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Investor Presentaiton

• Favorable integrated alumina cost position • Implied alumina cost 2022 - USD 345 per mt¹) . Alunorte, Paragominas and external alumina sourcing for resale . Bauxite Internal bauxite from Paragominas at cost, sourced bauxite from MRN . External bauxite sales • Energy • Energy mix of heavy fuel oil, coal and electric power • Caustic soda Competitive caustic soda consumption due to bauxite quality Competitive caustic soda sourcing contracts Other costs Maintenance, labor and services 1) Realized alumina price minus Adjusted EBITDA for B&A, per mt alumina sales Indicative implied alumina cost composition 11% 17% 13% 41% 18% ■Bauxite Caustic soda Energy (oil/coal/power) ■Other costs Ext. sourced alumina Hydro 73 73
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