Alumina Limited

Equity offers

Share Sale and Top up Facility

A letter outlining a special opportunity to participate in a share sale and top-up facility ("Facility") established by Alumina has been sent to certain eligible shareholders. The letter was accompanied by a Sale Instruction Form and a Buy Instruction Form.

The Facility is open to Australian and New Zealand shareholders holding 1,000 Alumina shares or less as at 7:00pm (Melbourne time) on 3 November, 2003.

Eligible shareholders have the opportunity to buy or sell Alumina shares under the Facility for a transaction fee of A$19. Alumina will pay all other brokerage and handling charges.

Participation in the Facility is entirely voluntary and Alumina does not make any recommendation or give any advice regarding whether eligible shareholders should participate in the Facility.

The Facility will be open from 11 November 2003 until the end of the Offer Period on 16 December 2003 however Alumina does have the right at any time to extend or shorten the Offer Period or terminate the Facility.

For more detailed information on the Facility, please access the links below for copies of the shareholder letter and relevant forms (including the Facility Terms & Conditions). In addition, we have provided a series of relevant Questions and Answers regarding the Facility.

If you have any further questions about Facility, please contact Computershare on 1300 556 050 (for callers in Australia) or on +61 3 9615 5970 (for callers in New Zealand).


Questions and Answers

Capitalised words are defined in the Terms and Conditions for, respectively, the Share Sale Facility and the Top-Up Facility (together the "Facility") included on the blue and pink instruction forms sent to Eligible Shareholders. Please note that the share prices nominated in examples below are hypothetical and do not represent, and are not intended to be a prediction of, actual sale prices or purchase prices that may be achieved.