Alumina : 2022 Annual General Meeting

ASX Announcement

22 April 2022

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Alumina Limited 2022 AGM

Please find attached, the following documents in relation to Alumina Limited's 2022 Annual General Meeting to be held at 2:30pm (AEST) on Wednesday, 25 May 2022 at the Pavilion, Arts Centre Melbourne, 100 St Kilda Road Melbourne;

• i) Notice of Annual General Meeting

• ii) Proxy Form

• iii) Questions from Shareholders Form

Shareholders are encouraged to lodge a directed proxy by no later than 2:30pm (AEST) on Monday, 23 May 2022.

Lodgement instructions (which include the ability to lodge proxies electronically) are set out in the Notice of Meeting and on the Alumina website. Shareholders are also invited to submit questions in advance of the meeting utilising the form accompanying the notice of meeting.

If, due to any COVID issue it becomes necessary to make further changes to the arrangements for the AGM, Alumina will advise shareholders through its website and by making an ASX announcement.

This ASX announcement was approved and authorised for release by Mike Ferraro, Chief Executive Officer.

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]
[e-mail]	Mobile: [phone]

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NOTICE OF ANNUAL GENERAL MEETING 2022

Notice is hereby given that the fifty second Annual General Meeting of Alumina Limited (the Company) will be held in the Pavilion, Arts Centre Melbourne, 100 St Kilda Road, Melbourne, Victoria, Australia at 2:30pm (AEST) on Wednesday, 25 May 2022.

Measures to deal with COVID-19 and impact on the meeting

The Company and the Board are aware of the ongoing circumstances resulting from COVID-19 and the impact it can have on physical meetings.

The Company encourages all shareholders to participate in the meeting by:

• · reading this Notice carefully;

• · voting by proxy by following the instructions set out in this Notice;

• · attending the meeting either in person or via webcast, available atwww.aluminalimited.com; and

• · if desired, submitting questions to the Chair, Board, Auditor or management by following the instructions set out in this Notice.

In person

Shareholders are currently expected to be able to physically attend the meeting whilst following COVID safe practices at the meeting. The conditions of entry that apply to the meeting are set out on page 14 of the Notice. Shareholders are encouraged to allow additional time for these COVID safe practices.

However, circumstances relating to COVID-19 could change rapidly. The Company will continue to monitor Government restrictions on public gatherings. If it becomes necessary or appropriate to make alternative arrangements to those set out in this Notice, the Company will notify shareholders as soon as practicable via the Company's website atwww.aluminalimited.com and the ASX announcement platform.

Online

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Shareholders will have the option to view the meeting via webcast (available atwww.aluminalimited.com) and to ask questions in real time using the online system. Further details on how to participate in the meeting online are set out on page 12 of this notice.

The business to be considered at the meeting is set out below.

1. Financial and other reports

To receive and consider the Financial Report and the Reports of the Directors and of the Auditor for the year ended 31 December 2021.

2. Adoption of Remuneration Report

To consider and, if thought fit, to pass the following resolution as an ordinary resolution:

"That the Remuneration Report for the year ended 31 December 2021 is adopted."

Please note that the vote on this resolution is advisory only and does not bind the Directors or the Company.

Please also note that the Company will disregard any votes cast on this resolution by certain persons. Details of the voting exclusions applicable to this resolution are set out in the "Voting exclusions" section on page 10 of this notice.

3. Election of Director - Mr Chen Zeng

To consider and, if thought fit, to pass the following resolution as an ordinary resolution:

"That Mr Chen Zeng, who is required to retire under the Company's Constitution and who, being eligible,

4. Grant of Performance Rights to Chief

Executive Officer (Long Term Incentive)

To consider and, if thought fit, to pass the following resolution as an ordinary resolution:

"That approval is given for all purposes for the grant to Mr Mike Ferraro, Chief Executive Officer and Managing Director of the Company, of rights to acquire ordinary shares in the capital of the Company in accordance with the terms contained in the Company's Employee Share Plan, as more fully described in the Explanatory Notes to the Notice convening this meeting."

Please note that the Company will disregard particular votes cast on this resolution by certain persons. Details of the voting exclusions applicable to this resolution are set out in the "Voting exclusions" section on page 14 of this notice.

5. Other business

To transact any other business that may be legally brought forward.

By Order of the Board

offers himself for re-election, is re-elected as a Director
Stephen C Foster	Melbourne, Australia
of the Company."	Company Secretary	30 March 2022

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EXPLANATORY NOTES

ITEM 2

Adoption of Remuneration Report

The Corporations Act 2001 (Cth) (Corporations Act) requires listed companies to provide information regarding the remuneration of Directors and other key management personnel in a Remuneration Report, which forms part of the annual Directors' Report. The Company's Remuneration Report for the year ended 31 December 2021 is set out on pages 50 to 76 of the 2021 Annual Report and is also available on the Company's website atwww.aluminalimited.com.

The Remuneration Report includes an explanation of the Company's remuneration policy and the remuneration arrangements in place for Directors and other key management personnel.

As required by the Corporations Act, a non-binding resolution to adopt the Remuneration Report is to be put to shareholders at the meeting. The vote on this resolution is advisory only and does not bind the Directors or the Company.

Recommendation: The Directors unanimously recommend that shareholders vote in favour of the resolution to adopt the Remuneration Report.