YE-21 CAPEX and Cash Flow Forecast

23 23 CLASSIFICATION: C1 - CONTROLLED Analysis of EBITDA margins 3,300 3,100 2,900 2,700 2,500 2,300 2,100 Primary Aluminium Price (USD/ton) QAMCO's JV EBITDA margins continue to remain robust & resilient 46.5% 46.0% 48% 41.0% 41.4% 43% чтоб 36.8% 38% 33% 1,900 29.7% 28.3% 28.3% 1,700 27.2% 28% 26.1% 1,500 1,300 23% Q3-19 Q4-19 Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21 Q3-21 Q4-21 Primary Aluminium Price (USD/ton) QAMCO's JV EBITDA Margins (%) Primary Aluminium price source: Bloomberg QAMCO, IR Presentation, YE-21 QAMCO's JV EBITDA Margins (%)

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