GLENCORE (GLCNF $7.34, rated Underweight target $5) AND XSTRATA (XSRAF $19.30, rated Overweight target $31) COMBINATION MAY BE THE FIRST OF MULTIPLE “VALUE CREATION” TRANSACTIONS 2/2/2012

GLENCORE (GLCNF $7.34, rated Underweight target $5) AND XSTRATA (XSRAF
$19.30, rated Overweight target $31) COMBINATION MAY BE THE FIRST OF
MULTIPLE “VALUE CREATION” TRANSACTIONS 2/2/2012