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23 23 CLASSIFICATION: C1 - CONTROLLED Analysis of EBITDA margins QAMCO's JV EBITDA margins continue to remain robust & resilient Primary Aluminium Price (USD/ton) 2,700 2,500 2,300 2,100 43% 41.0% 41.4% 41% 36.8% чт 39% 37% 35% 33% 1,900 29.7% 31% 28.3% 28.3% 1,700 29% 27.2% 26.1% 27% 1,500 25% 1,300 23% Q3-19 Q4-19 Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21 Primary Aluminium Price (USD/ton) QAMCO's JV EBITDA Margins (%) Primary Aluminium price source: Bloomberg QAMCO, IR Presentation, 1H-21 QAMCO's JV EBITDA Margins (%)

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