#1aba Aluminium for the world INVESTOR RELATIONS PRESENTATION Q1 2022#2DISCLAIMER aa Aluminium for the world المنيوم البحرين ش.م.ب. Aluminium Bahrain B.S.C. (Alba This document has been prepared and issued by and is the sole responsibility of Aluminium Bahrain B.S.C. (the "Company"). The document is being supplied to you solely for your information and for use at the Company's presentation. No information made available to you in connection with the presentation may be passed on, copied, reproduced, in whole or in part, or otherwise disseminated, directly or indirectly, to any other person. This document and its contents are directed only to the intended audience. It is being made on a confidential basis and is furnished to you solely for your information. By accepting this material the recipient confirms that he or she is a relevant person. This document must not be acted on or relied on by persons who are not relevant persons. Any investment activity to which this document relates is available only to relevant persons and will be engaged in only with relevant persons. If you are not a relevant person you should not attend the presentation and should immediately return any materials relating to it currently in your possession. Forward-looking statements speak only as at the date of this presentation and Aluminium Bahrain B.S.C. expressly disclaims any obligations or undertaking to release any update of, or revisions to, any forward- looking statements in this presentation. No statement in this presentation is intended to be a profit forecast. As a result, you are cautioned not to place any undue reliance on such forward-looking statements. You should not base any behaviour in relation to financial instruments related to the Company's securities or any other securities and investments on such information until after it is made publicly available by the Company or any of their respective advisers. Some of the information is still in draft form and has not been legally verified. The Company, its advisers and each of their respective members, directors, officers and employees are under no obligation to update or keep current information contained in this presentation, to correct any inaccuracies which may become apparent, or to publicly announce the result of any revision to the statements made herein except where they would be required to do so under applicable law, and any opinions expressed in them are subject to change without notice. No representation or warranty, express or implied, is given by the Company, its undertakings or affiliates or directors, officers or any other person as to the fairness, accuracy or completeness of the information or opinions contained in this presentation and no liability whatsoever for any loss howsoever arising from any use of this presentation or its contents otherwise arising in connection therewith is accepted by any such person in relation to such information. Page 2#3CONTENTS aa Aluminium for the world المنيوم البحرين ش.م.ب. Aluminium Bahrain B.S.C. (Alba 01 Industry Highlights • 04 Industry Perspectives in 2022 02 Alba Highlights 905 2022 Alba Priorities 903 Q1 2022 Results 9 06 Appendix Page 3#41 Industry Highlights are based on CRU Market Intel aa Aluminium for the world المنيوم البحرين ش.م.ب. Aluminium Bahrain B.S.C. (Alba 01 INDUSTRY HIGHLIGHTS¹ Page 4#5aa Aluminium for the world المنيوم البحرين ش.م.ب. Aluminium Bahrain B.S.C. (Alba Economics of War & World Consumption Flat (+1% YoY) Having started to recover from COVID-19 pandemic, the Russo-Ukrainian war raised new challenges for commodities and created mixed market sentiment. Markets for commodities, foreign exchanges, equities and debt are all adjusting to the shock of war and the uncertainty. There will be severe economic consequences for Ukraine and Russia and, potentially, the global economy Middle East: Demand up by 5% YoY supported by higher consumption in Bahrain (+7% YoY), UAE (+5% YoY) & KSA (+5% YoY) US: Consumption up by 3% YoY supported by a surge in the construction and transport sectors despite higher costs and labour shortages Europe: Surging energy prices and prospect of energy supply disruptions have weighed on economic activity with auto sector feeling mostly the supply-chain strain (+2% YoY) China: Rising COVID-19 cases and slowdown in the property sector together with global impact of Russia-Ukraine conflict have prompted the government to loosen the fiscal policy -> flat consumption Page 5#6aa Aluminium for the world المنيوم البحرين ش.م.ب. Aluminium Bahrain B.S.C. (Alba World Market Supply Down by 2% YoY The war in Ukraine has flagged strong differences between China and the Rest of the World (ROW) with LME and SHFE prices moving in opposite directions Middle East supply up by 4% YoY (Bahrain up by 1% & UAE by 7% YoY) China: COVID lockdowns weighed on growth with supply down by 2% YoY Europe leads World ex-China output with its production down by 5% YoY as a result of higher energy prices World market deficit softened on slower global demand growth with China (-0.05 million MT) and w/o China (-0.4 million MT) Page 6#7aba Aluminium for the world المنيوم البحرين ش.م.ب. Aluminium Bahrain B.S.C. (Alba LME Price & Premiums Strong Aluminum fundamentals supported highest quarterly AVG LME Aluminum price since 1988. LME-Cash averaged US$3,267/t - up by 56% YoY [lowest: US$2,815.50/t on 4 Jan 22 and highest: US$3,984.50/t on 7 Mar'22] LME inventories remain low at ~0.6 million MT as of 31 Mar'22 (down by 66% YoY) European and US premia reach fresh all-time highs 200 150 Major Japanese Ports (MJP¹) 750 600 450 US Midwest 400 300 DDP Rotterdam 480 348 322 237 100 164 218 735 781 200 100 675 185 177 300 572 149 130 377 50 150 0 0 0 Q1 Q2 Q3 2021 2021 2021 Q4 Q1 2021 2022 Q1 2021 Q2 Q3 2021 2021 Q4 Q1 2021 2022 Q1 2021 Q2 Q3 Q4 Q1 2021 2021 2021 2022 ¹Major Japanese Ports (MJP) is based on Cost, Insurance and Freight (CIF) Page 7#8Alumina Price: 13% of LME Price [US$432/t] LME Price Trend (US$/t) aa Aluminium for the world المنيوم البحرين ش.م.ب. Aluminium Bahrain B.S.C. (Alba 3,700 3,300 3,267 2,900 2,647 2,764 2,500 2,399 2,092 2,100 1,700 1,300 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 18% 16% 14% 14% 12% Alumina Price Index Trend (% of LME) 12% 12% 14% 13% 10% Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Page 8#91 Alba Highlights relate to Alba official news 02 ALBA HIGHLIGHTS1 aa Aluminium for the world المنيوم البحرين ش.م.ب. Aluminium Bahrain B.S.C. (Alba Page 9#10Major Environment, Social and Governance (ESG) Highlights aa Aluminium for the world المنيوم البحرين ش.م.ب. Aluminium Bahrain B.S.C. (Alba Alba inked a MoU with Mitsubishi Heavy Industries to collaborate on opportunities to reduce Alba's carbon footprint Spent Pot Lining Treatment Plant in full operational swing to produce HiCal (125 tonnes were shipped to Thailand) Alba won British Safety Council's International Safety Award for calendar year of 2021 Alba collaborates with BAPCO to implement Environment, Social and Governance (ESG) initiatives of common interest through signing a MoU Board Executive Committee renamed to Board Executive and ESG Committee Formation of CEO's ESG Taskforce Committee to evaluate ESG-linked initiatives associated with each of the 6 priorities (Decarbonisation; Green Energy & Aluminium; Circular Economy & Secondary Aluminium; Employee Welfare; Collaboration Collaboration & Partnership; and Transparency, Communications and Due Diligence) 24 million safe working hours without LTI achieved on 06 April 2022 Page 10#11aa Aluminium for the world المنيوم البحرين ش.م.ب. Aluminium Bahrain B.S.C. (Alba ESG Roadmap for Alba's Race to Net Zero Decarbonisation Green Energy & Aluminium > Energy Management System (EMS) & Power Station Efficiency › Afforestation & Reforestation > Inert Anode Technology › Hydrogen › Carbon Capture & Storage (CC&S) & Carbon Offsets > On-site Solar › Government Collaboration Circular Economy & Secondary Aluminium › Securing Recycled Materials › Securing Recycled Infrastructure > Partnership with International Recycler SDGs Employee Welfare > Employee Satisfaction Assessment › Community ESG Training › Equal Opportunity Employment Collaboration & Partnership > Green Financing › University Collaboration Transparency, Communications & Due Diligence > ESG Due Diligence Page 11#12Safety in Numbers 120 100 105 80 60 59 60 49 40 20 # # # Total Injuries Recordable Injuries 34 LTIS 4 0 2017 2018 2019 2020 2021 Q1 2022 57 32 12 12 11 4 6 3 0 1 0 0 البا aba Aluminium for the world المنيوم البحرين ش.م.ب. Aluminium Bahrain B.S.C. (Alba ecovadis award asi Aluminium Stewardship Initiative اهلا وسهلا WELCOME alba Aluminium for the world SAFE-WORKING Million HOURS WITHOUT LTI Highest Ever Achieved in Alba's History (30 April 2022) Page 12#13aa Aluminium for the world المنيوم البحرين ش.م.ب. Aluminium Bahrain B.S.C. (Alba Major Operational Highlights Sales' volume topped 354,216 metric tonnes (MT), down by 0.3% YoY while Production reached 391,050 MT, up by 2.4% YoY Value Added Sales averaged 65% of the total shipments versus 62% in Q1 2021 [VAP: 230,467 MT up by 5.4% YoY] Effective 01 April 2022, natural gas price at US$4/MMBTU till 31 March 2023 Alba teamed with Eta PRO to use Digital Industry 4.0 and Al to improve its power stations' performance Alba signed a MoU with Emirates Global Aluminium to explore opportunities to creep Line 6 production and potentially deploy EGA technological expertise for the potential brownfield expansion of Potline 7 Alba inked a MoU with Bahrain Polytechnic to develop higher educational opportunities for Bahraini nationals especially in various engineering disciplines Alba honoured its national employees who have completed 10, 20 and 30 years in service Page 13#14aa Aluminium for the world المنيوم البحرين ش.م.ب. Aluminium Bahrain B.S.C. (Alba Financial Key Performance Indicators - Q1 2022 EBITDA - driven by higher LME price & premiums Free Cash Flow¹ - impacted by working capital changes $ US$492 million up by 105% YoY ¹Free Cash Flow excludes Project CAPEX spending US$390 million up by 181% YoY W Net Income - driven by higher EBITDA Q4: US$316 million up by 7,933% YoY Page 14#15aba Aluminium for the world المنيوم البحرين ش.م.ب. Aluminium Bahrain B.S.C. (Alba AL HASSALAH Initiative (2-Year): Save US$100 Million by 2022 71 Achieved 2021 AL HASSALAH (US$ Million) 18 Achieved Q1 2022 Saving US$45.38/MT 89 100 Cumulative Q1 2022 Target 2022 Alba achieved savings of US$45.38/MT equivalent to US$89 million in Q1 2022 Breakdown by Value Chain (US$ Million) Power 5 11 Raw Materials' Sourcing &Others US$100M 47 Operations 37 Sales, Marketing & Casthouse Page 15#16Refer to Alba's 2021 Financial Statements 03 Q1 2022 RESULTS aa Aluminium for the world المنيوم البحرين ش.م.ب. Aluminium Bahrain B.S.C. (Alba Page 16#17aa Aluminium for the world المنيوم البحرين ش.م.ب. Aluminium Bahrain B.S.C. (Alba Aluminium Industry: Volatile Market Conditions Push LME Price Higher Metal Sales Bridge Analysis: Q1 2022 vs. Q1 2021 Higher Metal Sales Thanks to Higher LME Prices & Premiums Metal Sales' Bridge (US$M) – Q1 2022 vs. Q1 2021 1,400 1,100 800 500 784 349 by 56% in LME Price 80 3 0 by 110% in Premium 1,210 200 Metal Sales Q1 2021 LME Product Mix Pricing Power Volume Metal Sales Q1 2022 Page 17#18aa Aluminium for the world المنيوم البحرين ش.م.ب. Aluminium Bahrain B.S.C. (Alba Aluminium Industry: Volatile Market Conditions Push LME Price Higher Higher Premiums | Higher VAP & Lower Commodities' Volume Sales by Product-Line Bridge (MT'000) Q1 2022 vs. Q1 2021 Premium Above LME Trend US$ Per MT 400 1 450 12 14 350 400 350 300 +110% 300 250 355 200 250 354 427 200 150 150 203 100 100 50 Sales Value Liquid Commodity Sales Q1 2021 Q1 2022 Q1 2021 Added Metal Q1 2022 Page 18#19aa Aluminium for the world المنيوم البحرين ش.م.ب. Aluminium Bahrain B.S.C. (Alba Aluminium Industry: Volatile Market Conditions Push LME Price Higher Cost Analysis Q1 2022 vs. Q1 2021 Higher Direct Cost Due to Higher Alumina & Other Raw Materials' Price Direct Cost Bridge (US$M) - Q1 2022 vs. Q1 2021 850 700 121 550 400 536 250 101 21 57 11 UT 5 0 664 100 Direct Cost Q1 2021 RM RM Energy Price Consumption Price Other RM Alumina Sales' Cost Inventory Plant Absorption Spending Direct Cost Q1 2022 Page 19#20aa Aluminium for the world المنيوم البحرين ش.م.ب. Aluminium Bahrain B.S.C. (Alba Aluminium Industry: Volatile Market Conditions Push LME Price Higher EBITDA Bridge Gap Analysis - Q1 2022 vs. Q1 2021 Strong EBITDA Margin at 40.7% - EBITDA Bridge (US$M) – Q1 2022 vs. Q1 2021 800 600 400 200 0 EBITDA 29.8% 240 426 21 128 25 EBITDA 40.7% 492 EBITDA Metal Other Q1 2021 Sales Sales Direct Cost Selling Expenses EBITDA Q1 2022 Page 20#21aa Aluminium for the world المنيوم البحرين ش.م.ب. Aluminium Bahrain B.S.C. (Alba Aluminium Industry: Volatile Market Conditions Push LME Price Higher Cash-Flow Bridge - FY 2021 to Q1 2022: Sound Cash Position 800 FY 2021 to Q1 2022 Cash-Flow Bridge (US$M) Free Cash Flow (US$M) 360 700 132 310 600 35 260 6 12 500 483 400 210 200 316 160 110 300 60 346 200 -4 248 10 100 -40 CF Cash Balance from Changes 2021 Operations WC General CAPEX Block 4 CAPEX Net Debt Payment Cash Service to Balance Shareholders 1Q'22 Q1 2021 Q1 2022 Operating & Investing Cash Flow (Excluding Project CAPEX) Page 21#22aa Aluminium for the world المنيوم البحرين ش.م.ب. Aluminium Bahrain B.S.C. (Alba Aluminium Industry: Volatile Market Conditions Push LME Price Higher Strong Financial Performance Supported by High LME Prices Financial Summary Average Cash LME (US$/MT) Average Alumina Price (US$/MT) Revenue¹ (US$M) EBITDA (US$M) EBITDA% Net Income (US$M) Gain/(Loss) Unrealised Derivatives Adjusted Net Income² ¹Refer to Note 7 in the Financial Statements. 2Excludes unrealised gain/(loss) on derivatives Q1 2022 Q1 2021 3,267 2,092 432 298 1,210 805 492 240 40.7% 29.8% 390 139 3 1 387 138 Page 22#231 Industry Perspectives are based on CRU Market Intel 84 04 aa Aluminium for the world المنيوم البحرين ش.م.ب. Aluminium Bahrain B.S.C. (Alba INDUSTRY PERSPECTIVES¹ IN 2022 Page 23#24aa Aluminium for the world المنيوم البحرين ش.م.ب. Aluminium Bahrain B.S.C. (Alba Aluminium Market Remain Bullish on Firm Demand & Tight Supply A reviving US$, acceleration in smelter output growth in China on the back of restarts, and concerns over the impact of the Russo-Ukrainian War on global economic activity are likely to trigger a correction in LME Aluminium price Chinese smelters to add output amid availability of power supply Despite solid demand fundamentals, US economic activity is expected to struggle with supply-chain challenges and rising energy concerns Europe Carbon Border Adjustment Mechanism (CBAM) to enter into effect from 2023 in a transitional form and to fully apply from 2026 (being price takers, Aluminium producers will be expected to pay for carbon emissions) Energy prices expected to remain high in Europe → leading to further delays in smelters' restarts A clean source of power will be a must for future investments in smelting capacity LME Price to retreat to pre-war levels and will range between US$2,500/t - US$2,800/t Page 24#25aa Aluminium for the world المنيوم البحرين ش.م.ب. Aluminium Bahrain B.S.C. (Alba Industry Perspectives in 2022 Raw Materials Price Trends (Al2O3, AIF3 and GPC) Alumina spot price to trend lower amidst higher availability of spot cargoes and lower Alumina refining production costs Aluminium Fluoride to remain at the current higher levels due to political unrest and increased freight rates Carbon markets (GPC, CPC & Anodes) to be impacted by supply shortages and higher metal demand Liquid Pitch prices to remain high amidst supply shortage since Ukraine is a major coal tar pitch producer and exporter Page 25#2605 aa Aluminium for the world المنيوم البحرين ش.م.ب. Aluminium Bahrain B.S.C. (Alba 2022 ALBA PRIORITIES Page 26#272022 Alba Priorities aa Aluminium for the world المنيوم البحرين ش.م.ب. Aluminium Bahrain B.S.C. (Alba ESG Focus & Journey Towards Safety Excellence Deliver on newly-launched ESG roadmap in line with Bahrain's Objectives for 'Net Zero Emissions' by 2060 Embed ESG in the Company's operations and processes as well as deliberate with various stakeholders and partners potential ESG initiatives to further sustainable value across our value-chain Meet 2022 Production Target of 1,560,000 metric tonnes & deliver on AL HASSALAH savings' target of US$100 Million by 2022-end Screen potential upstream opportunities to secure 1/3 Alumina requirements Capitalise on Aluminium Stewardship Initiative and Ecovadis Certifications to penetrate new markets & increase VAP sales to > 70% Accelerate the financial closure of PS5 Block 4 and progress with Solar Farm Progress with the pre-feasibility study for Line 7 smelter Page 27#2806 APPENDIX aa Aluminium for the world المنيوم البحرين ش.م.ب. Aluminium Bahrain B.S.C. (Alba Page 28#29Alba Shareholder's Structure Mumtalakat INVESTING FOR BAHRAIN سابك sabic aa Aluminium for the world المنيوم البحرين ش.م.ب. Aluminium Bahrain B.S.C. (Alba Bahrain Mumtalakat Holding Company SABIC Industrial Investment Company General Public 69.38% 20.62% 10% Alba was converted into a Bahrain Public Joint Stock Company on 23 November 2010 Alba shares are listed on two exchanges: Ordinary Shares on Bahrain Bourse and Global Depository Receipts (GDRs) on the London Stock Exchange - Alternative Investment Market Alba Ticker [BHB: ALBH, BD1.470 on 31 March 2022] Page 29#30P a e ΟΙ 1930 Alba Share Price Performance [Alba, BHD] 1.85 1.65 1.45 1.25 1.05 0.85 0.800 0.65 0.45 0.25 03-Jan-22 13-Jan-22 23-Jan-22 02-Feb-22 12-Feb-22 22-Feb-22 04-Mar-22 14-Mar-22 24-Mar-22 aa Aluminium for the world المنيوم البحرين ش.م.ب. Aluminium Bahrain B.S.C. (Alba 1.470 84% YoY Page 30#31f Alba4World aa Aluminium for the world المنيوم البحرين ش.م.ب. Aluminium Bahrain B.S.C. (Alba For more information, please contact us on: [email protected] Alba4World YouTube user/Alba4World Alba4World Page 31