Befesa S.A.

Investor Presentation • Jun 9, 2021

Stifel Befesa Presentation

2021 Cross Sector Insight Conferenc

Disclaimer

This presentation contains forward-looking statements and information relating to Befesa and its affiliates that are based on the beliefs of its management, including assumptions, opinions and views of Befesa and its affiliates as well as information cited from third party sources. Such statements reflect the current views of Befesa and its affiliates or of such third parties with respect to future events and are subject to risks, uncertainties and assumptions.

Many factors could cause the actual results, performance or achievements of Befesa and its affiliates to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements, including, among others: changes in general economic, political, governmental and business conditions globally and in the countries in which Befesa and its affiliates do business; changes in interest rates; changes in inflation rates; changes in prices; changes to national and international laws and policies that support industrial waste recycling; legal challenges to regulations, subsidies and incentives that support industrial waste recycling; extensive governmental regulation in a number of different jurisdictions, including stringent environmental regulation; management of exposure to credit, interest rate, exchange rate and commodity price risks; acquisitions or investments in joint ventures with third parties; inability to obtain new sites and expand existing ones; failure to maintain safe work environments; effects of catastrophes, natural disasters, adverse weather conditions, unexpected geological or other physical conditions, or criminal or terrorist acts at one or more of our plants; insufficient insurance coverage and increases in insurance cost; loss of senior management and key personnel; unauthorised use of Befesa's intellectual property and claims of infringement by Befesa of others' intellectual property; Befesa's ability to generate cash to service its indebtedness changes in business strategy and various other factors. Should one or more of these risks or uncertainties materialise, or should underlying assumptions prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated, expected or targeted.

Befesa and its affiliates do not assume any guarantee that the assumptions underlying forward-looking statements are free of errors nor do they accept any responsibility for the future accuracy of the opinions expressed herein or the actual occurrence of the forecasted developments. No representation (express or implied) is made as to, and no reliance should be placed on, any information, including projections, estimates, targets and opinions, contained herein, and no liability whatsoever is accepted as to any errors, omissions or misstatements contained herein or otherwise resulting, directly or indirectly, from the use of this document.

This presentation is intended for information only and should not be treated as investment advice. It is not intended as an offer for sale, or as a solicitation of an offer to purchase or subscribe to, any securities in any jurisdiction. Neither this presentation nor anything contained therein shall form the basis of, or be relied upon in connection with, any commitment or contract whatsoever. This presentation may not, at any time, be reproduced, distributed or published (in whole or in part) without prior written consent of Befesa.

First quarter 2021 figures contained in this presentation have not been audited or reviewed by external auditors.

This presentation includes Alternative Performance Measures (APM), including EBITDA, EBITDA margin, EBIT, EBIT margin, net debt and capital expenditures which are not measures of liquidity or financial performance under International Financial Reporting Standards (IFRS). EBITDA is defined as operating profit for the period (i.e. EBIT) before the impact of amortisation, depreciation, impairment and provisions. EBITDA margin is defined as EBITDA divided by revenue. EBIT is defined as Operating profit for the year. The Company uses EBIT to monitor its financial return after both operating expenses and a charge representing the cost of usage of both its property, plant and equipment and definite-life intangible assets. EBIT margin is defined as EBIT as a percentage of revenue. These non-IFRS measures should not be considered in isolation or as an alternative to results from operating activities, cash flow from operating, investing or financing activities, or other financial measures of Befesa's results of operations or liquidity derived in accordance with IFRS. Befesa believes that the APM included in this report are useful measures of its performance and liquidity. Other companies, including those in the industry in which Befesa operates, may calculate similarly titled financial measures differently than Befesa does. Because all companies do not calculate these financial measures in the same manner, Befesa's presentation of such financial measures may not be comparable to other similarly titled measures of other companies. These APM are not audited.

EAF steel dust recycling plant at Asúa-Erandio, Spain

Executive summary

Q1 EBITDA

strongest quarter in history 46% up yoy (Q1'20: €33.6m), 15% up over Q4'20 at €42.4m

Plant utilisation recovered to pre-COVID levels at ≥ 90%

€26.5m

Operating cash flow €18.1m up yoy (Q1 2020: €8.4m)

€164.0m of cash on hand, €9.4m up vs. YE'20 at €154.6m

Leverage x2.8 L12M and x2.2 L6M improved from x3.1 at YE'20

FY 2021 guidance

• FY EBITDA of €165 to €190m, +30% to +50% yoy
• Dividend guidance narrowed to €40m (€1.17 / share); Proposing to AGM (30 June 2021)

c. 3 years

Hedge book fully extended up to and incl. July 2024; providing increased earnings and cash flow visibility

China expansion

on schedule and on budget:

• Jiangsu: Construction completed; Commissioning in process
• Henan: Construction scheduled to be completed after the summer of 2021

ESG

• Befesa as a vital player within circular economy with strong ESG ratings
• 2020 ESG Progress Update published on 27 April

Note: L12M and L6M stand for last-twelve and last-six months period, respectively

Mid-term growth roadmap

Executing well defined growth roadmap even during COVID-19; Focus 2021: Ramping up operations at the first two EAF steel dust recycling plants in China

Note: Chart is illustrative and size of respective arrows in the chart is not indicative to the underlying growth potential

1) FY 2020 normalised for a) Zinc LME @\$2,500/t (long-term consensus), and b) TC @\$225/t (9% \$2,500/t LME)

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Zinc prices & hedging strategy

Hedges fully extended up to and including July 2024; Improved earnings & cash flows visibility

Source: London Metal Exchange (LME) zinc daily cash settlement prices; Company information

Zinc hedges & blended average prices (€/t)

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	Q1 2020	Q1 2021
Unhedged	41% or 16kt @ €1,930/t LME	40% or 15kt @ €2,279/t LME
Hedged	59% or 23kt @ €2,244/t	60% or 23kt @ €2,201/t
Blended1)	€2,114	€2,237
		+€123/t / +6% yoy

Hedging strategy unchanged:

• Hedges in place fully up to and incl. July 2024 (c. 3 years)
• Targeting 60% to 75% of zinc equivalent volume
• Majority of hedges Euro based
• Befesa providing no collateral

1) Zinc blended prices are annual averages computed based on the monthly effective LME zinc and hedging prices weighted with the respective hedged and non-hedged volumes

EAF steel production -&- Befesa's steel portfolio growth & diversification

China is the largest and growing EAF steel producer worldwide; Befesa growing and diversifying its portfolio to capture China addressable market

• China EAF steel dust addressable market > 1.5 MT1) -vs. c. 1.2 MT1) EU-27; Expected to grow in share and tonnage

Source: worldsteel; Company data

1) Assuming 15kg to 20kg EAF dust generated per tonne of EAF crude steel output

2) Europe defined as EU-27

3) Rest of World (ROW) includes Turkey, Korea as well as servicing South East Asia and China

BEFESA 495 670 825 1,045 +175 +155 +220 2009 2015 2019 2021 E +65 Turkey +110 Korea +45 Turkey +110 Korea China plants (Jiangsu & Henan) Further China expansion Capacity additions

EAF steel production: EU-27 vs. China (MT) Befesa's EAF steel dust recycling capacity trend (kt)

EAF steel dust recycling capacity by region (%):

Europe2)	100%	74%	60%	47%
ROW3)	-	26%	40%	53%

• Befesa Steel portfolio growing @ c. 6% CAGR (around twice GDP) while diversifying to c. 50/50 Europe / ROW

China I

Changzhou plant, Jiangsu province

Key facts of the plant:

• 1 st EAF steel dust recycling plant in China
• Capacity to recycle 110kt EAF steel dust p.a.
• Total investment: c. €42m
• Location: Changzhou (Jiangsu province)

Status update:

• Long-term financing closed July 2020
• Construction completed, on time and on budget
• Cold commissioning completed, Hot commissioning in process
• Targeting commercial output in H2 2021

Changzhou plant, mid-May 2021

China II

Xuchang plant, Henan province

Key facts of the plant:

• 2 nd EAF steel dust recycling plant in China
• Capacity to recycle 110kt EAF steel dust p.a.
• Total investment: c. €42m
• Location: Xuchang (Henan province)

Status update:

• Long-term financing closed December 2020
• Construction progressing on schedule; Completion expected after the summer of 2021
• Targeting ramp up in H2 2021

Xuchang construction site, mid-May 2021

Sustainability at Befesa

Key player within the circular economy, with c. 1.5 million tonnes recycled and c. 1.3 million tonnes of valuable materials recovered annually, that contributes significantly to increase efficiency of raw material use in the metals industry and promotes the transition towards a more sustainable economy

Lost Time Injury Rate (LTIR)

• Excellence in health & safety is a priority for Befesa
• Aiming to reduce LTIR by at least 50% by 2024 vs. 2019

ESG Ratings BBB Commercial services B Top 3 of 205 Metals & mining 14.8 #3 of 60 Commercial services #5 of 105 Business services

Global Challenges Index (GCX) Sustainability Report

• Befesa selected on 18 Sep 2020
• GCX comprises a total of 50 shares selected according to strict criteria from a total of c. 6,000 companies worldwide

• Befesa 2020 ESG Progress Update was published on 27 April 2021

FY 2021 Guidance

	Lower-end: €165m EBITDA (above 2019 of €160m)	Upper-end: €190m EBITDA (new record)
Volume / Capacity utilisation	• Moderate recovery from COVID-19 • China ramping up & delivering commercial output in H2 on schedule • Overall capacity utilisation at c. 85–90%	• Strong recovery from COVID-19 • China ramping up & delivering commercial output in H2 on schedule • Overall cap. utilisation at c. 90–95%
Metal prices	• Zinc & aluminium market prices slowing down in H2 (vs. strong Q1'21 level) • TC referenced at \$159/t	• Metal market prices maintaining strong Q1'21 levels for 2021 (c. \$2,750/t zinc LME; c. €2,000 alu alloy FMB) • TC referenced at \$159/t
Capex	• Continuing to fund China expansion • Total capex of c. €75–90m: c. €50–60m growth (China), majority funded through China local loans; c. €25–30m regular maintenance / IT / compliance / operational excellence investments
Dividend	€40m (€1.17 / share) dividend distribution, equal to: • Distributing 84% of €47.6m net profit in FY'20 • Distributing net profit at upper-end of 50% on a two-year view: FY'19 €24.9m + FY'20 €40.0m dividend = €64.9m, equal to 50% of FY'19 €82.7m + FY'20 €47.6m net profit = €130m
Cash flow, cash position & net leverage	• c. +€25m • Cash position c. €180m • Net leverage at c. x2.5 (below 2019 of x2.6)	• c. +€45m • Cash position c. €200m • Net leverage at c. x2.1 (back to 2018 level)

Nanjing City, Location of Befesa China's HQ

Consolidated key financials

Q1 EBITDA at €48.8m, a new record level, benefited from favourable market prices; Volumes returned to pre-COVID levels with strong plant utilisation levels at ≥ 90%

EBITDA bridge Q1 2020 to 2021 (€m)

Steel Dust Recycling Services

Q1 EBITDA at €36.5m; Favourable zinc LME prices and TC, partially offset by lower zinc hedging prices; Overall plant utilisation back to pre-COVID levels at around 90%

EBITDA bridge Q1 2020 to 2021 (€m)

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Aluminium Salt Slags Recycling Services

Q1 EBITDA at €12.3m; Higher aluminium alloy FMB prices partially offset by lower salt slags & SPL treated (UK closure); Overall plant utilisation recovered to pre-COVID-19 levels at above 90%

1) Total revenue is after intersegment eliminations (Q1 2020: €8.5m; Q1 2021: €10.0m)

2) Plant utilisation rates calculated as either salt slags/SPL treated, or aluminium alloys produced against the corresponding annual installed capacity, based on the calendar days of the period

3) Aluminium scrap and foundry ingots aluminium pressure diecasting ingot DIN226/A380 European Metal Bulletin free market duty paid delivered works

Cash flow, net debt & leverage

Strong €239m liquidity (€164m cash balance + €75m RCF entirely undrawn)

EBITDA to total cash flow (€m)

1) Includes investments required to maintain or replace assets as well as those related to productivity, compliance and IT

2) Includes cash bank inflows/outflows from bank borrowings and other liabilities, as well as the effect of foreign exchange rate changes on cash

	At 31 Mar 2020	At 31 Dec 2020	Change	At 31 Mar 2021
Last-twelve months (LTM) EBITDA	€150.1	€127.0	+€15.3 / +12.0%	€142.2
LTM operating cash flow	€93.3	€92.5	+€18.1 / +19.6%	€110.7
Gross debt	€542.5	€548.2	+€10.5 / +1.9%	€558.7
Cash on hand	€119.9	€154.6	+€9.4 / +6.1%	€164.0
Net debt	€422.6	€393.6	+€1.1 / +0.3%	€394.7
Net leverage	x2.82	x3.10	-x0.33	x2.77

3) L6M Net leverage of x2.16 computed as Net debt of €394.7m (at 31 March 2021) divided by L6M annualised EBITDA (Q4 2020 at €42.4m + Q1 2021 at €48.8m = €91.2 x 2 = €182.5m)

Secondary aluminium production plant at Bernburg, Germany

Befesa at a glance

Market leader in Europe & Asia in providing regulated critical hazardous waste recycling services to the steel and aluminium industries

Source: Company information, International Consulting Firm based on World Steel Association's Steel Statistical Yearbooks, WBMS, industry research, expert Interviews.

1) Excluding internal revenue; revenue split is calculated on revenues including internal revenue

2) Including recycling of SPL (a hazardous waste generated in primary aluminium production)

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Key milestones

Befesa has grown successfully through organic initiatives and acquisitions

1987 1993 2010 2012 2013 Abengoa acquired Befesa from BUS Entry in the Turkish market1) Berzelius Umwelt Service (BUS) grouped their Spanish assets into Berzeilius Felguera (Befesa) Triton acquired Befesa 2018 2019 2021 Doubled capacity to 220 kt, Gyeongju Founded in Germany, Metallgesellschaft 2000 2014 2015 2017 EAFD expansion Korea & Turkey Changzhou, Jiangsu: Construction completed in Q1 2021; commissioning in process; commercial output in H2 2021 Xuchang, Henan: Completion of construction expected after summer 2021; ramp-up in H2 2021 2009 European leader in salt slags recycling, acquiring Agor AG's German assets 2006 Befesa acquired remaining stake in BUS, becoming European leader in EAF steel dust recycling WOX washing plant at Gravelines Secondary aluminium plant in Bernburg Entry in the Asian market2) 1 st WOX washing plant in Asia, close to Gyeongju plant EAF steel dust recycling capacity at Iskenderun expanded to 110 kt Entry to SDAX3) on 24 Sep 2018 Successful IPO on Frankfurt Stock Exchange dust recycling plants in China: 2020 Since 18 Sep 2020, member of Rated by:

1) Through 51/49 JV with Canadian Silvermet 2) By acquiring subsequent stakes in the Korean Hankook 3) Free-float at 100% after Triton's exit on 6 June 2019

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EAFD expansion China

Developing first two EAF steel

Investment highlights

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Market leader in Europe & Asia

Befesa is the market leader in steel dust and salt slags recycling services with a competitive advantage due to its close-proximity to key clients

1) 50/50 joint venture with Recylex

2) Changzhou, Jiangsu province: construction completed in Q1 2021, commissioning in process and commercial output expected in H2; Xuchang, Henan province: completion of construction expected after summer of 2021, with ramp-up in H2

ALU SALT SLAGS RECYCLING

Highly regulated & critical service model

Befesa is the leading environmental services partner in the circular economy of the 2nd steel and aluminium industry by recycling and avoiding the landfilling of c. 1.5 MT hazardous residues and recovering c. 1.3 MT of new valuable materials

All figures are the average of the fiscal years 2018, 2019 and 2020

Value chains are simplified and only reflect Befesa's core business segments (i.e. Steel Dust; Aluminium Salt Slags):

• Within Steel Dust Recycling Services business segment Befesa manages a Stainless sub-segment (94 kt stainless steel dust throughput, average over L3Y period 2018-2020)

• Within Aluminium Salt Slags Recycling Services business segment Befesa manages a Secondary Aluminium sub-segment (173 kt 2nd aluminium alloys produced, average over L3Y period 2018-2020)

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Experienced management team

Senior management team delivering results through long-standing industry expertise, entrepreneurial spirit and focus on operational excellence as well as governance and compliance processes

Wolf Lehmann

incl. responsibilities for operational excellence & IT

CFO;

• CEO since 2000

• Leading Befesa for >20 years

CEO

• CFO since 2014
• 20+ years in finance & operational leadership roles, 50/50 General Electric / PE

Javier Molina Key achievements / track record

Strong performance results through

focus on operational excellence

Building strong business foundation of ESG, compliance and health & safety processes

Asier Zarraonandia Vice-president Steel Dust Recycling Services

• 15+ years with Befesa

• Running Befesa's Steel Dust business for >15 years

Vice-president Aluminium Salt Slags Recycling Services

Federico Barredo

• 25+ years with Befesa

• Running Befesa's Aluminium Salt Slags business for >20 years

Successful international expansion

Track record of successful acquisitions and turnarounds, e.g., BUS, Agor, Alcasa, Hankook, Silvermet

Experience in developing greenfield projects, e.g., Gravelines, South Korea, Bernburg, China

Waelz kiln at EAF steel dust recycling plant in Gyeongju, South Korea

Investor agenda 04 & appendix

Investor agenda

Annual General Meeting Wednesday, 30 June 2021

H1 2021 Interim Report & Conf. Call Thursday, 29 July 2021

Q3 2021 Statement & Conf. Call Thursday, 28 October 2021

Financial calendar Next investor conferences Q2 2021 H2 2021

Berenberg UN Sustainable Development Goals Conference 2021 20 April 2021 – Berenberg

Kepler Digital SMID Mega Trend Days 10 May 2021 – Kepler Cheuvreux

German SMID Cap One-on-One Forum 11 May 2021 – Stifel

Berenberg US Conference 2021 18 May 2021 – Berenberg

Mining & Steel Virtual Conference 2021 18–20 May 2021 – BofA Global Metals

2 nd Digital Pan European ESG Conference 1 June 2021 – Kepler Cheuvreux

Stifel 2021 Virtual Cross Sector Insight Conference 9 June 2021 – Stifel

Frankfurt – Commerzbank Corporate Conference 2021 31 Aug – 2 Sep – Commerzbank

London – 2021 London Cross Sector Insight Conference 1–2 September – Stifel

London – Citi Growth Conference 16 & 17 September 2021 – Citi

Munich – 10th German Corporate Conf. 21 Sep 2021 – Berenberg & Goldman Sachs

Munich – 10th Baader Investment Conference 2021 23 September 2021 – Baader

London – Global Natural Resources Conference 2021 11 November 2021 – Goldman Sachs

Pennyhill Park, Surrey – Berenberg European Conference 2021 7 December 2021 – Berenberg

Contact details

Rafael Pérez

Director of Investor Relations & Strategy Phone: +49 (0) 2102 1001 340 email: irbefesa@befesa.com

Q1 2021/20 – Key financials

(€m, unless otherwise stated)

	Steel Dust	Salt Slags	Secondary Aluminium	Corporate & eliminations	Total Befesa
Revenue1)	€100.9	€19.8	€82.4	-€10.5	€192.6
yoy change	-€0.3 / -0.3%	-€2.3 / -10.3%	+€17.0 / +26.0%	-€0.8 / -	+€13.6 / +7.6%
EBITDA	€36.5	€5.9	€6.4	€0.0	€48.8
yoy change	+€10.6 / +40.7%	+€0.0 / +0.6%	+€3.7 / +134.1%	+€1.0 / -	+€15.3 / +45.6%
EBITDA margin	36.2%	29.7%	7.8%	-	25.4%
yoy change	+1,056 bps	+323 bps	+358 bps	-	+661 bps

1) Total revenue in Aluminium Salt Slags Recycling Services amounted to €79.0m in Q1 2020 and to €92.3m in Q1 2021 after intersegment eliminations of €8.5m in Q1 2020 and of €10.0m in Q1 2021

Multi-year trend – Key financials1)

(€m, unless otherwise stated)

	2017	2018	2019	2020
Revenue	€667.42)	€720.1	€647.9	€604.3
Reported EBITDA	€153.0	€176.0	€159.6	€123.5
Reported EBITDA margin	22.9%2)	24.4%	24.6%	20.4%
Adjusted EBITDA	€172.43)	€176.0	€159.6	€127.04)
Adjusted EBITDA margin	25.8%2)	24.4%	24.6%	21.0%
Net profit5)	€49.3	€90.2	€82.7	€47.6
EPS5) (€)	€1.026)	€2.65	€2.43	€1.40
cash flow7) Operating	€91.5	€103.8	€102.5	€92.5
Cash position end of period	€117.6	€150.6	€125.5	€154.6
Net debt	€406.4	€376.8	€416.9	€393.6
Net leverage	x2.4	x2.1	x2.6	x3.1

1) 2017, 2018 and 2019 are full year actual reported figures audited by external auditors; 2020 are full year preliminary figures currently being audited by external auditors

2) FY 2017 reported revenue amounted to €724.8m; Revenue of €667.4m is comparable after amendment IFRS 15 impacting non-operating revenue

3) 2017 EBITDA adjusted due to one-off non-recurrent items primarily related to the IPO

4) 2020 EBITDA adjusted for €3.5m for the UK Salt Slags plant closure

5) Net profit and total basic earnings/(losses) per share attributable to the ordinary equity holders of Befesa S.A.

6) FY 2017 EPS impacted by the conversion of the preferred shares carried out in October 2017 prior to the IPO; The weighted average number of ordinary shares used as the denominator in calculating total basic EPS in FY 2017 was 25,025 thousand shares, compared to the 34,067 thousand shares used from 2018 onwards

7) Operating cash flow is after WC change, taxes and interests; pre capex and pre dividend

Q1 2021/20 – Operational data – Steel Dust Recycling Services

	Q1 2020	Q1 2021	yoy change
EAF steel dust throughput (kt)	185.7	181.1	-4.6 / -2.5%
EAF Steel dust average capacity utilisation (%)	90.2%	89.0%	-124 bps
Waelz oxide (WOX) sold (kt)	67.8	66.7	-1.0 / -1.5%
Zinc LME price (€/t)	€1,930	€2,279	+€349 / +18.1%
Zinc hedging price (€/t)	€2,244	€2,201	-€43 / -1.9%
Zinc blended price1) (€/t)	€2,114	€2,237	+€123 / +5.8%

1) Blended rate between hedged prices and average spot prices, weighted by the respective hedged and non-hedged volumes, reflecting the effective price to Befesa

Q1 2021/20 – Operational data – Aluminium Salt Slags Recycling Services

	Q1 20201)	Q1 2021	yoy change
Salt Slags & SPL treated (kt)	124.7	104.4	-20.3 / -16.3%
Salt Slags & SPL avg. cap. utilisation (%)	94.4%	94.1%	-25 bps
Aluminium alloys produced (kt)	47.9	51.3	+3.4 / +7.0%
Secondary Alu avg. capacity utilisation (%)	93.8%	101.5%	+770 bps
Aluminium alloy FMB price2) (€/t)	€1,433	€1,982	+€548 / +38.3%

1) Salt slags & SPL volumes and corresponding capacity utilisation figures in Q1 2020 include data contributed by the plant in the UK, which was permanently closed in Q4 2020 2) Aluminium scrap and foundry ingots aluminium pressure diecasting ingot DIN226/A380 European Metal Bulletin free market duty paid delivered works

Multi-year trend – Operational data

	2017	2018	2019	2020
EAF steel dust throughput (kt)	661.0	717.1	665.8	687.0
EAF steel dust average capacity utilisation (%)	84.7%	92.0%	80.7% / 90.1%1)	83.0%
Waelz oxide (WOX) sold (kt)	217.8	240.9	217.6	239.2
Zinc LME price (€/t)	€2,572	€2,468	€2,276	€1,979
Zinc hedging price (€/t)	€1,876	€2,051	€2,317	€2,239
Zinc blended price2) (€/t)	€2,160	€2,168	€2,280	€2,136
Salt Slags & SPL treated (kt)	509.9	517.0	492.6	444.6
Salt Slags & SPL avg. cap. utilisation (%)	96.2%	97.5%	92.9%	83.7% / 86.9%3)
Alu alloys produced (kt)	184.1	169.3	176.7	174.3
Secondary Alu avg. capacity utilisation (%)	89.8%	82.6% / 98.1%4)	86.2% / 91.1%5)	84.8%
Aluminium alloy FMB price6) (€/t)	€1,766	€1,715	€1,397	€1,420

1) Installed capacity and corresponding utilisation rates in 2019 are normalised for the capacity upgrade in Turkey, from 65kt to 110kt (plant was shutdown from end of Jan to mid-Aug 2019)

2) Blended rate between hedged prices and average spot prices, weighted by the respective hedged and non-hedged volumes, reflecting the effective price to Befesa

3) Installed capacity and corresponding utilisation rates in 2020 are normalised for the UK salt slags plant closure in Q4 2020

5) Installed capacity and corresponding utilisation rates in 2019 are normalised for the furnace upgrade in Barcelona – phase II (plant was shutdown three months, from mid-August to mid-November) 6) Aluminium scrap and foundry ingots aluminium pressure diecasting ingot DIN226/A380 European Metal Bulletin free market duty paid delivered works

30

⁴⁾ Installed capacity and corresponding utilisation rates in 2018 are normalised for the furnace upgrades in Bilbao (plant was shutdown three months, from 2nd week of June to 3rd week of September), as well as the Barcelona - phase I (plant was shutdown two months, from 4th week of August to 4th week of October)