Company Announcement: Amendment to Glencore International AG Lock-Up Agreement

Zug, 19 September 2003

As announced on 7 April 2003 and 28 May 2003, following an agreement entered into on 6 April 2003, as amended on 28th May 2003, between Xstrata plc (Xstrata), Glencore International AG (“GIAG”), Deutsche Bank AG London, J.P. Morgan Securities Ltd and Xstrata Queensland Ltd (formerly known as MIM Holdings Ltd), GIAG agreed to give a six-month lock-up (expiring on 2nd December 2003) in respect of its full holding of ordinary shares in Xstrata (the “Lock-up Agreement”).

As set out in a separate GIAG announcement this morning, GIAG has advised Xstrata that it is considering entering into a financial arrangement (the “Arrangement”) whereby it will, directly or indirectly through a subsidiary, an affiliate, or a special purpose vehicle, issue bonds which may be exchangeable into ordinary shares in Xstrata.

In connection with the proposed Arrangement, Xstrata and the other parties to the Lock-up Agreement have agreed to amend the terms of the Lock-up Agreement to allow GIAG to enter into the Arrangement and to perform its obligations under the Arrangement. Save as amended on 28 May 2003 and as described above, the Lock-up Agreement remains in full force and effect.

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Xstrata contacts

Marc Gonsalves
Telephone +44 20 7968 2812
Mobile +44 7775 662 348
Email mgonsalves@Xstrata.com

Benny Levene
Chief Legal Counsel
Telephone +41 41 726 6058

Brigitte Mattenberger Michael Oke & Claire Bithell
Telephone +41 41 726 6071
Mobile +41 793 811 823
Email bmattenberger@Xstrata.com

Michael Oke & Claire Bithell
Prospero Financial
Telephone +44 20 7898 9394/9387
Mobile +44 7778 469630/07796 278 294