Investor Presentaiton

Primary Aluminium Price (USD/ton) Analysis of EBIDTA margins Despite pressured primary aluminium prices globally, QAMCO's JV EBIDTA margins remained robust and resilient 2,200 2,100 2,000 1,900 1,800 36.0% 37% 35% 33% 31% 29.4% 1.600 1,500 1,400 1,700 28.2% 27.8% 26.4% 25.2% 29% N27.4% 27% 25.2% 25% 1,300 23% Q1-19 Q2-19 Q3-19 Q4-19 Q1-20 Q2-20 Q3-20 Q4-20 14 Primary Aluminium price source: Bloomberg -Primary Aluminium Price (USD/ton) QAMCO's JV EBITDA Margins (%) QAMCO, IR Presentation, Q4-20 QAMCO's JV EBITDA Margins (%)

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