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Investor Presentaiton

Demand for greener aluminium accelerates Low-carbon and recycled aluminium to make up majority of EU and North America market by 2030 Greener demand growth is outpacing the rest of the market Estimated demand from currently stated company emissions reduction targets demand upside as new targets are expected '22-'30 CAGR Total EU / North 7 ~3% America market Low-carbon ↑ -20% primary (<4 t/t¹)) Recycled²) 7 ~5% No carbon requirement ~0% 13 Low-carbon 16 2022 2030 Recycled No carbon requirement Estimate based on currently 13 stated company emissions reduction targets Additional upside from companies announcing new targets 1) Tonnes of CO2e per ton of primary aluminium produced, including full value chain emissions. 2) Does not distinguish between post-consumer scrap and process scrap 18 2022 2030 Hydro 29 29
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