March 5, 2008

Dear Friend,

Sean Heberling, a client of ours currently planning out some future options, completed a detailed study of Alumina Ltd. (AWC), Alcoa's 40% partner in its bauxite, alumina and Australian smelting units. We undertook this to leverage upon our aluminum market studies and better understand Alcoa.

Enclosed you will find our detailed study of Alumina Ltd and an updated report on Alcoa.  The Alcoa report updates our earnings and cost estimates in view of recent changes, provides an aluminum market update, discusses the March 4^th Hydro Quebec agreement, incorporates an updated Alumina segment analysis and briefly mentions the February 28^th Bahrain lawsuit.  Our prior March 2^nd Alcoa report dwelt entirely upon the implications of the Bahrain lawsuit from the vantage point of Alcoa's independent outside directors.

We continue to plan our March 27^th investor conference at the New York Helmsley, 212 East 42^nd Street, New York.

Please let us know if there is anything we can do to facilitate ongoing work.

Faithfully,

John C. Tumazos

Copyright © 2008 John Tumazos Very Independent Research, LLC
Send mail to joe@veryindependentresearch.com with questions or comments about this web site.
Last modified: 05/17/12