Alumina Limited

2008 Entitlement Offer

On 25 August 2008, Alumina announced a pro-rata entitlement offer of fully paid ordinary shares in Alumina to certain eligible shareholders (Entitlement Offer). Under the Entitlement Offer, eligible shareholders are invited to subscribe for 5 new ordinary shares (New Shares) for every 19 existing ordinary shares they held at 7.00pm (AEST) on 29 August 2008 at a price of A$3.00 per New Share.

The Institutional Entitlement Offer and the Institutional Bookbuild components of the Entitlement Offer were conducted between 25 August 2008 and 29 August 2008.

The Retail Entitlement Offer component of the Entitlement Offer for eligible retail shareholders commenced on 1 September 2008 and closed on 19 September 2008.

The Entitlement Offer has now closed. Alumina raised approximately A$910 million under the Entitlement Offer, before expenses.

Neither the entitlements under the Entitlement Offer nor the New Shares have been, or will be, registered under the United States Securities Act of 1933, as amended (US Securities Act) or the securities laws of any state or other jurisdiction of the United States. The entitlements under the Entitlement Offer may not be taken up by persons in the United States or by, or for the account or benefit of, a "US person" (as defined in Rule 902(k) of Regulation S under the US Securities Act) (U.S. Person), and the New Shares may not be offered, sold or resold in the United States or to, or for the account or benefit of, a U.S. Person, except in transactions exempt from the registration requirements of the US Securities Act in reliance on Regulation S thereunder.

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Note: The provision of this document is not, and should not be considered as, financial product advice. The information in this document is general only and does not take into account your individual objectives, taxation position, financial situation or needs. Before acting on the information, you should consider the appropriateness of the information, having regard to your objectives, taxation position, financial situation or needs.