Investor Presentaiton

Largely balanced markets, curtailment risk still present Improved smelter margins still not seen as attractive for non-subsidized restarts Estimated global primary balance in 2023 200 0 ('000 t) -200 -400 -600 -800 -1 000 -1 200 World ex. China China balance balance Balance all medium and high risk smelters curtailment ■Balance all high risk smelters curtailment ■Base case balance 1) Smelter based on German 1Y power and spot alumina 350 300 250 200 150 100 50 0 European and US Gas prices (EUR/MWh & USD/mbtu) Jan-19 Apr-19 Jul-19 Oct-19 Jan-20 Apr-20 Jul-20 Oct-20 Jan-21 Apr-21 Jul-21 Oct-21 Jan-22 Apr-22 Jul-22 TTF -Henry hub (rhs) Oct-22 Jan-23 9 2 8 0 7 -2 00 6 -4 5 -6 4 -8 3 -10 2 1 -12 0 -14 Jan-19 European smelter margin¹) per VAP ('000 USD/t) -Margin El -Margin PFA Apr-19 Jul-19 Oct-19 Jan-20 Apr-20 Jul-20 Oct-20 Jan-21 Apr-21 Jul-21 Oct-21 Jan-22 ➤ Apr-22 Jul-22 Oct-22 Jan-23 CO 6

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