YE-21 CAPEX and Cash Flow Forecast

CLASSIFICATION: C1 - CONTROLLED Macroeconomic updates Aluminium prices ($/MT) Alumina prices ($/MT) 3500 -Aluminium LME spot prices ($/MT) 750 Alumina spot prices ($/MT) 3000 650 2500 550 2000 450 1500 350 1000 250 1-Jan-20 31-Dec-20 31-Dec-21 1-Jan-20 31-Dec-20 31-Dec-21 • • • Prices of aluminium continue to show strength on the back of renewed global demand, with sectors such as construction and automotive industries witnessing growth, as global economies sequentially recovered linked to market reopening and accelerated GDP growth. Aluminium being a key input for electric vehicles (EVs), wind turbines and solar power, brings an additional layer of long-term demand for primary aluminium. As the power crisis in major markets has became more acute coupled with aggressive decarbonization linked policy cuts has affected aluminium capacities aiding accelerated inventory depletion. On overall basis, while demand remained buoyant with limited supply, primary aluminium prices reached multi-year high and led to improved margins for low cost producers. 16 Note: Market prices have been sourced from Bloomberg and may not reflect prices achieved by QAMCO JV QAMCO, IR Presentation, YE-21

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