====================================================================================================
ALUMINIUM BAHRAIN B.S.C. (ALBA)  |  Bahrain Bourse: ALBH  |  Sector: Materials (Aluminium)
TASK 4 DELIVERABLE - CHART INDEX
====================================================================================================

Prepared by      : Al Ramz Investment Research
Date             : 28 August 2026
Charts rendered  : 35 PNG files at 300 DPI
House style      : navy 002B4F, blue 00538B, gold AD8400, brass AD9963, burgundy 800F47, Tahoma
Rendered by      : dreams-associate/platform/scripts/chart_factory.py from
                   Task4_Charts/_specs/albh_charts_spec.json
                   (single declarative spec; no hand-written plotting code)
Peer set         : SABIC, Emirates Global Aluminium (EGA), Alcoa Corporation, plus the wider listed
                   aluminium complex where a complete multiple set exists
Inputs           : Task1_Research/ALBH_Research_Document_2026-08-28.md
                   Task2_Model/ALBH_Financial_Model_2026-08-28.xlsx (11 tabs incl. Task 3 valuation tabs)
                   Task3_Valuation/ALBH_Valuation_Analysis_2026-08-28.md
                   Sources/ (local cache; no document was re-fetched from the web for Task 4)

Key figures carried through the charts:
  Last close BHD 0.878 (26 Aug 2026) | Fair value BHD 1.150 | Upside +31.0% | Rating OVER-WEIGHT
  WACC 13.27% | terminal growth 2.0% | 1,416.0m shares | nameplate 1,623 kt

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CHART LISTING
====================================================================================================

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INVESTMENT SUMMARY
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chart_01_share_price.png
    Title    : Alba share price
    Type     : line
    Units    : BHD per share, month-end closes, Sep-24 to 26 Aug 2026
    Source   : Yahoo Finance via W1_ALBH_monthly_close_2020-2026_YahooFinance.csv; Bahrain Bourse
               (ALBH). Final point is the 26 August 2026 close of BHD 0.878.

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FINANCIAL PERFORMANCE
----------------------------------------------------------------------------------------------------

chart_02_revenue_growth.png
    Title    : Revenue trajectory and growth
    Type     : combo
    Units    : US$m (bars); YoY growth % (line, right axis)
    Source   : Company data; Al Ramz Investment Research estimates

chart_03_revenue_by_product.png   [MANDATORY]
    Title    : Revenue by product line
    Type     : stacked_area
    Units    : US$m, Alba standalone
    Source   : Company data; Al Ramz Investment Research estimates

chart_04_revenue_by_geography.png   [MANDATORY]
    Title    : Revenue by geography
    Type     : stacked_bar
    Units    : US$m, Alba standalone
    Source   : Company data; Al Ramz Investment Research estimates

chart_10_gross_margin.png
    Title    : Gross profit and gross margin
    Type     : combo
    Units    : US$m (bars); gross margin % (line, right axis)
    Source   : Company data; Al Ramz Investment Research estimates

chart_11_ebitda_margin.png
    Title    : EBITDA and EBITDA margin
    Type     : combo
    Units    : US$m (bars); EBITDA margin % (line, right axis)
    Source   : Company data; Al Ramz Investment Research estimates

chart_12_free_cash_flow.png
    Title    : Free cash flow generation
    Type     : combo
    Units    : US$m
    Source   : Company data; Al Ramz Investment Research estimates

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COMPANY 101
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chart_05_capacity_buildout.png
    Title    : Alba capacity build-out by potline
    Type     : bar
    Units    : cumulative nameplate capacity, kt per annum, at commissioning
    Source   : Alba company history (Task 1 Research s2): 120 kt at commercial start-up May 1971;
               'above 830,000 tpa' after Line 5 (2005); 'more than 1.5 million tonnes' after Line 6
               (Nov 2019, +540 kt, Alba Annual Report 2019 p6); company-stated 'plus-1.623 mtpa' /
               1,623,139 t produced 2025 (Alba FY2025 results press release, 17 Feb 2026). Line 3
               (1981) and Line 4 (1992) were commissioned but no per-line kt is disclosed in any
               sourced document, so the 1981 and 1992 steps are not plotted.

chart_06_milestones.png
    Title    : Key milestones, expressed as group capacity at each step
    Type     : line
    Units    : kt per annum; 2026 figure is pro forma for Aluminium Dunkerque (not yet closed)
    Source   : Alba corporate history and Annual Report 2019 (Line 6 adds 540 kt, taking nameplate
               above 1.5 Mt); Alba FY2025 results press release, 17 Feb 2026 (1,623,139 t, all-time
               record); Alba announcement 'Alba Acquires Aluminium Dunkerque', 2 June 2026 and AIP
               release 2 March 2026 (Dunkerque approx 300,000 tpa for US$2.2bn EV; +18.5% on the
               1.623 Mt base per Task 1 Research s8). Dunkerque remains subject to French FDI and EU
               Foreign Subsidies clearance and had not closed at H1 2026. The 2027 New Replacement
               Line is excluded: capacity disputed 380 kt (CEO, 18 Feb 2026) vs 540 kt (earlier
               reporting), research doc conflict C2.

chart_07_shareholding_governance.png
    Title    : Shareholder register before and after the February 2025 Ma'aden transaction
    Type     : bar
    Units    : % of shares outstanding
    Source   : Alba FY2025 IR presentation, slide 40 (Mumtalakat 69.38%, Ma'aden 20.62%, free float
               10% unchanged since the November 2010 IPO); Alba announcement 'Alba Announces Ma'aden
               as a Major Shareholder', effective 19 Feb 2025; Argaam, Feb 2025 (Ma'aden bought
               SABIC's entire 20.62%, 292.8m shares, for BD363.08m). Chart 07 shows the register
               transition; chart 27 shows the current static split. Board and executive composition
               are named but not quantified in any disclosure reviewed, so no board-composition chart
               is possible.

chart_08_product_portfolio.png
    Title    : Product mix: value-added versus commodity shipments
    Type     : stacked_bar
    Units    : % of shipments
    Source   : Alba FY2025 results press release, 17 Feb 2026 and FY2025 IR presentation slide 17
               (VAP 74% of shipments in 2025, 1,195,788 t, vs 72% in 2024); Alba Q1 2026 results
               release, 12 May 2026 (71%, 222,626 t); Alba Q2 and H1 2026 results release, 4 Aug 2026
               (70%, 195,891 t). The six-way product split on IR presentation slide 16 (liquid metal,
               billets, foundry alloys, slabs, high purity, standard/T-ingot) is NOT charted: the
               label-to-value mapping is unresolved and contradicted by the CFO's spoken breakdown,
               per research document conflict C1.

chart_09_customer_segmentation.png
    Title    : Sales by destination market, 2025
    Type     : pie
    Units    : % of tonnes sold; approx 70% of product is exported
    Source   : Alba FY2025 IR presentation, slide 15 (geographic mix of 2025 tonnes sold); Alba
               corporate profile, accessed 28 Aug 2026 (over 290 customers; approx 70% exported;
               sales offices Zug and Singapore, subsidiary in Atlanta).

chart_15_market_size.png
    Title    : Global aluminium supply: primary and secondary
    Type     : stacked_bar
    Units    : million tonnes; 2026F to 2030F forecast
    Source   : Axis Securities Research, 'Global Aluminium Outlook: The Era of Energy-Constrained
               Scarcity', 10 June 2026, Exhibit 5 (global aluminium supply and demand by region,
               2024A-2030F). Totals reconcile to the report's stated Total Global Supply of 101.41 /
               105.34 / 107.20 / 112.20 / 115.90 / 119.00 / 122.40 Mt. Cross-check: research document
               cites approx 73.8 Mt of 2025 global primary production (alcircle) and approx US$194bn
               at the 2025 average LME of US$2,630/t.

chart_16_competitive_positioning.png
    Title    : Single-site smelter scale: Alba is the largest smelter in the world on one site
    Type     : hbar
    Units    : nameplate capacity by smelter site, kt per annum, 100% basis
    Source   : Alba FY2025 results press release, 17 Feb 2026 and corporate profile (company-stated
               'plus-1.623 mtpa'); EGA operations pages for Al Taweelah (approx 1.5 Mt/y) and Jebel
               Ali (approx 1.0 Mt/y), retrieved 28 Aug 2026; Norsk Hydro Qatar page (Qatalum
               nameplate 636,000 t/y); Alcoa FY2025 Form 10-K smelting capacity table at 31 Dec 2025
               (Becancour 467 kt, Alumar 447 kt; Alcoa group nameplate 3,102 kt across 11 sites);
               Alba / American Industrial Partners releases, 2 March and 2 June 2026 (Dunkerque
               approx 300,000 tpa, EU's largest smelter). Site nameplate on a 100% basis, not
               ownership-adjusted.

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COMPETITIVE AND MARKET
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chart_17_market_share.png
    Title    : Global primary aluminium production by region, 2025
    Type     : hbar
    Units    : million tonnes of a 73.84 Mt market; Alba is approx 2.2% of global output
    Source   : Axis Securities Research, 'Global Aluminium Outlook', 10 June 2026, Exhibit 5 (2025A
               primary production by region; global total 73.84 Mt). Alba share: 1,613,360 t sold in
               2025 equals approx 2.2% of global primary production and approx 5.6% of the approx 29
               Mt produced outside China (Task 1 Research s8). GCC share of global supply is
               disclosed inconsistently across sources at 8% to 9% (research document conflict C3);
               the 6.16 Mt regional figure used here is the Axis series and is internally consistent
               with the same table's global total.

chart_18_peer_benchmarking.png
    Title    : Peer benchmarking: primary aluminium production and sales, FY2025
    Type     : bar
    Units    : thousand tonnes
    Source   : Alba FY2025 results press release, 17 Feb 2026 (production 1,623,139 t; sales
               1,613,360 t); EGA FY2025 results press release, 25 Feb 2026 (cast metal production
               2.84 Mt; total aluminium sales 2.83 Mt); Alcoa FY2025 results / Form 10-K (Aluminum
               segment production 2,319 kt; total shipments 2,522 kt). FY2025 EBITDA margins for
               reference: Alba 22.8% (IR presentation slide 25), EGA 29% underlying (EGA FY2025
               release), Alcoa 15.6% (US$2.0bn adjusted EBITDA on US$12.8bn revenue), Ma'aden 41.7%
               (phosphate-weighted, not comparable). SABIC is excluded from the volume comparison: it
               is not a primary aluminium producer and sold its 20.62% Alba stake to Ma'aden in
               February 2025 (Task 1 Research s7).

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SCENARIO ANALYSIS
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chart_13_operating_metrics.png
    Title    : Production, pricing and unit cost
    Type     : combo
    Units    : Production kt (bars, left); US$/t (lines, right axis)
    Source   : Company data; Al Ramz Investment Research estimates

chart_14_scenario_comparison.png
    Title    : Bull, base and bear scenario outcomes
    Type     : bar
    Units    : US$m
    Source   : Company data; Al Ramz Investment Research estimates

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VALUATION
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chart_28_dcf_sensitivity.png   [MANDATORY]
    Title    : DCF sensitivity: WACC vs terminal growth rate
    Type     : heatmap
    Units    : Implied fair value per share, BHD. Base case WACC 13.27% / g 2.0% = BHD 1.056. Blended
               fair value BHD 1.150; Over-Weight threshold BHD 1.010, Under-Weight below BHD 0.746
    Source   : Al Ramz Investment Research; ALBH_Financial_Model_2026-08-28.xlsx, Sensitivity tab
               Table 1

chart_29_dcf_waterfall.png
    Title    : DCF enterprise-to-equity bridge
    Type     : bar
    Units    : US$m. Valuation date 31 December 2026; explicit period FY2027E to FY2030E discounted
               at a 13.27% WACC. Equity value of US$3,979m is BHD 1.056 per share on 1,416.0m shares
    Source   : Al Ramz Investment Research; ALBH_Financial_Model_2026-08-28.xlsx, DCF tab sections 2
               to 4

chart_30_comps_ev_ebitda.png
    Title    : Peer EV/EBITDA: Alba against the aluminium complex
    Type     : hbar
    Units    : EV / FY2025A EBITDA, x. Market data 27 to 28 August 2026. EGA is unlisted; its market
               capitalisation is the midpoint of the reported US$10bn to US$15bn ADX listing
               valuation and is an indication, not a traded price
    Source   : Al Ramz Investment Research, Company financials, stockanalysis.com;
               ALBH_Financial_Model_2026-08-28.xlsx, Comps tab sections A and B

chart_31_peer_multiples.png
    Title    : Peer multiples: core smelters and Alba
    Type     : bar
    Units    : Multiples in x. EV/EBITDA on FY2025A EBITDA; P/E trailing and one-year forward. Core
               smelters with a complete multiple set only. Market data 27 to 28 August 2026
    Source   : Al Ramz Investment Research, Company financials; ALBH_Financial_Model_2026-08-28.xlsx,
               Comps tab section A

chart_32_football_field.png   [MANDATORY]
    Title    : Valuation football field
    Type     : football
    Units    : Fair value per share, BHD. Blended fair value BHD 1.150; last close BHD 0.878 on 26
               August 2026
    Source   : Al Ramz Investment Research, Bloomberg; ALBH_Financial_Model_2026-08-28.xlsx,
               Valuation Summary tab sections A and C

chart_33_price_target_scenarios.png
    Title    : Scenario fair value per share
    Type     : bar
    Units    : BHD per share. Scenarios discounted at a 13.27% WACC with a 5.0x exit multiple on
               FY2030E EBITDA. Probabilities bull 20%, base 55%, bear 25%. Last close BHD 0.878
    Source   : Al Ramz Investment Research; Task 3 valuation section 6 and Valuation Summary tab
               section A

chart_34_historical_multiples.png
    Title    : Alba's own historical multiples, 2021 to 2026
    Type     : line
    Units    : P/E and P/B in x, dividend yield in %. Year-end closes to 2025; the 2026 point is the
               26 August 2026 close of BHD 0.878 on trailing EPS of 223 fils and BVPS of BHD 1.5279
    Source   : Al Ramz Investment Research, Company financials; Task 3 valuation section 7

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SUPPLEMENTARY (sector, market and balance sheet)
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chart_19_lme_price_history.png
    Title    : LME aluminium cash price, annual averages
    Type     : line
    Units    : US$/tonne, calendar-year averages, 2015 to 2026 year to date
    Source   : metalcharts.org LME aluminium annual averages via
               W4_MetalCharts_LME_Annual_Averages.html (2015-2025); 2026 year to date average of
               US$3,335.91/t to 27 August 2026 from Westmetall daily cash settlements in
               lme_daily.json, corroborated by W4_ZAMAK_LME_Aluminium_Monthly_2026.html. 2024 and
               2025 cross-check to World Bank CMO at US$2,419/t and US$2,632/t.

chart_20_lme_price_recent.png
    Title    : LME aluminium cash price, last 24 months
    Type     : line
    Units    : US$/tonne, monthly average of daily cash settlements, Sep-24 to Aug-26 (August to the
               27th)
    Source   : Westmetall LME aluminium cash settlement series via lme_daily.json and
               W4_Westmetall_LME_Al_cash_table.html; monthly averages computed from daily
               settlements. 2026 months corroborate W4_ZAMAK_LME_Aluminium_Monthly_2026.html to
               within c.0.3%, except June 2026 at 2.4%.

chart_21_production_vs_price.png
    Title    : Alba net finished production against the LME price
    Type     : combo
    Units    : Production kt (bars, left); LME cash average US$/t (line, right). FY bars are the
               disclosed annual total divided by four
    Source   : Aluminium Bahrain B.S.C. results releases: W1_Alba_FY2022_Q4_Results_PR.pdf (1,600,111
               MT; US$2,707/t), W1_Alba_FY2023_Q4_Results_PR.pdf (1,620,665 MT; US$2,252/t),
               W1_Alba_FY2024_Q4_Results_PR.pdf (1,622,261 MT; US$2,419/t),
               W1_Alba_FY2025_Q4_Results_PR.pdf (1,623,139 MT; US$2,630/t),
               W3_Alba_Q1_2026_Results_PR.pdf (339,734 MT; US$3,195/t),
               W4_Alba_Q2_H1_2026_Results_PR.html (155,469 MT; US$3,576/t). Nameplate capacity is
               1.62 Mtpa, c.405 kt a quarter.

chart_22_price_forecast.png
    Title    : Aluminium price forecasts
    Type     : bar
    Units    : LME aluminium, US$/tonne, actuals to 2025 and published forecasts thereafter
    Source   : World Bank Group, Commodity Markets Outlook April 2026, Table 1, via
               W4_WorldBank_CMO_April2026_Forecasts.pdf; J.P. Morgan Metals Outlook 21 August 2026
               via W4_JPMorgan_Metals_Outlook_21Aug2026.html, annual figures being the simple average
               of its four published quarterly forecasts; Morgan Stanley, 30 July 2026, via
               W4_IntlAluminiumJournal_MarketOutlook_H2_2026.html. The World Bank forecast was
               finalised before the March 2026 Hormuz disruption was fully priced.

chart_23_relative_performance.png
    Title    : Alba shares rebased against the LME aluminium price
    Type     : line
    Units    : Indexed to 100 at Sep-24; ALBH month-end close and LME cash monthly average
    Source   : Yahoo Finance via W1_ALBH_monthly_close_2020-2026_YahooFinance.csv; Westmetall LME
               cash via lme_daily.json. No peer or index equity price series is held in the cache, so
               the LME aluminium price is used as the sector benchmark.

chart_24_valuation_vs_price.png
    Title    : Alba share price against price to book
    Type     : combo
    Units    : Share price BHD (bars, left); P/B multiple, x (line, right)
    Source   : W1_ALBH_historical_multiples_computed.csv (period-end price and book value per share,
               from Yahoo Finance prices and Alba audited accounts). The 26 August 2026 column
               reproduces the published trailing P/E of 3.94x and P/B of 0.575x.

chart_25_working_capital.png
    Title    : Working capital trends
    Type     : combo
    Units    : Net working capital US$m (bars); days (lines, right axis)
    Source   : Company data; Al Ramz Investment Research estimates

chart_26_net_debt_leverage.png
    Title    : Net debt and leverage
    Type     : combo
    Units    : Net debt US$m (bars); net debt / EBITDA x (line, right axis)
    Source   : Company data; Al Ramz Investment Research estimates

chart_27_ownership_structure.png
    Title    : Shareholder structure
    Type     : pie
    Units    : % of shares outstanding, August 2026
    Source   : Alba FY2025 IR presentation, slide 40; Task 1 Research s1 (Mumtalakat 69.38%, Ma'aden
               20.62% effective 19 Feb 2025, free float 10% unchanged since the November 2010 IPO).
               Approx 1.42bn shares outstanding.

chart_35_analyst_targets.png
    Title    : Consensus targets against our fair value and the last close
    Type     : hbar
    Units    : BHD per share. Consensus is Strong Buy, 4 analysts, mean BHD 1.450, range BHD 1.30 to
               1.75. No individual analyst targets are on the public record, so the low, mean and
               high are shown rather than named houses
    Source   : Al Ramz Investment Research; consensus per Task 3 valuation recommendation block and
               section 9.3

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MANDATORY CHART VERIFICATION
====================================================================================================
  [PRESENT] chart_03  Revenue by product, stacked area            rendered as: stacked_area
  [PRESENT] chart_04  Revenue by geography, stacked bar           rendered as: stacked_bar
  [PRESENT] chart_28  DCF sensitivity, 2-way heatmap              rendered as: heatmap
  [PRESENT] chart_32  Valuation football field, horizontal bars   rendered as: football

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OMISSIONS, LIMITATIONS AND DELIBERATE CHOICES
====================================================================================================

No chart contains a fabricated, interpolated or back-solved figure. Where a series could not be
sourced it was left out and recorded here rather than estimated.

CHARTS NOT PRODUCED (requested in the Task 4 chart list, not supportable from the sources)

  Organisation chart for slot 07. Alba's board and executive team are named in Task 1 but never
      quantified, and chart_factory has no org-chart or tree primitive. Slot 07 is instead the
      shareholder register before and after the February 2025 Ma'aden transaction, which is fully
      sourced. The static current split is chart_27.

  Six-way product mix (liquid metal, billets, foundry alloys, slabs, high purity, standard/T-ingot).
      The label-to-value mapping on Alba FY2025 IR presentation slide 16 is contradicted by the CFO's
      spoken breakdown (research document conflict C1). chart_08 shows the value-added versus
      commodity split instead, which is disclosed consistently across four periods.

  Cost-curve competitive positioning (US$/t C1 cash cost by producer). Alba discloses no C1 cash
      cost, and the available industry data is quartile averages, not company points. chart_16 uses
      single-site nameplate capacity as the positioning axis instead.

  Aluminium price forecasts for 2029 and 2030. No cached source carries a named-institution point
      forecast that far out; the only 2028-30 datum is an Axis Securities band of US$2,800-3,000/t,
      which is a range, not a point. chart_22 stops at 2028F.

  Named analyst price targets. Only the count (4), mean (BHD 1.450) and range (BHD 1.30-1.75) are on
      the public record, so chart_35 plots low / mean / high against our fair value and the last
      close rather than naming houses. This is stated on the chart itself.

  Forward EV/EBITDA for the peer group. Consensus FY2026-27 EBITDA sits behind paywalls on every
      service reached (Task 3 section 11 item 6). chart_31 uses forward P/E as the forward multiple.

  Per-peer P/B. The Comps tab carries no per-peer P/B, only a core smelter median of 2.08x in the
      section D cross-check block, so it is not charted.

SCOPE AND BASIS NOTES A READER MUST CARRY

  Alba standalone versus consolidated. Charts 03, 04 and 13 are Alba standalone, because the model
      holds no product, geographic or unit-cost disaggregation for Aluminium Dunkerque. From FY2027E
      the consolidated revenue in chart_02 therefore exceeds the sum of the chart_03 and chart_04
      stacks by roughly US$0.9-1.0bn a year. This is a disclosure gap at the target, not a model
      error. Each affected chart is labelled "Alba standalone" in its subtitle.

  chart_21 quarterly production. Alba does not disclose quarterly net finished production before
      Q1 2026, and the summary tables in the quarterly PDFs are images with no text layer. The
      FY2022-FY2025 bars are the disclosed annual total divided by four, which is stated on the
      chart. Only the Q1 2026 and Q2 2026 bars are disclosed quarterly figures.

  chart_23 benchmark. Requested as Alba against a peer or index. No second equity price series
      exists in the cache: the two beta CSVs hold regression outputs only, not price history. Alba is
      therefore rebased against the LME aluminium price as the sector benchmark, stated on the chart.

  chart_29 is a component bar, not a cascading waterfall. chart_factory has no waterfall primitive
      and the brief was not to hand-write plotting code. The five components sum to the stated equity
      value of US$3,979m, so the bridge reads correctly as built.

  chart_17 was specified as a pie but is rendered as a horizontal bar. Seven slices including a 1%
      wedge produced colliding labels; the bar form carries the same sourced data legibly.

  chart_01 is plotted monthly rather than weekly, and charts 01, 20 and 23 show every second month's
      label, because the factory renders one x tick per category without thinning or rotation.

  chart_33 base of BHD 1.195 differs from the chart_29 DCF base of BHD 1.056 because the scenario set
      applies a 5.0x exit multiple on FY2030E EBITDA rather than a Gordon growth perpetuity. Both
      readings are deliberately shown; the blended fair value of BHD 1.150 reconciles them.

  chart_19 annual averages are from metalcharts.org, a secondary aggregator, because the LME's own
      average pages require a login. Overlapping years agree with the cached Westmetall daily
      settlements to within US$1/t, and 2024-25 cross-check to the World Bank CMO.

  chart_30 uses FY2025A EBITDA, not LTM. Task 3 section 4.3 excludes the LTM column because LME cash
      at US$3,212.50/t on 27 August 2026 against a 2025 average of US$2,632/t measures every peer's
      trailing EBITDA on a cyclical peak.

  EGA market capitalisation in chart_30 is the midpoint of the reported US$10-15bn ADX listing
      valuation. It is an indication, not a traded price, and is labelled as such on the chart.

  chart_02 has no FY2022A column. The first historical column in the workbook is FY2023A, so actuals
      run FY2023A to FY2025A and FY2023 year-on-year growth is not plotted.

UNRESOLVED INCONSISTENCY FLAGGED FOR TASK 5

  The workbook Sensitivity tab Table 4 and the Task 3 document Table 4 disagree at the US$100m
      Dunkerque EBITDA node (BHD 1.000 in the workbook against BHD 1.037 in the document), and the
      tab's prose quotes a 13.95% WACC break-even against the document's 13.68%. Neither figure feeds
      any chart here; the document was treated as authority throughout. This should be reconciled in
      the model before the numbers are quoted in the final report.

====================================================================================================
RENDER LOG
====================================================================================================
  Rendered without error : 35
  Skipped by the factory : 0
  Every PNG was reviewed visually before packaging.

====================================================================================================

====================================================================================================
TASK 5 PLACEMENT AND RENDER NOTE  |  appended 28 August 2026
====================================================================================================

All 35 charts in this index are embedded in the final report,
Task5_Report/ALBH_Initiation_Report_2026-08-28.docx, at 4.36 inches wide (aspect preserved) in the
body text column, each with a numbered caption and its source line.

CAPTION NUMBERING. Captions in the report are sequential in reading order, "Chart 1" to "Chart 35",
per the caption rule in dreams-associate/contracts/ic-report-structure.json. That sequence is NOT the
same as the chart_NN file numbering used in this index, which is the Task 4 slot identifier. The
mapping, in report reading order:

  Chart  1 = chart_01_share_price               Chart 13 = chart_27_ownership_structure       Chart 25 = chart_21_production_vs_price
  Chart  2 = chart_19_lme_price_history         Chart 14 = chart_07_shareholding_governance   Chart 26 = chart_23_relative_performance
  Chart  3 = chart_20_lme_price_recent          Chart 15 = chart_02_revenue_growth            Chart 27 = chart_24_valuation_vs_price
  Chart  4 = chart_15_market_size               Chart 16 = chart_03_revenue_by_product        Chart 28 = chart_33_price_target_scenarios
  Chart  5 = chart_17_market_share              Chart 17 = chart_04_revenue_by_geography      Chart 29 = chart_29_dcf_waterfall
  Chart  6 = chart_22_price_forecast            Chart 18 = chart_10_gross_margin              Chart 30 = chart_28_dcf_sensitivity
  Chart  7 = chart_18_peer_benchmarking         Chart 19 = chart_11_ebitda_margin             Chart 31 = chart_30_comps_ev_ebitda
  Chart  8 = chart_16_competitive_positioning   Chart 20 = chart_13_operating_metrics         Chart 32 = chart_31_peer_multiples
  Chart  9 = chart_05_capacity_buildout         Chart 21 = chart_25_working_capital           Chart 33 = chart_34_historical_multiples
  Chart 10 = chart_06_milestones                Chart 22 = chart_12_free_cash_flow            Chart 34 = chart_32_football_field
  Chart 11 = chart_08_product_portfolio         Chart 23 = chart_26_net_debt_leverage         Chart 35 = chart_35_analyst_targets
  Chart 12 = chart_09_customer_segmentation     Chart 24 = chart_14_scenario_comparison

(Generated from the [[CHART n | file]] blocks in Task5_Report/_build2/sections/*.md,
which are the authoritative pairing.)

chart_35_analyst_targets.png is placed in the valuation chapter. chart_01_share_price.png appears
once as a full-width body exhibit. The first-page sidebar price slot does NOT reuse chart_01: at the
2.36 inch sidebar width chart_01's own title, legend and axis labels are illegible, so a compact
sparkline was rendered for that slot only, from the same cached daily series
(W1_ALBH_daily_12m_2025-2026_YahooFinance.csv). It is at Task5_Report/_build2/assets/sidebar_price.png.
The cover hero band is also a purpose-built house graphic, not a chart from this set: the LME cash
settlement series from Sources/lme_daily.json rendered in the Al Ramz palette, at
Task5_Report/_build2/assets/cover_hero.png. No photograph was fetched or used.

FONT SUBSTITUTION IN THE PDF  |  the DOCX is the deliverable of record
The report is built on the official Al Ramz template "Initiating_Coverage v1.0.1.8.dotx", whose body
font is Proxima Nova Rg with an Aptos / Aptos Display theme. NEITHER FONT IS INSTALLED ON THIS RENDER
HOST (checked against C:\Windows\Fonts). LibreOffice therefore substituted a serif face throughout
when producing ALBH_Initiation_Report_2026-08-28.pdf.

Consequences a reader of the PDF must carry:
  1. The PDF is a PROOF ONLY. The DOCX is the deliverable of record and will open correctly on any
     analyst machine that has Proxima Nova installed.
  2. Substituted metrics are wider than Proxima Nova, so line breaks, column fills and page breaks in
     the PDF are not the page breaks Word will produce. The page numbers printed in the cover
     contents rail are read off this proof and must be refreshed once the document is opened with
     Proxima Nova present.
  3. The first content page is a fixed-height frame in the template. Its sidebar rail is designed to
     fill that frame almost exactly, so under substitution it reads tighter than intended. The rail's
     blank spacer paragraphs were collapsed and the price-chart slot trimmed to the height of the
     sparkline actually placed in it, which restores headroom without moving the composition.
  4. Two floating page-anchored tables in the template (the first-page frame and the page-two title
     band) are placed correctly by Word but are positioned inconsistently by LibreOffice, so the
     page-two title band may appear low in the proof.

ACTION FOR ZAMEER: install and license Proxima Nova Rg (and Aptos, for the theme) on every render
host before any PDF is treated as final output. Flagged per the fallback_rule in
dreams-associate/contracts/word-template-map.json.


====================================================================================================
PAIR RENDERS  |  charts/pairs/
====================================================================================================

The same 35 specs are also rendered on a compact canvas into charts/pairs/, one file per chart under
the same name. Task 5 places sixteen of these exhibits two to a row; a full-size exhibit scaled down
to half the exhibit measure puts its axis type at roughly 4pt on paper, while the compact render
carries the same point sizes on a smaller canvas and prints at a size that matches the single
exhibits around it. Use charts/ for a full-width exhibit and charts/pairs/ for a two-up.

Both sets are bare exhibit plots: no title, no subtitle and no source inside the image. The heading
(EQ_Exhibit_Head) and the source line (EQ_Exhibit_Source) are supplied by the Word template.
