Alumina : 2021 Corporate Governance Statement

ASX ANNOUNCEMENT

30 MARCH 2022

Alumina Limited 2021 Corporate Governance Statement

Please find attached, Alumina Limited's 2021 Corporate Governance Statement, a copy of which is located in the Governance section of the Company's web site.

This ASX announcement was approved and authorised for release by Stephen Foster, Company Secretary.

Stephen Foster Company Secretary

For investor enquiries:	For media enquiries:
Charles Smitheram	Tim Duncan
Manager - Treasury & Investor Relations	Hinton and Associates
Phone: [phone]	Phone: [phone]
Mobile: [phone]	Mobile: [phone]
Email:[e-mail]

THE FOLLOWING STATEMENT DESCRIBES ALUMINA LIMITED'S (THE COMPANY) CORPORATE GOVERNANCE FRAMEWORK, POLICIES AND PRACTICES.

The governance framework is approved by the Board of Directors and management is generally responsible for its implementation. This statement relates to the financial year ended 31 December 2021 and is accurate and up to date as at 22 March 2022. This statement has been approved by the Board.

Approach to Corporate Governance

When Alumina Limited considers its corporate governance responsibilities it takes into account:

• · analysing and adopting best practice governance principles and practices;

• · overlaying its business philosophy and practices with its ethical values and principles;

• · prudent delegation of responsibilities; and

• · appropriate monitoring systems, processes and authorities, responsible delegation of duties and authorities and internal controls.

Website

The Company's website,www.aluminalimited.com/about-governance contains more detailed information on Alumina Limited's Board and Committee Charters and corporate governance policies and practices.

Compliance with Corporate Governance Codes

Alumina Limited is a listed company on the Australian Securities Exchange (ASX) and trades on the OTC Market in the US. Alumina Limited meets each of the requirements of the ASX Corporate Governance Council's Corporate Governance Principles and Recommendations (4th Edition). Refer to the Appendix 4G lodged by Alumina Limited with the ASX, which sets out the extent of compliance with each ASX Recommendation and specifies where relevant corporate governance disclosures can be found.

Approach to	Governance	Governance	Board	Delegation	Accountable
Corporate Governance	Guidelines	Oversight	Committees	and Controls	Work Practices

Governance framework

Shareholders

GOVERNANCE GUIDELINES

Values and Code of ConductBoard and Committee Charters

GOVERNANCE OVERSIGHTBOARD OF DIRECTORS

Audit and Risk Management Committee

Responsibilities

Financial management and reporting

Internal controls

Risk management framework Audit strategy and performance

Nomination Committee

Responsibilities

Select and appoint Directors and CEO

Identify necessary Board and Committee competencies

Assess Director skills and competency

DELEGATION AND CONTROLS

Delegated AuthoritiesCorporate Governance and Internal Controls

CHIEF EXECUTIVE OFFICER

Senior Management - Management Committee

ETHICAL AND ACCOUNTABLE WORK PRACTICESSHAREHOLDER VALUE

GOVERNANCE GUIDELINES

Alumina Limited's Corporate Values are:

Respect - We will respect each other and Company property.

Integrity - We will stand by our word ensuring a reputation as a highly professional team delivering on commitments to all stakeholders.

Honesty - We will be open, honest and fair in our dealings with people based on a clear set of ethical standards.

Personal Commitment - We will be personally responsible for acting in accordance with the law, Alumina's Values, Code of Conduct and Company policies, and be accountable for expected results.

High Performance - We will be energised by the excitement and fulfilment of raising the bar in everything we do.

Alumina Limited's Code of Conduct provides guiding principles for conducting our business:

• · We will be honest and ethical in all of our actions and relationships and act in the interests of the shareholders.

  Promoting Ethical Conduct and Behaviour

  Alumina Limited's Corporate Governance Framework is underpinned by its corporate values and Code of Conduct. The Code defines the ethical parameters of the Company which shape the Company's corporate culture. The Code applies to the Company's directors, Chief Executive Officer (CEO), senior executives and other employees. Training on the Code of Conduct is conducted online and directors, the CEO, senior executives and other employees are required to certify that they understand and agree to conform with these workplace principles.

• · As a minimum, we will observe the rule and intent of all relevant governmental laws, regulatory and professional rules and guidelines.

• · We will maintain an appropriate level of confidentiality at all times with respect to the Company, employees and business associates' information.

• · We will act fairly, be honest, open, and accountable in all dealings with internal and external parties.

• · We will avoid situations in which individual personal interest may conflict with the interest of the Company and communicate any real or potential conflicts of interest to the Board.

  Alumina Limited also has an approach to Sustainability that outlines our commitment and goals towards sustainable business practices in relation to the Company, the AWAC joint venture and our stakeholders.

• · We will maintain all records of the Company to be accurate, in accordance with applicable procedures and accounting standards and ensure that financial information is complete, fair, timely and understandable.

• · Where commercially prudent, financial information will be openly available to internal and external users.