ASX Announcement 17 May 2017

Presentation at Bank of America Merrill Lynch Global Metals, Mining & Steel Conference

Attached is a copy of a presentation prepared by Mr Peter Wasow, Chief Executive Officer and Mr Chris Thiris, Chief Financial Officer, for the Bank of America Merrill Lynch Global Metals, Mining & Steel Conference held in Barcelona, Spain.

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 2016. 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.

This presentation contains certain non-IFRS financial information. This information is presented to assist in making appropriate comparisons with prior year and to assess the operating performance of the business. Where non-IFRS measures are used, definition of the measure, calculation method and/or reconciliation to IFRS financial information is provided as appropriate or can be found in the Alumina Limited's ASX Full-Year Report for the period ended 31 December 2016.

Stephen Foster Company Secretary

17 May 2017

Chris Thiris

For investor enquiries:

Charles Smitheram

For media enquiries:

Tim Duncan

Chief Financial Officer

Manager - Treasury & Investor Relations

Hinton and Associates

Phone: +61 3 8699 2607

Phone: +61 3 8699 2613

Phone: +61 3 9600 1979

chris.thiris@aluminalimited.com

charles.smitheram@aluminalimited.com

Mobile: +61 408 441 122

Alumina Limited Bank of America Merrill Lynch Global Metals, Mining & Steel Conference Barcelona, May 2017

Peter Wasow, Chief Executive Officer Chris Thiris, Chief Financial Officer

Disclaimer

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) constraints on the availability of bauxite; and (f) the other risk factors summarised in Alumina's Annual Report 2016. 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.

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.

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.

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.

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Alumina Limited An investment in the AWAC joint venture

AWAC's(1) Underlying Businesses

AWAC is the world's largest producer of alumina and miner of bauxite

Alcoa (60%) Alumina Limited (40%)

Alcoa of Australia

International Entities

AWAC Global Operations(2)

Location (4)

Bauxite Mines(3)

Alumina Refineries

Aluminium Smelters (5)

Australia

Huntly & Willowdale

Kwinana, Pinjarra & Wagerup

Portland (55%)

Brazil

Trombetas (9.6%) & Juruti

Sao Luis (Alumar) (39%)

-

Guinea

Sangaredi (23%)

-

-

USA

-

Point Comfort (6)

-

Spain

-

San Ciprian

-

Saudi Arabia

Al Ba'itha (Ma'aden), 25.1%

Ras al Khair (Ma'aden), 25.1%

-

(1) AWAC is a JV comprised of a number of companies, of which Alcoa of Australia owns and operates the Australian assets.

(2) AWAC also owns and operates a shipping business which provides transport for AWAC's alumina business and 3rd parties.

(3) AWAC has other bauxite exploration interests.

(4) The mining and refining operations in Suriname were fully curtailed by 30 November 2015 and in January 2017 AWAC announced they would be permanently closed.

(5) Point Henry smelter permanently closed on 1 August 2014.

(6) The refining capacity at Pt Comfort was fully curtailed by 30 June 2016.

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Alumina Limited published this content on 17 May 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 17 May 2017 00:37:15 UTC.

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