ALUMINA LTD. (AWC $3.90, RATING LOWERED FROM NEUTRAL TO UNDERWEIGHT; PRICE TARGET LOWERED FROM $4.00 TO $3.00); LOWER ESTIMATED NEAR TERM LME ALUMINUM PRICES HURT EARNINGS; ESTIMATED DEBT ISSUANCE TO FUND POTENTIAL CASH SHORTFALL DESPITE RECENT CHINESE PRIVATE PLACEMENT 4/18/2013

ALUMINA LTD. (AWC $3.90, RATING LOWERED FROM NEUTRAL TO
UNDERWEIGHT; PRICE TARGET LOWERED FROM $4.00 TO $3.00); LOWER
ESTIMATED NEAR TERM LME ALUMINUM PRICES HURT EARNINGS;
ESTIMATED DEBT ISSUANCE TO FUND POTENTIAL CASH SHORTFALL
DESPITE RECENT CHINESE PRIVATE PLACEMENT 4/18/2013

﻿ALUMINA LTD. (AWC $3.90, RATING LOWERED FROM NEUTRAL TO UNDERWEIGHT; PRICE TARGET LOWERED FROM $4.00 TO $3.00); LOWER ESTIMATED NEAR TERM LME ALUMINUM PRICES HURT EARNINGS; ESTIMATED DEBT ISSUANCE TO FUND POTENTIAL CASH SHORTFALL DESPITE RECENT CHINESE PRIVATE PLACEMENT 4/18/2013

ALUMINA LTD. (AWC $3.90, RATING LOWERED FROM NEUTRAL TO UNDERWEIGHT; PRICE TARGET LOWERED FROM $4.00 TO $3.00); LOWER ESTIMATED NEAR TERM LME ALUMINUM PRICES HURT EARNINGS; ESTIMATED DEBT ISSUANCE TO FUND POTENTIAL CASH SHORTFALL DESPITE RECENT CHINESE PRIVATE PLACEMENT 4/18/2013