IR Presentation Q3-20

CAPEX and Cash Flows (2020-2024) - (QAMCO's Share) CAPEX: Planned CAPEX (2020-24) include routine operations such pot relining; turbine inspections; baking furnace flue wall replacement; swing rectiformer; plan to enhance cybersecurity protocols; and compliance with requirements set by set by Qatar's Ministry of the Environment. Cash Flows: o Impressive cash flows from operations, provided sales prices are realized in line with the budgeted plans. Cash Flows (QAR' m) 2019 2020 2021 2022 2023 2024 Net operating cash flows 724 525 711 623 677 745 Net investing cash flows (95) (237) (239) (241) (217) (101) Net financing cash flows (561) (171) (65) (61) (69) (82) Net cash flows 69 117 407 320 392 561 o Financing cash outflow from FY 2021 is only pertaining to interest costs. Note: The cash flow figures for the years 2020-24 are based on the 2020 approved budget and business plan, based on the expectations of the market conditions and aluminium prices prevailing in the start of the year. With the current market conditions and aluminium price trends, the 2020 forecasted net cash flows would decline by ~1%. Whereas, the cash flow forecasts for 2021-24 as disclosed in the above table cannot be relied on with absolute certainty, where, the actual realization of these cash flows might significantly differ as compared to these projections, subject to the macroeconomic conditions, including, among other factors, business environment, market dynamics, product prices etc. prevailing in that specific year. QAMCO's JV initiated the optimization measures to protect against the downside business and financial risks amid challenging macroeconomic conditions. Based on which certain CAPEX project have either been deferred or avoided, without affecting the overall quality, safety, environmental aspects and reliability of operations. 21 21 QAMCO, IR Presentation, Q3-20

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