Century Aluminum Company · NASDAQ:CENX

Century Aluminum — Deutsche Bank 26th Annual Leveraged Financial Conference 2018

15 slides from Century Aluminum's conference presentation, Oct 2, 2018

1. Slide 1: Deutsche Bank Leveraged Finance Conference

   Deutsche Bank Leveraged Finance Conference October 2018

2. Slide 2: Cautionary Statement

   Cautionary Statement This presentation and comments made by Century Aluminum management on the quarterly conference call contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the S

3. Slide 3: Century Overview

   Century Overview • Upstream aluminum producer o Capacity ~1 million metric tons (full production) • Largest primary producer in the U.S. o Only volume producer (one of handful in world) of high purity (military grade) aluminum o Valuable presence in value-added products markets • World class busines

4. Slide 4: Century at a Glance

   Century at a Glance Aluminum Smelter Grundartangi, Iceland Corporate Headquarters Chicago, IL Carbon Anode Plant Vlissingen, Netherlands Aluminum Smelter Hawesville, KY Aluminum Smelter Carbon Anode Plant(1) Mt. Holly, SC Guangxi, China Aluminum Smelter Sebree, KY 1) 1) 40% Century owned Operating f

5. Slide 5: Strategy

   Strategy • Best-in-class safety and environmental culture and performance • Earnings leverage via production increase o Idled U.S. capacity o Continuing capacity creep in Iceland • Continue to increase value added products production o Attractive position in two short markets (U.S., Europe) o Modest

6. Slide 6: Industry Environment

   Industry Environment • Global growth steady at 4% (ROW) to 5% (China) • Production growth modest at 2% (ROW and China) • 2018 global deficit forecast at ~2 million metric tons • Since 2015, global inventories down ~3 million metric tons • Section 232 tariffs provide short and longer term support for

7. Slide 7: Primary Aluminum

   Industry Environment Q3 2018 Supply, Demand, Balance LME, MWP, and EDPP 18,000 16,271 16,693 LME LME + MWP LME + EDPP 3,200 16,000 14,000 Primary Aluminum (kt) 12,000 2,800 LME Prices ($/T) 10,000 9,301 9,181 6,970 7,512 8,000 2,400 6,000 4,000 2,000 2,000 120 (542) (422) 0 -2,000 Supply Demand Bala

8. Slide 8: Financial Profile

   Financial Profile • Low financial leverage o Gross debt to Q2 adjusted annualized EBITDA at 1.2x1 o Pension plans well funded/modest OPEB obligations o No other significant fixed liabilities (leases, etc.) • Only Senior Notes issue matures June 2021 • Revolver recently upsized (to $175MM) and extend

9. Slide 9: Q2 2018 Summary Results

   Q2 2018 Summary Results ($MM, except per share and tonne amounts) Q118 Q218 Income statement Shipments (tonnes) 187,238 180,220 Net sales $ 454 $ 470 Net (loss)/income (0) 19 Diluted earnings per share (0.00) 0.20 Adjusted (loss)/net income (1) (3) 31 Adjusted (loss)/earnings per share (1) (0.04) 0.

10. Slide 10: Significant Earnings Power

    Significant Earnings Power Annualized Adjusted EBITDA ($MM) $400 $91 $349 $350 $300 $40 $258 $250 $218 $200 $150 $100 $50 $0 1 2 3 Annualized Q218 Adjusted Normalized Alumina Pro Forma Normalized Full Hawesville Restart Pro Forma Normalized EBITDA Alumina Alumina and Full Hawesville Restart 1)1) See

11. Slide 11: Appendix

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12. Slide 12: Non-GAAP Financial Measures

    Non-GAAP Financial Measures Adjusted EBITDA, adjusted net income and adjusted earnings per share are non-GAAP financial measures that management uses to evaluate Century's financial performance. These non-GAAP financial measures facilitate comparisons of this period’s results with prior periods on a

13. Slide 13: Adjusted Net Income Non-GAAP Reconciliation

    Adjusted Net Income Non-GAAP Reconciliation Q118 Q218 $MM EPS $MM EPS Net income/(loss) as reported $ (0.3) $ (0.00) $ 19.4 $ 0.20 Lower of cost or NRV inventory adjustment (3.2) (0.03) - - Sebree equipment failure - - 8.5 0.09 Hawesville restart - - 3.0 0.03 Adjusted net income/(loss) $ (3.5) $ (0.

14. Slide 14: Adjusted EBITDA Non-GAAP Reconciliation

    Adjusted EBITDA Non-GAAP Reconciliation ($MM) Q118 Q218 Net (loss)/income as reported $ (0.3) $ 19.4 Interest expense 5.5 5.6 Interest income (0.5) (0.5) Net gain on forward and derivative contracts (0.7) (1.2) Other expense/(income) - net 1.1 (2.1) Income tax (benefit)/expense (1.0) 2.3 Equity in e

15. Slide 15: Century Aluminum

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