February 2015 1 1 1

Dr. Bernd Drouven

CEO

Erwin Faust

CFO

DVFA Analyst Conference

on February 13, 2015

Aurubis AG

The Leading Integrated

Copper Producer

February 2015

February 2015

Agenda

2

1.

Current situation and

trends on the main

markets

2. Aurubis’ market position

3. Financial data

4. Strategy and outlook

February 2015

Improved KPIs at Aurubis during the first quarter

3

3 months

FY 2014/15

3 months

FY 2013/14

Operating EBT (€m) 39 (3)

Operating ROCE (%) 11.0 0.3

Certain prior-year figures have been adjusted.

February 2015

33

6 39

-3

Considerable profit increase due to improved

concentrate markets and previous year’s large-scale

shutdown

4

EBT 1st quarter 2014/15 (in €m, rounded)

3 mo.

FY 14/15

Operating

EBT

Adjust-

ments

Operating

EBT

EBT

IFRS

3 mo.

FY 13/14 Significant factors influencing the results

» Considerably higher treatment and refining charges for

copper concentrates with higher concentrate throughput at

the same time

» Slight increase in sales prices for sulfuric acid

» Increased cathode premium

» Recovery in copper scrap markets with refining charges at

the level of Q1 2013/14

» Higher metal yield with a constant metal price level in euros

» Throughput and production figures impacted by shutdowns

» Better Rod & Shapes results

February 2015

Our market environment improved compared to

previous year

5

60%

80%

100%

120%

140%

160%

180%

200%

Sep 13 Dec 13 Mar 14 Jun 14 Sep 14 Dec 14 Mar 15

TC/RCs for copperconcentrates (contract)

Sulfuric acid price (pentasulTampa)

European refining chargefor copper scrap

Cathode premium

Trend in significant earnings drivers

100 % = Oct 2013

February 2015

Flat rolled products

Aurubis, an integrated copper producer

RECYCLING MATERIALS

CONCENTRATES

BU Primary Copper

BU Recycling /

Precious Metals

SULFURIC

ACID

Iron silicate

Other

metals

PRECIOUS

METALS

BU Copper Products

WIRE ROD

SHAPES

Other semi- finished products

CATHODES

6

Copper production Mines and

recycling markets Copper processing

Processors and

end users

February 2015 7

Global copper demand continues to grow

Global copper demand (in million t) » Development in emerging countries and the

use of new technologies will continue to

push copper demand.

» The main driver is the infrastructure sector,

followed by consumer goods.

» Central applications include construction,

energy production and distribution,

electronics, cars and air conditioning.

» China is the key driver of copper demand

growth; share of global demand expected to

increase from 44 % (2013) to 48 % (2020) –

CAGR = 7 % p.a.

China

0.7 1.8

9.2

12.3 10.2

13.5

11.4

13.2

10.9

15.3

20.6

25.5

1990 2000 2013 2020e

Source: Wood Mackenzie 09/2014

February 2015 8

The European copper market traditionally

exhibits a cathode deficit

2.3

13.6

0.1 0.2

Total demand 2014e: 21.8 million t

Global output 2014e: 20.8 million t

-0.4

-2.9

+1.1 +0.4 0.6

+2.7

Source: Wood Mackenzie 09/2014

3.6

0.7

-0.6

-0.4

0.7

+0.6

• Copper demand by region in 2014e (in million t)

• Copper surplus/deficit before adjustment (in million t)

February 2015

1000

2000

3000

4000

5000

6000

7000

8000

9000

10000

A number of new projects will start up production

before 2020

Size of deposits

(in million t of copper content)

Copper price

(in US$/t – 3-month quotation)

Source: CRU 01/2014, company data

9

Escondida (CL)

Collahuasi (CL)

Batu Hijau (ID)

Los Pelambres (CL)

Antamina (PE)

Esperanza (CL)

Los Pelambres Expansion (CL)

Antamina Expansion (PE)

Los Bronces Expansion (CL)

Salobo I (BR)

Toromocho (PE)

Caserones/Regalito (CL)

Oyu Tolgoi

(MN)

Salobo II (BR)

Mina Ministro Halees (MMH)Las Bambas

El Teniente (CL)

Quellaveco (PE)

Andina Expansion -

Phase II

Chuquicamata

underground (CL)

0

20

40

60

80

100

120

140

1990 1995 2000 2005 2010 2015 2020

Existing projects

New projects

February 2015

2000

3000

4000

5000

6000

7000

8000

9000

10000

0

250

500

750

1000

1250

1500

1750

2000

10

/09

04

/10

10

/10

04

/11

10

/11

04

/12

10

/12

04

/13

10

/13

04

/14

10

/14

10

in US$/t in 1,000 t Metal exchange inventories LME copper price

Copper price and metal exchange inventories

Exchange inventories in days of usage (end of January 2015): world 4 days

Copper price

2/11/2015:

5,695

Copper price declined significantly in January

2015

February 2015

Agenda

11

1.

Current situation and

trends on the main

markets

2. Aurubis’ market position

3. Financial data

4. Strategy and outlook

February 2015

Aurubis is the largest buyer on the free

concentrate market

International custom smelter output (2013; in 1,000 t of Cu content; primary*)

Source: Wood Mackenzie 12/2013, Aurubis Annual Report 13/14 * Copper production from concentrates from non-controlled mines

12

570

460

430

420

420

370

360

340

240

230

Aurubis

JX Holdings (JP)

Mitsubishi Materials (JP)

Glencore Xstrata (CH)

Sumitomo Metal Mining (JP)

Jinchuan (CN)

Tongling (CN)

Jiangxi Copper Co. (CN)

Birla Copper (IN)

Sterlite Industries (IN)

Aurubis

February 2015

660

350

210

160

100

1,200

230

Aurubis

Metallo Chimique (BE)

Boliden (SE)

MW Brixlegg (AT)

KGHM (PL)

Chinese smelters

Japanese smelters

Aurubis is the world market leader in copper

recycling

Throughput of recycling material worldwide (in 1,000 t)

Copper scrap

Other recycling materials

Aurubis

Source: Wood Mackenzie, competitor’s homepage, Aurubis estimates

13

Aurubis Annual Report 13/14, copper content for Chinese and Japanese smelters

* Fiscal year 2013/14

February 2015

1,407

1,193

1,126

1,120

1,114

1,038

658

654

602

591

Codelco (CL)

Freeport McMoran (US)

Aurubis

Glencore Xstrata (CH)

Jiangxi (CN)

Tongling (CN)

Southern Copper (PE)

JX Holdings (JP)

Sumitomo (JP)

KGHM (PL)

14

Aurubis is one of the world’s leading cathode

producers

International cathode output (in 1,000 t)

Aurubis

Source: Wood Mackenzie 09/2014, Aurubis Annual Report 13/14

February 2015

Aurubis is the leading rod producer with

expertise and customer proximity

Copper rod output (in 1,000 t, excl. oxygen-free rod)

15

742

545

490

380

315

290

275

270

270

255

Aurubis

Freeport McMoRan (US)

Jiangxi Copper (CN)

Jiangsu Jinhui (CN)

Southwire (US)

Nanjing Walsin (CN)

Nexans (FR)

Changzhou Jinyuan (CN)

LS-Cable (KR)

CCI/CCP (IT)

Aurubis

Source: 2013 basis, Aurubis estimates, Aurubis Annual Report 13/14

February 2015

218

215

195

170

145

130

125

115

Aurubis

Poongsan (KR)

Wieland (DE)

Chinalco (CN)

Mitsubishi Shindo (JP)

KME (DE)

Global Brass andCopper (US)

Anhui Jingcheng (CN)

Aurubis produced more than 200,000 t of copper and

alloy strip for industrial applications in 2013/14

Copper and copper alloy strip output from producers

worldwide in 2013/14 (in 1,000 t)

16

Aurubis

Source: Aurubis information and estimates, Aurubis Annual Report 13/14

February 2015

Agenda

17

1.

Current situation and

trends on the main

markets

2. Aurubis’ market position

3. Financial data

4. Strategy and outlook

February 2015

Aurubis’ key financial indicators benefited from positive

market environment and exceeded Q1 of previous year,

which was affected by large-scale shutdown

18

3 months 3 months Change

2014/15 2013/14 Absolute Relative

Revenues €m 2,635 2,793 -158 -6 %

Gross profit €m 242 195 +47 +24 %

EBITDA €m 82 33 +49 >100 %

EBIT €m 49 4 +45 >100 %

EBT €m 39 (3) +42 >100 %

Consolidated net result €m 29 (2) +31 >100 %

Net cash flow €m 102 300 -198 -66 %

Return on capital employed (ROCE) % 11.0 0.3 - -

(on the basis of operating IFRS)

Certain prior-year figures have been adjusted.

February 2015

Reconciliation of statement of financial position and

income statement from IFRS (operating) to IFRS

(average cost method)

19

In € million

IFRS based on

operating

IFRS using

average Adjustments

Statement of financial position

12/31/2014

Total assets and liabilities 3,978 3,506 (472)

Assets

Fixed assets

Inventories

1,442

1,931

1,385

1,516

(57)

(415)

Equity and liabilities

Equity

Deferred tax liabilities

1,866

209

1,544

59

(322)

(150)

Income statement 10/1/2014 – 12/31/2014

Change in inventories 138 128 (10)

Other operating income 15 15 0

Cost of materials (2,551) (2,537) 14

Gross profit 238 242 4

Earnings before taxes 33 39 6

Tax expense (8) (10) (2)

Net result 25 29 4

February 2015

12/31/2014

operating

12/31/2013

operating Target

Profitability

ROCE*

11.0 %

0.3 %

15 %

Capital structure:

- Equity ratio (equity / total liabilities)

- Fixed asset cover (equity / fixed assets)

- Intensity of investments (fixed assets /

total assets)

44.0 %

111.4 %

39.5 %

44.4 %

110.8 %

40.1 %

> 40 %

> 120 %

< 40 %

Debt and interest coverage

- Net debt / EBITDA

- EBITDA / net interest expense

0.5

10.6

1.6

3.8

< 3

> 5

Liquidity

- Quick ratio (current assets - inventories

+ finished products + credit lines / current

liabilities)

107.1

109.3 %

> 100 %

Certain prior-year figures have been adjusted.

Development of Aurubis Group financial ratios reflects

solid statement of financial position and improved

results of operations

20

(on the basis of operating IFRS)

* EBIT rolling over the last four quarters

February 2015

BU Primary Copper: Higher throughputs and

better market environment than the prior year

21

Operating results in BU Primary Copper (1st quarter of fiscal year 2014/15)

BU Primary

Copper

Q1

14/15

Q1

13/14

EBIT (in €m) 44.8 8.8

EBT (in €m) 42.7 5.8

ROCE (in %) 26.7 4.1

(Quantities in 1,000 t)

Concentrates 576 509

Copper scrap 59 48

Cathodes 238 222

Sulfuric acid 551 492

» The previous year’s results were strongly impacted by the

extensive maintenance and repair shutdown at the

Hamburg site and delays in restarting production

» High copper concentrate supply led to higher TC/RCs

» Good cathode demand from Europe and China positively

affected cathode premium

» Improved supply of copper scrap; refining charges back up

to the level of Q1 2013/14

» Increased sulfuric acid prices due to tight supply worldwide

» Concentrate throughput not as expected due to repairs in

Hamburg (boiler and converter damage) and Pirdop

(maintenance of the anode furnace)

» ROCE above target and notably improved compared to

previous year

February 2015

BU Recycling/Precious Metals: Improved quarterly

results despite throughput losses

22

Operating results in BU Recycling/Precious Metals (1st quarter of fiscal year 2014/15)

BU Recycling/

Precious Metals

Q1

13/14

Q1

12/13

EBIT (in €m) 8.0 6.1

EBT (in €m) 5.5 4.9

ROCE (in %) 5.0 -3.3

(Quantities in 1,000 t)

KRS throughput 70 84

Copper scrap 32 32

Cathodes 47 47

» Copper scrap supply recovered well, with refining

charges returning to the level of Q1 2013/14

» Maintenance shutdown in the KRS and anode furnace

repairs strained earnings

» Cathode output at prior-year level due to flexibility of

supply within Aurubis Group

» Gold output increased to 12 t (previous year: 10 t) due to

full operation of new anode slime treatment facility

» ROCE still considerably below target

February 2015

BU Copper Products: Positive trend in Business Line

Rod & Shapes

23

Operating results in BU Copper Products (1st quarter of fiscal year 2014/15)

» Weaker product markets overall due to seasonal effects

» The increase in the results was primarily supported by

Business Line Rod & Shapes

» In northern Europe the mild winter supported the

implementation of infrastructural and housing projects

» Following a period of good market development for FRP

during the previous year, European demand remained

weak in Q1

» Reduced production at the Buffalo plant resulting from a

snowstorm in November

» Lower restructuring expenses overall

BU Copper

Products

Q1

13/14

Q1

12/13

EBIT (in €m) 4.8 (2.6)

EBT (in €m) 2.1 (4.7)

ROCE (in %) 6.4 (0.1)

(Quantities in 1,000 t)

Rod 163 156

Shapes 38 39

Strip and wire

products 48 50

February 2015 24

Stable shareholder structure

Shareholder structure as of Dec 2014

» IPO in 1998

» Aurubis shares are in the Prime

Standard Segment of the Deutsche

Börse

» Shares are listed in the MDAX and in

the Global Challenges Index (GCX)

~25 %

~40 %

~35 %

Salzgitter AG

Institutional investors

Retail investors

February 2015

5 €

10 €

15 €

20 €

25 €

30 €

35 €

40 €

45 €

50 €

55 €

1/0

4

1/0

5

1/0

6

1/0

7

1/0

8

1/0

9

1/1

0

1/1

1

1/1

2

1/1

3

1/1

4

1/1

5

70%

80%

90%

100%

110%

120%

130%

140%

10/1

4

11/1

4

12/1

4

1/1

5

2/1

5

3/1

5

Aurubis

DAX

MDAX

Closing prices of Aurubis shares (Xetra)

Development of Aurubis share price

200 days average

Comparison of Aurubis shares with indices (September 30, 2013 = 100 %)

Market capitalization

February 11, 2015:

about € 2.2 billion

25

February 2015

Agenda

26

1.

Current situation and

trends on the main

markets

2. Aurubis’ market position

3. Financial data

4. Strategy and outlook

February 2015

Demand for refined copper determined by global

trends in the long term

Changes in energy

transmission and distribution

Decentralization of

energy production

Growing energy demand

New engine

technologies

Uncertain trend in

production relocation

Copper substitution and

emerging new materials

Continued

urbanization

Growing global middle

class

Balance in financial

markets and global

economy

Energy Society

Economy Technology

27

February 2015

A big step forward – Aurubis’ strategy

28

Markets

Solutions for

customers &

suppliers

Full synergy

potential of

value chain

Multi-metal

supply and

recovery

Internation-

alization

Sustainability Core metal

copper

Production

capability

& innovation

» The core metal, copper, is decisive for success

» Expand multi-metal supply and recovery by

increasing production expertise

» Better understand the needs of customers and

suppliers and develop new solutions

» Broaden the activities in the value chain – closer

internal and external cooperation to achieve this

objective

» More investments outside of Germany in order to

enhance proximity to supply and sales markets

» Sustainability plays a central role in our activities

» Production capability is a strength and driving force

of our success – innovation is the key factor

We will strengthen our leading market position and add more value for

our suppliers and customers

February 2015 29

The “Step Up” program defines all of the projects that

have to be implemented across the Group and

introduces strict monitoring

Identification

and definition

of projects

in all BUs/BLs

Establishment

of project

monitoring &

controlling

Strategy implementation

» Potential: growth, production expertise/innovation, increasing efficiency, reducing

costs, improving net working capital

» The main projects involve expertise in processing complex raw materials,

optimizing supply chain management, closing the loop, expanding capacities and

enhancing operating efficiency

» Projects are scheduled to be implemented until 2018/19

29

Strategy

definition

February 2015

Project target: Sustainable increase in results by

improving our business processes

» The focus is on analyzing our

business processes in Hamburg and

Lünen with the objective of

improving margins and reducing

costs.

» The goal is to reduce complexity

and make Aurubis fit for the future

by modernizing these processes.

» Structures will be developed based

on the optimized processes (e.g.

supply chain management, HR,

etc.).

» The plan is to introduce value

stream management to improve

data quality and availability.

30

Change

Aurubis AG

Support

functions

Management

functions Central functions

Structures & costs

Processes

February 2015

Large-scale shutdown in Pirdop scheduled for

Q3 2015/2016

31

» Primary copper and sulfuric acid production facilities will be renovated in Bulgaria

» The last shutdown of this kind in Pirdop was in 2007

» Scheduled shutdown period: about 50 days

» Capital expenditure volume: approx. € 44 million

» Expected EBT effect: about € 25 million

February 2015

Considerably higher earnings level expected for

fiscal year 2014/15

» Compared to the Reuters survey from October 2014, which indicated a copper price

forecast of over US$ 6,500/t for 2015, the copper price is currently much lower

» Aurubis increased the cathode premium for European customers from US$ 105/t to

US$ 110/t

» Good copper concentrate supply situation led to an additional increase in benchmark

TC/RCs (US$ 107/t / US¢ 10.7/lb)

» A recovery trend is expected in the sulfuric acid markets in spring. The short-term visibility

in these markets still makes a forecast difficult

» The copper scrap markets have recovered well; a temporary tightening is expected due to

strong copper price declines

» Overall, a stable sales trend is expected for BU Copper Products

32

We expect a considerably higher operating EBT and a slightly higher

ROCE for fiscal year 2014/15

February 2015 33 33 33

Aurubis AG

The Leading Integrated

Copper Producer

December 2014

February 2015 34

IR contacts

Dieter Birkholz

Senior Investor Relations Manager

+49 40 7883-3969

d.birkholz@aurubis.com

Angela Seidler

Head of Investor Relations

+49 40 7883-3178

a.seidler@aurubis.com

February 2015

Financial calendar

Financial calendar

» Annual General Meeting 2015 March 19, 2015

» Interim Report First 6 Months 2014/15 May 12, 2015

» Interim Report First 9 Months 2014/15 August 13, 2015

» Annual Report 2014/15 December 11, 2015

35

February 2015 36

Annex 1: Company profile

» Founded in 1866 as Norddeutsche Affinerie AG in Hamburg

» IPO in 1998

» Renamed in 2009 after the acquisition of Cumerio

» Production sites in European countries and North America with about

6,500 employees

» Third largest producer of copper cathodes in the world with an annual

output of about 1.1 million t of copper cathodes

» No. 1 copper recycler in the world

» Largest rod producer in the world

» One of the world’s leading copper foil and flat rolled product

manufacturers

» Production capacities for approx. 1.3 million t of different copper

products

» Global leader in environmental protection

Aurum + Rubrum = the red gold = Aurubis

February 2015

Annex 2: Primary copper production process

37

Copper

concentrates

Flash smelter

Off-gas cleaning

Sulfuric acid plant

Anode furnace

Copper scrap

Copper matte

(64 % Cu)

Blister copper

(98 % Cu)

Converter

Copper

(99.5 % Cu)

Anode

casting wheel

Anode

Nickel sulfate

Precious metal

refining

Anode slime

Tankhouse

Cathode

February 2015 38

Annex 3: Aurubis AG’s sources of earnings

TC/RC

Treatment and refining charge = Mines’ payments to smelters for processing

copper concentrates into cathodes. Smelters’ central profit driver – primarily

influenced by concentrate supply and demand

RC

Refining charge = Fee for processing copper scrap, blister and recycling

materials into cathodes; primarily influenced by the situation on the European

scrap markets

Metal prices Price risks fundamentally eliminated at Aurubis by hedging; strong influence on

revenues and working capital, also for our customers

Cathode premium

Surcharge for high-quality cathodes (Grade A), premium for cathode delivery,

paid by the customer; expresses the scarcity in structurally undersupplied

markets

Shape surcharge Processing prices for converting cathodes into copper products (wire rod,

shapes, flat rolled products, etc.), paid by the customer

Sulfuric acid Sulfuric acid (H2SO4) is a by-product of concentrate processing; 1 t of sulfuric

acid is generally produced per t of concentrate treated

February 2015

Annex 4: European cathode premium

110

0

20

40

60

80

100

120

140

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

*2012

201

3

201

4

201

5

(in US$/t; from June 1, 2012: Aurubis cathode premium )

* from June 1: US$ 86/t 39

February 2015 40

Disclaimer

Forward-looking statements

This document contains forward-looking statements that involve risks and

uncertainties, including statements about Aurubis’ plans, objectives, expectations

and intentions. Readers are cautioned that forward-looking statements include

known and unknown risks and are subject to significant business, economic and

competitive uncertainties and contingencies, many of which are beyond the

control of Aurubis. Should one or more of these risks, uncertainties or

contingencies materialize, or should any underlying assumptions prove incorrect,

actual results could vary materially from those anticipated, expected, estimated or

projected.