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1 ASX Announcement 23 February 2017 Alumina Limited 2016 Full Year Result Attached are the following documents in relation to Alumina Limited s Annual Results for the year ended 31 December 2016: Public Announcement December 2016 ASX Report AWAC Report Stephen Foster Company Secretary 23 February 2017 For investor enquiries: For media enquiries: Chris Thiris Charles Smitheram Tim Duncan Chief Financial Officer Manager Treasury & Investor Relations Hinton and Associates Phone: Phone: Phone: chris.thiris@aluminalimited.com charles.smitheram@aluminalimited.com Mobile:

2 ALUMINA KEY FINANCIALS AWAC KEY FINANCIALS (US GAAP) Net (loss)/profit after tax (30.2) 88.3 Net profit after tax Net profit after tax excluding Significant Items Net Receipts from AWAC US$ PER TONNE

3 DEFINITIONS AND NOTES Stephen Foster Company Secretary 23 February 2017 Chief Financial Officer Hinton and Associates Manager Treasury and Investor Relations

4 31 December 2016

5 Net Profit/(Loss) 4 Dividends 4 Significant Items Affecting the Net Profit or Loss 4 Consolidated Statement of Profit or Loss and Other Comprehensive Income 6 Consolidated Balance Sheet 7 Consolidated Statement of Changes in Equity 8 Consolidated Statement of Cash Flows 9 Notes to the Consolidated Financial Statements 10 Compliance Statement 15 Alumina Limited Financial Performance Summary 17 AWAC Financial and Operational Performance Summary 17 Review of AWAC Operations 18 AWAC Financial Review 21 Alumina Limited Financial Review 23 Market Outlook and Guidance 26 AWAC Profit & Loss 29 AWAC Balance Sheet 30 AWAC Statement of Cash Flows 31 Reconciliation of AWAC s US GAAP to IFRS Profit 32 2

6 3

7 CHANGE AMOUNT PER SHARE US CENTS FRANKED AMOUNT PER SHARE US CENTS 4

8 5

9 US CENTS 6

10 7

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12 Cash flows from operating activities Net cash inflow from operating activities

13 10

14 NUMERICAL RECONCILIATION OF INCOME TAX EXPENSE TO PRIMA FACIE TAX PAYABLE Aggregate income tax expense NUMBER OF SHARES 2,879,843,498 2,879,843,498 2, ,682.9 NUMBER OF SHARES US$ 11

15 NAME PRINCIPAL ACTIVITIES COUNTRY OF INCORPORATION PERCENTAGE OWNERSHIP 12

16 . 13

17 Total borrowings Bank loans Fixed rate note 14

18 15

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20 31 DEC DEC 2015 US CENTS PER SHARE 31 DEC DEC 2015 Net Debt, US$m Gearing 2 31 DEC DEC 2015 EBITDA US$m 1 Total significant items before tax US$m 1 EBITDA excluding significant items US$m 1 EBITDA margin per tonne of alumina US$/tonne 2 Alumina average realised price US$/tonne Alumina average cash cost of production US$/tonne SGA shipments priced on spot or index basis (%) Cash from operations US$m 31 DEC DEC

21 18

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24 AWAC PROFIT AND LOSS (US GAAP) SIGNIFICANT ITEMS (US GAAP)

25 AWAC BALANCE SHEET (US GAAP) Total Assets 6, ,135.8 Total Liabilities 1, ,264.7 Equity 4, ,

26 AWAC CASH FLOW (US GAAP) Cash flow before distributions Net change in cash and cash equivalents (280.6) ALUMINA LIMITED PROFIT AND LOSS (Loss)/profit for the year after tax (30.2) 88.3 Net profit after tax excluding significant items

27 SIGNIFICANT ITEMS (IFRS, POST-TAX) Total significant items (114.9) (169.9) ALUMINA LIMITED BALANCE SHEET Total assets 2, ,110.7 Total Liabilities Net Assets 2, ,

28 ALUMINA LIMITED CASH FLOW Cash from operations Free cash flow

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30 ITEM 2017 GUIDANCE 27

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32 Total revenue 4, ,380.4 Total expenses 3, ,695.1 Net profit before income taxes Net profit after taxes Members equity 4, ,819.0 Closing balance at end of period 4, ,

33 Current assets Total current assets 1, ,534.7 Non-current assets Total non-current assets 5, ,601.1 Total assets 6, ,135.8 Current liabilities Total current liabilities 1, ,256.1 Non-current liabilities Total non-current liabilities ,008.6 Total liabilities 1, ,264.7 Net assets 4, ,871.1 Equity Total members equity 4, ,

34 Cash flows from operations Cash (used)/provided from operations (23.5) Cash flows from financing activities Cash used for financing activities (405.2) (245.4) Cash flows from investing activities Cash provided/(used) from investing activities (227.6) Cash (used)/generated (280.6) Net change in cash and cash equivalents (280.6)

35 32