ASX Announcement 9 October 2015

Alcoa Third Quarter Earnings Release

Alumina Limited (ASX: AWC) notes Alcoa's quarterly earnings release and attaches it for reference. Selected information from the Alcoa alumina business segment and relevant market data to assist readers in understanding the market, operational and commercial matters of Alcoa World Alumina & Chemicals ('AWAC') is also attached.

Alumina Limited's CEO, Peter Wasow, commented, 'The alumina segment, which includes the bauxite mining business, was able to maintain its strong margins in the third quarter. Lower prices were offset by higher shipments, favourable currency movements, a higher proportion of sales on an API-basis and net productivity gains for both mining and refining. Given recent API and LME aluminium prices, the expectation is for lower alumina pricing in the fourth quarter.'

AWAC's production of alumina was 3.8 million tonnes for the third quarter.

Alumina Limited received no dividends from and made no cash capital contributions to AWAC in the third quarter.

Alumina Limited's net debt was approximately US$125 million at the end of September 2015.

About AWAC & Alcoa's Earnings Release

Alumina Limited owns 40% of each of the AWAC entities, which form a part of the Alcoa alumina business segment. The Alcoa primary metals business segment includes the AWAC Point Henry smelting (closed 1 August 2014), Portland smelting and Anglesea power station operations. Therefore, the AWAC results cannot be directly inferred from the Alcoa earnings release. Further, unlike Alumina Limited, Alcoa reports under US GAAP.

Forward-looking statements

Neither Alumina nor any other person warrants or guarantees the future performance of Alumina or any return on any investment made in Alumina securities. This document may contain certain forward-looking statements, including forward-looking statements within the meaning of the US Private Securities Litigation Reform Act of 1995. The words 'anticipate', 'aim', 'believe', 'expect', 'project', 'estimate', 'forecast', 'intend', 'likely', 'should', 'could', 'will', 'may', 'target', 'plan' and other similar expressions (including indications of 'objectives') are intended to identify forward-looking statements. Indications of, and guidance on, future financial position and performance and distributions, and statements regarding Alumina's future developments and the market outlook, are also forward- looking statements.

Any forward-looking statements contained in this document are not guarantees of future performance. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of Alumina and its directors, officers, employees and agents that may cause actual results to differ materially from those expressed or implied in such statements.

Those risks, uncertainties and other factors include (without limitation): (a) material adverse changes in global economic conditions, alumina or aluminium industry conditions or the markets served by AWAC; (b) changes in production or development costs, production levels or sales agreements; (c) changes in laws, regulations or policies; (d) changes in alumina or aluminium prices or currency exchange rates; (e) Alumina Limited does not hold a majority interest in AWAC and decisions made by majority vote may not be in the best interests of Alumina Limited; and (f) the other risk factors summarised in Alumina's Annual Report 2014. Readers should not place undue reliance on forward-looking statements. Except as required by law, Alumina disclaims any responsibility to update or revise any forward-looking statements to reflect any new information or any change in the events, conditions or circumstances on which a statement is based or to which it relates.

Stephen Foster Company Secretary

9 October 2015

Investor Contact Media Contact

Nahla Azmy Monica Orbe

(212) 836-2674 (212) 836-2632

[email protected] [email protected]

Alcoa Reports Third Quarter 2015 Profit

Strong productivity, solid value-add profitability, and Alumina strength

3Q 2015 Highlights

• Net income of $44 million, or $0.02 per share;

  excluding special items, net income of $109 million, or $0.07 per share

• $5.6 billion revenue down approximately 11 percent year-over-year, reflecting a 21 percent decline from divestitures, closures and market headwinds, partially offset by a 10 percent revenue increase from aerospace and automotive organic growth, acquisitions and Alumina sales

• $3.4 billion revenue, after-tax operating income of $257 million, and adjusted EBITDA of

  $508 million for combined Value-Add businesses

  • Engineered Products and Solutions record revenue of $1.4 billion; aerospace revenue up 39 percent year-over-year

  • Global Rolled Products automotive revenue up 133 percent year-over-year

• $2.2 billion revenue, after-tax operating income of $153 million, and adjusted EBITDA of

  $379 million for combined Upstream businesses

  • Best Alumina profitability year-to-date since 2007, offset by Primary Metals as Midwest transaction price declined $641 per metric ton, or 27.2 percent,

    year-to-date

• $287 million year-over-year productivity gains; year-to-date productivity gains of $849 million, as compared to annual 2015 target of $900 million

• $420 million cash from operations and free cash flow of $152 million; $1.7 billion cash on hand

  
  

  3Q 2015 Portfolio Transformation Highlights

• Announced that Alcoa's Board of Directors unanimously approved plan to create two independent, public companies-a Value-Add Company and an Upstream Company- resulting from successful multi-year transformation

• Completed RTI International Metals acquisition growing titanium offerings and advanced manufacturing technologies; signed approximately $1.1 billion Lockheed Martin contract that draws on new titanium capabilities gained through RTI

• Signed an approximately $1 billion contract with Airbus for high-tech, multi-material fastening systems

• Announced $60 million Alcoa Technical Center investment to deepen additive manufacturing capabilities for aerospace and other high growth markets

• Reached joint development agreement with Ford Motor Company to collaborate on next- generation aluminum alloys using Alcoa MicromillTM technology; Alcoa Micromill® material to debut on 2016 Ford F-150; signed letter of intent with Danieli Group to commercialize Micromill technology in worldwide licensing deal

• Began shipments from newly expanded Alcoa, Tennessee automotive facility and announced plan to restart Texarkana, Texas casthouse to meet higher aluminum demand from automotive industry

• Received approval from Government of Western Australia to export trial bauxite shipments from Willowdale and Huntly mines, targeting early 2016

• Saudi Arabia Ma'aden-Alcoa joint venture mine completed; smelter on track to produce nameplate capacity of 740,000 metric tons of aluminum, and refinery projected to produce 1 million metric tons of alumina, both in 2015

• Announced curtailment of remaining capacity at Suralco refinery in Suriname; permanently closed Anglesea coal mine and power station in Australia

  
  

  New York, October 8, 2015 - Lightweight metals leader Alcoa (NYSE:AA) today reported a third quarter profit as its value-add and upstream portfolios delivered solid results in the face of strong market and currency headwinds. Alcoa has been transforming by building its value-add portfolio for profitable growth and creating a globally competitive upstream business. The Company's successful multi-year transformation will culminate with the launch of two Fortune 500 companies, one value-add focused and the other upstream focused, expected in the second half of 2016.

  
  

  Alcoa reported third quarter 2015 net income of $44 million, or $0.02 per share, including $65 million in net unfavorable special items. Special items included restructuring-related costs to optimize the upstream portfolio and transaction costs, partially offset by gains on asset sales. Third quarter 2015 results compare to net income of $149 million, or $0.12 per share, in third quarter 2014.

  
  

  Excluding special items, third quarter 2015 net income was $109 million, or $0.07 per share, led by strong productivity gains and solid midstream and downstream profitability, offset by lower metal prices. The Midwest transaction price was down $641 per metric ton, or 27.2 percent, year-to-date through September 30, 2015. Third quarter 2015 results, excluding special items, compare to net income of $370 million, or $0.31 per share, in third quarter 2014.

  
  

  Third quarter 2015 revenue totaled $5.6 billion, down approximately 11 percent year-over-year. Divesting and closing lower-margin businesses and market headwinds caused third quarter revenue to fall 21 percent. This decrease was partially offset by a 10 percent third quarter revenue increase from organic growth in aerospace, automotive and alumina, combined with acquisitions.

  
  

  'The third quarter brought economic headwinds and significant volatility in some of our markets,' said Klaus Kleinfeld, Chairman and Chief Executive Officer. 'We continue to be laser focused on the things we can control. We have successfully made our Upstream businesses less vulnerable to commodity downswings. We have intensified innovation and growth in the Value- Add businesses, and it shows through the solid underlying performance despite currency movements and market fluctuations. Our productivity performance was strong combined with

  good cash generation. While we cannot control external factors, we do remain focused on what we can control-making our businesses more resilient.'

  
  

  2015 End Market Forecasts

  
  

  In its global end markets, Alcoa maintained 2015 estimates for global aerospace sales growth of 8 to 9 percent. In industrial gas turbines, Alcoa increased its 2015 forecast for global airfoil market growth of 3 to 4 percent, up from 1 to 3 percent.

  
  

  In North America, Alcoa tightened 2015 estimates for automotive production to up 2 to 4 percent, from up 1 to 4 percent; maintained its 2015 estimate for heavy duty truck and trailer production growth of 9 to 11 percent; held steady its 2015 projection for commercial building and construction sales growth at 4 to 5 percent; and kept its 2015 packaging estimate unchanged at down 1 to 2 percent.

  
  

  In Europe, the Company updated its projection for 2015 automotive production growth to up 1 to 3 percent, from down 1 to up 3 percent; raised its 2015 heavy duty truck and trailer production forecast to up 1 to 3 percent, from down 2 percent to flat; maintained its 2015 commercial building and construction sales growth estimate at down 2 to 3 percent; and kept its 2015 packaging estimate unchanged at up 1 to 2 percent.

  
  

  In China, Alcoa lowered its estimate for 2015 automotive production growth to up 1 to 2 percent, from up 5 to 8 percent; reduced its projection for 2015 heavy duty truck and trailer production growth to down 22 to 24 percent, from down 14 to 16 percent; reduced its 2015 commercial building and construction sales growth to up 4 to 6 percent from up 6 to 8 percent; and kept its 2015 packaging estimate unchanged at up 8 to 12 percent.

  
  

  In addition, Alcoa reaffirmed its projections that global aluminum demand is expected to increase 6.5 percent in 2015 and double between 2010 and 2020; so far this decade, global demand growth is tracking ahead of this projection. Alcoa is also projecting a global aluminum deficit for 2016.

  
  

  Value-Add Portfolio Transformation

  
  

  After the separation, the innovation and technology-driven Value-Add Company will include Global Rolled Products, Engineered Products and Solutions, and Transportation and Construction Solutions. In the third quarter, these combined business segments reported revenue of $3.4 billion, after-tax operating income (ATOI) of $257 million, and adjusted EBITDA of $508 million.

  
  

  In the third quarter, the Company acquired RTI International Metals. Earlier this month, Alcoa announced an approximately $1.1 billion contract with Lockheed Martin that draws on new titanium capabilities gained through RTI. Under the contract, Alcoa becomes the titanium supplier for airframe structures for all three variants of the F-35 Joint Strike Fighter over nine years, from 2016 to 2024. RTI is expected to contribute $1.2 billion in revenue and its profitability is expected to reach 25 percent EBITDA margin, both in 2019. Separately, Alcoa announced an approximately $1 billion contract with Airbus for high-tech, multi-material fastening systems, Alcoa's largest-ever fastener deal with the aircraft manufacturer. Under the

  contract, Alcoa will supply primarily titanium, steel and nickel-based superalloy fastening systems for every Airbus platform.

  
  

  The Company announced a $60 million expansion at the Alcoa Technical Center to accelerate advanced 3D-printing materials and processes. Alcoa is building a multi-metals powder facility to make the critical input material for metallic 3D-printed parts. In addition, Alcoa has developed the patented Ampliforge™ process. With this process, the Company can design and 3D-print a near complete part, and then treat it using a traditional manufacturing process, such as forging, to enhance metallurgical properties, including toughness and strength.

  
  

  In automotive, Alcoa continued to make significant headway with both its breakthrough Micromill technology and material, and rolling mill investments to meet growing demand for aluminum intensive vehicles. Alcoa's automotive revenues are expected to increase 2.4 times from 2014 to $1.8 billion in 2018.

  
  

  In the third quarter:

  
  

• Ford and Alcoa announced a joint development agreement to collaborate on advanced automotive aluminum alloys using Micromill technology. Ford also said it will debut Micromill material on its 2016 Ford F-150 truck, making it the first automaker to use the advanced automotive aluminum commercially. To date, the Company has Micromill qualification agreements in place with nine major automotive customers on three continents, including Ford.

  
  

• Alcoa signed a letter of intent with the Danieli Group to work toward an agreement to license the breakthrough Micromill technology to customers around the world.

  
  

• A new midstream business unit, Micromill Products and Services, was established to drive revenue from licensing Alcoa's intellectual property and technology associated with manufacturing advanced Micromill products. The business unit will provide services like training and technical support as well as generate product sales from San Antonio Works starting with automotive sheet in North America and expanding into other market sectors and regions.

  
  

• In Tennessee, a $300 million automotive plant expansion backed by customer contracts opened and began shipments four months ahead of schedule. Alcoa also announced plans to restart its Texarkana, Texas casthouse. It is expected to ramp up production in the first half of 2016 and produce aluminum slab for the North American automotive market.

  
  

  The Company also realigned its value-add portfolio to drive further profitable growth.

  
  

• In the third quarter, Alcoa created a new downstream business segment, Transportation and Construction Solutions (TCS), comprising Alcoa Wheel and Transportation Products and Alcoa Building and Construction. The segment will expand into emerging regional markets, in addition to capturing continued growth in existing markets.

  
  

• Global Rolled Products is also strengthening its ability to capture profitable growth opportunities in attractive market sectors and regions. The segment will now consist of

  four business units comprising Aerospace and Automotive Products; Brazing, Commercial Transportation and Industrial; Global Packaging; and Micromill Products and Services.

  
  

  Upstream Portfolio Transformation

  
  

  After the separation, the Upstream Company will comprise five strong business units that today make up Global Primary Products - Bauxite, Alumina, Aluminum, Casting and Energy. In the third quarter, the combined upstream businesses reported revenue of $2.2 billion, ATOI of $153 million, and adjusted EBITDA of $379 million.

  
  

  Alcoa made progress in building its third-party bauxite business. In the third quarter, the Company received approval from the Government of Western Australia to export trial bauxite shipments from its Willowdale and Huntly mines, targeted for early 2016. Alcoa has the world's largest bauxite mining portfolio with a low 19th percentile position on the global bauxite cost curve.

  
  

  Since 2007, the Company has divested, closed or curtailed 1.4 million metric tons, or 33 percent, of total smelting operating capacity. In addition, Alcoa's review of 500,000 metric tons of smelting capacity and 2.8 million metric tons of refining capacity for possible curtailment or divestiture remains active.

  
  

  In the third quarter, Alcoa:

  
  

• Announced the curtailment of the remaining 887,000 metric-tons-per-year of Suralco's alumina refining capacity in Suriname. The refinery is scheduled to be idled by November 30, 2015.

  
  

• Permanently closed the Anglesea coal mine and power station in Australia on August 31, 2015.

  
  

• Completed the mine at the Ma'aden-Alcoa joint venture in Saudi Arabia, the lowest cost aluminum complex in the world. The joint venture's smelter is on track to produce nameplate capacity of 740,000 metric tons of aluminum and the refinery is projected to produce 1 million metric tons of alumina, both in 2015.

In addition, Alcoa has launched an improvement plan in its Primary Metals segment to increase productivity between $110 million to $130 million in 2016.

As a result of strategic actions, Alcoa has dropped eight points on the global aluminum cost curve since 2010 to the 43rd percentile and is targeting the 38th percentile by 2016. On the global alumina cost curve, Alcoa has dropped five points since 2010 to the 25th percentile and is targeting the 21st percentile by 2016.

The Company also continued growing its value-add casthouse products, which are projected to represent approximately 70 percent of 2015 smelter shipments. From 2010 to 2014, growth of total value-add product shipments from its smelters delivered $1.3 billion in total incremental

margin. In Alumina, Alcoa estimates approximately 75 percent of its total third-party smelter- grade alumina shipments will be based on Alumina Price Index/spot market pricing this year.

Financial Performance

Alcoa continues to drive strong performance across all businesses, delivering $287 million in third quarter year-over-year productivity gains and $849 million year-to-date against a $900 million 2015 annual target. Productivity gains have been driven by process improvements and procurement savings across all segments. Alcoa invested return-seeking capital of $389 million, compared to a $750 million 2015 annual target. Approximately 80 percent of year-to-date return seeking capital was invested in the value-add businesses. Alcoa controlled sustaining capital expenditures of $408 million against a $725 million 2015 annual plan.

Cash provided from operations was $420 million in the quarter and free cash flow was $152 million. Alcoa ended the quarter with cash on hand of $1.7 billion.

The Company achieved an average of 40 days working capital for the quarter, 8 days higher than third quarter 2014 due to the impact of the Firth Rixson, TITAL and RTI acquisitions.

Excluding the impact of the acquisitions, average days of working capital decreased 1 day from 32 to 31. Alcoa's debt-to-adjusted EBITDA ratio on a trailing twelve months basis was 2.44.

Segment Performance

Engineered Products and Solutions

This segment reported record revenue of $1.4 billion, up 35 percent year-over-year, driven by acquisitions and share gains, somewhat offset by unfavorable price/mix and currency. ATOI in the third quarter was $151 million, down $4 million, year-over-year from $155 million, including

$16 million of after-tax expenses attributable to purchase accounting adjustments and other costs in connection with the acquisition of RTI. As a result, adjusted EBITDA margin was 20.3 percent in third quarter 2015 compared to 25.7 percent in the year-ago quarter. Year-over- year, productivity improvements and the positive contribution from the Firth Rixson acquisition were offset by cost headwinds, investments for ramping up growth projects and unfavorable price/mix.

Transportation and Construction Solutions

ATOI in the third quarter was $44 million, down $6 million year-over-year. The decline was driven by cost headwinds and the unfavorable impact from currency, which were offset by strong productivity gains. This segment delivered an adjusted EBITDA margin of 15.2 percent, compared to 15.5 percent for the same quarter last year.

Global Rolled Products

ATOI in the third quarter was $62 million, down $7 million year-over-year. Strong productivity and the benefit of automotive sales growth of 133 percent, were more than offset by cost increases, investments for ramping up growth projects (e.g. Tennessee automotive expansion and Micromill), currency, portfolio actions and unfavorable price/mix. As a result of this segment's transformation initiatives, including divestitures and upgrading the product mix, adjusted EBITDA per metric ton was $330 in third quarter 2015, up 6 percent, or $18 per metric ton, from $312 in the year-ago quarter.

Alumina

This segment reported ATOI of $212 million, its best year-to-date profitability since 2007. Third quarter ATOI was down $3 million sequentially from $215 million, and up $150 million year- over-year from $62 million. Lower pricing drove the decline in sequential ATOI, but was nearly offset by favorable foreign currency movements, cost control and productivity improvements, higher shipments based on Alumina Price Index/spot pricing, and higher volume. Adjusted EBITDA per metric ton decreased $3 from second quarter 2015 to $95 per metric ton in third quarter 2015 and increased $49 per metric ton year-over-year.

Primary Metals

ATOI in the third quarter was a negative $59 million, down $126 million sequentially from $67 million, and down $304 million year-over-year from $245 million. Sequential earnings declined due to lower London Metal Exchange aluminum pricing, lower regional premiums and unfavorable energy costs in Spain and the United States. These impacts were somewhat offset by lower input costs, strong productivity and favorable currency. Third-party realized price in third quarter 2015 was $1,901 per metric ton, down 13 percent sequentially and down 25 percent year-over-year. Adjusted EBITDA per metric ton in third quarter 2015 was $4, a sequential decrease of $263 per metric ton.

Alcoa will hold its quarterly conference call at 5:00 PM Eastern Daylight Time on October 8, 2015 to present quarterly results. The meeting will be webcast via alcoa.com. Call information and related details are available at www.alcoa.com under 'Invest.' Presentation materials will be available for viewing

at www.alcoa.com.

About Alcoa

A global leader in lightweight metals technology, engineering and manufacturing, Alcoa innovates multi-material solutions that advance our world. Our technologies enhance transportation, from automotive and commercial transport to air and space travel, and improve industrial and consumer electronics products. We enable smart buildings, sustainable food and beverage packaging, high performance defense vehicles across air, land and sea, deeper oil and gas drilling and more efficient power generation. We pioneered the aluminum industry over 125 years ago, and today, our more than 60,000 people in 30 countries deliver value-add products made of titanium, nickel and aluminum, and produce best-in-class bauxite, alumina and primary aluminum products. For more information, visit www.alcoa.com, follow @Alcoa on Twitter at www.twitter.com/Alcoa and follow us on Facebook at www.facebook.com/Alcoa.

Forward-Looking Statements

This release contains statements that relate to future events and expectations and as such constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include those containing such words as 'anticipates,' 'believes,' 'could,' 'estimates,' 'expects,' 'forecasts,' 'intends,' 'may,' 'outlook,' 'plans,' 'projects,' 'seeks,' 'sees,' 'should,' 'targets,' 'will,' 'would,' or other words of similar meaning. All statements that reflect Alcoa's expectations, assumptions or projections about the future other than statements of historical fact are forward-looking statements, including, without limitation, forecasts concerning global demand growth for aluminum, supply/demand balances, and growth of the aerospace, automotive, and other end markets; statements regarding targeted financial results or operating performance; statements about Alcoa's

strategies, outlook, business and financial prospects, and the acceleration of Alcoa's portfolio transformation; and statements regarding the separation transaction, including the future performance of Value-Add Company and Upstream Company if the separation is completed, the expected benefits of the separation, the expected timing of completion of the separation, and the expected qualification of the separation as a tax-free transaction. Forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, and changes in circumstances that are difficult to predict. Although Alcoa believes that the expectations reflected in any forward-looking statements are based on reasonable assumptions, it can give no assurance that these expectations will be attained and it is possible that actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks and uncertainties. Such risks and uncertainties include, but are not limited to: (a) uncertainties as to the timing of the separation and whether it will be completed; (b) the possibility that various closing conditions for the separation may not be satisfied; (c) failure of the separation to qualify for the expected tax treatment; (d) the possibility that any third-party consents required in connection with the separation will not be received; (e) the impact of the separation on the businesses of Alcoa; (f) the risk that the businesses will not be separated successfully or such separation may be more difficult, time-consuming or costly than expected, which could result in additional demands on Alcoa's resources, systems, procedures and controls, disruption of its ongoing business and diversion of management's attention from other business concerns; (g) material adverse changes in aluminum industry conditions; (h) deterioration in global economic and financial market conditions generally;

(i) unfavorable changes in the markets served by Alcoa; (j) the impact of changes in foreign currency exchange rates on costs and results; (k) increases in energy costs; (l) the inability to achieve the level of revenue growth, cash generation, cost savings, improvement in profitability and margins, fiscal discipline, or strengthening of competitiveness and operations (including moving the Upstream Company's alumina refining and aluminum smelting businesses down on the industry cost curves and increasing revenues and improving margins in the Value-Add Company's businesses) anticipated from restructuring programs and productivity improvement, cash sustainability, technology advancements (including, without limitation, advanced aluminum alloys, Alcoa Micromill, and other materials and processes), and other initiatives; (m) Alcoa's inability to realize expected benefits, in each case as planned and by targeted completion dates, from acquisitions, divestitures, facility closures, curtailments, or expansions, or international joint ventures; (n) political, economic, and regulatory risks in the countries in which Alcoa operates or sells products; (o) the outcome of contingencies, including legal proceedings, government or regulatory investigations, and environmental remediation; (p) the impact of cyber attacks and potential information technology or data security breaches; (q) the potential failure to retain key employees while the separation transaction is pending or after it is completed; (r) the risk that increased debt levels, deterioration in debt protection metrics, contraction in liquidity, or other factors could adversely affect the targeted credit ratings for Value-Add Company or Upstream Company; and (s) the other risk factors discussed in Alcoa's Form 10-K for the year ended December 31, 2014, and other reports filed with the

9 October 2015

Disclaimer

Summary Information

This Presentation contains summary information about the current activities of Alumina Limited (ACN 004 820 419) (Alumina) and its subsidiaries as at the date of this Presentation. The information in this Presentation should not be considered to be comprehensive nor to comprise all the information that a reader may require in order to make an investment decision regarding Alumina securities. This Presentation should be read in conjunction with Alumina's other periodic and continuous disclosure announcements lodged with the ASX, which are available at www.asx.com.au.

No Offer, Recommendation or Advice

This Presentation is for information purposes only and is not a prospectus, product disclosure statement or other disclosure or offering document under Australian or any other law. It does not constitute an offer, invitation or recommendation to acquire Alumina securities in any jurisdiction and neither this Presentation nor anything contained in it will form the basis of any contract or commitment.

The information contained in this Presentation is not financial product advice, or any other advice, and has been prepared without taking into account any reader's investment objectives, financial circumstances or particular needs.

Forward-Looking Statements

Neither Alumina nor any other person warrants or guarantees the future performance of Alumina or any return on any investment made in Alumina securities. This Presentation may contain certain forward-looking statements, including forward-looking statements within the meaning of the US Private Securities Litigation Reform Act of 1995. The words 'anticipate', 'aim', 'believe', 'expect', 'project', 'estimate', 'forecast', 'intend', 'likely', 'should', 'could', 'will', 'may', 'target', 'plan' and other similar expressions (including indications of 'objectives') are intended to identify forward-looking statements. Indications of, and guidance on, future financial position and performance and distributions, and statements regarding Alumina's future developments and the market outlook, are also forward-looking statements.

Any forward-looking statements contained in this Presentation are not guarantees of future performance. Such forward-looking statements involve known and unknown risks (including the key risks referred to below), uncertainties and other factors, many of which are beyond the control of Alumina and its directors, officers, employees and agents, that may cause actual results to differ materially from those expressed or implied in such statements. Readers should not place undue reliance on forward-looking statements. Except as required by law, Alumina disclaims any responsibility to update or revise any forward-looking statements to reflect any new information or any change in the events, conditions or circumstances on which a statement is based or to which it relates.

Key Risks

Certain key risks that may affect Alumina, its financial and operating performance and the accuracy of any forward-looking statements contained in this Presentation include (without limitation):

(a) material adverse changes in global economic conditions, alumina or aluminium industry conditions or the markets served by AWAC; (b) changes in production or development costs, production levels or sales agreements; (c) changes in laws, regulations or policies; (d) changes in alumina or aluminium prices or currency exchange rates; (e) Alumina Limited does not hold a majority interest in AWAC and decisions made by majority vote may not be in the best interests of Alumina Limited; and (f) the other risk factors summarised in Alumina's Annual Report 2014.

Past Performance

Past performance information contained in this Presentation is given for illustrative purposes only and should not be relied upon as (and is not) an indication of future performance.

Financial Data

All dollar values in this Presentation are in United States dollars (US$) unless otherwise stated.

Certain financial data included in this Presentation is 'non-IFRS financial information' under Australian Securities and Investments Commission Regulatory Guide 230: 'Disclosing non-IFRS financial information'. Alumina believes the non-IFRS financial information provides useful information to users in comparing prior periods and in assessing the financial performance and condition of Alumina. The non-IFRS financial information does not have a standardised meaning prescribed by Australian Accounting Standards and, therefore, may not be comparable to similarly titled measures presented by other entities, nor should the information be construed as an alternative to other financial measures determined in accordance with Australian Accounting Standards. Readers are cautioned, therefore, not to place undue reliance on any non-IFRS financial information contained in this Presentation. Where non-IFRS financial measures are contained in this Presentation, the definition of the relevant measure, its calculation method and/or a reconciliation to IFRS financial information is provided in this Presentation as appropriate or can be found in Alumina's ASX Preliminary Final Report (Appendix 4E).

No Liability

The information contained in this Presentation has been prepared in good faith and with due care but no representation or warranty, express or implied, is provided as to the currency, accuracy, reliability or completeness of that information.

To the maximum extent permitted by law, Alumina and its directors, officers, employees and agents, and any other person involved in the preparation of this Presentation, exclude and disclaim all liability for any expenses, losses or costs incurred by any person arising out of or in connection with the information contained in this Presentation being inaccurate or incomplete in any way for any reason, whether by negligence or otherwise.

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