Investor Presentaiton

Aluminium Metal sensitivities Annual sensitivities on adjusted EBITDA if +10% in price NOK million 3 230 420 Revenue impact • Realized price lags LME spot by ~1-2 months • Realized premium lags market premium by ~2-3 months Cost impact Alumina • ~1.9 tonnes per tonne aluminium • ~ 2-3 months lag (400) (180) • Mainly priced on Platts index Aluminium Standard ingot premium (1020) Realized PAX Pet coke Pitch Currency sensitivities +10% NOK million AEBITDA USD BRL EUR 2,990 (290) (640) Hydro Carbon ~0.40 tonnes petroleum coke per tonne aluminium, Pace Jacobs Consultancy, 2-3 year volume contracts, quarterly or half yearly pricing ~0.08 tonnes pitch per tonne aluminium, CRU, 2-3 year volume contracts, quarterly pricing Power 14.0 MWh per tonne aluminium Long-term power contracts with indexations Annual adjusted sensitivities based on normal annual business volumes. LME 2,120 USD/mt, standard ingot premium (Europe duty paid) 190 USD/mt, PAX 355 USD/mt, fuel oil 820 USD/mt, petroleum coke 440 USD/mt, pitch 965 EUR/mt, caustic soda 360 USD/mt, coal 105 USD/mt, gas (Henry Hub) 2.74 USD/MMBtu, USDNOK 10.91, BRLNOK 2.19, EURNOK 11.66 36

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