Investor Presentaiton

Decarbonization ambition: Significant progress on decarbonization of Alunorte alumina Tonnes CO₂e/tonne aluminium Towards lowest CO2e per tonne alumina relative to peers by 2025 Scope 1 and 2 emissions Fuel switch project 3,2 ~1.4 Average Alunorte ~1.8 Carbon Norwegian decarbonization Capture or smelters (liquid metal) HalZero Replacing heavy fuel oil with natural gas • Reducing annual CO₂e emissions by 700,000 tonnes 2025: Fuel Switch • Cost BRL ~1.3 billion (NOK ~2 billion) & elBoilers • 2030: Coal Replacement First gas consumption in Q2 2023 and all oil assets converted to gas by 1H 2024 Electrical boiler - Hydro Rein supports decarbonization First electrical boilers in operation in first half 2022 • Two more electrical boilers in operation by 2024 Hydro 2040: Gas Replacement • 2 times 20-year PPA's were signed with Hydro Rein (255 MW) to power boilers, from the Mendubim and Feijao projects and providing competitive terms for Alunorte Coal replacement by 2030 Coal only as a secondary energy source for security of supply by 2025 Multiple paths to replace coal and targeting stand-alone business cases Bauxite Alunorte decarbonization • Ambition to fully replace coal by 2030 Gas replacement by 2040 • Gas will be replaced in Calcination by either Hydrogen or Renewable energy Bauxite Replacement of diesel with biofuel and electric equipment 77

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