since 1999) also an executive committee
member of Rajah & Tann LLP. In the past two decades, Mr. Yeow was the primary external legal advisor to
the Singapore International Monetary Exchange Limited including on its de-mutualisation into the Singapore
Exchange Derivatives Trading Limited (SGX-DT); the primary external Legal Advisor to the Singapore
Commodity Exchange Limited (SICOM) following on its privatization from the then Rubber Association of
Singapore. He served as a Member of the Advisory Board, Singapore Mercantile Exchange Limited (SMX)
and was its legal advisor in its sale to ICE; and was a member of the Monetary Authority of Singapore's
Financial Centre Advisory Group Banking Sub-Committee. Mr. Yeow is on the mediation panel of the
Association of Banks Singapore since 2003; and is a member of the Singapore International Arbitration
Centre SGX-DT Panel of Arbitrators. Mr. Yeow graduated from the National University of Singapore with a
Bachelor of Laws (Honours) degree. Mr. Yeow is an Advocate and Solicitor of the Supreme Court of
Singapore.

48 SEP 2015
Board Committees
Audit Committee
Iain Ferguson Bruce, Chairman
Paul Jeremy Brough, Vice Chairman
Irene Yun Lien Lee
Christopher Dale Pratt
David Yeow
Corporate Governance Committee
David Gordon Eldon, Chairman
Richard Paul Margolis, Vice Chairman
Robert Tze Leung Chan
Iain Ferguson Bruce
David Yeow
Corporate Social Responsibility &
Government Relations Committee
Richard Paul Margolis, Chairman
William James Randall, Vice Chairman
Yusuf Alireza
Robert Tze Leung Chan
David Yeow
Investment & Capital Markets Committee
David Gordon Eldon, Chairman
Christopher Dale Pratt, Vice Chairman
Richard Samuel Elman
Yusuf Alireza
Irene Yun Lien Lee
Paul Jeremy Brough
William James Randall
Nominating Committee
David Gordon Eldon, Chairman
Richard Paul Margolis, Vice Chairman
Irene Yun Lien Lee
David Yeow
Remuneration & Options Committee
Christopher Dale Pratt, Chairman
Alan Howard Smith, Vice Chairman
Richard Samuel Elman
Robert Tze Leung Chan
Paul Jeremy Brough
Risk Committee
David Gordon Eldon, Chairman
Christopher Dale Pratt, Vice Chairman
Richard Paul Margolis
Irene Yun Lien Lee
Patrick Yu Xubo
Paul Jeremy Brough

49 SEP 2015
www.thisisnoble.com