1H-22 QAMCO IR Presentation

CLASSIFICATION: C1 - CONTROLLED Analysis of EBITDA margins 4,300 3.800 3,300 2.800 Primary Aluminium Price (USD/ton) QAMCO's JV EBITDA margins continue to remain robust & resilient 2,300 29.7% 28.3% 27.2% 1,800 26.1% 46.5% 46.0% 41.0% 41.4% 36.8% 48% 45.1% 43% 38.0% 38% 1,300 4Q-19 1Q-20 2Q-20 3Q-20 4Q-20 1Q-21 2Q-21 3Q-21 4Q-21 1Q-22 2Q-22 Primary Aluminium Price (USD/ton) QAMCO's JV EBITDA Margins (%) 24 24 Primary Aluminium price source: Bloomberg QAMCO, IR Presentation, 1H-22 QAMCO's JV EBITDA Margins (%) 33% 28% 23%

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