Alumina Limited

Dividend policy

AWAC's dividend policy is governed by the terms of the AWAC Agreements.

Under the AWAC Agreements amended in September 2016 resulting from Alcoa Inc’s separation into Alcoa Corporation (Alumina’s new joint venture partner) and Arconic LLC, Alumina will benefit from enhanced debt funding and distribution policies.

The AWAC joint venture will pay a minimum quarterly distribution of 50% of the prior quarter’s net profit of each company comprising the AWAC joint venture, instead of the pre-separation arrangement of payment of an annual dividend equal to 30% of ATOI. Furthermore, any surplus cash (as defined in the Agreements) within certain of the AWAC companies will be distributed on a quarterly basis.