Investor Presentaiton

Source: Metal Bulletin, MW/MJP: Platts, Thomson Reuters, Hydro analysis Stronger upstream prices on Chinese reopening and curtailments All-in metal prices Platts alumina index (PAX) The Economist Chaos Congress and its costs Asia's new super-region Catholicism after Benedict EXIT WAVE USD/mt NOK/mt USD/mt % LME 4 600 38 000 A murmuration of Starlinks 600 20% 36 000 JANUARY 7TH-15TH 32 4 200 34 000 550 32 000 18% 3 800 500 30 000 3 400 28 000 450 How China's reopening will disrupt the world economy 16% 26 000 3 000 24 000 400 22 000 14% 2 600 20 000 350 18 000 2 200 300 16 000 12% 1 800 14 000 250 12 000 1 400 10 000 200 10% Jan-13 Jul-13 Jan-14 LME cash Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul-17 Jan-18 Jul-18 Jan-19 Jul-19 Jan-20 Jul-20 Jan-21 LME cash + Europe duty paid LME cash + US Midwest LME Cash Europe dutypaid NOK (RHS) Jul-21 Jan-22 Jul-22 Jan-23 Jan-20 Mar-20 May-20 Jul-20 Sep-20 Nov-20 Jan-21 Mar-21 May-21 Jul-21 PAX Sep-21 Nov-21 Jan-22 Mar-22 Mar-22 Mlay-22 Shanxi ex-work (ex-VAT) % LME 3m LO 5 Jul-22 Sep-22 Nov-22 Jan-23 Hydro

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