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Press release
09 February 2023


STATEMENT RE LEGAL ACTION

Geneva, 9 February 2023 – Trafigura recently discovered a systematic fraud
committed by a group of companies connected to and apparently controlled by Mr
Prateek Gupta including TMT Metals and companies owned by UD Trading Group.
Trafigura has commenced legal proceedings against Mr Gupta and the companies
involved.

The fraud concerns containerised nickel in transit during 2022 and involved
misrepresentation and presentation of a variety of false documentation. The
fraud is isolated to one specific line of business. We have seen no evidence to
suggest that anyone at Trafigura was involved or complicit in this illegal
activity.

A thorough review is ongoing. Since late December 2022, a small proportion of
the containers purchased from these companies have been inspected as they
reached their destination, and were found not to contain nickel. The majority of
the shipments remain in transit awaiting further inspection. Nonetheless, the
Group recorded a USD577 million charge in the first half of 2023 for Trafigura
Group Pte Ltd., estimated to be the maximum loss exposure related to this fraud.
The Group’s net profits in the first half of its 2023 financial year are
expected to exceed first half 2022 net profits, notwithstanding this impairment.

The Group remains committed to building its presence in the fast-growing battery
metals markets.

ENDS

For further information, please contact:
Trafigura Press Office: +41 (0) 22 592 4528 or media@trafigura.com

About Trafigura
Trafigura is a leading commodities group, owned by its employees and founded 30
years ago. At the heart of global supply, Trafigura connects vital resources to
power and build the world. We deploy infrastructure, market expertise and
worldwide logistics network to move oil and petroleum products, metals and
minerals, gas and power from where they are produced to where they are needed,
forming strong relationships that make supply chains more efficient, secure and
sustainable. We invest in renewable energy projects and technologies to
facilitate the transition to a low-carbon economy, including through joint
ventures H2Energy Europe and Nala Renewables.

The Trafigura Group also comprises industrial assets and operating businesses
including multi-metals producer Nyrstar, fuel storage and distribution company
Puma Energy, and our Impala Terminals joint venture. The Group employs over
12,000 people and is active in 156 countries.

Visit: www.trafigura.com




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