• Connectivity of information
• Strategic focus and future orientation

Key observations:

Xstrata provides an overview of the company's markets for the year-in-review, before moving into a more future-focused outlook discussion which provides the context for the chosen strategic direction of the business.

Xstrata uses independent data to provide gravitas to the statements made and makes clear references to the company strategy discussion for more information, making the connection between the operating environment and the chosen strategy for the business. Clear references are also made to further information which has been included in the operating reviews.