SECURITIESTable ANDof EXCHANGE COMMISSION Contents

~~Washington,~~SECURITIES ~~D.C.~~AND ~~20549~~EXCHANGE COMMISSION

~~FORM~~Washington, ~~6-K~~ D.C. 20549

~~REPORT~~FORM ~~ON FOREIGN ISSUER~~ 6-K

~~PURSUANT~~REPORT TOON ~~RULE~~FOREIGN ~~13a-16~~ISSUER ~~OR 15d-16~~

OFPURSUANT ~~THE~~TO ~~SECURITIES~~RULE ~~EXCHANGE~~13a-16 ~~ACT~~OR OF15d-16 ~~1934~~

~~Date:~~OF ~~Period~~THE SECURITIES EXCHANGE ACT OF 1934

~~February 20,~~Date: ~~2014~~Period

~~ALUMINA LIMITED~~August 22, 2014

~~ACN~~ALUMINA LIMITED ~~004 820 419~~

~~Level~~ACN ~~12,~~004 ~~IBM Centre~~820 419

60Level ~~City~~12, ~~Road~~IBM Centre

~~Southbank,~~60 ~~Victoria~~City ~~3006~~Road

~~Australia~~Southbank, Victoria 3006

~~Indicate~~Australia ~~by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.~~

~~Form~~Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F x or Form 40-F ¨.

~~Indicate by check mark whether the registrant by furnishing the information contained in this~~ Form ~~is also thereby furnishing the information to the~~ ~~Commission~~20-F x Form ~~pursuant to Rule 12g3~~40-~~2(b)~~F ¨ ~~under the Securities Exchange Act of 1934.~~

~~Yes ¨ No~~ Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the xCommission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

~~If “~~Yes~~” is marked, indicate below the file number assigned to the registrant in~~ ¨ No ~~connection~~ x ~~with Rule 12g3-2(b): 82-~~

~~This~~If ~~report~~“Yes” onis ~~Form~~marked, ~~6-K~~indicate ~~includes~~below ~~press~~the ~~releases~~file ofnumber ~~Alumina~~assigned ~~Limited~~to ~~made during~~ the ~~period~~registrant ~~February 18, 2014~~in toconnection ~~February 20,~~with ~~2014.~~Rule 12g3-2(b): 82-

SIGNATURESTable of Contents

~~Pursuant~~This toreport ~~the~~on ~~requirements~~Form of6-K ~~the~~includes ~~Securities~~press ~~Exchange~~releases ~~Act~~ of ~~1934,~~Alumina ~~the~~Limited ~~registrant~~made ~~has~~during ~~duly~~the ~~caused~~period ~~this~~April 23, ~~report~~2014 to ~~be signed on its behalf by the undersigned~~, ~~thereunto~~August 21 ~~duly authorised~~2014.

ALUMINA LIMITED
By:		/s/ Stephen Foster
Name:		Stephen Foster
Title:		Company Secretary
Date:		February 20, 2014

SIGNATURES

~~Alumina~~Pursuant ~~Limited~~to ~~2013~~the ~~Full~~requirements ~~Year~~of ~~Result~~the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorised.

Alumina Limited’s Financial Performance Improved and Balance Sheet Strengthened


ALUMINA LIMITED

By:		/s/ Stephen Foster

Name:		Stephen Foster

Title:		Company Secretary

Date:		August 22, 2014

•Table Net profit after Tax of $0.5 million, compared to loss of $55.6 million in 2012Contents

•ALUMINA ~~Net~~LIMITED ~~profit after tax includes net charges for the Alba legal matter1 of $16.5 million~~

•ASX ~~Net~~Announcement ~~debt~~21 ~~down~~August ~~$529 million to $135 million and gearing reduced to 4.6%2~~2014

•Alumina NoLimited ~~final~~2014 ~~dividend~~Half-Year ~~declared~~Result

~~AWAC~~Attached ~~Records~~are ~~Increased~~the ~~Margins,~~following ~~Reduced~~documents ~~Costs~~in ~~and~~relation ~~Positive~~to ~~Cash~~Alumina ~~Flow~~Limited’s Half-Year Results for the six months ended 30 June 2014:

• ~~EBITDA~~Public ~~up $280 million to $728 million, before significant items~~Announcement

• ~~Alumina~~June ~~EBITDA~~2014 ~~margin3~~Half-Year ~~$45~~ASX ~~per tonne, up $14 per tonne~~Report

• ~~Cash~~AWAC ~~cost of alumina per tonne produced down 5.5%~~Report

•/s/ ~~Free~~Stephen ~~cash~~Foster ~~flow~~Stephen ~~$310~~Foster ~~million,~~Company ~~compared to a deficit of $133 million in 2012~~Secretary

AWAC’sTable Strategic Initiativesof Are Being Delivered Contents

•ALUMINA ~~Continued~~LIMITED ~~pricing transition with approximately 54% of third party smelter grade alumina shipments in 2013 priced on spot or index basis, compared to approximately 35% in 2012~~

•21 August ~~Ma’aden due to come on stream in 4Q~~ 2014, ~~refinery approximately 77% complete and mine approximately 52% complete~~

~~Outlook~~Alumina ~~for~~Limited 2014 Half-Year Result

•Alumina ~~Market~~Limited ~~conditions~~key ~~remain~~financials ~~challenging~~

• ~~Approximately~~Net ~~65%~~loss ofafter ~~AWAC’s~~tax ~~3rd~~of ~~party~~$47.4 ~~alumina shipments to be on spot or index basis~~million

• ~~Financial~~Net ~~benefits~~profit ~~with~~after ~~stronger~~tax USof ~~dollar~~$26.8 million excluding significant items of $74.21 million, which included Point Henry restructuring charges

• ~~AWAC~~Net ~~focusing~~debt onreduced ~~achieving~~to ~~further~~$130.0 ~~productivity~~million and ~~supply~~gearing ~~chain~~to ~~improvements~~4.3%2

• ~~AWAC’s~~No ~~sustaining~~interim ~~and~~dividend ~~growth capex forecast to fall to approximately $265 million~~declared

•AWAC ~~Point~~key ~~Henry~~financials ~~smelter to close in third quarter~~

~~Alumina~~• ~~Limited~~Average ~~Key~~realised ~~Financials~~third party smelter grade alumina prices down 5.1%

	2013			2012
	US$m			US$m
Net profit (loss) after tax		0.5			(55.6	)
Equity share of AWAC embedded derivatives		(3.2	)		(6.4	)
Underlying Earnings4		(2.7	)		(62.0	)
Dividends/Distributions received		107.3			95.1
Net Debt		135.2			664.4
Gearing(%)2		4.6	%		20.1	%

•

EBITDA margin for alumina³ of $44 per tonne (1H13: $45 per tonne)

~~AWAC~~• ~~Key~~EBITDA4 ~~Financials~~of ~~(US~~$345.6 ~~GAAP)~~million excluding significant items of $226.41 million, which included Point Henry restructuring charges

	2013			2012
	US$m			US$m
Total Revenue		5,884.6			5,815.3
Loss before tax		(185.1	)		(145.6	)
Income tax (charge)/credit		(63.6	)		53.7
Net loss after tax		(248.7	)		(91.9	)
Alba legal matter1		(384	)		(85	)
EBITDA5		268.9			335.5
Free cash flow6		310.3			(133.4	)
Dividends & Distributions		267.8			238.5

•

AWAC distributions to Alumina Limited of $54.2 million during the half and $65.7 million year to date

~~Alumina~~Outlook ~~Limited today announced a net profit after tax of $0.5 million, compared to loss of $55.6 million for the year ended December 2012.~~

~~Alumina~~• ~~Limited Chief Executive Officer, Peter Wasow, said, “Alumina Limited~~Ma’saden ~~net~~due ~~profit~~to iscome ~~a significant improvement~~ on ~~last~~stream ~~year,~~in ~~even~~4Q ~~after the significant charges. Despite challenging market conditions~~2014, ~~Alumina’s~~refinery ~~overall~~approximately ~~financial~~95% ~~position~~complete ~~improved over the year~~ and ~~its balance~~mine ~~sheet~~approximately ~~strengthened.~~70% complete

~~“The~~• ~~AWAC~~Approximately ~~joint~~65% ~~venture~~of ~~delivered~~AWAC’s a2014 ~~sound~~third ~~operating~~party ~~performance~~smelter ~~due~~grade toalumina ~~strong~~shipments ~~cost~~to ~~control~~be ~~and~~on ~~ongoing~~spot ~~net~~or ~~productivity gains~~index ~~and the strengthening US dollar, especially against the Australian dollar.~~ basis

~~“The~~• ~~move~~AWAC ~~toward~~focusing spot or index pricing for alumina helped to maintain the average realised price close to last year’s under difficult market conditions. During the year the pricing transition continued with approximately 54% of third party smelter grade alumina shipments priced on ~~spot~~achieving orfurther anproductivity ~~alumina indexed basis. AWAC’s margins for alumina improved by $14 per tonne thanks to higher shipments~~ and asupply ~~reduction~~chain ~~in cash costs per tonne of alumina produced of 5.5%.~~ improvements

“• AWAC’s ~~strategic initiatives~~sustaining toand ~~improve~~growth ~~margins~~capex ~~are~~forecast onto ~~track.”~~be Mrapproximately ~~Wasow said~~$270.0 million

~~The~~Alumina ~~recent~~Limited ~~strengthening~~Key ofFinancials the US dollar against the Australian dollar and Brazilian Reais has reduced US dollar production costs and capex for two thirds of AWAC’s operating capacity. Meanwhile AWAC will continue to focus on extracting further productivity and sustainable costs reduction.

On 18 February 2014, Alcoa Inc reported the closure of the Point Henry smelter, which will significantly affect 2014 earnings.


	1H14			2H13			1H13
	US$m			US$m			US$m

Net (loss)/profit after tax		(47.4	)		2.9			(2.4	)

Total significant items after tax¹		(74.2	)		9.9			(39.0	)

Net profit/(loss) after tax excluding significant items		26.8			(7.0	)		36.6

Cash received from AWAC		54.2			81.4			28.9

Net Debt		130.0			135.2			197.2

Gearing (%)²		4.3	%		4.6	%		6.3	%

SoAWAC ~~far~~Key inFinancials ~~2014,~~(US ~~Alumina~~GAAP) ~~Limited has received $34 million capital repayment from AWAC.”~~

Definitions and notes


	1H14			2H13			1H13
	US$m			US$m			US$m

Total Revenue		2,798.9			2,919.7			2,964.9

COGS and operating expenses		(2,396.5	)		(2,507.3	)		(2,581.6	)

EBITDA⁴		119.2			39.0			229.8

Total significant items before tax¹		(226.4	)		(324.0	)		(135.0	)

EBITDA excluding significant items		345.6			363.0			364.8

Cash dividends, distributions and capital returns		136.7			198.5			72.2

1.Alumina ~~Alba~~Limited ~~Civil~~today ~~Settlement~~announced ~~and~~a ~~Government~~net ~~Investigations~~loss after ~~are~~tax ~~legal~~of ~~matters~~$47.4 ~~that~~million, ~~commenced~~compared into ~~February~~a ~~2008~~loss ~~and~~of ~~were concluded in January 2014~~$2.4 million ~~Inclusion~~for ~~of these matters in AWAC’s performance has negatively impacted~~ the ~~Company’s~~first ~~result~~half ~~over a number~~ of ~~reporting~~last ~~periods~~year.

2.Alumina ~~Calculated~~Limited Chief Executive Officer, Peter Wasow, said, “Alumina Limited’s net loss occurred due to significant charges incurred during the half, including costs associated with the closure of the Point Henry smelter as ~~(debt~~announced -by ~~cash)~~Alcoa /of ~~(debt~~Australia +Limited ~~equity)~~on 18 February 2014. Excluding these charges, the Company would have reported a net profit of $26.8 million.

3.Table Adjusted EBITDA/MT from Alcoa Inc’s alumina segment (source: Alcoa Inc 4Q 2013 Results slide pack). Alcoa Inc alumina segment is predominately AWAC operations, of which Alumina Limited owns 40%Contents

4.“The ~~Underlying~~AWAC ~~earnings~~joint ~~are~~venture ~~calculated~~maintained bycost ~~excluding~~control ~~the~~and ~~impact~~achieved ofongoing ~~fair~~net ~~value~~productivity ~~movements~~gains ~~for~~against ~~embedded~~a backdrop ~~derivatives~~of ~~contained~~continued weakness in ~~AWAC~~alumina ~~energy~~pricing. ~~contracts~~AWAC’s ~~that~~EBITDA ~~are~~margins3 ~~linked~~for toalumina ~~the~~were ~~LME~~$44 ~~price~~per oftonne, ~~aluminium.~~just ~~Calculation~~$1 ofper ~~underlying~~tonne ~~earnings~~lower isthan ~~undertaken~~the onfirst ahalf ~~consistent~~of ~~basis~~last ~~with~~year ~~previous~~despite ~~periods~~weaker alumina prices.

5“AWAC’s strategic initiatives to improve margins are on track. ~~Earnings~~The ~~before~~Ma’aden ~~interest,~~refinery ~~tax,~~is ~~depreciation~~now approximately 95% complete and whilst ~~amortisation~~the ~~consistent~~mine ~~with~~is ~~previous~~approximately ~~periods~~70% complete, it has already begun operations providing feed stock to the refinery. The first alumina from the refinery is due in the fourth quarter of this year.

6.“During ~~Free~~the ~~cash~~half, ~~flow~~the ~~defined~~transition astoward ~~cash~~spot ~~from~~or ~~operations~~index ~~less~~pricing ~~capital~~for ~~expenditure~~alumina continued with approximately 63% of third party smelter grade alumina shipments priced on spot or an alumina indexed basis.

~~Some~~“Up ~~statements~~to in30 June this public announcement are forward-looking statements within the meaning of the US Private Securities Litigation Reform Act of 1995. Forward-looking statements also include those containing such words as ‘anticipate’2014, ~~‘estimates’, ‘should’,~~Alumina ~~‘will’,~~Limited ~~‘expects’,~~has ~~‘plans’~~received ~~or similar expressions~~$54.2 ~~Forward-looking~~million ~~statements~~capital ~~involve~~returns ~~risks~~ and ~~uncertainties that may cause actual outcomes to be different~~ distributions from ~~the forward-looking statements~~AWAC. ~~Important~~ ~~factors~~Since ~~that could cause actual results to differ from the forward looking statements include: (a)~~30 ~~material adverse changes in global economic~~June, ~~alumina~~Alumina orLimited ~~aluminium~~has ~~industry~~received ~~conditions~~an ~~and~~additional ~~the~~$11.5 ~~markets~~million ~~served~~capital byreturns ~~AWAC;~~from (b) changes in production and development costs and production levels or to sales agreements; (c) changes in laws or regulations or policies; (d) changes in alumina and aluminium prices and currency exchange rates; and (e) the other risk factors summarised in Alumina’s Form 20-F for the year ended 31 December 2012AWAC”.

~~This~~“Despite ~~public~~challenging ~~announcement contains certain non-IFRS financial~~market ~~information.~~conditions, ~~This~~Alumina’s ~~information~~balance issheet ~~presented~~remained tovery ~~assist~~strong ~~in making appropriate comparisons~~ with ~~prior~~gearing ~~year and to assess the operating performance~~ of ~~the~~just ~~business~~4.3% ~~Where~~and ~~non-IFRS measures are used, definition of~~ the ~~measure,~~company ~~calculation~~remains ~~method~~well ~~and/or reconciliation~~positioned tofor ~~IFRS~~any ~~financial~~industry ~~information is provided as appropriate~~upturn”.

Investor Contacts:		Media Contact:
Chris Thiris, CFO		Scott Hinton
+613 8699 2607		+613 9600 1979 / +61 419 114
057
Ben Pitt, IR Manager
+613 8699 2609

Definitions and notes

~~ALUMINA~~1. ~~LIMITED~~Details of the significant items for each of the periods are set out on page 23 of the 2014 Half-Year Report.

~~ABN~~2. 85Calculated ~~004~~as ~~820~~(debt ~~419~~- cash) / (debt + equity).

~~December~~3. ~~2013~~EBITDA ~~ASX~~margin ~~Report~~is calculated as AWAC’s EBITDA excluding significant items, smelters operating results and equity accounted income/(losses) divided by tonnes produced.

~~Alumina~~4. ~~Limited~~Earnings -before ~~ABN~~interest, 85tax, ~~004~~depreciation ~~820~~and ~~419~~amortisation consistent with previous periods.

~~Financial~~Some statements ~~Year~~in ~~ended~~this 31public announcement are forward-looking statements within the meaning of the US Private Securities Litigation Reform Act of 1995. Forward-looking statements also include those containing such words as ‘anticipate’, ‘estimates’, ‘should’, ‘will’, ‘expects’, ‘plans’ or similar expressions. Forward-looking statements involve risks and uncertainties that may cause actual outcomes to be different from the forward-looking statements. Important factors that could cause actual results to differ from the forward looking statements include: (a) ~~December~~material ~~2013~~adverse changes in global economic, alumina or aluminium industry conditions and the markets served by AWAC; (~~“Current~~b) changes ~~Period”~~in production and development costs and production levels or to sales agreements; (c) changes in laws or regulations or policies; (d) changes in alumina and aluminium prices and currency exchange rates; and (e) the other risk factors summarised in Alumina’s Form 20-F for the year ended 31 December 2013.

~~Results~~This ~~for~~public ~~Announcement~~announcement contains certain non-IFRS financial information. This information is presented to assist in making appropriate comparisons with prior year and to assess the ~~Market~~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.

		Change			$US million
Investor Contacts:	Media Contact:
Net profit from ordinary activities after tax attributable to members of Alumina Limited	Up		101	%		0.5
Chris Thiris, CFO	Nerida Mossop, Hinton & Associates
Net profit for the period attributable to members of Alumina Limited (Refer Note below)	Up		101	%		0.5
+613 8699 2607	+613 9600 1979 / +61 437 361 433
Charles Smitheram
+613 8699 2613

DividendsTable of Contents

	Year ended31 Dec 2013	Year ended31 Dec 2012
Final dividend per share	Nil	Nil
Franked amount per share	n/a	n/a
Interim dividend per share	Nil	Nil
Franked amount per share	n/a	n/a

ASX HALF-YEAR REPORT

~~Note~~ALUMINA onLIMITED ~~Underlying Earnings within net profit/(loss) for the period~~

~~The~~ABN ~~underlying earnings reconciliation is provided to enhance an understanding of the performance of the underlying operations during the reporting period.~~85 ~~Calculation~~004 of820 ~~the~~419 ~~underlying earnings is undertaken on a consistent basis with previous years.~~

~~Some~~30 June ~~Alcoa~~2014 World Alumina and Chemicals (AWAC) long term purchase contracts include an aluminium price component in the energy price so that costs are partially linked to the price of aluminium. This results in an embedded derivative. The Company’s equity share in the fair value movement of embedded derivatives is included in the calculation of the profit/(loss) for the period. This is a non-cash entry and does not relate to operations during the reporting period, and accordingly is removed from net profit/(loss) after tax to arrive at underlying earnings.

~~The~~Lodged ~~impact~~with ~~of this item in~~ the ~~Company’s~~ASX ~~result~~under ~~for~~Listing ~~the~~Rule ~~twelve months to 31 December 2013 has been to increase the net profit after tax by net US$3.2 million (2012: to decrease the net loss after tax by US$6.~~4 ~~million) as shown in the following table~~. ~~Net profit/(loss) after tax before this item is referred to as ‘Underlying Earnings’~~2A.

	Year ended31 Dec 2013US$ million			Year ended31 Dec 2012US$ million
Net profit/(loss) for the period, after tax		0.5			(55.6	)
Non-operating non-cash items:
Equity share of AWAC embedded derivatives		(3.2	)		(6.4	)
Equity share of AWAC retirement obligations1		—			—
Underlying loss for the period, after tax		(2.7	)		(62.0	)
Legal matters of Associate included in underlying loss2		16.5			34.0

This information should be read in conjunction with the 31 December 2013 Annual Report.

1 Refer to Note 1 for the details on Changes in accounting policy


Contents	Page

Results for Announcement to the Market		7

Half-Year Report		8

Supplementary Appendix 4D Information		22

2This ~~Alba~~half-year ~~Civil~~report ~~Settlement~~covers ~~and~~the ~~Government~~consolidated ~~Investigations~~entity ~~are~~consisting ~~legal~~of ~~matters~~Alumina ~~that~~Limited ~~commenced in February 2008~~ and ~~were~~its ~~concluded~~controlled ~~in January 2014~~entities. The financial ~~impact~~statements ofare ~~these~~presented ~~legal matters was reflected~~ in ~~AWAC’s~~United ~~performance~~States asdollars ~~Alcoa~~(unless ~~Inc~~otherwise ~~made progress in their resolution~~stated). ~~Inclusion of these matters in AWAC’s performance has negatively impacted the Company’s result over a number of reporting periods. Refer to Note 3 and Note 12 for further details.~~

ThisTable year-endof report is to be read in conjunction with the most recent annual financial report. Contents

ALUMINA LIMITED

~~ABN~~HALF-YEAR 85ENDED ~~004~~30 ~~820~~JUNE ~~419~~2014

~~December~~(Previous ~~2013~~corresponding period ~~ASX~~half-year ~~Report~~ended 30 June 2013)

~~Consolidated~~Results ~~Statement~~for ofAnnouncement ~~Profit~~to orthe ~~Loss~~Market ~~and Other Comprehensive Income~~

	Year ended31 Dec 2013				Year ended31 Dec 2012
			Change				US$ million
	US$ million				US$ million
Net (loss)/profit from ordinary activities after tax attributable to members of Alumina Limited	Up			1,875	%			(47.4	)
Revenue from continuing operations		0.3				0.1
Net (loss)/profit for the period attributable to members of Alumina Limited	Up			1,875	%			(47.4	)
Other Income		137.1				—
General and administrative expenses		(17.2	)			(19.0	)
Change in fair value of derivatives/foreign exchange gains		3.0				0.6
Finance costs		(25.3	)			(29.4	)
Share of net loss of associates accounted for using the equity method		(97.4	)			(7.5	)
Profit/(loss) before income tax		0.5				(55.2	)
Income tax expense from continuing operations		—				(0.4	)
Profit/(loss) for the year		0.5				(55.6	)
Other comprehensive income/(loss)
Items that may be reclassified to profit or loss
Share of reserve movements accounted for using the equity method		3.0				(0.9	)
Foreign exchange translation difference		(373.1	)			(89.9	)
Items that will not be reclassified to profit or loss
Re-measurements of retirement benefit obligations accounted for using the equity method		67.7				(6.5	)
Other comprehensive loss for the year, net of tax		(302.4	)			(97.3	)
Total comprehensive loss for the year attributable to the owners of Alumina Limited		(301.9	)			(152.9	)

~~Earnings~~Dividends ~~per share (EPS)~~

	Year ended31 Dec 2013US cents		Year ended31 Dec 2012US cents
Basic EPS		Positive0.02¢		Negative2.3¢
Diluted EPS		Positive0.02¢		Negative2.3¢


	Amount per share US cents	Franked amount per share US cents
Final dividend (prior year)	Nil	n/a
Interim dividend	Nil	n/a

~~ALUMINA~~Significant ~~LIMITED~~items affecting the net (loss)/profit for the period

~~ABN~~The 85Company’s ~~004~~net ~~820~~(loss)/profit ~~419~~was negatively affected by individually significant items. These items are disclosed in the table below to enhance an understanding of the Company’s operational performance during the reporting period.

December 2013 ASX Report


Net (loss)/profit for the period, after tax	Half-Year ended 30 June 2014 US$ million (47.4)			Half-Year ended 31 Dec 2013 US$ million 2.9			Half-Year ended 30 June 2013 US$ million (2.4)
Significant items included in net (loss)/profit:
Legal matters of Associate¹		(2.7	)		13.5			(30.0	)
Point Henry restructuring charges²		(78.7	)		—			—
Other³		7.2			(3.6	)		(9.0	)

~~Consolidated~~1 ~~Balance~~Alba ~~Sheet~~Civil Settlement and Government Investigations are legal matters that commenced in February 2008 and were concluded in January 2014. The impact of these legal matters was reflected as progress in their resolution was made.

	31 Dec 2013US$ million			31 Dec 2012US$ million
Current Assets
Cash and cash equivalents		24.0			10.1
Receivables		0.1			0.1
Other assets		23.7			4.9
Total current assets		47.8			15.1
Non-current Assets
Investments accounted for using the equity method		2,798.9			3,296.1
Property, plant and equipment		0.2			0.2
Other assets		117.1			—
Total non-current assets		2,916.2			3,296.3
Total assets		2,964.0			3,311.4
Current Liabilities
Payables		3.9			2.7
Interest bearing liabilities		50.6			52.0
Derivative financial instruments		6.4			4.6
Provisions		0.3			0.3
Other		0.2			0.2
Total current liabilities		61.4			59.8
Non-current Liabilities
Interest bearing liabilities		108.6			622.5
Provisions		0.6			0.6
Total non-current liabilities		109.2			623.1
Total liabilities		170.6			682.9
Net assets		2,793.4			2,628.5
Equity
Contributed equity		2,620.0			2,154.1
Treasury shares		(1.3	)		(1.5	)
Reserves		(628.4	)		(259.0	)
Retained profits		803.1			734.9
Total equity		2,793.4			2,628.5

On 18 February 2014 Alcoa of Australia Limited, an AWAC entity, decided to permanently close the Point Henry aluminium smelter which was done in August 2014. Further costs will be recognised in 2014 and future financial years relating to the closure, demolition and remediation activities that are expected to be completed by the end of 2018.

~~ALUMINA~~3 ~~LIMITED~~Other significant items include the gain on the sale of a gold mining interest in Suriname, asset write-offs and the impact of Anglesea power station statutory maintenance for the six month periods ended 30 June 2014, 31 December 2013 and 30 June 2013 respectively.

~~ABN~~This half-yearly 85report ~~004~~should ~~820~~be ~~419~~read in conjunction with the most recent annual financial report.

~~December~~7 ~~2013 ASX Report~~

ConsolidatedTable Statement of Changes in Equity Contents

	ContributedEquity1US$ million		ReservesUS$ million			RetainedProfitsUS$ million			TotalUS$ million
Balance as at 1 January 2012		2,152.6		(168.8	)		870.2			2,854.0
Loss for the year		—		—			(55.6	)		(55.6	)
Other comprehensive loss for the year		—		(90.8	)		(6.5	)		(97.3	)
Transactions with owners in their capacity as owners:
Dividends declared		—		—			(73.2	)		(73.2	)
Movement in share based payments reserve		—		0.6			—			0.6
Balance at 31 December 2012		2,152.6		(259.0	)		734.9			2,628.5
Balance as at 1 January 2013		2,152.6		(259.0	)		734.9			2,628.5
Profit for the year		—		—			0.5			0.5
Other comprehensive (loss)/profit for the year		—		(370.1	)		67.7			(302.4	)
Transactions with owners in their capacity as owners:
Contributions of equity, net of transaction costs after tax		465.9		—			—			465.9
Movement in treasury shares		0.2		—			—			0.2
Movement in share based payments reserve		—		0.7			—			0.7
Balance at 31 December 2013		2,618.7		(628.4	)		803.1			2,793.4

ALUMINA LIMITED

1HALF-YEAR ~~Treasury~~ENDED ~~shares~~30 ~~have~~JUNE ~~been~~2014 ~~deducted from contributed equity.~~

~~ALUMINA~~(Previous ~~LIMITED~~corresponding period half-year ended 30 June 2013)

~~ABN~~Directors’ 85Report ~~004 820 419~~

~~December~~The ~~2013~~Directors ~~ASX~~of ~~Report~~Alumina Limited present their report on the consolidated entity consisting of Alumina Limited and the entities it controlled (the Group) at the end of, or during, the half-year ended 30 June 2014.

~~Consolidated~~DIRECTORS ~~Statement of Cash Flows~~

	Year ended31 Dec 2013US$ million			Year ended31 Dec 2012US$ million
Cash Flows Related to Operating Activities
Payments to suppliers and employees (inclusive of goods and service tax)		(14.7	)		(18.9	)
GST refund received		0.6			0.8
Dividends received from associates		100.0			86.0
Distributions received from associates		7.3			9.1
Interest received		0.3			0.1
Finance costs		(25.5	)		(28.2	)
Other		(0.5	)		(0.3	)
Net cash inflow from operating activities		67.5			48.6
Cash Flows Related to Investing Activities
Payments for investment in associates		(12.0	)		(171.0	)
Proceeds from return of invested capital		3.0			—
Net cash outflow from investing activities		(9.0	)		(171.0	)
Cash Flows Related to Financing Activities
Proceeds from borrowings		70.0			240.0
Repayment of borrowings		(581.4	)		(52.5	)
Proceeds from share issue		467.2			—
Share issue transaction costs		(1.3	)		—
Dividends paid		—			(73.2	)
Net cash inflow/(outflow) from financing activities		(45.5	)		114.3
Net Increase/(Decrease) in Cash and cash equivalents		13.0			(8.1	)
Cash and cash equivalents at the beginning of the reporting period		10.1			19.0
Effects of exchange rate changes on cash and cash equivalents		0.9			(0.8	)
Cash and cash equivalents at the end of the reporting period		24.0			10.1

The following persons were directors of Alumina Limited during the whole of the half-year and up to the date of this report, unless otherwise indicated:

~~ALUMINA~~Non-executive ~~LIMITED~~

~~ABN~~G 85J ~~004~~Pizzey ~~820~~(Chairman) ~~419~~

~~December~~E ~~2013~~R ~~ASX~~Stein ~~Report~~

1.C ~~Basis~~Zeng ~~of Preparation~~

~~This~~W ~~consolidated~~P ~~financial~~Day ~~report~~(appointed ~~for the year ended 31~~1 ~~December~~January ~~2013~~2014) has been prepared in accordance with the Australian Stock Exchange Listing Rules as they relate to Appendix 4E and in accordance with Accounting Standards, other authoritative pronouncements of the Australian Accounting Standards Board, and the Corporations Act 2001.

~~This~~M ~~consolidated~~Ferraro ~~financial~~(appointed ~~report does not include all the notes of the type normally included in an annual financial report. Accordingly, this report is to be read in conjunction with the annual report for the year ended 31~~5 ~~December~~February ~~2012~~2014) ~~and any public announcements made by Alumina Limited during the reporting period in accordance with the continuous disclosure requirements of the Corporations Act 2001.~~

~~The accounting policies adopted are~~Executive ~~consistent with those of the previous financial year except as set out below.~~

~~Changes~~P inC ~~accounting~~Wasow ~~policy~~(Chief Executive Officer)

~~Employee~~PRINCIPAL ACTIVITIES ~~benefits~~

The ~~adoption~~ principal activities of the ~~revised~~Group ~~AASB~~relate ~~119~~to ~~Employee~~its ~~Benefits~~40 per ~~resulted~~cent interest in ~~two~~the ~~changes~~series toof operating entities forming the ~~entity’s~~Alcoa ~~accounting~~World Alumina ~~policy~~and ~~which~~Chemical ~~affected~~(AWAC) ~~items~~joint ~~recognised~~venture. AWAC has interests in bauxite mining, alumina refining, and aluminium smelting. There have been no significant changes in the ~~financial~~nature ~~statements:~~of these activities.

•REVIEW ~~Recognition~~OF ofOPERATIONS actuarial gains and losses (re-measurements). ‘Actuarial gains and losses’ are renamed ‘re-measurements’ and will be recognised immediately in other comprehensive income (“OCI”). Re-measurements recognised in OCI will not be recycled through profit or loss in subsequent periods. The revised standard does not mandate where re-measurements must be presented in equity. Alumina Limited has previously chosen to recognise actuarial gains and losses in profit or loss. On adoption of the revised standard, Alumina Limited has recognised re-measurements in other comprehensive income and these re-measurements continue to be presented in retained earnings.

•The ~~Measurement~~half-year offinancial ~~pension~~results ~~expense.~~of Alumina ~~Annual~~Limited ~~expense for a funded benefit plan will~~ include ~~net interest expense or income, calculated by applying~~ the ~~discount~~half-year ~~rate~~result toof ~~the~~AWAC ~~net defined benefit asset or liability. This will replace the finance charge~~ and ~~expected~~associated ~~return on plan assets. There will be no change in the discount rate, which remains a high quality~~ corporate ~~bond rate where there is a deep market in such bonds, and a government bond rate in other markets~~activities.

The ~~revised~~Group’s ~~standard~~half-year isnet ~~applied~~loss ~~retrospectively.~~after ~~Adjustments~~tax toattributable ~~the retirement benefits obligations have been~~to ~~recognised~~members ~~in the consolidated statement~~ of ~~profit~~Alumina orLimited ~~loss~~was ~~and~~US$47.4 ~~other~~million ~~comprehensive~~(1H ~~income~~2013: ~~for the prior period as outlined in the table below~~US$2.4 ~~There~~million ~~is no change to the amounts previously recognised in the consolidated balance sheet~~loss).

	Year ended31 Dec 2012US$ million			Increase/(Decrease)US$ million			Year ended31 Dec 2012(Restated)US$ million
Income statement (extract)
Share of net (loss)/profit of associates accounted for using the equity method		(14.0	)		6.5			(7.5	)
Other comprehensive income (extract)
Re-measurements of retirement benefit obligations accounted for using the equity method		—			(6.5	)		(6.5	)
Basic EPS		Negative 2.5¢			Increase 0.2¢			Negative 2.3¢
Diluted EPS		Negative 2.5¢			Increase 0.2¢			Negative 2.3¢

For further information on the operations of the Group during the half-year ended 30 June 2014 and the results of these operations, refer to pages 17-23.

~~The revised standard has also changed the accounting policy for the Group~~AUDITOR’sS ~~annual~~INDEPENDENCE ~~leave~~DECLARATION obligations. As the Company expects all annual leave to be taken within 12 months of the respective service being provided, annual leave obligations are classified as short term employee benefits in their entirety. Therefore, the change had no impact on the financial statements.

~~ALUMINA~~A ~~LIMITED~~copy of the Auditor’s independence declaration as required under section 307C of the Corporations Act is set out on page 4.

~~ABN~~ROUNDING 85OF ~~004~~AMOUNTS ~~820 419~~

~~December~~The ~~2013~~Company ~~ASX~~is ~~Report~~of a kind referred to in the Australian Securities and Investments Commission Class Order 98/100, relating to the ‘rounding off’ of amounts in the financial report. Amounts in the financial report have been rounded off in accordance with that Class Order to the nearest hundred thousand dollars, except where otherwise required.

2.This ~~Reconciliation~~Report is made in accordance with a resolution of ~~Cash~~directors.

	31 Dec 2013US$ million		31 Dec 2012US$ million
Reconciliation of cash at the end of the reporting period (as shown in the consolidated statement of cash flows) to the related items in the accounts is as follows:
Cash on hand and at bank		4.0		3.1
Money market deposits (with maturity on investment three months or less)		20.0		7.0
Total cash and cash equivalents at the end of the reporting period		24.0		10.1

Peter Wasow

3.Director ~~Other Income~~

~~Allocation~~Melbourne ~~of Alba settlement terms and related transactions~~

As previously disclosed, in September 2012, Alcoa Inc and Alumina Limited had entered into an agreement that the cash costs (including legal fees) of settlement of the Department of Justice (DoJ) and Securities21 &August ~~Exchange~~2014 Commission (SEC) investigations, as well as the $85 million civil settlement with Alba reached in October 2012 recorded in the accounts of Alcoa World Alumina LLC (AWA), will be adjusted to ensure that 85% will be allocated to Alcoa Inc and 15% to Alumina Limited (should settlements be reached on the regulatory investigations, as described above). AWA is a company within Alcoa World Alumina and Chemicals (AWAC).

~~The~~8 ~~agreement between Alcoa Inc and Alumina Limited also provides that Alumina Limited will not provide any funding to AWA LLC for its share of the payments.~~

WithTable the DoJ and SEC settlements having been reached (Refer Note 12 for further details), the allocation provisions of the above agreement became applicable. After equity accounting for $153.6 million (40%) of 2013 Alba related charges, Alumina Limited further recognised $137.1 million (representing 25% of the total Alba settlement payments and costs) as other assets with the corresponding credit recognised in the Statement of Profit or Loss as other income, thus reflecting the allocation agreement’s provisions. Contents

~~Alumina~~ALUMINA ~~Limited~~LIMITED is evaluating with Alcoa Inc the structural options (including the form and timing) for the recovery of the other assets, recognised under the provisions of the allocation agreement. Alumina Limited expects approximately $20 million of the assets to be recovered during 2014 and has classified this amount as current assets.

~~The~~HALF-YEAR ~~tax~~ENDED ~~impact~~30 inJUNE ~~relation~~2014 ~~to the other income recognised by Alumina Limited under the allocation agreement’s provisions will depend on the form of the assets recovery and cannot be reliably measured at this stage.~~

4.(Previous ~~Consolidated~~corresponding period ~~Retained~~half-year ~~Profits~~ended 30 June 2013)

LOGO

	Year ended31 Dec 2013US$ million		Year ended31 Dec 2012US$ million
Retained profits at the beginning of the reporting period		734.9		870.2
Net profit/(loss) attributable to members of Alumina Limited		0.5		(55.6	)
Re-measurements of retirement benefit obligations accounted for using the equity method1		67.7		(6.5	)
Dividends paid		—		(73.2	)
Retained profits at the end of the reporting period		803.1		734.9

Auditor’s Independence Declaration

1As ~~Refer~~lead toauditor ~~Note~~for 1the review of Alumina Limited for the ~~details~~half-year onended ~~Changes~~30 June in2014, ~~accounting~~I ~~policy~~declare that to the best of my knowledge and belief, there have been:

~~ALUMINA~~a) ~~LIMITED~~no contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the review; and

~~ABN~~b) 85no ~~004~~contraventions ~~820~~of ~~419~~any applicable code of professional conduct in relation to the review.

~~December~~This ~~2013~~declaration ~~ASX~~is ~~Report~~in respect of Alumina Limited and the entities it controlled during the period.

5. Income Tax




Nadia Carlin		Melbourne
Partner		21 August 2014
PricewaterhouseCoopers

LOGO

	Year ended31 Dec 2013US$ million			Year ended31 Dec 2012US$ million
Profit/(loss) from ordinary activities before income tax		0.5			(55.2	)
Prima facie tax (expense)/credit for the period at the rate of 30%		(0.2	)		16.5
The following items caused the total charge for income tax to vary from the above:
Share of equity accounted (profit)/loss not assessable for tax		97.4			7.5
Foreign income subject to accruals tax		1.7			1.5
Share of Partnership income assessable for tax		7.3			9.1
Timing differences not recognised		(2.3	)		(0.1	)
Tax losses not recognised		30.8			36.8
Non-deductible expenses		1.7			2.3
Previously unrecognised tax losses now recouped to reduce current tax expense		—			(0.5	)
Net movement		136.6			56.6
Consequent increase in charge for income tax		(40.9	)		(16.9	)
Charge not recognised as cannot yet be reliably measured1		41.1			—
Aggregate income tax expense for the reporting period		—			(0.4	)

PricewaterhouseCoopers, ABN 52 780 433 757

1Freshwater ~~Relates~~Place, to2 ~~the~~Southbank ~~tax~~Boulevard, ~~impact~~SOUTHBANK inVIC ~~relation~~3006, toGPO ~~the~~Box ~~other~~1331, ~~income~~MELBOURNE ofVIC ~~$137.1~~3001 ~~million recognised by Alumina Limited under the allocation agreement’s provisions. For further details refer Note 3.~~

6.T: ~~Contributed~~61 ~~Equity~~3 8603 1000, F: 61 3 8603 1999, www.pwc.com.au

	Year ended31 Dec 2013US$ million			Year ended31 Dec 2012US$ million
Ordinary share capital issued and fully paid
Balance brought forward		2,154.1			2,154.1
Shares issued		467.2			—
Less: Transaction costs on share issue		(1.3	)		—
Total issued capital		2,620.0			2,154.1

Liability limited by a scheme approved under Professional Standards Legislation.

	Number ofshares		Number ofshares
Movements in Share Capital
Opening number of shares		2,440,196,187		2,440,196,187
Movement for the period		366,029,428		—
Total issued capital		2,806,225,615		2,440,196,187

OnTable 14 February 2013, CITIC Resources Australia Pty Ltd and Bestbuy Overseas Co., Ltd unconditionally subscribed, in aggregate, for 366,029,428 fully paid ordinary shares in Alumina limited, being 15% of Alumina Limited’s then current capital base, representing 13.04% of Alumina Limited’s capital base following completion (the “Placement”). Contents

~~The~~ALUMINA ~~Placement~~LIMITED raised approximately A$452 million based on an issue price of A$1.235 per share, which reflected a premium of approximately 3% to the closing price of Alumina Limited shares on 13 February 2013 and a premium of 11% to the volume weighted average price of Alumina limited shares for the 30 day period ending 13 February 2013.

~~ALUMINA~~HALF-YEAR ~~LIMITED~~ENDED 30 JUNE 2014

~~ABN~~(Previous 85corresponding period ~~004~~half-year ~~820~~ended ~~419~~30 June 2013)

~~December~~Consolidated ~~2013~~Statement ~~ASX~~of ~~Report~~Profit or Loss and Other Comprehensive Income

7. Earnings Per Share (EPS)


	Half-Year ended 30 June 2014			Half-Year ended 31 Dec 2013			Half-Year ended 30 June 2013
	US$ million			US$ million			US$ million
Revenue from continuing operations		—			0.1			0.2

Other income		—			137.1			—

General and administrative expenses		(6.4	)		(9.6	)		(7.6	)

Change in fair value of derivatives/foreign exchange (losses)/gains		(0.3	)		1.8			1.2

Finance costs		(6.9	)		(13.8	)		(11.5	)

Share of net (loss)/profit of associates accounted for using the equity method		(30.7	)		(112.7	)		15.3

(Loss)/profit before income tax		(44.3	)		2.9			(2.4	)

Income tax expense from continuing operations		(3.1	)		—			—

(Loss)/profit for the half-year		(47.4	)		2.9			(2.4	)

Other comprehensive income/(loss)

Items that may be reclassified to profit or loss

Share of reserve movements accounted for using the equity method		4.4			3.3			(0.3	)

Foreign exchange translation difference		132.8			(144.0	)		(229.1	)

Items that will not be reclassified to profit or loss

Re-measurements of retirement benefit obligations accounted for using the equity method		(6.1	)		31.7			36.0

Other comprehensive income/(loss) for the half-year, net of tax		131.1			(109.0	)		(193.4	)


Total comprehensive income/(loss) for the half-year attributable to the owners of Alumina Limited		83.7			(106.1	)		(195.8	)

	Year ended31 Dec 2013		Year ended31 Dec 2012
Profit/(loss) attributable to the ordinary equity holders of the Company used in calculation of basic and diluted EPS (US$ million)		0.5		(55.6	)
Weighted average number of ordinary shares used as the denominator in the calculation of basic and diluted EPS1		2,760,518,829		2,439,526,913
Basic EPS (US cents)		Positive 0.02		Negative 2.3
Diluted EPS (US cents)		Positive 0.02		Negative 2.3

Earnings Per Share (EPS)

1 The Total Shareholder Return (TSR) hurdles were partially met for the Performance Rights granted in January 2010 resulting in 35 per cent of total performance right allocation vesting. Therefore, number of treasury shares has decreased, which resulted in increase of weighted average number of ordinary shares used as denominator in the EPS calculation.


	Half-Year ended 30 June 2014	Half-Year ended 31 Dec 2013	Half-Year ended 30 June 2013
	US cents	US cents	US cents
Basic EPS	Negative 1.7	Positive 0.12	Negative 0.1
Diluted EPS	Negative 1.7	Positive 0.12	Negative 0.1

8.10 ~~Net Tangible Asset Backing Per Security~~

	31 Dec 2013		31 Dec 2012
Net assets (US$ million)		2,793.4		2,628.5
Less equity accounted intangible assets:
Goodwill (US$ million)		175.8		175.8
Mineral rights and bauxite assets net of deferred tax liabilities (US$ million)		76.8		78.2
Net tangible assets (US$ million)		2,540.8		2,374.5
Number of issued ordinary shares (including treasury shares)		2,806,225,615		2,440,196,187
Net tangible asset backing per ordinary security (US$)		0.91		0.97

9.ALUMINA ~~Dividends~~LIMITED

~~Since the year end the Directors have determined that no final dividend will be paid for the year ended 31 December 2013. The Board will continue to review the dividend at each half~~HALF-~~year~~YEAR inENDED ~~light~~30 ofJUNE ~~current~~2014 ~~and expected business conditions. Directors have continued the suspension of the Company’s Dividend Reinvestment Plan.~~

~~The~~(Previous ~~franking account balance, which is maintained in Australian dollars, was A$409.1 million as at 31 December~~corresponding ~~2013~~period ~~(A$364.1 million~~half-year asended at30 ~~31 December~~June ~~2012~~2013).

a)Consolidated ~~Dividend~~Balance ~~Per~~Sheet ~~Share During the Year~~

	Year ended31 Dec 2013US cents			Year ended31 Dec 2012US cents
	30 June 2014US$ million			31 December 2013US$ million			30 June 2013US$ million
Final dividend per share
Current Assets
Amount per share		Nil			3	¢1
Cash and cash equivalents		5.0			24.0			23.8
Franked amount per share at 30% tax rate		n/a			3	¢1
Receivables		0.1			0.1			25.0
Other assets		23.2			23.7			3.4
Total current assets		28.3			47.8			52.2
Non-current Assets
Investments in associates		2,877.2			2,798.9			3,076.8
Property, plant and equipment		0.1			0.2			0.2
Other assets		117.1			117.1			—
Total non-current assets		2,994.4			2,916.2			3,077.0
Total assets		3,022.7			2,964.0			3,129.2
Current Liabilities
Payables		1.5			3.9			1.5
Interest bearing liabilities		51.2			50.6			116.1
Derivative financial instruments		5.0			6.4			6.6
Provisions		0.3			0.3			0.2
Deferred tax liabilities		0.4			—			—
Other liabilities		0.2			0.2			0.3
Total current liabilities		58.6			61.4			124.7
Non-current Liabilities
Interest bearing liabilities		83.8			108.6			104.9
Deferred tax liabilities		2.3			—			—
Provisions		0.5			0.6			0.5
Total non-current liabilities		86.6			109.2			105.4
Total liabilities		145.2			170.6			230.1
Net assets		2,877.5			2,793.4			2,899.1
Equity
Contributed equity		2,620.0			2,620.0			2,620.0
Treasury shares		(1.3	)		(1.3	)		(1.5	)
Reserves		(490.8	)		(628.4	)		(451.9	)
Retained profits		749.6			803.1			732.5
Total equity		2,877.5			2,793.4			2,899.1

b)11 ~~Dividend Paid on All Shares During the Year~~

	Year ended31 Dec 2013US$ million		Year ended31 Dec 2012US$ million
Final dividend paid on ordinary shares		—		73.2	1
Interim dividend paid on ordinary shares		—		—
Total		—		73.2

1ALUMINA ~~Relates~~LIMITED ~~to final dividend declared for 2011~~

~~ALUMINA~~HALF-YEAR ~~LIMITED~~ENDED 30 JUNE 2014

~~ABN~~(Previous 85corresponding period ~~004~~half-year ~~820~~ended ~~419~~30 June 2013)

~~December~~Consolidated ~~2013~~Statement ~~ASX~~of ~~Report~~Changes in Equity

10. Material Interests in Entities which are Not Controlled Entities


	Contributed Equity¹ US$ million		Reserves US$ million			Retained Profits US$ million			Total US$ million
Balance as at 1 January 2013		2,152.6		(259.0	)		734.9			2,628.5
Loss for the half-year		—		—			(2.4	)		(2.4	)
Other comprehensive loss for the half-year		—		(193.4	)		—			(193.4	)
Transactions with owners in their capacity as owners:
Contributions of equity, net of transaction costs after tax		465.9		—			—			465.9
Movement in share based payments reserve		—		0.5			—			0.5

Balance at 30 June 2013		2,618.5		(451.9	)		732.5			2,899.1


Balance as at 1 July 2013		2,618.5		(451.9	)		732.5			2,899.1
Profit for the half-year		—		—			2.9			2.9
Other comprehensive (loss)/income for the half-year		—		(176.7	)		67.7			(109.0	)
Transactions with owners in their capacity as owners:
Movement in treasury shares		0.2		—			—			0.2
Movement in share based payments reserve		—		0.2			—			0.2

Balance at 31 December 2013		2,618.7		(628.4	)		803.1			2,793.4


Balance as at 1 January 2014		2,618.7		(628.4	)		803.1			2,793.4
Loss for the half-year		—		—			(47.4	)		(47.4	)
Other comprehensive income/(loss) for the half-year		—		137.2			(6.1	)		131.1
Transactions with owners in their capacity as owners:
Movement in share based payments reserve		—		0.4			—			0.4

Balance at 30 June 2014		2,618.7		(490.8	)		749.6			2,877.5

~~Alumina~~1 ~~Limited~~Treasury ~~has~~shares ~~an interest~~have inbeen ~~the~~deducted ~~following~~from ~~entities~~contributed ~~forming AWAC:~~ equity.

	Ownership Interest Held (%)
	31 Dec 2013		31 Dec 2012
Alcoa of Australia Limited		40		40
Alcoa World Alumina LLC		40		40
Alumina Espanola S.A.		40		40
Alcoa World Alumina Brasil Ltda.		40		40
AWA Saudi Ltda.		40		40
Enterprise Partnership		40		40

11.Table Details of Entities Over Which Control Has Been Lost or GainedContents

~~There~~ALUMINA ~~was~~LIMITED ~~no loss or gain of control for the year ended 31 December 2013.~~

~~12.~~HALF-YEAR ~~AWAC~~ENDED ~~contribution~~30 toJUNE ~~net~~2014 ~~profit of Alumina Limited and Controlled Entities~~

	Year ended31 Dec 2013US$ million			Year ended31 Dec 2012US$ million
Loss from ordinary activities before income tax1		(73.3	)		(55.0	)
Income tax (expense)/benefit on ordinary activities		(24.1	)		47.5
Equity share of net loss		(97.4	)		(7.5	)
Dividends received by Alumina Limited		(100.0	)		(86.0	)
Distributions received by Alumina Limited		(7.3	)		(9.1	)
Surplus of dividends/distributions received over equity share of profits		(204.7	)		(102.6	)

(Previous corresponding period half-year ended 30 June 2013)

1Consolidated ~~The~~Statement ~~loss for the twelve months to 31 December 2013 includes a charge~~ of ~~$153.6~~Cash ~~million~~Flows ~~($34.0 million for the year ended 31 December 2012) in relation to the Alba Civil Settlement and Government Investigations. Refer further details in Note 3.~~

Legal Matters of Associate relating to Alba Civil Settlement and Government Investigations


	Half-Year ended 30 June 2014 US$ million			Half-Year ended 31 Dec 2013 US$ million			Half-Year ended 30 June 2013 US$ million
Cash Flows Related to Operating Activities
Payments to suppliers and employees (inclusive of goods and services tax)		(8.4	)		(7.2	)		(7.5	)
GST refund received		0.3			0.2			0.4
Dividends received from associates		—			75.0			25.0
Distributions received from associates		2.6			3.4			3.9
Interest received		—			0.1			0.2
Finance costs		(6.6	)		(13.7	)		(11.8	)
Other		(0.6	)		(0.3	)		(0.2	)

Net cash (outflow)/inflow from operating activities		(12.7	)		57.5			10.0


Cash Flows Related to Investing Activities
Payments to investments in associates		(32.0	)		—			(12.0	)
Proceeds from return of invested capital		51.6			3.0			—

Net cash inflow/(outflow) from investing activities		19.6			3.0			(12.0	)


Cash Flows Related to Financing Activities
Proceeds from borrowings		30.0			40.0			30.0
Repayment of borrowings		(55.4	)		(100.4	)		(481.0	)
Proceeds from share issue		—			—			467.2
Share issue transaction costs		—			—			(1.3	)

Net cash (outflow)/inflow from financing activities		(25.4	)		(60.4	)		14.9


Net (Decrease)/Increase in Cash and cash equivalents		(18.5	)		0.1			12.9
Cash and cash equivalents at the beginning of the reporting period		24.0			23.8			10.1
Effects of exchange rate changes on cash and cash equivalents		(0.5	)		0.1			0.8

Cash and cash equivalents at the end of the reporting period		5.0			24.0			23.8

~~Alba~~13 ~~Proceeding~~

TheTable Alba Proceeding was settled in relation to Alcoa Inc and AWA LLC in October 2012, without any admission of liability, by a cash settlement payment of US$85 million, to be paid by AWA LLC in two equal instalments by the first anniversary of the settlement. Based on the settlement agreement with Alba, AWA LLC recorded a charge of $85 million in 2012 in respect of the Alba Proceeding. In addition, AWA LLC entered into a long term alumina supply agreement with Alba. Contents

~~Resolution~~ALUMINA ofLIMITED ~~U.S. Government Investigations relating to Alba Proceeding~~

OnHALF-YEAR ~~9 January~~ENDED ~~2014,~~30 ~~Alcoa~~JUNE ~~Inc~~2014 announced the resolution of the investigations by the US Department of Justice (DoJ) and the US Securities and Exchange Commission (SEC) regarding certain legacy alumina contracts with Aluminium Bahrain BSC (Alba).

~~The settlement with the DoJ was reached with Alcoa World Alumina LLC~~ (~~AWA).~~Previous ~~AWA is a company within Alcoa World Alumina and Chemicals (AWAC).~~corresponding Asperiod ~~part of the DoJ resolution, AWA will pay a total of $223 million, including a fine of $209 million payable in five equal instalments over four years. The first instalment of $41.8 million, plus a one~~half-~~time~~year ~~administrative~~ended ~~forfeiture~~30 ~~of $14 million,~~June ~~will~~2013) ~~be paid in the first quarter of 2014, and the remaining instalments of $41.8 million each will be paid in the first quarters of 2015-2018.~~

Alcoa Inc settled civil charges filed by the SEC in an administrative proceeding relating to the anti-bribery, internal controls, and books and records provisions of the Foreign Corruption Practices Act1. ~~Under~~Basis ~~the terms~~ of ~~the~~Preparation settlement with the SEC, Alcoa Inc agreed to a settlement amount of $175 million, but will be given credit for the $14 million one-time forfeiture payment, which is part of the DoJ resolution, resulting in a total cash payment to the SEC of $161 million payable in five equal instalments over four years. The first instalment of $32.2 million will be paid to the SEC in the first quarter of 2014, and the remaining instalments of $32.2 million each will be paid in the first quarters of 2015-2018.

~~ALUMINA~~This ~~LIMITED~~consolidated interim financial report for the half-year ended 30 June 2014 has been prepared in accordance with the Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Act 2001.

~~ABN~~This 85consolidated ~~004~~interim ~~820~~financial ~~419~~report does not include all the notes of the type normally included in an annual financial report. Accordingly, this report is to be read in conjunction with the annual report for the year ended 31 December 2013 and any public announcements made by Alumina Limited during the interim reporting period in accordance with the continuous disclosure requirements of the Corporations Act 2001.

~~December~~The ~~2013~~accounting ~~ASX~~policies ~~Report~~adopted are consistent with those of the previous financial year and corresponding interim reporting period.

132. ~~Financing~~Reconciliation ~~Facilities~~of Cash

	Year ended31 Dec 2013US$ million		Year ended31 Dec 2012US$ million
	30 June 2014US$ million		31 Dec 2013US$ million		30 June 2013US$ million
Total available facilities		179.2		929.5
Reconciliation of cash at the end of the reporting period (as shown in the consolidated statement of cash flows) as follows:
Undrawn at end of reporting period		20.0		255.0
Cash on hand and at bank		3.0		4.0		3.3
Drawn at end of reporting period		159.2		674.5
Money market deposits (with maturity on investment three months or less)		2.0		20.0		20.5
Total committed facilities		479.2		929.5
Total cash and cash equivalents at the end of the reporting period		5.0		24.0		23.8

In December 2013, Alumina Limited established a new US$300 million syndicated bank facility with tranches of two and four years and cancelled several bilateral and syndicated bank facilities which were surplus to requirements3. ~~The~~Consolidated ~~new~~Retained ~~syndicated~~Profits ~~facility was fully committed as at 31 December 2013 and became available to draw funds on 30 January 2014 following satisfaction of all conditions precedent.~~

Available funding facilities at 31 December 2013 were a bilateral bank facility and a development bank loan. The bilateral bank facility is available in US dollars. The development bank loan is fully drawn in US dollars and Brazilian Reais and amortises at approximately $51 million per annum. Funding facilities in currencies other than US dollars have been converted to US dollar equivalents at period end exchange rates. Excluding development bank loan amortisation, there is no debt maturing in 2014.


	Half-Year ended 30 June 2014 US$ million			Half-Year ended 31 Dec 2013 US$ million		Half-Year ended 30 June 2013 US$ million
Retained profits at the beginning of the reporting period		803.1			732.5		734.9

Net (loss)/profit attributable to members of Alumina Limited		(47.4	)		2.9		(2.4	)
Re-measurements of retirement benefit obligations accounted for using the equity method		(6.1	)		67.7		—

Retained profits at the end of the reporting period		749.6			803.1		732.5

14. ~~Segment Information~~

AluminaTable Limited’s primary assets are its 40 per cent interest in the series of operating entities forming AWAC. Alumina Limited has one reportable segment, namely the investment in the alumina/aluminium business through its equity interest in AWAC. Alumina Limited participates in AWAC through the Strategic Council, which consists of three members appointed by Alcoa Inc and two members appointed by Alumina Limited. Operational decisions are made by Alcoa Inc. Contents

~~15.~~ALUMINA ~~Events~~LIMITED ~~Occurring After the Balance Sheet Date~~

OnHALF-YEAR ~~9 January~~ENDED ~~2014,~~30 ~~Alcoa~~JUNE ~~Inc announced~~2014 the resolution of the investigations by the US Department of Justice (DoJ) and the US Securities and Exchange Commission (SEC) regarding certain legacy alumina contracts with Aluminium Bahrain BSC (Alba). Refer further details in Note 3 and Note 12.

On(Previous ~~6 February~~corresponding period ~~2014,~~half-year ~~Alumina~~ended ~~Limited~~30 ~~announced~~June ~~its~~2013) ~~intention to delist from the NYSE.~~

~~On 18 February 2014 Alcoa Inc announced the permanent closure of Alcoa World Alumina & Chemicals’ (AWAC) Point Henry aluminium smelter~~4. ~~AWAC~~Income isTax 60% owned and managed by Alcoa Inc and 40% owned by Alumina Limited. Total AWAC restructuring related charges associated with the closure of the Point Henry smelter are expected to be approximately $250m after tax. AWAC’s cash costs after tax during 2014 in respect of the closure are expected to total approximately $50m. Further after tax cash costs of approximately $70m are expected to be incurred by AWAC in later years. The announcement also notes that the AWAC Anglesea coal mine and power station, which supplies approximately 40% of the power needs for the Point Henry smelter, has the potential to operate as a standalone facility after the smelter closes. Alcoa of Australia Limited will actively seek a buyer for the facility.

ALUMINA LIMITED


	Half-Year ended 30 June 2014 US$ million			Half-Year ended 31 Dec 2013 US$ million			Half-Year ended 30 June 2013 US$ million
(Loss)/profit from ordinary activities before tax		(44.3	)		2.9			(2.4	)

*Prima facie tax credit/(expense) for the period at the rate of 30%*		13.3			(0.9	)		0.7

The following items caused the total charge for income tax to vary from the above:
Share of equity accounted (profit)/loss not assessable for tax		30.7			112.7			(15.3	)
Foreign income subject to accruals tax		0.8			1.4			0.3
Share of Partnership income assessable for tax		2.6			3.4			3.9
Timing differences not recognised		(3.5	)		21.2			(23.5	)
Tax losses not recognised		15.0			(5.3	)		36.1
Previously unrecognised tax losses now recouped to reduce current income tax expense		(0.5	)		—			—
Non-deductible expenses		0.6			0.8			0.9

Net movement		45.7			134.2			2.4

Consequent increase in charge for income tax		(13.7	)		(40.2	)		(0.7	)
Prima facie charge not recognised as cannot yet be determined		—			41.1			—
Estimated tax expense in relation to allocation agreement		(2.7	)		—			—

Aggregate Income tax expense for the reporting period		(3.1	)		—			—

~~ABN~~Allocation 85of ~~004~~Alba ~~820~~settlement ~~419~~terms and related transactions

~~December~~As ~~2013~~previously ~~ASX~~disclosed, ~~Report~~in September 2012, Alcoa Inc and Alumina Limited had entered into an agreement that the cash costs (including legal fees) of settlement of the Department of Justice (DoJ) and Securities & Exchange Commission (SEC) investigations, as well as the $85 million civil settlement with Alba reached in October 2012 recorded in the accounts of Alcoa World Alumina LLC (AWA), will be adjusted to ensure that 85% will be allocated to Alcoa Inc and 15% to Alumina Limited (should settlements be reached on the regulatory investigations, as described above). AWA is a Company within AWAC.

~~Compliance~~With the DoJ and SEC settlements having been reached in January 2014, the allocation provisions of the above agreement became applicable. To reflect the provisions of the allocation agreement, as at 31 December 2013, Alumina Limited recognised $137.1 million (representing 25% of the total Alba settlement payments and costs) as other assets with the corresponding credit recognised in the Statement of Profit or Loss as other income.

1.At ~~This~~the ~~financial~~time ~~report~~of ~~has~~the ~~been~~recognition, ~~prepared~~Alumina inLimited ~~accordance~~was evaluating with ~~Australian~~Alcoa ~~Accounting~~Inc ~~Standards,~~the structural options (including the form and timing) for the recovery of the other ~~authoritative~~assets ~~pronouncements~~recognised under the provisions of the ~~Australian~~allocation ~~Accounting~~agreement. ~~Standards~~Therefore, ~~Board~~the ~~and~~tax impact in relation to the ~~Corporations~~other ~~Act~~income ~~2001~~recognised by Alumina Limited under the agreement’s provisions was unable to be determined at 31 December 2013.

Alumina Limited has since obtained independent expert advice and has in relation to the other income amount, recognised a net deferred tax liability of $2.7 ~~This~~million ~~report~~and ~~gives~~the acorresponding ~~true~~income tax expense, as this is the present best estimate of the likely tax consequences. Discussion with Alcoa Inc on the structural options (including the form and ~~fair~~timing) ~~view~~for the recovery of the ~~matters~~other ~~disclosed~~assets is still ongoing and the outcome of this discussion may impact the amount of a net deferred tax liability recognised by Alumina Limited.

3.15 ~~This report is based on accounts which are in the process of being audited.~~

4.Table Aluminaof Limited has a formally constituted Audit Committee.Contents

5.ALUMINA InLIMITED ~~the directors’ opinion, there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable.~~

~~Peter~~HALF-YEAR ~~Wasow~~ENDED 30 JUNE 2014

~~Director~~(Previous corresponding period half-year ended 30 June 2013)

~~Melbourne~~5. Contributed Equity

20 February 2014


	Half-Year ended 30 June 2014 US$ million		Half-Year ended 31 Dec 2013 US$ million		Half-Year ended 30 June 2013 US$ million
Ordinary share capital issued and fully paid
Balance brought forward		2,620.0		2,620.0		2,154.1
Shares issued		—		—		467.2
Less: Transaction costs on share issue		—		—		(1.3	)

Total issued capital		2,620.0		2,620.0		2,620.0


	Number of shares		Number of shares		Number of shares
Movements in Ordinary Share Capital
Opening number of shares		2,806,225,615		2,806,225,615		2,440,196,187
Movement for the period		—		—		366,029,428

Closing number of shares		2,806,225,615		2,806,225,615		2,806,225,615

~~ABN~~On 8514 February ~~004~~2013, ~~820~~CITIC ~~419~~Resources Australia Pty Ltd and Bestbuy Overseas Co., Ltd unconditionally subscribed, in aggregate, for 366,029,428 fully paid ordinary shares in Alumina limited, being 15% of Alumina’ Limited’s then current capital base, representing 13.04% of Alumina Limited’s capital base following completion (the Placement).

~~December~~The ~~2012~~Placement ~~ASX~~raised ~~Report~~approximately A$452 million based on an issue price of A$1.235 per share, which reflected a premium of approximately 3% to the closing price of Alumina Limited shares on 13 February 2013 and a premium of 11% to the volume weighted average price of Alumina limited shares for the 30 day period ending 13 February 2013.

~~Alumina~~6. ~~Limited~~Earnings ~~Highlights~~Per Share (EPS)

Net profit after tax

Half-Year
ended
30 June 2014

Half-Year
ended
31 Dec 2013

Half-Year
ended
30 June 2013

(Loss)/profit attributable to the ordinary equity holders of the Company used in calculation of basic and diluted EPS (US$ million)

(47.4

)

2.9

(2.4

)

Weighted average number of ordinary shares used as the denominator in the calculation of basic and diluted EPS

2,805,726,301

2,760,518,829

2,714,554,500

Basic EPS (US cents)

Negative 1.7

Positive 0.12

Negative 0.1

Diluted EPS (US cents)

Negative 1.7

Positive 0.12

Negative 0.1

~~• $0~~7.5 ~~million~~Net ~~profit~~Tangible ~~compared~~Asset toBacking ~~$55.6~~Per ~~million~~Security ~~loss in 2012.~~

• Lower general, administrative and finance costs.


	30 June 2014		31 Dec 2013		30 June 2013
Net assets (US$ million)		2,877.5		2,793.4		2,899.1
Less equity accounted intangible assets:
Goodwill (US$ million)		175.8		175.8		175.8
Mineral rights and bauxite assets net of deferred tax liabilities (US$ million)		75.9		76.8		77.5

Net tangible assets (US$ million)		2,625.8		2,540.8		2,645.8

Number of issued ordinary shares (including treasury shares)		2,806,225,615		2,806,225,615		2,806,225,615
Net tangible asset backing per ordinary security (US$)		0.94		0.91		0.94

~~Improvement~~16 ~~in Underlying Earnings~~

•Table $2.7 million underlying loss compared to $62.0 million underlying loss in 2012. Underlying earnings excludes the $3.2 million equity share of the fair value movement in AWAC’s embedded derivatives ($6.4 million in 2012).Contents

•ALUMINA ~~Included~~LIMITED ~~in underlying earnings is a charge of $16.5 million ($34.0 million in 2012) in relation to the Alba Civil Settlement and Government Investigations.~~

~~Balance~~HALF-YEAR ~~Sheet~~ENDED ~~Strengthened~~30 JUNE 2014

•(Previous ~~Net~~corresponding period ~~debt~~half-year ~~reduced~~ended to30 ~~$135.2~~June ~~million.~~2013)

~~• Gearing reduced to 4~~8.6% ~~compared~~Dividends ~~to 20.1% as at 31 December 2012.~~

~~Received~~Since ~~AWAC~~the ~~Dividends~~half-year ~~and~~end the Directors have determined that no interim dividend will be announced for the half-year ended 30 June 2014. The Board will ~~Distributions~~continue to review the dividend at each half-year in light of current and expected business conditions. Directors have continued the suspension of the Company’s Dividend Reinvestment Plan.

•The ~~$100.0~~franking ~~million~~account ofbalance, ~~fully~~which ~~franked~~is ~~dividends~~maintained ~~and~~in Australian dollars, was A$7409.31 million ofas ~~distributions~~at ~~compared~~30 June to2014 (A$86409.01 million ofas ~~dividends~~at 31 December 2013 and A$9374.15 million ofas ~~distributions~~at in30 June ~~2012~~2013).

~~AWAC~~a) ~~Highlights~~Dividend ~~(US~~Per ~~GAAP)~~ Share

Improvement in EBITDA


	Half-Year ended 30 June 2014 US cents	Half-Year ended 31 Dec 2013 US cents	Half-Year ended 30 June 2013 US cents
Fully franked interim dividends per share	Nil	n/a	Nil
Fully franked final dividends per share	n/a	Nil	n/a

•b) ~~$232.4~~Total ~~million~~Dividend ~~EBITDA~~Paid ~~increase~~on ~~(excluding~~All ~~impact of the Alba Proceeding and Government investigations) compared to 2012.~~Shares

• $45 alumina EBITDA per tonne produced in 2013 compared to $31 per tonne in 2012.


	Half-Year ended 30 June 2014 US$ million	Half-Year ended 31 Dec 2013 US$ million	Half-Year ended 30 June 2013 US$ million
Fully franked interim dividends	Nil	n/a	Nil
Fully franked final dividends	n/a	Nil	n/a

~~Conversion~~9. toMaterial ~~spot or~~Interests ~~alumina~~in ~~based~~Entities ~~pricing~~which ~~delivering~~are ~~benefits~~Not Controlled Entities

•Alumina ~~Approximately~~Limited ~~54%~~has ofan ~~third~~interest ~~party~~in ~~smelter~~the ~~grade~~following ~~alumina~~entities ~~shipments~~forming ~~were~~AWAC: ~~priced on spot or alumina indexed basis compared to approximately 35% for 2012.~~

• Revenue per tonne from alumina sales priced by reference to indices and spot continued to be higher than legacy LME-linked contracts.


	Ownership Interest Held (%)
	30 June 2014		31 Dec 2013		30 June 2013
Alcoa of Australia Limited		40		40		40
Alcoa World Alumina LLC		40		40		40
Alumina Espanola S.A.		40		40		40
Alcoa World Alumina Brasil Ltda.		40		40		40
AWA Saudi Ltda.		40		40		40
Enterprise Partnership		40		40		40

~~Continued~~10. ~~Productivity~~Details ~~Gains~~of ~~and~~Entities ~~Strong~~Over ~~Cost~~Which Control Has Been Lost or Gained

•There ~~The~~was ~~cash~~no ~~cost~~loss ofor ~~alumina~~gain ~~production~~of ~~per~~control ~~tonne~~for ~~decreased~~the byhalf-year ~~5.5%~~ended ~~compared~~30 June ~~to the corresponding period~~2014.

•17 Despite increase in alumina production by 0.2mt, total cost of goods sold and operating expenses declined by $195.9 million compared to 2012 reflecting the benefit of stronger US dollar, productivity initiatives and cost control.

ImprovementTable inof Free Cash Flow Contents

•ALUMINA ~~$310.3~~LIMITED ~~million compared to ($133.4) million in 2012.~~

•HALF-YEAR ~~Mainly~~ENDED ~~reflects~~30 ~~improved~~JUNE ~~operating~~2014 ~~performance and working capital management.~~

~~Alumina~~(Previous ~~Limited~~corresponding period ~~Key~~half-year ~~Financials~~ended 30 June 2013)

	2013			2012
Net profit/(loss) after tax US$m		0.5			(55.6	)
Underlying loss US$m1		(2.7	)		(62.0	)
Legal matters of Associate included in underlying profit/(loss) US$m2		16.5			34.0
Average AUD/USD		0.97			1.04
Average 3-month LME aluminium price US$ per tonne3		1,887			2,052
Average alumina price US$ per tonne4		327			317
Net Debt US$m		135.2			664.4
Gearing5		4.6	%		20.1	%
EPS (US cps)		0.02			(2.3	)
Underlying EPS (US cps)		(0.1	)		(2.5	)
Return on Equity (ROE)6		0.02	%		(2.0	)%
ROE based on underlying earnings		(0.1	)%		(2.2	)%
Total dividend declared		Nil			Nil

11. AWAC contribution to net (loss)/profit of Alumina Limited and Controlled Entities

Definitions and Notes


	Half-Year ended 30 June 2014 US$ million			Half-Year ended 31 Dec 2013 US$ million			Half-Year ended 30 June 2013 US$ million
(Loss)/profit from ordinary activities before income tax		(44.6	)		(80.7	)		7.4
Income tax benefit/(expense) on ordinary activities		13.9			(32.0	)		7.9

Equity share of net (loss)/profit after tax¹		(30.7	)		(112.7	)		15.3
Dividends received/receivable by Alumina Limited		—			(50.0	)		(50.0	)
Distributions received by Alumina Limited		(2.6	)		(3.4	)		(3.9	)

Surplus of dividends/distributions received/receivable over equity share of net loss		(33.3	)		(166.1	)		(38.6	)

1 ~~Underlying~~The ~~earnings~~(loss)/profit ~~are~~for ~~calculated~~the bysix ~~excluding~~month ~~the~~periods ~~impact~~ended of30 ~~fair~~June ~~value~~2014, ~~movements~~31 ~~for~~December ~~embedded~~2013 ~~derivatives~~and ~~contained~~30 inJune ~~AWAC~~2013 ~~energy~~include ~~contracts~~significant items that ~~are~~have ~~linked~~affected toAWAC’s ~~the~~net ~~LME~~(loss)/profit ~~price~~after ~~of aluminium~~tax. ~~Calculation~~For offurther ~~underlying~~details ~~earnings~~refer isto ~~undertaken~~the reconciliation on apage ~~consistent basis with previous years~~23.

~~2 Alba Civil Settlement and Government Investigations are legal matters that commenced in February 2008 and were concluded in January 2014~~12. ~~The~~Financing ~~impact~~Facilities of these legal matters was reflected in AWAC’s performance as Alcoa Inc made progress in their resolution. Inclusion of these matters in AWAC’s performance has negatively impacted the Company’s result over a number of reporting periods. Refer to Note 3 and Note 12 for further details.

3 Pricing data sourced from Thomson Reuters.

30 June 2014
US$ million

31 Dec 2013
US$ million

30 June 2013
US$ million

Total available facilities

405.0

179.2

901.0

Undrawn at end of reporting period

270.0

20.0

680.0

Drawn at end of reporting period

135.0

159.2

221.0

Total committed facilities

405.0

479.2

901.0

4Available ~~Based~~funding facilities as at 30 June 2014 were a US$300 million syndicated bank facility and a development bank loan. The syndicated bank facility has two tranches maturing in December 2015 and December 2017. This facility was fully committed as at 31 December 2013 and became available to draw funds on ~~Platts~~24 January ~~index,~~2014 ~~FOB~~following ~~Australia~~satisfaction ~~average~~of ~~one~~all conditions ~~month~~precedent. ~~lag~~The ~~(Dec~~development bank loan is fully drawn in US dollars and Brazilian Reais and amortises at approximately $51 million per annum until July 2016. Funding facilities in currencies other than US dollars have been converted to US dollar ~~Nov~~equivalents ~~year)~~at period end exchange rates.

513. ~~Calculated~~Segment asInformation ~~(debt – cash) / (debt + equity).~~

6Alumina ~~Calculated~~Limited’s asprimary ~~net~~assets ~~profit/(loss)~~are ~~after~~its ~~tax~~40 per cent interest in the series of operating entities forming AWAC. Alumina Limited has one reportable segment, namely the investment in the alumina/aluminium ~~average~~business ~~net~~through ~~assets~~its equity interest in AWAC.

~~ABN~~14. 85Events ~~004~~Occurring ~~820~~After ~~419~~the Balance Sheet Date

~~December~~There ~~2012~~have ~~ASX~~been ~~Report~~no significant events occurring since 30 June 2014.

~~AWAC~~18 ~~Business Review (US GAAP)~~

MiningTable of Contents

~~AWAC~~ALUMINA ~~owns,~~LIMITED ~~or partly owns, bauxite mines operating in five countries, meeting the production needs of the AWAC refineries.~~

~~Mine~~HALF-YEAR ~~costs~~ENDED ~~per~~30 ~~tonne~~JUNE ~~were~~2014 ~~generally lower than 2012 levels, with the exception of Australia and Suriname. Costs increases in Suriname were associated with a new mining site.~~

~~Work~~(Previous ~~continued on moving the crusher facility at~~corresponding ~~the~~period ~~Huntly~~half-year ~~mine~~ended in30 ~~Australia,~~June ~~which increased costs during~~ 2013.) ~~This is a significant project to improve mine productivity, occurring every eight to ten years and is expected to be completed by the mid-2015.~~

~~Refining~~Directors’ Declaration

~~Production~~In ofthe ~~alumina~~directors’ ~~increased~~opinion: ~~by 0.2 million tonnes to 15.8 million tonnes in 2013. The Point Comfort refinery contributed most of this growth reflecting its improved stability.~~

~~Alumina~~a) ~~shipments~~the ~~were~~financial ~~16.1 million~~statements ~~tonnes~~and ~~in 2013,~~notes ~~0.5 million~~set ~~tonnes~~out ~~higher~~on ~~than~~pages ~~2012~~5 ~~largely~~to as13 aare ~~result~~in ofaccordance awith ~~catch~~the upCorporations onAct ~~delayed December 2012 shipments~~2001, ~~increased production and a reduction of historical levels of inventory.~~ including:

~~Approximately~~(i) ~~54%~~complying ofwith ~~third~~Accounting ~~party~~Standard ~~smelter~~AASB134 ~~grade~~Interim ~~alumina~~Financial ~~shipments were~~Reporting, ~~priced~~the onCorporations ~~spot~~Regulations or2001 ~~alumina~~and ~~indexed~~other ~~basis~~mandatory inprofessional ~~2013~~reporting ~~compared~~requirements; ~~to approximately 35% for 2012.~~ and

~~Revenue~~(ii) ~~per~~giving ~~tonne~~a ~~from~~true ~~smelter grade alumina sales priced by reference to indices~~ and ~~spot~~fair ~~continued~~view toof ~~be higher than~~ the ~~legacy~~consolidated ~~LME-linked~~entity’s ~~contracts.~~financial ~~The~~position ~~average~~as ~~three-month~~at ~~LME~~30 ~~aluminium~~June ~~price,~~2014 ~~determined~~and onof aits ~~two-month~~performance ~~lag~~for ~~basis,~~the ~~declined by 6% compared to 2012 whereas average alumina price index FOB Australia (one~~half-~~month~~year ~~lag)~~ended ~~increased~~on bythat ~~3%.~~date; and

~~The~~b) ~~net~~there ~~result~~are ~~was~~reasonable grounds to believe that ~~average~~Alumina ~~realised~~Limited ~~alumina~~will ~~prices~~be ~~were marginally~~able ~~lower~~to ~~than~~pay ~~2012.~~its debts as and when they become due and payable.

~~EBITDA~~This ~~margin~~declaration ~~was~~is ~~$45~~made ~~per tonne produced~~ in ~~2013,~~accordance ~~higher~~with ~~than in 2012 by $14 per tonne. Increased margins were~~ a ~~result~~resolution of ~~lower~~ ~~production costs and higher shipments. The cash cost per tonne of alumina produced declined continuously during 2013, resulting in 2013 average cash cost per tonne decreasing by 5.5% from~~ the ~~2012 average~~directors. The decrease reflects productivity initiatives and efforts to create more stable operating conditions to avoid costs associated with production disruptions. In addition, the Australian dollar and Brazilian Reais weakened against the US dollar, providing significant currency benefits.

~~Ma’aden~~Peter ~~Investment~~Wasow

~~The~~Director AWAC (25.1%) and Saudi Arabian Mining Company (74.9%) joint venture (“Ma’aden”) was created for the construction of a 4.0 million tonnes per annum capacity mine and a 1.8 million tonnes per annum capacity refinery at Ras Al Khair in Saudi Arabia. This is AWAC’s major growth project which will assist AWAC in further reducing its low refinery cash cost position, and is due to come on stream in the fourth quarter of 2014.

AsMelbourne ~~at December 2013, the refinery is approximately 77% complete and the mine is approximately 52% complete.~~

~~During 2013, Alumina Limited contributed $12~~21 ~~million~~August of2014 ~~equity capital to the joint venture and received $3 million as a return of equity.~~

~~AWAC~~19 ~~Production and Shipments~~

	2013		2012
Alumina production		15.8mt		15.6mt
Aluminium production		354kt		358kt
Alumina shipments		16.1mt		15.6mt

~~AWAC~~ALUMINA ~~Profit~~LIMITED ~~and Loss (US GAAP)~~

	2013			2012
	US$m			US$m
Sales revenue		3,770.8			3,645.0
Related party revenue		2,113.8			2,170.3
Total Revenue		5,884.6			5,815.3
COGS and operating expenses		(5,088.9	)		(5,284.8	)
Selling, Admin, R&D		(123.1	)		(132.9	)
Net interest		(6.9	)		(2.2	)
Depreciation and Amortisation		(447.1	)		(478.9	)
Restructuring & Other		(403.7	)		(62.1	)
Total Expenses		(6,069.7	)		(5,960.9	)
Loss before tax		(185.1	)		(145.6	)
Income tax (charge)/credit		(63.6	)		53.7
Net loss after tax		(248.7	)		(91.9	)
EBITDA1		268.9			335.5

HALF-YEAR ENDED 30 JUNE 2014

1(Previous ~~Earnings~~corresponding period ~~before~~half-year ~~interest,~~ended ~~tax,~~30 ~~depreciation~~June ~~and~~2013) ~~amortisation consistent with previous periods.~~

LOGO

~~Smelting~~Independent auditor’s review report to the members of Alumina Limited

~~AWAC~~Report ~~produces~~on ~~aluminium~~the atHalf-Year ~~two~~Financial ~~smelters in~~Report ~~Australia.~~

~~The~~We ~~Anglesea~~have ~~power~~reviewed ~~station~~the ~~(owned~~accompanying byhalf-year ~~Alcoa~~financial report of ~~Australia)~~Alumina ~~provides~~Limited ~~approximately~~(the ~~40%~~Company), ofwhich comprises the ~~electricity~~consolidated ~~needs~~balance ~~for~~sheet as ~~the~~at ~~Point~~30 June ~~Henry~~2014, ~~smelter. Statutory~~the ~~maintenance~~consolidated statement of ~~the~~profit ~~power~~or ~~station~~loss isand ~~required~~other ~~every~~comprehensive ~~four~~income, ~~years~~consolidated statement of changes in equity and ~~occurred~~consolidated ~~during~~statement ~~2013.~~of ~~The~~cash ~~maintenance~~flows ~~costs~~for ~~incurred~~the half-year ended on that date, selected explanatory notes and ~~additional~~the ~~standby~~directors’ ~~power~~declaration ~~consumed~~for atAlumina ~~Point~~Limited ~~Henry~~Group ~~had~~(the aconsolidated ~~$32~~entity). ~~million~~The ~~negative~~consolidated ~~impact~~entity oncomprises ~~2013~~the ~~AWAC’s~~Company ~~results~~and onthe ~~a pre-tax~~entities ~~basis~~it controlled during that half-year.

~~Production~~Directors’ ofresponsibility ~~approximately~~for ~~354,000 tonnes in 2013 was lower compared to 2012, largely due to~~ the ~~Anglesea~~half-year ~~power~~financial ~~station~~report ~~maintenance.~~

OnThe ~~18 February~~directors ~~2014~~of ~~Alcoa Inc~~the ~~announced~~Company are responsible for the ~~permanent~~preparation ~~closure~~of the half-year financial report that gives a true and fair view in accordance with Australian Accounting Standards (including the Australian Accounting Interpretations) and the Corporations Act 2001 and for such internal control as the directors determine is necessary to enable the preparation of the half-year ~~Point~~financial ~~Henry~~report ~~aluminium~~that ~~smelter.~~is ~~For~~free ~~further~~from ~~details~~material ~~refer~~misstatement ~~Note~~whether 15due to fraud or error.

~~One-off~~Auditor’s ~~and Significant Items~~ responsibility

~~The~~Our ~~2013~~responsibility is to express a conclusion on the half-year financial report based on our review. We conducted our review in accordance ~~AWAC~~with Australian Auditing Standard on Review Engagements ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity, in order to state whether, on the basis of the procedures described, we have become aware of any matter that makes us believe that the financial report is not in accordance with the Corporations Act 2001 including: giving a true and fair view of the consolidated entity’s USfinancial position as at 30 ~~GAAP~~June ~~loss~~2014 ~~included~~and ~~the~~its ~~following~~performance for ~~one~~the half-~~off~~year ended on that date; and ~~significant~~complying ~~pre-tax~~with ~~items:~~Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001. As the auditor of Alumina Limited, ASRE 2410 requires that we comply with the ethical requirements relevant to the audit of the annual financial report.

•A ~~$384~~review ~~million~~of ~~charge~~a half-year financial report consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in ~~relation~~scope than an audit conducted in accordance with Australian Auditing Standards and consequently does not enable us to ~~the~~obtain ~~Alba~~assurance ~~legal~~that ~~matter~~we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

•Independence ~~$32 million relating to the statutory maintenance and shutdown at the Anglesea power station that occurs every four years~~

•In conducting ~~$30~~our ~~million~~review, ~~impairment~~we ofhave ~~goodwill~~complied ~~relating~~with to the ~~acquisition~~independence requirements of ~~Eastern~~the ~~Aluminium~~Corporations ~~Ltd~~Act 2001.

LOGO

•PricewaterhouseCoopers, ~~$13~~ABN ~~million~~52 ~~loss~~780 ~~due~~433 to757 ~~asset write-offs~~

~~ABN~~Freshwater 85Place, ~~004~~2 ~~820~~Southbank ~~419~~Boulevard, SOUTHBANK VIC 3006, GPO Box 1331, MELBOURNE VIC 3001

~~December~~T: ~~2012~~61 ~~ASX~~3 ~~Report~~8603 1000, F: 61 3 8603 1999, www.pwc.com.au

~~AWAC~~Liability ~~Cash~~limited ~~Flow~~by ~~(US~~a ~~GAAP)~~scheme approved under Professional Standards Legislation.

~~Cash~~20 from operations increased to $632.9 million compared to $241.9 million in 2012, due to improved operating performance and working capital management, despite higher expenditure relating to mining and the Anglesea power station maintenance.

CapitalTable expenditureof totalled $322.6 million, 14.0% lower than 2012. Contents

~~Sustaining~~ALUMINA ~~capital~~LIMITED ~~expenditure was $293.1 million, the majority of which was incurred in Australia. The Australian expenditure included the relocation of the crusher facilities at the Huntly mine.~~

~~Growth~~HALF-YEAR ~~capital~~ENDED ~~expenditure~~30 ~~mainly~~JUNE ~~related~~2014 ~~to completion works of the Juruti mine infrastructure in Brazil.~~

~~Equity~~(Previous ~~contributions~~corresponding period tohalf-year ~~the~~ended ~~Ma’aden~~30 ~~mine~~June ~~and~~2013) ~~refinery joint venture in Saudi Arabia are not included in the growth capital expenditure.~~

LOGO

~~AWAC~~Conclusion ~~Balance Sheet (US GAAP)~~

~~AWAC improved~~Based ~~its~~on ~~cash~~our ~~holdings~~review, ~~mainly~~which ~~through~~is ~~increased~~not ~~cash~~an ~~from~~audit, ~~operations~~we ~~predominately~~have not become aware of any matter that makes us believe that the half-year financial report of Alumina Limited is not in ~~Australia~~accordance ~~and~~with ~~Brazil.~~the Corporations Act 2001 including:

~~Property,~~(a) ~~Plant~~giving ~~and~~a ~~Equipment~~true ~~decreased mainly~~and ~~due~~fair toview of the ~~strengthening~~consolidated USentity’s ~~dollar~~financial ~~against~~position ~~the~~as ~~Australian~~at ~~dollar~~30 June 2014 and ~~Brazilian~~of ~~Reais.~~its performance for the half-year ended on that date;

~~AWAC~~(b) ~~continued~~complying towith ~~operate~~Accounting ~~with~~Standard ~~minimal~~AASB ~~borrowings.~~134 Interim Financial Reporting and the Corporations Regulations 2001.

GAAP Adjustments




PricewaterhouseCoopers



Nadia Carlin		Melbourne
Partner		21 August 2014

~~The~~21 AWAC results are adjusted for differences between US GAAP and Australian Accounting Standards prior to incorporation into the Alumina Limited’s results. The total adjustments amounted to a reduction of approximately $5 million to AWAC’s loss after tax.

TheTable mainof adjustments for 2013 were: Contents

•ALUMINA ~~recognition~~LIMITED ~~of $2.1 million Brazil deferred tax expense adjustment~~

•HALF-YEAR ~~recognition~~ENDED of30 ~~$7.7~~JUNE ~~million~~2014 ~~after tax for asset retirement obligations~~

•Supplementary ~~recognition~~Appendix of4D Information ~~fair value adjustment of $16.5 million for embedded derivatives~~

•Alumina ~~reversal~~Limited ofHighlights ~~$30.2 million of goodwill impairment relating to the pre-IFRS acquisition of Eastern Aluminium Ltd~~

~~Alumina~~Net ~~Limited’s~~loss ~~results~~after ~~include~~tax ~~40%~~and ofsignificant ~~these~~items ~~adjustments.~~

~~AWAC~~• ~~Cash~~$47.4 ~~Flow~~million loss (US1H ~~GAAP)~~2013: loss of $2.4 million).

	2013			2012
	US$m			US$m
Net loss		(248.7	)		(91.9	)
Depreciation		447.1			478.9
(Increase) decrease in receivables		(93.2	)		80.6
Decrease (increase) in inventories		78.6			(22.0	)
(Decrease) increase in accounts payable		(1.4	)		42.2
Other		450.5			(245.9	)
Cash from operations		632.9			241.9
Capital expenditure		(322.6	)		(375.3	)
Free cash flow1		310.3			(133.4	)

•

Total significant items of $74.2 million negatively affected the net loss (1H 2013: $39.0 million).

1• ~~Free~~Significant ~~cash~~items ~~flow~~include ~~defined~~Point asHenry ~~cash~~restructuring ~~from~~charges, ~~operations~~tax ~~less~~effect ~~capital~~on ~~expenditure~~Alba allocation amount and profit on the sale of gold mining interest in Suriname (1H 2013: includes Alba legal matter and Anglesea statutory maintenance).

~~AWAC~~• ~~Balance~~Net ~~Sheet~~profit of $26.8 million excluding significant items (US1H ~~GAAP~~2013: net profit $36.6 million) .

	2013		2012
	US$m		US$m
Cash, cash equivalents		189.5		126.0
Receivables		541.6		457.6
Related party note receivable		91.5		88.7
Inventories		671.2		808.0
Property plant & equipment		5,938.3		6,909.2
Other assets		2,647.1		3,028.5
Total Assets		10,079.2		11,418.0
Short term borrowings		86.1		44.1
Payables		854.5		841.0
Taxes payable and deferred		431.2		398.6
Capital lease obligations & long term debt		116.9		94.2
Other liabilities		1,728.8		1,796.4
Total Liabilities		3,217.5		3,174.3
Equity		6,861.7		8,243.7

Balance Sheet Strengthened

~~AWAC~~• ~~Dividends~~Net ~~Paid~~debt reduced to $130.0 million.

	2013		2012
	US$m		US$m
Dividends paid		250.0		216.0

•

Gearing reduced to 4.3%.

~~ABN~~Capital 85and ~~004~~Income ~~820~~Receipts ~~419~~from AWAC

~~December~~• ~~2012~~Capital ~~ASX~~returns ~~Report~~of $51.6 million (1H 2013: Nil).

~~Alumina~~• ~~Limited~~Distributions ~~Reported~~of ~~Profit~~$2.6 million (1H 2013: $3.9 million).

~~The~~• ~~Net~~No ~~profit~~dividends ~~after~~received ~~tax~~(1H ~~was~~2013: $025.50 million ~~compared to a loss of $55~~).~~6 million in 2012.~~

~~Most~~AWAC ofHighlights ~~Alumina~~(US ~~Limited’s~~GAAP) ~~general and administrative costs are incurred in Australian dollars. The decrease in these costs is primarily due to lower expenditure, rather than currency fluctuations.~~

~~Finance~~EBITDA ~~costs~~and ~~decreased~~significant toitems $25.3 million from $29.4 million in 2012 due to lower average net borrowings offset by the write-off of unamortised establishment fees relating to the bank facilities that were terminated during 2013.

~~Note~~• on$119.2 ~~calculation~~million ofEBITDA ~~underlying~~(1H ~~earnings~~2013: $229.8 million).

~~Alumina Limited~~• ~~shows underlying earnings in addition to profit after tax to provide a better understanding of the performance of the underlying operations~~$345.6 ~~Underlying~~million ~~earnings~~EBITDA ~~are calculated by~~ excluding ~~the~~significant ~~impact~~items of(1H ~~fair~~2013: ~~value movements for embedded derivatives contained in AWAC energy contracts that are linked to the LME price of aluminium~~$364.8 ~~Calculation of underlying earnings is undertaken on a consistent basis with previous years~~million).

In• ~~2013,~~$44 ~~the~~per ~~revaluation~~tonne ofalumina ~~the~~EBITDA ~~embedded~~margin ~~increased~~(1H ~~Alumina~~2013: ~~Limited’s~~$45 ~~net~~per ~~profit after tax by $3~~tonne).~~2 million.~~

~~Alumina~~Benefits ~~Limited~~from ~~Reported~~spot ~~Profit~~or alumina based pricing

	2013			2012
	US$m			US$m
Share of AWAC underlying loss		(100.6	)		(13.9	)
Other Income1		137.1			—
General and administrative expenses		(17.2	)		(19.0	)
Finance costs		(25.3	)		(29.4	)
Other & tax		3.3			0.3
Underlying loss		(2.7	)		(62.0	)
Embedded derivative, AWAC		3.2			6.4
Net profit/(loss) after tax		0.5			(55.6	)

•

63% of third party smelter grade alumina shipments were priced on spot or alumina indexed basis (1H 2013: 53%).

1• ~~Alumina~~Revenue ~~Limited~~per ~~had~~tonne ~~recognised~~from ~~the~~alumina ~~effect~~sales ofpriced ~~the agreement with Alcoa Inc~~ by ~~posting~~reference ~~$137.1~~to ~~million~~indices ~~(representing~~and ~~25%~~spot ofcontinued ~~the~~to ~~total~~be ~~Alba~~higher ~~related~~than ~~charges)~~legacy asLME-linked ~~other asset with the corresponding credit recognised in the Statement of Profit or Loss as other income~~contracts. ~~For further details refer Note 3 and Note 12.~~

~~ABN~~• 85Revenue ~~004~~declined ~~820~~by ~~419~~$166.0 million principally due to a reduction in average realised alumina prices and lower alumina shipments.

~~December~~Lower ~~2012~~COGS ~~ASX~~and ~~Report~~operating expenses

~~Alumina~~• ~~Limited~~COGS ~~Balance~~and ~~Sheet~~operating expenses declined by $185.1 million compared to 1H 2013 (the comparative period included the Anglesea power station statutory maintenance costs) mainly reflecting favourable exchange rate movements, lower alumina shipments and the benefit of productivity initiatives and cost control.

~~During~~• ~~February~~The ~~2013,~~cash ~~Alumina~~cost ~~Limited~~of ~~issued~~alumina ~~366,029,428 fully~~production ~~paid~~per ~~ordinary~~tonne ~~shares~~decreased toby ~~CITIC Resources Australia Pty Ltd and Bestbuy Overseas Co Ltd, which raised approximately $467 million (A$452 million)~~4.7% ~~These~~compared ~~funds were primarily used~~ to ~~repay~~the ~~drawn~~corresponding ~~debt~~period.

~~As at 31 December 2013,~~ Alumina Limited’s ~~net~~Key ~~assets~~Financials increased by $164.9 million from 31 December 2012. The $515 million reduction in net interest bearing liabilities and the increase in other assets by $136 million more than offset the decrease in investments of $497 million which was predominately due to foreign currency translation.

Alumina Limited’s net debt as at 31 December 2013 was $135.2 million, down from $664.4 million as at 31 December 2012. Gearing decreased to 4.6% from 20.1% as at 31 December 2012.


	1H 14			2H 13			1H 13

Net (loss)/profit after tax US$m		(47.4	)		2.9			(2.4	)
Total significant items after tax US$m¹		(74.2	)		9.9			(39.0	)
Net profit/(loss) after tax excluding significant items US$m		26.8			(7.0	)		36.6

Cash received from AWAC US$m		54.2			81.4			28.9
Net Debt US$m		130.0			135.2			197.2
Gearing²		4.3	%		4.6	%		6.3	%
EPS (US cps)		(1.7	)		0.12			(0.1	)

~~During December~~1 ~~2013,~~For ~~Alumina~~further ~~Limited~~details ~~terminated~~refer ~~$695 million~~to ofthe ~~bank~~reconciliation ~~facilities~~on ~~and~~page ~~negotiated a new $300 million multi tranche syndicated bank facility with improved terms~~23. ~~During 2013, Alumina Limited also established an additional debt capital market issuing option, providing further diversification of funding sources.~~

~~Alumina~~2 ~~Limited’s~~Calculated ~~undrawn committed financing facilities amounted to $320 million~~ as at(debt ~~31 December~~- ~~2013,~~cash) an/ ~~increase~~(debt of+ ~~$65 million from 31 December 2012~~equity).

~~The~~AWAC ~~Company~~Key ~~has~~Financials a fully drawn debt facility from the Brazil National Development Bank (“BNDES”). This facility amortises at approximately $51 million per annum. Amounts outstanding at 31 December 2013 under the BNDES loan were $129.2 million.

Excluding the BNDES amortisation, there is no debt maturing in 2014, with the $350 million of committed bank facilities expiring as follows:


	1H 14			2H 13			1H 13
	US$m			US$m			US$m
Total Revenue		2,798.9			2,919.7			2,964.9
COGS and operating expenses		(2,396.5	)		(2,507.3	)		(2,581.6	)
EBITDA¹		119.2			39.0			229.8
Total significant items¹		(226.4	)		(324.0	)		(135.0	)
EBITDA excluding significant items¹		345.6			363.0			364.8

•1 ~~$150~~For ~~million~~further indetails ~~2015~~refer ~~(no~~to ~~amounts~~the ~~drawn~~reconciliation ~~under~~on ~~these~~page ~~facilities as at 31 December 2013)~~23.

~~• $50 million in 2016 (drawn to $30 million)~~22

•Table $150of million in 2017 (no amounts drawn under these facilities as at 31 December 2013)Contents

~~Current liabilities~~ALUMINA ~~include~~LIMITED $50.6 million of repayments on the facility from the BNDES that are due before 31 December 2014. Current liabilities of $61.4 million exceed current assets of $47.8 million. However, the Directors are confident that the liabilities can be met using available cash and undrawn committed facilities whose maturities extend beyond 31 December 2014.

~~Alumina Limited~~HALF-YEAR ~~Cash~~ENDED ~~Flows~~30 JUNE 2014

~~Alumina~~Supplementary ~~Limited’s~~Appendix ~~cash receipts from operations principally comprise the dividends received from AWAC entities. Fully franked~~4D ~~dividends~~Information ~~of $100.0 million were received during 2012 ($86.0 million on 2012).~~

~~Net~~AWAC ~~payments~~Business ~~for~~Review ~~investments~~(US inGAAP) ~~associates related to the Ma’aden joint venture. Net payments in 2012 related to Ma’aden, the Juruti mine in Brazil and working capital contributions for AWAC entities.~~

~~Alumina~~Mining ~~Limited Balance Sheet~~

	2013US$m		2012US$m
Cash and equivalents		24.0		10.1
Investments		2,798.9		3,296.1
Other		141.1		5.2
Total Assets		2,964.0		3,311.4
Payables		3.9		2.7
Interest bearing liabilities – current		50.6		52.0
Interest bearing liabilities – non-current		108.6		622.5
Other		7.5		5.7
Total Liabilities		170.6		682.9
Net Assets		2,793.4		2,628.5

AWAC owns or partly owns, bauxite mines operating in six countries that meet the production needs of the AWAC refineries, and also on occasion supplying third party refineries.

~~Alumina~~Mine ~~Limited~~costs ~~Cash~~per tonne ~~Flow~~were lower than 2013 levels, with the exception of Suriname. Costs increases in Suriname were associated with a new mining site.

	2013US$m			2012US$m
Dividends received		100.0			86.0
Distributions received		7.3			9.1
Finance costs paid		(25.5	)		(28.2	)
Payments to suppliers and employees		(14.7	)		(18.9	)
GST refund, interest received & other		0.4			0.6
Cash from operations		67.5			48.6
Net payments for investment in associates		(9.0	)		(171.0	)
Free cash flow1		58.5			(122.4	)

Refining

~~Definitions~~Production of alumina was 7.9 million tonnes in 1H 2014, compared to 7.8 million tonnes in 1H 2013. Increased production at the Australian refineries, Sao Luis and ~~notes~~at Point Comfort contributed to most of the increase.

1Alumina ~~Free~~shipments ~~cash~~were ~~flow~~7.8 million ~~defined~~tonnes asin 1H 2014, ~~cash~~0.2 million ~~from~~tonnes ~~operations~~lower ~~less~~than ~~net~~1H 2013 ~~investments~~largely indue ~~associates~~to delayed shipments.

~~ABN~~Approximately 8563% ~~004~~of ~~820~~third ~~419~~party smelter grade alumina shipments were priced on spot or alumina indexed basis compared to 53% for the corresponding period. For 2016, shipments of smelter grade alumina priced on spot or alumina indexed basis are expected to be at least 80% of total shipments. Revenue per tonne from smelter grade alumina sales priced by reference to indices and spot continued to be higher than the legacy LME-linked contracts.

~~December~~The ~~2012~~average ~~ASX~~three-month ~~Report~~LME aluminium price, determined on a two-month lag basis, declined by 11.4% compared to the corresponding period, whereas average alumina price index FOB Australia (one-month lag) decreased by 2.7%. This resulted in the average realised third party smelter grade alumina prices reducing by 5.1% compared to the corresponding period.

~~AWAC~~The ~~Guidance~~average 1H 2014 cash cost of alumina per tonne produced decreased by 4.7% over 1H 2013. The decrease reflects productivity initiatives and efforts to create more stable operating conditions to avoid costs associated with production disruptions. In addition, the Australian dollar and Brazilian Reais weakened against the US dollar, providing significant currency benefits compared to the corresponding period.

The ~~following~~EBITDA ~~2014~~margin ~~guidance~~was is$44 ~~provided~~per totonne ~~assist~~produced ~~the~~in ~~understanding~~1H 2014, ofa ~~the~~decrease ~~sensitivity~~ of ~~AWAC~~$1 ~~results~~per totonne ~~key~~on ~~external factors~~1H 2013. The ~~guidance~~EBITDA ~~cannot~~margin ~~be expected~~is tocalculated beas ~~predictive~~AWAC’s ofEBITDA ~~exact~~excluding ~~results;~~significant ~~rather~~items, itsmelters’ ~~provides~~operating ~~direction~~results and ~~approximate~~equity ~~quantum~~accounted ofincome/(losses) ~~the~~divided ~~impact~~by ontonnes ~~profit before tax of movements around a given base figure~~produced. Actual results will vary from those computed using the guidance. Guidance is not linear, hence significant movement away from the base rates used may result in different sensitivities. No attempt has been made to correlate sensitivity to one element of the guidance with movements in other elements of the guidance.

Item		2014 Guidance
Production – alumina		Approximately 16.0 million tonnes
Production – aluminium1		Approximately 359,000 tonnes
Australian $ Sensitivity: +1¢ in USD/AUD		Approximately -$30 million profit before tax Approximately -$1.40/t alumina EBITDA
Brazilian $ Sensitivity: +1¢ in BRL/USD		Approximately +$3 million profit before tax Approximately $0.10/t alumina EBITDA
Third party smelter grade alumina shipments expected to be based on alumina price indices or spot2		Approximately 65% for the year
AWAC sustaining capital expenditure		Approximately $240 million
AWAC growth capital expenditure3		Approximately $25 million

Ma’aden Investment

The AWAC (25.1%) and Saudi ~~Before~~Arabian ~~taking~~Mining ~~into~~Company ~~account~~(74.9%) joint ~~closure~~venture Ma’aden was created for the construction of ~~Point~~a ~~Henry~~4.0 million tonnes per annum capacity mine and a 1.8 million tonnes per annum capacity refinery at Ras Al Khair in Saudi Arabia. This is AWAC’s major growth project which will assist AWAC in further reducing its low refinery cash cost position.

2The ~~AWAC~~refinery ~~commenced~~is approximately ~~2014~~95% ~~with~~complete and whilst the mine is approximately 5470% ofcomplete, ~~its~~it ~~third~~has ~~party~~begun ~~smelter~~operations ~~grade~~providing ~~alumina~~feed ~~sales~~stock ~~volume~~to ~~based~~the onrefinery. The first alumina ~~price~~is ~~indices~~due orfrom ~~available~~the ~~for~~refinery ~~spot~~in ~~sales~~the fourth quarter of 2014.

3The ~~Does~~1H 2014 ~~not~~result ~~include~~included ~~investment~~$14.7 inmillion ~~the~~of losses related to Ma’aden ~~growth~~start ~~project~~up activities.

~~ABN~~AWAC 85Production ~~004~~and ~~820~~Shipments ~~419~~

December 2012 ASX Report

1H 14

2H 13

1H 13

Alumina shipments

7.8mt

8.1mt

8.0mt

Alumina production

7.9mt

8.0mt

7.8mt

Aluminium shipments

174kt

178kt

171kt

Aluminium production

175kt

180kt

174kt

~~Market~~AWAC ~~Outlook~~Profit and Loss (US GAAP)

During 2013, global consumption of aluminium is estimated to have increased by 5.3% on 2012 and is expected to increase in 2014 by approximately 6% driven by the construction, transport and packaging sectors. China should again lead the world in terms of alumina demand growth, with India and the Middle East contributing significantly as smelters such as Ma’aden and Emal II ramp up.


	1H 14			2H 13			1H 13
	US$m			US$m			US$m
Sales revenue		1,795.4			1,895.1			1,875.7
Related party revenue		1,003.5			1,024.6			1,089.2

Total Revenue		2,798.9			2,919.7			2,964.9

COGS and operating expenses		(2,396.5	)		(2,507.3	)		(2,581.6	)
Selling, Admin, R&D		(54.7	)		(61.3	)		(61.9	)
Net interest		(2.9	)		(4.1	)		(2.7	)
Depreciation and Amortisation		(211.1	)		(212.5	)		(234.6	)
Restructuring & Other		(228.5	)		(312.1	)		(91.6	)

Total Expenses		(2,893.7	)		(3,097.3	)		(2,972.4	)

Loss before tax		(94.8	)		(177.6	)		(7.5	)
Income tax credit/(charge)		36.1			(44.9	)		(18.7	)

Net loss after tax¹		(58.7	)		(222.5	)		(26.2	)

~~Whilst~~1 ~~demand~~The loss for ~~aluminium~~the ~~and~~six ~~hence~~month ~~alumina~~periods isended ~~robust~~30 ~~compared~~June ~~to other commodities~~2014, ~~realised~~31 ~~smelter~~December ~~grade~~2013 ~~alumina~~and ~~prices~~30 ~~were~~June ~~almost flat in~~ 2013 ~~against 2012,~~include ~~with~~significant aitems ~~lower~~that ~~LME~~have ~~price~~affected ~~offset~~AWAC’s bynet ~~the~~loss ~~rise~~after ~~in spot~~tax. ~~There~~For ~~were~~further adetails ~~number~~refer ~~of announcements in 2013 of smelter curtailments by producers such as Alcoa Inc and Rusal and closures which were not matched by rationalisation in refining adding~~ to the ~~oversupply~~ ofreconciliation ~~alumina.~~on ~~Further~~page ~~smelter production cuts have been announced and more are expected in the high cost regions as capacity is added in Asia and the Middle East~~23.

~~Some~~Smelting market commentators expect that aluminium regional premiums will fall after changes to the LME warehousing rules take effect. The new rules are to reduce the length of outbound queues to 50 days, with the expected outcome of this measure being an eventual positive impact on the LME aluminium price. After premiums fell following the LME’s announcement in 2013, premiums recovered and remain well bid reflecting tight demand/supply conditions for the metal; availability of non-LME warehouses to store any metal exiting LME warehouses; and attractive contango, interest rates and net warehouse rentals which are likely to remain at least for the first half of 2014.

~~Australian~~Production ~~FOB spot prices for alumina declined since the early part~~ of ~~2013,~~approximately ~~reflecting depressed aluminium LME prices~~175,000 ~~lower imports~~tonnes into China, lower imports into India as the Lanjigarh refinery restarted and increased Atlantic cargoes being offered at a discount to Pacific buyers. However, Australian spot prices as a percentage of aluminium LME prices increased to over 18%. The oversupply of alumina could be lower following the closure of Gove refinery and likely delays in ~~new~~1H 2014 ~~alumina~~was ~~capacity~~consistent ~~coming~~with on1H 2013 ~~stream. It is also anticipated that there will be higher costs such~~ as ~~bauxite and energy from marginal producers, which may impact on spot prices, and a gradual improvement in aluminium LME prices.~~ AWAC ~~should~~continued ~~benefit~~to ~~from~~operate atwo ~~higher~~smelters ~~proportion of its third party sales of smelter grade alumina on a spot/index basis (increasing approximately from 54% to 65%~~ in ~~2014)~~Australia.

~~Globally,~~On ~~the~~18 February ~~2013~~2014 ~~alumina~~Alcoa ~~market~~of ~~was~~Australia ~~in a surplus~~Limited, ~~and~~an ~~this~~AWAC isentity, ~~expected~~decided to bepermanently close the ~~case~~Point ~~for~~Henry ~~2014~~aluminium smelter, ~~subject~~which towas ~~potential~~done ~~bauxite supply~~on ~~constraints.~~1 August ~~Further~~2014 ~~aluminium~~and ~~production~~as ~~cuts~~a ~~are~~result ~~likely~~aluminium ~~which~~production ~~may~~will ~~not~~decline bein ~~immediately~~2H ~~matched by alumina production curtailments~~2014.

~~Indonesia~~Total ~~is China’s~~restructuring ~~largest~~charges ~~supplier~~associated ofwith ~~imported bauxite. On 12 January 2014~~ the ~~Indonesia~~closure ~~export ban~~ of ~~unprocessed ores came into effect which will disrupt bauxite exports to China. This ban is unlikely to affect 2014 production of alumina in~~ the ~~first~~ half in China because of the significant stockpiling of bauxite leading up to the ban, with levels reportedly of at least six months. However, production expansion of alumina in the Shandong province of China has been tapering reflecting inPoint ~~part~~Henry ~~the~~smelter ~~increasing cost of imported bauxite. Consumers of domestic bauxite~~ are ~~also~~expected ~~experiencing higher costs due~~ to ~~diminishing~~be ~~quality~~approximately ~~issues. In~~$250 ~~addition,~~million ~~the~~after ~~recent~~tax ~~Third~~on ~~Party~~an ~~Plenum~~IFRS ~~included further Chinese market liberalisation of process inputs such as electricity and water which could lead to higher production costs~~basis. Longstanding alternative technologies such as coal fly ash and red mud sintering have so far not proven to be economically viable substitutes for the traditional Bayer processing of smelter grade alumina. AWAC benefits from being one of the world’s lowest cost producers of alumina.

~~The~~Changes ~~most significant supply-side news during 2013 which could contribute towards partially offsetting the expected long position~~ in ~~2014~~Taxation was the announcement by Rio Tinto to shut down the Gove alumina refinery in the Northern Territory of Australia by the middle of 2014, representing production capacity of 2.7 million tonnes per annum. However, Gove bauxite is likely to be offered to refineries in China (possibly displacing some Indonesian bauxite). Beyond 2014, however, if the Indonesian ban remains in place, it is not clear from where China will source its growing imported bauxite needs nor at what cost. In the medium term, given the gap between current alumina prices and the construction incentive price, there appear to be insufficient alumina expansion projects outside of China to match expected low cost smelter expansions. So as demand for alumina increases, alumina supply could tighten significantly (or go into deficit in several years’ time).

~~Peter~~In ~~Wasow~~December 2011, AWA Brazil applied for a tax holiday related to its expanded mining and refining operations. The tax holiday took effect on 12 July 2014. As a result, the tax rate for this subsidiary will decrease (from 34% to 15%) over the 10-year holiday period (retroactively effective as of 1 January 2013).

~~Director~~On 17 July 2014, the Australian Government has abolished the carbon tax, with effect from 1 July 2014. The impact in the 2014 financial year is not expected to be material.

~~Melbourne~~ 23

20 FebruaryTable 2014of Contents

~~ABN~~ALUMINA 85LIMITED ~~004 820 419~~

~~December~~HALF-YEAR ~~2012~~ENDED ~~ASX~~30 ~~Report~~JUNE 2014

~~Forward~~Supplementary ~~Looking~~Appendix ~~Statements~~4D Information

Some statements in this report are forward-looking statements within the meaning of the US Private Securities Litigation Reform Act of 1995. Forward-looking statements also include those containing such words as “anticipate”, “estimates”, “should”, “will”, “expects”, “plans” or similar expressions. Forward-looking statements involve risks and uncertainties that may cause actual outcomes to be different from the forward-looking statements. Important factors that could cause actual results to differ from the forward-looking statements include: (a) material adverse changes in global economic, alumina or aluminium industry conditions and the markets served by AWAC; ~~(b) changes~~Cash inFlow ~~production and development costs and production levels or to sales agreements;~~ (~~c) changes~~US ~~in laws or regulations or policies; (d~~GAAP) ~~changes~~ in alumina and aluminium prices and currency exchange rates; (e) constraints on the availability of bauxite; and (f) the risk factors and other factors summarised in Alumina’s Form 20-F for the year ended 31 December 2012. Forward-looking statements that reference past trends or activities should not be taken as a representation that such trends or activities will necessarily continue in the future. Alumina Limited does not undertake any obligations to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. You should not place undue reliance on forward-looking statements which speak only as of the date of the relevant document.

~~Note~~Cash ~~regarding~~from ~~non-IFRS~~operations ~~financial~~of ~~information~~$81.5 million includes an $88.0 million Alba related payment that was funded by a term loan. Excluding that payment, cash from operations and free cash flow would have been $169.5 million and $80.6 million, respectively.

~~This~~Cash ~~document~~from ~~contains~~operations ~~certain~~was ~~non-IFRS~~also ~~financial~~affected ~~information.~~by ~~This~~advanced ~~information~~payments received isfrom ~~presented~~customers toduring ~~assist~~2013 for sales of inventory in ~~making~~1H ~~appropriate~~2014, ~~comparisons~~higher ~~with~~maintenance ~~prior~~costs ~~year~~due ~~and~~ to ~~assess~~production ~~the~~interruptions ~~operating~~such ~~performance~~as ofat the ~~business.~~Point ~~Where~~Comfort ~~non-IFRS~~refinery ~~measures~~(weather ~~are used~~related), ~~definition~~employee oflayoff ~~the~~costs ~~measure,~~in ~~calculation~~the ~~method~~refineries and~~/or~~ ~~reconciliation~~an toincrease ~~IFRS~~in working ~~financial~~capital. ~~information~~Cash isfrom ~~provided~~operations asincludes ~~appropriate~~the gain on disposal of the gold mining interest in Suriname.

Diagram of Alcoa World Alumina and Chemicals (AWAC) Operations			2
Alcoa World Alumina and Chemicals (AWAC) Profit & Loss			3
Alcoa World Alumina and Chemicals (AWAC) Balance Sheet			4
Alcoa World Alumina and Chemicals (AWAC) Statement of Cash Flows			5
Reconciliation of AWAC’s Profit to Alumina Limited Share of AWAC’s Profit			6

Capital expenditure totalled $88.9 million, which is $89.3 million lower than 1H 2013.

~~Diagram~~Sustaining capital expenditure was $85.9 million compared to $155.5 million in 1H 2013. The majority of ~~Alcoa~~expenditure ~~World~~was ~~Alumina~~incurred ~~and~~in ~~Chemicals~~Australia. ~~(AWAC)~~The ~~Operations~~Atlantic regions’ planned expenditure is weighted towards the second half, whereas Australia’s is more evenly spread,

~~All~~Growth ~~operations~~capital ~~100%~~expenditure ~~owned,~~was ~~unless~~$3.0 ~~otherwise~~million. ~~indicated~~

Australia – Huntly & Willowdale Brazil – Trombetas (9.6%) &	Australia – Kwinana, Pinjarra & Wagerup Brazil – Sao Luis (39%)	Australia – Point Henry & Portland (55%)	Australia – Kwinana Spain – San Ciprian USA – Point Comfort
Juruti	Jamaica – Clarendon
Guinea – Sangaredi (23%)	(55%)
Jamaica – Manchester	Spain – San Ciprian
Plateau (55%)	Suriname – Suralco
Suriname – Moengo,	USA – Point Comfort
Klaverblad & Kaimangrassie	Saudi Arabia – Ma’aden
Saudi Arabia – Ma’aden	being developed (25.1%)
being developed (25.1%)

Equity contributions of $45.5 million to the Ma’aden mine and refinery joint venture in Saudi Arabia and $20.1 million of working capital contributions to the San Ciprian refinery in Spain are not included in capital expenditures.

~~Bauxite deposits:~~ AWAC’s ~~bauxite~~Cash ~~deposits~~Flow ~~have~~(US ~~long~~GAAP) term mining rights. Bauxite mining is planned on an incremental basis after detailed assessment of the deposits to achieve a uniform quality in the supply of blended feedstock to the relevant refinery.

Refineries: AWAC operates eight alumina refineries, six of which are located in proximity to bauxite deposits.


	1H 14			2H 13			1H 13
	US$m			US$m			US$m
Net loss after tax		(58.7	)		(222.5	)		(26.2	)
Depreciation and Amortisation		211.1			212.5			234.6
Other¹		(70.9	)		251.6			206.0

Cash from operations		81.5	²		241.6			414.4
Capital expenditure		(88.9	)		(144.4	)		(178.2	)

Free cash flow³		(7.4	)²		97.2			236.2

~~Smelters:~~1 ~~AWAC~~Other ~~produces~~items ~~primary~~consist ~~aluminium~~of net movement in ~~Australia, with~~working ~~alumina~~capital ~~supplied~~and byother ~~the~~assets ~~Australian~~and ~~refineries~~liabilities.

~~Alumina~~2 ~~Chemicals:~~Includes ~~AWAC~~an ~~produces~~Alba ~~chemical~~related ~~grade~~payment ~~alumina~~of ~~from~~$88.0 ~~three~~million ~~refineries:~~that ~~Kwinana~~was ~~(Australia), Point~~funded ~~Comfort~~by ~~(USA)~~a ~~and~~term ~~San Ciprian (Spain)~~loan.

~~Shipping~~3 ~~Operations:~~Calculated ~~AWAC’s~~as ~~shipping~~cash from operations ~~use~~less ~~owned~~capital ~~and chartered vessels to transport dry and liquid bulk cargoes, including bauxite, alumina, caustic soda, fuel oil, petroleum, coke and limestone~~expenditure.

~~Alcoa~~AWAC ~~World~~Balance ~~Alumina~~Sheet ~~and Chemicals~~ (~~AWAC~~US GAAP) ~~Profit & Loss~~

US$ Millions (US GAAP) 100%	Full Year2013			Full Year2012
Sales		3,770.8			3,645.0
Sales to Related Parties		2,113.8			2,170.3
Total Revenue		5,884.6			5,815.3
Cost of Goods Sold and Operating Expenses		(5,088.9	)		(5,284.8	)
Selling, Administration, Other Expenses and R&D Expenses		(123.1	)		(132.9	)
Provision for Depreciation, Depletion and Amortisation		(447.1	)		(478.9	)
Restructuring and Other		(410.6	)		(64.3	)
Total Expenses		(6,069.7	)		(5,960.9	)
Loss before Taxes		(185.1	)		(145.6	)
(Provision)/benefit for Taxes on Income		(63.6	)		53.7
Net Loss after Taxes		(248.7	)		(91.9	)
Members’ Equity
Opening Balance at Start of Period		8,243.7			8,343.1
Net Loss		(248.7	)		(91.9	)
Capital Contribution		31.5			428.4
Dividends Paid and Return of Capital to Partners		(300.8	)		(238.5	)
Common Stock Issued for Compensation Plans		5.2			4.9
Other Comprehensive Income		(869.2	)		(202.3	)
Closing Balance at End of Period		6,861.7			8,243.7

Decreased cash from operations and debt repayments partly offset by lower capital expenditure resulted in lower cash and cash equivalents as at 30 June 2014.

~~Alcoa~~AWAC ~~World~~continued ~~Alumina~~to ~~and~~operate ~~Chemicals~~with ~~(AWAC)~~minimal ~~Balance~~borrowings. ~~Sheet~~

US$ Millions (US GAAP) 100%	31 December2013		31 December2012
Cash and Cash Equivalents		189.5		126.0
Receivables		541.6		457.6
Related Party Notes Receivable		91.5		88.7
Inventories		671.2		808.0
Prepaid Expenses and Other Current Assets		303.1		421.1
Total Current Assets		1,796.9		1,901.4
Property, Plant & Equipment		5,938.3		6,909.2
Investments		557.7		593.1
Other Assets and Deferred Charges		1,786.3		2,014.3
Total Non-Current Assets		8,282.3		9,516.6
Total Assets		10,079.2		11,418.0
Short Term Borrowings		86.1		44.1
Payables		854.5		841.0
Taxes Payable		193.9		142.8
Accrued Compensation and Retirement Costs		269.3		295.7
Other Current Liabilities		376.6		415.7
Total Current Liabilities		1,780.4		1,739.3
Capital lease obligations and long term debt		116.9		94.2
Deferred Taxes		237.3		255.8
Other Long Term Liabilities		1,082.9		1,085.0
Total Non-Current Liabilities		1,437.1		1,435.0
Total Liabilities		3,217.5		3,174.3
Equity		6,861.7		8,243.7
Total Liabilities & Equity		10,079.2		11,418.0

Property, Plant and Equipment decreased mainly due to depreciation and amortisation expenses recognised including accelerated depreciated at the Point Henry smelter, partially offset by foreign exchange revaluations.

~~Alcoa~~AWAC ~~World~~Balance ~~Alumina~~Sheet ~~and Chemicals~~ (~~AWAC~~US GAAP) ~~Statement of Cash Flows~~

US$ Millions (US GAAP) 100%	Full Year2013			Full Year2012
	1H 14			2H 13			1H 13
Operating Activities
	US$m			US$m			US$m
Net Loss		(248.7	)		(91.9	)
Cash, cash equivalents		110.4			189.5			286.3
Adjustments to Reconcile Net Income to Cash from Operations
Receivables		455.2			541.5			439.7
Depreciation and Amortisation		447.1			478.9
Related party note receivable		83.9			91.5			86.6
Other Items*		434.5			(145.1	)
Inventories		727.6			671.2			719.6
Cash from Operating Activities		632.9			241.9
Property, plant & equipment		6,009.0			5,938.3			6,301.6
Financing Activities
Other assets		2,740.7			2,640.5			2,813.8
Dividends Paid & Return of Capital to Partners		(270.7	)		(238.5	)
Total Assets		10,126.8			10,072.5			10,647.6
Change in Debt		67.1			81.5
Short term borrowings		70.3			59.0			74.2
Changes to capital lease obligations		(2.4	)		(12.7	)
Payables		828.1			881.8			938.5
Capital Contribution		31.5			428.4
Taxes payable and deferred		328.9			424.4			386.0
Cash Generated/(Used) for Financing Activities		(174.5	)		258.7
Capital lease obligations and long term debt		134.4			116.9			66.3
Investing Activities
Other liabilities		1,655.8			1,728.7			1,661.4
Capital Expenditure		(322.6	)		(375.3	)
Total Liabilities		3,017.5			3,210.8			3,126.4
Net changes in related party note receivable		(18.0	)		(3.6	)
Equity		7,109.3			6,861.7			7,521.2
Other		(37.8	)		(196.4	)
Cash Used for Investing Activities		(378.4	)		(575.3	)
Effect of Exchange Rate Changes on Cash		(16.5	)		(3.3	)
Cash (Used)/Generated		63.5			(78.0	)
Cash and Cash Equivalents
Cash and Cash Equivalents at Beginning of Period		126.0			204.0
Cash and Cash Equivalents at End of Period		189.5			126.0
Net Change in Cash and Cash Equivalents		63.5			(78.0	)

*24 ~~Other Items consists of net movement in working capital and other non-current assets and liabilities~~

ReconciliationTable of AWAC’s Profit to Alumina Limited Share of AWAC’s Profit Contents

	Full Year2013			Full Year2012
AWAC Loss before Tax (US GAAP)		(185.1	)		(145.6	)
Adjust for IFRS
- embedded derivatives		(16.5	)		4.8
- reversal of Goodwill impairment		30.2			—
- Other		(12.0	)		3.3
AWAC Loss before Tax (IFRS)		(183.4	)		(137.5	)
AWAC Tax (US GAAP)		(63.6	)		53.7
Adjust for IFRS
- Brazil deferred tax		(2.1	)		69.0
- Other		5.5			(4.1	)
AWAC Tax (IFRS)		(60.2	)		118.6
AWAC Loss before Tax (IFRS)		(183.4	)		(137.5	)
AWAC Tax (IFRS)		(60.2	)		118.6
AWAC Loss after Tax (IFRS)		(243.6	)		(18.9	)
Alumina Limited Share of Equity Loss after Tax		(97.4	)		(7.5	)

ALUMINA LIMITED

~~Alumina~~HALF-YEAR ~~Limited~~ENDED ~~2013~~30 ~~Full~~JUNE ~~Year~~2014 ~~Results Peter Wasow Chief Executive Officer Chris Thiris Chief Financial Officer ALUMINA LIMITED~~

~~Disclaimer~~Supplementary ~~ALUMINA LIMITED~~Appendix ~~This presentation is not a prospectus or an offer of securities for subscription or sale in any jurisdiction. Some statements in this presentation are~~4D ~~forward-looking~~Information statements within the meaning of the US Private Securities Litigation Reform Act of 1995. Forward-looking statements also include those containing such words as “anticipate”, “estimates”, “should”, “will”, “expects”, plans” or similar expressions. Forward-looking statements involve risks and uncertainties that may cause actual outcomes to be different from the forward-looking statements. Important factors that could cause actual results to differ from the forward-looking statements include: (a) material adverse changes in global economic, alumina or aluminium industry conditions and the markets served by AWAC; (b) changes in production and development costs and production levels or to sales agreements; (c) changes in laws or regulations or policies; (d) changes in alumina and aluminium prices and currency exchange rates; (e) constraints on the availability of bauxite; and (f) the risk factors and other factors summarised in Alumina’s Form 20-F for the year ended 31 December 2012. Forward-looking statements that reference past trends or activities should not be taken as a representation that such trends or activities will necessarily continue in the future. Alumina Limited does not undertake any obligations to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. You should not place undue reliance on forward-looking statements which speak only as of the date of the relevant document. 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. 2

~~FY 2013 –~~ Alumina Limited & ~~AWAC~~Reported ALUMINA LIMITED AWC US$m (IFRS) 2013 2012 Change NPAT/(NLAT) 0.5 (55.6) 56.2 Underlying earnings (2.7) (62.0) 59.4 Net Alba charge (16.5) (34.0) 17.5 Total Dividend Paid (US cps) 0 0 0 Net Debt 135.2 664.4 (529.2) AWAC US$m (US GAAP) 2013 2012 Change Revenue 5,884.6 5,815.3 69.3 Cash Dividends and distributions 267.8 238.5 32.2 Alba (384) (85) (299) EBITDA 268.9 335.5 (66.6) EBITDA per tonne(1) $45 $31 $14 (1) Adjusted EBITDA per tonne produced from Alcoa Inc’s alumina segment (source: Alcoa Inc 4Q 2013 Results slide pack). Alcoa Inc alumina segment is predominately AWAC operations, of which Alumina Limited owns 40%. AWC: Net Profit after Tax $0.5m Result reflects: Lower corporate costs Lower finance costs due to debt reduction after share placement and free cash Settlement of Alba legal matters AWAC: Continued transition towards alumina spot and indexed pricing Continued productivity gains & cost control Increased dividends and distributions Increased EBITDA excluding impact of Alba settlements 3

~~Part~~The 1:net ~~Alumina~~loss ~~Limited and~~after ~~AWAC~~tax ~~2013~~was ~~Results~~$47.4 ~~ALUMINA~~million ~~LIMITED~~compared to a loss of $2.4 million in 1H 2013.

~~AWAC~~The ~~2013~~net ~~results~~loss ~~ALUMINA LIMITED~~was ~~Profit~~negatively &affected ~~Loss~~by ~~US$m~~the ~~(US~~equity ~~GAAP)~~share ~~2013~~of ~~2012~~AWAC’s ~~Change~~significant ~~Sales~~items ~~revenue~~totalling ~~3,770~~$74.~~8 3,645.0 125.8 Related party revenue~~ 2~~,113.8~~ million ~~2,170.3~~in ~~(56.5)~~1H 2014 ~~Total Revenue 5,884.6 5,815.3 69.3 COGS and operating expenses~~ (~~5,088.9)~~1H ~~(5,284.8) 195.9~~2013: ~~Depreciation and Amortisation (447~~$39.~~1) (478.9) 31.8 Net Interest (6.9) (2.2) (4.7) Selling, Admin, R&D, Other (526.8) (195.~~0 million) ~~(331~~.8) ~~Total~~Significant ~~Expenses (6,069.7)~~items ~~(5,960.9)~~include ~~(108.8)~~Point ~~Loss~~Henry ~~before~~restructuring ~~Tax~~charges ~~(185.1)~~and ~~(145.6)~~the ~~(39.5)~~profit ~~Income~~on ~~Tax (charge)/credit~~sale ~~(63.6)~~of ~~53.7~~gold ~~(117.3)~~mining ~~Net~~interest ~~Loss~~in ~~after~~Suriname ~~Tax~~ (~~248.7)~~1H ~~(91.9) (156.8) EBITDA 268.9 335.5 (66.6) Significant Items (pre-tax) US$m (US GAAP)~~ 2013: ~~2012~~includes ~~Change~~ Alba legal matter ~~(384)~~and ~~(85) (299)~~ Anglesea statutory maintenance ~~(32~~costs). 0 (32) Goodwill impairment (Eastern Al) (30) 0 (30) Other (13) (27) 14 EBITDA improved, before significant items $280m above last year Revenue increased $69m higher than last year Principally due to higher alumina shipments Lower average realised prices Total expenses decreased, before significant items $238m lower than last year Reflects currency and productivity gains and cost control 5

~~AWAC~~Excluding ~~performance~~significant ~~bridge Alumina Limited US GAAP NLAT (US$m) 285 (47) (117) (459) 69 112 (92) 2012 NLAT Prior Year Significant Items (1) Revenue COGS~~items, ~~GASE~~net ~~& Other~~profit ~~Other~~in ~~Income~~1H 2014 &was ~~Expenses~~$26.8 million ~~Tax Current Year Significant Items~~(2)1H ~~(249)~~ 2013 ~~NLAT Currency movements 2013 2012 USD/AUD average 0.9677 1.0355 BRL/USD average 2.1587 1.9540 Improved underlying performance before significant items Revenue higher due to~~: -net ~~Higher~~profit alumina shipments; and - Average realised alumina price only marginally lower; but - Lower aluminium shipments; and - Lower average realised aluminium price COGS, GASE & Other lower, mainly due to: - Cost control and productivity initiatives; and - Stronger US dollar (1) Reversal of: $~~85m Alba civil charge, $9m long service leave adjustment and $18m asset write offs~~ 36.6 (2 million). ~~Comprises of: $384m Alba legal matters, $32m Anglesea maintenance, $30m goodwill impairment of Eastern Aluminium Ltd and $13m asset write offs~~

~~AWAC~~Most ~~alumina~~of ~~realised price(1)~~ Alumina Limited’s ~~(2)~~general ~~Average~~and ~~Realised~~administrative ~~Price~~costs ~~Per~~are ~~Tonne~~incurred ~~(basic~~in ~~units)~~Australian ~~105~~dollars.0 ~~1.3~~The ~~(4.2)~~decrease ~~100.0~~in ~~3.1~~costs ~~100.1~~is ~~100.0~~due 95.0 2012 API/ Legacy Mix 2013 Spot Price LME Price (API:LME)(3) Market prices (US$ per tonne) 2013 2012 Ave. alumina spot, one month lag(4) 327 317 Ave. 3-month LME, two month lag(5) 1,927 2,057 Spot/LME% 17.0% 15.4% Source: (4) Platts (Dec to ~~Nov~~currency ~~Year)~~fluctuations (5) Thomson Reuters Benefit from pricing conversion API/spot prices outperformed LME c.54% priced on API/spot - c.35% for 2012 Favourable mix variance against legacy contracts (1) 3rd party smelter grade alumina (2) Chart depicts variances based off legacy contract terms (3) API:LME refers to the proportion of smelter grade alumina sales that is split between API/spot and ~~LME based~~ ~~pricing~~lower 7expenses.

~~Pricing~~Finance ofcosts ~~smelter~~include ~~grade~~interest ~~alumina~~expense, ~~ALUMINA~~commitment ~~LIMITED~~fees ~~Spot~~paid, vsamortised LME*upfront ~~120~~fees ~~110~~and ~~100 90~~bank 80charges. ~~1-Jan-12~~Total ~~1-Jul-12~~Finance ~~1-Jan-13~~costs ~~1-Jul-13~~decreased ~~1-Jan-14 Platts alumina - FOB Australia prices LME~~to ~~Aluminium~~$6.9 million ~~(3-month)~~from ~~AWAC~~$11.5 million ~~Pricing~~in ~~Transition 35% 46% 65% 85% 65% 54% 35% 15% 2011 2012~~ 1H 2013 ~~2014F~~mainly ~~Portion~~due ofto ~~AWAC~~a ~~SGA~~reduction ~~shipments~~in oninterest ~~LME/other~~expense ~~pricing~~corresponding basis Portion of AWAC SGA shipments on alumina spot or index pricing basis Spot less volatile than LME Spot reflects alumina fundamentals LME influenced by other factors: - Finance deals - Rising regional premiums reflecting demand-supply fundamentals of aluminium Transition to ~~spot~~reduced ~~based~~borrowings ~~pricing~~following ~~continues~~the Atshare ~~least~~placement ~~80%~~ in ~~2016~~1H 2013. * Sources: Alumina, Platts Alumina (FOB Australia) February 2014, LME Aluminium: Thomson Reuters February 2014 8

~~AWAC cash cost of alumina production ALUMINA LIMITED Cost of~~ Alumina ~~Production~~Limited ~~Per~~Balance ~~Tonne~~Sheet (basic units)(1) 100.0 (1.9) (0.9) 0.2(2.9) 94.5 2012 Energy Caustic Bauxite Conversion 2013 Cash CAP Cash CAP Alumina EBITDA currency sensitivities 2014F AUD impact of +$0.01 to the USD/AUD c.($1.40/t) BRL impact of +$0.01 to the BRL/USD c.$ 0.10/t Continued cash cost decreases Reflects cost control, productivity initiatives and improved plant stability Helped by rise in US dollar Lower fuel oil and productivity offset higher natural gas prices Caustic prices lower Bauxite costs impacted by the crusher move in Australia and higher costs in Suriname Conversion assisted by increased production (1) Defined as direct materials and labour, energy, indirect materials, indirect expenses, excluding depreciation. Movements can relate to usage, unit costs or combination of both, timing of maintenance, seasonal factors, levels of production and the number of production days and refinery mix 9

~~AWAC~~Alumina ~~alumina~~Limited’s ~~production~~net ~~ALUMINA~~debt ~~LIMITED~~as ~~Annual~~at ~~Production~~30 June ~~(mt)~~2014 ~~7.4~~declined ~~7.9~~to 7$130.~~8 8.~~0 7 million.8 ~~7.8~~Gearing ~~7.8~~also ~~7.8~~decreased ~~2010~~to ~~2011 2012 2013 1H 2H Change by Region (kt) 63 15,809 199 15,558(6) (45) 33 7 2012 AustraliaSuriname Jamaica Brazil United Spain 2013 States Higher production c~~4.923% ~~of nameplate capacity Australia, Brazil and Spain operated around capacity Point Comfort production higher due to improved plant stability 16~~.~~1mt~~ ~~shipments exceeded production - Catch up on December 2012 delayed shipments, reducing inventory levels Expect 16mt of production for 2014 10~~

~~AWAC~~The ~~capex~~Company ~~ALUMINA LIMITED~~has ~~Sustaining~~a ~~(US$m)~~fully ~~201~~drawn ~~300~~debt ~~347~~facility ~~293~~from ~~2010~~the ~~2011 2012 2013 Lower sustaining capex ¡ Majority spent in~~Brazil ~~Australia~~National ¡Development ~~Funded~~Bank ~~out of AWAC cash flows ¡ Expect $240m for 2014 Growth~~ (~~US$m~~BNDES) 98. 76This 38facility 26amortises ~~2010~~at ~~2011~~approximately ~~2012~~$51.2 million ~~2013~~per ~~Lower~~annum ~~growth~~until ~~capex~~July ¡2016. ~~Majority~~Amounts ~~spent~~outstanding ~~in Brazil~~at ¡30 June ~~Funded out of AWAC cash flows ¡ Expect $25m for~~ 2014 ~~Ma’aden~~under ~~equity contributions~~the ¡BNDES ~~Net~~loan ~~$9m~~were ~~contributed by Alumina Limited ¡ Expect~~ $~~29m~~105.0 million. ~~contribution for 2014 11~~

~~AWAC~~Alumina ~~free~~Limited’s ~~cash~~committed ~~flow ALUMINA~~bank ~~LIMITED~~facilities ~~Free~~amounted ~~Cash~~to ~~Flow(1) (US~~$m) 416 298 (133) 310 2010 2011 2012 2013 Free Cash Flow US$m (US GAAP) 2013 2012 Change Cash from operations 633 242 391 Capital expenditure (323) (375) 52 Free cash flow(1) 310 (133) 443 Improved free cash flow ¡ Improvement in operations and working capital ¡ Includes significant items (pre-tax) – $42300.5m0 ~~Alba~~million ~~civil~~as ~~second~~at ~~instalment~~30 June –2014, ~~$32.0m~~which ~~Anglesea~~expire ~~maintenance –~~as ~~2012 included~~follows: ~~$42.5m Alba civil first instalment Government assistance for Victorian operations (1) Free cash flow defined as cash from operations less capital expenditure 12~~

~~Alumina~~• ~~Limited 2013 results ALUMINA LIMITED Profit and Loss US~~$m150 ~~(IFRS)~~million 2013 2012 Change Equity Share of AWAC Underlying LAT (97.4) (7.5) (89.9) Other Income(1) 137.1 0 137.1 General & Admin Costs (17.2) (19.0) 1.8 Finance Costs (25.3) (29.4) 4.1 Other & Tax 3.3 0.3 3.0 Net Profit/(Loss) After Tax 0.5 (55.6) 56.1 Embedded Derivative, AWAC (3.2) (6.4) 3.2 Underlying Loss (2.7) (62.0) 59.3 Free Cash Flow(2) US$m (IFRS) 2013 2012 Change Dividends and distributions received 107.3 95.1 12.2 Costs (Interest, corporate, other) (39.8) (46.5) 6.7 Cash from Operations 67.5 48.6 18.9 Payments to Investments in ~~Associates~~ ~~(9.0)~~December ~~(171.0)~~2015 ~~162.0 Free Cash Flow~~(2)drawn 58.5 (122.4) 180.9 Improvement in earnings ¡ Significant item (pre-tax) affected results IFRS US$m 2013 2012 Alba legal matter (154) (34) Other income(1) 137 0 Anglesea maintenance (13) 0 Other (5) (11) ¡ Other income reduces Alumina Limited’s exposure to ~~Alba matter to 15% ¡ Lower general and administration costs ¡ Lower finance costs Improvement in free cash flow ¡ Received~~ $~~100m~~30 ~~fully franked dividends from AWAC ¡ Investments relate to Ma’aden – No working capital support provided (1) Other Income of $137.1~~ million ~~(representing~~ ~~25% of the total Alba related charges) recognised in the Profit or Loss. (2) Free cash flow defined~~ as ~~cash~~at ~~from~~30 ~~operations~~June ~~less net investments in associates 13~~ 2014)

~~Alumina~~• ~~Limited net debt & facilities ALUMINA LIMITED Net Debt Changes (US~~$m)150 ~~664~~million ~~(107) (467) 41 9(5) 135 Net Debt 31/12/12 AWAC Dividends & Distributions Placement AWC Corp Costs & Finance Costs Net Investments~~ in ~~AWAC~~December ~~Exchange Rate Effect Net Debt 31/12/13 Debt Profile – 31/12/13 (US$m) 250 200 150 100 50 0 2014 2015 2016~~ 2017 ~~BNDES - Drawn Banks - Drawn Banks - Undrawn Net debt lower ¡ Reduced by share placement and free cash flow ¡ Gearing is 4.6%~~(1)no ~~Sufficient~~amounts ~~facilities beyond~~drawn ~~2014~~under ¡these ~~Terminated $695m of bank~~ facilities ~~in 2013 ¡ Entered into $300m of new bank facilities with improved terms (1) Calculated~~ as ~~(debt~~at –30 ~~cash)/(debt~~June ~~+ equity~~2014) 14

~~Alba related transaction costs ALUMINA LIMITED Total Alumina Limited US$m 100%~~Current ~~US$m~~liabilities ~~40%~~include ~~Adjust US~~$~~m (25%) Net US$m 15% 2013 Accounts US$m DoJ 209~~51.~~0 83.6 (52.~~2) million ~~31.3~~of ~~31.3~~repayments ~~IRS~~on ~~14.0~~the ~~5.6~~facility ~~(3.5)~~from ~~2.1~~the ~~2.1~~BNDES ~~SEC~~that ~~161.0~~are ~~64.4~~due ~~(40.2)~~before ~~24.2~~30 June 242015.2 ~~Civil~~Current ~~85.0~~liabilities ~~34.0(1)~~of ~~(21~~$58.2)6 million ~~12.8~~exceeded ~~(21.2)~~current ~~Legals,~~assets ~~etc~~of 79$28.~~5 31~~3 million.~~8(2)~~ ~~(19.9)~~However, ~~11.9~~the ~~(19.9)~~Directors ~~Total~~are ~~548.5~~confident that ~~219.4~~the ~~(137.1)~~liabilities ~~82.2~~can ~~16.5 Key considerations ¡ AWA LLC debt funding is expected to~~ be nomet ~~more~~using ~~than c.$126m (22% of total cost) – 37.5% of DoJ, IRS, SEC and Civil; less – 62.5% of Legals etc, which have previously been paid from~~ available cash ¡and ~~Alcoa~~undrawn ~~Inc~~committed ~~responsible~~facilities ~~for~~whose ~~the~~maturities ~~balance~~extend ¡beyond ~~AWA~~30 June LLC already repaid $17m of debt relating to first instalment of Civil settlement ¡ AWA LLC’s future debt repayments not expected to affect distributions from other AWAC entities (1) Already or predominately taken up by 20122015. ~~(2) Estimated figure 15~~

~~Point~~Alumina ~~Henry~~Limited ~~smelter ALUMINA~~Reported ~~LIMITED~~Profit ¡ Point Henry to close 3Q 2014 – AWAC charges of c.$ 250m post tax (IFRS) expected c.$240m in 2014 balance relates to holding costs net of scrap proceeds – AWAC cash costs of c.$120m post tax expected c.$50m in 2014 balance relates to demolition; environmental; holding costs, net of scrap proceeds ¡ Anglesea coal mine and power station will be marketed for sale ¡ Portland will continue operating 16

Overview ALUMINA LIMITED Improved AWAC underlying performance in 2013 ¡ Refinery portfolio running reliably at c.92% capacity ¡ Conversion to alumina API/spot delivering benefits ¡ Controllable costs well managed and more savings expected ¡ Currency benefits ¡ Capex funded out of cash from operations Outlook for AWAC in 2014 ¡ Challenges for alumina and aluminium prices ¡ Continued focus on cost reduction and productivity ¡ Reduced sustaining and growth capex ¡ Point Henry closure costs ¡ Ma’aden mine and refinery costs as plant readies for production Alumina Limited in 2014 ¡ AWAC receipts expected to be not significantly different to 2013, subject to market ¡ Undertaking reduction in general overheads ¡ $29m capital contribution for Ma’aden ¡ Potential capital injection for San Ciprian 17


	1H 14			2H 13			1H 13
	US$m			US$m			US$m

Share of AWAC (loss)/profit		(30.7	)		(112.7	)		15.3
Other income		—			137.1	¹		—
General and admin costs		(6.4	)		(9.6	)²		(7.6	)
Finance costs		(6.9	)		(13.8	)		(11.5	)
Other & tax		(3.4	)³		1.9			1.4

Net (loss)/profit after tax		(47.4	)		2.9			(2.4	)

~~Part 2:~~ Alumina ~~demand and~~Limited ~~supply~~Balance ~~ALUMINA~~Sheet ~~LIMITED~~

Total demand for metallurgical alumina ALUMINA LIMITED Emerging markets & light weighting of vehicles driving long-term demand growth (million mtons) 140 120 100 80 60 40 20 0 2013 2014f 2015f 2016f 2017f AFRICA LATIN AMERICA OCEANIA WESTERN EUROPE NORTH AMERICA EASTERN EUROPE ASIA (EX CHINA & MID. EAST) MIDDLE EAST CHINA ¡ Growth is equivalent to c.8.7m tonnes per annum ¡ Estimated 8% CAGR – China represents 10% CAGR ¡ Growth is equivalent to additional 70-105m tonnes per annum of bauxite by 2017(1) – Equivalent to 4 to 6 new mines of similar size to MRN Chart: Harbor Aluminium, February 2014 (1) AWC estimate based on 2-3 tonnes of bauxite per tonne of alumina 19


	1H 14			2H 13			1H 13
	US$m			US$m			US$m
Cash and equivalents		5.0			24.0			23.8
Investments		2,877.2			2,798.9			3,076.8
Other assets		140.5	¹		141.1	¹		28.6

Total Assets		3,022.7			2,964.0			3,129.2


Payables		1.5			3.9			1.5
Interest bearing liabilities – current		51.2			50.6			116.1
Interest bearing liabilities – non-current		83.8			108.6			104.9
Other liabilities		8.7	³		7.5			7.6

Total Liabilities		145.2			170.6			230.1


Net Assets		2,877.5			2,793.4			2,899.1

~~Third~~Notes ~~party demand~~ for ~~alumina~~the ALUMINA LIMITED Third party demand forecast to grow faster than total market Global third party metallurgical alumina demand growth forecasts (million mtons) 60 ROW 40 CHINA 20 0 2013 2014f 2015f 2016f 2017f Estimated 9% CAGR – China represents 10% CAGR – RoW represents 8% CAGR Proportion of AWAC third party sales in 2013 40% Supplied to Alcoa smelters Supplied to third party smelters 60% Third party customers include those in China, India & Middle East AWAC is a significant supplier of alumina to third party customers Global Third Party Alumina ~~Demand~~Limited ~~Chart:~~reported ~~Harbor~~Profit ~~Aluminium,~~and ~~February~~Balance ~~2014~~sheet 20

Capacity expansions are difficult ALUMINA LIMITED New ex-China capacity subject to long lead times & significant delays Region Country Company Refinery 2014F 2015F 2016F 2017F Type Comments Asia ex China Saudi Arabia AWAC-Ma’aden Ras Al Khair 1~~,500~~ ~~300~~Alumina ~~Greenfield~~Limited ~~Commissioning~~recognised ~~on track for Q4 2014 India Hindalco Utkal-Salampur, Orissa 1,500 Greenfield Commissioned in 2013 and in~~ the ~~process~~effect of ~~ramping-up~~the ~~Anrak~~agreement ~~Anrak~~with ~~Alumina~~Alcoa ~~1,500~~Inc ~~Greenfield~~by ~~Commissioning~~posting ~~high likely delayed to 2015 Vedanta Lanjigarh 2,035 Brownfield The expansion is on hold due to inability to secure long term bauxite supply~~$137. ~~The company has not been able to mine bauxite at some sites Hindalco-Adilya Orissa~~ 1~~,500~~ ~~Greenfield~~million ~~Nalco~~(representing ~~Damanjodi~~25% ~~1,000 Brownfield Approval for mining lease received from Govt~~ of ~~Odisha.~~the ~~DPR~~total ~~under~~Alba ~~preparation~~related ~~Vietnam~~charges) ~~Vinacomin~~as ~~Lam~~other ~~Dong~~asset ~~600~~with ~~Greenfield~~the ~~Production~~corresponding ~~started~~credit ~~last~~recognised year, after various delays. Already exporting to China Vinacomin Nhan Co 650 Greenfield Likely to experience delays Indonesia PT Antam Mempawah, West Kalimantan 1,200 Greenfield The project is on feasibility study. The company is still looking for JV partners. Estimated to start commercial operation in 2016. Possible delays Hongqiao Group Well Harvest Winning Alumina 1,000 1,000 Greenfield First 1mt phase scheduled to start in 2015 . Second 1mt phase scheduled for 2017 Bosai Group Greenfield 2mt project cancelled in June 2013 Latin America Brazil Hydro Aluminium CAP 1,860 Greenfield The 1.86mt project has been shelved by the ~~company~~Statement ~~amid~~of ~~“market~~Profit ~~conditions”.~~or ~~Commissioning~~Loss ~~year~~as ~~high~~other ~~likely to be beyond 2016 Table: Harbor Aluminum, February 2014~~income. ~~Numbers are thousands of tonnes 21~~

~~Aluminium~~2 ~~pricing~~Includes ~~and~~CEO ~~LME~~retirement warehousing rule changes ALUMINA LIMITED Aluminum ingot premiums have risen as financing conditions remain favourable Evolving conditions – Current aluminium deficit causing premiums to spike – Aluminium stocks still remain elevated in LME and non-LME warehouses LME modified proposal: LME warehouses to cut queues of over 50 calendar days from 1 April 2014 – If low interest rates gradually increase or traders monetise high premiums, then some metal likely to come out of warehouses and reduce elevated premiums – In the medium term, lower levels of inventory are likely to lead to pricing reflecting the economics of the industry As AWAC moves more alumina sales to index pricing, LME price has less impact on AWAC 425 USA MID- (US$/mton of aluminum) WEST 375 EUROPE 325 DUTY PAID 275 JAPAN 225 1751July2013: LME announces proposal to tackle record 125 queues in dominant locations 75 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Chart: Harbor Aluminium, February 2014 22 payments.

~~Part~~ 3: ~~Bauxite~~Alumina ~~ALUMINA LIMITED~~Limited recognised a deferred tax liability of $2.7 million and the corresponding income tax expense in relation to the other income of $137.1 million recognised in 2013.

~~China bauxite prices have risen in recent years ALUMINA LIMITED Higher domestic bauxite prices increase alumina cost of production US$/t 75 50~~ 25 0 Jun-09 Dec-09 Jun-10 Dec-10 Jun-11 Dec-11 Jun-12 Dec-12 Jun-13 Dec-13 —Henan —Shanxi —Indonesian - Shandong —Australian - Shandong Chart: Value in Use adjusted domestic and imported bauxite prices (in nominal dollar values), CM Group, February 2014 24

ChinaTable bauxite import costs have also risen ALUMINA LIMITED Cost of bauxite from the Atlantic basin remains higher than Pacific $/mton CIF China 90 DEC 2013 BAUXITE FROM THE ATLANTIC BRAZIL: $82 BASIN HAS 80 HIGHER GHANA: $79 FREIGHT COST GUINEA 70 BAUXITE FROM THE INDIA: $61 60 PACIFIC BASIN HAS AUSTRALIA: $57 LOWER FREIGHT COST INDONESIA: $52 50 40 Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Sep-13 China bauxite import prices up 24% from May 2012 (when Indonesia introduced export restrictions) until December 2013 Chart: Chinese Imported Bauxite Cost, HARBOR Aluminium with China Customs Data, February 2014 25 Contents

~~China’s bauxite imports have predominantly come from Indonesia~~ ALUMINA LIMITED Indonesian supply disruption to impact volumes and prices given previous reliance 8 Imports, MIn tonnes 6 4 2 0 Jun/10 Dec/10 Jun/11 Jun/12 Dec/12 Jun/13 Dec/13 Indonesia India Australian Other Indonesian bauxite export ban commenced on 12 January 2014 Upcoming Indonesian Parliamentary (April) and Presidential (July) elections may result in policy changes Potential bauxite cost push due to: Ban/restrictions on Indonesian exports Higher taxes More regulation Higher freight costs given sources are more distant or due to rise in freight costs China seeking to diversify supply sources Alternatives to Indonesia limited by infrastructure, distance, investment lead time & risk Chart: China Bauxite Imports, CM Group, February 2014 26

~~Long~~HALF-~~term~~YEAR ~~bauxite~~ENDED ~~imports~~30 ~~into~~JUNE ~~China ALUMINA LIMITED Import volumes forecast to grow, as depletion begins to impact domestic supply 140 120 100 80 60 40 Tonnes, millions 20 0 2005 2006 2007 2008 2009 2010 2011 2012 2013~~ 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Shandong Henan Chongqing Inner Mongolia Potential imports based on inland refinery reserves depletion Total Forecast Imports 2013: Imports spiked in advance of Indonesian export ban 2014: Imports forecast to fall on Indonesian restrictions and inventory drawdown 2017 onwards: Demand for imported bauxite to increase as domestic refinery reserves are depleted Importing to be driven by issues relating to local bauxite allocation & quality Chart: Forecast China Bauxite Imports, CM Group, February 2014. Note: Import levels greater than actuals required are included in Shandong 27

~~New~~Supplementary ~~bauxite~~Appendix ~~projects needed to meet future demand ALUMINA LIMITED Supply-demand gap expected to develop from 2015 Production (m tpy) 550 500~~4D ~~450~~Information 400 350 300 250 200 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Bauxite is globally plentiful, but of differing quality and development and financing is becoming slower/harder Government approvals Capital costs and available infrastructure Nationalistic policies & taxes Global demand and value of bauxite has been increasing Source: Bauxite demand and supply, 2012 to 2035 , CRU’s Bauxite Long Term Market Outlook, 2013 edition 28

~~Part~~Alumina 4:Limited ~~Pricing~~Cash ~~of alumina~~Flow ~~ALUMINA LIMITED~~

~~Short term drivers on alumina market ALUMINA LIMITED~~ Alumina ~~spot~~Limited’s ~~price~~free ~~reflects~~cash ~~fundamentals~~from ~~Jan-June~~operations ~~2012~~principally ¡comprise ~~Chinese~~the ~~imports~~net ~~spike~~capital ¡and ~~China~~income ~~bauxite~~distributions ~~shortages,~~received ~~cuts~~from ~~alumina~~the ¡AWAC ~~High~~entities ~~Chinese~~offset ~~alumina prices make Aust attractive ¡ (Apr-Aug) - Caustic price spike ¡ (Jan-Mar) -LME Al jumps $300/t Jun-Jul 2012 ¡ Atlantic surplus (smelter curtailments) ¡ Atlantic discounted~~ by ~~$10/t to Australia~~the ¡Company’s ~~Brent crude falls $31/bbl (May-June) ¡ LME Al drops nearly $500/t (March-June) Aug-Dec 2012 ¡ Atlantic surplus evaporates ¡ India~~general, ~~Guinea,~~administrative ~~Jamaica~~and ~~cut~~finance ~~alumina~~costs. output ¡ Chinese buyers absorb Atlantic longs ¡ Brent crude regains $28/bbl June-August Sep 2012-Feb 2013 ¡ Caustic soda weakens Jan-Feb 2013 ¡ Queensland (floods) shortages ¡ Gove closure concerns Mar-Apr 2013 ¡Australia normalizes, supply worries ease ¡ Low Chinese prices (importers resell contracted cargoes) ¡ LME Al pressured by macroeconomic woes Apr-Jul 2013 ¡ Gove cut, port delays lift price ¡ Smelter cuts (India, Malaysia) ¡ Vedanta restarts alumina ¡ China imports fall, reselling ¡ LME Al falls to 4-year low ¡ Alunorte refinery cuts Aug-Oct 2013 ¡ Smelter cuts (US, Russia, Brazil) ¡ Atlantic cargoes ¡ Weather delays (Bunbury, Kwinana) Nov 2013 to Jan 14 ¡ Gove refinery suspension announced ¡ Indonesian bauxite export ban implemented ¡ Smelter restarts (Saudi Arabia, Malaysia) ¡ Smelter capacity reviews (Europe, US, South Africa) ¡ Pre-Chinese New Year lull period 350 Platts alumina, FOB Australia (US$/t) 325 300 1-Jan-12 1-Apr-12 1-Jul-12 1-Oct-12 1-Jan-13 1-Apr-13 1-Jul-13 1-Oct-13 1-Jan-14 Source for chart & commentary: Platts, January 2014 30

~~China~~Alumina ~~imports~~Limited ofreceived ~~alumina ALUMINA~~income ~~LIMITED~~distributions ~~Quantity~~ of ~~imports reflects no current pricing arbitrage with RoW 180~~ $2~~,000~~.6 million ~~140~~and ~~100~~capital ~~1,500~~returns 60of US$~~/t 20 1,000 tones ‘000 -20 -60 500 -100 -140 0 Jan-11 Apr-11 Jul-11 Oct-11 Dec-11 Mar-12 Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Sep-13 Dec-13~~51.6 ~~Total~~million ~~alumina~~from ~~imports~~AWAC ~~Import Premium Import Inducement Value China and RoW acting as two distinct alumina markets interacting through imports into China China alumina imports fell~~ in 1H 2014 ~~2013~~compared ~~due~~ to ~~lower~~distributions ~~alumina~~of ~~production~~$3.9 ~~costs~~million ~~in China No alumina exports from China due to: no VAT export rebate land~~ and ~~sea~~$25.0 million ~~freight cost disadvantage China alumina generally bagged creating logistical issues alumina quality variance risks for non-Chinese smelters high operating costs generally policy~~ of ~~value-adding~~fully ~~Expect~~franked ~~China~~dividends toin ~~set~~1H ~~alumina~~2013. ~~clearing price Chart: CMAAX vs Aust FOB adjusted, CM Group, February 2014 31~~

~~China~~The ~~refinery~~capital returns ~~cash~~from ~~cost~~AWAC ~~curve~~of by$51.6 ~~province~~million, ~~ALUMINA~~equity ~~LIMITED~~contributions ~~Shandong~~to isthe ~~global~~Ma’aden ~~marginal~~joint ~~producer &~~venture ~~with 20m tonnes~~ of ~~capacity~~$18.4 ~~500~~million, ~~Guanxi~~Ma’aden ~~Shanxi Guizhou~~entry ~~350~~fee ~~450~~reimbursement ~~Yunnan~~to ~~Henan~~Alcoa ~~Chongqing~~Inc ~~2745~~of ~~400 Shandong IM 2440 350 2135 RMB/t 300 Alumina Price - CMAAX excl~~$5.4 ~~VAT~~million ~~(Dec-13)~~and ~~1830~~working ~~250~~capital ~~1525~~contributions ~~200~~to ~~1220~~the ~~150~~San ~~915~~Ciprian ~~100~~refinery ~~610~~in 50Spain ~~305 0 0~~of 0%$8.2 million ~~25%~~are ~~50%~~included ~~75%~~in ~~100%~~the ~~Cumulative~~net ~~Production~~proceeds/(payments) ~~- % Shandong dependent on imported bauxite Central provinces facing bauxite quality and allocation issues and could begin~~ to ~~import~~investments in ~~near future Cost of processing bauxite is increasing Potential for additional curtailments if low pricing continues Chart: Alumina Cash Cost,~~associates. ~~excluding VAT, CM Group, February 2014 32~~

Ma’aden on target for 2014 production ALUMINA LIMITED 4m tonnes per annum bauxite mine & 1.8m tonnes per annum alumina refinery AWAC has 25.1% interest in mine & refinery Bauxite Mine: ~52% complete – on track to provide bauxite in 2014 Alumina ~~Refinery: ~77% complete – on track to produce first alumina in 4Q14 – will be one of the lowest cost refineries in AWAC portfolio Alumina~~ Limited ~~equity~~Cash ~~contributions~~Flow ~~– net $9m in FY13 – further contributions approx. $29m in 2014 33~~

Highlights & Outlook ALUMINA LIMITED AWC: Strong financial position – Reduction in corporate and interest costs – Balance sheet continues to strengthen following: A$452m share placement in February 2013 $107m in distributions and dividends from AWAC, with minimal contributions AWAC: Improved financial performance despite difficult market – Continued successful transition to spot/index pricing with ~54% of SGA shipments in FY13 – Reduced alumina production costs through stronger US$, tight cost control, including productivity gains AWAC outlook has positives – Pricing transition to continue: ~65% of SGA shipments expected to be on spot/index basis in FY14 – Ma’aden: To be one of the lowest cost AWAC refineries with AWAC share of ~450kt, production expected to start in 4Q14 – Costs to fall with ongoing productivity expected and weaker A$ and BRL will reduce US$ costs 34


	1H 14			2H 13			1H 13
	US$m			US$m			US$m
Dividends received		—			75.0			25.0
Distributions received		2.6			3.4			3.9
Finance costs paid		(6.6	)		(13.7	)		(11.8	)
Payments to suppliers and employees		(8.4	)¹		(7.2	)		(7.5	)
GST refund, interest received and other		(0.3	)		—			0.4

Cash from operations		(12.7	)		57.5			10.0

Net proceeds/(payments) to investments in associates		19.6			3.0			(12.0	)

Free cash flow²		6.9			60.5			(2.0	)

~~Alumina~~1 ~~Limited~~Includes ~~2013~~CEO ~~Full~~retirement ~~Year Results Peter Wasow Chief Executive Officer Chris Thiris Chief Financial Officer ALUMINA LIMITED~~ payments.

~~Appendices~~2 ~~ALUMINA LIMITED~~Free cash flow calculated as cash from operations less net investments in associates.

~~AWAC:~~26 global leader in bauxite and alumina ALUMINA LIMITED San Ciprian Point Comfort Ma’aden(1) Jamalco Guinea Suralco MRN Alumar Juruti Kwinana Huntly Portland Pinjarra Point Henry Willowdale Bauxite Mines Wagerup Refineries Smelters Location AWAC is well positioned with long-life mines and nearly all AWAC mines are integrated with its refineries AWAC mined c.40m tonnes of bauxite in 2013 As bauxite prices increase, AWAC’s mines become more valuable Alumina Limited is a unique pure investment in AWAC (2)(1) Greenfield project that is expected to begin production in the fourth quarter of 2014 (2) AWAC is a joint venture between Alumina Limited (40%) and Alcoa Inc (60%) 37

AWACTable refinery capacity ALUMINA LIMITED Currently operating at c.92% of nameplate capacity(1) AWAC share of Percentage of nameplate AWAC total Country Refinery Ownership capacity nameplate (MTPY) capacity Kwinana 2.2 Australia Pinjarra AWAC 100% 4.2 52% Wagerup 2.6 AWAC (39%) Rio Tinto Alcan Inc (10%) Brazil Alumar 1.4 8% Aluminio (15%) BHP Billiton (36%) AWAC (55%) Jamaica Jamalco Alumina Production Ltd 0.8 5% (Government of Jamaica) (45%) San Spain AWAC 100% 1.5 9% Ciprian Suriname Suralco AWAC 100% 2.2 13% Point US AWAC 100% 2.3 13% Comfort Total 17.2 100% World’s largest alumina producer Low cash cost producer Refineries in Australia, Brazil, Jamaica and Suriname are integrated with mines Additional c.450,000 tonnes once Ma’aden is completed (1) Nameplate capacity is an estimate based on design capacity and normal operating efficiencies and does not necessarily represent maximum possible production. Excludes additional creep opportunities 38 Contents

~~Metallurgical refining cash cost curve~~ ALUMINA LIMITED AWAC is a low cash cost producer of alumina 1ST QUARTILE 2ND QUARTILE 3RD QUARTILE 4TH QUARTILE Nalco BHP AWAC Hydo Aluminum China Power Investment Noranda RTA Chalco Penna Group-Rakia UC Rusal Eurasian Natural Resoruces Corp Vimetco Glencore Vedanta Mytilineos Group Shandong Weiqiao Shandong Chinping Xinfa 0 25 50 75 100 % capacity Chart: Global Metallurgical Alumina Refining Output Cash Cost Curve 4Q13, Harbor Aluminium, January 2014. applicable VAT of 17% that Chinese alumina refiners pay on raw materials, energy and services *Excludes 39

~~Reconciliation to Alcoa Reporting Alcoa reported “net income attributable to non~~HALF-~~controlling~~YEAR ~~interests”~~ENDED ~~ALUMINA LIMITED~~30 ~~2013~~JUNE ~~2012~~2014 Alcoa reported net (loss)/income attributable to non-controlling interests (US GAAP) 41m (29m) GAAP adjustments(1): Foreign Tax Differences(2) (1m) 28m Other 3m (4m) Embedded Derivatives(3) (3m) (6m) Adjusted amount 40m (11m) Alumina underlying (loss)/earnings (pre funding and corporate costs)(4) 40m (14m) (1) The combined financial statements of the entities forming AWAC are prepared in accordance with US GAAP. Adjustments are made to convert the accounting policies under US GAAP to AAS (2) The Foreign Tax Differences includes AWC’s 40% of the recognition of Brazil deferred tax credit adjustment (3) Underlying earnings are calculated by excluding the impact of fair value movements for embedded derivatives contained in AWAC energy contracts that are linked to the LME price of aluminium 40

Supplementary Appendix 4D Information

Guidance

The following guidance is provided to assist the understanding of the sensitivity of AWAC results to certain factors. The guidance cannot be expected to be predictive of exact results; rather it provides direction and approximate quantum of the impact on profit before tax of movements around a given base figure. Actual results will vary from those computed using the guidance. Guidance is not linear, hence significant movement away from the base rates used may result in different sensitivities. Sensitivity of each element of the guidance has been considered in isolation and no correlation with movements in other elements within the guidance has been made.


Item	February 2014 Guidance	August 2014 Guidance

Production – alumina	Approximately 16.0mt	Approximately 16.0mt

Production – aluminium	Approximately 359,000t	Approximately 267,000t¹

Australian $ Sensitivity: +1¢ in USD/AUD	Approximately -$30 million profit before tax Approximately -$1.40/t alumina EBITDA	Approximately -$30 million profit before tax Approximately -$1.40/t alumina EBITDA

Brazilian $ Sensitivity: +1¢ in BRL/USD	Approximately +$3 million profit before tax Approximately $0.10/t alumina EBITDA	Approximately +$3 million profit before tax Approximately $0.10/t alumina EBITDA

Third party smelter grade alumina shipments expected to be based on alumina price indices or spot	Approximately 65% for the year	Approximately 65% for the year

AWAC sustaining capital expenditure	Approximately $240 million	Approximately $260 million

AWAC growth capital expenditure²	Approximately $25 million	Approximately $10 million

Definitions:

¹	Lower due to the closure of Point Henry in August 2014.

²	Does not include investment in the Ma’aden growth project.

ALUMINA LIMITED

HALF-YEAR ENDED 30 JUNE 2014

Supplementary Appendix 4D Information

Reconciliations

AWAC’s significant items (US GAAP)

The AWAC’s net loss was negatively affected by individually significant items. These items are disclosed in the table to enhance an understanding of AWAC’s operational performance during the reporting period.


	1H 14			2H 13			1H 13
Significant Items	US$m			US$m			US$m
Point Henry restructuring charges		(254.3	)		—			—
Alba legal matter		—			(281.0	)		(103.0	)
Anglesea statutory maintenance		—			—			(32.0	)
Goodwill impairment		—			(30.0	)		—
Gain on sale of gold mining interest in Suriname		27.9			—			—
Other		—			(13.0	)		—

Total significant items (pre-tax)		(226.4	)		(324.0	)		(135.0	)

Total significant items (after-tax)		(160.1	)		(320.1	)		(125.4	)

AWAC’s EBITDA and EBITDA excluding significant items (US GAAP)

AWAC’s EBITDA is defined as earnings before interest, tax, depreciation and amortisation.


	1H 14			2H 13			1H 13
	US$m			US$m			US$m
Net loss after tax		(58.7	)		(222.5	)		(26.2	)
(Subtract)/add back: Income tax (credit)/charge		(36.1	)		44.9			18.7
Add back: Depreciation and Amortisation		211.1			212.5			234.6
Add back: Net interest		2.9			4.1			2.7

EBITDA		119.2			39.0			229.8

Add back: significant items		226.4			324.0			135.0

EBITDA excluding significant items		345.6			363.0			364.8

AWC’s significant items (IFRS)

Alumina Limited’s share of net (loss)/profit of associates was negatively affected by its equity share of individually significant items incurred by AWAC. These items are disclosed in the table to enhance an understanding of Company’s operational performance during the reporting period.


	1H 14			2H 13			1H 13
Significant Items (post-tax)	US$m			US$m			US$m
Point Henry restructuring charges		(78.7	)		—			—
Legal matters of associate		(2.7	)		13.5			(30.0	)
Anglesea statutory maintenance		—			—			(9.0	)
Gain on sale of gold mining interest in Suriname		7.2			—			—
Other		—			(3.6	)		—

Total significant items		(74.2	)		9.9			(39.0	)

ALUMINA LIMITED

HALF-YEAR ENDED 30 JUNE 2014

Supplementary Appendix 4D Information

Market Outlook

The demand for primary aluminium remains strong. For 2014, growth is expected to be recorded in the high single digit percentage points. Whilst there has been a slowdown during 2014 in China’s economic activity, where approximately half of the global aluminium production capacity is installed, demand for the metal in high growth markets such as power transmission and vehicles should keep total China growth near double digit percentage points. For the rest of the world, and particularly in North America, a shift from steel to aluminium for the light-weighting of auto bodies as one response to enacted regulations on fuel efficiency should add to the growth that is expected from a cyclical rebound.

Although demand for primary aluminium and hence smelter grade alumina remains robust, Australian FOB spot prices for alumina during the first half of 2014 have declined, reaching an almost two-year low of US$307 per tonne. Continuing low aluminium prices led to a net reduction in aluminium production that was initially not matched by alumina production curtailments, resulting in Atlantic cargoes being offered to Pacific and Middle East buyers at a discount to Australian prices.

Market commentators currently view the global aluminium market as being in a deficit for 2014 due to the strong year-on-year demand growth combined with the recent production cuts. Global aluminium inventories are now at multi-year lows, boosting sentiment and pushing prices to over US$2,000 per tonne. On the other hand, alumina is seen as remaining in surplus but beginning to correct as high cost Atlantic refineries curtail and China demand picks up as smelters advantaged by low local costs in Xinjiang and Inner Mongolia provinces expand their capacity and some other smelters, such as in the Henan province, resume production induced by local power tariff subsidies.

Globally, there is overcapacity in alumina, and this is likely to continue to weigh on prices in the short term despite the expected growth in demand. Nevertheless, short-term prices should also find support from the recent improvement in aluminium LME prices; the on-going Indonesian bauxite export ban; the closure by Rio Tinto of the Gove refinery situated in the Northern Territory of Australia (capacity of 2.7 million tonnes per annum of alumina) and delays in new alumina capacity coming on stream such as the Lanjigarh refinery expansion in India which is due to the inability to secure bauxite supply.

Indonesia was China’s largest supplier of imported bauxite. China represents approximately half of the global alumina refinery capacity, with approximately 30% of China’s refineries dependent upon imported bauxite. On 12 January 2014 the Indonesia export ban of unprocessed ores came into effect which stopped bauxite exports to China. Leading up to the ban, China built up significant stockpiles of bauxite. Alumina capacity expansion in China has been tapering reflecting in part the increasing cost of imported bauxite and declining stockpiles. Beyond 2014, if the Indonesian ban remains in place, it is not clear from where China will source the entirety of its growing imported bauxite needs nor at what cost. This may lead to an increase in imports of alumina by China.

Longer term, given the gap between current low alumina prices and the construction incentive price outside China, and the measures put in place by the Chinese Government to stem the growth of over-supplied industries, the rate of net alumina capacity expansion is expected to slow and supply is expected to eventually fall behind demand. China’s consumers of domestic bauxite are also experiencing higher bauxite costs due to declining grades, which could eventually place additional demand upon imported bauxite and/or alumina. In addition, recent Chinese market liberalisation of process inputs such as electricity and water could lead to higher alumina production costs.

ALUMINA LIMITED

HALF-YEAR ENDED 30 JUNE 2014

Supplementary Appendix 4D Information

Forward Looking Statements

Some statements in this report are forward-looking statements within the meaning of the US Private Securities Litigation Reform Act of 1995. Forward-looking statements also include those containing such words as “anticipate”, “estimates”, “should”, “will”, “expects”, “plans” or similar expressions. Forward-looking statements involve risks and uncertainties that may cause actual outcomes to be different from the forward-looking statements. Important factors that could cause actual results to differ from the forward-looking statements include: (a) material adverse changes in global economic, alumina or aluminium industry conditions and the markets served by AWAC; (b) changes in production and development costs and production levels or to sales agreements; (c) changes in laws or regulations or policies; (d) changes in alumina and aluminium prices and currency exchange rates; (e) constraints on the availability of bauxite; and (f) the risk factors and other factors summarised in Alumina’s Form 20-F for the year ended 31 December 2013. Forward-looking statements that reference past trends or activities should not be taken as a representation that such trends or activities will necessarily continue in the future. Alumina Limited does not undertake any obligations to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. You should not place undue reliance on forward-looking statements which speak only as of the date of the relevant document.

Note regarding non-IFRS financial information

This document 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.

ALUMINA LIMITED


Diagram of Alcoa World Alumina and Chemicals (AWAC) Operations			32
Alcoa World Alumina and Chemicals (AWAC) Profit & Loss			33
Alcoa World Alumina and Chemicals (AWAC) Balance Sheet			34
Alcoa World Alumina and Chemicals (AWAC) Statement of Cash Flows			35
Reconciliation of AWAC’s Profit to Alumina Limited Share of AWAC’s Profit			36

ALUMINA LIMITED

Diagram of Alcoa World Alumina and Chemicals (AWAC) Operations

LOGO

All operations 100% owned, unless otherwise indicated

Australia – Huntly & Willowdale

Brazil – Trombetas (9.6%) & Juruti

Guinea – Sangaredi (23%)

Jamaica – Manchester Plateau (55%)

Suriname – Moengo, Klaverblad & Kaimangrassie

Saudi Arabia – mine being developed (25.1%)

Australia – Kwinana, Pinjarra & Wagerup

Brazil – Sao Luis (39%)

Jamaica – Clarendon (55%)

Spain – San Ciprian

Suriname – Suralco

USA – Point Comfort

Saudi Arabia – refinery being developed (25.1%)

Australia – Point Henry & Portland (55%)

Australia – Kwinana

Spain – San Ciprian

USA – Point Comfort

Bauxite deposits: AWAC’s bauxite deposits have long term mining rights. Bauxite mining is planned on an incremental basis after detailed assessment of the deposits to achieve a uniform quality in the supply of blended feedstock to the relevant refinery.

Refineries: AWAC operates eight alumina refineries, six of which are located in proximity to bauxite deposits.

Smelters: AWAC produces primary aluminium in Australia, with alumina supplied by the Australian refineries.

Alumina Chemicals: AWAC produces chemical grade alumina from three refineries: Kwinana (Australia), Point Comfort (USA) and San Ciprian (Spain).

Shipping Operations: AWAC’s shipping operations use owned and chartered vessels to transport dry and liquid bulk cargoes, including bauxite, alumina, caustic soda, fuel oil, petroleum, coke and limestone.

ALUMINA LIMITED

Alcoa World Alumina and Chemicals (AWAC) Profit & Loss


US$ Millions (US GAAP) 100%	1st Half 2014			2nd Half 2013			1st Half 2013
Sales		1,795.4			1,895.1			1,875.7
Sales to Related Parties		1,003.5			1,024.6			1,089.2

Total Revenue		2,798.9			2,919.7			2,964.9

Cost of Goods Sold and Operating Expenses		(2,396.5	)		(2,507.3	)		(2,581.6	)
Selling, Administration, Other Expenses and R&D Expenses		(54.7	)		(61.3	)		(61.9	)
Provision for Depreciation, Depletion and Amortisation		(211.1	)		(212.5	)		(234.6	)
Restructuring and Other		(231.4	)		(316.2	)		(94.3	)

Total Expenses		(2,893.7	)		(3,097.3	)		(2,972.4	)

Loss before Taxes		(94.8	)		(177.6	)		(7.5	)
(Provision)/Benefit for Taxes on Income		36.1			(44.9	)		(18.7	)
Net Loss after Taxes		(58.7	)		(222.5	)		(26.2	)
Members’ Equity
Opening Balance at Start of Period		6,861.7			7,521.2			8,243.7
Net Loss		(58.7	)		(222.5	)		(26.2	)
Capital Contribution		65.6			—			31.5
Dividends Paid and Return of Capital to Partners		(136.7	)		(166.1	)		(134.7	)
Common Stock Issued for Compensation Plans		2.9			1.8			3.4
Other Comprehensive Income		374.5			(272.7	)		(596.5	)
Closing Balance at End of Period		7,109.3			6,861.7			7,521.2

ALUMINA LIMITED

Alcoa World Alumina and Chemicals (AWAC) Balance Sheet


US$ Millions (US GAAP) 100%	30 June 2014		31 December 2013		30 June 2013
Cash and Cash Equivalents		110.4		189.5		286.3
Receivables		455.2		541.5		439.7
Related Party Notes Receivable		83.9		91.5		86.6
Inventories		727.6		671.2		719.6
Prepaid Expenses and Other Current Assets		263.1		296.4		352.3

Total Current Assets		1,640.2		1,790.1		1,884.5


Property, Plant & Equipment		6,009.0		5,938.3		6,301.6
Investments		604.1		557.7		588.1
Other Assets and Deferred Charges		1,873.5		1,786.4		1,873.4

Total Non-Current Assets		8,486.6		8,282.4		8,763.1


Total Assets		10,126.8		10,072.5		10,647.6


Short Term Borrowings		70.3		59.0		74.2
Payables		828.1		881.8		938.5
Taxes Payable		150.4		187.1		192.8
Accrued Compensation and Retirement Costs		275.0		269.2		263.0
Other Current Liabilities		342.1		376.6		500.8

Total Current Liabilities		1,665.9		1,773.7		1,969.3


Capital Lease Obligations and Long Term Debt		134.4		116.9		66.3
Deferred Taxes		178.5		237.3		193.2
Other Long Term Liabilities		1,038.7		1,082.9		897.6

Total Non-Current Liabilities		1,351.6		1,437.1		1,157.1


Total Liabilities		3,017.5		3,210.8		3,126.4


Equity		7,109.3		6,861.7		7,521.2

Total Liabilities & Equity		10,126.8		10,072.5		10,647.6

ALUMINA LIMITED

Alcoa World Alumina and Chemicals (AWAC) Statement of Cash Flows


US$ Millions (US GAAP) 100%	1st Half 2014			2nd Half 2013			1st Half 2013
Operating Activities
Net Loss		(58.7	)		(222.5	)		(26.2	)
Adjustments to Reconcile Net Income to Cash from Operations
Depreciation, Amortisation and Impairment		211.1			212.5			234.6
Other Items*		(70.9	)		251.6			206.0
Cash from Operating Activities		81.5			241.6			414.4
Financing Activities
Dividends Paid & Return of Capital to Partners		(136.7	)		(198.5	)		(72.2	)
Change in Debt		29.6			35.4			4.6
Changes to Capital Lease Obligations		(0.8	)		—			(2.4	)
Capital Contribution		65.6			—			31.5
Cash Generated/(Used) for Financing Activities		(42.3	)		(163.1	)		(38.5	)
Investing Activities
Capital Expenditure		(88.9	)		(144.4	)		(178.2	)
Net Changes in Related Party Note Receivable		12.4			(33.9	)		17.8
Other		(49.1	)		(3.0	)		(32.7	)
Cash Used for Investing Activities		(125.6	)		(181.3	)		(193.1	)
Effect of Exchange Rate Changes on Cash		7.3			6.0			(22.5	)
Cash (Used)/Generated		(79.1	)		(96.8	)		160.3
Cash and Cash Equivalents
Cash and Cash Equivalents at Beginning of Period		189.5			286.3			126.0
Cash and Cash Equivalents at End of Period		110.4			189.5			286.3
Net Change in Cash and Cash Equivalents		(79.1	)		(96.8	)		160.3

*	Other Items consists of net movement in working capital and other non-current assets and liabilities

ALUMINA LIMITED

Reconciliation of AWAC’s Profit to Alumina Limited Share of AWAC’s Profit


	1st Half 2014			2nd Half 2013			1st Half 2013
AWAC Loss before tax (US GAAP)		(94.8	)		(177.6	)		(7.5	)
Adjust for IFRS
- Embedded derivatives		12.7			(17.3	)		0.8
- Restructuring charges		(27.4	)		—			—
- Reversal of goodwill impairment		—			30.2			—
- Alba provision		—			(28.0	)		28.0
- Other		(1.9	)		(9.2	)		(2.8	)
AWAC (Loss)/Profit before Tax (IFRS)		(111.4	)		(201.9	)		18.5

AWAC Tax (US GAAP)		36.1			(44.9	)		(18.7	)
Adjust for IFRS
- Brazil deferred tax		—			(40.3	)		38.2
- Other		(1.5	)		5.2			0.3
AWAC Tax (IFRS)		34.6			(80.0	)		19.8

AWAC (Loss)/Profit before Tax (IFRS)		(111.4	)		(201.9	)		18.5
AWAC Tax (IFRS)		34.6			(80.0	)		19.8
AWAC (Loss)/Profit after Tax (IFRS)		(76.8	)		(281.9	)		38.3

Alumina Limited Share of Equity (Loss)/Profit after Tax		(30.7	)		(112.7	)		15.3

LOGO


ASX Announcement		21 August 2014

Alumina Limited 2014 Half-Year Result Presentation

Attached is a presentation relating to Alumina Limited’s Half-Year Results for the six months ended 30 June 2014.

/s/ Stephen Foster

Stephen Foster

Company Secretary

21 August 2014


		Alumina Limited

		ABN 85 004 820 419

		GPO Box 5411
		Melbourne Vic 3001
		Australia

		Level 12 IBM Centre
		60 City Road
		Southbank Vic 3006
		Australia

		Tel +61 (0)3 8699 2600
		Fax +61 (0)3 8699 2699
		Email info@aluminalimited.com

LOGO

Alumina Limited
2014 Half Year Results
Peter Wasow
Chief Executive Officer
Chris Thiris
Chief Financial Officer

LOGO

Disclaimer
This presentation is not a prospectus or an offer of securities for subscription or sale in any jurisdiction. Some statements in this presentation are forward-looking statements within the meaning of the US Private Securities Litigation Reform Act of 1995. Forward-looking statements also include those containing such words as “anticipate”, “estimates”, “should”, “will”, “expects”, plans” or similar expressions. Forward-looking statements involve risks and uncertainties that may cause actual outcomes to be different from the forward-looking statements. Important factors that could cause actual results to differ from the forward-looking statements include: (a) material adverse changes in global economic, alumina or aluminium industry conditions and the markets served by AWAC; (b) changes in production and development costs and production levels or to sales agreements; (c) changes in laws or regulations or policies; (d) changes in alumina and aluminium prices and currency exchange rates; (e) constraints on the availability of bauxite; and (f) the risk factors and other factors summarised in Alumina’s Form 20-F for the year ended 31 December 2013.
Forward-looking statements that reference past trends or activities should not be taken as a representation that such trends or activities will necessarily continue in the future. Alumina Limited does not undertake any obligations to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. You should not place undue reliance on forward-looking statements which speak only as of the date of the relevant document.
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.
2

LOGO

Part 1:
Alumina Limited and AWAC
1H 2014

LOGO

Alumina Limited & AWAC
Alumina Limited
US$m (IFRS) 1H14 2H13 1H13
(NLAT)/NPAT (47.4) 2.9 (2.4)
Significant Items:
- Legal matters of associates (after-tax) (2.7) 13.5 (30.0)
- Point Henry restructuring (after-tax) (78.7) - -
- Other significant items (after-tax)* 7.2 (3.6) (9.0)
NPAT/(NLAT) excl significant items 26.8 (7.0) 36.6
Net Debt 130.0 135.2 197.2
AWAC
US$m (US GAAP) 1H14 2H13 1H13
EBITDA 119.2 39.0 229.8
Significant Items:
- Legal matters of associates (pre-tax) - (281.0) (103.0)
- Point Henry restructuring (pre-tax) (254.3) - -
- Other significant items (pre-tax)* 27.9 (43.0) (32.0)
EBITDA excluding significant items 345.6 363.0 364.8
Cash dividends, distributions and 136.7 198.5 72.2
capital returns
Alumina Limited:
Results include significant items:
- most are non-cash
- largest being Point Henry restructuring
$26.8m net profit excluding significant items
No dividend declared
AWAC:
$345.6m EBITDA excluding significant items
Dividends, distributions and capital returns in line with past periods
(*) Other includes: sale of gold mining interest in Suriname, asset write-offs and Anglesea statutory maintenance
4

LOGO

AWAC performance bridge
US GAAP (US$m)
230
135
(166)
166
7
(27)
(226)
119
H1 2013 Prior Year Revenue COGS and Selling, Other Current Year H1 2014
EBITDA One-off Operating Admin, One-off EBITDA
Items(1) expenses R&D Items(2)
39
324
(122)
124
7
(27)
(226)
119
H2 2013 Prior Year Revenue COGS & Selling, Other Current Year H1 2014
EBITDA One-off Operating Admin, One-off EBITDA
Items(3) Expenses & R&D Items(2)
Performance in line with prior periods
Revenue largely affected by lower alumina prices and shipments
COGS, etc lower mainly due to:
- stronger US dollar, especially against 1H13 - lower alumina shipments - productivity initiatives and cost control
Currency movements 1H14 2H13 1H13
USD/AUD average 0.9148 0.9215 1.0150
BRL/USD average 2.2949 2.2818 2.0326
Source: Thomson Reuters
(1) Reversal of: $103m Alba legal matter & $32m Anglesea statutory maintenance (2) Comprises: $254m Point Henry restructuring & ($28m) sale of gold mining interest in Suriname (3) Reversal of: $281m Alba legal matter, $30m goodwill impairment of Eastern Aluminium Ltd and $13m asset write offs
5

LOGO

AWAC alumina realised price(1)
(2)
Average Realised Price Per Tonne (basic units)
100.0
(2.4)
(4.7)
2.0
94.9
1H13 API / Legacy Mix 1H14
Spot Price LME Price
1.6 100.6 100.0 0.2 (1.2)
2H13 API / Legacy LME Price Mix 1H14
Spot Price
Benefit from pricing conversion
API/spot prices outperformed LME linked prices
c.63% smelter grade shipments priced on API/spot in 1H14
Favourable mix variance against legacy contracts
Market prices (US$ per tonne) 1H14 2H13 1H13
Ave alumina spot, one month lag(3) 325 319 334
Ave 3-month LME, two month lag(4) 1,782 1,845 2,010
Source: (3) Platts
(4) Thomson Reuters
Spot/LME% 18.2% 17.3% 16.6%
(1) Third party smelter grade alumina.
(2) Chart depicts variances based off legacy contract terms
6

LOGO

Pricing of smelter grade alumina
Spot vs LME (basic units indexed)*
110 100 90 80
1-Jan-13 1-Apr-13 1-Jul-13 1-Oct-13 1-Jan-14 1-Apr-14 1-Jul-14
Platts alumina - FOB Australia prices LME aluminium (3-month)
AWAC Pricing Transition
85%
65%
46%
35%
30%
15%
35%
54%
65%
70%
80+%
2011 2012 2013 2014F 2015F 2016F
Portion SGA shipments on LME/other pricing basis
Portion SGA shipments on alumina spot or index pricing basis
Spot outperformed LME
Both supported by improving fundamentals
Transition to spot basis continues
At least 80% in 2016
* Sources: Alumina, Platts Alumina (FOB Australia) July 2014, LME Aluminium: Thomson Reuters July 2014
7

LOGO

AWAC cash cost of alumina production
Cost of Alumina Production Per Tonne (basic units)(1)
100.0
(0.5)
(1.7)
0.3
(2.8)
95.3
1H13 Energy Caustic Bauxite Conversion 1H14
100.0
1.6
(0.9)
(0.1)
0.5
101.1
2H13 Energy Caustic Bauxite Conversion 1H14
Reflects currency, cost control, productivity
Benefits from strong US dollar
Higher energy prices also offset by productivity
Productivity continues in other areas
Alumina EBITDA currency sensitivities 2014F
AUD impact of +$0.01 to the USD/AUD c.($1.40/t)
BRL impact of +$0.01 to the BRL/USD c.$0.10/t
(1) Defined as direct materials and labour, energy, indirect materials, indirect expenses, excluding depreciation. Movements can relate to usage, unit costs or combination of both, timing of maintenance, seasonal factors, levels of production and the number of production days and refinery mix
8

LOGO

AWAC alumina production
1H14 Production (kt)
8,000 6,000 4,000 2,000
0
4,590
698
760
572
359
911
Australia Brazil Spain Suriname Jamaica US
Guidance remains at 16mt for 2014
Production was c.93% of nameplate capacity
Change by Region (kt)
7,756
84
31
(18)
7
14
16
7,890
42.9kt per day
43.6kt per day
1H13 Australia Brazil Spain Suriname Jamaica US 1H14
8,053
(86)
(4)
(36)
(13)
(3)
(21)
7,890
43.8kt per day
43.6kt per day
2H13 Australia Brazil Spain Suriname Jamaica US 1H14
9

LOGO

AWAC free cash flow & capex
Free Cash Flow(1)
US$m (US GAAP) 1H14 2H13 1H13
Cash from operations 81.5 241.6 414.4
Capital expenditure
- Sustaining (85.9) (137.6) (155.5)
- Growth (3.0) (6.8) (22.7)
Free cash flow (7.4)(2) 97.2 236.2
Positive operating cash flows
Includes Alba related payment funded by debt
Otherwise $169.5m cash from operations
- $80.6m free cash flow
Includes gain from sale of Suriname gold mining interest
Capex guidance for 2014
$260m for sustaining
- includes San Ciprian gas conversion
- most of 1H14 relates to Australia
- Atlantic’s weighted towards 2H14
$10m for growth
(1) Free cash flow defined as cash from operations less capital expenditure
(2) Includes an Alba related payment of $88.0 million that was funded by a term loan
10

LOGO

Alumina Limited 1H 2014 results
Profit and Loss
US$m (IFRS) 1H14 2H13 1H13
Share of AWAC (Loss)/Profit (30.7) (112.7) 15.3
Other Income(1) - 137.1 -
General & Admin. Costs (6.4) (9.6) (7.6)
Finance Costs (6.9) (13.8) (11.5)
Other & Tax (3.4) 1.9 1.4
Net (Loss)/Profit After Tax (47.4) 2.9 (2.4)
NPAT/(NLAT) excl significant items 26.8 (7.0) 36.6
Free Cash Flow(2)
US$m (IFRS) 1H14 2H13 1H13
Dividends and distributions received 2.6 78.4 28.9
Costs (Interest, corporate, other) (15.3) (20.9) (18.9)
Cash from Operations (12.7) 57.5 10.0
Net Proceeds/(Payments) to 19.6 3.0 (12.0)
Investments in Associates
Free Cash Flow 6.9 60.5 (2.0)
Significant Items (after tax)
IFRS US$m 1H14 2H13 1H13
Point Henry restructuring charges (78.7) - -
Legal matters of associate (2.7) 13.5 (30.0)
Anglesea statutory maintenance - - (9.0)
Gain on sale of gold mining 7.2 - -
interest in Suriname
Other - (3.6) -
Total significant items (74.2) 9.9 (39.0)
NPAT $26.8m excluding significant items
Largest significant item relates to Point Henry restructuring
Lower overheads and finance costs
Positive free cash flow
Includes $54.2m AWAC receipts
$32.0m invested in Ma’aden and San Ciprian
(1) Other Income of $137.1 million (representing 25% of the total Alba related charges) recognised in the Profit or Loss.
(2) Free cash flow defined as cash from operations less net investments in associates
11

LOGO

Alumina Limited net debt & facilities
Net Debt Changes (US$m)
135 15 (3) (52) 32 3 130
Net Debt 31/12/13 AWC Corp & Finance Costs AWAC dividends & distributions AWAC returns on Invested Capital Payments to investments In Associates Exchange rate effect Net Debt 30/06/14
Debt Maturity Profile – 30/06/14 (US$m)
250 200 150 100 50 0
2014 2015 2016 2017
BNDES - Drawn Banks - Drawn Banks - Undrawn
Net debt lower
Gearing is 4.3%(1)
$22.2m net AWAC receipts
Sufficient available facilities
$300m of committed bank facilities
$105m BNDES loan
(1) Calculated as (debt – cash)/(debt + equity)
12

LOGO

Point Henry smelter
Point Henry closed in August 2014
US$m (after tax) 1H14 2H14 2014 Thereafter Total
(Act) (Est) (Est) (Est) (Est)
AWAC Restructuring Charges (IFRS) 196.7 43.3 240.0 10.0(1) 250.0
AWAC Restructuring Cash Flows (5.1) 55.1 50.0 70.0(2) 120.0
(1) Balance relates to holding costs net of scrap proceeds
(2) Balance relates to demolition, environmental, holding costs, net of scrap proceeds
13

LOGO

Outlook – 2H 2014
AWAC
Start with lower alumina prices and positive outlook for later in the half
Similar production costs (subject to currency and energy)
c.$43m (IFRS after tax) AWAC charges relating to Point Henry
c.$55m AWAC payments (net of tax) relating to Point Henry
US GAAP AWAC charge relating to change in Brazil tax (no impact under IFRS)
Additional AWAC charges relating to Ma’aden’s pre-operational costs (1H 2014: $15m)
Alumina Limited
Ma’aden equity calls of $11m
Expect additional San Ciprian calls for working capital and gas conversion
Receipts from AWAC expected to be not significantly different to 2013, subject to market
14

LOGO

Part 2:
Industry dynamics and AWAC strategy

LOGO

Key themes
Industry context improving
Demand pull
Cost push
Competitive advantage
AWAC’s leading position
AWAC strategy delivering
Alumina Limited leverage
Strong demand growth – 7% CAGR over medium term
Refining capacity issues in medium term
– China: Cost and availability of imported bauxite
Declining domestic bauxite grades
– RoW: Long construction lead times
Lack of financial incentive
Basis of competition shifting to bauxite access
16% of global production near lowest quartile of cost
Abundant bauxite resources
Long life, large scale, low cost refineries
De-link alumina pricing: at least 80% by 2016
Further improve cost position: down to 21st percentile by 2016
Unique pure investment in upstream
Well positioned for future recovery in pricing
Strong capital structure
16

LOGO

Demand for metallurgical alumina
Forecast aluminium demand growth will drive alumina and bauxite demand growth
(million mtons)
140
120
100
80
60
40
20
0
2013
2014f
2015f
2016f
2017f
7% CAGR (Global)
5.5% CAGR (Global, excluding China)
9% CAGR (China)
RoW
OTHER ASIA
MIDDLE EAST
CHINA
Growth requires additional ~80m tonnes per annum of bauxite by 2017(1)
Source: Global Alumina demand, Harbor Aluminium, August 2014
(1) Alumina Limited estimate based on average 2.5 tonnes of bauxite per tonne of alumina
17

LOGO

China’s shorter term bauxite issues
ROW supply has been insufficient to replace Indonesia volumes
Imported bauxite volumes and price by country(1)
Indonesia
Australia
India
Jamaica
Fiji
Dominic Rep.
Brazil
Ghana
Guinea
Guyana
Malaysia
Bauxite Price, $/t
85 75 65 55 45 35
Nov/12
Mar/13
Jul/13
Nov/13
Mar/14
Jul/14
Scale: 1 million tonne
Chinese bauxite inventories
Bx Inventory Mln tonnes
45 30 15 0
Port (LHS)
Refineries (LHS)
Total Weeks (RHS)
Apr/11
Oct/11
Apr/12
Oct/12
Apr/13
Oct/13
Apr/14
60 50 40 30 20 10 0
Source: CM Group with China Customs Data, July 2014
(1) Prices CIF Shandong, non-ViU adjusted
18

LOGO

China bauxite costs rising
ViU adjusted bauxite import costs into China have been rising
Landed cost of imported bauxite and CBIX
US$/t
100 90 80 70 60 50 40 30
Jan/12 Jul/12 Jan/13 Jul/13 Jan/14 Jul/14
Australia
Indonesia
India
Brazil
Ghana
Guinea
CBIX
CBIX is an index of the weighted average value-in-use adjusted prices for bauxite imports into China (based on 5% silica (reacting), 10% moisture and 50% alumina (reacting))
Higher bauxite costs could lead to higher alumina production costs
Source: CM Group with China Customs Data, July 2014. ViU means Value in Use, a price which has been adjusted to a constant quality
19

LOGO

Indonesian bauxite industry update
Significant resources exist in West Kalimantan, but…
Mine site and washery tailings, West Kalimantan
Remediated bauxite mine site, West Kalimantan
… any resumption may require a new level of expenditure on sustainability
Photos: Alumina Ltd management site visit, West Kalimantan, July 2014
20

LOGO

Indonesian ban a likely positive for alumina prices
Scenarios
Chinese Import Bauxite Price Up? (1)
Alumina Prices Up? (1)
Bauxite export ban holds, no refineries built
Chinese bauxite stockpiles will deplete during 2015
Greenfields refinery (earliest 2016), no bauxite exports
Limited volume bauxite exports (earliest likely 2015)
whether permitted due to:
i. corresponding alumina production from a new refinery;
ii. some value adding beneficiation to bauxite; or
iii. some policy relaxation
Unlimited volume bauxite exports (unlikely near term) –
likely to be at higher cost and lower than historical average volume due to:
i. expected higher tax (up to 50%?)
ii. higher transport costs to river/coast
iii. competing land use costs
iv. greater sustainability costs (social and environmental)
Even at (unsustainable) historical peak levels, Indonesian supply post 2018/2019 could increasingly fall short of China’s needs
(1) Other factors remaining constant. Ticks indicate Alumina Limited’s assessment of relative impact
21

LOGO

China’s longer term bauxite issues
Declining grade and allocation system increases costs
Declining bauxite quality in key alumina producing provinces
Alumina/Silica of Bauxite
9.00
8.00
7.00
6.00
5.00
4.00
3.00
2006 2007 2008 2009 2010 2011 2012 2013 2014
Henan Shanxi
Alumina/Silica ratio is a key determinant of bauxite quality
Historical pure Bayer process economic limit above 5.0
ViU adjusted bauxite prices
US$/t
80
60
40
20
Jun-09 Jun-10 Jun-11 Jun-12 Jun-13 Jun-14
Henan Shanxi
Indonesian - Shandong Australian - Shandong
ViU reflects grade, logistics & processing costs
ViU rising faster than costs to mine, reflecting A/S ratio
Source: Left hand side: CM Group, August 2014
Right hand side: Chinese Imported Bauxite Cost, CM Group with China Customs Data, July 2014
22

LOGO

China refinery cash cost curve
China’s marginal refineries facing bauxite supply and cost pressures
US$/t
500 Bauxite Caustic Energy Others
450
400 Guangxi Shanxi Guizhou Yunnan Henan Chongqing Shandong IM
350 CMAAX excl. VAT (Jun-14)
300 CMAAX–South excl. VAT (Jun-14)
250
200
150
100
50
0
0% 25% 50% 75% 100%
Cumulative Production - %
3100
2790
2480
2170
1860
1550
1240
930
620
310
0
RMB/t
Marginal producers dependent on bauxite imports
Deteriorating domestic bauxite grades and allocation issues
– should lead to increased bauxite/alumina imports
Cost of refining likely to increase due to bauxite cost increases, need to watch energy costs
Henan & Shanxi are forecast to face similar issues due to worsening bauxite quality
Source: China refinery cash cost curve by province, excluding VAT, CM Group, July 2014
23

LOGO

China alumina pricing arbitrage
China impacts RoW alumina price through pricing arbitrage
US$/t
180
160
140
120
100
80
60
40
20
0
-20
-40
-60
-80
-100
-120
-140
Jan-11 Jul-11 Dec-11 Jun-12 Dec-12 Jun-13 Dec-13 Jun-14
Total alumina imports Import Premium
2,000
1,500
1,000
500
0
Alumina imports, kt
RoW price should reflect China’s demand growth and bauxite challenges
China’s internal alumina price mainly reflects
– demand-supply balance;
– marginal cost of production
China growth in alumina demand above RoW
Rising bauxite costs adds to cost of alumina
– could increase internal asking price
– could reduce internal production
Bauxite shortages may increase alumina imports
RoW price should reflect China’s demand growth and bauxite challenges
Source: China imports of alumina and CMAAX vs Aust FOB adjusted, CM Group, July 2014
24

LOGO

Part 3:
AWAC’s position in the
industry and strategy

LOGO

AWAC: global leader in bauxite and alumina
AWAC is premier owner & operator of tier 1 bauxite mines and alumina refineries
Bauxite mines Refineries Smelters Location
San Ciprian
Ma’aden
Guinea
Kwinana
Huntly
Pinjarra
Willowdale
Wagerup
Portland
Point Henry
Point Comfort
Jamalco
Suralco
Trombetas
Sao Luis
Juruti
AWAC is well positioned with long-life mines and nearly all AWAC mines are integrated with its refineries
AWAC mined c.40m tonnes (equity share) of bauxite in 2013
As bauxite prices increase, the relative cost advantage of AWAC’s position improves
(1) Greenfield project that is expected to begin production in the fourth quarter of 2014
(2) AWAC is a joint venture between Alumina Limited (40%) and Alcoa Inc (60%)
26

LOGO

AWAC’s alumina shipments
AWAC is a significant supplier of alumina to third party customers
Proportion of AWAC third party sales in 1H14
36% to Alcoa
64% to 3rd parties
25%of 3rd party market
AWAC Sales
Global 3rd party sales
Global third party metallurgical alumina demand growth forecasts
(million mtons)
70
60
50
40
30
20
10
0
2013 2014f 2015f 2016f 2017f
ROW CHINA
Estimated 9% CAGR
– China represents 10% CAGR
– RoW represents 7% CAGR
Third party demand is forecast to grow faster than total market
Source: Right hand side chart: 3rd Party alumina demand forecasts, Harbor Aluminium, August 2014
27

LOGO

AWAC’s pricing strategy
API pricing basis allows increased upstream rent capture
85% 65% 46% 35% 30%
15% 35% 54% 65% 70% 80%+
2011 2012 2013 2014f 2015f 2016f
Portion of AWAC third party metallurgical alumina shipments on LME/other pricing basis
Portion of AWAC third party metallurgical alumina shipments on alumina spot or index pricing basis
28

LOGO

AWAC’s cost strategy
Increase relative cost advantage
Targeting 21st Percentile by 2016
-9% points by 2016
2013: 27th Percentile
2010: 30th Percentile
2016: 21st Percentile
$/MT 500 450 400 350 300 250 200 150 100 50 0
0 10 20 30 40 50 60 70 80 90 100
Production (MMT)
Continue to capture productivity improvements
- San Ciprian gas conversion to be completed in 4Q 2014
- cash costs of alumina production per tonne down by 4.7% since 1H 2013
Continue to optimize portfolio
- LOI for sale of Jamalco
- 1.2 mtpa capacity curtailed
- record first half production by low cost
Australian refinery system
- low cost Ma’aden mine and refinery first alumina in 4Q 2014
Source: Alcoa Inc 2nd Quarter Earnings slide pack, 8 July 2014
29

LOGO

Ma’aden on target for 2014 production
4m tonnes per annum bauxite mine & 1.8m tonnes per annum alumina refinery
AWAC has 25.1% interest in mine and refinery only
Bauxite Mine: ~70% complete*
- first Saudi Arabia bauxite in 2Q14
Alumina Refinery: ~95% complete*
- refinery online 4Q14
Expected to be one of the lowest cost refineries in the AWAC portfolio
* As at July 2014
30

LOGO

Part 4:
Conclusion

LOGO

Key themes
Industry context improving
Demand pull
Cost push
Competitive advantage
AWAC’s leading position
AWAC strategy delivering
Alumina Limited leverage
Strong demand growth – 7% CAGR over medium term
Refining capacity issues in medium term
- China: Cost and availability of imported bauxite
Declining domestic bauxite grades
- RoW: Long construction lead times
Lack of financial incentive
Basis of competition shifting to bauxite access
16% of global production near lowest quartile of cost
Abundant bauxite resources
Long life, large scale, low cost refineries
De-link alumina pricing: over 80% by 2016
Further improve cost position: down to 21st percentile by 2016
Unique pure investment in upstream
Well positioned for future recovery in pricing Strong capital structure
32

LOGO

Alumina Limited 2014 Half Year Results
Peter Wasow
Chief Executive Officer
Chris Thiris
Chief Financial Officer

LOGO

Appendices:
- Alumina Limited & AWAC
- Refining cash cost curve
- Alumina price drivers

LOGO

Global refining cash cost curve
AWAC has long-life, large-scale mines & is a low cost alumina producer
$/mton of alumina
500
430
360
290
220
150
1ST QUARTILE 2ND QUARTILE 3RD QUARTILE 4TH QUARTILE
Nalco $174
Noranda $224
China Power Investment $231
Glencore $241
AWAC $249
BHP $254
Chalco $261
RTA $270
Hindalco $274
Hydro Aluminum $279
UC Rusal $339
Eurasian Natural Resources Corp $347
Vimetco $388
Vinacomin $172
CVG Bauxilum** $158
Vedanta $267
Mytilineos Group $275
Shandong Weiqiao $366
Shandong Chinping Xinfa $367
0 25 50 75 100 % capacity
Source: Global metallurgical alumina refining output cash cost curve 1Q14, Harbor Aluminium, July 2014.
*Excludes applicable VAT of 17% that Chinese alumina refiners pay on raw materials, energy and services. **Assuming production at full capacity
35

LOGO

AWAC’s underlying business
Owner & operator of bauxite mines and alumina refineries
AWAC’s(1) Underlying Businesses
Alcoa (60%)
Alumina Limited (40%)
Alcoa of Australia
International Entities
AWAC Global Operations(2)
Location
Bauxite Mines(3)
Alumina Refineries
Aluminium Smelters
Australia
Huntly & Willowdale
Kwinana, Pinjarra & Wagerup
Portland (55%)
Suriname
Lelydorp, Moengo, Klaverblad & Kaimangrassie
Paranam -
Brazil Trombetas (9.6%) & Juruti Sao Luis (Alumar) (39%) -
Jamaica* Manchester Plateau (55%) Clarendon (55%) -
Guinea Sangaredi (23%) - -
USA - Point Comfort -
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, including Alcoa of Australia which 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. * Note potential sale of Jamalco - refer to ASX announcement on 16 June 2014
36

LOGO

AWAC’s refinery capacity
Currently operating at c.93% of nameplate capacity(1)
Country
Refinery
Ownership
AWAC share of nameplate (MTPY) capacity
Percentage of AWAC total nameplate capacity
Australia
Kwinana Pinjarra Wagerup
AWAC 100%
2.2 4.2 2.6 52%
Brazil
Alumar
AWAC (39%)
Rio Tinto Alcan Inc (10%)
Aluminio (15%)
BHP Billiton (36%)
1.4 8%
Jamaica
Jamalco
AWAC (55%)
Alumina Production Ltd
(Government of Jamaica) (45%)
0.8 5%
Spain
San Ciprian
AWAC 100%
1.5 9%
Suriname
Suralco
AWAC 100%
2.2 13%
US
Point Comfort
AWAC 100%
2.3 13%
Total 17.2 100%
World’s largest alumina producer
Low cash cost producer
Refineries in Australia, Brazil, Jamaica and Suriname are integrated with mines
Additional c.450,000 tonnes once Ma’aden is completed
(1) Nameplate capacity is an estimate based on design capacity and normal operating efficiencies and does not necessarily represent maximum possible production. Excludes (i) additional creep opportunities and (ii) potential impact of sale of Jamalco (refer to ASX announcement on 16 June 2014)
37

LOGO

Short term drivers on alumina market
Alumina spot price reflects fundamentals
Jan-June 2012
Chinese imports spike
China bauxite shortages, cuts alumina
High Chinese alumina prices make Aust attractive
(Apr-Aug) - Caustic price spike
(Jan-Mar) -LME Al jumps $300/t
Jun-Jul 2012
Atlantic surplus (smelter curtailments)
Atlantic discounted by $10/t to Australia
Brent crude falls $31/bbl (May-June)
LME Al drops nearly $500/t (March-June)
Aug-Dec 2012
Atlantic surplus evaporates
India, Guinea, Jamaica cut alumina output
Chinese buyers absorb Atlantic longs
Brent crude regains $28/bbl June-August
Sep 2012-Feb 2013
Caustic soda weakens
Jan-Feb 2013
Queensland (floods) shortages
Gove closure concerns
Mar-Apr 2013
Australia normalizes, supply worries ease
Low Chinese prices (importers resell contracted cargoes)
LME Al pressured by macroeconomic woes
Apr-Jul 2013
Gove cut, port delays lift price
Smelter cuts (India, Malaysia)
Vedanta restarts alumina
China imports fall, reselling
LME Al falls to 4-year low
Alunorte refinery cuts
Aug-Oct 2013
Smelter cuts (US, Russia, Brazil)
Atlantic cargoes
Weather delays (Bunbury, Kwinana)
Nov 2013 to Jan 14
Gove refinery suspension announced
Indonesian bauxite export ban implemented
Smelter restarts (Saudi Arabia, Malaysia)
Smelter capacity reviews (Europe, US, South Africa)
Pre-Chinese New Year lull period
Jan to April 2014:
Smelter cuts in China, domestic alumina prices decline
Atlantic surplus overspills into China, Middle East
SHFE front month Al contract declined to Yuan 12,575/mt in March (compared to cf Yuan 14,610 a year ago)
May to August 2014:
Alumina long globally
Low LME, SHFE aluminum prices weaken alumina demand
Qingdao port trade financing probe raises cost of credit in China, further weakens demand for Australian alumina
High port stocks in China
From late July, traders build long positions, anticipate Q4 restocking
From late July, LME aluminum holds above $2,000, strengthens alumina demand
Smelter restarts in southern China in July
Platts alumina, FOB Australia (US$/t)
360 330 300
1-Jan-12 1-Jul-12 1-Jan-13 1-Jul-13 1-Jan-14 1-Jul-14
Source: Platts, August 2014
38

ALUMINA LIMITED


ASX Announcement		9 May 2014

Alumina Limited 2014 AGM – Voting Result

As required by ASX Listing Rule 3.13.2 and section 251AA of the Corporations Act 2001, the following statistics are provided in respect to each item of business considered by members at the Company’s Annual General Meeting held on 9 May 2014.

The results of voting on each motion is as follows:

ORDINARY BUSINESS

Item 2. To adopt the Remuneration Report (non-binding vote).


Votes where the proxy directed to vote ‘for’ the motion			1,706,064,059
Votes where the proxy was directed to vote ‘against’ the motion			226,475,262
Votes where the proxy may exercise a discretion how to vote			45,968,255
In addition, the number of votes where the proxy was directed to abstain from voting on the motion was			107,707,977

The motion was carried as an ordinary resolution (non- binding vote) on a poll. The results were:


The number of votes cast ‘for’ the motion			1,753,076,462
The number of votes cast ‘against’ the motion			226,718,493
The number of votes which abstained from voting			107,753,248


		Alumina Limited

		ABN 85 004 820 419

		GPO Box 5411
		Melbourne Vic 3001
		Australia

		Level 12 IBM Centre
		60 City Road
		Southbank Vic 3006
		Australia

		Tel +61 (0)3 8699 2600
		Fax +61 (0)3 8699 2699
		Email info@aluminalimited.com

Item 3a. To re-elect Mr G John Pizzey as a director


Votes where the proxy directed to vote ‘for’ the motion		1,877,565,595
Votes where the proxy was directed to vote ‘against’ the motion		175,099,834
Votes where the proxy may exercise a discretion how to vote		45,989,469
In addition, the number of votes where the proxy was directed to abstain from voting on the motion was		1,882,101

The motion was carried as an ordinary resolution on a poll. The results were:


The number of votes cast ‘for’ the motion		1,924,733,107
The number of votes cast ‘against’ the motion		175,308,977
The number of votes which abstained from voting		1,891,301

Item 3b. To elect Mr W Peter Day as a director


Votes where the proxy directed to vote ‘for’ the motion		1,899,765,002
Votes where the proxy was directed to vote ‘against’ the motion		152,842,271
Votes where the proxy may exercise a discretion how to vote		46,007,439
In addition, the number of votes where the proxy was directed to abstain from voting on the motion was		1,926,317

The motion was carried as an ordinary resolution on a poll. The results were:


The number of votes cast ‘for’ the motion		1,947,163,340
The number of votes cast ‘against’ the motion		152,845,558
The number of votes which abstained from voting		1,928,517

Item 3c. To elect Mr Michael P Ferraro as a director


Votes where the proxy directed to vote ‘for’ the motion		1,899,705,435
Votes where the proxy was directed to vote ‘against’ the motion		152,904,794
Votes where the proxy may exercise a discretion how to vote		45,965,139
In addition, the number of votes where the proxy was directed to abstain from voting on the motion was		1,964,008

The motion was carried as an ordinary resolution on a poll. The results were:


The number of votes cast ‘for’ the motion		1,947,054,934
The number of votes cast ‘against’ the motion		152,907,620
The number of votes which abstained from voting		1,973,208

Item 4. Grant of Performance Rights to Chief Executive Officer


Votes where the proxy directed to vote ‘for’ the motion		2,017,828,397
Votes where the proxy was directed to vote ‘against’ the motion		19,597,004
Votes where the proxy may exercise a discretion how to vote		45,733,573
In addition, the number of votes where the proxy was directed to abstain from voting on the motion was		17,356,225

The motion was carried as an ordinary resolution on a poll. The results were:


The number of votes cast ‘for’ the motion		2,064,834,439
The number of votes cast ‘against’ the motion		19,632,828
The number of votes which abstained from voting		17,389,425

Item 5. Alterations to the Constitution


Votes where the proxy directed to vote ‘for’ the motion		2,038,213,169
Votes where the proxy was directed to vote ‘against’ the motion		12,875,659
Votes where the proxy may exercise a discretion how to vote		46,360,993
In addition, the number of votes where the proxy was directed to abstain from voting on the motion was		3,090,917

The motion was carried as a special resolution on a poll. The results were:


The number of votes cast ‘for’ the motion		2,085,992,245
The number of votes cast ‘against’ the motion		12,883,720
The number of votes which abstained from voting		3,054,369

Item 6. Spill Resolution (contingent item)

Item 6 was a contingent resolution only to be considered if at least 25% of the votes cast on Item 2 - To adopt the Remuneration Report, were against adopting the Report. The resolution to adopt the Remuneration Report was passed therefore this Spill Resolution has no effect however we have elected to report the proxy voting outcome.


Votes where the proxy directed to vote ‘for’ the motion		251,609,349
Votes where the proxy was directed to vote ‘against’ the motion		1,792,497,257
Votes where the proxy may exercise a discretion how to vote		49,928,408
In addition, the number of votes where the proxy was directed to abstain from voting on the motion was		6,083,218

/s/ Stephen Foster

Stephen Foster

Company Secretary

9 May 2014

ALUMINA LIMITED


ASX Announcement		9 May 2014

AGM Voting Result correction

A typographical error occurred in the announcement regarding the 2014 AGM voting result.

The wording incorrectly indicated that Item 2 was not carried. Item 2 was carried and an amended result announcement is attached.

/s/ Stephen Foster

Stephen Foster

Company Secretary

9 May 2014

ALUMINA LIMITED


ASX Announcement		16 June 2014

AWAC to Pursue Sale of its Stake in Jamalco

Alumina Limited notes and attaches, Alcoa World Alumina and Chemicals LLC’s statement regarding the signing of a letter of intent to pursue a sale of its interest in Jamalco.

Some statements in this public announcement are forward-looking statements within the meaning of the US Private Securities Litigation Reform Act of 1995. Forward-looking statements also include those containing such words as ‘anticipate’, ‘estimates’, ‘should’, ‘will’, ‘expects’, ‘plans’ or similar expressions. Forward-looking statements involve risks and uncertainties that may cause actual outcomes to be different from the forward-looking statements. Important factors that could cause actual results to differ from the forward-looking statements include: (a) material adverse changes in global economic, alumina or aluminium industry conditions and the markets served by AWAC; (b) changes in production and development costs and production levels or to sales agreements; (c) changes in laws or regulations or policies; (d) changes in alumina and aluminium prices and currency exchange rates; and (e) the other risk factors summarised in Alumina’s Form 20-F for the year ended 31 December 2013.

For investor enquiries:

For media enquiries:

Ben Pitt

Investor Relations Manager

Phone: +61 3 8699 2609

Ben.pitt@aluminalimited.com

Nerida Mossop

Hinton and Associates

Phone: +61 3 9600 1979

Mobile: +61 437 361 433

/s/ Stephen Foster

Stephen Foster

Company Secretary

16 June 2014


		Alumina Limited

		ABN 85 004 820 419

		GPO Box 5411
		Melbourne Vic 3001
		Australia

		Level 12 IBM Centre
		60 City Road
		Southbank Vic 3006
		Australia

		Tel +61 (0)3 8699 2600
		Fax +61 (0)3 8699 2699
		Email info@aluminalimited.com

ALUMINA LIMITED

Alcoa World Alumina & Chemicals Signs Letter of Intent to Pursue Sale of its Stake in Jamalco

JAMAICA – June 13, 2014 — Alcoa confirms that it has signed a non-binding Letter of Intent with Noble Resources UK Limited to pursue a sale of its ownership stake in Alcoa Minerals of Jamaica, L.L.C (AMJ), which operates the Jamalco bauxite mining and alumina refining joint venture. Jamalco is owned jointly by AMJ (55%) and Clarendon Alumina Production Ltd. (45%). The decision is in line with Alcoa’s global strategy to reshape its upstream portfolio and lower the cost base of its commodity business.

In the proposed transaction, Alcoa would retain a minority interest in AMJ and serve as Jamalco’s managing operator for at least two years. Employees would remain employed by Jamalco. Work will continue on pursuing an energy solution for Jamalco. The transaction is subject to the required approvals of the Government of Jamaica, the finalization of definitive purchase documents, necessary approvals, consents and due diligence.

Alcoa Minerals of Jamaica, L.L.C. is part of the Alcoa World Alumina & Chemicals group of companies and is owned 60% by Alcoa and 40% by Alumina Ltd. Clarendon Alumina Production Ltd. is a company wholly owned by the Government of Jamaica.

Filing Compare · ALUMINA LTD