ALUMINA LTD. (AWC $6.79, target $9); REDUCING EPS ESTIMATES ON LOWER FORECAST FOR ALUMINUM AND ALUMINA PRICING; RATING CHANGED TO NEUTRAL FROM UNDERWEIGHT GIVEN 25% DISCOUNT TO OUR NEW TARGET PRICE OF $9 DOWN FROM $11 AND POTENTIAL FOR FAVORABLE CURRENCY IMPACT ON PRODUCTION COSTS 10/9/2008

ALUMINA LTD. (AWC $6.79, target $9); REDUCING EPS ESTIMATES ON LOWER FORECAST FOR ALUMINUM AND ALUMINA PRICING; RATING CHANGED TO NEUTRAL FROM UNDERWEIGHT GIVEN 25% DISCOUNT TO OUR NEW TARGET PRICE OF $9 DOWN FROM $11 AND POTENTIAL FOR FAVORABLE CURRENCY IMPACT ON PRODUCTION COSTS 10/9/2008