Befesa S.A.

Investor Presentation • Jan 11, 2021

Befesa Presentation Bank of America – SMID Cap Conference 2021 11 January 2021

BEFESA 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.

Third quarter and first nine-month period 2020 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.

BEFESA Executive Summary

• Q3 EBITDA €29m, slightly above market expectations; yoy: €-8m/-21%; qoq: €+8m/+35% vs. Q2 at €22m;
• Resilient plant utilisation levels despite COVID-19 at around 80% in both core businesses
• Metal prices recovered qoq but still below last year driven by COVID-19-induced demand constraints
• 9M EBITDA at €85m as expected, down €33m / -28% yoy primarily driven by lower metal price levels
• Q4 results expected to be better than Q3, indicating around mid-point of FY EBITDA guidance range of €100m to €135m
• Continued strong and stable liquidity of €183m: €108m cash + €75m Revolving Credit Facility (RCF); Efficient long-term cap. structure; No covenant nor maturities to Jul'26; Term loan B (TLB) at 2% interest;
• Hedge book extended to July 2023, c. 2.5 years, providing increased earnings and cash flow visibility; H1 2023 sold forward at €2,300/t of zinc
• Construction of both China plants progressing on schedule; Total Befesa capex year to date at €39m; expecting approximately €60m full year
• Distributed an additional dividend of €10m (€0.29/share) in Dec after €15m (€0.44/ share) in July; Total dividend distribution in 2020 equal to 30% of FY'19 profit or €25m (€0.73/share)
• ESG ratings agencies Sustainalytics and ISS ESG improved Befesa's rating; Since 18 September 2020 Befesa is member of the Global Challenges Index (GCX)

BEFESA

EU Crude Steel Production Trend &

Resilience During Severe 2008/09 Crisis -&- 2020 Crude Steel Production

Served 474 406 482 198 139 173 180 220 240 Befesa EAFD load factor % Befesa EBITDA PF(2) (€m) 2009 82% €61 2008 96% €99 2010 96% €99 Befesa EAFD throughput kt Crude steel production EU-28 Mt(1) Befesa's EAFD Throughput (2008-2010) (3)

• Befesa operates highly regulated hazardous waste recycling services business model
• Stable experienced management team
• Resilient EAFD volume -14% yoy or ~half of EU steel trend -30% during 2008/2009 crisis; Respectable c. 19% EBITDA margin

		Jan		Feb		Mar		Apr		May		Jun		Jul		Aug		Sep		Oct		Nov		YTD
	Mt	yoy	Mt	yoy	Mt	yoy	Mt	yoy	Mt	yoy	Mt	yoy	Mt	yoy	Mt	yoy	Mt	yoy	Mt	yoy	Mt	yoy	Mt	yoy
EU-28								12.9 (7%) 13.3 (1%) 12.1 (20%) 9.6 (31%) 10.6 (26%) 10.1 (25%) 10.3 (21%) 9.4 (15%) 11.2 (13%) 12.8 (4%) 12.8 6% 125.1 (15%)
Turkey		3.0 17% 2.9			8% 3.1			4% 2.2 (26%) 2.3 (26%) 2.8					4% 3.1										8% 3.3 24% 3.2 18% 3.2 19% 3.2 12% 32.4 5%
S. Korea		5.7 (8%)	5.4		3% 5.8 (8%)			5.1 (15%) 5.4 (14%) 5.1 (14%) 5.5 (8%)								5.8 (2%)		5.4 (6%)		5.9 (2%)			5.8 (2%) 60.8 (7%)
Served (3) market		21.7 (5%) 21.6				1% 21.0 (14%) 16.9		(26%) 18.2		(23%) 18.0		(18%) 19.0		(13%) 18.5			(6%) 19.8		(7%) 21.9		(1%) 21.8		4% 218.3 (10%)
China	79.9							1% 74.8 5% 79.0 (2%) 85.0 0% 92.3 4% 91.6 4% 93.4 9% 94.8 8% 92.6 11% 92.2 13% 87.7 8% 963 6%
World								151.3 (0%) 144.4 3% 147.6 (6%) 136.9 (13%) 148.9 (9%) 149.9 (6%) 155.6 (1%) 158.4 2% 157.9 4% 163.3 8% 158.3 7% 1,673 (1%)

2020 Crude Steel Production(1)

▪ EU-28: Q1 -10% yoy; Q2 -27% yoy; Q3 -17% yoy impacted by COVID-19; YTD -15% yoy For 2020 to be down 30% (08/09 crisis) requires Dec be down severely by > -200% yoy

• Signs of a moderate recovery in crude steel production:
• - EU-28: April yoy -31%; Month-over-month recovery; Nov +6% yoy
• - Served market(3): April yoy -26% recovered to Nov +4% yoy
• - China: March -2% yoy; Since then growing; YTD +6% yoy
• Expecting Q4 to improve over Q3

Signs of a moderate recovery in crude steel production; Expecting Q4 to improve over Q3

(1) Source: worldsteel.org

(3) "Served market" is a subtotal of EU-28 + Turkey + South Korea as a proxy of the served market.

⁵ (2) Total EBITDA is the sum of Steel Dust & Aluminium Salt Slags segments proforma (PF) comparable to Befesa structure in ´19/´20; Thus, it excludes divested IES, EPC and Concessions businesses

Executing well defined growth roadmap even during COVID-19

• 2 (Henan): Completion of construction expected after the summer of 2021

Focus 2020: Building the first two EAFD recycling plants in China

BEFESA

Hedges extended to July 2023; Improved earnings & cash flows visibility

Zinc hedges & blended average prices

	Q3 2019	Q3 2020	9M 2019	9M 2020
Unhedged	31% or 10kt	28% or 9kt	26% or 25kt	34% or 36kt
	@ €2,112/t LME	@ €1,997/t LME	@ €2,313/t LME	@ €1,905/t LME
Hedged	69% or 23kt	72% or 23kt	74% or 69kt	66% or 69kt
	@ €2,275/t	@ €2,234/t	@ €2,325/t	@ €2,235/t
	hedge price	hedge price	hedge price	hedge price
Blended(1)	€2,203	€2,214	€2,282	€2,089

• Hedges in place until and including July 2023 (c. 2.5 years)
• Continuous monitoring of the market to close further hedges
• 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

China is the largest and growing EAF steel producer worldwide …

… Befesa growing and diversifying its portfolio to capture China addressable market

(1) Assuming 15kg to 20kg EAF dust generated per tonne of EAF crude steel output (2) Europe defined as EU-28 (3) Rest of World incl. Turkey, Korea as well as servicing South East Asia and China

BEFESA ³ China – 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:

• →Construction site at Changzhou (Jiangsu, 1st plant) on schedule; Completion expected during Q1 2021
• ✓ Long-term financing closed July 2020

BEFESA China – Xuchang Plant, Henan Province

Aerial view of Xuchang construction site, early January 2021

3

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:

• →Foundation works / building structures progressing well; Completion expected after the summer of 2021
• ✓ Long-term financing closed Dec 2020

11

Sustainability at Befesa

During Q3 Befesa improved results in ESG ratings and entered important sustainability index

• Befesa published the new Sustainability report in June 2020
• Based on more information and improved performance, ESG rating agencies updated their view
• In Q3 2020, Befesa received two upgrades:

Sustainalytics

BEFESA

Risk is measured and the score should be as low as possible: Befesa improved the score significantly by 6.7 to 14.8 points. New result: "Low Risk" (before: "Medium Risk")

ISS ESG

Befesa achieved the "Prime Status" and is now Industry Leader by being among the Top 3 companies out of more than 200 companies in the corresponding sector

▪ Befesa is part of the Global Challenges Index (GCX) since 18 September 2020 The GCX comprises a total of 50 international shares selected according to strict criteria from a total amount of around 6,000 companies worldwide.

BEFESA Investor Agenda

Financial Calendar

✓ Thursday, 29 October 2020: Q3 2020 Statement & Conference Call

Tuesday, 23 February 2021 Preliminary Year-End Results 2020 & Conference Call

Thursday, 29 April 2021 Q1 2021 Statement & Conference Call

Thursday, 29 July 2021 H1 2021 Interim Report & Conference Call

Thursday, 28 October 2021 Q3 2021 Statement & Conference Call

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

Meet Befesa

07-08 & 12 January 2021 – ODDO BHF
ODDO BHF Forum 24th Edition (virtual)
11 January 2021 – Bank of America
BofA Securities – SMID Cap Conference 2021 (virtual)
13 January 2021 – Commerzbank
Commerzbank German Investment Seminar 2021 (virtual)
18-20 January 2021 – UniCredit & Kepler Cheuvreux
20th German Corporate Conference (virtual)
02 February 2021 – Santander
XXVII Santander Iberian Conference 2021 (virtual)
16 March 2021 – J.P. Morgan
Pan-European Small/Mid-Cap CEO Conference (virtual)
17 March 2021 – Berenberg
Berenberg DACH & Nordic Conference 2021 (virtual)
23 March 2021 – Citi
Citi Virtual Paris Symposium (virtual)
25 March 2021 – MainFirst
th Copenhagen – 6 MainFirst German Corporate Conference
11 May 2021 – Stifel
Frankfurt – 4 th German SMID Cap One-on-One Forum
18-20 May 2021 – Berenberg
Tarrytown (New York) – Berenberg US Conference 2021
08-10 June 2021 – Stifel
Boston, 2021 Cross Sector Insight Conference
31 August – 02 September 2021 – Commerzbank
Frankfurt, Commerzbank Corporate Conference 2021
01-02 September 2021 – Stifel
London, 2021 London Cross Sector Insight Conference
16 & 17 September 2021 – Citi
London, Citi Growth Conference (virtual)
20-24 September 2021 – Baader
Munich, 10th Baader Investment Conference 2021
11 November 2021 – Goldman Sachs
London, Global Natural Resources Conference 2021

Note: Befesa's financial reports and statements are published at 7:30 am CET

Befesa cannot rule out changes of dates and recommends checking them in the Investor Relations / Financial Calendar section of Befesa's website www.befesa.com

BEFESA Q3 2020 Highlights

Operational performance driven by continued resilient plant utilisation at around 80% in both core businesses despite COVID-19	EAFD throughput of 161kt (-6% yoy) ▪ Salt slags & SPL recycled 103kt (-9% yoy) ▪ Secondary aluminium alloys of 44kt (up 14% yoy), ▪ increase driven by recovery in automotive sector and furnace upgrade at Barcelona plant
Metal prices moderately recovered qoq but still down yoy: - Zinc LME Q3 €1,997 (-5% yoy); including zinc treatment charges (TC) -11%(1) → yoy combined price impact - Alu Alloy prices Q3 €1,312 (-3% yoy)	EBITDA at €29m (-21% / €-8m yoy) mainly driven by: ▪ (-) Unfavourable metal prices: - Zinc LME at €1,997/t (-5% yoy) - Zinc TC at \$300/t (+\$50/t yoy) - Aluminium alloy prices at €1,312/t (-3% yoy) (-) Lower volumes in Steel Dust Recycling Services (-) Salt Slags & SPL volumes (-9% yoy) Partially offset by: (+) Positive volume & efficiency effects in Secondary Alu (+) Favourable zinc hedging offset LME price decrease
Continued strong and stable liquidity of €183m	Strong cash position at €108m after paying €15m ▪ dividend in Q3; €75m RCF undrawn; Leverage at x3.3 Operating cash flow at €93m LTM Q3 ▪
China construction progressing on schedule at both sites, Jiangsu & Henan	Jiangsu: Completion of construction expected in Q1'21 ➢ Henan: Construction progressing on schedule; ➢ Completion expected after the summer of 2021
ESG	▪ Sustainalytics and ISS ESG improved Befesa's rating ▪ Since 18 September 2020, Befesa is member of the Global Challenges Index (GCX)

14 (1) In 2020, the \$300 TC per tonne of WOX, divided by ~68% zinc content in WOX and divided by 85% zinc payable (after 15% free-metal deduction), is equivalent to ~\$519 per tonne of zinc payable; Similarly, in 2019, the \$245 TC per tonne of WOX is equivalent to ~\$424 per tonne of zinc payable.

BEFESA Consolidated Key Financials

Q3 EBITDA at €29m (-21% yoy / up +€8m over Q2); Continued resilient plant utilisation of c. 80% and moderately recovered metal prices qoq

147.6 145.2 Q3 '19 Q3 '20 Revenue (€m) €-2.4m / -1.6% EBITDA and % margin (€m) 496.6 446.4 9M '19 9M '20

Highlights

• Q3 revenue at €145.2m, approx. flat yoy:
• (-) Unfavourable metal prices yoy:
  • Zinc LME price of €1,997/t (-5%)
  • Zinc TC in 2020 at \$300/t (2019: \$245/t)
  • Alu alloy FMB price of €1,312/t (-3% or €-44/t yoy)
• (-) Lower volumes in Steel Dust Recycling Services
• (-) Salt slags & SPL volumes (-9% yoy)

Partially offset by:

• (+) Secondary aluminium volumes up (14% yoy)
• (+) Favourable zinc hedges offset LME decrease → Zinc blended prices including hedging of €2,214/t (+€11/t yoy)
• Q3 EBITDA at €29.3m (€-8m / -21% yoy); EBITDA margin 20%; Main drivers:
• (-) Lower zinc LME (€-1.5m)
• (-) Unfavourable zinc TC (€-2.4m)
• (-) Aluminium alloy FMB €-0.3m)
• (-) Reduced volumes in Steel Dust segment (€-4m)
• (-) Lower salt slags & SPL volumes (€-1.2m)

Partially offset by:

• (+) Secondary aluminium volumes & efficiencies (+€0.7m)
• (+) Favourable zinc hedges (+€1.8m)

Q3 EBITDA at €24m (-19% yoy / up +€6m over Q2); Unfavourable zinc TC, lower volumes due to COVID-19 impacted demand yoy

Highlights

• Q3 revenue down 7% yoy mainly driven by:
• (-) Unfavourable zinc TC at \$300/t (+\$50/t yoy)
• (-) EAFD throughput -6% yoy; Partially offset by:
• (+) Zinc blended prices at €2,214/t (+€11/t yoy)
• Q3 EBITDA down €6m / 19% yoy primarily driven by:
• (-) Unfavourable zinc TC (€-2.4m);
• (-) Lower Steel Dust volumes (€-4m); Partially offset by:

• (+) Zinc blended price €0.3m (LME €-1.5m; Hedging +€1.8m)

• 9M EAFD throughput up 3% yoy (Turkey)

• Resilient plant utilisation around 80% amid COVID-19

Prices
(€ per tonne)	Q3 2019	Q3 2020	% yoy	9M 2019	9M 2020	% yoy
Befesa blended(2) average zinc price	2,203	2,214	0.5%	2,282	2,089	-8%
LME average price	2,112	1,997	-5%	2,313	1,905	-18%

Note: Including the unfavourable TC impact, the combined LME+TC price effect yoy amounted to -11% in Q3 and -26% in 9M

¹⁶ (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

BEFESA

Q3 EBITDA at €6m (-5% yoy / up +€2m over Q2); Reduced salt slags & SPL treated partially offset by improved volumes yoy and efficiencies in 2nd Alu

Highlights

• 2 nd Aluminium: Q3 EBITDA up €1.1m yoy mainly driven by higher alu alloys volumes and efficiencies (new furnaces)
• Salt Slags & SPL: Q3 EBITDA €-1.5m yoy mainly driven by: (-) Aluminium alloy prices -3% yoy (€-0.3m) (-) Salt slags & SPL volumes -9% yoy & others (€-1.2m)

(1) Total revenue is after intersegment eliminations (€6.2m in Q3'20; €7.5m in Q3'19; €21.5m in 9M'20; €26.3m in 9M'19)

(2) EBITDA margins refer to the Salt Slags subsegment

(3) Installed capacity and corresponding utilisation rates in 2019 are normalised for the furnace upgrade in Barcelona (plant was shutdown three months, from mid-August to mid-November) (4) Aluminium scrap and foundry ingots aluminium pressure diecasting ingot DIN226/A380 European Metal Bulletin free market duty paid delivered works

BEFESA

Continued strong €183m liquidity after dividend distribution & funding China; Long-term capital structure: No maturities to July ´26; 2% interest; No covenant

Capital Structure

• TLB interest rate at E+200 bps for leverage >x2.25
• Long-term capital structure, cov-lite TLB, with remaining c. 6 years tenor to July ´26; Incl. loan baskets to accommodate China growth
• No covenant; unless ≥ 40% of RCF used; in which case leverage to stay ≤ x4.5
• Moody's / S&P corporate ratings unchanged: Ba2 / BB

9M'20 EBITDA to total cash flow – main drivers

Total Cash Flow	€-18	€108m cash on hand →
Dividends	€-15	July distribution of €0.44 per share
Capex & other investing activities	€-39	€16 Maintenance / IT / Prod. / Compl. €23 Growth, mainly China expansion
Interest & other(2)	€-17	Interest paid for full year (January & July)
Taxes	€-15
WC & other	€-16	Seasonal receivable & payable variances
EBITDA	€85	€-33m / -28% yoy

Operating cash flow(3) (€m)

(1) Gross debt at Q3'20 includes €11.4m under current financial indebtedness, primarily explained by the accrued bi-annual interests, leasing (under IFRS 16) and others

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

(3) Total operating cash flow per audited consolidated statement of cash flows; after WC, taxes & interest; pre capex & dividend; 2020 figures are unaudited

Appendix

BEFESA FY 2020 Guidance

	Lower-end: €100m EBITDA	Upper-end: €135m EBITDA
EU crude steel market -&- COVID-19	▪ After -10% in Q1; Q2 to Q4 each severely down -37% yoy; Annually down c. 30% yoy (like 2009 crisis) EU-28 volume No recovery; Prolonged lockdowns ▪	▪ Q2 materially down yoy ▪ Lockdown easing by end Q2 and no 2nd ▪ Q3 & Q4 recovering pandemic wave causing further lockdowns in H2
Operational performance	▪ Overall capacity utilisation at c. 80%	▪ Limited impact on volume Overall capacity utilisation at c. 90% ▪
Metal prices	Q2 to Q4 at ~ Q1 low €1,650-€1,700/t ▪ TC at \$300/t ▪ Combined price impact (LME & TC) -39% yoy ▪	H2 recovering to €1,750/t to €1,850/t; ▪ TC at \$300/t ▪ Combined price impact (LME & TC) -30% yoy ▪
FY 2020 EBITDA	FY 2020 EBITDA: €100m (-€60m / -38% yoy) ▪ Remaining quarters ~reduced €22m run-rate ▪ ▪ Q2+Q3+Q4 at €66m (-44% yoy vs. €117m '19)	FY 2020 EBITDA: €135m (-€25m / -16% yoy) ▪ Assuming Q2 lowest quarter in 2020 and ▪ run-rate recovery in H2 ▪ Q2+Q3+Q4 at €101m (-14% yoy)
Capex	▪ Reducing discretionary cost & non-vital capex c. €20m to protect core growth roadmap; ▪ Total capex of c. €70m: c. €50m growth (China); c. €20m regular maintenance;
Pre-dividend cash flow & cash	Approx. +/- €5m ▪ ▪ Cash position c. €120m	Approx. +€25 to €35m ▪ ▪ Cash position c. €150m
Dividend	✓ Ordinary dividend of €15m or €0.44/share ▪ Review an additional dividend in November flow Q3 2020 YTD and the improved visibility about the impact from COVID-19 Conservatively balancing dividend stability and cash flow →	distributed in July (post Q3 earnings release) depending on earnings & cash

Even at lower-end €100m EBITDA (prolonged COVID-19 lockdowns), operational continuity assured incl. funding China; Considering an additional dividend in November on top of the €15m (€0.44 per share) ordinary dividend paid in July

BEFESA Befesa at a Glance

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

+90% EBITDA generated from two core segments; ~25-35% EBITDA margin operations with low capital intensity

	Steel Dust Recycling Services(3)	Aluminium Salt Slags Recycling Services
#1	Position in Europe (c. 45–50% market share) and Asia(2)	#1	Position in Europe in Salt Slags subsegment (c. 45–50% market share)
30%	EBITDA margin (LTM Q3 2020)(3)	22%	EBITDA margin in Salt Slags subsegment (LTM Q3 2020) (4)
Relationships >15yrs		Relationships >15yrs

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

(1) Excluding internal revenues; sales split is calculated on revenues including internal revenues. (2) Excluding China.

(3) Including stainless steel. (4) Including recycling of SPL (a hazardous waste generated in primary aluminium production).

BEFESA Main Milestones

Befesa has grown successfully through organic initiatives and acquisitions

(2) Free-float at 100% after Triton's exit on 06 June 2019

BEFESA Investment Highlights

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

Established market leader Proximity to clients provides strong competitive advantage

Steel Dust Recycling Services

(1) Excluding China.

Befesa is the leading environmental services partner of the 2nd steel & alu industry providing sustainable solutions for highly regulated hazardous waste …

… Contributing to a circular economy by recycling and avoiding the landfilling of >1.5 Mt hazardous waste … Recovering >1.2 Mt of new valuable materials

(1) Incl. 22kt of Spent Pot Linings (SPL), a hazardous waste generated in the production process of primary aluminium; (2) Not incl. 2 China plants currently under construction; (3) Total revenue is after intersegment eliminations (€34.4m FY'19)

BEFESA

5 Highly Resilient Business

Positive operational cash flow generation although in a very challenging COVID-19 environment continues providing funds for growth

(1) Total revenue excludes internal revenues and are comparable figures after amendment IFRS 15 affecting the revenue recognition of non-operating sales in the 2nd Aluminium sub-segment; These non-operating sales have limited margin contribution; Reported revenues amounted to €611.7m in fiscal year 2016 and €724.8m in fiscal year 2017

(2) EBITDA and EBIT margins as a % of comparable revenue; EBITDA and EBIT in fiscal years 2016 and 2017 are adjusted from one-off extraordinary items; Reported EBITDA amounted to €128.8m in fiscal year 2016 and €153.0m in fiscal year 2017; Reported EBIT amounted to €84.3m in fiscal year 2016 and €122.4m in fiscal year 2017

(3) Operating cash flow per audited consolidated statement of cash flows; after WC, taxes & interest; pre capex & pre dividend; LTM 2020 figures are preliminary and unaudited

Executing well defined growth roadmap even during COVID-19

Focus 2020: Building the first two EAFD recycling plants in China

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

CEO since 2000

Leading Befesa for >20 Years

Asier Zarraonandia Vice President Steel Dust Recycling Services

Javier Molina

CEO

>15 yrs with Befesa >25 yrs with Befesa

Has run the Steel Dust Recycling Services Business for >15 years

Wolf Lehmann CFO; including responsibilities for Operational Excellence and IT

CFO since 2014

20+ years in finance and operational leadership roles 50/50 General Electric / Private Equity

Federico Barredo Vice President Aluminium Salt Slags Recycling Services

Has run the Aluminium Salt Slags Recycling Service Business for >20 years

Key achievements / track record

Extensive experience in steel and aluminium recycling business

Strong performance results through focus on operational excellence

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

Successful international expansion

Track record of successful acquisitions and turnarounds (BUS, Agor, Alcasa, Hankook, Silvermet etc.)

Experience in developing greenfield projects (South Korea, Gravelines, Bernburg)