#1aba Aluminium for the world INVESTOR RELATIONS PRESENTATION 2021#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 01 Industry Highlights 02 Alba Highlights aa Aluminium for the world المنيوم البحرين ش.م.ب. Aluminium Bahrain B.S.C. (Alba 903 2021 Results • 04 Industry Perspectives in 2022 905 2022 Alba Priorities 906 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 Strong Market Demand Supported by V-Shape Economic Recovery 2021: a golden year for Aluminium being the best performing metal out of major LME base metals Robust rebound in Global Demand supported by strong market recovery and economic activity in key markets (+8% YoY) Double-digit increase in World ex-China Consumption (+12% YoY) led by Europe (+13% YoY) and North America (+13% YoY) Middle East demand up by 10% YoY fuelled by higher consumption in UAE (+11% YoY), Bahrain (+9% YoY) & KSA (+7% YoY) Chinese consumption up by 5% YoY thanks to a good pick-up in industrial activity Page 5#6aa Aluminium for the world المنيوم البحرين ش.م.ب. Aluminium Bahrain B.S.C. (Alba Strong Aluminium Fundamentals Support Supply Growth by 4% YoY European smelting industry hit hard by escalating gas and power prices. 7 Aluminium producers have curtailed their supply since Oct'21 -> meek growth of 1% YoY China: a net importer of Aluminium [supply up by 5% YoY] --> which helped to reduce metal surplus outside China Middle East supply: a modest increase of 1% YoY (UAE up by 2% YoY & Bahrain up by 1% YoY) World market deficit widens by 2021-end with China (-1.1 million MT) and w/o China (-1.2 million MT) Page 6#7LME Price & Premiums 200 150 aba Aluminium for the world المنيوم البحرين ش.م.ب. Aluminium Bahrain B.S.C. (Alba Aluminium prices break higher on supply constraints due to European power market. LME-Cash averaged US$2,475/t-up by 45% YoY [lowest: US$1,952/t on 19 Jan 21 and highest: US$3,180/t on 18 Oct'21] LME inventories remain low at ~0.9 million MT by end-2021 (versus ~1.3 million MT in 2020) Premiums relatively high owing to supply cuts and higher freight costs Major Japanese Ports (MJP¹) 750 600 450 218 100 185 300 149 130 50 88 US Midwest 400 300 200 735 675 572 377 150 296 DDP Rotterdam 348 322 237 100 164 139 0 0 0 Q4 Q1 2020 2021 2021 2021 Q2 Q3 Q4 Q4 Q1 Q2 Q3 Q4 Q4 Q1 Q2 Q3 Q4 2021 2020 2021 2021 2021 2021 2020 2021 2021 2021 2021 ¹Major Japanese Ports (MJP) is based on Cost, Insurance and Freight (CIF) Page 7#8Alumina Price: 14% of LME Price [US$383/t] LME Price Trend (US$/t) aa Aluminium for the world المنيوم البحرين ش.م.ب. Aluminium Bahrain B.S.C. (Alba 2,900 2,764 2,647 2,500 2,399 2,092 2,100 1,918 1,700 1,300 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 18% Alumina Price Index Trend (% of LME) 16% 15% 14% 14% 12% 12% 12% 14% 10% Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 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 aba Aluminium for the world المنيوم البحرين ش.م.ب. Aluminium Bahrain B.SC (Alba #Commit4Bahrain Collaborated with a top-class consultant to develop a fully-fledged ESG roadmap in line with Bahrain's Objectives towards 'Net Zero Emissions' by 2060 Alba CEO received People First Leader Award in Oct'21 during the GCC GOV HR Awarding Ceremony 2021 Launched 2nd plant-wide Environment, Social, and Governance (ESG) Campaign 'Shaping Our Future' on 24 Oct'21; supported Bahrain's national initiatives to combat climate change with 'A Tree for Employee' on 16 Nov/21 Appointed a new Acting ESG Manager to drive Alba's ESG transformation on 05 Dec'21 Released 2020 Sustainability Report with independent limited assurance on compliance with the Global Reporting Initiative (GRI) Standards on 07 Dec'21 Commissioned Spent Pot Lining (SPL) Treatment Plant, an Environmental Conservation Project, first-of-its-kind in the region on 12 Dec'21 *** Page 10#11Safety in Numbers 110 105 100 90 80 70 60 59 60 49 50 40 # Total Injuries # # Recordable Injuries LTIS 34 30 2017 2018 2019 2020 2021 57 32 12 12 11 6 3 0 1 0 *Alba achieved 20 Million safe working hours without LTI on 25 December 2021 aba Aluminium for the world المنيوم البحرين ش.م.ب. Aluminium Bahrain B.S.C. (Alba ecovadis as Aluminium Stewardship Initiative M C Back on rack Une Million Million 20 Million Million million مامين millor 14 Million CONGRATUL 17 M Million 1215,000 180 Millin 10 T 6Million MILLION 19 Million Safe-working hours without LTI SKY IS THE LIMIT Page 11#12aa 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 12#13Operational Highlights aa Aluminium for the world المنيوم البحرين ش.م.ب. Aluminium Bahrain B.S.C. (Alba Closed 2021 with an all-time Production record of 1,561,222 metric tonnes (MT) and higher Sales' volume of 1,550,857 MT despite logistics' challenges Value Added Sales averaged 63% of the total shipments vs. 44% in 2020 [VAP in MT: 977,582 up by 44% YoY] Made in Bahrain & Branching-out to the World: Alba product-portfolio in more than 50 countries Launched new website to offer an up-close and user-friendly experience after unveiling new Vision, Mission and Values in Jan'21 Promoted 607 employees in 2021, highest ever achieved in Alba's history, based on Alba's Master Training Plan (initiated back in 2019), Skills Matrix and Training & Development Programme (TDP) and Al Jisr Programme (launched in 2020) Page 13#14Sales' Breakdown Europe By Geographic Footprint Bahrain 25% Americas 14% 20% MENA 20% Standard/ T-Ingots aba Aluminium for the world المنيوم البحرين ش.م.ب. Aluminium Bahrain B.S.C. (Alba By Product-Line 19% Billets 40% VAP Liquid 17% 63% 21% Asia Slabs 8% 16% Foundries Page 14#15Financial Key Performance Indicators - Q4 & FY 2021 EBITDA - driven by higher LME price & premiums aa Aluminium for the world المنيوم البحرين ش.م.ب. Aluminium Bahrain B.S.C. (Alba Free Cash Flow¹ - impacted by working capital changes $ FY: US$1,636 million up by 260% YoY Q4: US$605 million up by 224% YoY FY: US$1,202 million up by 4,532% YoY Q4: US$482 million up by 466% YoY FY: US$581 million down by 303% YoY Q4: US$304 million up by 791% YoY ¹Free Cash Flow excludes Line 6 CAPEX spending Net Income - driven by higher EBITDA Alba Board recommends dividend of US$200 million to be paid in Mar'22 [2021 Dividend Pay-out ratio: 29%] Page 15#16aba Aluminium for the world المنيوم البحرين ش.م.ب. Aluminium Bahrain B.S.C. (Alba AL HASSALAH Initiative (2-Year): Save US$100 Million by 2022 One-off (Inventory) AL HASSALAH (US$ Million) 10.00 US$45.35/MT 100.00 70.80 Recurring 60.00 Target 2021 YTD 2021 Achieved Savings Target 2022 Alba exceeded Al Hassalah Target for 2021 by US$ 0.80 Million Breakdown by Value Chain (US$ Million) Power 5 11 Raw Materials' Sourcing &Others US$100M 47 Operations 37 Sales, Marketing & Casthouse Page 16#17Alba Share Price Performance [Alba, Fils] 0.85 0.75 0.65 0.55 0.510 0.45 0.35 0.25 aa Aluminium for the world المنيوم البحرين ش.م.ب. Aluminium Bahrain B.S.C. (Alba Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 0.800 57% YoY Page 17#18Alba Operational Productivity Head Count aba Aluminium for the world المنيوم البحرين ش.م.ب. Aluminium Bahrain B.S.C. (Alba Value Added Sales (MT'000) as a % of Total Sales 63% 7,000 1,000 850 44% 5,500 4,141 4,031 700 4,000 550 978 901 1,006 400 677 2,500 3,130 3,135 250 1,000 100 2020 2021 Internal External (Hire of Labor) Total Head Count Account Receivable Days' Trend 35 2020 2021 55 2020 Internal 2021 External Total Head Count Inventory Days' Trend 109 86 2020 2020 Page 18#19Net Debt to EBITDA Ratio (x) 3,000 aba Aluminium for the world المنيوم البحرين ش.م.ب. Aluminium Bahrain B.S.C. (Alba 5.98 8.03 118 1.36 216 2,500 6.1 248 276 2,000 1,500 2.42 2,606 2,450 206 2,218 1,000 2,012 1,059 500 0 2017 2018 2019 2020 2021 ■ Net Debt Cash Net Debt to EBITDA Page 19#20Refer to Alba's 2021 Financial Statements 03 2021 RESULTS aa Aluminium for the world المنيوم البحرين ش.م.ب. Aluminium Bahrain B.S.C. (Alba Page 20#21aa Aluminium for the world المنيوم البحرين ش.م.ب. Aluminium Bahrain B.S.C. (Alba Strong Market Sentiment Fuels Rebound in LME Price Metal Sales Bridge Analysis: 2021 vs. 2020 Higher Metal Sales Thanks to Higher LME Prices & Premiums Metal Sales Bridge (US$M) – 2021 vs. 2020 4,500 3,500 1,114 2,500 of 45% 2,810 1,500 in LME price 39 188 18 by 0.6% YoY in volume 4,169 500 Metal Sales LME Product Mix Pricing Power Volume Metal Sales 2020 2021 Page 21#22aa Aluminium for the world المنيوم البحرين ش.م.ب. Aluminium Bahrain B.S.C. (Alba Strong Market Sentiment Fuels Rebound in LME Price Higher VAP | Lower Commodities' Volume | Higher Premiums 2000 2021 vs. 2020 Sales by Product-Line Bridge (MT'000) 10 Premium Above LME Trend US$/MT 300 300 1500 300 250 +97% 296 200 1000 1,541 1,551 150 150 500 100 Sales 2020 Value Added Liquid Commodity Sales 2020 2021 Metal 2021 Page 22#23aa Aluminium for the world المنيوم البحرين ش.م.ب. Aluminium Bahrain B.S.C. (Alba Strong Market Sentiment Fuels Rebound in LME Price Cost Analysis 2021 vs. 2020 Higher Direct Cost Owing to Higher Alumina, CPC Prices & Production Direct Cost Bridge (US$M) - 2021 vs. 2020 3,000 11 40 36 2,500 203 89 15 17 2,000 1,500 2,282 1,000 2,451 500 Direct Cost 2020 RM RM Energy Price Consumption Price Other RM Alumina Inventory Sales' Cost Absorption Spending Plant Direct Cost 2021 *RM stands for Raw Materials Page 23#24Strong Market Sentiment Fuels Rebound in LME Price 2000 1700 1400 1100 800 EBITDA Bridge Gap Analysis - 2021 vs. 2020 Strong EBITDA Margin at 38.8% YTD 2021 vs. YTD 2020 - EBITDA Bridge (US$M) EBITDA 16.1% 500 455 1,359 33 168 43 aa Aluminium for the world المنيوم البحرين ش.م.ب. Aluminium Bahrain B.S.C. (Alba EBITDA 38.8% 1,636 200 EBITDA 2020 Metal Other Sales Sales Direct Cost Selling Expenses EBITDA 2021 Page 24#25Strong Market Sentiment Fuels Rebound in LME Price 1750 1500 Cash Flow Bridge - 2020 to 2021: Sound Cash Position 2020 to 2021 Cash Flow Bridge (US$M) 600 aa Aluminium for the world المنيوم البحرين ش.م.ب. Aluminium Bahrain B.S.C. (Alba Free Cash Flow (US$M) 1250 828 1000 1,595 750 500 400 186 300 33 500 318 200 100 250 100 248 144 118 0 0 Cash Balance 2020 CF WC CAPEX from Changes Spent Operations Line 6 CAPEX Loan Repayment Payment Cash to Balance Shareholders 2021 2020 581 2021 Operating & Investing Cash Flow (Excluding L6 CAPEX) Page 25#26aa Aluminium for the world المنيوم البحرين ش.م.ب. Aluminium Bahrain B.S.C. (Alba Strong Market Sentiment Fuels Rebound in LME Price Record Breaking Operational & Financial Performance Supported by Higher LME Prices Financial Summary Q4 2021 Q4 2020 FY2021 FY2020 Average Cash LME (US$/MT) 2,764 1,918 2,475 1,702 Average Alumina Price (US$/MT) 383 276 325 280 Revenues¹ (US$M) 1,392 741 4,215 2,823 EBITDA (US$M) EBITDA% Net Profit (US$M) 605 187 1,636 455 43.5% 25.2% 38.8% 16.1% 482 85 1,202 26 Gain/(Loss) Unrealised Derivatives (1) Adjusted Net Income² ¹Refer to Note 26 (a) in the Financial Statements. ²Excludes unrealised gain/(loss) on derivatives (8) 483 85 1,202 34 Page 26#271 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 27#28aa Aluminium for the world المنيوم البحرين ش.م.ب. Aluminium Bahrain B.S.C. (Alba Aluminium Market to Remain Bullish on Firm Demand & Tight Supply High energy prices in Europe and China as well as rising geopolitical tensions between Russia and Ukraine would ignite supply crunch, hit supply chain and lift Aluminium prices and premia to record highs Demand in North America will show another year of robust growth thanks to automotive and construction sectors China production on the road to recovery but will continue to be a net importer in 2022 with 1.95 million MT 2022 global market deficit to widen to 2.3 million MT LME Price to remain high and will range between US$2,750/t - US$3,000/t supported by higher cost and market deficit Page 28#29aa 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 prices are set to peak until Q2-end 2022 then will ease down with the drop in Aluminium prices by H2 2022 Aluminium Fluoride to remain at higher levels until Q1 2022 amidst power disruptions in Chinal Carbon markets (GPC, CPC & Anodes) to be impacted by supply shortages and increasing metal demand Liquid Pitch prices to remain at the higher range amidst supply shortage in the market and higher global demand Page 29#3005 aa Aluminium for the world المنيوم البحرين ش.م.ب. Aluminium Bahrain B.S.C. (Alba 2022 ALBA PRIORITIES Page 30#312022 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 Evolve Towards Safety Excellence & Keep Alba's Human Capital Safe Amidst COVID-19 Meet 2022 Production Target of 1,560,000 metric tonnes & Deliver on AL HASSALAH Savings' Target of US$100 Million by 2022-end Screen Potential Upstream Opportunities to Secure 1/3 Alumina Requirements & Continue Dialogue with Hangzhou Jinjiang Group Co. Ltd Capitalise on Aluminium Stewardship Initiative and Ecovadis Certifications to Penetrate New Markets & Increase VAP Sales to 70% Progress with PS5 Block 4 to further boost efficiency and Solar Farm Engage with consultant to conduct pre-feasibility study for Line 7 smelter Page 31#3206 aa Aluminium for the world المنيوم البحرين ش.م.ب. Aluminium Bahrain B.S.C. (Alba APPENDIX – Q4 2021 - Page 32#33aa Aluminium for the world المنيوم البحرين ش.م.ب. Aluminium Bahrain B.S.C. (Alba Strong Market Sentiment Fuels Rebound in LME Price Metal Sales Bridge Analysis: Q4 2021 vs. Q4 2020 Higher Metal Sales Thanks to Higher LME and Higher Sales' Volume - Metal Sales Bridge (US$M) – Q4 2021 vs. Q4 2020 1,500 1,200 420 900 600 741 7 98 |- of 44% in LME price ▲ by 17% in volume 124 1,390 300 Metal Sales Q4 2020 LME Product Mix Pricing Power Volume Metal Sales Q4 2021 Page 33#34aa Aluminium for the world المنيوم البحرين ش.م.ب. Aluminium Bahrain B.S.C. (Alba Strong Market Sentiment Fuels Rebound in LME Price Higher VAP | Lower Commodities' Volume | Higher Premiums Sales by Product-Line Bridge (MT'000) Q4 2021 vs. Q4 2020 Premium Above LME Trend US$ Per MT 500 400 300 378 91 6 450 34 350 +145% 250 441 402 150 164 200 50 Sales Q4 2020 Value Added Liquid Commodity Sales Metal Q4 2021 Q4 2020 Q4 2021 Page 34#35aa Aluminium for the world المنيوم البحرين ش.م.ب. Aluminium Bahrain B.S.C. (Alba Strong Market Sentiment Fuels Rebound in LME Price Higher Direct Cost Owing to Higher Alumina, CPC Prices & Higher Production and Other Operating Costs Direct Cost Bridge (US$M) - Q4 2021 vs. Q4 2020 800 700 600 104 500 H 537 2 130 10 1 2 30 752 400 Direct Cost Q4 2020 RM RM Energy Price Consumption Price Other RM Alumina Sales' Cost Inventory Absorption Plant Spending Direct Cost Q4 2021 *RM stands for Raw Materials Page 35#36Strong Market Sentiment Fuels Rebound in LME Price EBITDA Bridge Gap Analysis - Q4 2021 vs. Q4 2020 Breaking Record EBITDA Margin at 43.5% - EBITDA Bridge (US$M) – Q4 2021 vs. Q4 2020 1000 800 600 400 EBITDA 25.2% 648 2 215 17 aa Aluminium for the world المنيوم البحرين ش.م.ب. Aluminium Bahrain B.S.C. (Alba EBITDA 43.5% 605 200 187 0 EBITDA Metal Other Q4 2020 Sales Sales Direct Cost Selling Expenses EBITDA Q4 2021 Page 36#37Strong Market Sentiment Fuels Rebound in LME Price Cash Flow Bridge - Q3 2021 to Q4 2021 850 aa Aluminium for the world المنيوم البحرين ش.م.ب. Aluminium Bahrain B.S.C. (Alba Q3 2021 to Q4 2021 Cash Flow Bridge (US$M) Free Cash Flow (US$M) 310 217 700 260 589 550 68 4 224 210 160 400 110 100 250 272 100 60 248 5 10 Cash CF WC CAPEX Line 6 Balance from Changes Spent Capex 3Q21 Operations Loan Payment Cash Repayment to Balance Shareholders 4Q21 -44 -40 Q4 2020 304 Q4 2021 Operating & Investing Cash Flow (Excluding L6 CAPEX) Page 37#38Alba 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, Fils 800 on 31 December 2021] Page 38#39f 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 39