Investor Presentaiton

23 23 CLASSIFICATION: C1 - CONTROLLED Analysis of EBITDA margins Primary Aluminium Price (USD/ton) 3,100 2,900 2,700 2,500 2,300 2,100 QAMCO's JV EBITDA margins continue to remain robust & resilient 29.7% 1,900 1,700 28.3% 27.2% 28.3% 26.1% 1,500 41.0% 41.4% 36.8% 46.5% 48% 43% 38% 33% 28% 1,300 23% Q3-19 Q4-19 Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21 Q3-21 Primary Aluminium Price (USD/ton) QAMCO's JV EBITDA Margins (%) Primary Aluminium price source: Bloomberg QAMCO, IR Presentation, 9M-21 QAMCO's JV EBITDA Margins (%)

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