Barclays Natural Resource Investments (“BNRI”) invests in global natural resources by finding and partnering with ‘best-in-class’* operational management teams with specific expertise and significant experience and track-record within niches of the global natural resources sector, primarily in upstream oil & gas, upstream mining, and power, including renewables.

Following substantial due diligence, typically, we will commit US$50-100m to each management team to help execute their business plans. This investment amount will in general be structured as a ‘line of equity’ to the newly established portfolio company, whereby management teams identify potential asset and transaction opportunities and bring them to the board for discussion and approval. The equity is then drawn down as required subject to the total commitment cap agreed upfront. We are an active investor and insist on board representation in every transaction we complete.

BNRI was founded in 2006 and as at September 2009 is managing commitments of circa US$1bn to ten separate portfolio companies and management teams. We have substantial further investment capacity.

BNRI has offices in London, New York and Sydney and is staffed with 15 investment professionals. We also draw on the skills and contacts of a highly experienced advisory panel, including Tony Trahar, former CEO of Anglo American, Francis Gugen, former European CEO of Amerada Hess, and Mike Reynolds, former Managing Director National Power.

BNRI is a division of Barclays Capital, the investment banking division of Barclays Bank PLC.

*‘best-in-class’ operational management teams are identified through rigorous market research, due diligence, referencing and spending considerable time with the individuals, prior to committing to invest with them

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