(XTA) Xstrata



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FORM 8.3

PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY
A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE

Rule 8.3 of the Takeover Code (the "Code")

1. KEY INFORMATION

(a)Identity of the person whose positions/dealings are Arrowgrass Capital Partners LLP
being disclosed:
(b)Owner or controller of interests and short positions N/A
disclosed, if different from 1(a):
The naming of nominee or vehicle companies is
insufficient
(c)Name of offeror/offeree in relation to whose relevant Xstrata Plc
securities this form relates:
Use a separate form for each offeror/offeree
(d)If an exempt fund manager connected with an offeror/ N/A
offeree, state this and specify identity of offeror/
offeree:
(e)Date position held/dealing undertaken: 06 February 2012
(f)Has the discloser previously disclosed, or are they Yes, Glencore International Plc
today disclosing, under the Code in respect of any other
party to this offer?

2. POSITIONS OF THE PERSON MAKING THE DISCLOSURE

(a) Interests and short positions in the relevant securities of the offeror or offeree to
which the disclosure relates following the dealing (if any)

Class of relevant security: USD 0.01 ordinary

Interests Short positions

Number % Number %
(1)Relevant securities owned and/or controlled:
(2)Derivatives (other than options): 2,212,003 0.07 9,489 0.00
(3)Options and agreements to purchase/sell: 108,000 0.00
TOTAL: 2,212,003 0.07 117,489 0.00

All interests and all short positions should be disclosed.

Details of any open derivative or option positions, or agreements to purchase or sell relevant
securities, should be given on a Supplemental Form 8 (Open Positions).

(b) Rights to subscribe for new securities (including directors' and other executive options)

Class of relevant security in relation to
which subscription right exists:

If there are positions or rights to subscribe to disclose in more than one class of relevant
securities of the offeror or offeree named in 1(c), copy table 2(a) or (b) (as appropriate) for
each additional class of relevant security.

3. DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE

(a) Purchases and sales

Class of relevant security Purchase/sale Number of securities Price per unit

(b) Derivatives transactions (other than options)

Class of relevant Product Nature of dealing Number of Price per
security description e.g. opening/closing a reference unit
e.g. CFD long/short position, securities
increasing/reducing a
long/short position
USD 0.01 ordinary CFD Increasing Long 11,000 GBP 12.53
USD 0.01 ordinary CFD Increasing Long 89,000 GBP 12.53
USD 0.01 ordinary CFD Increasing Long 168,289 GBP 12.48
USD 0.01 ordinary CFD Increasing Long 163,664 GBP 12.48
USD 0.01 ordinary CFD Increasing Short 9,489 GBP 12.61

(c) Options transactions in respect of existing securities

(i) Writing, selling, purchasing or varying

Class of Product Writing, Number of Exercise Type Expiry Option
relevant descriptio purchasing, securities price per e.g. date money
security n e.g. selling, to which unit American, paid/
call varying etc. option European received
option relates etc. per unit

(ii) Exercising

Class of relevant Product description Number of securities Exercise price per
security e.g. call option unit

(d) Other dealings (including subscribing for new securities)

Class of relevant Nature of dealing Details Price per unit (if
security e.g. subscription, conversion applicable)

The currency of all prices and other monetary amounts should be stated.

Where there have been dealings in more than one class of relevant securities of the offeror or
offeree named in 1(c), copy table 3(a), (b), (c) or (d) (as appropriate) for each additional class
of relevant security dealt in.

4. OTHER INFORMATION

(a) Indemnity and other dealing arrangements

Details of any indemnity or option arrangement, or any agreement or understanding, formal or
informal, relating to relevant securities which may be an inducement to deal or refrain from
dealing entered into by the person making the disclosure and any party to the offer or any person
acting in concert with a party to the offer:
If there are no such agreements, arrangements or understandings, state "none"
None

(b) Agreements, arrangements or understandings relating to options or derivatives

Details of any agreement, arrangement or understanding, formal or informal, between the person
making the disclosure and any other person relating to:
(i) the voting rights of any relevant securities under any option; or
(ii)the voting rights or future acquisition or disposal of any relevant securities to which any
derivative is referenced:
If there are no such agreements, arrangements or understandings, state "none"
None

(c) Attachments

Is a Supplemental Form 8 (Open Positions) Yes
attached?

Date of disclosure: 07 February 2012
Contact name: Moana Moore
Telephone number: 0203 100 1000

Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service and
must also be emailed to the Takeover Panel at monitoring@disclosure.org.uk. The Panel's Market
Surveillance Unit is available for consultation in relation to the Code's dealing disclosure
requirements on +44 (0)20 7638 0129.

The Code can be viewed on the Panel's website at www.thetakeoverpanel.org.uk.

SUPPLEMENTAL FORM 8 (OPEN POSITIONS)

DETAILS OF OPEN OPTION AND DERIVATIVE POSITIONS, AGREEMENTS TO PURCHASE OR SELL ETC.
Note 5(i) on Rule 8 of the Takeover Code (the "Code")

1. KEY INFORMATION

Identity of person whose open positions are being Arrowgrass Capital Partners LLP
disclosed:
Name of offeror/offeree in relation to whose relevant Xstrata Plc
securities the disclosure relates:

2. OPTIONS AND DERIVATIVES

Class of Product Written or Number of Exercise Type Expiry date
relevant description purchased securities price per e.g.
security e.g. call to which unit American,
option option or European
derivative etc.
relates
USD 0.5 Ord Put Option Purchased 108,000 800p American March 2012

3. AGREEMENTS TO PURCHASE OR SELL ETC.

Full details should be given so that the nature of the interest or position can be fully
understood:
Position formed part of a basket of put protection trades for the overall European volatility
portfolio for the Arrowgrass Master Fund Ltd.

It is not necessary to provide details on a Supplemental Form (Open Positions) with regard to
contracts for differences ("CFDs") or spread bets.

The currency of all prices and other monetary amounts should be stated.

The Panel's Market Surveillance Unit is available for consultation in relation to the Code's
dealing disclosure requirements on +44 (0)20 7638 0129.

The Code can be viewed on the Panel's website at www.thetakeoverpanel.org.uk.

Arrowgrass Capital Partners LLP



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