•do not reflect our cash expenditures or requirements for capital expenditures or capital commitments;

•do not reflect changes in, or cash requirements for, our working capital needs; and

•do not reflect any costs related to the current or future replacement of assets being depreciated and amortized.

▪as measures of operating performance to assist us in comparing our operating performance on a consistent basis because it removes the impact of items not directly resulting from our core operations;

▪for planning purposes, including the preparation of our internal annual operating budgets and financial projections;

▪to evaluate the performance and effectiveness of our operational strategies; and

▪to calculate incentive compensation payments for our key employees.

▪a presentation with equal or greater prominence of the most comparable financial measure or measures calculated and presented in accordance with U.S. GAAP; and

▪a statement disclosing the purposes for which the registrant's management uses the non-U.S. GAAP financial measure.

▪exclusion of charges or liabilities that require cash settlement or would have required cash settlement absent an ability to settle in another manner from non-U.S. GAAP liquidity measures;

▪adjustment of a non-U.S. GAAP performance measure to eliminate or smooth items identified as nonrecurring, infrequent or unusual, when the nature of the charge or gain is such that it is reasonably likely to occur; and

▪presentation of non-U.S. GAAP financial measures on the face of any pro forma financial information.

▪disruptions or changes in the business or financial condition of our significant customers or the loss of their business or reduction in their requirements;

▪price and other forms of competition from other aluminum rolled products producers and potential new market entrants;

▪the competitiveness of our end-markets, and the willingness of our customers to accept substitutes for our products, including steel, plastics, composite materials and glass;

▪our failure to realize the anticipated benefits of strategic investments;

▪increases in the cost or volatility in the availability of primary aluminum, scrap aluminum, sheet ingot or other raw materials used in the production of our products;

▪risks related to the energy-intensive nature of our operations, including increases to energy costs or disruptions to our energy supplies;

▪downturns in the automotive and ground transportation industries or changes in consumer demand;

▪public health crises, such as the COVID-19 pandemic;

▪union disputes and other employee relations issues;

▪the impact of labor disputes and strikes on our customers;

▪loss of our key management and other personnel, or an inability to attract and retain such management and other personnel;

▪unplanned disruptions at our operating facilities, including as a result of adverse weather phenomena;

▪economic uncertainty, capital markets disruption and supply chain interruptions, including as a result of geopolitical instability due to the ongoing military conflict between Russia and Ukraine, attacks on shipping vessels in the Red Sea and the ongoing conflicts in the Gaza Strip and the surrounding region;

▪risks relating to certain joint ventures, subsidiaries and assets that we do not entirely control;

▪cybersecurity attacks against, and disruptions, failures or security breaches and other disruptions to, our information technology networks and systems;

▪risks related to rising inflation and prolonged periods of elevated interest rates;

▪risks related to timing differences between the prices we pay under purchase contracts and metal prices we charge our customers;

▪a deterioration of our financial condition, a downgrade of our ratings by a credit rating agency or other factors which could limit our ability to enter into, or increase our costs of, financing and hedging transactions;

▪adverse changes in currency exchange rates;

▪our inability to transact in derivative instruments, or our inability to adequately hedge our exposure to price fluctuations under derivative instruments, or a failure of counterparties to our derivative instruments to honor their agreements;

▪an adverse decline in the liability discount rate or lower-than-expected investment return on pension assets;

▪impairments to our goodwill, other intangible assets and other long-lived assets;

▪tax expense, tax liabilities or tax compliance costs;

▪risks related to the operating and financial restrictions imposed on us by the covenants in our senior secured credit facilities and the indentures governing our senior unsecured notes;

▪our inability to protect our intellectual property, the confidentiality of our know-how, trade secrets, technology and other proprietary information;

▪risks related to our global operations, including the impact of complex and stringent laws and government regulations;

▪risks related to global climate change, including legal, regulatory or market responses to such change; and

▪conflicts of interest and disputes arising between Hindalco and us that could be resolved in a manner unfavorable to us.