IR Presentation Q3-20

Primary Aluminium Price (USD/ton) Analysis of EBIDTA margins Despite pressured primary aluminium prices globally, QAMCO's JV EBIDTA margins remained robust and resilient 2,000 30% 29.4% 1,900 28.2% 1,800 29% M27.8% 28% 27.4% 1,700 1,600 1,500 1,400 26.4% ти 27% 26% 25.2% 25.2%M 25% 24% 1,300 23% Q1-19 Q2-19 Q3-19 Q4-19 Q1-20 Q2-20 Q3-20 14 Primary Aluminium price source: Bloomberg -Primary Aluminium Price (USD/ton) QAMCO's JV EBITDA Margins (%) QAMCO, IR Presentation, Q3-20 QAMCO's JV EBITDA Margins (%)

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