Mark eti ng ea rni ng s ar e genera ted from th e hand l i ng bl end i ng d i s t ri but i on and opt i mi s ati on i n s u bstanti al s cal e of physic al commodi ti es au gment ed by a rbi trage opportuni ti es Ea r n in gs di ve r s if ied by comm o di ty geo grap h y De fens ive but wi th upsi de in co ns tr uctive m a r ke tin g cond iti o n s Stro n g earni n gs ba s e low cost o f ca pi ta l a n d low ca pex int e n s ity pro duc e cons is tentl y h ig h r e turns o n e qui ty Mar ke tin g lo ng te r m Adjuste d EB IT guida nc e r a n ge 2 2 32b n per an n um Pe rf o rm ance t o wards t he t o p en d o f gui dance requires t he ali gn m e nt o f co ndi t i o n s f o r m anya l l co m m o di t i e s t hat reflec t pro ducti o n vol um e gro wt h t i gh t t i g h t en i n g phy si c al m arket co ndi t i o n s sel ect i ve depl o yment o f addit i o na l wo rki ng capit al and hi gh er i n t er est rates Ba nk o f Am e ri ca 20 20 Gl o bal Met a l s Mi ni ng a nd S t e e l Con f e r e nce Resi li e n t e a r n in gs wi th h ig h ca s h co n ve r s ion Ou r Mark eti ng bus i nes s M a r k e t i n g A d j u s t e d E B I T bn 1 6 1 5 1 3 1 6 2 0 1 7 1 1 06 05 0 8 0 9 1 0 07 1 3 02 09 05 04 01 01 01 00 01 02 01 01 2 013 2 014 2 015 2 016 2 017 2 018 2 019 C o r p a n d O the r Gle nco r e A g r i cu l tu r e E ne r g y P r o du cts M e t a l s a nd M i ne r a l s 2 4 b n 2 8 b n 2 5 b n 2 8 b n 2 9 b n 2 4 1 b n A g r i a s s o c i a t e a c c o u n t i n g t r e a t m e n t A g r i p r o p o r t i o n a t e l y c o n s o l i d a t e d f r o m D e c A g r i f u l l y c o n s o l i d a t e d N o n A g r i c o m p a r i s o n 2 3 6 b n