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

~~January 13,~~Date: ~~2015~~Period

~~ALUMINA LIMITED~~February 26, 2015

~~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 ~~August 21~~in connection ~~2014~~with ~~to, January 13~~Rule ~~2015.~~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~~January 13 ~~report~~ to ~~be signed on its behalf by the undersigned~~, ~~thereunto~~February 26 ~~duly authorised~~2015.

ALUMINA LIMITED
By:		/s/ Stephen Foster
Name:		Stephen Foster
Title:		Company Secretary
Date:		January 13, 2015

SIGNATURES

~~ASX~~Pursuant ~~Announcement~~to 13the ~~January~~requirements ~~2015~~of 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.

Alcoa Fourth Quarter Earnings Release


ALUMINA LIMITED

By:		/s/ Stephen Foster

Name:		Stephen Foster

Title:		Company Secretary

Date:		February 26, 2015

AluminaTable Limited notes Alcoa Inc’s (“Alcoa”) quarterly earnings release and attaches it for reference. Selected information from the Alcoa alumina business segment and relevant market data to assist readers in understanding the market, operational and commercial matters of Alcoa World Alumina & Chemicals (“AWAC”) are also attached. Contents

LOGO

~~Alumina~~ASX ~~Limited~~Announcement ~~owns~~26 ~~40%~~February of each of the AWAC entities, which form a part of the Alcoa alumina business segment. The AWAC Point Henry (closed 1 August 2014) and Portland smelting operations are included in the Alcoa primary metals business segment. As a result, the AWAC results cannot be directly inferred from the Alcoa earnings release. Further, unlike Alumina Limited, Alcoa reports according to US GAAP. 2015

Alumina Limited’s ~~CEO~~2014 ~~Peter~~Full ~~Wasow,~~Year ~~commented,~~Result “Margins in the fourth quarter for the alumina segment significantly improved from the third quarter, predominately due to a better average realised alumina price and the stronger US dollar over the Australian dollar and Brazilian Real. The improvement also reflected lower energy costs and continued productivity gains.”

~~AWAC’s~~Attached ~~production~~are ofthe ~~alumina~~following ~~was~~documents ~~4.0 million~~in ~~tonnes~~relation to Alumina Limited’s Annual Results for the ~~fourth~~year ~~quarter.~~ended 31 December 2014:

~~Alumina~~• ~~Limited~~Public received capital repayments and income from AWAC of $45 million in the fourth quarter, bringing the total receipts to $119 million for the 2014 year. Capital receipts in the fourth quarter included $16 million relating to the sale of AWAC’s interest in the Jamalco refinery. The majority of the balance of the sale proceeds was applied against AWAC’s outstanding loans from Alcoa Inc relating to the Alba settlements. As a result, these Alba related loans from Alcoa Inc have been fully repaid. Alumina Limited’s cash capital contributions to AWAC were $10 million during the fourth quarter for the Ma’aden joint venture project. Total capital contributions by Alumina Limited to AWAC for 2014 were $42 million. Announcement

~~Alumina~~• ~~Limited’s net debt was approximately $87 million at the end of~~ December 2014. ASX Report

~~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 Report

For investor enquiries:	For media enquiries:
Chris Thiris	Nerida Mossop
Chief Financial Officer	Hinton and Associates
Phone: +61 3 8699 2603	Phone:	+61 3 9600 1979	Alumina Limited
chris.thiris@aluminalimited.com	Mobile:	+61 437 361 433	ABN 85 004 820 419
Charles Smitheram			GPO Box 5411
Phone: +61 3 8699 2613			Melbourne Vic 3001
charles.smitheram@aluminalimited.com			Australia
			Level 12 IBM Centre
			60 City Road
Stephen Foster			Southbank Vic 3006
Company Secretary			Australia
			Tel +61 (0)3 8699 2600
13 January 2015			Fax +61 (0)3 8699 2699
			Email info@aluminalimited.com

/s/ Stephen Foster

Stephen Foster

Company Secretary

~~Alumina Limited Alcoa Inc’s 4Q 2014 alumina business segment highlights Market data on commodity prices and foreign exchange rates 13~~26 ~~January~~February 2015 ~~ALUMINA LIMITED~~

~~ALUMINA~~Alumina ~~LIMITED Disclaimer~~Limited ~~This~~ABN ~~presentation~~85 is004 ~~not~~820 a419 ~~prospectus~~GPO orBox an5411 ~~offer~~Melbourne ofVic ~~securities for~~3001 ~~subscription~~Australia orLevel ~~sale~~12 inIBM ~~any~~Centre ~~jurisdiction.~~60 ~~Some~~City ~~statements~~Road inSouthbank ~~this~~Vic ~~presentation~~3006 ~~are~~Australia ~~forward-looking~~Tel ~~statements~~+61 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: (a0) ~~material~~3 ~~adverse~~8699 ~~changes~~2600 inFax ~~global~~+61 ~~economic, alumina or aluminium industry conditions and the markets served by AWAC;~~ (b0) ~~changes~~3 in8699 ~~production~~2699 ~~and~~Email 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 2013info@aluminalimited. 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. Commodity and FX prices in this slide pack are based on published market prices and may not equate to actual pricing under AWAC contracts. 2 com

AlcoaTable Inc’s alumina business segment highlights ALUMINA LIMITED Description 4Q 2014 3Q 2014 Selected Highlights ATOI (after-tax operating income) $178m $62m API/spot prices outperformed improvement in LME-based prices Shipments were higher whilst production was down mainly due to the sale of the interest in Jamalco on 1 December Currency movements reduced expenses by $40m, after tax Other costs, which include gains from productivity and lower fuel oil costs but higher maintenance, decreased by $4m, after tax Adjusted EBITDA/Production $85 /ton $46 /ton Pricing and FX had large positive impacts ($ per metric ton) FY2014 Adjusted EBITDA/Production was $55/ton compared to $45/ton for FY2013 1Q 2015 Outlook 4Q 2014 Special Items 3Q 2014 Special Items c.75% of 2015 3rd party smelter grade shipments on API/spot basis Sale of Jamalco refinery reflected in Alcoa special items Memorandum of Understanding with Govt of Suriname to undertake a strategic review of the Suralco refinery operations All other performance categories (excluding LME, FX and API) are expected to improve to offset lower volume due to sale of Jamalco interest and Ma’aden start-up costs Evaluating Suralco via MOU with Suriname Government Re-measurement of Brazil deferred tax assets following approval for 10 year reduction in tax rate resulting in a non-cash charge not included in alumina segment ATOI Ma’aden start-up costs expected to increase $5m Important Notes: Numerical information above is sourced from, and should be read in conjunction with, Alcoa Inc’s quarterly earnings releases and presentations and relates to the Alcoa Inc alumina business segment. The Alcoa Inc alumina segment includes mining and refining operations at Pocos de Caldes and an additional 15% interest in the Sao Luis refinery which are not part of AWAC. AWAC accounted for 3.987 mt of the 4.161 mt of alumina produced by the Alcoa Inc alumina business segment in 4Q 2014. AWAC’s interest in the Portland and Point Henry smelters is included in the Alcoa Inc primary metals business segment. Adjusted EBITDA is a non-GAAP financial measure derived from Alcoa’s consolidated financial information. Alcoa Inc’s financial statements are prepared in accordance with US GAAP. The definition of Adjusted EBITDA and reconciliations to the most directly comparable GAAP financial measure can be found in the schedules to Alcoa Inc’s earnings release. Sources: Alcoa Inc 4Q and 3Q 2014 Results Announcements and 4Q and 3Q 2014 Earnings Conference presentations 3 Commodity and FX prices in this slide pack are based on published market prices and may not equate to actual pricing under AWAC contracts Contents

~~LME~~Alumina ~~aluminium~~Limited ~~prices~~2014 ~~(3-month)~~Full ~~ALUMINA~~Year ~~LIMITED~~Result Daily (US$/t) $2,400 $2,300 $2,200 $2,100 $2,000 $1,900 $1,800 $1,700 $1,600 4Q14^ Jan - 12 Jul - 12 Jan - 13 Jul - 13 Jan - 14 Jul - 14 Dec-14 ^ Indicative pricing relevant to 4Q14 alumina sales due to 2-month lag Quarter average (lagged, US$/t) 2,191 2,106 2,045 1,982 1,976 1,978 2,007 1,959 1,880 1,844 1,846 1,783 1,7824Q14^ 1Q12 (Nov/Jan) 2Q12 (Feb/Apr) 3Q12 (May/Jul) 4Q12 (Aug/Oct) 1Q13 (Nov/Jan) 2Q13 (Feb/Apr) 3Q13 (May/Jul) 4Q13 (Aug/Oct) 1Q14 (Nov/Jan) 2Q14 (Feb/Apr) 3Q14 (May/Jul) 4Q14 (Aug/Oct) 1Q15 (Nov/Dec) Sources: Thomson Reuters, January 2015 4 Commodity and FX prices in this slide pack are based on published market prices and may not equate to actual pricing under AWAC contracts

LME aluminium, spot alumina & implied linkage ALUMINA LIMITED Relative Movement of LME aluminium and Platts alumina (Index basis) Index 120 110 100 90 80 01-Jan-12 01-Apr-12 01-Jul-12 01-Oct-12 01-Jan-13 01-Apr-13 01-Jul-13 01-Oct-13 01-Jan-14 01-Apr-14 01-Jul-14 01-Oct-14 01-Jan-15 LME Aluminium (3 Month) Platts alumina - FOB Australia Prices US$/t 4Q14^ 22% 19% 16% 13% $350 $325 $300 $275 $250 $225 $200 $175 01-Jan-12 01-Apr-12 01-Jul-12 01-Oct-12 01-Jan-13 01-Apr-13 01-Jul-13 01-Oct-13 01-Jan-14 01-Apr-14 01-Jul-14 01-Oct -14 01-Jan -15 Platts alumina - FOB Australia Prices (LHS) Spot implied linkage to LME aluminium (3 month) (RHS) Sources: Alumina: ~~Platts,~~Limited ~~January~~results ~~2015 LME Aluminium: Thomson Reuters, January 2015 5 Commodity and FX prices in this slide pack are based on published market prices and may not equate to actual pricing under AWAC contracts~~

~~LME~~• ~~aluminium~~Net ~~(spot)~~loss ~~and~~after ~~regional~~tax ~~premiums~~of ~~ALUMINA LIMITED LME aluminium spot Aluminium Japan regional premium* US~~$/t 2,400 2,300 2,200 2,100 2,000 1,900 1,800 1,700 1,600 4Q14^ 440 355 270 185 100 Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jan-12 Jun-12 Nov-12 Apr-13 Sep-13 Feb-14 Jul-14 Dec-14 ^ Indicative pricing relevant to 4Q14 sales due to lag * Japan Aluminium Spot Premium (monthly data ) – Ingot, CIF, Western98.3 ~~Sources:~~million ~~Thomson~~includes ~~Reuters,~~a ~~January 2015 (LHS) & Harbor Aluminium January 2015 (RHS)~~$189. ~~Commodity~~4 ~~and~~million FXnet ~~prices~~charge infor ~~this~~significant ~~slide pack are based on published market prices and may not equate to actual pricing under AWAC contracts 6~~ items

~~Foreign~~• ~~Exchange~~Significant ~~ALUMINA LIMITED~~items A$/US$*include ~~4Q14~~loss ~~1.10~~on ~~1.05 1.00~~sale ~~0.95~~of ~~0.90~~the ~~0.85 0.80~~Jamalco ~~01-Jan-12~~refinery ~~01-Jul-12~~interest 01-Jan-13 01-Jul-13 01-Jan-14 01-Jul-14 01-Jan-15 Euro/US$* 4Q14 1.40 1.35 1.30 1.25 1.20 1.15 01-Jan-12 01-Jul-12 01-Jan-13 01-Jul-13 01-Jan-14 01-Jul-14 01-Jan-15 4Q14 Brazilian Real/US$* 0.60 0.55 0.50 0.45 0.40 0.35 01-Jan-12 01-Jul-12 01-Jan-13 01-Jul-13 01-Jan-14 01-Jul-14 01-Jan-15 *Sources: Thomson Reuters, January 2015 Commodity and FXclosure ~~prices~~costs inof ~~this~~the ~~slide~~Point ~~pack~~Henry ~~are based on published market prices and may not equate to actual pricing under AWAC contracts 7~~ smelter

~~Energy~~• ~~ALUMINA~~Net ~~LIMITED Brent~~profit ~~Crude~~after (US$/bbl)*tax ~~$130~~excluding ~~$115~~significant ~~$100 $85~~items ~~$70~~of $55 01-Jan-12 01-Apr-12 01-Jul-12 01-Oct-12 01-Jan-13 01-Apr-13 01-Jul-13 01-Oct-13 01-Jan-14 01-Apr-14 01-Jul-14 01-Oct-14 31-Dec-14 AWAC refineries using oil: - Spain (transition to gas from FY15) - Suriname - Jamaica (sold 1 December 2014) Note: Brent Crude as indicative proxy for oil based refineries Henry Hub (US$/MMBtu)* $791.~~50 $6.00 $4.50 $3.00 $~~1~~.50~~ 03-Jan-12 03-Apr-12 03-Jul-12 03-Oct-12 03-Jan-13 03-Apr-13 03-Jul-13 03-Oct-13 03-Jan-14 03-Apr-14 03-Jul-14 03-Oct-14 31-Dec-14 Point Comfort refinery on Henry Hub Gas * Sources: Thomson Reuters, January 2015 8 Commodity and FX prices in this slide pack are based on published market prices and may not equate to actual pricing under AWAC contracts million

~~Caustic~~• ~~Soda~~Strong ~~ALUMINA LIMITED~~balance ~~US$/t~~sheet ~~$450~~with ~~$400~~gearing ~~$350 $300~~reduced $250 01-Jul-13 01-Oct-13 01-Jan-14 01-Apr-14 01-Jul-14 01-Oct-14 31-Dec-14 Northeast Southeast FOB Rotterdam FOB US Gulf (US$/t) (US$/t) (US$/t) (US$/t) Source: Platts, January 2015 9 Commodity and FX prices in this slide pack are based on published market prices and may not equate to ~~actual pricing under AWAC contracts~~ 3.4%

Investor Contact		Media Contact
Kelly Pasterick		Monica Orbe
(212) 836-2674		(212) 836-2632
Kelly.Pasterick@alcoa.com		Monica.Orbe@alcoa.com

•

Payment of dividends to shareholders resumed with final dividend of US 1.6 cents per share

~~Alcoa~~AWAC ~~Reports~~asset base ~~Strong~~undergoing ~~Fourth~~restructure ~~Quarter 2014 and Full-Year~~

~~Results~~• asHigh ~~Transformation~~cost ~~Strengthens~~assets ~~Profitability~~closed, sold or under review – Point Henry smelter closed, interest in Jamalco mine and refinery sold, Suralco mine and refinery operations under strategic review

4Q• ~~2014~~Low ~~Highlights~~cost production added – Ma’aden JV mine and refinery commenced operations in December

• ~~Net~~Incremental ~~income~~growth ofand ~~$159~~record ~~million,~~production orin ~~$0.11~~low ~~per~~cost ~~share;~~operations ~~excluding~~in ~~special~~Australia ~~items,~~and ~~net income of $432 million, or $0.33 per share~~Brazil

• ~~Revenue~~Low ofcost ~~$6.4~~energy ~~billion,~~solution upfor 14San ~~percent~~Ciprian ~~year-over-year~~refinery completed in February 2015

•Outlook ~~Engineered Products and Solutions 19th consecutive quarter of year-over-year after-tax operating income growth, excluding Firth Rixson~~

• ~~Global~~Strong ~~Rolled~~forecast ~~Products~~growth ~~after-tax~~in ~~operating~~metal ~~income~~demand ~~more~~to ~~than~~feed ~~triples~~through ~~year-over-year,~~to ~~auto~~alumina ~~growth continues~~demand

• ~~Upstream~~Continuing ~~business~~concerns ~~improves~~over ~~performance~~availability ~~for~~and ~~13th~~cost ~~consecutive~~of ~~quarter~~bauxite could lead to increased alumina imports into China

• ~~Alumina~~c.75% ~~after-tax~~of ~~operating~~AWAC’s ~~income~~third upparty ~~more~~smelter ~~than~~grade ~~twofold~~alumina ~~year-over-year~~sales priced on spot or alumina indexed basis for 2015 (2014: 68%)

•Alumina ~~Primary~~Limited ~~Metals~~Key ~~adjusted~~Financials ~~EBITDA per metric ton strongest since second quarter 2008~~

• Record quarter cash from operations of $1.5 billion


	FY14 US$m			FY13 US$m
Net (loss)/profit after tax		(98.3	)		0.5
Total Significant Items after tax		(189.4	)		(29.1	)

Dividends/Distributions received		20.3			107.3
Capital Returns		98.9			3.0

Net Debt		86.6			135.2
Gearing³		3.4	%		4.6	%

•AWAC ~~Free~~Key ~~cash~~Financials ~~flow~~(US ofGAAP) ~~$989 million, highest since fourth quarter 2010~~

• Alcoa projects 7 percent global aluminum demand growth in 2015


	FY14 US$m			FY13 US$m
Total Revenue		5,862.0			5,884.6
Loss before tax		(108.0	)		(185.1	)
Income tax charge		(135.0	)		(63.6	)
Net loss after tax		(243.0	)		(248.7	)
Total Significant Items before tax¹		(568.0	)		(459.0	)
EBITDA²		301.0			268.8
Free cash flow⁴		244.0			333.4
Dividends & Distributions		50.7			267.7
Capital Returns		251.7			3.0

4QAlumina ~~2014~~Limited ~~Transformation~~Chief ~~Highlights~~Executive Officer, Peter Wasow, said, “Our active and ongoing restructuring of the AWAC portfolio has positioned the business to maintain a leading, competitive position in global markets and to realise further the benefits of improving market fundamentals.

•“Excluding ~~Completed~~significant ~~Firth~~items, ~~Rixson~~the ~~acquisition,~~profit ~~announced~~of ~~planned~~the ~~purchase~~underlying ofbusiness ~~TITAL,~~improved ~~and~~considerably ~~investing~~on inthe ~~jet~~prior ~~engine~~year ~~coating~~with ~~technology~~favourable inexchange ~~Michigan,~~rate ~~U.S.,~~movements ~~all~~and lower ~~further~~production ~~strengthening~~costs ~~aerospace~~per ~~portfolio~~tonne of alumina being the key contributing factors.

•“With ~~Unveiled~~a ~~Micromill™~~strong ~~for~~balance ~~next-generation~~sheet, ~~aluminum~~reduced ~~sheet~~capital requirements going forward and an improved business outlook, we are pleased to resume paying dividends to shareholders”.

•Definitions ~~Sold~~and ~~three~~notes ~~European rolling mills; Completed closure of Australian can sheet rolling mills~~

•1. ~~Ma’aden-Alcoa~~2014 ~~joint~~AWAC ~~venture~~financials ~~produced~~include ~~first~~Point ~~alumina~~Henry ~~from~~restructuring ~~Saudi~~charge ~~Arabian~~($329.2 ~~bauxite~~million) and loss on sale of Jamalco ($266.3 million). 2013 AWAC financials include Alba legal matter ($384.0 million). For further details refer to the reconciliation on page 19 of the ASX Preliminary Final Report for the period ending 31 December 2014 (Appendix 4E).

•2. ~~Sold~~Earnings ~~stakes~~before ininterest, ~~upstream assets: Jamalco~~tax, ~~Jamaica~~depreciation and ~~Mt.~~amortisation ~~Holly,~~consistent ~~South~~with ~~Carolina~~previous periods.

~~Full-Year~~3. ~~2014~~Calculated ~~Highlights~~as (debt – cash) / (debt + equity).

~~• Net income of $268 million, or $0~~4.21 ~~per~~Free ~~share;~~cash ~~excluding~~flow ~~special~~defined ~~items,~~as ~~net~~cash ~~income~~from ofoperations ~~$1.1~~less ~~billion,~~capital ~~or $0~~expenditure.~~92 per share, up $759 million from 2013~~

•Alumina ~~Revenue~~Limited ofresults are ~~$23.9~~presented ~~billion,~~in upUS 4dollars ~~percent from 2013~~

•Table Strongestof full-year operating results since 2008Contents

•Some ~~Record~~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 ~~Engineered~~global ~~Products~~economic, alumina or aluminium industry conditions and ~~Solutions~~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.

•This ~~Cash~~presentation ~~from~~contains ~~operations~~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 $1the business.7 ~~billion~~Where non-IFRS measures are used, definition of the measure, calculation method and/or reconciliation to IFRS financial information is provided as appropriate or can be found in the ASX Preliminary Final Report (Appendix 4E).

• Free cash flow of $455 million


Investor Contacts:		Media Contact:
Chris Thiris, CFO		Nerida Mossop
+613 8699 2607		+613 9600 1979 / +61 437 361 433

•Alumina ~~$1.2~~Limited ~~billion~~results are presented in ~~productivity~~US ~~gains~~dollars

NewTable York, Jan. 12, 2015 – Lightweight metals leader Alcoa (NYSE:AA) today reported a jump in fourth quarter and full-year 2014 profits, culminating a year of significant transformation for the Company. Alcoa is reshaping its portfolio for profitable growth by building its innovative, multi-material value-add businesses and by creating a globally competitive commodity business. Contents

InABN ~~fourth~~85 ~~quarter~~004 ~~2014,~~820 ~~Alcoa~~419 reported net income of $159 million, or $0.11 per share, which includes $273 million in special items largely tied to previously announced restructurings in the upstream and midstream businesses, aligned with the Company’s objective of enhancing its portfolio.

~~Year-over-year,~~December ~~fourth quarter~~ 2014 ~~results~~ASX ~~are~~Report up from a net loss of $2.3 billion, or $2.19 per share. Excluding the impact of special items, fourth quarter 2014 net income was $432 million, or $0.33 per share, which rose significantly from fourth quarter 2013 net income of $40 million, or $0.04 per share. -1-

~~Fourth~~Alumina ~~quarter~~Limited ~~2014 revenue was $6.4 billion, up 14 percent from $5.6 billion in fourth quarter 2013. Higher sales in Alcoa’s value~~-~~add~~ ~~businesses, comprising~~ABN ~~the~~85 ~~mid~~004 ~~and~~820 ~~downstream,~~419 ~~favorable metal prices and energy sales drove the Company’s year-over-year revenue increase.~~

~~“Our~~Financial ~~strong~~Year ~~fourth~~ended ~~quarter~~31 December ~~capped~~2014 ~~a pivotal year as we significantly accelerated Alcoa’s transformation,” said Klaus Kleinfeld, Alcoa Chairman and Chief Executive Officer.~~ (“AsCurrent we built out our value-add businesses, we gained profitable share across exciting downstream growth markets and captured aerospace and automotive growth in the midstream. On the commodity side, our hard work reshaping the portfolio continues to pay off with improved performance for the 13th quarter in a row. In 2014 we delivered Alcoa’s strongest operating results since 2008; we enter 2015 on solid footing, poised to continue transforming and growing.Period”)

~~Engineered~~Results ~~Products~~for ~~and~~Announcement ~~Solutions reported its 19th consecutive quarter of year-over-year after-tax operating income growth, excluding Firth Rixson. Global Rolled Products continued~~ to ~~benefit from~~ the ~~historic~~Market shift to aluminum intensive vehicles, shipping a record volume of automotive sheet. In Global Primary Products, comprising Alumina and Primary Metals, the Alumina segment’s profitability more than doubled year-over-year. Primary Metals adjusted EBITDA per metric ton was the strongest since second quarter 2008, primarily reflecting a lower cost, globally competitive commodity business.

Special items in fourth quarter 2014 included $200 million in restructuring-related costs, approximately 80 percent non-cash, primarily tied to the sales of three European rolling mills (see Value-add Portfolio Transformation below) and an ownership stake in a bauxite mining and alumina refining joint venture in Jamaica (see Upstream Portfolio Transformation below).


		Change			$US million
Net loss from ordinary activities after tax attributable to members of Alumina Limited	Down		(19,760	%)		(98.3	)

Net loss for the year attributable to members of Alumina Limited (Refer Note below)	Down		(19,760	%)		(98.3	)

~~2014~~Dividends ~~Full-Year Results~~

In 2014, Alcoa reported net income of $268 million, or $0.21 per share, compared to a net loss of $2.3 billion, or $2.14 per share, in 2013.


	Year ended 31 Dec 2014			Year ended 31 Dec 2013
Final dividend per share		1.6	¢		Nil
Franked amount per share		1.6	¢		n/a
Interim dividend per share		Nil			Nil
Franked amount per share		n/a			n/a

~~Excluding~~Record ~~the impact~~date ofto ~~special~~determine ~~items,~~entitlements ~~strong~~to ~~performance~~the ~~growth~~dividend ~~drove~~is ~~2014~~5 March ~~net income of $1~~2015.1 ~~billion, or $0.92 per share, up slightly more than threefold from 2013 net income of $357 million, or $0.33 per share. Revenue in 2014 was $23.9 billion, up 4 percent from $23 billion in 2013.~~

InSignificant ~~2014,~~items ~~Alcoa~~affecting ~~continued~~the tonet ~~execute~~(loss)/profit ~~against~~for its financial targets. The Company achieved $1.2 billion productivity savings, exceeding an $850 million annual target; managed growth capital expenditures of $484 million against a $500 million annual target and controlled sustaining capital expenditures of $735 million against a $750 million annual target. Progress on the ~~Saudi~~ ~~Arabia~~year ~~joint venture project remained on track with $91 million invested in 2014 against a $125 million annual target.~~

~~For~~The ~~full-year~~Company’s ~~2014,~~net ~~Alcoa delivered~~(loss)/profit ~~$455~~was ~~million~~negatively inaffected ~~positive~~by ~~free~~individually ~~cash~~significant ~~flow~~items. ~~The~~These ~~Company~~items ~~produced~~are ~~$989~~disclosed ~~million~~in ofthe ~~free~~table ~~cash~~below ~~flow~~to inenhance ~~fourth~~an understanding ~~quarter~~of ~~2014,~~ the ~~highest~~Company’s ~~since~~operational ~~fourth~~performance ~~quarter~~during ~~2010~~the reporting year.

For full-year 2014, Alcoa’s cash from operations totaled $1.7 billion. In fourth quarter 2014, the Company’s cash from operations was $1.5 billion, a quarterly record.


	Year ended 31 Dec 2014 US$ million			Year ended 31 Dec 2013 US$ million
Net (loss)/profit for the year, after tax	(98.3)			0.5
Significant items included in net (loss)/profit:
Legal matters of Associate¹		0.7			(16.5	)
Point Henry restructuring charges²		(90.8	)		—
Loss on sale of interest in Jamalco³		(106.5	)		—
Other⁴		7.2			(12.6	)

Total Significant items included in net (loss)/profit		(189.4	)		(29.1	)

~~Fourth~~1 ~~quarter~~Alba ~~average~~Civil ~~days~~Settlement ~~working~~and ~~capital~~Government ~~held~~Investigations ~~steady~~are ~~year-over-year~~legal atmatters 28that ~~days~~commenced in February 2008 and were concluded in January 2014. The ~~Company~~impact ~~has~~of ~~reduced~~these ~~average~~legal ~~days~~matters ~~working capital~~was byreflected 9as ~~days~~progress ~~since~~in ~~2009~~their resolution was made. Refer Note 11 for further details.

~~The~~2 ~~Company’s~~On ~~debt~~18 ~~totaled~~February ~~$8.9~~2014 ~~billion~~Alcoa atof ~~the~~Australia ~~end~~Limited, ofan ~~2014~~AWAC entity, ~~with~~decided ~~cash~~to onpermanently ~~hand~~close ofthe ~~$1.9~~Point ~~billion.~~Henry ~~Alcoa’s debt-to-capital~~aluminium ~~ratio~~smelter ~~stood~~which atwas 37done in August 2014.4 ~~percent~~Further costs will be recognised in future financial years relating to the closure, ~~with~~demolition ~~net~~and ~~debt-~~remediation activities that are expected to~~-capital~~ atbe 32completed ~~percent.~~by the end of 2018.

~~Value-add~~3 ~~Portfolio~~On ~~Transformation~~1 December 2014, Alcoa World Alumina LLC (“AWA”), an AWAC entity, completed the sale of its 55% ownership stake in the Jamalco bauxite mining and alumina refining joint venture to Noble Group Ltd.

~~Alcoa~~4 ~~continued~~Other tosignificant ~~make~~items ~~investments~~ in 2014 include the ~~fourth~~gain ~~quarter~~on tothe ~~expand~~sale ~~its~~of ~~multi-material,~~a ~~innovative~~gold ~~value~~mining interest in Suriname (2013: asset write-~~add~~offs ~~portfolio~~and ~~for~~the ~~enhanced~~impact ~~profitable~~of ~~growth.~~Anglesea power station statutory maintenance).

InThis ~~the~~year-end ~~downstream,~~report ~~the~~is ~~Company completed the acquisition of jet engine component leader Firth Rixson. With this acquisition, Alcoa’s revenues are expected~~ to ~~increase~~be byread ~~$1.6~~in ~~billion,~~conjunction ~~driving~~with an additional $350 million EBITDA, by 2016, and by $2 billion by 2019. Alcoa also announced plans to purchase TITAL to grow its platform of titanium aerospace components. In 2013, TITAL generated revenues of approximately $100 million, more than half of which came from titanium products. TITAL’s titanium revenues are expected to increase 70 percent by 2019. Alcoa expects to close the ~~transaction~~most ~~in the~~recent ~~first~~annual ~~quarter~~financial ~~2015~~report.

~~Additionally,~~Alumina ~~Alcoa~~Limited isresults ~~doubling~~are ~~its~~presented ~~jet engine coating technology capacity at its Whitehall, Michigan, U.S. facility. Investments~~ in ~~the~~US ~~robust~~dollars ~~aerospace market further strengthen Alcoa’s global aerospace portfolio to meet growing demand for hotter-running, more fuel-efficient jet engines.~~

InTable the midstream, the Company unveiled the Micromill™ to manufacture the most advanced aluminum sheet on the market. The Micromill’s breakthrough casting technology will enable the next generation of automotive aluminum products and equip Alcoa to capture growing demand from the automotive industry. Automotive parts made with Alcoa Micromill® material will be twice as formable and 30 percent lighter than parts made from high strength steel. Contents

~~Alcoa~~ABN is85 ~~also~~004 ~~reshaping~~820 ~~its~~419 midstream business to focus on higher growth products and markets. In the fourth quarter, the Company finalized the sale of three European rolling mills, two in Spain and one in France, to a subsidiary of Atlas Holdings LLC. Alcoa also completed the closure of the Point Henry and Yennora, Australia can sheet rolling mills.

~~Upstream~~December ~~Portfolio~~2014 ~~Transformation~~ASX Report -2-

~~Alcoa~~Consolidated ~~continues~~Statement ~~to reduce~~of ~~costs~~Profit inor ~~the~~Loss ~~upstream,~~and ~~making~~Other ~~its~~Comprehensive ~~commodity~~Income ~~business increasingly competitive on a global scale.~~

In the fourth quarter, the Company completed sales of two upstream assets. Alcoa World Alumina and Chemicals sold its 55 percent ownership stake in the Jamalco bauxite mining and alumina refining joint venture to Noble Group Ltd for $140 million. Alcoa also sold its 50.33 percent interest in the Mt. Holly aluminum smelter to Century Aluminum Company for $67.5 million. Alcoa has curtailed, closed or sold 1.3 million metric tons, or 31 percent, of its highest cost global smelting capacity since 2007.


	Year ended 31 Dec 2014 US$ million			Year ended 31 Dec 2013 US$ million
Revenue from continuing operations		0.1			0.3
Other Income		1.5			137.1
General and administrative expenses		(13.5	)		(17.2	)
Change in fair value of derivatives/foreign exchange gains		1.6			3.0
Finance costs		(13.6	)		(25.3	)
Share of net loss of associates accounted for using the equity method		(73.6	)		(97.4	)

(Loss)/profit before income tax		(97.5	)		0.5
Income tax expense		(0.8	)		—

(Loss)/profit for the year		(98.3	)		0.5

Other comprehensive (Loss)/income
Items that may be reclassified to profit or loss
Share of reserve movements accounted for using the equity method		(0.6	)		3.0
Foreign exchange translation difference		(224.6	)		(373.1	)
Items that will not be reclassified to profit or loss
Re-measurements of retirement benefit obligations accounted for using the equity method		(46.6	)		67.7

Other comprehensive loss for the year, net of tax		(271.8	)		(302.4	)


Total comprehensive loss for the year attributable to the owners of Alumina Limited		(370.1	)		(301.9	)

InEarnings ~~Saudi~~per ~~Arabia,~~share ~~the~~(EPS) ~~Ma’aden-Alcoa joint venture refinery is fully operational and produced its first alumina in the fourth quarter from Saudi Arabian bauxite. The smelter is fully operational and profitable.~~

Investing in the world’s lowest-cost aluminum complex and divesting, or closing, high cost capacity supports the Company’s goal to create a globally competitive commodity business. Alcoa aims to lower its position on the world aluminum production cost curve to the 38th percentile and the global alumina cost curve to the 21st percentile by 2016.


	Year ended 31 Dec 2014 US cents	Year ended 31 Dec 2013 US cents
Basic EPS	Negative 3.5¢	Positive 0.02¢
Diluted EPS	Negative 3.5¢	Positive 0.02¢

~~2015~~Alumina ~~End~~Limited ~~Market~~results ~~Projections~~are presented in US dollars

AlcoaTable projects another strong year for global aerospace sales. The Company expects 2015 global aerospace sales to increase 9 to 10 percent over 2014, on continued robust demand for large commercial aircraft, regional jets and jet engines. For automotive, the Company projects steady growth to continue in 2015. Alcoa forecasts global automotive production of 2 to 4 percent driven by replacement demand and low lending rates in North America and both the growth of the middle class and clean air regulations in China. Contents

~~Alcoa~~ABN ~~projects~~85 ~~stable~~004 ~~2015~~820 ~~global commercial~~419 transportation production of negative 1 to positive 3 percent. After a strong 2014, the trucking market in North America is expected to remain positive in 2015 with production growth of 3 to 7 percent on strong orders and freight growth. In the packaging market, Alcoa projects global sales growth of 2 to 3 percent in 2015.

~~Alcoa~~December ~~expects the building and construction market to continue to improve from~~ 2014 ~~with~~ASX ~~2015~~Report ~~global sales growth of 5 to 7 percent. The North American market is expected to sustain its gradual recovery in 2015, while the European market is likely to remain in decline.~~ -3-

InConsolidated ~~the~~Balance ~~industrial~~Sheet gas turbine market, the Company projects a 1 to 3 percent growth rate in 2015, rebounding from a decline in 2014. The airfoil market is expected to improve as original equipment manufacturers develop new, advanced turbines and upgrade existing turbines.

Alcoa sees global aluminum demand growth of 7 percent in 2015, following 7 percent growth in 2014.


	31 Dec 2014 US$ million			31 Dec 2013 US$ million
Current Assets
Cash and cash equivalents		24.9			24.0
Receivables		0.2			0.1
Other assets		3.5			23.7

Total current assets		28.6			47.8

Non-current Assets
Investments in associates		2,514.5			2,798.9
Property, plant and equipment		0.1			0.2
Other assets		—			117.1

Total non-current assets		2,514.6			2,916.2

Total assets		2,543.2			2,964.0

Current Liabilities
Payables		1.9			3.9
Borrowings		—			50.6
Derivative financial instruments		—			6.4
Provisions		0.2			0.3
Current tax liabilities		0.8			—
Other		0.2			0.2

Total current liabilities		3.1			61.4

Non-current Liabilities
Borrowings		111.5			108.6
Derivative financial instruments		4.1			—
Provisions		0.5			0.6

Total non-current liabilities		116.1			109.2

Total liabilities		119.2			170.6

Net assets		2,424.0			2,793.4

Equity
Contributed equity		2,620.0			2,620.0
Treasury shares		(1.2	)		(1.3	)
Reserves		(853.0	)		(628.4	)
Retained earnings		658.2			803.1

Total equity		2,424.0			2,793.4

~~Segment~~Alumina ~~Information~~Limited results are presented in US dollars

EngineeredTable Productsof and Solutions Contents

~~ATOI~~ABN in85 ~~the~~004 ~~fourth quarter~~820 ~~was~~419 $165 million, compared to $209 million in third quarter 2014, and down $3 million or 2 percent year-over-year, including a Firth Rixson integration impact of $12 million. Excluding that impact, ATOI was a fourth quarter record and the 19th consecutive quarter of year-over-year ATOI growth; continued productivity gains and higher volumes drove the improvement, mostly offset by cost increases and unfavorable mix. This segment reported a fourth quarter adjusted EBITDA margin of 18.9 percent compared to 20.3 percent for the same quarter last year; excluding Firth Rixson, adjusted EBITDA margin performance of 20.6 percent was a fourth quarter record.

~~Global~~December ~~Rolled~~2014 ~~Products~~ASX Report -4-

~~ATOI~~Consolidated inStatement ~~the~~of ~~fourth~~Changes ~~quarter was $71 million compared to $103 million~~ in ~~third~~Equity quarter 2014, and $21 million in fourth quarter 2013. The segment had record automotive sheet shipments, resulting from the Davenport expansion. From the prior year, this segment increased profits by 238 percent, mainly driven by strong productivity, higher metal prices, and higher volume in North American automotive and aerospace. Results were partially offset by cost increases from deferred maintenance, automotive ramp-up, increased regional premiums in Russia and Europe as well as pricing pressure in the packaging and European industrial markets. The segment will continue to increase production in the first quarter to serve growing demand for aluminum intensive vehicles.

Alumina


	Contributed Equity¹ US$ million		Reserves US$ million			Retained Earnings US$ million			Total US$ million
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


Balance as at 1 January 2014		2,618.7		(628.4	)		803.1			2,793.4
Loss for the year		—		—			(98.3	)		(98.3	)
Other comprehensive loss for the year		—		(225.2	)		(46.6	)		(271.8	)
Transactions with owners in their capacity as owners:
Movement in treasury shares		0.1		—			—			0.1
Movement in share based payments reserve		—		0.6			—			0.6

Balance at 31 December 2014		2,618.8		(853.0	)		658.2			2,424.0

~~ATOI~~1 inTreasury ~~the~~shares ~~fourth~~have ~~quarter~~been ~~was~~deducted ~~$178 million, up $116 million sequentially~~ from ~~$62~~contributed ~~million, and up $108 million year-over-year from $70 million~~equity. The increase in sequential ATOI was primarily due to higher pricing on both Alumina Price Index and London Metal Exchange-based contracts, favorable foreign currency exchange rates and energy costs, and increased productivity. Results were slightly offset by higher pre-operational costs at the Saudi Arabia refinery and maintenance costs. Adjusted EBITDA per metric ton increased $39 from third quarter 2014 to $85 per metric ton in fourth quarter 2014.

~~Primary~~Alumina ~~Metals~~Limited results are presented in US dollars

ATOITable in the fourth quarter was $267 million, up $22 million sequentially from $245 million, and up $302 million from negative $35 million in fourth quarter 2013. Third-party realized price in fourth quarter 2014 was $2,578 per metric ton, up 2 percent sequentially, and up 20 percent year-over-year. Improved sequential earnings were driven by higher realized prices, the absence of charges in the third quarter related to previously announced smelter closures in Italy and Australia, favorable foreign currency exchange rates, increased productivity and the ramp up of the Saudi Arabia smelter. Results were partially offset by higher power costs, primarily in Spain, and higher materials costs. Adjusted EBITDA per metric ton was $629, $17 per metric ton higher than third quarter 2014. Contents

~~Alcoa~~ABN ~~will~~85 ~~hold~~004 ~~its~~820 ~~quarterly~~419 conference call at 5:00 PM Eastern Time on January 12, 2015 to present the quarter and full-year results. The meeting will be webcast via alcoa.com. Call information and related details are available at www.alcoa.com under “Invest.” Presentation materials used during this meeting will be available for viewing at 4:15 PM Eastern Time at www.alcoa.com.

~~About~~December ~~Alcoa~~2014 ASX Report -5-

AConsolidated ~~global leader~~Statement in lightweight metals technology, engineering and manufacturing, Alcoa innovates multi-material solutions that advance our world. Our technologies enhance transportation, from automotive and commercial transport to air and space travel, and improve industrial and consumer electronics products. We enable smart buildings, sustainable food and beverage packaging, high-performance defense vehicles across air, land and sea, deeper oil and gas drilling and more efficient power generation. We pioneered the aluminum industry over 125 years ago, and today, our approximately 59,000 people in 30 countries deliver value-add products made of ~~titanium,~~Cash ~~nickel~~Flows and aluminum, and produce best-in-class bauxite, alumina and primary aluminum products. For more information, visit www.alcoa.com, follow @Alcoa on Twitter at www.twitter.com/Alcoa and follow us on Facebook at www.facebook.com/Alcoa.

Forward-Looking Statements


	Year ended 31 Dec 2014 US$ million			Year ended 31 Dec 2013 US$ million
Cash Flows Related to Operating Activities
Payments to suppliers and employees (inclusive of goods and service tax)		(15.0	)		(14.7	)
GST refund received		0.5			0.6
Dividends received from associates		16.0			100.0
Distributions received from associates		4.3			7.3
Interest received		0.1			0.3
Finance costs		(12.5	)		(25.5	)
Other		(1.0	)		(0.5	)

Net cash (outflow)/inflow from operating activities		(7.6	)		67.5


Cash Flows Related to Investing Activities
Payments for investment in associates		(41.5	)		(12.0	)
Proceeds from return of invested capital		98.9			3.0

Net cash inflow/(outflow) from investing activities		57.4			(9.0	)


Cash Flows Related to Financing Activities
Proceeds from note issue		107.1			—
Proceeds from borrowings		55.0			70.0
Repayment of borrowings		(202.6	)		(581.4	)
Proceeds from share issue		—			467.2
Share issue transaction costs		—			(1.3	)
Repayment on termination of cross currency interest rate swap		(6.9	)		—

Net cash outflow from financing activities		(47.4	)		(45.5	)


Net Increase in Cash and cash equivalents		2.4			13.0
Cash and cash equivalents at the beginning of the year		24.0			10.1
Effects of exchange rate changes on cash and cash equivalents		(1.5	)		0.9

Cash and cash equivalents at the end of the year		24.9			24.0

~~This~~Alumina ~~release~~Limited contains statements that relate to future events and expectations and as such constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include those containing such words as “anticipates,” “estimates,” “expects,” “forecasts,” “intends,” “outlook,” “plans,” “projects,” “sees,” “should,” “targets,” “will,” or other words of similar meaning. All statements that reflect Alcoa’s expectations, assumptions or projections about the future other than statements of historical fact are forward-looking statements, including, without limitation, forecasts concerning global demand growth for aluminum, end market conditions, and growth opportunities for aluminum in automotive, aerospace, and other applications; targeted financial results or operating performance; statements about Alcoa’s strategies, outlook, and business and financial prospects; and statements regarding Alcoa’s portfolio transformation, including the expected benefits of acquisitions. These statements reflect beliefs and assumptions that are ~~based~~presented ~~on Alcoa’s perception of historical trends, current conditions and expected future developments, as well as other factors management believes are appropriate~~ in the circumstances. Forward-looking statements are subject to a number of risks and uncertainties and are not guarantees of future performance. Important factors that could cause actual results to differ ~~materially~~US ~~from~~dollars those expressed or implied in the forward-looking statements include: (a) material adverse changes in aluminum industry conditions, including global supply and demand conditions and fluctuations in London Metal Exchange-based prices and premiums, as applicable, for primary aluminum, alumina, and other products, and fluctuations in indexed-based and spot prices for alumina; (b) deterioration in global economic and financial market conditions generally; (c) unfavorable changes in the markets served by Alcoa, including aerospace, automotive, commercial transportation, building and construction, packaging, and industrial gas turbine; (d) the impact of changes in foreign currency exchange rates on costs and results, particularly the Australian dollar, Brazilian real, Canadian dollar, euro, and Norwegian kroner; (e) increases in energy costs or the costs of other raw materials, or the unavailability or interruption of energy supplies; (f) Alcoa’s inability to achieve the level of revenue growth, cash generation, cost savings, improvement in profitability and margins, fiscal discipline, or strengthening of competitiveness and operations (including increasing revenues and improving margins in its Engineered Products and Solutions and Global Rolled Products segments and moving its alumina refining and aluminum smelting businesses down on the industry cost curves) anticipated from its restructuring programs and productivity improvement, cash sustainability, technology, and other initiatives; (g) failure to advance or successfully implement, to achieve commercialization of, or to realize expected benefits from, new or innovative technologies, equipment, processes, or products, including, without limitation, the Alcoa Micromill® continuous casting process, whether due to changes in the regulatory environment, competitive developments, unexpected events, such as failure of equipment or processes to meet specifications, or other factors; (h) Alcoa’s inability to realize expected benefits, in each case as planned and by targeted completion dates, from sales of non-core assets, or from newly constructed, expanded, or acquired facilities, or from international joint ventures, including the joint venture in Saudi Arabia; (i) political, economic, and regulatory risks in the countries in which Alcoa operates or sells products, including unfavorable changes in laws and governmental policies, civil unrest, imposition of sanctions, expropriation of assets, or other events beyond Alcoa’s control; (j) the outcome of contingencies, including legal proceedings, government investigations, and environmental remediation; (k) the impact of cyber attacks and potential information technology or data security breaches; (l) failure to receive, delays in the receipt of, or unacceptable or burdensome conditions imposed in connection with, required regulatory approvals or the inability to satisfy the other closing conditions to the proposed TITAL acquisition; (m) the risk that Firth Rixson or other acquired businesses will not be integrated successfully or such integration may be more difficult, time-consuming, or costly than expected; (n) the loss of customers, suppliers, and other business relationships as a result of acquisitions, competitive developments, or other factors; and (o) the other risk factors summarized in Alcoa’s Form 10-K for the year ended December 31, 2013 and other reports filed with the Securities and Exchange Commission (SEC). Alcoa disclaims any obligation to update publicly any forward-looking statements, whether in response to new information, future events or otherwise, except as required by applicable law.

Non-GAAPTable Financialof Measures Contents

~~Some~~ABN of85 ~~the~~004 ~~information~~820 ~~included~~419 in this release is derived from Alcoa’s consolidated financial information but is not presented in Alcoa’s financial statements prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). Certain of these data are considered “non-GAAP financial measures” under SEC rules. These non-GAAP financial measures supplement our GAAP disclosures and should not be considered an alternative to the GAAP measure. Reconciliations to the most directly comparable GAAP financial measures and management’s rationale for the use of the non-GAAP financial measures can be found in the schedules to this release and on our website at www.alcoa.com under the “Invest” section. Alcoa has not provided a reconciliation of any forward-looking non-GAAP financial measures to the most directly comparable GAAP financial measures, due primarily to variability and difficulty in making accurate forecasts and projections, as not all of the information necessary for a quantitative reconciliation is available to the Company without unreasonable effort.

~~Alcoa~~December ~~and~~2014 ~~subsidiaries~~ASX Report -6-

~~Statement~~1. Basis of ~~Consolidated Operations (unaudited)~~ Preparation

~~(in~~This consolidated financial report for the year ended 31 December 2014 has ~~millions,~~been ~~except~~prepared ~~per-share,~~in ~~share~~accordance with the Australian Stock Exchange Listing Rules as they relate to Appendix 4E and in accordance with Australian Accounting Standards and Interpretations issued by the Australian Accounting Standards Board, and ~~metric~~the Corporations ~~ton~~Act ~~amounts)~~2001.

	Quarter ended
	December 31,2013			September 30,2014			December 31,2014
Sales	$	5,585		$	6,239		$	6,377
Cost of goods sold (exclusive of expenses below)		4,708			4,904			4,973
Selling, general administrative, and other expenses		255			243			271
Research and development expenses		57			57			60
Provision for depreciation, depletion, and amortization		350			347			335
Impairment of goodwill		1,731			—			—
Restructuring and other charges		380			209			388
Interest expense		112			126			122
Other (income) expenses, net		(10	)		23			(6	)
Total costs and expenses		7,583			5,909			6,143
(Loss) income before income taxes		(1,998	)		330			234
Provision for income taxes		312			199			120
Net (loss) income		(2,310	)		131			114
Less: Net income (loss) attributable to noncontrolling interests		29			(18	)		(45	)
NET (LOSS) INCOME ATTRIBUTABLE TO ALCOA	$	(2,339	)	$	149		$	159
EARNINGS PER SHARE ATTRIBUTABLE TO ALCOA COMMON SHAREHOLDERS:
Basic:
Net (loss) income(1)	$	(2.19	)	$	0.13		$	0.12
Average number of shares(2)		1,070,195,520			1,176,560,799			1,196,232,954
Diluted:
Net (loss) income(1)	$	(2.19	)	$	0.12		$	0.11
Average number of shares(3)		1,070,195,520			1,204,581,680			1,217,350,305
Shipments of aluminum products (metric tons)		1,242,000			1,225,000			1,196,000

This consolidated financial 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 reporting period in accordance with the continuous disclosure requirements of the Corporations Act 2001.

~~(1)~~The Inaccounting ~~order~~policies toadopted ~~calculate~~are ~~both~~consistent ~~basic~~with ~~and~~those ~~diluted~~of ~~earnings per share for~~ the ~~quarter~~previous ~~ended~~financial ~~December 31, 2014, preferred stock dividends declared of $19 need to be subtracted from Net income attributable to Alcoa~~year.

(2~~) In the first quarter of 2014, holders of $575 principal amount of Alcoa’s 5~~.~~25%~~ ~~Convertible~~Reconciliation ~~Notes due March 15, 2014 (the “Notes”) exercised their option to convert the Notes into 89 million shares~~ of Alcoa common stock. As a result, the respective basic average number of shares for the quarters ended September 30, 2014 and December 31, 2014 includes all 89 million shares. Additionally, in the fourth quarter of 2014, Alcoa issued 37 million shares of its common stock as part of the consideration paid to acquire an aerospace business, Firth Rixson. As a result, the basic average number of shares for the quarter ended December 31, 2014 includes 17 million representing the weighted average number of shares for the length of time the 37 million shares were outstanding during the fourth quarter of 2014.Cash

~~(3)~~Reconciliation ~~In the quarter ended December 31, 2013, the diluted average number~~ of ~~shares~~cash ~~does~~at ~~not include any share equivalents as their effect was anti-dilutive. In~~ the ~~quarter~~end ~~ended September 30, 2014, the difference between the diluted average number~~ of ~~shares and~~ the ~~basic~~year ~~average number of shares relates to share equivalents associated with outstanding employee stock options and awards~~ (20as ~~million)~~shown ~~and~~in ~~mandatory convertible preferred stock (8 million). In~~ the ~~quarter~~consolidated statement ~~ended December 31, 2014, the difference between the diluted average number~~ of ~~shares~~cash ~~and~~flows) ~~the basic average number of shares relates~~ to ~~share equivalents associated with outstanding employee stock options and awards. The diluted average number of shares for~~ the ~~quarter ended December 31, 2014 does not include any share equivalents~~ related toitems in the ~~mandatory~~accounts ~~convertible~~is ~~preferred stock~~ as ~~their~~follows: ~~effect was anti-dilutive.~~

Alcoa and subsidiaries


	31 Dec 2014 US$ million		31 Dec 2013 US$ million
Cash on hand and at bank		2.4		4.0
Money market deposits (with maturity on investment three months or less)		22.5		20.0

Total cash and cash equivalents at the end of the year		24.9		24.0

~~Statement~~3. of Consolidated ~~Operations~~Retained ~~(unaudited), continued~~ Earnings

(in millions, except per-share, share, and metric ton amounts)


	Year ended 31 Dec 2014 US$ million			Year ended 31 Dec 2013 US$ million
Retained earnings at the beginning of the year		803.1			734.9
Net (loss)/profit attributable to members of Alumina Limited		(98.3	)		0.5
Re-measurements of retirement benefit obligations accounted for using the equity method		(46.6	)		67.7
Dividends paid		—			—

Retained earnings at the end of the year		658.2			803.1

	Year endedDecember 31,
	2013			2014
Sales	$	23,032		$	23,906
Cost of goods sold (exclusive of expenses below)		19,286			19,137
Selling, general administrative, and other expenses		1,008			995
Research and development expenses		192			218
Provision for depreciation, depletion, and amortization		1,421			1,371
Impairment of goodwill		1,731			—
Restructuring and other charges		782			1,168
Interest expense		453			473
Other (income) expenses, net		(25	)		47
Total costs and expenses		24,848			23,409
(Loss) income before income taxes		(1,816	)		497
Provision for income taxes		428			320
Net (loss) income		(2,244	)		177
Less: Net income (loss) attributable to noncontrolling interests		41			(91	)
NET (LOSS) INCOME ATTRIBUTABLE TO ALCOA	$	(2,285	)	$	268
EARNINGS PER SHARE ATTRIBUTABLE TO ALCOA COMMON SHAREHOLDERS:
Basic:
Net (loss) income(1)	$	(2.14	)	$	0.21
Average number of shares(2)		1,069,517,485			1,161,718,625
Diluted:
Net (loss) income(1)	$	(2.14	)	$	0.21
Average number of shares(3)		1,069,517,485			1,180,050,215
Common stock outstanding at the end of the period		1,071,011,162			1,216,663,661
Shipments of aluminum products (metric tons)		4,994,000			4,794,000

Alumina Limited results are presented in US dollars

(1)Table In order to calculate both basic and diluted earnings per share for the years ended December 31, 2013 and 2014, preferred stock dividends declared of $2 and $21, respectively, need to be subtracted from Net (loss) income attributable to Alcoa.Contents

~~(2)~~ABN In85 ~~the~~004 ~~first~~820 ~~quarter~~419 of 2014, holders of $575 principal amount of Alcoa’s 5.25% Convertible Notes due March 15, 2014 (the “Notes”) exercised their option to convert the Notes into 89 million shares of Alcoa common stock. Additionally, in the fourth quarter of 2014, Alcoa issued 37 million shares of its common stock as part of the consideration paid to acquire an aerospace business, Firth Rixson. As a result, the basic average number of shares for the year ended December 31, 2014 includes 77 million representing the weighted average number of shares for the length of time the 126 million shares were outstanding during 2014.

~~(3) In the year ended~~ December ~~31, 2013, the diluted average number of shares does not include any share equivalents as their effect was anti-dilutive. In the year ended December 31,~~ 2014, ~~the~~ASX ~~difference~~Report between the diluted average number of shares and the basic average number of shares relates to share equivalents associated with outstanding employee stock options and awards. The diluted average number of shares for the year ended December 31, 2014 does not include any share equivalents related to the Notes or mandatory convertible preferred stock as their effect was anti-~~dilutive.~~7-

~~Alcoa~~4. ~~and~~Income ~~subsidiaries~~ Tax

Consolidated Balance Sheet (unaudited)


	Year ended 31 Dec 2014 US$ million			Year ended 31 Dec 2013 US$ million
(Loss)/profit from ordinary activities before income tax		(97.5	)		0.5

*Prima facie tax credit/(expense) for the year at the rate of 30%*		29.2			(0.2	)

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		73.6			97.4
Foreign income subject to accruals tax		0.6			1.7
Share of Partnership income assessable for tax		4.3			7.3
Timing differences not recognised		—			(2.3	)
Tax losses not recognised		37.3			30.8
Amounts non-assessable for tax		(17.5	)		—
Non-deductible expenses		1.7			1.7

Net movement		100.0			136.6

Consequent increase in charge for income tax		(30.0	)		(40.9	)
Prima facie charge not recognised as cannot yet be determined¹		—			41.1
Estimated tax expense in relation to allocation agreement¹		(0.8	)		—

Aggregate income tax expense for the year		(0.8	)		—

~~(in~~1 ~~millions)~~ Refer to Note 11 for further details.

	December 31,2013			December 31,2014*
ASSETS
Current assets:
Cash and cash equivalents	$	1,437		$	1,877
Receivables from customers, less allowances of $20 and $14 in 2013 and 2014, respectively		1,221			1,395
Other receivables		597			747
Inventories		2,705			3,082
Prepaid expenses and other current assets		1,009			1,100
Total current assets		6,969			8,201
Properties, plants, and equipment		36,866			35,728
Less: accumulated depreciation, depletion, and amortization		19,227			19,302
Properties, plants, and equipment, net		17,639			16,426
Goodwill		3,415			5,247
Investments		1,907			1,944
Deferred income taxes		3,184			2,855
Other noncurrent assets		2,628			2,738
Total assets	$	35,742		$	37,411
LIABILITIES
Current liabilities:
Short-term borrowings	$	57		$	54
Accounts payable, trade		2,960			3,152
Accrued compensation and retirement costs		1,013			937
Taxes, including income taxes		376			345
Other current liabilities		1,044			1,021
Long-term debt due within one year		655			29
Total current liabilities		6,105			5,538
Long-term debt, less amount due within one year		7,607			8,769
Accrued pension benefits		3,183			3,255
Accrued other postretirement benefits		2,354			2,155
Other noncurrent liabilities and deferred credits		2,971			2,881
Total liabilities		22,220			22,598
EQUITY
Alcoa shareholders’ equity:
Preferred stock		55			55
Mandatory convertible preferred stock		—			3
Common stock		1,178			1,304
Additional capital		7,509			9,284
Retained earnings		9,272			9,379
Treasury stock, at cost		(3,762	)		(3,042	)
Accumulated other comprehensive loss		(3,659	)		(4,665	)
Total Alcoa shareholders’ equity		10,593			12,318
Noncontrolling interests		2,929			2,495
Total equity		13,522			14,813
Total liabilities and equity	$	35,742		$	37,411

5.	Contributed Equity

* The Consolidated Balance Sheet as of December 31, 2014 includes amounts related to the acquisition of an aerospace business, Firth Rixson. These amounts are composed of an estimate of the beginning balance sheet of Firth Rixson on the acquisition date, November 19, 2014, and the changes in these balances from November 19, 2014 through December 31, 2014. The estimate of the beginning balance sheet is the result of allocating $1,240 of the $3,125 purchase price to various assets, primarily Properties, plants, and equipment, with the difference included in Goodwill. The final allocation of the purchase price will be based on a third-party valuation of the acquired business, which will be completed in 2015.


	Year ended 31 Dec 2014 US$ million		Year ended 31 Dec 2013 US$ million
Ordinary share capital issued and fully paid
Balance brought forward		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

Alcoa and subsidiaries


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

Total issued capital		2,806,225,615		2,806,225,615

~~Statement~~On 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 ~~Consolidated~~Alumina ~~Cash~~Limited’s ~~Flows~~then current capital base, representing 13.04% of Alumina Limited’s capital base following completion (~~unaudited)~~the “Placement”).

~~(in~~The Placement 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 ~~millions)~~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.

	Year endedDecember 31,
	2013			2014
CASH FROM OPERATIONS
Net (loss) income	$	(2,244	)	$	177
Adjustments to reconcile net (loss) income to cash from operations:
Depreciation, depletion, and amortization		1,422			1,372
Deferred income taxes		178			(41	)
Equity income, net of dividends		77			104
Impairment of goodwill		1,731			—
Restructuring and other charges		782			1,168
Net gain from investing activities – asset sales		(10	)		(47	)
Stock-based compensation		71			87
Excess tax benefits from stock-based payment arrangements		—			(9	)
Other		4			66
Changes in assets and liabilities, excluding effects of acquisitions, divestitures, and foreign currency translation adjustments:
(Increase) in receivables		(141	)		(326	)
Decrease (increase) in inventories		25			(355	)
(Increase) in prepaid expenses and other current assets		(9	)		(11	)
Increase in accounts payable, trade		326			256
(Decrease) in accrued expenses		(418	)		(451	)
(Decrease) increase in taxes, including income taxes		(43	)		13
Pension contributions		(462	)		(501	)
(Increase) in noncurrent assets		(153	)		(19	)
Increase in noncurrent liabilities		442			191
CASH PROVIDED FROM OPERATIONS		1,578			1,674
FINANCING ACTIVITIES
Net change in short-term borrowings (original maturities of three months or less)		5			(2	)
Additions to debt (original maturities greater than three months)		1,852			2,878
Debt issuance costs		(3	)		(17	)
Payments on debt (original maturities greater than three months)*		(2,317	)		(1,723	)
Proceeds from exercise of employee stock options		13			148
Excess tax benefits from stock-based payment arrangements		—			9
Issuance of mandatory convertible preferred stock		—			1,213
Dividends paid to shareholders		(132	)		(161	)
Distributions to noncontrolling interests		(109	)		(120	)
Contributions from noncontrolling interests		12			53
Acquisitions of noncontrolling interests		—			(28	)
CASH (USED FOR) PROVIDED FROM FINANCING ACTIVITIES		(679	)		2,250
INVESTING ACTIVITIES
Capital expenditures		(1,193	)		(1,219	)
Acquisitions, net of cash acquired**		—			(2,385	)
Proceeds from the sale of assets and businesses		13			253
Additions to investments		(293	)		(195	)
Sales of investments		—			57
Net change in restricted cash		170			(2	)
Other		13			31
CASH USED FOR INVESTING ACTIVITIES		(1,290	)		(3,460	)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS		(33	)		(24	)
Net change in cash and cash equivalents		(424	)		440
Cash and cash equivalents at beginning of year		1,861			1,437
CASH AND CASH EQUIVALENTS AT END OF YEAR	$	1,437		$	1,877

*ABN In85 ~~the~~004 ~~first~~820 ~~quarter~~419 of 2014, holders of $575 principal amount of Alcoa’s 5.25% Convertible Notes due March 15, 2014 (the “Notes”) exercised their option to convert the Notes into 89 million shares of Alcoa common stock. This transaction was not reflected in the Statement of Consolidated Cash Flows for the year ended December 31, 2014 as it represents a noncash financing activity.

** In the fourth quarter of 2014, Alcoa paid $2,995 (net of cash acquired) to acquire an aerospace business, Firth Rixson. A portion of this consideration was paid through the issuance of 37 million shares in Alcoa common stock valued at $610. The issuance of common stock was not reflected in the Statement of Consolidated Cash Flows for the year ended December ~~31,~~ 2014 asASX itReport ~~represents a noncash investing activity.~~-8-

~~Alcoa~~6. ~~and~~Earnings ~~subsidiaries~~Per Share (EPS)

Segment Information (unaudited)


	Year ended 31 Dec 2014			Year ended 31 Dec 2013
(Loss)/profit attributable to the ordinary equity holders of the Company used in the calculation of basic and diluted EPS (US$ million)		(98.3	)		0.5
Weighted average number of ordinary shares used as the denominator in the calculation of basic and diluted EPS		2,805,745,467			2,760,518,829
Basic EPS (US cents)		Negative 3.5			Positive 0.02
Diluted EPS (US cents)		Negative 3.5			Positive 0.02

~~(dollars~~7. inNet ~~millions, except~~Tangible ~~realized~~Asset ~~prices;~~Backing ~~production~~Per ~~and shipments in thousands of metric tons [kmt])~~ Security

	4Q13			2013			1Q14			2Q14			3Q14			4Q14			2014
	31 Dec 2014			31 Dec 2013
Alumina:
Net assets (US$ million)		2,424.0			2,793.4
Alumina production (kmt)		4,249			16,618			4,172			4,077			4,196			4,161			16,606
Less equity accounted intangible assets:
Third-party alumina shipments (kmt)		2,578			9,966			2,649			2,361			2,714			2,928			10,652
Goodwill (US$ million)		175.8			175.8
Third-party sales	$	832		$	3,326		$	845		$	761		$	886		$	1,017		$	3,509
Mineral rights and bauxite assets net of deferred tax liabilities (US$ million)		75.2			75.7
Intersegment sales	$	546		$	2,235		$	510		$	480		$	482		$	469		$	1,941
Net tangible assets (US$ million)		2,173.0			2,541.9
Equity loss	$	(2	)	$	(4	)	$	(5	)	$	(7	)	$	(7	)	$	(10	)	$	(29	)
Number of issued ordinary shares (including treasury shares)		2,806,225,615			2,806,225,615
Depreciation, depletion, and amortization	$	102		$	426		$	97		$	100		$	100		$	90		$	387
Net tangible asset backing per ordinary security (US$)		0.77			0.91
Income taxes	$	21		$	66		$	40		$	12		$	26		$	75		$	153
After-tax operating income (ATOI)	$	70		$	259		$	92		$	38		$	62		$	178		$	370
Primary Metals:
Aluminum production (kmt)		866			3,550			839			795			760			731			3,125
Third-party aluminum shipments (kmt)		717			2,801			617			638			642			637			2,534
Alcoa’s average realized price per metric ton of aluminum	$	2,157		$	2,243		$	2,205		$	2,291		$	2,538		$	2,578		$	2,405
Third-party sales	$	1,618		$	6,596		$	1,424		$	1,659		$	1,865		$	1,852		$	6,800
Intersegment sales	$	526		$	2,621		$	734		$	718		$	730		$	749		$	2,931
Equity (loss) income	$	(22	)	$	(51	)	$	(28	)	$	(17	)	$	—		$	11		$	(34	)
Depreciation, depletion, and amortization	$	128		$	526		$	124		$	129		$	124		$	117		$	494
Income taxes	$	(34	)	$	(74	)	$	(11	)	$	30		$	95		$	89		$	203
ATOI	$	(35	)	$	(20	)	$	(15	)	$	97		$	245		$	267		$	594
Global Rolled Products:
Third-party aluminum shipments (kmt)		454			1,905			467			504			506			487			1,964
Third-party sales	$	1,645		$	7,106		$	1,677		$	1,860		$	1,926		$	1,888		$	7,351
Intersegment sales	$	37		$	178		$	43		$	44		$	52		$	46		$	185
Equity loss	$	(4	)	$	(13	)	$	(5	)	$	(6	)	$	(8	)	$	(8	)	$	(27	)
Depreciation, depletion, and amortization	$	58		$	226		$	58		$	58		$	62		$	57		$	235
Income taxes	$	5		$	108		$	34		$	23		$	42		$	25		$	124
ATOI	$	21		$	252		$	59		$	79		$	103		$	71		$	312
Engineered Products and Solutions:
Third-party aluminum shipments (kmt)		56			229			58			62			64			62			246
Third-party sales	$	1,405		$	5,733		$	1,443		$	1,502		$	1,495		$	1,566		$	6,006
Depreciation, depletion, and amortization	$	40		$	159		$	40		$	41		$	40		$	52		$	173
Income taxes	$	79		$	348		$	91		$	102		$	100		$	81		$	374
ATOI	$	168		$	726		$	189		$	204		$	209		$	165		$	767
Reconciliation of total segment ATOI to consolidated net (loss) income attributable to Alcoa:
Total segment ATOI	$	224		$	1,217		$	325		$	418		$	619		$	681		$	2,043
Unallocated amounts (net of tax):
Impact of LIFO		40			52			(7	)		(8	)		(18	)		(21	)		(54	)
Interest expense		(73	)		(294	)		(78	)		(69	)		(81	)		(80	)		(308	)
Noncontrolling interests		(29	)		(41	)		19			9			18			45			91
Corporate expense		(72	)		(284	)		(67	)		(70	)		(74	)		(83	)		(294	)
Impairment of goodwill		(1,731	)		(1,731	)		—			—			—			—			—
Restructuring and other charges		(283	)		(607	)		(321	)		(77	)		(189	)		(307	)		(894	)
Other		(415	)		(597	)		(49	)		(65	)		(126	)		(76	)		(316	)
Consolidated net (loss) income attributable to Alcoa	$	(2,339	)	$	(2,285	)	$	(178	)	$	138		$	149		$	159		$	268

~~The difference between certain segment totals and consolidated amounts is in Corporate~~8. Dividends

~~Alcoa~~Since ~~and~~the ~~subsidiaries~~year end the Directors have determined that a fully franked dividend of US 1.6 cents per share will be payable on 25 March 2015, amounting to US $44.9 million. This amount has not been recognised as a liability at the year end. Record date to determine entitlements to the dividend is 5 March 2015.

~~Calculation~~Directors have continued the suspension of ~~Financial~~the ~~Measures~~Company’s ~~(unaudited)~~Dividend Reinvestment Plan. The Dividend Reinvestment Plan will therefore not apply to the 2014 final dividend.

(The franking account balance, which is maintained in Australian dollars, was A$409.1 million as at 31 December 2014 in(A$409.1 million ~~millions~~as at 31 December 2013).

Adjusted EBITDA Margin	Quarter ended									Year ended
	December 31,			September 30,			December 31,			December 31,			December 31,
	2013			2014			2014			2013			2014
Net (loss) income attributable to Alcoa	$	(2,339	)	$	149		$	159		$	(2,285	)	$	268
Add:
Net income (loss) attributable to noncontrolling interests		29			(18	)		(45	)		41			(91	)
Provision for income taxes		312			199			120			428			320
Other (income) expenses, net		(10	)		23			(6	)		(25	)		47
Interest expense		112			126			122			453			473
Restructuring and other charges		380			209			388			782			1,168
Impairment of goodwill		1,731			—			—			1,731			—
Provision for depreciation, depletion, and amortization		350			347			335			1,421			1,371
Adjusted EBITDA	$	565		$	1,035		$	1,073		$	2,546		$	3,556
Sales	$	5,585		$	6,239		$	6,377		$	23,032		$	23,906
Adjusted EBITDA Margin		10.1	%		16.6	%		16.8	%		11.1	%		14.9	%

a)	Dividend Per Share During the Year

Alcoa’s definition of Adjusted EBITDA (Earnings before interest, taxes, depreciation, and amortization) is net margin plus an add-back for depreciation, depletion, and amortization. Net margin is equivalent to Sales minus the following items: Cost of goods sold; Selling, general administrative, and other expenses; Research and development expenses; and Provision for depreciation, depletion, and amortization. Adjusted EBITDA is a non-GAAP financial measure. Management believes that this measure is meaningful to investors because Adjusted EBITDA provides additional information with respect to Alcoa’s operating performance and the Company’s ability to meet its financial obligations. The Adjusted EBITDA presented may not be comparable to similarly titled measures of other companies.


	Year ended 31 Dec 2014 US cents		Year ended 31 Dec 2013 US cents
Final dividend per share		Nil		Nil
Franked amount per share at 30% tax rate		n/a		n/a

Free Cash Flow	Quarter ended									Year ended
	December 31,			September 30,			December 31,			December 31,			December 31,
	2013			2014			2014			2013			2014
Cash from operations	$	920		$	249		$	1,458		$	1,578		$	1,674
Capital expenditures		(422	)		(283	)		(469	)		(1,193	)		(1,219	)
Free cash flow	$	498		$	(34	)	$	989		$	385		$	455

b)	Dividend Paid on All Shares During the Year

Free Cash Flow is a non-GAAP financial measure. Management believes that this measure is meaningful to investors because management reviews cash flows generated from operations after taking into consideration capital expenditures due to the fact that these expenditures are considered necessary to maintain and expand Alcoa’s asset base and are expected to generate future cash flows from operations. It is important to note that Free Cash Flow does not represent the residual cash flow available for discretionary expenditures since other non-discretionary expenditures, such as mandatory debt service requirements, are not deducted from the measure.


	Year ended 31 Dec 2014 US$ million		Year ended 31 Dec 2013 US$ million
Final dividend paid on ordinary shares		—		—
Interim dividend paid on ordinary shares		—		—

Total		—		—

AlcoaTable andof subsidiaries Contents

~~Calculation~~ABN of85 ~~Financial~~004 ~~Measures~~820 ~~(unaudited),~~419 ~~continued~~

~~(dollars~~December in2014 ~~millions,~~ASX ~~except~~Report ~~per~~-~~share amounts)~~ 9-

Adjusted Income	Quarter ended							Year ended
	December 31,			September 30,		December 31,		December 31,			December 31,
	2013			2014		2014		2013			2014
Net (loss) income attributable to Alcoa	$	(2,339	)	$	149	$	159	$	(2,285	)	$	268
Restructuring and other charges		302			175		200		585			703
Discrete tax items*		364			25		16		360			33
Other special items**		1,713			21		57		1,697			112
Net income attributable to Alcoa – as adjusted	$	40		$	370	$	432	$	357		$	1,116
Diluted EPS:
Net (loss) income attributable to Alcoa	$	(2.19	)	$	0.12	$	0.11	$	(2.14	)	$	0.21
Net income attributable to Alcoa – as adjusted		0.04			0.31		0.33		0.33			0.92

9.	Material Interests in Entities which are Not Controlled Entities

~~Net~~Alumina ~~income~~Limited ~~attributable~~has toan ~~Alcoa~~interest –in ~~as adjusted is a non-GAAP financial measure. Management believes that this measure is meaningful to investors because management reviews~~ the ~~operating results of Alcoa excluding the impacts of restructuring and other charges, discrete tax items, and other special items (collectively, “special items”). There can be no~~ ~~assurances~~following ~~that~~entities ~~additional~~forming ~~special~~AWAC: items will not occur in future periods. To compensate for this limitation, management believes that it is appropriate to consider both Net (loss) income attributable to Alcoa determined under GAAP as well as Net income attributable to Alcoa – as adjusted.

* Discrete tax items include the following:


	Ownership Interest Held (%)
	31 Dec 2014		31 Dec 2013
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

•10. ~~for~~AWAC ~~the~~contribution ~~quarter ended December 31, 2014, a charge for the remeasurement of certain deferred tax assets of a subsidiary in Spain due~~ to anet ~~tax~~profit ~~rate change ($16), a benefit for an adjustment to the remeasurement~~ of ~~certain~~Alumina ~~deferred~~Limited ~~tax assets of a subsidiary in Brazil due to a tax rate change ($3),~~ and aControlled ~~net charge for a number of small items ($3);~~Entities

• for the quarter ended September 30, 2014, a charge for the remeasurement of certain deferred tax assets of a subsidiary in Brazil due to a tax rate change ($34) and a net benefit for a number of small items ($9);


	Year ended 31 Dec 2014 US$ million			Year ended 31 Dec 2013 US$ million
Loss from ordinary activities before income tax		(37.2	)		(73.3	)
Income tax expense		(36.4	)		(24.1	)

Equity share of net loss¹		(73.6	)		(97.4	)
Dividends received by Alumina Limited		(16.0	)		(100.0	)
Distributions received by Alumina Limited		(4.3	)		(7.3	)

Surplus of dividends/distributions received over equity share of profits		(93.9	)		(204.7	)

•1 The loss for the ~~quarter~~years ended ~~December~~ 31, December 2013, aand ~~charge~~31 ~~for~~December ~~valuation~~2014 ~~allowances~~include ~~related~~significant toitems ~~certain~~that ~~Spain~~have ~~and~~affected ~~U.S.~~AWAC’s ~~deferred~~net ~~tax~~loss ~~assets~~after ~~($372)~~tax. ~~and~~For afurther ~~net~~details ~~benefit~~refer ~~for~~to ~~other~~the ~~miscellaneous~~reconciliation ~~items~~on ~~($8);~~page 19.

•11. ~~for~~Allocation ~~the year ended December 31, 2014, a charge for the remeasurement~~ of ~~certain~~Alba ~~deferred~~settlement ~~tax~~terms ~~assets of a subsidiary in Brazil due to a tax rate change ($31), a charge for the remeasurement of certain deferred tax assets of a subsidiary in Spain due to a tax rate change ($16),~~ and arelated ~~net benefit for a number of other items ($14); and~~transactions

•As ~~for~~previously ~~the~~disclosed, ~~year~~in ~~ended December 31~~September 2012, ~~2013,~~Alcoa aInc ~~charge~~and ~~for~~Alumina ~~valuation~~Limited ~~allowances~~had ~~related~~entered tointo ~~certain~~an ~~Spain~~agreement ~~and~~that ~~U.S.~~the ~~deferred~~cash ~~tax~~costs ~~assets~~ (~~$372),~~including alegal ~~benefit~~fees) ~~related~~of tosettlement of the ~~reinstatement~~Department ~~under~~of ~~the~~Justice ~~American~~(DoJ) ~~Taxpayer~~and ~~Relief~~Securities & ~~Act~~Exchange ofCommission ~~2012~~(SEC) ofinvestigations, ~~two~~as ~~tax~~well ~~provisions~~as ~~that~~the ~~were~~$85 million ~~applied~~civil settlement with Alba reached in ~~2013~~October to2012 ~~Alcoa’s~~recorded ~~U.S~~in ~~income~~the ~~tax~~accounts ~~return~~of ~~for~~Alcoa ~~calendar~~World ~~year~~Alumina ~~2012~~LLC (~~$19~~AWA), awill ~~charge~~be ~~related~~adjusted to ~~prior~~ensure ~~year~~that ~~taxes~~85% inwill ~~Spain~~be allocated to Alcoa Inc and ~~Australia~~15% to Alumina Limited (~~$10)~~should settlements be reached on the regulatory investigations, ~~and~~as described above). AWA is a ~~net~~company ~~benefit~~within ~~for~~Alcoa ~~other~~World ~~miscellaneous~~Alumina ~~items~~and Chemicals ($3AWAC).

**With ~~Other~~the ~~special~~DoJ ~~items~~and ~~include~~SEC settlements having been reached in January 2014, the ~~following:~~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.

•At ~~for~~ the ~~quarter~~time ~~ended~~of ~~December 31~~recognition, ~~2014,~~Alumina anLimited ~~unfavorable~~was ~~tax~~evaluating ~~impact~~with ~~resulting~~Alcoa ~~from~~Inc the ~~difference~~structural ~~between~~options ~~Alcoa’s~~(including ~~consolidated~~the ~~estimated~~form ~~annual~~and ~~effective~~timing) ~~tax~~for ~~rate and~~ the ~~statutory~~recovery ~~rates~~of ~~applicable~~the toother assets ~~special~~recognised ~~items~~under ~~($81), a favorable tax impact related to~~ the ~~interim~~provisions ~~period treatment~~ of ~~operational~~the ~~losses~~allocation inagreement. ~~certain~~Therefore ~~foreign~~the ~~jurisdictions for which no~~ tax ~~benefit~~impact ~~was~~in ~~recognized~~relation ~~($44),~~to ~~costs~~the ~~associated~~other ~~with~~income ~~current~~recognised ~~and~~by ~~future~~Alumina ~~acquisitions~~Limited ofunder ~~aerospace~~the ~~businesses~~agreement’s ~~($22),~~provisions ~~and~~was aunable ~~net favorable change in certain mark-~~to~~-market~~ ~~energy~~be ~~derivative~~determined ~~contracts~~at ~~($2);~~31 December 2013.

•During ~~for the quarter ended September 30,~~ 2014, ait ~~favorable~~was ~~tax~~resolved ~~impact~~that ~~resulting from~~ the ~~difference~~other ~~between~~assets ~~Alcoa’s~~recognised ~~consolidated~~as ~~estimated~~at ~~annual~~31 December ~~effective~~2013 ~~tax~~in ~~rate~~relation ~~and~~to ~~the~~this ~~statutory~~matter ~~rates~~will ~~applicable~~be torecovered ~~special~~through ~~items~~Alcoa ~~($33),~~World Alumina aLLC ~~write-down~~equity ofallocations ~~inventory related~~ to ~~the~~Alumina ~~permanent closure of smelters in Italy and Australia ($27)~~Limited, ~~costs~~funded ~~associated~~by ~~with~~Alcoa aInc. ~~planned~~On ~~acquisition~~this ~~of an aerospace business ($14)~~basis, athe ~~net unfavorable change in certain mark-to-market energy derivative contracts (~~$~~14),~~137.1 million athat ~~gain~~was onpreviously ~~the~~recognised ~~sale of an equity investment~~ in aother ~~China~~assets ~~rolling~~has ~~mill~~been ~~($9),~~reclassified ~~and an unfavorable tax impact related~~ to ~~the~~investments ~~interim period treatment of operational losses~~ in ~~certain~~associates. ~~foreign jurisdictions for which no tax benefit was recognized ($8);~~

•In ~~for~~October ~~the~~2014, ~~quarter~~Alumina ~~ended~~Limited ~~December~~received ~~31,~~the ~~2013,~~first anequity ~~impairment~~allocation of ~~goodwill (~~$~~1,719),~~21.3 anmillion ~~unfavorable~~which ~~impact~~included ~~related~~an toadditional a$1.5 ~~temporary~~million ~~shutdown~~“true ofup” ~~one~~ of the previously ~~two~~recognised ~~smelter~~amount. ~~potlines~~This atadditional ~~the~~amount ~~joint~~was ~~venture~~recognised inas ~~Saudi~~investment ~~Arabia~~in ~~due~~associates towith athe ~~period~~corresponding ofcredit ~~pot~~recognised ~~instability~~in ~~($9),~~the aStatement ~~net~~of ~~favorable~~Profit ~~change~~or inLoss ~~certain~~as ~~mark-to-market~~other ~~energy~~income. ~~derivative~~The ~~contracts~~balance (of $~~7),~~117.3 anmillion ~~insurance~~of ~~recovery~~equity ~~related~~will tobe ~~the~~allocated over ~~March~~a ~~2012~~four-year ~~cast~~period ~~house~~with ~~fire~~each at15th January ~~the~~instalment ~~Massena,~~payment NYto ~~location~~the ~~($5),~~DoJ and aSEC, ~~favorable~~with ~~tax impact related to~~ the ~~interim~~last ~~period~~allocation ~~treatment~~due ~~of operational losses~~ in ~~certain~~January ~~foreign~~2018. ~~jurisdictions~~Alumina ~~for~~Limited’s ~~which~~interest noin ~~tax~~AWA ~~benefit~~will ~~was~~remain ~~recognized~~at ~~during the nine months ended September 30, 2013 ($3);~~40%.

•Based ~~for~~on ~~the~~independent ~~year~~expert ~~ended December 31~~advice, ~~2014,~~Alumina ~~the~~Limited ~~write-down~~recognised ~~of inventory related to the permanent closure of~~ a ~~smelter~~net ~~in Italy, a smelter and two rolling mills in Australia, and a smelter in the United States ($47), costs associated with~~ current ~~and~~tax ~~future~~liability ~~acquisitions~~ of ~~aerospace businesses (~~$~~47),~~0.8 amillion ~~gain on the sale of both a mining interest~~ in ~~Suriname~~relation ~~and an equity investment in a China rolling mill ($20), an unfavorable impact related~~ to the ~~restart~~above ofmatter. one potline at the joint venture in Saudi Arabia that was previously shut down due to a period of pot instability ($19), costs associated with preparation for and ratification of a new labor agreement with the United Steelworkers ($11), a net unfavorable change in certain mark-to-market energy derivative contracts ($6), and a loss on the write-down of an asset to fair value ($2); and

•Table for the year ended December 31, 2013, an impairment of goodwill ($1,719), a net insurance recovery related to the March 2012 cast house fire at the Massena, NY location ($22), a net favorable change in certain mark-to-market energy derivative contracts ($15), an unfavorable impact related to a temporary shutdown of one of the two smelter potlines at the joint venture in Saudi Arabia due to a period of pot instability ($9), and a write-down of inventory related to the permanent closure of two potlines at a smelter in Canada and a smelter in Italy ($6).Contents

~~Alcoa~~ABN ~~and~~85 ~~subsidiaries~~004 820 419

~~Calculation~~December of2014 ~~Financial~~ASX ~~Measures~~Report ~~(unaudited), continued~~ -10-

~~(dollars~~12. inDetails ~~millions)~~of Entities Over Which Control Has Been Lost or Gained

Days Working Capital	Quarter ended
	December 31,		September 30,		December 31,
	2013		2014		2014
Receivables from customers, less allowances	$	1,383	$	1,526	$	1,513
Add: Deferred purchase price receivable*		339		438		395
Receivables from customers, less allowances, as adjusted		1,722		1,964		1,908
Add: Inventories		2,783		3,194		3,064
Less: Accounts payable, trade		2,816		3,016		3,021
Working Capital**	$	1,689	$	2,142	$	1,951
Sales	$	5,585	$	6,239	$	6,377
Days Working Capital		28		32		28

There was no loss or gain of control for the year ended 31 December 2014.

~~Days Working Capital = Working Capital divided by (Sales/number of days in the quarter)~~13. Borrowings

* The deferred purchase price receivable relates to an arrangement to sell certain customer receivables to several financial institutions on a recurring basis. Alcoa is adding back this receivable for the purposes of the Days Working Capital calculation.


	Year ended 31 Dec 2014 US$ million		Year ended 31 Dec 2013 US$ million
Bank loans^(a)		10.0		159.2
Fixed rate note^(b)		101.5		—

Total borrowings		111.5		159.2

** Beginning January 1, 2014, management changed the manner in which Working Capital is measured by moving from an end of quarter Working Capital to an average quarter Working Capital. This change will now reflect the capital tied up during (a) ~~given~~Bank ~~quarter. As such, the components of Working Capital for each period presented represent the average of the ending balances in each of the three months during the respective quarter.~~Loans

Net Debt-to-Capital	December 31, 2014
	Debt-to-Capital			Cash andCashEquivalents		Net Debt-to-Capital
Total Debt
Short-term borrowings	$	54
Long-term debt due within one year		29
Long-term debt, less amount due within one year		8,769
Numerator	$	8,852		$	1,877	$	6,975
Total Capital
Total debt	$	8,852
Total equity		14,813
Denominator	$	23,665		$	1,877	$	21,788
Ratio		37.4	%				32.0	%

In December 2013, Alumina Limited established a US$300 million syndicated bank facility with equal tranches having terms of two and four years and cancelled several bilateral and syndicated bank facilities which were surplus to requirements. The new syndicated facility was fully committed as at 31 December 2013 and became available to draw funds on 24 January 2014 following satisfaction of all conditions precedent. As at 31 December 2014, $10 million was drawn against the four year tranche, which matures in December 2017. The remaining undrawn available facility at 31 December 2014 was $290 million.

~~Net~~As ~~debt-to-capital~~at is31 December 2013, available funding facilities included a ~~non-GAAP~~US$50 million ~~financial~~bilateral ~~measure~~bank facility drawn to $30 million, and a $129.2 million ~~Management~~fully ~~believes~~drawn ~~that~~development ~~this~~bank ~~measure~~loan. isThe ~~meaningful~~development tobank ~~investors~~loan ~~because management~~was ~~assesses~~fully ~~Alcoa’s~~repaid ~~leverage~~during ~~position~~2014. ~~after~~Funding ~~factoring~~facilities in ~~available~~currencies ~~cash~~other ~~that~~than ~~could~~US bedollars ~~used~~have been converted to US dollar ~~repay~~equivalents ~~outstanding~~at ~~debt~~year end exchange rates.

~~Alcoa~~(b) ~~and~~Fixed ~~subsidiaries~~rate note

~~Calculation~~On 12 November 2014, Alumina Limited issued an A$125 million face value 5.5% fixed rate note at a discount of ~~Financial~~A$0.7 ~~Measures~~million. ~~(unaudited),~~The ~~continued~~note matures on 19 November 2019 and was used to repay the development bank loan mentioned above. The fixed rate note has been converted to US dollar equivalents at year end exchange rates.

~~(dollars~~14. inSegment ~~millions, except per metric ton amounts)~~ Information

Segment Measures	Alumina														Primary Metals
Adjusted EBITDA	Quarter ended								Year ended						Quarter ended								Year ended
	December 31,			September 30,			December 31,		December 31,			December 31,			December 31,			September 30,		December 31,			December 31,			December 31,
	2013			2014			2014		2013			2014			2013			2014		2014			2013			2014
After-tax operating income (ATOI)	$	70		$	62		$	178	$	259		$	370		$	(35	)	$	245	$	267		$	(20	)	$	594
Add:
Depreciation, depletion, and amortization		102			100			90		426			387			128			124		117			526			494
Equity loss (income)		2			7			10		4			29			22			—		(11	)		51			34
Income taxes		21			26			75		66			153			(34	)		95		89			(74	)		203
Other		(1	)		(2	)		2		(6	)		(28	)		(6	)		1		(2	)		(8	)		(6	)
Adjusted EBITDA	$	194		$	193		$	355	$	749		$	911		$	75		$	465	$	460		$	475		$	1,319
Production (thousand metric tons) (kmt)		4,249			4,196			4,161		16,618			16,606			866			760		731			3,550			3,125
Adjusted EBITDA / Production ($ per metric ton)	$	46		$	46		$	85	$	45		$	55		$	87		$	612	$	629		$	134		$	422

Alumina 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.

~~Alcoa’s definition of Adjusted EBITDA (Earnings before interest, taxes, depreciation, and amortization) is net margin plus an add-back for depreciation, depletion, and amortization~~15. ~~Net~~Events ~~margin~~Occurring isAfter ~~equivalent to Sales minus~~ the ~~following~~Balance ~~items:~~Sheet Cost of goods sold; Selling, general administrative, and other expenses; Research and development expenses; and Provision for depreciation, depletion, and amortization. The Other line in the table above includes gains/losses on asset sales and other nonoperating items. Adjusted EBITDA is a non-GAAP financial measure. Management believes that this measure is meaningful to investors because Adjusted EBITDA provides additional information with respect to Alcoa’s operating performance and the Company’s ability to meet its financial obligations. The Adjusted EBITDA presented may not be comparable to similarly titled measures of other companies. Date

~~Alcoa~~No ~~and~~significant ~~subsidiaries~~events have occurred since 31 December 2014.

CalculationTable of Financial Measures (unaudited), continued Contents

~~(dollars~~ABN in85 ~~millions,~~004 ~~except~~820 ~~per~~419 ~~metric ton amounts)~~

Segment Measures	Global Rolled Products											Engineered Products and Solutions
Adjusted EBITDA	Quarter ended						Year ended					Quarter ended									Year ended
	December 31,		September 30,		December 31,		December 31,		December 31,			December 31,			September 30,			December 31,			December 31,			December 31,
	2013		2014		2014		2013		2014			2013			2014			2014*			2013			2014*
After-tax operating income (ATOI)	$	21	$	103	$	71	$	252	$	312		$	168		$	209		$	165		$	726		$	767
Add:
Depreciation, depletion, and amortization		58		62		57		226		235			40			40			52			159			173
Equity loss		4		8		8		13		27			—			—			—			—			—
Income taxes		5		42		25		108		124			79			100			81			348			374
Other		1		—		—		—		(1	)		(2	)		2			(2	)		(2	)		—
Adjusted EBITDA	$	89	$	215	$	161	$	599	$	697		$	285		$	351		$	296		$	1,231		$	1,314
Total shipments (thousand metric tons) (kmt)		481		526		508		1,989		2,056
Adjusted EBITDA / Total shipments ($ per metric ton)	$	185	$	409	$	317	$	301	$	339
Third-party sales												$	1,405		$	1,495		$	1,566		$	5,733		$	6,006
Adjusted EBITDA Margin													20.3	%		23.5	%		18.9	%		21.5	%		21.9	%



December 2014 ASX Report		-11-

~~Alcoa’s~~Compliance ~~definition~~Statement of Adjusted EBITDA (Earnings before interest, taxes, depreciation, and amortization) is net margin plus an add-back for depreciation, depletion, and amortization. Net margin is equivalent to Sales minus the following items: Cost of goods sold; Selling, general administrative, and other expenses; Research and development expenses; and Provision for depreciation, depletion, and amortization. The Other line in the table above includes gains/losses on asset sales and other nonoperating items. Adjusted EBITDA is a non-GAAP financial measure. Management believes that this measure is meaningful to investors because Adjusted EBITDA provides additional information with respect to Alcoa’s operating performance and the Company’s ability to meet its financial obligations. The Adjusted EBITDA presented may not be comparable to similarly titled measures of other companies.

*1. InThis ~~the~~financial ~~quarter~~report ~~and~~has ~~year~~been ~~ended~~prepared ~~December~~in ~~31,~~accordance ~~2014,~~with ~~the~~Australian ~~Third-party~~Accounting ~~sales~~Standards and ~~Adjusted~~Interpretations ~~EBITDA~~issued ofby ~~Engineered Products and Solutions includes $81 and $(10), respectively, related to~~ the ~~acquisition~~Australian ofAccounting anStandards ~~aerospace business~~Board, ~~Firth Rixson. Excluding these amounts, EBITDA Margin was 20.6%~~ and ~~22.3% for~~ the ~~quarter~~Corporations ~~and~~Act ~~year ended December 31, 2014, respectively~~2001.

~~ASX~~2. ~~Announcement~~This 7report ~~January~~gives ~~2015~~a true and fair view of the matters disclosed.

~~Directors’~~3. ~~Interest~~This report is based on accounts which are in the process of being audited.

~~Please~~4. ~~find~~Alumina ~~attached,~~Limited ~~for~~has ~~immediate release,~~ a ~~public~~formally ~~announcement~~constituted ~~concerning~~Audit ~~Directors’ interests~~Committee.

~~/s/~~5. ~~Colin~~In ~~Hendry~~the ~~Colin~~directors’ ~~Hendry~~opinion, ~~Assistant~~there are reasonable grounds to believe that the Company ~~Secretary~~will be able to pay its debts as and when they become due and payable.

~~7 January~~Peter ~~2015~~Wasow

~~Alumina~~Director 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

~~Rule~~Melbourne ~~3.19A.2~~

~~Appendix~~26 February 3Y2015

ChangeTable of Director’s Interest Notice Contents

~~Information~~ABN or85 ~~documents~~004 ~~not~~820 ~~available~~419 ~~now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public.~~

~~Introduced~~December ~~30/09/01~~2014 ~~Amended~~ASX ~~01/01/11~~Report -12-

Name of entity		Alumina Limited
ABN		85 004 820 419

Alumina Limited Highlights

WeResults ~~(the~~include ~~entity)~~AWAC’s ~~give~~restructuring ~~ASX~~charges ~~the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.~~

Name of Director		Peter WASOW
Date of last notice		10 February 2014

•

$98.3 million loss after tax and significant items.

~~Part~~• 1Excluding –significant ~~Change~~items, a profit of ~~director~~$91.1 million after tax would have been recorded, $61.5 million higher than last year’s ~~relevant~~corresponding ~~interests~~profit and in ~~securities~~line with the improved operating performance of AWAC.

In• ~~the~~Significant ~~case~~items ofamounted to a ~~trust,~~net ~~this~~charge ~~includes~~of ~~interests~~$189.4 inmillion, ~~the~~which ~~trust~~mainly ~~made~~related ~~available~~to byAlumina ~~the~~Limited’s ~~responsible~~equity ~~entity~~share of ~~the~~AWAC’s ~~trust~~restructuring charges.

~~Note:~~• InRestructuring ~~the~~charges ~~case~~reflect ofefforts ato ~~company,~~improve ~~interests~~AWAC’s ~~which~~portfolio ~~come~~mix ~~within~~through ~~paragraph~~the ~~(i)~~ closure of the ~~definition~~Point Henry smelter, sale of ~~“notifiable~~the interest ofin the Jamalco mine and refinery and a ~~director”~~gold ~~should~~mining ~~be disclosed~~interest in ~~this part~~Suriname.

Direct or indirect interest		Indirect
Nature of indirect interest (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest.		50,000 fully paid ordinary shares held by the Wasow Superannuation Fund of which Mr Wasow is a beneficiary.
Date of change
No. of securities held prior to change
Class
Number acquired		Nil
Number disposed		Nil
Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation

Balance sheet strengthened

~~No.~~• ofFree ~~securities~~cash ~~held~~flow ~~after~~was ~~change~~used ~~50,000~~to ~~fully~~reduce ~~paid~~net ~~ordinary~~debt ~~shares held~~ by ~~the~~$48.6 ~~Wasow~~million ~~Superannuation~~to ~~Fund of which Mr Wasow is a beneficiary~~$86.6 ~~Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back~~million.

~~Part~~• 2Balance –sheet ~~Change~~gearing ofreduced ~~director’s~~to ~~interests in contracts~~ 3.4%.

~~Note:~~• InThe ~~the~~maturity ~~case~~profile of aborrowings ~~company,~~was ~~interests~~extended ~~which~~following ~~come within paragraph (ii) of~~ the ~~definition~~issuance of ~~“notifiable interest of~~ a ~~director”~~five-year ~~should~~fixed ~~be disclosed~~rate ~~in this part~~note.

Detail of contract	(1)	Performance Rights granted under Alumina Long Term Incentive Plan, subject to shareholder approval
	(2)	Conditional Share Rights granted under terms of Employment Contract
Nature of interest	(1)	Performance Rights granted under Alumina Long Term Incentive Plan, subject to shareholder approval
	(2)	Conditional Share Rights granted under terms of Employment Contract
Name of registered holder (if issued securities)	N/A
Date of change	(1) 5 January 2015 (2) 7 January 2015
No. and class of securities to which interest related prior to change Note: Details are only required for a contract in relation to which the interest has changed	Nil
Interest acquired	(1) 243,900 Performance Rights (2) 114,930 Conditional Share Rights
Interest disposed	Nil

•

Also completed the restructuring of bank facility arrangements with improved terms.

Value/Consideration Note: If consideration is non-cash, provide details and an estimated valuation	(1)	Mr Wasow has been granted 243,900 Performance Rights under the Alumina Long Term Incentive Plan (Alumina Employee Share Plan), subject to shareholder approval being granted at the Company’s 2015 Annual General Meeting.
	(2)	Mr Wasow has been granted 114,930 Conditional Share Rights under the terms of his Employment Contract
Interest after change	(1)	243,900 Performance Rights in Alumina Limited granted under the Alumina Long Term Incentive Plan, subject to shareholder approval and 404,000 Performance Rights in Alumina Limited granted under the Alumina Long Term Incentive Plan held, subject to future performance testing.
	(2)	279,838 Conditional Share Rights in Alumina Limited granted under the terms of Employment Contract and held, and will vest subject to continuous employment of 18 months from grant date and are restricted from disposal until 3 years has elapsed from the grant date.

Increase in AWAC receipts and contributions

~~Part~~• 3Receipts –increased ~~+Closed~~by ~~period~~$8.9 million to $119.2 million.

~~Were~~• ~~the~~Contributions ~~interests~~to inAWAC ~~the~~increased ~~securities~~by or$29.5 ~~contracts~~million ~~detailed~~to ~~above~~$41.5 ~~traded during a +closed period where prior written clearance was required? No If so~~million, ~~was~~mainly ~~prior~~due ~~written clearance provided~~ to ~~allow~~ the ~~trade~~equity tocontributions ~~proceed~~for ~~during~~the ~~this~~Ma’aden ~~period?~~mine ~~N/A~~and Ifrefinery ~~prior~~joint ~~written clearance was provided, on what date was this provided? N/A~~venture.

~~ASX~~• ~~Announcement~~Contributions 22to AWAC are expected to decline in 2015 following the completion of the Ma’aden project, which commenced operations in December 2014.

~~The~~Dividends ~~Ma’aden~~have ~~and~~resumed ~~Alcoa~~with ~~World~~a ~~Alumina &~~final ~~Chemicals~~dividend ~~(AWAC)~~declared ~~Saudi Arabian refinery~~

~~Alumina~~• ~~Limited~~The ~~announces~~directors ~~that~~declared ~~the~~a ~~Ma’aden~~fully ~~and~~franked ~~Alcoa~~final ~~World~~dividend ~~Alumina &~~of ~~Chemicals~~1.6 ~~(AWAC)~~cents ~~alumina~~per ~~refinery~~share, inpayable ~~Saudi~~on ~~Arabia~~25 ~~has~~March ~~produced~~2015 ~~its~~to ~~first alumina~~shareholders ~~from~~on ~~Saudi~~the ~~Arabian~~register ~~bauxite.~~as at 5pm on 5 March 2015.

• The ~~alumina~~decision ~~refinery~~to atresume ~~Ras~~dividends Alreflects ~~Khair and~~ the ~~bauxite mine at Al Ba~~directors’~~itha~~ incurrent ~~Saudi~~view ~~Arabia~~of isthe ~~owned~~business ~~74.9%~~outlook ~~by Ma’aden~~for ~~and 25.1% by~~ AWAC. ~~This~~and ~~joint~~the ~~venture project with Ma~~Company’~~aden is AWAC’~~s ~~major~~capital ~~growth~~structure ~~project. It will provide additional alumina production capacity in a major growth region for the aluminium industry~~ and ~~further reduce AWAC’s low refinery cash cost position~~requirements.

~~Ma’aden~~AWAC ~~and~~Highlights ~~Alcoa~~(US ~~Inc’s~~GAAP) ~~statement regarding the refinery’s milestone is attached for reference.~~

~~AWAC~~EBITDA isgrowth ~~a joint venture between Alumina Limited and Alcoa Inc. AWAC is 60% owned and managed by Alcoa Inc and 40% owned by Alumina Limited.~~

~~Some~~• ~~statements~~EBITDA inincreased ~~this~~by ~~public announcement are forward-looking statements within the meaning of the US Private Securities Litigation Reform Act of 1995~~$32.2 ~~Forward-looking~~million 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~~$301.0 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 2013million.

For investor enquiries:		For media enquiries:
Chris Thiris Investor Relations Phone: +61 418 388 122 chris.thiris@aluminalimited.com		Nerida Mossop Hinton and Associates Phone: +61 3 9600 1979 Mobile: +61 437 361 433

•

Excluding the significant items, EBITDA increased by $141.2 million to $869.0 million.

~~/s/~~• ~~Stephen~~Improvement ~~Foster~~in performance is predominately due to lower production costs per tonne for both alumina and aluminium even though shipments declined, and the transition towards spot based pricing for smelter grade alumina sales.

~~Stephen Foster~~• EBITDA included $33.9 million of equity losses related to Ma’aden start-up activities ($12.2 million in 2013).

~~Company~~Continued ~~Secretary~~progress to spot based pricing for alumina

~~22 December~~• ~~2014~~ 68% of third party smelter grade alumina shipments were priced on spot or alumina indexed basis (2013: 54%), and this is expected to increase to 75% for 2015.

~~December 21,~~• ~~2014~~ Revenue per tonne from alumina sales priced by reference to indices and spot continued to be higher than the legacy LME-linked contracts.

~~Refinery at Ma’aden-Alcoa Joint Venture Produces First~~ Alumina ~~from~~Limited ~~Saudi~~Key ~~Bauxite~~ Financials

Milestone marks commencement of fully integrated operations from mine to metal at Ma’aden Aluminium


	2014			2013
Net (loss)/profit after tax US$m		(98.3	)		0.5
Total significant items after tax US$m¹		(189.4	)		(29.1	)
Net profit after tax excluding significant items US$m		91.1			29.6
Cash received from AWAC US$m		119.2			110.3
Net Debt US$m		86.6			135.2
Gearing²		3.4	%		4.6	%
EPS (US cps)		(3.5	)		0.02
Total dividend declared (US cps)		1.6			Nil

~~RIYADH,~~1 ~~Saudi~~For ~~Arabia &~~further ~~NEW~~details ~~YORK—(BUSINESS~~refer ~~WIRE)—The~~to ~~Saudi Arabian Mining Company (Ma’aden) and lightweight metals leader Alcoa (NYSE:AA) today announced that~~ the ~~alumina~~reconciliation ~~refinery~~on atpage ~~their joint venture aluminum complex in Saudi Arabia has successfully produced its first alumina from Saudi Arabian bauxite~~19. ~~The alumina refinery at Ras Al Khair is the first ever refinery to be constructed and operated in the region.~~

~~The~~2 ~~milestone~~Calculated ~~marks~~as ~~the~~(debt ~~commencement~~- ofcash) ~~the~~/ ~~final~~(debt ~~link~~+ ~~in the supply chain of this fully integrated aluminum facility~~equity). The alumina refinery will refine Saudi Arabian bauxite, supplied from Ma’aden Aluminium’s mine at Al Ba’itha and transported by 600 km rail to Ras Al Khair. The alumina from this refinery will feed into the Ma’aden Aluminium Smelter which produces the aluminum needed for the Ma’aden Aluminium Rolling Mill. This fully integrated chain delivers operational efficiency and creates the most competitive aluminum complex in the world.

~~Once fully operational the refinery will produce 1.8 million mtpy of alumina. The alumina will be transported by conveyor to the adjacent smelter to~~AWAC ~~produce~~Key ~~740,000~~Financials ~~mtpy of high quality aluminum products for customers in the Gulf region and in international markets.~~

“We are building a minerals and metals industry in Saudi Arabia that maximizes the value of the nation’s mineral resources; contributes to sustainable economic diversification and shareholder value; provides high value job opportunities for Saudis and a reliable supply of quality products to our global customers. This milestone marks a significant moment for our industry in Saudi Arabia and the broader GCC region,” said Khalid Mudaifer, President and CEO of Ma’aden.


	2014 US$m			2013 US$m
Total Revenue		5,862.0			5,884.6
COGS and operating expenses		(4,875.7	)		(5,088.9	)
EBITDA¹		301.0			268.8
Total significant items before tax¹		(568.0	)		(459.0	)
EBITDA excluding significant items¹		869.0			727.8

~~“As~~1 ~~the~~For ~~lowest~~further ~~cost~~details ~~aluminum~~refer ~~complex~~to in the ~~world,~~reconciliation ~~the~~on ~~Ma’aden~~page ~~Alcoa joint venture is an important plank of Alcoa’s strategy to create a globally competitive commodity business,” said Klaus Kleinfeld, Alcoa Chairman and Chief Executive Officer~~19. ~~“The first alumina milestone is another demonstration of our disciplined execution as we transform Alcoa to create sustainable shareholder value.”~~

AboutTable theof Ma’aden Alcoa joint venture Contents

InABN ~~its~~85 ~~initial~~004 ~~phases,~~820 ~~the~~419 joint venture will develop a fully integrated industrial complex which will become the world’s preeminent primary aluminum, alumina and aluminum products, with access and proximity to growing world markets. The complex comprises:

ADecember ~~bauxite~~2014 ~~mine~~ASX ~~with~~Report ~~an initial capacity of 4,000,000 metric tons per year~~ -13-

AnAWAC ~~alumina~~Business ~~refinery~~Review ~~with~~(US anGAAP) ~~initial capacity of 1,800,000 metric tons per year~~

AnMining ~~aluminum smelter with an initial capacity of 740,000 metric tons per year~~

~~The~~AWAC ~~rolling~~owns ~~mill~~or partly owns, ~~with~~bauxite ~~initial~~mines operating ~~capacity~~in five countries that meet the production needs of ~~380~~the AWAC refineries. During 2014,~~000~~ ~~metric~~AWAC ~~tons~~consumed ~~per~~40 million ~~year~~bone dry tonnes (BDT) of bauxite from its own resources and 7 million BDT from entities in which equity interests are held. AWAC also sold 1.6 million BDT of bauxite to the third parties.

~~About~~Interests ~~Ma’aden~~in mining operations in Jamalco were sold on 1 December 2014 along with the refinery operations.

~~Ma’aden~~Average ismine acosts ~~leading~~per ~~mining~~tonne ~~and metals~~were ~~company~~lower inthan ~~the~~2013 ~~Kingdom of Saudi Arabia~~levels, ~~with~~primarily adue ~~diverse~~to ~~portfolio~~the ofstrengthening ~~mineral assets at various stages~~ of ~~development~~the ~~including~~US ~~exploration,~~dollar ~~development and production. Ma’aden has a broad commodity focus spanning gold, phosphate,~~against ~~aluminum,~~the ~~magnesia,~~Australia ~~low-grade~~dollar ~~bauxite, industrial minerals,~~ and is continually assessing opportunities to enter into new commodities that demonstrate strong long-term fundamentals and opportunities for growth. Ma’aden’s objective is to become a world class diversified mining and minerals company, and to enhance overall value for its shareholders. Its mission is to be a profitable, publicly owned, international mining company, while maintaining the ~~utmost~~Brazilian ~~concern for human resources, health, safety, environmental and social issues~~Real. ~~For more information please visit. www.maaden.com.sa.~~

~~About~~Refining ~~Alcoa~~

AProduction ~~global~~of ~~leader~~alumina inwas ~~lightweight metals technology, engineering and manufacturing, Alcoa innovates multi-material solutions that advance our world~~15.9 million ~~Our technologies~~tonnes ~~enhance transportation~~in 2014, ~~from~~compared ~~automotive and commercial transport~~ to ~~air~~15.8 million ~~and~~tonnes ~~space~~in ~~travel, and improve industrial and consumer electronics products~~2013. WeIncreased ~~enable~~production ~~smart~~at ~~buildings,~~the ~~sustainable food and beverage packaging, high-performance~~Australian ~~defense vehicles across air~~refineries, ~~land~~Sao ~~and~~Luis ~~sea, deeper oil~~ and ~~gas~~Point ~~drilling~~Comfort ~~and~~ more ~~efficient~~than ~~power~~offset ~~generation.~~lower Weproduction ~~pioneered~~at ~~the~~San ~~aluminum~~Ciprian ~~industry over 125 years ago,~~ and ~~today,~~Jamalco. ~~our~~The ~~approximately~~interest ~~62,000 people~~ in 30Jamalco ~~countries~~was ~~deliver~~sold ~~value-add products made of titanium, nickel and aluminum, and produce best-in-class bauxite, alumina and primary aluminum products. For more information, visit www.alcoa.com, follow @Alcoa~~ on ~~Twitter~~1 December ~~at www~~2014.~~twitter.com/Alcoa~~ ~~and follow us on Facebook at www.facebook.com/Alcoa.~~

~~ASX~~Alumina ~~Announcement~~shipments 18were ~~December~~15.9 million tonnes in 2014, 0.2 million tonnes lower than 2013.

~~Share~~Approximately ~~Trading~~68% ~~Policy~~of third party smelter grade alumina (SGA) shipments were priced on spot or alumina indexed basis compared to 54% in 2013. For 2015, SGA shipments on a spot or alumina indexed basis are expected to be 75% of the total third party shipments.

~~Pursuant~~Revenue toper ~~Listing~~tonne ~~Rule~~from ~~12.10,~~SGA ~~please~~sales ~~find~~priced ~~attached,~~by reference ~~for~~to ~~immediate~~indices ~~release,~~and aspot ~~revised~~continued ~~copy~~to ofbe ~~Alumina~~higher ~~Limited’s~~than ~~Share Trading Policy as adopted by~~ the ~~Board~~ oflegacy ~~Directors~~LME-linked ~~on 15 December 2014~~contracts.

~~/s/~~The ~~Stephen~~average three-month ~~Foster~~LME aluminium price, determined on a two-month lag basis, declined by 3.3% in 2014 compared to 2013, whereas average alumina price index FOB Australia (one month lag) increased by 0.3%.

~~Stephen~~The ~~Foster~~net result was that 2014 average realised alumina prices increased by 0.6% to $310 per tonne.

~~Company~~The ~~Secretary~~average 2014 cash cost of alumina per tonne produced decreased by 3.5% over 2013, to $249 per tonne. The decrease was predominately due to the weaker Australian dollar and Brazilian Real against the US dollar. Production costs were also aided by lower caustic consumption and prices, and continued productivity initiatives in energy, labour, contractors and maintenance. However, excluding currency impact, energy costs were higher than 2013 levels mainly due to increased prices and the loss of carbon tax credits in Australia.

~~18 December~~The EBITDA margin was $54 per tonne produced in 2014, an increase of $9 per tonne compared to 2013. Increased margins were largely the result of the lower production costs and marginally higher average realised alumina price. The EBITDA margin is calculated as AWAC’s EBITDA excluding significant items, smelters’ EBITDA and equity accounted income/(losses) divided by tonnes produced.

~~Securities~~AWAC ~~Dealing~~Production ~~Policy~~and Shipments

Securities Dealing Policy


	2014		2013
Alumina shipments		15.9mt		16.1mt
Alumina production		15.9mt		15.8mt
Aluminium shipments		267kt		349kt
Aluminium production		269kt		354kt

~~Introduction~~AWAC Profit and Loss (US GAAP)

This document sets out the Company’s policy on its directors and employees buying, selling and otherwise dealing in the Company’s Securities.


	2014			2013
	US$m			US$m
Sales revenue		3,906.6			3,770.8
Related party revenue		1,955.4			2,113.8

Total Revenue		5,862.0			5,884.6

COGS and operating expenses		(4,875.7	)		(5,088.9	)
Selling, Admin, R&D		(111.8	)		(123.2	)
Net interest		(4.5	)		(6.8	)
Depreciation and Amortisation		(404.5	)		(447.1	)
Restructuring & Other		(573.5	)		(403.7	)

Total Expenses		(5,970.0	)		(6,069.7	)

Loss before tax		(108.0	)		(185.1	)
Income tax charge¹		(135.0	)		(63.6	)

Net loss after tax²		(243.0	)		(248.7	)

~~Directors~~1 Includes $52 million and ~~employees~~ ~~are~~$27 ~~encouraged~~million todeferred betax ~~long-term~~assets ~~holders~~adjustment ofin ~~the~~relation ~~Company’s~~to ~~Securities.~~the ~~However,~~changes itin isBrazilian ~~important~~and ~~that~~Spanish ~~care~~tax israte ~~taken~~respectively. inFor ~~the~~further ~~timing~~details ofrefer ~~any~~to ~~dealings~~the “Change in ~~such~~Taxation” ~~Securities.~~note below.

2 The ~~purpose~~loss offor ~~this~~the ~~document~~twelve ismonth toperiods ~~assist~~ended ~~directors~~31 ~~and~~December ~~employees~~2014 toand ~~avoid~~31 ~~conduct~~December ~~known~~2013 asinclude ~~‘insider~~significant ~~trading’.~~items Inthat ~~some~~have ~~respects,~~affected ~~the Company~~AWAC’s ~~policy~~net ~~extends~~loss ~~beyond~~after ~~the~~tax. ~~strict~~For ~~requirements~~further ofdetails refer to the ~~Corporations~~reconciliation ~~Act.~~on page 19.

ThisTable document provides a basic explanation of what constitutes insider trading and the Company’s policy to prevent it, including: Contents

•ABN a85 ~~description~~004 of820 ~~what~~419 ~~conduct may constitute insider trading;~~

•December a2014 ~~description~~ASX ofReport ~~the safest times for directors and employees to deal in the Company’s Securities in order to minimise the risk of insider trading;~~-14-

•Smelting ~~a description of the times when Company policy restricts dealings in the Company’s Securities; and~~

•Excluding ~~the~~significant ~~steps~~items, ~~for~~the ~~directors~~smelters ~~and~~contributed ~~employees~~$47.6 million ~~to take when dealing~~ in ~~the Company’s Securities~~EBITDA.

~~Paragraph~~Production 6of ~~below~~approximately ~~sets~~269,000 ~~out~~tonnes ~~some~~in ~~definitions~~2014 ~~which~~was ~~apply~~lower than 2013 due to the closure of the Point Henry smelter on 1 August 2014. The Portland smelter is the remaining smelting operation in ~~this~~the ~~document~~AWAC portfolio.

Portland’s 2014 average cash cost of aluminium per tonne produced decreased by 1.4% ~~What~~compared isto ~~Insider~~2013, ~~Trading?~~whilst the average realised price increased by 5.9%.

~~1.1~~Changes ~~Prohibition~~in Taxation

In ~~broad~~December ~~terms~~2011, AWA Brazil applied for a ~~person~~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 bedecrease ~~guilty~~(from of34% ~~insider~~to ~~trading~~15.25%) ~~if:~~over the 10-year holiday period (retroactively effective as of 1 January 2013).

~~(a)~~On ~~that~~28 November ~~person~~2014, ~~possesses~~the ~~information~~Spanish Government approved broad based tax reform, which iswill ~~not~~become ~~generally~~effective ~~available~~on to1 January ~~the~~2015. ~~market~~One ~~and,~~of ifthe itmajor ~~were~~changes is ~~generally~~a ~~available~~change toof the ~~market,~~income ~~would~~tax berate ~~likely~~from current rate of 30% to ~~have~~28% ain ~~material~~2015 ~~effect~~and on25% for the ~~price~~years or2016 ~~value~~onward. ofTherefore, a ~~company’s~~charge ~~Securities~~of ~~(ie,~~$27 million ~~information~~was ~~that~~recorded isin ~~‘price~~relation ~~sensitive’);~~to ~~and~~deferred tax assets revaluation.

~~(b)~~On ~~that~~17 July ~~person:~~2014, the Australian Government abolished the carbon tax, with effect from 1 July 2014. The impact of this was immaterial on the AWAC results for the year.

~~(i)~~Portfolio ~~applies~~Restructuring ~~for,~~and ~~acquires~~Repositioning ~~or disposes of those Securities or agrees to do so;~~

~~(ii)~~During ~~procures~~2014, ~~encourages,~~there ~~incites~~were ora ~~induces~~number ~~any~~of ~~other~~events ~~person~~related ~~(for~~to ~~example,~~the arestructuring ~~family~~and ~~member,~~repositioning ~~friend,~~of orAWAC’s ~~family~~portfolio ~~company~~in ororder ~~trust)~~ to doimprove ~~any of~~ the ~~above~~quality ~~things;~~of orreturns.

~~(iii)~~On ~~directly~~18 February or2014 ~~indirectly~~Alcoa of ~~communicates~~Australia ~~that~~Limited, ~~information~~an toAWAC ~~a third party where that person knows~~entity, ordecided ~~ought reasonably~~ to ~~know,~~permanently ~~that~~close the ~~third~~Point ~~party~~Henry ~~would~~aluminium besmelter, ~~likely~~which towas ~~use~~done on ~~the~~1 August ~~information to do any of the above things~~2014.

~~Information~~Total isrestructuring ~~generally~~charges ~~available~~associated ~~where~~with the ~~information~~closure ~~is:~~of the Point Henry smelter were $230.6 million, after tax in 2014 ($227.0 million on an IFRS basis). Total further charges of approximately $30.0 million after tax are expected for 2015 and thereafter ($9.0 million on an IFRS basis). The related after tax cash net outflow was $37.9 million in 2014, with a further $74.0 million expected thereafter.

•After ~~readily~~the ~~observable;~~closure orof the Point Henry smelter, Alcoa of Australia Limited‘s Anglesea coal mine and power station operates as a standalone facility and sells electricity into the National Electricity Market after successfully being registered as a scheduled market generator in August 2014. Alcoa of Australia Limited is seeking a buyer for the Anglesea coal mine and power station.

•Under ~~made~~a ~~known~~Memorandum inof Understanding, a ~~manner~~strategic ~~that~~review ~~would,~~of orthe ~~would~~Suralco bemining ~~likely~~and ~~to,~~refining ~~bring~~operations commenced itwith tothe Government of Suriname in the ~~attention~~second half of ~~people~~2014. ~~who~~That ~~commonly~~review ~~invest~~is incontinuing. The refinery has approximately 876,000 tonnes per annum of idle capacity and the ~~relevant~~capacity ~~company~~that is operating is producing at an approximately 85% output level. The refinery’s ~~Securities~~current orsources ~~Securities~~ of abauxite ~~kind~~will ~~similar~~likely, toat current production rates, be exhausted in the ~~relevant~~near ~~company’s~~future. ~~Securities~~AWAC will now not develop a mine at the Nassau Plateau, given current refinery costs and amarket ~~reasonable~~conditions. AWAC ~~period~~also ~~has~~owns ~~elapsed~~and tooperates ~~allow~~hydro-electric facilities at Afobaka Lake in Suriname, which supply electricity to the ~~information~~refinery and electricity for sale to bethe ~~disseminated;~~Government orof Suriname.

•AWA LLC, ~~able~~an toAWAC ~~be deduced~~entity, ~~concluded~~sold orits ~~inferred~~55% ~~from~~ownership ~~those~~stake ~~types~~in ofthe ~~information.~~Jamalco bauxite mining and alumina refining joint venture

to Noble Group Ltd on 1 December 2014.2 ~~Penalties~~The contract price was $140.0 million, including working capital. AWA LLC received $130.1 million and retained the alumina inventory for sale. The loss on sale was $266.3 million, after tax.

~~Insider~~Earlier ~~trading~~in is2014 AWAC sold its interest in a ~~criminal~~Suriname ~~offence~~gold mine. The gain on sale was $17.9 million, after tax.

During December 2014, the Ma’aden joint venture refinery became fully operational using bauxite from its own mine. The ~~criminal~~refinery is ~~penalties~~expected ~~for~~to aproduce ~~breach~~approximately 1.0 million tonnes (AWAC’s share is 251,000 tonnes) of alumina in 2015 and should be one of the ~~insider~~lowest ~~trading~~cash ~~prohibition~~production ~~include:~~cost per tonne refineries in the world. The 2014 result included $33.9 million of equity losses related to Ma’aden start up activities.

•The conversion from oil to natural gas as the energy source for anthe ~~individual~~San Ciprian refinery –in Spain was completed in February 2015. As a ~~fine~~result of upthe ~~to $220~~conversion,~~000~~ ~~and~~San aCiprian’s ~~jail~~production ~~term~~costs ofare upexpected to 5be ~~years;~~$20 per ~~and~~tonne lower, compared to historic levels.

•Table for a corporation – a fine of up to $1,100,000.Contents

InABN ~~addition,~~85 ~~the~~004 ~~insider~~820 ~~trader,~~419 ~~and any other persons involved in the contravention, may also be liable to compensate third parties for any resulting loss.~~

~~1.3~~December ~~Examples~~2014 ASX Report -15-

ToAWAC ~~illustrate~~Cash ~~the~~Flow ~~prohibition~~(US ~~described~~GAAP) ~~above, the following are possible examples of price sensitive information which, if made available to the market, may be likely to affect materially the price of the Company’s Securities:~~

•The 2014 and 2013 cash from operations include cash flows relating to significant items. Included are after-tax payments for the ~~Company’s~~Anglesea ~~financial~~statutory ~~results~~maintenance (2014: ornil; ~~dividend~~2013: $22.4 million), ~~materially~~Alba ~~exceeding~~settlements (or2014: ~~falling~~$88.0 million; ~~short~~2013: of$42.5 million) and Point Henry closure costs (2014: $37.9 million; 2013: nil). Cash from operations does not include the ~~market’s~~2014 ~~expectations~~receipts of $130.1 million sale proceeds of the interest in Jamalco and the $53.4 million settlement with Alcoa Inc. in relation to the Alba matter. Refer to Note 11 on page 9 for additional information.

•Comparatives ~~the~~are ~~Company~~also ~~considering~~affected by advanced payments received from customers during 2013 for sales of inventory in the ~~acquisition~~first half of 2014, ~~expansion~~which orcontributed ~~disposal~~to the more favourable movement in working capital in 2013, the loss of anthe ~~interest~~Australian carbon tax credits in a2014 ~~major~~and ~~project;~~that tax payments in 2013 were significantly less than in 2014.

•Adjusting ~~the~~for ~~threat~~all of ~~major~~the ~~litigation~~above, bythere orwould ~~against~~have been an increase in cash from operations in line with the ~~Company;~~improvement in EBITDA, excluding the significant items.

•Capital aexpenditure ~~substantial~~totalled ~~change~~$237.9 tomillion, ~~the~~which ~~terms~~is of$84.7 million ~~the~~lower ~~AWAC~~than ~~agreements~~2013. ~~or the AWAC partnership;~~

•Sustaining capital expenditure was $234.9 million compared to $293.1 million in 2013. The largest decrease in expenditure was in Australia as the ~~likely~~Huntly mine’s ~~discovery~~crusher ofmove anears ~~major~~completion. ~~ore~~Expenditure ~~body~~at the San Ciprian refinery increased by $9.7 million, predominately due to the natural gas conversion which was completed in February 2015.

~~1.4~~Growth ~~Dealing~~capital ~~through~~expenditure ~~third~~was ~~parties~~$3.0 million.

AAWAC ~~person does not need to be a director or employee of~~Balance ~~the~~Sheet ~~Company~~(US toGAAP) be guilty of insider trading in relation to the Company’s Securities. The prohibition extends to dealings by directors and employees through nominees, agents or other associates, such as family members, family trusts and family companies.

1AWAC’s borrowings, including capital lease obligations, declined by $102.5 ~~Information~~million ~~however~~to ~~obtained~~$73.4 million.

ItDuring ~~does~~the ~~not~~year, ~~matter~~AWAC’s ~~how~~debt orthat ~~where~~related to the ~~person~~payment ~~obtains~~of Alba settlements and costs peaked at $156.0 million. This debt was fully repaid following the ~~information~~sale -of itthe ~~does~~interest ~~not~~in ~~have~~Jamalco toand bethe ~~obtained~~settlement ~~from~~with Alcoa Inc. of its allocation of an extra 25% equity share of the ~~Company~~Alba tocosts ~~constitute~~that ~~inside~~were ~~information~~paid by AWAC up to 31 December 2014.

1In accordance with the allocation agreement with Alcoa Inc.6, ~~Equity~~AWAC ~~incentive~~will ~~schemes~~cash fund $2.9 million of the remaining Alba settlement payments which total $296.0 million. The balance will be funded by Alcoa Inc. The result of this and the above settlement of costs is that Alcoa Inc. will have assumed an extra 25% equity share of the Alba settlement payments and costs. Refer to Note 11 on page 9 for additional information.

The ~~prohibition~~decline ~~does~~in ~~not~~property, ~~apply~~plant toand ~~applications for~~equipment, and ~~acquisitions~~ ~~under~~other ~~such~~assets ~~applications~~and ~~of,~~liabilities ~~Securities~~is bypredominately ~~employees~~due ~~under~~to anthe ~~equity~~closure ~~incentive~~of ~~scheme operated by~~ the ~~Company.~~Point Henry ~~However~~smelter, the ~~prohibition~~sale ~~will~~of ~~apply to~~ the ~~disposal~~interest ofin ~~Securities~~the ~~acquired~~Jamalco ~~under~~mine ~~such~~and arefinery ~~scheme.~~and Itthe ~~could~~effect ~~also~~of ~~apply to~~ the ~~exercise~~ ofstronger ~~options~~US ~~over~~dollar oragainst ~~other~~the ~~rights~~Australia todollar ~~acquire~~and ~~Securities~~the ~~granted~~Brazilian ~~under~~Real anwhen ~~equity~~revaluing ~~incentive~~the ~~scheme.~~balance sheet.

2.AWAC ~~Policy~~Cash ~~for~~Flow ~~Dealing~~(US inGAAP) ~~the Company’s Securities~~

2.1 General rule


	2014			2013
	US$m			US$m
Net loss after tax		(243.0	)		(248.7	)
Depreciation and Amortisation		404.5			447.1
Other¹		320.4			457.6

Cash from operations		481.9			656.0
Capital expenditure		(237.9	)		(322.6	)

Free cash flow²		244.0			333.4

~~Directors~~1 ~~and~~Other ~~employees~~items consist of ~~the~~net ~~Company~~movement ~~must not deal~~ in ~~the~~working ~~Company’s Securities~~capital ~~when~~and ~~they~~other ~~are~~assets inand ~~possession of price sensitive information which is not generally available to the market~~liabilities.

2.2 ~~Safest~~Calculated ~~times~~as tocash ~~deal~~from inoperations ~~the~~less ~~Company’s~~capital ~~Securities~~expenditure.

~~Strictly~~AWAC ~~speaking,~~Balance ~~there~~Sheet is(US ~~no particular~~GAAP) time during which it is safe to deal in the Company’s Securities. The sole test is whether, at the particular time, a director or employee is in possession of price sensitive information which is not generally available in the market.

As a matter of practice, however, the following periods are the most appropriate times for directors and employees to deal in the Company’s Securities:


	2014		2013
	US$m		US$m
Cash, cash equivalents		238.2		189.5
Receivables		524.6		541.5
Related party note receivable		88.9		91.5
Inventories		550.7		671.2
Property, plant & equipment		4,772.3		5,938.3
Other assets		2,229.0		2,640.5

Total Assets		8,403.7		10,072.5


Short term borrowings		66.6		59.0
Payables		733.5		881.8
Taxes payable and deferred		292.3		424.4
Capital lease obligations & long term debt		6.8		116.9
Other liabilities		1,485.5		1,728.7

Total Liabilities		2,584.7		3,210.8


Equity		5,819.0		6,861.7

•AWAC inCash ~~the~~Disbursements ~~four weeks following the release of the annual results;~~

• in the four weeks following the release of the half-yearly results;


	2014		2013
	US$m		US$m
Dividends		40.0		250.0
Distributions		10.7		17.7
Capital returns		251.7		3.0

•Table inof the four weeks following the annual general meeting.Contents

~~Even~~ABN at85 ~~these~~004 ~~times,~~820 it419 is important to be aware that there may be occasions when it is not proper for directors or employees to deal in the Company’s Securities because of their knowledge of impending or actual developments which are not known in the market place. There are, of course, times when a company is considering a major event (such as those referred to in paragraph 2.3 above) and will not advise the market of this until the occurrence of the event is more certain.

~~2.3~~December ~~Restrictions~~2014 onASX ~~dealing~~Report ~~in the Company’s Securities~~-16-

~~Directors~~Alumina ~~and~~Limited ~~employees~~Reported ~~must not~~(Loss)/Profit deal in any of the Company’s Securities during a “closed” period. A “closed” period is the period from the end of the financial year or half financial year to the time of release of the annual or half year results.

~~Exception~~Alumina Limited recorded a net loss after tax of $98.3 million for ~~equity~~2014 ~~incentive~~compared ~~schemes~~to a net profit of $0.5 million in 2013.

The ~~restrictions~~net inloss ~~paragraph~~includes ~~3.3~~the ~~above~~equity ~~and~~share ~~the~~of ~~requirements~~AWAC’s ofsignificant ~~paragraph~~items. 4The ~~below~~2014 dosignificant ~~not~~items ~~apply~~were tolargely the ~~application~~result ~~for,~~of ~~and~~restructuring ~~the~~activities ~~acquisition~~to ~~under~~improve ~~such~~the ~~application~~portfolio mix of, ~~Securities~~AWAC. ~~offered~~These ~~under~~activities anwere ~~equity~~the ~~incentive~~closure ~~scheme~~of ~~operated~~the byPoint ~~the~~Henry ~~Company.~~smelter, ~~Nor~~and dothe ~~they~~sale ~~apply~~of tointerests in the ~~automatic~~Jamalco ~~vesting~~refinery ofand ~~rights~~bauxite ~~under~~mine anand ~~equity~~a ~~incentive~~gold ~~scheme~~mine ~~(ie,~~in ~~where~~Suriname. noFor ~~exercise~~further isdetails ~~required~~refer to ~~acquire~~ the ~~underlying~~ ~~Securities)~~reconciliation on page 19.

~~Exercise~~Excluding ofsignificant ~~options~~items, ~~over~~there orwould ~~other~~have ~~rights~~been toa ~~acquire~~net ~~shares~~profit inimprovement ~~the~~of ~~Company~~$61.5 ~~under~~million anto ~~equity incentive~~$91.1 ~~scheme will, however, not be permitted during a closed period~~million (2013: $29.6 million). ~~The~~This ~~requirements~~improvement ofis ~~paragraph~~in 4line ~~below~~with ~~will~~the ~~also~~better ~~apply~~operating toperformance ~~exercise~~ of ~~such options or rights~~AWAC.

~~Any~~Most ~~other~~of ~~dealings~~Alumina ~~with~~Limited’s ~~Securities~~general ~~granted~~and administrative ~~under~~costs anare ~~equity~~incurred ~~incentive~~in ~~scheme~~Australian ~~(including~~dollars. ~~Securities~~The ~~acquired~~decrease ~~upon~~in ~~exercise~~costs oris ~~vesting~~largely ofdue ~~options or rights) will be subject~~ to the ~~requirements~~weaker ofAustralian ~~this~~dollar ~~document,~~against ~~including~~ the ~~restrictions~~US dollar ~~that~~and ~~apply~~lower ~~during~~expenses. ~~closed~~Costs ~~periods,~~in as2013 ~~well~~include asCEO ~~the~~retirement ~~requirements of the insider trading prohibitions~~expenses.

2Finance costs include interest expense, commitment fees paid, amortised upfront fees and bank charges.4 NoFinance ~~short-term~~costs ~~dealing~~decreased to $13.6 million in 2014 from $25.3 million in 2013. Finance costs in 2013 included the ~~Company~~write-off of unamortised establishment fees which related to the restructuring of Alumina Limited’s ~~Securities~~bank facilities which was substantially in place during that year and completed in early 2014. In addition, average net borrowings were lower in 2014.

ItAlumina isLimited ~~also~~Balance ~~contrary~~Sheet to Company policy for directors and employees to be engaged in short-term dealing in the Company’s Securities (ie dealing in the same Securities within a 12 month period). This prohibition does not restrict the vesting or exercise of options over or other rights to acquire shares in the Company under an equity incentive scheme operated by the Company, and the subsequent disposal of those shares within a 12 month period. Similarly, the sale of such shares at the end of a restriction period applying under such a scheme is not prohibited.

~~2.5~~As ~~Dealing~~at in31 December ~~products~~2014, ~~relating~~Alumina Limited’s net debt declined by $48.6 million to $86.6 million. This decline reflected the ~~Company’s~~level ~~Securities~~of free cash flow for the year.

~~Directors~~Debt ~~and~~repayments ~~employees~~resulted in Alumina Limited’s gearing decreasing to 3.4% although there was a decline in net assets, in ~~are~~particular, ~~prohibited~~investments ~~from:~~in associates. This decline was mainly due to AWAC’s restructuring charges and the loss on foreign currency balance sheet revaluations that more than offset the improved operating performance of AWAC.

•On ~~dealing~~12 November in2014, ~~financial~~Alumina ~~products~~Limited issued oran ~~created~~A$125 million ~~over~~5.5% fixed rate note which matures on 19 November 2019. The proceeds from the ~~Company’s~~note were ~~Securities~~swapped byinto ~~third~~US ~~parties;~~dollars and used to repay the higher cost BNDES loan. As a result of this issuance, Alumina Limited also extended the maturity profile of its borrowings.

•In ~~entering~~addition ~~into~~to ~~transactions~~the innote, ~~financial~~Alumina ~~products~~Limited ~~which~~had ~~operate~~$300 tomillion ~~limit~~of ~~the~~committed ~~economic~~bank ~~risk~~facilities ofas ~~their~~at ~~holdings~~31 December of2014, ~~the~~which ~~Company’s~~expire ~~Securities.~~as follows:

3• $150.0 ~~Disclosure~~million ~~Policy~~in December 2015 (no amounts drawn under these facilities as at 31 December 2014).

~~Any~~• ~~director~~$150.0 ormillion ~~employee wishing to deal~~ in ~~the~~December ~~Company’s~~2017 ~~Securities must advise the Chairman~~ (indrawn ~~the case of directors) or the Managing Director (in the case of an employee) of their intention~~ to do$10 somillion ~~before~~as dealing in such Securities. The Chairman shall advise the Managing Director if he is wishing to deal in the Company’s Securities. If the Chairman is unable to be advised by directors, the Managing Director shall be advised. In the case of employees, if the Managing Director is unable to be advised, the Company Secretary shall be advised. This notification obligation operates at ~~all~~31 ~~times~~December ~~(even during the periods specified in paragraph 3.2 above~~2014).

~~Directors~~• ~~and~~A$125 ~~employees~~million ~~must~~fixed ~~not~~rate ~~deal~~note inthat ~~the~~matures ~~Company’s~~on ~~Securities~~19 ~~until~~November ~~approval has been given by the Chairman, Managing Director or Company Secretary (as the case may be)~~2019. ~~Clearance must not be given to deal in the Company’s Securities during:~~

•Following ~~any~~the ~~closed~~completion ~~period;~~of the restructuring of Alumina Limited’s banking arrangements and the issuance of the note, the Company achieved significant improvement in its debt terms, such as borrowing margins, maturity and less financial undertakings.

•Alumina ~~any~~Limited ~~period~~Reported ~~when~~Profit ~~there exists any matter which constitutes unpublished price sensitive information in relation to the Company’s Securities; or~~

• any period when the proposed dealing is in breach of this document.


	2014			2013
	US$m			US$m

Share of AWAC loss		(73.6	)		(97.4	)
Other Income		1.5	¹		137.1	¹
General and admin costs		(13.5	)		(17.2	)²
Finance costs		(13.6	)		(25.3	)
Other & tax		0.9	³		3.3

Net (loss)/profit after tax		(98.3	)		0.5

~~This~~Alumina ~~procedure~~Limited ~~should prevent~~Balance ~~potential~~Sheet embarrassment and adverse publicity concerning dealing in the Company’s Securities when, for example, there may be important corporate information (whether or not material in a legal context) not publicly released, or when projected financial results may deviate from market expectation.

ASX Notification by Directors


	2014		2013
	US$m		US$m
Cash and equivalents		24.9		24.0
Investments		2,514.5		2,798.9
Other		3.8		141.1	¹

Total Assets		2,543.2		2,964.0


Payables		1.9		3.9
Interest bearing liabilities – current		—		50.6
Interest bearing liabilities – non-current		111.5		108.6
Other		5.8		7.5

Total Liabilities		119.2		170.6


Net Assets		2,424.0		2,793.4

~~Broadly~~Notes ~~speaking,~~for the ~~Corporations Act~~Alumina ~~obliges~~Limited areported ~~director~~Profit ~~to notify the ASX within 14 days after their appointment of the director’s relevant interests in securities of the Company (including shares, options~~ and ~~debentures)~~Balance ~~and~~sheet ~~of the director’s interests in contracts relating to shares or debentures of the Company. The director must also notify the ASX within 14 days after any change in such interests.~~

In1 ~~addition,~~Alumina ~~under~~Limited ~~the~~recognised ~~ASX Listing Rules~~ the ~~Company~~effect isof ~~required to notify~~ the ~~ASX~~allocation of ~~such~~the ~~matters~~Alba ~~within~~settlement 5items ~~business~~and ~~days~~related ~~after~~transactions ~~the director’s~~agreement ~~appointment~~with orAlcoa ~~the~~Inc ~~change~~by ~~occurring~~posting ~~(as applicable)~~$137.1 ~~Directors~~million ~~have~~(representing ~~agreed~~25% ~~with~~of the ~~Company~~total toAlba ~~provide~~related ~~notice~~charges) ~~of such matters to the Company~~ as ~~soon~~other asasset ~~possible~~with ~~to enable~~ the ~~Company~~corresponding tocredit ~~comply~~recognised ~~with~~in ~~its obligations under~~ the ~~Listing Rules.~~Statement Aof ~~notice~~Profit ~~given~~or byLoss ~~the~~as ~~Company~~other toincome ~~the~~in ~~ASX~~2013. ~~under~~In ~~the~~2014 ~~ASX~~a ~~Listing~~“true ~~Rules~~up” ~~satisfies~~amount ~~the~~of ~~director’s~~$1.5 ~~obligations~~million towas ~~notify~~further ~~the~~recognised. ~~ASX~~Refer ~~under~~Note ~~the~~11 ~~Corporations~~for ~~Act.~~further details.

~~Any~~2 ~~director~~Includes ~~requiring~~CEO ~~assistance~~retirement ~~in this regard should contact the Company Secretary~~payments.

43 Alumina Limited recognised a net current/tax liability of $0.8 ~~Definitions~~million and the corresponding income tax expense in relation to the other income of $1.5 million recognised in 2014 and the $137.1 million recognised in 2013 which are in connection with the allocation agreement with Alcoa Inc. Refer to Note 11 for further details.

ForTable the purposes of this document, the following terms have the meaning set out below: Contents

~~Corporations~~ABN ~~Act~~85 ~~means~~004 ~~the~~820 ~~Corporations~~419 ~~Act 2001 (Cth).~~

~~deal~~December ~~includes,~~2014 inASX ~~relation~~Report ~~to Securities, an acquisition or disposal of the Securities, or the entry into any agreement to do any of those things.~~ -17-

~~Securities~~Alumina ~~include~~Limited ~~shares,~~Cash ~~options~~Flows ~~over shares, rights to acquire shares, debentures, derivatives and other financial products covered by section 1042A of the Corporations Act.~~

~~ASX~~Alumina ~~Announcement~~Limited’s 2free ~~December~~cash ~~2014~~from operations principally comprise the net capital and income distributions received from the AWAC entities offset by the Company’s general, administrative and finance costs.

~~Completion~~The of$13.0 ~~Sale~~million reduction in finance costs paid is largely due to lower net debt balances during 2014 and the costs associated with the restructuring of ~~AWAC’s~~the ~~Stake~~bank infacilities ~~Jamalco~~which ~~Refinery~~were substantially incurred and paid in 2013.

During 2014, Alumina Limited ~~announces~~received ~~that~~$4.3 ~~Alcoa~~million ~~World~~of ~~Alumina~~income ~~LLC~~distributions, ~~(“AWA”)~~$16.0 ~~has~~million ~~completed~~of ~~the~~international ~~sale~~dividends ofand ~~its~~capital ~~55 per~~returns ~~cent~~of ~~interest~~$98.9 inmillion ~~the~~from ~~Jamalco~~AWAC ~~alumina refinery~~entities incompared ~~Jamaica,~~ to ~~Noble~~income ~~Group~~distributions ~~Limited (Noble) for a cash consideration~~ of US$~~140 million~~7.3 ~~AWA~~million ~~will~~and ~~provide~~$100.0 ~~compensated~~million ~~management services to Jamalco for a period~~ of ~~3 years~~fully ~~from~~franked dividends ~~closing~~in 2013.

~~Alcoa~~The ~~Inc’s~~$16.0 ~~statement~~million ~~regarding~~international dividend is as a result of the sale isof ~~attached~~the ~~for~~interest ~~reference~~in the Jamalco mine and refinery, after debt repayment by the AWAC entity.

The receipt of $98.9 million of capital returns exceeded the investments in AWAC ~~(which~~by ~~includes~~$57.4 ~~AWA)~~million. isInvestments awere comprised ~~joint~~of ~~venture~~$27.9 ~~between~~million ~~Alumina~~as ~~Limited~~equity contributions to the Ma’aden mine and refinery joint venture, the reimbursement to Alcoa Inc of $5.4 ~~AWAC~~million isbeing ~~60%~~the ~~owned~~Ma’aden ~~and~~joint ~~managed~~venture byentry ~~Alcoa Inc~~fee and ~~40%~~the ~~owned~~$8.2 million byinvestment in the ~~Alumina~~San ~~Limited~~Ciprian refinery in Spain to fund its cash flow shortfalls.

~~Some~~As ~~statements~~a 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’result, ~~‘estimates’,~~free ~~‘should’,~~cash ~~‘will’,~~flow ~~‘expects’,~~was ~~‘plans’ or similar expressions~~$8. ~~Forward-looking~~7 ~~statements~~million ~~involve~~lower 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~~2014 ~~economic,~~compared ~~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:
Chris Thiris Investor Relations Phone: +61 3 8699 2607 chris.thiris@aluminalimited.com		Nerida Mossop Hinton and Associates Phone: +61 3 9600 1979 Mobile: +61 437 361 433

Investments in AWAC entities are expected to decline in 2015, particularly following the completion of the construction of the Ma’aden joint venture mine and refinery which became fully operational in December 2014.

~~/s/~~Alumina ~~Stephen~~Limited ~~Foster~~Cash Flow

Stephen Foster


	2014			2013
	US$m			US$m
Dividends received		16.0			100.0
Distributions received		4.3			7.3
Finance costs paid		(12.5	)		(25.5	)
Payments to suppliers and employees		(15.0	)¹		(14.7	)
GST refund, interest received & other		(0.4	)		0.4

Cash from operations		(7.6	)		67.5

Net receipts/(payments) - investments in associates		57.4			(9.0	)

Free cash flow²		49.8			58.5

~~Company~~1 ~~Secretary~~Includes CEO retirement payments.

2 ~~December~~ ~~2014~~ Free cash flow calculated as cash from operations less net investments in associates.

December 1,Table 2014 of Contents

~~Alcoa~~ABN ~~Completes~~85 ~~Sales~~004 of820 ~~Two~~419 ~~Upstream Assets~~

~~Mt.~~December ~~Holly Smelter~~2014 ~~and~~ASX ~~Jamalco~~Report ~~Divestitures Further Company Strategy to Create a Globally Competitive Commodity Business~~ -18-

~~NEW~~Guidance YORK—(BUSINESS WIRE)—Alcoa (NYSE: AA) today announced that it has completed two previously-announced sales within its Global Primary Products portfolio. The divestitures, one in the United States and the second in Jamaica, are aligned with Alcoa’s strategy to lower its cost base and create a globally competitive business.

~~Alcoa~~The ~~World~~following ~~Alumina~~2015 ~~and~~guidance ~~Chemicals~~is ~~(AWAC)~~provided ~~finalized~~to assist the ~~sale~~understanding of ~~its~~the 55sensitivity ~~percent~~of AWAC results to key external factors. The guidance cannot be expected ~~ownership~~to ~~stake~~be inpredictive ~~the~~of ~~Jamalco~~exact ~~bauxite~~results; ~~mining~~rather it provides direction and ~~alumina~~approximate ~~refinery~~quantum ~~joint~~of ~~venture~~the toimpact ~~Noble~~on ~~Group~~profit ~~Ltd~~before tax of movements around a given base figure. ~~The~~Actual ~~Company~~results ~~completed~~will vary from those computed using the ~~sale,~~guidance. ~~announced~~Guidance onis ~~October 15~~not linear, ~~2014,~~hence ~~after~~significant ~~receiving~~movement ~~all~~away ~~regulatory~~from ~~approvals~~the base rates used may result in different sensitivities. ~~Jamalco~~Sensitivity isof ~~located~~the each element of the guidance has been considered in isolation and no correlation with movements in other elements within the ~~Clarendon,~~guidance ~~Jamaica~~has been made.

AWAC will continue as Jamalco’s managing operator for three years under a compensated service agreement and employees remain employed by Jamalco. AWAC is the joint venture owned 60 percent by Alcoa and 40 percent by Alumina Limited of Australia.


Item		2015 Guidance

Production – alumina		Approximately 15.2mt

Production – aluminium		Approximately 165,000t

Australian $ Sensitivity: +1¢ in USD/AUD		Approximately -$27.0 million profit before tax Approximately -$1.60/t alumina EBITDA

Brazilian $ Sensitivity: +1¢ in BRL/USD		Approximately +$1.5 million profit before tax Approximately $0.05/t alumina EBITDA

Third party smelter grade alumina shipments expected to be based on alumina price indices or spot		Approximately 75% for the year

AWAC sustaining capital expenditure		Approximately $230 million

AWAC growth capital expenditure		Approximately $30 million

AlcoaTable also finalized the sale of its 50.3 percent interest in the Mt. Holly aluminum smelter in Goose Creek, South Carolina, to Century Aluminum Company. The smelter has the capacity to produce 229,000 metric tons of aluminum annually. Alcoa announced its plan to sell its stake to Century on October 23, 2014. Contents

~~Both~~ABN ~~sales~~85 ~~are~~004 in820 ~~line~~419 with Alcoa’s strategy to create a globally competitive commodity business. In its Primary Metals business, the Company has curtailed, closed or sold 1.3 million metric tons, or 31 percent of its highest cost global smelting capacity since 2007. At Alcoa’s 2014 Investor Day, the Company reaffirmed its goal to lower its position on the global aluminum cost curve by five percentage points from the 43rd percentile to the 38th percentile by 2016. In its Alumina business, the Company said that its position on the alumina cost curve had improved to the 25th percentile in 2014 from the 27th percentile in 2013. Alcoa also reaffirmed its goal to further improve that cost position to the 21st percentile by 2016.

~~About~~December ~~Alcoa~~2014 ASX Report -19-

AReconciliations global leader in lightweight metals technology, engineering and manufacturing, Alcoa innovates multi-material solutions that advance our world. Our technologies enhance transportation, from automotive and commercial transport to air and space travel, and improve industrial and consumer electronics products. We enable smart buildings, sustainable food and beverage packaging, high-performance defense vehicles across air, land and sea, deeper oil and gas drilling and more efficient power generation. We pioneered the aluminum industry over 125 years ago, and today, our approximately 62,000 people in 30 countries deliver value-add products made of titanium, nickel and aluminum, and produce best-in-class bauxite, alumina and primary aluminum products. For more information, visit www.alcoa.com, follow @Alcoa on Twitter at www.twitter.com/Alcoa and follow us on Facebook at www.facebook.com/Alcoa.

~~ASX~~AWAC’s ~~Announcement~~significant 29items ~~October~~(US ~~2014~~GAAP)

~~Presentation~~The AWAC’s atnet ~~Metal~~loss ~~Bulletin~~was ~~Conference~~negatively affected by individually significant items. These items are disclosed in the table to enhance an understanding of AWAC’s operational performance during the year.

Attached is a copy of a presentation prepared by Mr Andrew Wood, Group Executive Strategy & Development, for the Metal Bulletin 4th Asian Bauxite & Alumina Conference held on 29 October 2014.


Significant Items	2014 US$m			2013 US$m
Point Henry restructuring charges		(329.2	)		—
Loss on sale of Jamalco		(266.3	)		—
Alba legal matter		—			(384.0	)
Anglesea statutory maintenance		—			(32.0	)
Goodwill impairment		—			(30.0	)
Gain on sale of gold mining interest in Suriname		27.5			—
Other		—			(13.0	)

Total significant items (pre-tax)		(568.0	)		(459.0	)

Total significant items (after-tax)		(479.0	)		(445.5	)

/AWAC’s/ ~~Stephen~~EBITDA ~~Foster~~and EBITDA excluding significant items (US GAAP)

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

Company Secretary


	2014			2013
	US$m			US$m
Net loss after tax		(243.0	)		(248.7	)
(Subtract)/add back: Income tax (credit)/charge		135.0			63.6
Add back: Depreciation and Amortisation		404.5			447.1
Add back: Net interest		4.5			6.8

EBITDA		301.0			268.8

Add back: significant items		568.0			459.0

EBITDA excluding significant items		869.0			727.8

~~29 October~~Alumina ~~2014~~Limited’s significant items (IFRS)

Alumina Limited’s ~~ABN~~share 85of ~~004~~net ~~820~~(loss)/profit ~~419~~of ~~GPO~~associates ~~Box~~was ~~5411~~negatively ~~Melbourne~~affected ~~Vic~~by ~~3001~~its ~~Australia~~equity ~~Level~~share 12of ~~IBM~~individually ~~Centre~~significant 60items ~~City~~incurred ~~Road~~by ~~Southbank~~AWAC. These ~~Vic~~items ~~3006~~are ~~Australia~~disclosed ~~Tel~~in ~~+61~~the ~~(0)3~~table ~~8699~~to ~~2600~~enhance ~~Fax~~an ~~+61~~understanding ~~(0)3~~of ~~8699~~Company’s ~~2699~~operational ~~Email~~performance ~~info@aluminalimited~~during the year.~~com~~

MetalBulletin Events INDUSTRIAL MINERALS EVENTS 4th Asian Bauxite & Alumina Conference 29 – 30 October 2014 Grand Copthorne Waterfront Hotel, Singapore Andrew Wood, Group Executive Strategy & Development Alumina Limited andrew.wood@aluminalimited.com The market after January 2014 – assessing the challenges and opportunities for bauxite and alumina ALUMINA LIMITED


Significant Items (post-tax)	2014 US$m			2013 US$m
Point Henry restructuring charges		(90.8	)		—
Loss on sale of Jamalco		(106.5	)		—
Legal matters of associate		0.7			(16.5	)
Anglesea statutory maintenance		—			(9.0	)
Gain on sale of gold mining interest in Suriname		7.2			—
Other		—			(3.6	)

Total significant items		(189.4	)		(29.1	)

DisclaimerTable ALUMINA LIMITED 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. 2 Contents

~~AWAC~~ABN ~~JV:~~85 ~~world’s~~004 ~~largest~~820 ~~bauxite~~419 and alumina producer ALUMINA LIMITED Bauxite mines Refineries Smelters Location San Ciprian Ma’aden Guinea Point Comfort Jamalco Suralco Sao Luis Trombetas Juruti Kwinana Huntly Pinjarra Willowdale Wagerup Portland Point Henry Alcoa Inc. 60% (and manager), Alumina Limited 40% ownership 7 + bauxite mines and 8 refineries, producing 15.8 million tonnes of alumina in 2013 (Jamalco interest to be sold to Noble Group) JV produced 354,000 tonnes of aluminium in 2013 (Point Henry now shut) Mine and refinery (1.8 million t) under construction in Saudi Arabia(1) – JV with Ma’aden (AWAC(2) 25.1%) (1) Greenfield project due to begin production in the fourth quarter of 2014 (2) AWAC is a joint venture between Alumina Limited (40%) and Alcoa Inc (60%) 3

~~Strong~~December demand growth for alumina (mainly China, Middle East and India) ALUMINA LIMITED Global Metallurgical Alumina Demand Forecast 7% CAGR (Global) 5.5% CAGR (Global, excluding China) 9% CAGR (China) (million mtons) 140 120 100 80 60 40 20 0 2013 2014f 2015f 2016f 2017f RoW OTHER ASIA MIDDLE EAST CHINA Growth requires additional ~20m tonnes of bauxite each year for next 4 years(1) Source: Global Alumina demand, Harbor Aluminium, October 2014 ~~(1)~~ASX ~~Alumina~~Report ~~Limited estimate based on average 2.5 tonnes of bauxite per tonne of alumina 4~~ -20-

World bauxite supply-demand: gap potentially from 2016 ALUMINA LIMITED Bauxite supply and demand forecast, 2013-2040 (graph assumes Indonesian export ban is lifted) Possible Probable Committed Operating Bauxite Demand Bauxite Supply m tpy 550 500 450 400 350 300 250 200 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 Data: CRU Bauxite and Alumina Long Term Market Outlook, ~~July 2014 5~~

Global ~~bauxite~~demand ~~economic~~for ~~reserves~~alumina ~~ALUMINA~~grew ~~LIMITED~~by ~~Many~~4.9% ~~deposits~~in ~~exist~~2014 ~~but unclear when~~ and ~~where~~remains ~~sufficient~~strong. ~~new~~The ~~supply~~average ~~will~~Western ~~be mined~~Australian ~~Bauxite~~spot ~~Reserves~~alumina –price ~~Selected~~increased ~~Countries~~from ~~(million~~$322/t ~~tonnes) World’s~~in ~~largest~~the ~~consumer~~first ofhalf ~~bauxite~~to $338/t ~~JAMAICA~~in ~~Possible:~~the ~~1,110~~second ~~Current: 500 VENEZUELA Possible: 1~~half,~~800~~ ~~Current:~~and ~~300~~ended ~~GUYANA~~the ~~Possible:~~year ~~120~~on ~~Current:~~$354.50 ~~574~~per ~~GUINEA~~tonne. ~~Possible:~~The ~~14,900~~increase ~~Current:~~in ~~4,000~~price ~~SURINAME~~in ~~Possible:~~the ~~344~~second ~~Current:~~half 70was ~~BRAZIL~~driven ~~Possible:~~by ~~8,200~~increased ~~Current: 4~~demand,~~000~~ ~~CAMEROON~~given ~~Possible:~~higher ~~1,200~~aluminium ~~Current:~~production -in ~~INDONESIA~~China ~~Possible:~~and ~~1,00~~the ~~Current:~~Middle ~~500 INDIA Possible: 1~~East,~~661~~ ~~Current:~~bauxite ~~400~~availability ~~AUSTRALIA~~concerns ~~Possible:~~leading ~~9,500 Current: 5,400 VIETNAM Possible: 4,708 Current: 400 CHINA Possible: 4,000 Current: 900 Bauxite is plentiful but supply growth likely~~ to higher bealumina ~~limited~~imports by: ~~Differing~~China ~~quality~~ and ~~size~~higher ofaluminium ~~deposits~~prices. ~~Expected~~Over ~~investment~~2014, ~~returns~~China ~~and~~imported ~~financing~~approximately ~~issues Available~~5.27 million ~~infrastructure~~tonnes ~~or its cost Government approvals’ challenges Community and NGO demands Competing uses~~ of ~~land~~alumina, ~~Changing~~up ~~mining~~nearly ~~codes &~~38% ~~taxes~~from ~~Chart:~~2013. ~~HARBOR Intelligence, October 2014 6~~

~~External~~Historically, ~~impact~~Indonesia has been China’s largest supplier of ~~Indonesian~~imported bauxite. ~~ban~~China ~~ALUMINA~~represents ~~LIMITED~~just ~~Pre-ban~~over ~~huge~~half ~~bauxite~~of ~~stockpiles~~the ~~built~~global upalumina inrefinery ~~China~~capacity, with ~~Complete~~approximately ~~stop~~30% inof ~~bauxite~~China’s ~~exports~~refineries ~~from~~dependent ~~Indonesia~~upon –imported nobauxite. ~~export~~In ~~licences~~January ~~issued~~2014, ~~Rate~~the ofIndonesia ~~bauxite~~export ~~imports~~ban ~~into~~of ~~China~~unprocessed ~~reduced~~ores –came 2into effect.~~86 million~~ ~~tonnes~~This ~~imported~~completely ~~in September~~stopped ~~(mainly~~Indonesian ~~from~~bauxite ~~Australia,~~exports ~~India)~~to ~~– 3~~China.~~3 million~~ ~~tonnes~~Leading ofup ~~alumina~~to ~~curtailments~~the inban, China ~~Shandong~~had ~~since~~built ~~January~~up ~~Wide~~significant ~~range~~stockpiles of bauxite. ~~sources~~Imports ~~have~~of ~~been~~bauxite ~~trialled~~into byChina ~~Chinese~~now –come ~~differing~~predominantly ~~sources,~~from ~~types~~Australia, ~~qualities,~~ ~~costs~~Malaysia and ~~freight~~India. –China ~~shortfall~~imported ~~partly~~approximately ~~covered~~36.5 million bytonnes ~~alumina~~of ~~imports Likely~~bauxite toin ~~contribute~~2014. toIn ~~longer~~the ~~term~~second ~~world~~half ~~bauxite~~of ~~shortages –~~2014, ~~insufficient~~exports ~~potential~~from ~~large-scale,~~Malaysia ~~low~~increased ~~cost~~significantly, ~~mines~~totalling ~~without~~around ~~large~~3.3 million ~~hurdles~~tonnes 7over 2014.

~~What~~Over ~~has~~2014, ~~happened~~following ~~in Indonesia since~~ the ~~ban?~~Indonesian ~~ALUMINA LIMITED Mining of bauxite for~~ export ~~has stopped Many mines~~ban, ~~wash plants and ponds left as they were Bauxite mining employees lost jobs~~the ~~Refinery~~imported ~~projects in Indonesia not advancing quickly: - many seeking concurrent exports of~~ bauxite -price ~~significant~~(landed ~~infrastructure~~in ~~required~~China), for ~~many~~a ~~projects~~variety ~~Inauguration~~ of ~~President~~different ~~Joko~~qualities ~~Widodo on 20 October: – election campaign included cutting bureaucracy~~ and ~~corruption~~sources, ~~attracting~~ranged ~~investment~~from ~~and~~approximately ~~building~~$48 ~~infrastructure~~per –tonne ~~signs~~to ~~that~~$90 ~~Jokowi~~per ~~wants~~tonne. ~~“win-win”~~When ~~outcomes~~the soprices ~~Indonesia~~are ~~gains~~standardised ~~from bans~~and –adjusted ~~query~~for ~~how~~quality ~~long~~on ~~the~~a ~~political settling~~value-in-use ~~will~~basis, ~~last~~the ~~and~~imported bauxite ifprice ~~and~~into ~~when~~China ~~Jokowi~~averaged ~~may~~$68 ~~need~~per totonne ~~resolve~~over ~~any bauxite issues – in meantime~~2014, ~~assume~~after ~~bauxite~~ending ~~export~~2013 ~~ban~~at ~~continues~~$55 ~~and~~per ~~need~~tonne. ~~to build a refinery 8~~

~~Chinese~~The quality of China’s domestic bauxite ~~import~~has ~~volumes~~been decreasing, ~~and~~particularly ~~value-~~in~~-use~~ ~~price~~Henan ~~ALUMINA~~and ~~LIMITED~~Shanxi ~~Australia~~provinces, ~~India~~which ~~Indonesia~~rely ~~Others~~almost ~~CBIX~~entirely ~~Bauxite~~on ~~Import~~domestic /bauxite ~~Mln~~for ~~tonne~~significant ~~9.0~~alumina 6production.0 ~~3.0 0.0~~Also, ~~Jan/13~~there ~~Mar/13~~has ~~May/13~~been ~~Jul/13~~high-grading ~~Sep/13~~of ~~Nov/13~~deposits ~~Jan/14~~in ~~Mar/14~~a ~~May/14~~number ~~Jul/14 CBIX~~of ~~Monthly~~cases ~~Ave,~~that ~~US$/tonne~~lead 90to 60premature 30mine 0closures. ~~Sources:~~Bauxite allocations in China ~~Customs,~~limit CMthe ~~Group~~ability ~~(CBIX~~of ~~VIU~~some ~~price~~alumina ~~index~~producers ~~CFR~~to ~~Shandong)~~access ~~October~~good ~~2014~~quality 9bauxite. A drop in quality of bauxite increases the cost of producing alumina. This has led to higher Chinese prices for good quality domestic bauxite.

~~Chinese~~Physical ~~alumina~~fundamentals ~~import~~for ~~volumes~~aluminium ~~and~~remain ~~domestic~~positive, ~~price~~with ~~ALUMINA~~LME ~~LIMITED~~aluminium ~~Alumina~~inventories ~~Import~~at ~~CMAAX~~around ~~Alumina Import / Mln tonne 0.7 0.6 0.5 0.~~4 million ~~0.3~~tonnes, ~~0.2~~after ~~0.1 0.0~~an ~~Jan/13~~aluminium ~~Mar/13 May/13 Jul/13 Sep/13 Nov/13 Jan/14 Mar/14 May/14 Jul/14~~production ~~CMAAX~~deficit ~~Monthly~~in ~~Ave,~~2014 ~~RMB/tonne~~caused ~~2700~~global ~~2600~~stocks ~~2500 2400~~to ~~2300~~fall ~~2200~~more ~~2100 2000~~than ~~Sources:~~1 million ~~China Customs~~tonnes, CMreducing ~~Group~~the ~~(CMAAX~~stock –overhang ~~China~~and ~~domestic~~improving ~~SGA~~aluminium ~~price index)~~fundamentals. ~~October 2014 10~~

~~Chinese~~Growth ~~bauxite~~in China’s ~~inventories~~alumina ~~reducing~~capacity ~~ALUMINA~~in ~~LIMITED~~2014 ~~Chinese~~started ~~bauxite~~to ~~inventories~~slow, bydue ~~company~~to ~~(at~~a ~~current~~number ~~consumption~~of ~~rates) Bauxite~~factors ~~Inventory~~such -as ~~Mln~~concerns tabout 0bauxite 5availability 10and 15cost, 20tighter 25credit 30measures 35and 40the ~~Apr/12~~desire ~~Jul/12~~of ~~Oct/12~~the ~~Jan/13~~Chinese ~~Apr/13~~Government ~~Jul/13~~to ~~Oct/13~~stem ~~Jan/14~~the ~~Apr/14~~growth ~~Jul/14~~in ~~Port~~over-supplied ~~K J I H G F E D C B~~industries. AThis ~~Source:~~slowdown CMin ~~Group~~Chinese ~~with~~alumina ~~China~~capacity ~~Customs~~growth ~~Data,~~is ~~September~~expected ~~2014~~to 11continue.

~~China~~Strong ~~imported~~demand ~~bauxite~~for –aluminium ~~Atlantic~~from ~~sources~~the ataerospace, ~~much~~building ~~higher~~and ~~landed~~automotive industries ~~prices~~is ~~ALUMINA~~expected ~~LIMITED~~to ~~Landed~~continue ~~prices~~and ofthat ~~imported~~will ~~bauxite~~drive 99growth 89in 79alumina ~~69 59 49 39 Jun-12 Oct-12 Feb-13 Jun-13 Oct-13 Feb-14 Jun-14 AUGUST 2014 GHANA - $93~~demand.4 ~~GUINEA~~Another –aluminium ~~89.1~~production ~~(APR~~deficit ~~’14)~~is ~~BRAZIL~~likely –in ~~$83~~2015.9 ~~DOM~~This ~~REP~~is ~~– $60.0~~expected ~~AUSTRALIA~~to –continue ~~$58.4~~to ~~INDIA~~drawdown –on ~~$55.4~~warehouse ~~MALAYSIA~~stocks –and ~~$52.8~~support ~~INDONESIA~~regional ~~– $52~~premiums.4 ~~(MAY ’14) Chinese Imported Bauxite Prices CIF, HARBOR Aluminium with China Customs Data, October 2014 12~~

~~China’s~~Lower ~~domestic~~aluminium ~~bauxite~~prices ~~issues ALUMINA LIMITED Declining grade~~ and ~~allocation~~reduced ~~system~~seasonal ~~increases~~demand ~~costs~~for ~~Declining~~alumina ~~bauxite quality~~ in ~~key~~China ~~alumina producing~~has ~~provinces~~put ~~Alumina/Silica~~slight ofdownward ~~Bauxite~~pressure ~~9.00~~on ~~8.00~~alumina ~~7.00 6.00~~prices ~~5.00~~at ~~4.00~~the ~~3.00 2006~~start ~~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~~2015.0 ~~ViU~~There ~~adjusted bauxite prices US$/t 80 60 40~~is 20forecast ~~Jun-09~~to ~~Jun-10~~be ~~Jun-11~~an ~~Jun-12~~alumina ~~Jun-13~~surplus ~~Jun-14~~in ~~Henan~~2015 ~~Shanxi~~however ~~Indonesian~~there -may ~~Shandong~~be ~~Australian~~ re-starts ~~Shandong ViU reflects grade, logistics & processing costs ViU rising faster than costs to mine,~~of ~~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 13~~

~~Indonesia~~ aluminium ~~alumina~~production ~~project~~in ~~locations~~Europe, ~~ALUMINA~~USA ~~LIMITED~~and ~~Kep.~~increased ~~Riau~~smelting Wproduction in India. ~~Kalimantan~~Also, ~~Possible~~there ~~coal~~may ~~sources~~be ~~(central~~increased ~~Kalimantan)~~Chinese ~~Planned/proposed~~buying ~~Construction~~of ~~commenced~~alumina Independing ~~commissioning~~on ~~(PT~~the ~~Antam~~availability ~~chemical~~of ~~grade~~bauxite, ~~refinery)~~as ~~Source:~~Chinese ~~ESDM,~~bauxite stockpiles CMare ~~Group~~expected 14to run down in 2015 and 2016 (assuming the current rate of consumption and import).

~~Indonesia~~Some ~~alumina~~analysts ~~projects~~have ~~(planned~~speculated ~~and~~that ~~under construction) ALUMINA LIMITED No. Refinery Name Location Status Undergoing 1 Antam-CGA West Kalimantan Commission Commenced 2 Hongqiao - Harita West Kalimantan~~Malaysia construction*may 3be ~~Chalco~~able ~~West~~to ~~Kalimantan~~export ~~Planned~~around 4 Rusal/Arbaya Energi West Kalimantan Planned 5 Antam - SGA West Kalimantan Planned 6 Persada West Kalimantan Planned 7 Mekko West Kalimantan Planned 8 Jinjiang West Kalimantan Planned 9 Putra West Kalimantan Planned 10 million ~~Alakasa~~tonnes ~~West~~of ~~Kalimantan~~bauxite ~~Planned 11~~annually. ~~DSM~~However, ~~West~~it ~~Kalimantan~~is ~~Planned~~not 12clear ~~ICBS~~how ~~West~~long ~~Kalimantan~~that ~~Planned~~would 13be ~~MKU~~sustainable ~~Bintan~~and ~~Planned~~at 14what ~~Telaga~~overall ~~Bintan~~cost. ~~Planned~~In 15any ~~Indo~~event, ~~Kapuas~~Malaysia’s ~~Bintan~~capacity ~~Planned~~would 16be ~~Tanjung~~insufficient ~~Air~~to ~~Bintan~~supply ~~Planned~~the 17expected ~~Hermina Bintan Planned The estimated cost of a Chinese style modular refinery, built~~growth ~~largely~~ in ~~China~~Chinese ~~and~~imports ~~installed~~of ~~in Indonesia~~bauxite, isafter ~~approximately~~depletion ~~$1200/t, plus costs~~ of ~~coal~~the ~~and~~ bauxite ~~mines~~stockpiles and ~~associated infrastructure such as roads and a port Source: ESDM, CM Group *Query if~~ the ~~project~~reduced ~~will~~availability beof ~~completed~~good ifquality ~~the~~domestic ~~owners are not permitted to export some~~ bauxite. 15

~~Chinese~~Global ~~bauxite~~alumina demand ~~import~~is ~~volumes~~expected ~~forecast~~ to ~~continue to~~ grow ~~ALUMINA LIMITED Forecast Chinese Bauxite Imports~~ by ~~Destination~~over ~~Province~~6% ~~- 2014 to 2023~~ (~~mln t/yr~~CAGR) Inner Mongolia Xinjiang Shanxi Shandong Henan Chongqing Guizhou Guangxi Yunnan million tonnes per year 120 100 80 60 40 20 - 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Merchant Non-Merchant Shandong to remain the major merchant bauxite-consuming province over the ~~period~~next tofive ~~2023~~years. Under-utilised logistics allow Inner Mongolia (rail) and Chongqing (barge) to become new entrants Henan and Shanxi refineries likely to import significant bauxite tonnes (due to local allocation and quality issues) Chart: CM Group, January 2014 16

~~World~~Just ~~marginal~~as ~~cost~~AWAC ~~producers~~has inbeen ~~Shandong~~restructuring -its ~~Henan~~asset ~~and~~portfolio ~~Shanxi~~over ~~may move up curve ALUMINA LIMITED China Alumina Cash Cost Curve by Province (Q2~~ 2014), ~~Bauxite~~it ~~Caustic~~is ~~Energy Others Guangxi Shanxi Guizhou Yunnan Henan Chongqing Shandong IM CMAAX excl. VAT (Jun-14) CMAAX-South excl. VAT (Jun-14) US$/t 500 450~~expected ~~400~~that ~~350~~there ~~300~~will ~~250 200~~be ~~150~~further ~~100~~rationalisation 50and ~~0 0%~~consolidation ~~25%~~in ~~50%~~the ~~75%~~alumina ~~100%~~industry ~~RMB/t~~over ~~3100~~the ~~2790 2480~~next ~~2170~~few ~~1860~~years, ~~1550 1240~~inside ~~930 620 310 0 Cumulative Production - % Marginal producers dependent on bauxite imports Deteriorating domestic bauxite grades~~ and ~~allocation~~outside ~~issues~~China. -There ~~should~~is ~~lead~~expected to ~~increased~~be ~~bauxite/alumina~~continuing ~~imports~~short orto ~~higher~~medium ~~domestic~~term ~~processing~~diversification ~~costs~~of ~~Henan and Shanxi costs could increase as grades deplete and allocation restricts~~ bauxite ~~movements~~suppliers ~~from~~to ~~around 2019 Shandong is global marginal producer~~China, ~~with~~however ~~approx. 20~~in mthe ~~tonnes~~longer ofterm ~~capacity~~the ~~Henan~~world &will ~~Shanxi~~need ~~are~~a ~~forecast~~number toof ~~face~~further ~~similar~~large-scale ~~issues~~bauxite ~~due~~mines to ~~worsening~~meet ~~bauxite~~expected ~~quality~~growing ~~Source:~~demand. ~~China refinery cash cost curve by province, excluding VAT, CM Group, July 2014 17~~

~~Forecast~~As ~~Chinese~~the ~~bauxite~~world’s imports*largest tobauxite miner, ~~2024~~AWAC ~~from~~is ~~potential~~well-positioned ~~supply~~to ~~regions~~be ~~(if~~able ~~Indonesian~~to ~~ban~~take isadvantage ~~unchanged)~~of ~~- likely~~expected ~~greater~~better ~~alumina~~market ~~imports~~conditions ~~needed~~due to ~~bridge~~rising ~~the~~demand ~~gap~~and ~~ALUMINA~~prices ~~LIMITED~~for ~~Bauxite Imports~~bauxite, ~~MTPY~~whether ~~150.0~~or ~~100.0~~not ~~Possible~~AWAC ~~Greenfields~~sells &significant ~~Brownfields~~quantities ~~Expansions~~of ~~Australia~~bauxite ~~Caribbean~~to ~~Guinea~~the ~~Brazil~~third ~~Existing~~party ~~Non-Indonesian Imports Demand 50~~market.0 ~~2014~~The ~~2015~~ongoing ~~2016~~delinking ~~2017~~of ~~2018~~alumina ~~2019 2020~~pricing ~~2021~~from ~~2022~~aluminium ~~2023 2024~~prices *should ~~Assumes~~mean ~~Indonesian~~that ~~bauxite~~the ~~export~~favourable ~~ban~~bauxite ~~remains~~dynamics inwill ~~place~~flow ~~over~~through ~~the~~to ~~period Source:~~higher CMworld ~~Group,~~alumina ~~China~~prices. ~~Customs 18~~

~~Indonesian~~Continuing ~~ban~~depletions aof ~~likely positive for alumina prices ALUMINA LIMITED Scenarios~~ Chinese ~~Import~~domestic ~~Alumina Prices Bauxite Price Up? (1) Up? (1) Bauxite export ban holds, no refineries built Chinese~~ bauxite ~~stockpiles~~are ~~will~~expected ~~deplete during 2015 Greenfields refinery (earliest 2016), no bauxite exports Limited volume bauxite exports (earliest 2015) whether permitted due~~ to: i.lead ~~corresponding alumina production from a new refinery; ii. some value-adding beneficiation~~ to ~~bauxite;~~significant orimports ~~iii.~~into ~~some~~China ~~other~~of ~~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~~or ~~iii.~~alumina ~~competing~~from ~~land use costs iv. greater sustainability costs (social and environmental) Even at unsustainable historical peaks, Indonesian supply unlikely to meet China’s needs post~~2018-2019 ~~(1) Other factors remaining constant~~on. ~~Ticks indicate Alumina Limited’s assessment of relative impact 19~~

~~Future~~There ~~impact~~does ofnot ~~Indonesian~~appear ~~bauxite~~to ~~ban~~be ~~ALUMINA~~a ~~LIMITED~~sufficient ~~Assuming~~corresponding ~~ban~~supply ~~extends~~growth ~~into 2015 then (from 2nd half) potential in China~~ for: -the ~~10-15~~long ~~million tonne~~term. ~~bauxite~~There ~~gap~~are asa ~~stockpiles~~number ~~run~~of ~~out~~refining -projects ~~alumina~~outside ~~produced~~China onthat ~~bauxite~~have stalled ~~imports~~or ~~may~~are ~~drop~~facing byserious uptiming, toregulatory ~~6 million~~approval tand ~~(annualised)~~political ~~This~~risks, ~~may~~funding ~~mean:~~or -bauxite ~~acceleration~~supply ofhurdles, ~~domestic~~including ~~bauxite~~projects ~~usage~~in ~~(bringing~~India ~~forward~~and ~~2019~~Indonesia. ~~gap), -~~Whilst ~~further~~the alumina ~~imports~~price ~~into~~rose ~~China,~~over ~~and~~the -second ~~higher~~half ~~bauxite~~of ~~and alumina prices At some stage~~2014, it is ~~possible~~currently ~~that~~at ina ~~Indonesia:~~price ~~- refineries will be built,~~at ~~with~~which ~~permitted~~a ~~pro~~reasonable ~~rata~~return ~~bauxite~~would ~~export~~not ~~and~~be ~~performance~~made ~~bonds~~on ~~and/or~~a -standard ~~some~~investment ~~export~~in ofgreenfields ~~value-added~~capacity, ~~bauxite~~given ~~short~~timing ofand ~~alumina~~construction ~~but~~costs. ~~beyond~~Without ~~standard~~a ~~washing~~sufficient ~~could be permitted~~ and atsustained aprice ~~higher tax rate From 2019~~improvement, ~~demand~~this ~~increase~~may ~~requiring~~lead ~~new mines likely~~ to ~~raise~~alumina ~~Chinese~~supply ~~imported~~deficits ~~bauxite~~outside ~~price~~China ~~materially~~in ~~lifting marginal cost~~the ofmedium ~~alumina~~term. ~~production 20~~

~~ALUMINA~~Peter ~~LIMITED~~Wasow Director

~~16 October~~Melbourne ~~2014~~

~~Sale of AWAC’s~~26 February ~~Stake~~2015 ~~in Jamalco Refinery~~

AluminaTable Limited announces that Alcoa World Alumina LLC (“AWA”) has sold its 55 per cent interest in the Jamalco alumina refinery in Jamaica, to Noble Group Limited (Noble) for a cash consideration of US$140 million. AWA will provide management services to Jamalco for a period of 3 years from closing. Contents

~~This~~ABN ~~follows~~85 ~~the~~004 ~~Company’s~~820 ~~announcement~~419 ~~in June 2014 that a non-binding Letter of Intent with Noble had been entered into. The transaction is expected to close by 31 December 2014, subject to customary regulatory approvals.~~

~~The~~December sale is part of AWAC’s strategy of focussing on low cost alumina operations and reducing its position on the global cost curve. The Jamalco refinery is one of AWAC’s higher cost refineries, largely due to energy costs. In the first half of 2014, ~~AWAC’s~~ASX ~~share~~Report ~~of Jamalco’s alumina production was 358,000 tonnes.~~ -21-

~~AWAC’s~~Forward ~~2014~~Looking ~~US GAAP~~Statements result is expected to include a pre-tax loss of approximately US$210 million to US$260 million arising from the sale. Alumina Limited’s share of the loss would be 40%, to be accounted for under International Financial Reporting Standards.

~~Alcoa~~Some ~~Inc~~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 ~~statement~~Form 20-F ~~regarding~~for the ~~sale~~year isended ~~attached~~31 December ~~for~~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.

~~AWAC~~Note ~~(which~~regarding ~~includes~~non-IFRS ~~AWA)~~financial isinformation ~~a joint venture between Alumina Limited and Alcoa Inc. AWAC is 60% owned and managed by Alcoa Inc and 40% owned by Alumina Limited.~~

~~Some~~This ~~statements~~document incontains ~~this~~certain ~~public announcement are forward~~non-~~looking~~IFRS ~~statements~~financial ~~within the meaning of the US Private Securities Litigation Reform Act of 1995~~information. ~~Forward-looking~~This ~~statements~~information ~~also~~is ~~include~~presented ~~those~~to ~~containing~~assist ~~such~~in ~~words~~making asappropriate ~~‘anticipate’,~~comparisons ~~‘estimates’,~~with ~~‘should’,~~prior ~~‘will’,~~year ~~‘expects’, ‘plans’ or similar expressions.~~and ~~Forward-looking~~to ~~statements~~assess ~~involve~~the ~~risks~~operating ~~and~~performance ~~uncertainties~~of ~~that may cause actual outcomes to be different from~~ the ~~forward-looking statements~~business. ~~Important~~Where ~~factors that could cause actual results to differ from the forward~~non-~~looking~~IFRS ~~statements~~measures ~~include:~~are ~~(a) material adverse changes in global economic~~used, ~~alumina~~definition orof ~~aluminium industry conditions and~~ the ~~markets~~measure, ~~served~~calculation bymethod ~~AWAC; (b) changes in production~~ and ~~development costs and production levels~~ /or reconciliation to ~~sales~~IFRS ~~agreements;~~financial ~~(c) changes~~information inis ~~laws~~provided oras 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 2013appropriate.

For investor enquiries:		For media enquiries:
Chris Thiris Investor Relations Phone: +61 3 8699 2607 chris.thiris@aluminalimited.com		Nerida Mossop Hinton and Associates Phone: +61 3 9600 1979 Mobile: +61 437 361 433

~~/s/~~PAGE ~~Stephen~~– ~~Foster~~1

Stephen Foster


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

CompanyTable Secretaryof Contents

~~16 October~~PAGE ~~2014~~ – 2

~~October 15,~~Diagram ~~2014~~of Alcoa World Alumina and Chemicals (AWAC) Operations

LOGO

AlcoaTable toof Sell Stake in Jamalco to Noble Contents

~~NEW YORK—(BUSINESS~~PAGE ~~WIRE)—Alcoa~~– ~~(NYSE:~~3 AA) and Noble Group Ltd (SGX: N21) today announced the signing of a definitive agreement that will result in Alcoa World Alumina and Chemicals (AWAC) selling 100 percent of its ownership stake in the Jamalco bauxite mining and alumina refining joint venture to Noble for $140 million. AWAC will continue as the managing operator for three years under a compensated service agreement and employees will remain employed by Jamalco.

~~The Jamalco joint venture is 55 percent owned by~~ Alcoa ~~Minerals~~World ofAlumina ~~Jamaica (AMJ)~~ and 45Chemicals ~~percent owned by Clarendon Alumina Production Ltd.~~ (~~CAP~~AWAC). ~~AMJ~~Profit & isLoss ~~part of the AWAC joint venture, owned 60 percent by Alcoa and 40 percent by Alumina Limited. CAP is a company wholly owned by the Government of Jamaica.~~

“The decision to sell AWAC’s stake in Jamalco is in line with Alcoa’s global strategy to reshape its upstream portfolio and lower the cost base of our commodity business,” said Bob Wilt, President, Alcoa Global Primary Products. “The sale will help achieve those goals, while maintaining jobs and protecting the economic contributions of Jamalco to Jamaica.”


US$ Millions (US GAAP) 100%	Full Year 2014			Full Year 2013
Sales		3,906.6			3,770.8
Sales to Related Parties		1,955.4			2,113.8

Total Revenue		5,862.0			5,884.6

Cost of Goods Sold and Operating Expenses		(4,875.7	)		(5,088.9	)
Selling, Administration, and R&D Expenses		(111.8	)		(123.2	)
Provision for Depreciation, Depletion and Amortisation		(404.5	)		(447.1	)
Restructuring and Other Expenses		(578.0	)		(410.5	)

Total Expenses		(5,970.0	)		(6,069.7	)

Loss before Taxes		(108.0	)		(185.1	)
Provision for Taxes on Income		(135.0	)		(63.6	)
Net Loss after Taxes		(243.0	)		(248.7	)
Members’ Equity
Opening Balance at Start of Period		6,861.7			8,243.7
Net Loss		(243.0	)		(248.7	)
Capital Contribution		142.7			31.5
Dividends Paid and Return of Capital to Partners		(302.4	)		(300.8	)
Common Stock Issued for Compensation Plans		4.3			5.2
Other Comprehensive Income		(644.3	)		(869.2	)
Closing Balance at End of Period		5,819.0			6,861.7

MarkTable Hansen, Head of the Metals Division at Noble Group commented, “This transaction will provide Noble with an additional 778,800 metric tons of annual alumina off-take while the Jamaican government retains its 45 percent ownership of the joint venture. This is consistent with Noble’s strategy to secure supply for customers while working with best in class operators such as Alcoa. Noble looks forward to partnering with the Government of Jamaica to continue to build on Jamalco’s robust operating history, and implement an energy solution that will enhance the efficiency of the plant.” Contents

~~The~~PAGE ~~sale~~– is4 subject to customary regulatory approvals, and is expected to close by the end of the fourth quarter 2014. As a result of the transaction, Alcoa will record a non-cash loss of approximately $80 million to $100 million, or between $0.07 and $0.09 per share, after-tax and non-controlling interest in the fourth quarter. This sale is in line with Alcoa’s strategy to create a globally competitive commodity business.

~~Goldman~~Alcoa ~~Sachs &~~World ~~Co.~~Alumina ~~acted~~and asChemicals an(AWAC) ~~advisor~~Balance toSheet ~~Noble Group on this transaction.~~

About Alcoa


US$ Millions (US GAAP) 100%	31 December 2014		31 December 2013
Cash and Cash Equivalents		238.2		189.5
Receivables		524.6		541.5
Related Party Notes Receivable		88.9		91.5
Inventories		550.7		671.2
Prepaid Expenses and Other Current Assets		208.3		296.4

Total Current Assets		1,610.7		1,790.1


Property, Plant & Equipment		4,772.3		5,938.3
Investments		586.7		557.7
Other Assets and Deferred Charges		1,434.0		1,786.4

Total Non-Current Assets		6,793.0		8,282.4


Total Assets		8,403.7		10,072.5


Short Term Borrowings		66.6		59.0
Payables		733.5		881.8
Taxes Payable		141.0		187.1
Accrued Compensation and Retirement Costs		241.8		269.2
Other Current Liabilities		267.5		376.6

Total Current Liabilities		1,450.4		1,773.7


Capital Lease Obligations and Long Term Debt		6.8		116.9
Deferred Taxes		151.3		237.3
Other Long Term Liabilities		976.2		1,082.9

Total Non-Current Liabilities		1,134.3		1,437.1


Total Liabilities		2,584.7		3,210.8


Equity		5,819.0		6,861.7

Total Liabilities & Equity		8,403.7		10,072.5

ATable global leader in lightweight metals technology, engineering and manufacturing, Alcoa innovates multi-material solutions that advance our world. Our technologies enhance transportation, from automotive and commercial transport to air and space travel, and improve industrial and consumer electronics products. We enable smart buildings, sustainable food and beverage packaging, high-performance defense vehicles across air, land and sea, deeper oil and gas drilling and more efficient power generation. We pioneered the aluminum industry over 125 years ago, and today, our 60,000 people in 30 countries deliver value-add products made of titanium, nickel and aluminum, and produce best-in-class bauxite, alumina and primary aluminum products. For more information, visit www.alcoa.com, follow @Alcoa on Twitter at www.twitter.com/Alcoa and follow us on Facebook at www.facebook.com/Alcoa. Contents

~~About~~PAGE ~~Noble~~– ~~Group~~ 5

~~Noble~~Alcoa ~~Group~~World ~~(SGX:~~Alumina ~~N21) manages a portfolio of global supply chains covering a range of industrial~~ and ~~energy~~Chemicals ~~products,~~(AWAC) asStatement ~~well as having a 49% interest in Noble Agri, its agricultural partnership with COFCO. Operating across a multitude~~ of ~~locations~~Cash ~~and~~Flows customers, Noble facilitates the marketing, processing, financing and transportation of essential raw materials. Sourcing bulk commodities from low cost regions such as South America, South Africa, Australia and Indonesia, the Group supplies high growth demand markets, particularly in Asia and the Middle East. In order to ensure the integrity of its supply chains, the Group has a portfolio of interests in strategic logistics and processing assets which form an integral part of facilitating its key trade flows. We are ranked number 76 in the 2014 Fortune Global 500. For more information please visit www.thisisnoble.com.

Forward-Looking Statements


US$ Millions (US GAAP) 100%	Full Year 2014			Full Year 2013
Operating Activities
Net Loss		(243.0	)		(248.7	)
Adjustments to Reconcile Net Income to Cash from Operations
Depreciation, Amortisation and Impairment		404.5			447.1
Other Items*		320.4			457.6
Cash from Operating Activities		481.9			656.0
Financing Activities
Dividends Paid & Return of Capital to Partners		(302.4	)		(270.7	)
Change in Debt		(88.2	)		40.0
Changes to Capital Lease Obligations		(14.3	)		(2.4	)
Capital Contribution		142.7			31.5
Cash Used for Financing Activities		(262.2	)		(201.6	)
Investing Activities
Capital Expenditure		(237.9	)		(322.6	)
Net Changes in Related Party Note Receivable		(5.0	)		(16.1	)
Other		82.6			(35.7	)
Cash Used for Investing Activities		(160.3	)		(374.4	)
Effect of Exchange Rate Changes on Cash		(10.7	)		(16.5	)
Cash (Used)/Generated		48.7			63.5
Cash and Cash Equivalents
Cash and Cash Equivalents at Beginning of Period		189.5			126.0
Cash and Cash Equivalents at End of Period		238.2			189.5

Net Change in Cash and Cash Equivalents		48.7			63.5

~~This~~* ~~release contains~~Other ~~statements~~Items ~~that~~consists ~~relate to future events and expectations and as such constitute forward-looking statements within the meaning~~ of ~~the~~net ~~Private~~movement Securities Litigation Reform Act of 1995. Forward-looking statements include those containing such words as “anticipate,” “expect,” “plan,” “should,” “will,” or other words of similar meaning. All statements that reflect Alcoa’s expectations, assumptions or projections about the future other than statements of historical fact are forward-looking statements, including, without limitation, statements about Alcoa’s strategies, objectives, goals, targets, outlook, and business and financial prospects. Forward-looking statements are subject to a number of known and unknown risks, uncertainties, and other factors and are not guarantees of future performance. Important factors that could cause actual results to differ materially from those expressed or implied in ~~the forward-looking~~working ~~statements~~capital include: (a) Alcoa’s inability to lower its position on the world alumina production cost curve or to strengthen the competitive position of its commodity business as targeted or within the time periods anticipated; (b) Alcoa’s inability to complete or to realize expected benefits from the sale of its stake in Alcoa Minerals of Jamaica, L.L.C. as planned or by the targeted completion date; (c) failure to receive, delays in the receipt of, or unacceptable or burdensome conditions imposed in connection with, all required regulatory approvals and ~~the satisfaction of the closing conditions to the proposed sale; (d) changes in preliminary accounting estimates due to the significant judgments and assumptions required; and (e) the~~ other ~~risk factors summarized in Alcoa’s Form 10~~non-Kcurrent ~~for~~assets ~~the year ended December 31, 2013, Forms 10-Q for the quarters ended March 31, 2014~~ and June 30, 2014, and other reports filed with the Securities and Exchange Commission. Alcoa disclaims any obligation to update publicly any forward-looking statements, whether in response to new information, future events or otherwise, except as required by applicable law. liabilities

PAGE – 6

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


	Full Year 2014			Full Year 2013
AWAC Loss before tax (US GAAP)		(108.0	)		(185.1	)
Adjust for IFRS
- Embedded derivatives		17.6			(16.5	)
- Restructuring charges		5.1			—
- Reversal of goodwill impairment		—			30.2
- Other		(2.2	)		(6.6	)
AWAC Loss before Tax (IFRS)		(87.5	)		(178.0	)

AWAC Tax (US GAAP)		(135.0	)		(63.6	)
Adjust for IFRS
- Brazil deferred tax		57.0			(2.1	)
- Other		(14.7	)		3.9
AWAC Tax (IFRS)		(92.7	)		(61.8	)

AWAC Loss before Tax (IFRS)		(87.5	)		(178.0	)
AWAC Tax (IFRS)		(92.7	)		(61.8	)
AWAC Loss after Tax (IFRS)		(180.2	)		(239.8	)

Alumina Limited Share of AWC Loss after Tax		(72.1	)		(95.9	)
Amortisation of mineral rights and bauxite assets (net of tax)		(1.5	)		(1.5	)

Share of net loss of associates accounted for using the equity method		(73.6	)		(97.4	)

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ASX Announcement		26 February 2015

Alumina Limited 2014 Full Year Result Presentation

Attached is a presentation relating to Alumina Limited’s Full Year Results for the 12 months ended 31 December 2014.

/s/ Stephen Foster

Stephen Foster

Company Secretary

26 February 2015

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

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Alumina Limited
2014 Full Year Results
Peter Wasow
Chief Executive Officer
Chris Thiris
Chief Financial Officer
ALUMINA LIMITED

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Disclaimer
ALUMINA LIMITED
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 or can be found in the ASX Preliminary Final Report (Appendix 4E).
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Part 1:
Alumina Limited and AWAC
2014 Results
ALUMINA LIMITED

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Alumina Limited & AWAC overview
ALUMINA LIMITED
Alumina Limited
US$m (IFRS) 2014 2013 Change
(NLAT)/NPAT (98.3) 0.5 (98.8)
Significant Items:
- Legal matters of associates (after-tax) 0.7 (16.5) 17.2
- Loss on sale Jamalco (after-tax) (106.5) - (106.5)
- Point Henry restructuring (after-tax) (90.8) - (90.8)
- Other significant items (after-tax)(1) 7.2 (12.6) 19.8
NPAT excluding significant items 91.1 29.6 61.5
Net Debt 86.6 135.2 48.6
Dividend (US cps) US 1.6¢ - US 1.6¢
AWAC
US$m (US GAAP) 2014 2013 Change
EBITDA 301.0 268.8 32.2
Significant Items:
- Legal matters of associates (pre-tax) - (384.0) 384.0
- Loss on sale Jamalco (pre-tax) (266.3) - (266.3)
- Point Henry restructuring (pre-tax) (329.2) - (329.2)
- Other significant items (pre-tax)(1) 27.5 (75.0) 102.5
EBITDA excluding significant items 869.0 727.8 141.2
Cash dividends, distributions and 302.4 270.7 31.7
capital returns
Alumina Limited:
Significant improvement in NPAT
NLAT includes AWAC’s significant items
Improvement due to
AWAC’s operating performance
Lower corporate and finance costs
FCF used to repay debt
Dividend declared of US 1.6¢ per share
AWAC:
Improved operating performance
Mainly lower costs of production; and
Transition to spot based pricing for SGA(2)
(1) Other includes: sale of gold mining interest in Suriname, asset write-offs, goodwill impairment and Anglesea statutory maintenance
(2) Smelter grade alumina shipments
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AWAC performance bridge
ALUMINA LIMITED
US GAAP (US$m)
269
459
(23)
220
11
(22)
(45)
(568)
301
Underlying
Improvement
2013 EBITDA Prior Year Revenue One-off Items(1) COGS & Operating Expenses Selling, Admin, R&D Ma’aden Derivatives & Other Current Year One-off Items(2) 2014 EBITDA
Currency movements 2014 2013
USD/AUD average 0.9021 0.9677
BRL/USD average 2.3538 2.1587
Source: Thomson Reuters
Improved operating performance
Underlying improvement of $208m
Revenue is lower mainly due to:
- Point Henry closure;
- sale of interest in Jamalco;
- destocking in 2013; but
- partially offset by higher prices
COGS, etc lower mainly due to:
- stronger US dollar; - lower shipments; and - productivity initiatives and cost control
Smelters share of EBITDA: $48m
- excludes Pt Henry closure charges
Alumina EBITDA Per Tonne Produced
FY 2013 1Q 2014 2Q 2014 3Q 2014 4Q 2014 FY 2014
$45 $49 $39 $46 $85 $54
(1) Reversal of: $384m Alba legal matter, $32m Anglesea statutory maintenance, $30m goodwill impairment of Eastern Aluminium Ltd and $13m asset write offs
(2) Comprises: $329m Point Henry restructuring, loss on sale of Jamalco $266m and ($28m) sale of gold mining interest in Suriname
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AWAC alumina realised price
ALUMINA LIMITED
Average Realised Price Per Tonne
$308
($2)
($4)
$8
$310
2013 API / Spot Legacy Mix 2014
Price LME Price
Average price increased 0.6%
Benefit from pricing conversion
- Fall in both API/spot and LME prices; but
- API/spot outperformed LME
Favourable mix variance
- Comparing to LME linked rates set pre 2011
- Mainly due to transition to API/spot for SGA
- 68% SGA priced on API/spot (2013: 54%)
Market prices (US$ per tonne) 2014 2013
Ave alumina spot, one month lag(1) 328 327
Ave 3-month LME, two month lag(2) 1,864 1,927
Spot/LME% 17.6% 17.0%
(1) Platts FOB Australia ; lagged one month – consistent with average sales contract pricing
(2) Thomson Reuters; lagged two months – consistent with average sales contract pricing
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Pricing of smelter grade alumina
ALUMINA LIMITED
Spot vs LME (basic units indexed)(1)
110
100
90
80
1/1/13 1/4/13 1/7/13 1/10/13 1/1/14 1/4/14 1/7/14 1/10/14 1/1/15
- Platts alumina - FOB Australia prices
- LME aluminium (3-month)
AWAC Pricing Transition
85%
15%
2011
65%
35%
2012
46% 54% 2013
32%
68%
2014
25% 75% 2015F
16% 84% 2016F
Portion of AWAC third party SGA shipments on LME/other pricing basis
Portion of AWAC third party SGA shipments on alumina spot or index pricing basis
Spot outperformed LME
LME weighed down by factors such as
- reduction in contango
- general weakness in commodities
API affected by its fundamentals such as
- market balance
- production costs
Transition to spot basis continues
Approximately 84% in 2016
(1) Alumina, Platts Alumina (FOB Australia) January 2015, LME Aluminium: Thomson Reuters January 2015
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AWAC cash cost of alumina production
ALUMINA LIMITED
Cost of Alumina Production Per Tonne ($)(1)
258
(1)
(4)
(0)
(4)
249
2013 Cash Energy Caustic Bauxite Conversion 2014 Cash
CAP CAP
Alumina EBITDA currency sensitivities 2015F
Impact of +$ 0.01 to the USD/AUD c.($ 1.60/t)
Impact of +$ 0.01 to the BRL/USD c.$ 0.05/t
Cash cost decreased by $9/tonne
c.$1/tonne due to
- increased production; and
- increased weighting to lower cost refineries
Balance mainly due to stronger US dollar and lower caustic prices
Productivity offset some price rises
Energy cost (excl FX) rose due to:
- higher prices; and - loss of carbon tax credits in Australia
(1) Defined as direct materials and labour, energy, indirect materials, indirect expenses, excluding depreciation. Movements can relate to usage, unit costs or combination of both, timing of maintenance, seasonal factors, levels of production and the number of production days and refinery mix
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AWAC alumina production
ALUMINA LIMITED
Annual Production (kt)
9,274
1,454
1,517
1,150
640
1,867
AWAC consumed 40mt of bauxite from its own resources and 7mt from equity interests, and sold 1.6mt to third parties
Australia Brazil Spain Suriname Jamaica USA
Change by Region (kt)
15,809
92
85
(56)
0
(67)
39
15,902
43.3kt per day
43.6kt per day
2013 Australia Brazil Spain Suriname Jamaica USA 2014
Production increased by 0.6%
Production was c.93% of nameplate capacity
Increased production in Australia, Brazil and US
- increases weighting to lower cost refineries
Jamalco interest sold on 1 December 2014
Production of 15.2mt in 2015
- excludes Ma’aden JV ramp up to c.1.0mt (AWAC share: 251kt)
- c.75kt lower than 2014, excluding Jamalco
- weighting should increase for lower cost refineries
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AWAC free cash flow & capex
ALUMINA LIMITED
Free Cash Flow
US$m (US GAAP) 2014 2013
Cash from operations 481.9 656.0
Capital expenditure (237.9) (322.6)
Free cash flow(1) 244.0 333.4
Significant items in CFO (180.9) (74.5)
Timing differences in CFO(2) (167.5) 20.2
Improved underlying cash flows
Operating cash flows include significant items
- but does not include Jamalco sale and Alba true-up receipts
Operating cash flows also affected by timing differences
- tax payments and working capital movements
Improvement is similar to EBITDA’s excl significant items
Decline in sustaining capex is mainly due to:
- Huntly crusher move nearing completion; but
- includes San Ciprian gas conversion
Capex guidance for 2015
$230m for sustaining
$30m for growth
(1) Free cash flow defined as cash from operations less capital expenditure
(2) Includes tax payments, interest and movements in working capital
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Alumina Limited 2014 results
ALUMINA LIMITED
Profit and Loss
US$m (IFRS) 2014 2013 Change
Share of AWAC (Loss) (73.6) (97.4) 23.8
Other Income(1) 1.5 137.1 (135.6)
General & Admin. Costs (13.5) (17.2) 3.7
Finance Costs (13.6) (25.3) 11.7
Other & Tax 0.9 3.3 (2.4)
Net (Loss)/Profit After Tax (98.3) 0.5 (98.8)
NPAT excl significant items 91.1 29.6 61.5
Free Cash Flow(2)
US$m (IFRS) 2014 2013 Change
Dividends and distributions received 20.3 107.3 (87.0)
Costs (Interest, corporate, other) (27.9) (39.8) 11.9
Cash from Operations (7.6) 67.5 (75.1)
Net Proceeds/(Payments) - 57.4 (9.0) 66.4
Investments in Associates
Free Cash Flow 49.8 58.5 (8.7)
Net Debt 86.6 135.2 48.6
Significant Items (after tax)
IFRS US$m 2014 2013
Point Henry restructuring charges (90.8) -
Legal matters of associate 0.7 (16.5)
Loss on sale of Jamalco (106.5) -
Anglesea statutory maintenance - (9.0)
Gain on sale of gold mining interest in Suriname 7.2 -
Other - (3.6)
Total significant items (189.4) (29.1)
Significant improvement in NPAT
Improved AWAC operating performance
Lower corporate and finance costs
Free cash flow
Lower corporate and finance costs
AWAC receipts of $119.2m (2013: $110.3m)
Investments in AWAC of $41.5m (2013: $12.0m)
- $33.3m in Ma’aden (2013: $12.0m)
(1) Other Income of $1.5m in 2014 and $137.1 million in 2013 relates to Alba legal matter
(2) Free cash flow defined as cash from operations less net investments in associates
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Alumina Limited net debt & facilities
Alumina limited
Net Debt Changes (US$m)
26 (20)
(99) 135
7 (4)
42 87
Net Debt 31/12/13 AWC Corp & Finance Costs AWAC Dividends & Distributions AWAC Returns on Invested Capital Payments to Investments in Associates Settlement of Gross Currency Interest Rate Swaps Exchange Rate Effect Net Debt 31/12/14
Debt Maturity Profile – 31/12/14 (US$m)
160
140
120
100
80
60
40
20
0
2015 2016 2017 2018 2019
Banks - Drawn Banks - Undrawn A$Bond
Net debt declined by $48m
Gearing is 3.4%(1)
A$125m MTN completed November 2014
Note proceeds used to repay BNDES loan
Improved debt and facility terms
Sufficient available facilities
$300m of committed bank facilities
- $290m undrawn
Average maturity profile significantly extended
(1) Calculated as (debt – cash)/(debt + equity)
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Point Henry smelter
ALUMINA LIMITED
Point Henry closed in August 2014
AWAC (100%) 2014 2015+ Total 2014 2015 2016+ Total
US$m (after tax) Guidance Guidance Guidance Actual Revised Revised Actual &
Estimate Estimate Revised
AWAC Restructuring 240.0 10.0 250.0 227.0 2.0(1) 7.0(1) 236.0
Charges (IFRS)
AWAC Restructuring 50.0 70.0 120.0 37.9 21.0(2) 53.0(2) 112.9
Cash Flows
(1) Balance relates to holding costs net of scrap proceeds
(2) Balance relates to demolition, environmental, holding costs, net of scrap proceeds
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Outlook – 2015
ALUMINA LIMITED
AWAC
Starting 2015 with a number of positive market factors
- higher alumina price; stronger US dollar; lower energy and caustic prices
AWAC putting in place a number of operating initiatives to improve competitive position
- transition to API; reweighting to lower cost capacity and production; San Ciprian gas conversion
- Anglesea operating as standalone facility and strategic review of Suralco
- productivity and cost management
Prepaid Alba related debt: reduces future capital needs or application of free cash flows
Ma’aden JV production to expand towards capacity
- production target is c.1.0mt (AWAC share: 251kt)
- additional equity losses until production approaches capacity late in the year
Minimal calls on partners expected
Alumina Limited
Strong capital structure and lower levels of investments in AWAC expected
Results in significantly lower breakeven alumina price
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Part 2:
Industry dynamics and
AWAC strategy
ALUMINA LIMITED

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Alumina Ltd investment proposition
ALUMINA LIMITED
Industry context improving
Strong alumina demand forecast – 6% CAGR over next 5 years
Refining issues in medium term
Demand pull
China: Cost and availability of imported bauxite
Cost push
Declining domestic bauxite grades
Supply risks
RoW: Long lead times and low financial incentive for construction
Competitive advantage for refineries with integrated bauxite supply
AWAC has a leading position
Largest alumina producer and at lowest quartile of cost
Largest bauxite producer: record production, abundant resource
AWAC’s strategy is delivering
De-link alumina pricing: 75% in 2015, 84% in 2016
Further improving cost position: from 25th to 21st percentile by 2016
Closed Point Henry and sold Jamalco, evaluating Suriname, started production at low cost Saudi refinery
Alumina Ltd provides a unique look-through to this opportunity
Unique, largely pure investment in upstream
Positioned for upside: industry context, asset position and strategy
Low debt and low levels of growth investment provide for dividend pass thru
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Strong demand for metallurgical alumina
ALUMINA LIMITED
Strong forecast aluminium demand growth drives alumina and bauxite demand
Alumina market in millions of tonnes
160
120
80
40
0
6.1% CAGR (Global)
5.8% CAGR (Global, excluding China)
6.3% CAGR (China)
RoW
OTHER ASIA
19% CAGR
MIDDLE EAST
8% CAGR
CHINA
2014e 2015f 2016f 2017f 2018f 2019f
Growth requires additional ~88m tonnes per annum of bauxite by 2019(1)
Source: Global Alumina demand, Harbor Aluminium, January 2015
(1) Alumina Limited estimate based on average 2.5 tonnes of bauxite per tonne of alumina
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Capacity shortfalls for alumina expected
Alumina limited
China, RoW and global metallurgical alumina market balance forecast
(million tonnes)
8.0
6.0
4.0
2.0
0.0
-2.0
-4.0
-6.0
-8.0
4.3
5.3
0.2
1.0
2.0
3.5
3.1
1.5
ROW
-0.4
0.5
-4.0
-4.3
-4.6
-3.9
-3.5
-2.7
-4.2
-3.3
6.6
-2.8 GLOBAL
CHINA
-6.6
2013 2014e 2015f 2016f 2017f 2018f 2019f
Source: Harbor Aluminum, Jan 2015
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Chinese bauxite imports down, more costly
ALUMINA LIMITED
Imported Bauxite Volumes and Prices by Country(1)
Indonesia Australia India Jamaica Dominic Rep. Brazil Ghana Guinea Guyana Malaysia Fiji
100
95
90
85
80
75
70
65
60
55
50
45
40
35
Sample size: 1 million tonnes
Nov/12 Jan/13 Mar/13 May/13 Jun/13 Aug/13 Oct/13 Dec/13 Feb/14 Apr/14 Jun/14 Aug/14 Oct/14 Dec/14
Bauxite Price,US$/t
Source: CM Group with China Customs Data, Jan 2015 1) Prices CIF Shandong, no adjustment for value-in-use
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Malaysian bauxite to fill some of the gap
ALUMINA LIMITED
Eases some cost pressure but can’t replace Indonesia
What happened in 2014:
Ramp-up when low iron ore prices caused miners to switch to bauxite
Gibbsitic bauxite with high moisture and iron content, quality varies
Malaysian bauxite exports to China: 3.3 million tonnes
Potential and issues for 2015 and beyond:
Potential for 8-9 million tonnes to China in 2015
Iron ore miners can switch back to mining iron ore if prices increase
Requires supportive Governments – some road and port restrictions imposed
Stringent environmental laws; competing land use
Rainy season, road and port issues may cap exports
Ability to control grade variability will be important
Too early to judge extent of reserves
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China’s long term domestic bauxite issues
ALUMINA LIMITED
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
ViU adjusted bauxite prices rising
US/t
90.00
80.00
70.00
60.00
50.00
40.00
30.00
20.00
10.00
-
Jun-09 Jun-10 Jun-11 Jun-12 Jun-13 Jun-14
Henan
Shanxi
Indonesian - Shandong
Australian - Shandong
Historical pure Bayer process economic limit above 5.0
Feed grade increased marginally in 2014 as refineries started to use allocated bauxite (rather than domestic traded)
ViU reflects grade, logistics & processing costs
ViU rising faster than costs to mine, reflecting deteriorating A/S ratio
Source:
Left hand side: CM Group, Jan 2015
Right hand side: Chinese Imported Bauxite Cost, CM Group with China Customs Data, Jan 2015
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China’s bauxite imports expected to grow
ALUMINA LIMITED
Forecast Chinese bauxite imports – 2015 to 2025 (mtpa)
Xinjiang
Inner Mongolia
Shanxi
Shandong Henan
Chongqing
Guizhou Yunnan Guangxi
140
120
100
80
60
40
20
0
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Merchant Refineries Non-Merchant Refineries
Shandong to remain the major merchant bauxite-consuming province over the period to 2025
Under-utilised logistics allow Inner Mongolia (rail) and Chongqing (barge) to become new entrants
Henan and Shanxi refineries forecast to import significant bauxite tonnes (due to local allocation and quality issues)
Chart: CM Group, Jan 2015 (All tonnages are dry metric tonnes)
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China faces bauxite cost pressure
ALUMINA LIMITED
Chinese alumina refining cash costs
US$/t
500
450
400
350
300
250
200
150
100
50
0
0% 25% 50% 75% 100%
Cumulative Production - %
Bauxite Caustic Energy Others
Guangxi Shanxi Guizhou Yunnan Henan Chongqing Shandog IM
CMAAX excl. VAT (Dec-14)
CMAAX-South excl. VAT (Dec-14)
3100
2790
2480
2170
1860
1550
1240
930
620
310
0
RMB/t
Marginal producers in Shandong dependent on bauxite imports at rising cost
Deteriorating domestic bauxite grades and allocation issues impact Henan and Shanxi
Likely to lead to increased bauxite/alumina imports
Energy (coal) prices have been down in China for the past 12 months, offsetting increasing bauxite prices
Higher average alumina price in Q4 ensures all refineries are profitable.
Source: China refinery cash cost curve by province, excluding VAT, CM Group, Jan 2015
23

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

LOGO

AWAC asset portfolio restructuring
ALUMINA LIMITED
High cost operations exited, low cost capacity added and production records in low cost operations
2014 cost position down, 4% pts to go*
$/MT
500
450
400
350
300
250
200
150
100
50
0
0 10 20 30 40 50 60 70 80 90 100 110 120 130
Production (MMT)
2014: 25th Percentile
2013: 27th Percentile
2016: 21st Percentile
2010: 30th Percentile
Source: CRU and Alcoa analysis
2014 actions
Generated $243M in productivity gains
Increased low-cost refinery production 200 kmt
Continuing to track down the cost curve
Continuing to capture productivity improvements
High cost Point Henry smelter shut, Jamalco sold, Suriname under review
New low cost Saudi production added
Gas project reduces costs at San Ciprian
Production records – WA, Brazil
* Alcoa Fourth Quarter Earnings Conference, 12 January 2015: Alumina Segment
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New Saudi refinery producing alumina
ALUMINA LIMITED
4m tonnes per annum bauxite mine & 1.8m tonnes per annum alumina refinery
AWAC has 25.1% interest in mine and refinery
Bauxite Mine: ~83% complete*
First alumina using Saudi Arabian bauxite Dec ‘14
Alumina refinery commenced operating
Expected to produce c.1.0mt alumina in 2015 as it ramps up to its capacity of 1.8mtpa
Expected to be one of the world’s lowest cash cost refineries
* As at December 2014
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Alumina trading on its own fundamentals
ALUMINA LIMITED
API pricing basis distances alumina from smelting competitive dynamics
US$/t
$2,200
$2,100
$2,000
$1,900
$1,800
$1,700
$1,600
1-Jan-13 1-Apr-13 1-Jul-13 1-Oct-13 1-Jan-14 1-Apr-14 1-Jul-14 1-Oct-14 1-Jan-15
20.0%
19.0%
18.0%
17.0%
16.0%
15.0%
14.0%
3M LME Aluminium
Platts Alumina (FOB WA) as a % of 3M LME Aluminium
27

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Part 4: Conclusion
ALUMINA LIMITED

LOGO

Alumina Limited
2014 Full Year Results
Peter Wasow
Chief Executive Officer
Chris Thiris
Chief Financial Officer
ALUMINA LIMITED


ASX Announcement		10 February 2015

ALUMINA LIMITED

San Ciprian Alumina Refinery converted to Natural Gas

Attached is an announcement by Alcoa Inc. that the Alcoa World Alumina & Chemicals (AWAC) alumina refinery in San Ciprian (Spain) has officially transitioned from fuel oil to natural gas following the completion of a new gas pipeline.

AWAC is a joint venture between Alumina Limited and Alcoa Inc. AWAC is 60% owned and managed by Alcoa Inc. and 40% owned by Alumina Limited.

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:

Chris Thiris

Investor Relations

Phone: +61 418 388 122

chris.thiris@aluminalimited.com

Nerida Mossop

Hinton and Associates

Phone: +61 3 9600 1979

Mobile: +61 437 361 433

/s/ Colin Hendry

Colin Hendry

Assistant Company Secretary

10 February 2015

Filing Compare · ALUMINA LTD