YE-21 CAPEX and Cash Flow Forecast

CLASSIFICATION: C1 - CONTROLLED Operational performance review Production (MT' 000) – 100% 19 655 YE-20 +1% -1% 168 662 167 • 2021 production volumes slightly increased compared to 2020, mainly due to higher amperage and production of value-added products (VAP). Q4-21 production volumes marginally decreased compared to Q3-21. YE-21 Q3-21 Sales volumes (MT' 000) – 100% Q4-21 0% 651 649 153 +16% 177 YE-20 YE-21 Q3-21 Q4-21 Selling prices ($/MT) +42% +11% 2,638 1,853 2,779 3,087 YE-20 YE-21 Q3-21 Q4-21 • • 2021 sales volumes marginally down as compared to 2020, as more VAP were sold during 2021 having delayed Incoterms compared to last year's higher sales of standard ingots. Q4-21 sales volumes increased significantly by 16% versus Q3-21, due to sales of standard & extrusion ingots made during the quarter in line with the market demand and with better Incoterms. Also, there were certain shipments in transit carryover from Q3-21 being delivered during Q4-21. During 2021, selling prices improved on account of overall increase in aluminum prices globally, on the back of renewed global demand for aluminium, whereby sectors such as construction and automotive industrial sectors witnessed sequential recovery on the back of constructive economic drivers. Aluminium prices were also supported by supply side constraints, on account of decarbonization drive, energy crunch and supply chain bottlenecks. QAMCO, IR Presentation, YE-21

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