ASX Announcement 5 November 2015

Alcoa Investor Day presentation

Attached is information prepared by Alcoa Inc. relevant to AWAC that was included in presentations provided by Alcoa at its Investor Day Conference held on 4 November 2015. AWAC is a joint venture between Alumina Limited and Alcoa Inc. AWAC is 60% owned and managed by Alcoa and 40% owned by Alumina Limited.

All presentations made at the Alcoa Investor Day Conference are available in the Invest section of the Alcoa web site.

Alumina Limited also notes that since the end of 3Q 2015 it has received a dividend from AWAC of US$34.6 million.

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) 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 2014. 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 Half-Year Report for the period ended 30 June 2015.

Stephen Foster Company Secretary

5 November 2015

Alcoa Investor Day 2015

Roy Harvey, EVP and Group President - Global Primary Products

November 4, 2015

Global Primary Products: Cost-Competitive Industry Leader

Alumina Primary Metals

MINING REFINING

ENERGY

SMELTING

CASTING

World's largest bauxite miner1

1st quartile1 cost curve refiner

Operational flexibility to profit from market cyclicality

Strategic global footprint

Value-add products in key markets

2014 | Employees: ~16,000 | Locations2: 64 operations in 10 countries | Third-party revenue: $10.3B

1) CRU and Alcoa analysis. 2) Figures include equity interests. 2

Mining: World's Largest Bauxite Miner

Mining Global Footprint and Competitive Attributes

Highly competitive, low-cost bauxite position... ...and largest global bauxite miner

Alcoa World Alumina and Chemicals (AWAC) partnership is the

Largest Bauxite Miner in the world

2014 Bauxite Production2,3 (M BDMT)

4640

16

10 4

Alcoa

Marketing

Rio Tinto Alcan

Norsk Hydro

UC Rusal

Noranda

Mine

st

Building out 3rd party bauxite business Proximity to owned refinery operations Strong presence in

Atlantic and Pacific markets

Governance4

Operator of 5 of 8 mines

1

China imports 40% - 60% of its bauxite demand

1 Quartile Cost curve position

Equity interests in operations in Brazil, Guinea and Saudi Arabia

1) CRU analysis. 2) CRU and Alcoa analysis, including equity interests 100% of AWAC's interest. 3) Bauxite Production based on average 10% moisture. 4) Operator and 100% owner (through

AWAC partnership) of Huntly, Willowdale, Juruti, and Suriname. Operator and 100% owner of Pocos de Caldas. Minority owner and non-operator (through AWAC partnership) of MRN (operated by 3

MRN), CBG (operated by CBG), and Al-Baitha (operated by Ma'aden Bauxite and Alumina Co.) BDMT = Bone Dry Metric Ton