Alum SA Stock Bucharest S.E.

Alum SA is a Romania-based company primarily engaged in the manufacture of alumina. The Company is active in the production of calcined alumina and aluminum hydroxide. The Company’s calcined alumina is mainly used in the aluminum smelting process. Its aluminum hydrate is used as raw material in various applications, including the production of chemicals, glass and ceramics, among other. The Company produces approximately 500,000 tons of alumina and aluminum hydroxide per year. As of December 31, 2011, the Company wholly owned Global Aluminium Ltd, which is involved in the production of bauxite. As of December 31, 2011, Alro SA held a 99.40% stake in Alum SA.