Alumina : Alcoa Corp 4th Quarter 2021 Earnings Release

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ASX Announcement

20 January 2022

Alcoa Corp Fourth Quarter 2021 Earnings Release

Alumina Limited (ASX: AWC) notes Alcoa Corp's ("Alcoa") quarterly earnings release. To assist readers in understanding relevant market, operational and commercial matters of the AWAC joint venture, selected information from the Alcoa Bauxite and Alumina Segments, AWAC joint venture and Alumina Limited plus other market data is attached.

Alumina Limited's CEO, Mike Ferraro, said "As foreshadowed, AWAC's fourth quarter margins were significantly higher due to the spike in the alumina price caused by production disruptions at a number of refineries. The average one-month lagged API price for the fourth quarter was $423 per tonne, 45% higher than the previous quarter. Higher energy prices along with rising caustic input prices were the main drivers to increasing production costs in the quarter offset by the resolution of the bauxite unloader issues from 3Q.

Sufficient alumina supply has now been restored so that the spot alumina price has eased back to $348 per tonne, still well above the levels experienced through most of the past two years. Freight rates continue to be elevated which has an impact on the Chinese Import Parity Price.

The benefits of the higher margins will be reflected in the AWAC distributions to Alumina Limited in the first quarter of 2022. Net receipts from AWAC were $33.8 million in January 2022 with further distributions expected in February 2022. The Board will take these exceptional circumstances into account when declaring the 2021 final dividend for Alumina Limited. This may result in bringing forward part of the dividend that would otherwise be paid as a part of the interim dividend in 2022. No decision has yet been made.

Alumina Limited had previously advised on 1 November 2021 of Mr Grant Dempsey's resignation as Chief Financial Officer, with Mr Dempsey finishing his employment on 31 January 2022. Ms Galina Kraeva, who is currently General Manager - Finance, will act as Interim Chief Financial Officer. Ms Kraeva has been employed by the Company since October 2012 and was previously a partner of Price Waterhouse Coopers."

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

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]

About AWAC & Alcoa's Earnings Release

Alumina Limited owns 40% of each of the AWAC entities, which form a part of the Alcoa bauxite & alumina business segments. The Alcoa aluminium business segment includes the AWAC Portland smelting operations. Any closed operations are included in Transformation &

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legacy pension/OPEB. Therefore, the AWAC results cannot be directly inferred from the Alcoa earnings release. Further, unlike Alumina Limited, Alcoa reports under US GAAP. All figures displayed are in US dollars unless otherwise shown.

Forward-looking statements

Neither Alumina Limited nor any other person warrants or guarantees the future performance of Alumina Limited or any return on any investment made in Alumina Limited 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 Limited'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 Limited 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 Limited's Annual Report 2020. Readers should not place undue reliance on forward-looking statements. Except as required by law, Alumina Limited 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.

Alumina Limited

only• Alcoa Corp's 4Q 2021 Bauxite and Alumina Segments' Highlights

• Market Data on Commodity Prices

20th January 2022 usenal

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.

onlylimitation): (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;

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 f rward-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 c ntr l 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

(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 2020. 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.

useK y Risks

C rtain 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 conomic 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 ri k factors summarised in Alumina's Annual Report 2020.

Pa t Performance

Pa t 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.

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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Highlights

Alcoa Segments	4Q 2021	3Q 2021	Selected Highlights
Adjusted EBITDA Total:
-	Alcoa Alumina Segment	$503m	$148m	• Alumina: Driven by 45% increase in API, partially offset by higher raw material
-	Alcoa Bauxite Segment	$49m	$23m	and energy costs.
				• Bauxite: Benefitted from higher production and higher third party prices plus
Adjusted EBITDA Margin:
		other equity and tax improvements
-	Alcoa Alumina Segment	34.3%	13.4%	• EBITDA margins include intersegment transfer price
-	Alcoa Bauxite Segment	19.0%	10.1%

	AWAC	4Q 2021	3Q 2021	Comments
	Production:			• Refining / Mining: Includes CBG/MRN and excludes Ma'aden. Refer to slide 10
only-	AWAC Refining Business (Million t)	3.1	3.1	(including footnote 4) for further details.
	-	AWAC Mining Business (Million bone dry	11.2	11.1	• San Ciprian refinery has returned to full production following resolution of the
use	tonnes - "bdt")			industrial dispute at the adjacent Alcoa owned smelter.
			• Cash Cost includes bauxite at cost: Higher energy prices along with rising caustic
	Alumina Cost and Price:
			input prices were the main drivers in the quarter offset by the resolution of the
	-	Cash Cost ($/t production)	$244	$239	bauxite unloader issues from 3Q.
	-	Realised Price ($/t shipments)	$409	$294	• Realised Price: Higher by almost 40% and lower than the one-month lagged API
	-	One month lagged API ($/t)	$423	$292	due to product mix of contracts.

	Alumina Limited	4Q 2021	3Q 2021	Comments
	AWAC Net Distributions:			• AWAC 4Q results were significantly higher than those in 2Q and 3Q
	-	Alumina Limited Receipts	$38.9m	$43.7m	• Net receipts from AWAC were $33.8 million in January 2022 with further
	-	Alumina Limited Contributions	($14.0m)	($12.0m)	distributions expected in February 2022.
nal				• The Board will take these exceptional circumstances into account when declaring	3
	Net Debt - Period End:	$55.9m	$76.2m
	the 2021 final dividend.