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Investor Presentaiton

Steeper cost curve, low-carbon demand and robust position drive margin potential Bauxite & Alumina Alumina Business Operating Cost curve (2022) 750 Alunorte back in 1st quartile after fuel switch 500 ~200 USD/mt, ~245 USD/mt 250 post fuel switch Distance 90th percentile Aluminium Metal Smelter Business Operating Cost curve¹) (2022) 5000 4000 3000 ~2300 USD/t ~115 USD/t, 2000 ~140 USD/t post fuel switch Hydro B&A post fuel switch 1000 Hydro B&A 90th percentile Global CO2 price 100 USD/t CO2e Status quo Competitively positioned on the global cost curve at the 30th percentile Fuel switch & electrical boilers project reduce carbon emissions by 30% by 2025 Global carbon price would improve relative competitive position in Hydro B&A 1) Assumptions: LME 3m 2,458 USD/t, Alumina 293 USD/t, SHFE cash 2,909 USD/t, NOK/USD 8.79 Source: CRU cost model Distance 90th percentile 0 Hydro ~1000 USD/t Hydro AM 90th percentile Status quo Global CO2 price 100 USD/t CO2e • Competitive relative position on the global cost curve at the 17th percentile • Strong portfolio of low-carbon smelters Global carbon price would improve relative competitive position in Aluminium Metal 36
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