Document:

EX-10.11

 Exhibit 10.11 

ADOPTED PURSUANT TO THE FRAMEWORK AGREEMENT 

TO BE EFFECTIVE AS OF THE DISTRIBUTION DATE 

AMENDED AND RESTATED CHARTER OF THE 

STRATEGIC COUNCIL 

Originally made on 21 December 1994, as amended and restated with effect on and from the Distribution Date and in accordance with, the
agreement entitled “Framework Agreement” between Alumina Limited (formerly known as Western Mining Corporation Holdings Limited) (formerly defined as “WMC” and now defined as “Alumina”), Alcoa Corporation (formerly
known as Alcoa Upstream Corporation) (formerly defined as “ACOA” and now defined as “Alcoa”) and Alcoa Inc. dated September 1, 2016. 

DEFINITIONS 
 References to
“WMC” for or in connection with this Charter are taken to be references to “Alumina”. 
 References to “ACOA”
for or in connection with this Charter are taken to be references to “Alcoa”. 
 Unless otherwise defined herein, all capitalised
terms used in this Restated Charter will have the meaning set out in Schedule 1.01 of the Restated Formation Agreement unless the context requires otherwise. In the event of inconsistency, the meaning set out in Schedule 1.01 of the
Restated Formation Agreement will prevail. For the avoidance of doubt, the definitions set out in the Schedule of Definitions attached to this Restated Charter are incorporated into Schedule 1.01 of the Restated Formation Agreement with effect from
the date of this Restated Charter. 
 AMENDMENT 

The portions of this Agreement specified in Exhibit B shall be deemed to be automatically amended and revised as set forth in
Exhibit B (“Exclusivity and Sole Risk Amendments”), upon and from the occurrence of a Change of Control in respect of either Alumina or Alcoa. 

INTRODUCTION 
 Alcoa and Alumina have
agreed to combine their interests in bauxite mining, alumina refining and non-metallurgical alumina operations as well as certain integrated aluminum fabricating and smelting operations to form a worldwide Enterprise. The operations of the
Enterprise shall be conducted by and through the coordinated activity of several affiliated Enterprise Companies. 
 This Charter sets forth
certain principles and policies for the management of the Enterprise Companies and for the rights and obligations of Alcoa and Alumina with regard to their respective interests in the Enterprise Companies. Alcoa and its affiliates shall have a 60%
interest in the Enterprise. Alumina and its affiliates shall have a 40% interest in the Enterprise. It is the intention of Alcoa and 

 
Alumina that their ownership interests in the Enterprise shall be 60/40 respectively and the parties shall act and exercise rights such that this 60/40 ratio will be achieved or maintained in any
future acquisitions of minority interests in any Enterprise Company, joint ventures or new assets or companies. 
 SECTION
1.    PURPOSE 
 (a) Strategic Council. The Strategic Council will be the principal forum for Alcoa and
Alumina to provide direction and counsel to the Enterprise Companies within the worldwide Enterprise regarding strategic and policy matters. As of September 1, 2016, the Enterprise Companies include the following entities and their respective
subsidiaries: 
  

	 	(i)	Alcoa World Alumina LLC (USA); 

  

	 	(ii)	Alcoa of Australia Limited (Australia); 

  

	 	(iii)	Alúmina Española S.A. (Spain); 

  

	 	(iv)	AWA Saudi Limited (Hong Kong); 

  

	 	(v)	Alcoa World Alumina Brasil Ltda. (Brazil); and 

  

	 	(vi)	Alcoa Caribbean Alumina Holdings LLC. 

 Alcoa and Alumina shall direct and cause their
representatives on any Enterprise Company Boards, entities or operations to carry out the direction established by and implement the decisions of the Strategic Council. This Restated Charter is not intended to create or imply the creation of any
other partnership or company. 
 (b) Industrial Leadership. Under the general direction of and consistent with the decisions of the
Strategic Council, Alcoa shall be the industrial leader of the Enterprise and Alcoa shall provide the operating management of the Enterprise and of all Enterprise Companies. If Alumina contributes any of its operations to the Enterprise it shall
retain operating management thereof unless the parties otherwise agree. 
 (c) Other Alumina Representation. Alumina will have
proportional representation on the Board of Directors of Alcoa of Australia and on the board of AWA LLC. Alumina will also have the right to proportional representation on the board of directors of any Enterprise Company. 

(d) Secondment by Alumina. It is expected that Alumina will from time to time second to the Enterprise or Enterprise Companies
employees whose skills or experience are necessary for the support of the operations of the Enterprise. The extent of such secondment shall be as determined by the management of each of the Enterprise Companies, subject to the review and advice of
the Strategic Council. These seconded employees will be employed by the Enterprise Companies. Alcoa will advise Alumina of all available positions within the Enterprise for which Alumina has indicated it may have qualified candidates. Alcoa will
determine if the Alumina candidate is the best person for the position, acknowledging Alumina’s interest in having certain of its employees gain experience in the bauxite and alumina businesses. 

  
 -2- 

 SECTION 2.    MEMBERSHIP OF THE STRATEGIC COUNCIL 

(a) Membership. The Strategic Council will have five (5) members, three (3) appointed by Alcoa, of which one (1) will be
Chairman, and two (2) by Alumina, of which one (1) will be Deputy Chairman. Members of the Strategic Council shall serve until they resign or are removed by the party that originally appointed that member to the Council. Resignation or
removal shall be effected by written notice to all other members of the Council. 
 (b) Vacancies. Any vacancy on the Strategic
Council, whether arising out of death, disability, removal, resignation, or otherwise, shall be filled by the party that had originally appointed that member to the Council. 

SECTION 3.    MEETINGS 

(a) Quorum. The presence, in person or by proxy, of not less than a majority of the total number of members of the Strategic Council,
including at least one Alumina representative, or the presence of both the Chairman and the Deputy Chairman shall constitute a quorum for the transaction of business by the Council. If any member does not attend despite proper notice, the Chairman
may reconvene the meeting in 10 days upon notice to the non-attending member. The meeting may proceed even if said member does not attend. 

(b) Meetings. The Strategic Council shall meet as frequently as the Chairman, after consultation with the Deputy Chairman, deems
necessary and appropriate and not less than two times per year. The Deputy Chairman may request a meeting and the Chairman must call a meeting within 3 months of the request or within two weeks, if the Deputy Chairman declares that a serious
situation exists. In the case of any such declaration, the notice provisions of Section 3(c) are waived for such meeting. Meetings may be held by telephone or videoconferencing. 

(c) Notice. At least fifteen (15) days prior to the date of each meeting of the Strategic Council, the Chairman of the Council
shall send each member a notice of such meeting, the location, an agenda, and all necessary documentation. A written waiver of notice signed by a majority of the members of the Council including at least one Alumina member, whether before or after
the time of the meeting, shall be deemed equivalent to such notice. Items not on the agenda cannot be decided at a Strategic Council meeting without the unanimous consent of the Chairman and Deputy Chairman. Attendance by a member of the Council at
a meeting shall also constitute waiver of notice of such meeting by that Member. 
 (d) Advisors and Other Committees. From time to
time as they deem necessary, the Strategic Council may request the assistance and advice of experts and advisors from Alcoa or Alumina. Such experts or advisors may attend the meetings of the Strategic Council, as appropriate. Employee

  
 -3- 

 
advisors of either member may attend the Strategic Council meetings. Non-employee advisors of either member may attend Strategic Council meetings at the discretion of the Chairman. Prior notice
by the member planning to bring non-employee advisors, including the advisor’s identity and role, must be given to the Chairman. While the Strategic Council will principally look to the operating management of the Enterprise Companies for
information about the businesses of the Enterprise, the Strategic Council, if either the Chairman or Deputy Chairman so request, shall also from time to time form advisory committees of representatives of both Alcoa and Alumina as required to assist
the Strategic Council and its members with the activities of the Enterprise and so that Alumina may make an appropriately informed contribution to the proceedings of the Strategic Council. The scope of the responsibilities and activities vested in
such committees shall be established by the Strategic Council. 
 (e) Minutes. Minutes of the meetings of the Strategic Council shall
be prepared and circulated to each member of the Council within thirty (30) days after each meeting. 

SECTION 4.    VOTING 

(a) Decisions Requiring a Super-Majority Vote. The following matters shall be decided by the vote of 80% of the members appointed to the
Strategic Council: 
 (i) Change of Scope of the Enterprise. 

(ii) Change in the dividend policy. 

(iii) Equity requests on behalf of the Enterprise totalling in any one year more than US$1 billion. 

(iv) Sale of all or a majority of the assets of the Enterprise or the Enterprise Companies taken as a whole (such assets
to be valued for this purpose at the Enterprise book value). 
 (v) Loans to Alcoa or an Affiliate or Alumina or an
Affiliate by any of the Enterprise Companies, subject to the relevant provisions of Sections 8 and 9 below. 
 (vi)
Any Expansions, acquisitions, divestitures, closures or curtailments of the operations of the Enterprise which are likely to result in a change in production: 

1. in excess of 2 million tonnes per annum of bauxite for any Enterprise Mine; or 

2. 0.5 million tonnes per annum of alumina for any Enterprise Refinery, 

or which have a sale price, acquisition price, or project total capital cost of US$50 million or greater for any one transaction or US$50
million in aggregate for a series of related transactions. 
 In relation to curtailments of operations of the Enterprise or the closure of
any Enterprise Mine or Enterprise Refinery, this 80% voting threshold: 
 1. only applies to a full curtailment of the production from
Enterprise operations or an Enterprise Mine or Enterprise Refinery production; and 

  
 -4- 

 2. does not apply with respect to an Enterprise operation, Enterprise Mine or Enterprise
Refinery that has had losses in the two consecutive quarters immediately preceding such curtailment or closure (calculated on the basis of Cash Flow from Operating Activities). 

(vii) Without affecting any other existing rights at law, and in particular without prejudice to any related party
transaction laws, for any Enterprise Company to enter into any related-party transaction with a total value of $50 million or greater; provided, however, that the requirements of this Section 4 shall not apply with respect to (w) any
transactions solely between Enterprise Companies, (x) any transaction which is otherwise approved under, or is taken in accordance with an agreement or arrangement previously approved (and still operative) pursuant to, this Section 4,
(y) any offtake or supply agreement the pricing methodology of which is the same as that set forth in the Alumina Limited AWAC Offtake Agreements (as amended from time to time) and that complies with all applicable requirements of
Section 5(a)(iii) or (z) any Sole Risk Project or any Sole Risk Project Management Agreement that is entered into pursuant to Exhibit C of this Restated Charter. 

(viii) For any Enterprise Company to enter into any financial derivatives, hedges or swaps, including, but not limited
to, any currency, interest rate or commodity price loss protection mechanism. 
 (ix) Any decision by an Enterprise
Company to file for insolvency (or similar) status, protection or proceedings (including any filing for, or making any resolution in respect of liquidation, administration, receivership, reorganisation or other similar arrangement). 

(x) A decision to amend, update or replace any pricing formula set out in the Alumina Limited AWAC Offtake Agreements
(as amended from time to time) or any method or formula for pricing for any other supply of bauxite or alumina from the Enterprise to Alcoa or Alumina (or any Affiliate of Alcoa or Affiliate of Alumina). 

All other decisions of the Strategic Council will be decided by majority vote. 

SECTION 5.    SCOPE 

Within the Scope of the Enterprise as defined in this Section, Alcoa and Alumina agree to operate to avoid commercial conflict among Alcoa,
Alumina and the Enterprise. To accomplish this, Alcoa agrees that the Enterprise shall be the exclusive vehicle for its investments, operations or participation in the Bauxite and Alumina business (as specifically defined below in
Section 5(a)(i)) included within the Scope of the Enterprise except as noted for the activities of Alcoa Aluminio SA and 

  
 -5- 

 
Alcoa shall not compete with the Enterprise in those businesses. Alumina agrees that the Enterprise shall be the exclusive vehicle for its investments, operations or participation in the
Bauxite and Alumina business (as specifically defined below in Section 5(a)(i)) and Alumina shall not compete with the Enterprise in those businesses. Alumina agrees that it will not compete with the businesses of the Integrated
Operations of the Enterprise (as defined below but excluding necessary and ancillary activities) and acknowledges that Alcoa has non-Enterprise facilities in these businesses which Alcoa will operate and manage independently of the Enterprise.
For purposes of this Section 5 references to Alcoa and Alumina shall respectively include any Affiliate of Alcoa or Affiliate of Alumina. The Scope of the Enterprise shall be: 

(a) Bauxite and Alumina. 

(i) The Enterprise shall be involved in the worldwide exploration, searching and prospecting for, and the mining of
bauxite and any other minerals and/or ores from which alumina or aluminum can or may be commercially produced. The Enterprise shall also engage in the refining and other processing of these minerals and/or ores into alumina. 

(ii) The Enterprise may also engage in the exploitation and development of minerals discovered in the course of bauxite
mining at Enterprise facilities, however, these minerals shall not be considered to be within the definition of the Bauxite and Alumina business unless the Members unanimously agree. The Enterprise will engage in any necessary or ancillary activity
that the majority of the Members of the Strategic Council determine may be carried on with the above described activities. Alcoa Aluminio shall continue to produce alumina for the Brazilian market including for Alcoa Aluminio’s own smelting
needs. 
 (iii) The Enterprise shall be responsible for selling alumina and bauxite to Alcoa at arm’s length
prices and terms, as well as to third parties, provided that Alcoa and Alumina shall also have certain entitlements described in the remainder of this Section 5(a)(iii) that come into effect only upon election by Alumina after a Change of
Control in respect of Alumina has occurred. In the event of such election by Alumina, Alcoa and Alumina shall cooperate to ensure that their activities following Alumina’s election may be conducted in compliance with applicable law, including
relevant competition laws. 
 Alcoa and Alumina (or any Acquirer of Alcoa or Alumina) shall be entitled to purchase from the Enterprise, on
an evergreen basis, alumina and bauxite on market based terms and conditions, and otherwise on the terms and conditions, and subject to the limitations, set forth in the Umbrella Offtake Agreement. 

Sales of products to Alcoa and Alumina shall be made pursuant to the terms of any offtake agreements entered into between either Alcoa or
Alumina and the Enterprise (or any Enterprise Company) that may exist from time to time. 

  
 -6- 

 (iv) The parties have agreed to a sole risk regime as provided in
Exhibit C that comes into effect only after a Change of Control in respect of Alumina or Alcoa. Alcoa and Alumina shall cooperate to ensure that the sole risk regime may be conducted in compliance with applicable law, including relevant
competition laws. 
 (b) Non-Metallurgical Alumina. The Enterprise shall be involved in the research and development, production,
marketing and sale of certain non-metallurgical alumina products. 
 (c) Integrated Operations. The Enterprise shall also own and
operate certain primary aluminum smelting facilities that existed as of the formation of the Enterprise and are run as part of an integrated operation at certain of the locations included within the Enterprise. The Enterprise will engage in any
necessary or ancillary activity that the majority of the Members of the Strategic Council determine may be carried on with the above described activities. These operations and any future expansions thereof will be included within the Scope of the
Enterprise at existing Enterprise locations only. The Enterprise shall also be responsible for selling aluminum to ACOA or its Affiliates at arm’s length prices as well as to third parties. 

(d) Shipping. The Enterprise shall also operate a shipping line, the main function of which is to support the operations of the
Enterprise. The shipping line shall carry bauxite, alumina, raw materials and other goods used in the alumina refining process, production and sale of industrial chemicals and other goods and materials for the Enterprise. The Enterprise will engage
in any necessary or ancillary activity that the majority of the Members of the Strategic Council determine may be carried on with the above described activities. The shipping line, however, may carry goods and materials for other parties. 

(e) Coordination with Alcoa. As the industrial leader of the Enterprise, Alcoa shall act in a manner that is fair and reasonable to the
Enterprise and to Alumina and to Alcoa in managing the related activities of Alcoa within the Enterprise with those outside the Enterprise. The operations of the primary metals facility of the Enterprise will be closely coordinated with the primary
metals business of Alcoa. Alcoa will provide necessary services to the Enterprise pursuant to the terms of a master services agreement. Alcoa shall ensure that any dealings between the Enterprise and Alcoa shall be conducted on an arm’s length
basis. 
 SECTION 6.    NEW BUSINESSES 

It is acknowledged that Alumina and Alcoa may from time to time pursue business opportunities outside the Bauxite and Alumina
businesses. If Alumina or Alcoa acquires any businesses which include as a secondary line of business the Bauxite and Alumina business as specifically defined above in Section 5(a)(i), Alumina or Alcoa shall offer this new Bauxite and
Alumina business to the Enterprise at the cost of acquisition or, if this business was not separately valued at the time of acquisition by Alumina or Alcoa, a value based on an independent appraisal of the business. If all of the Enterprise
Companies and the Strategic Council elect not to accept the offer, Alumina or Alcoa shall divest itself of the secondary 

  
 -7- 

 
Bauxite and Alumina business to a non-Affiliate. Alumina or Alcoa shall not independently pursue any opportunities whose principal line of business is the Bauxite and Alumina
business as specifically defined above in Section 5(a)(i). Competition between Alumina and the Enterprise shall not prevent Alumina, Alcoa and the Enterprise from exploring and utilizing any synergies that may exist as between any competing
operations or products. These synergies may include: 
 1) Different ownership interests in the new opportunity or 

2) Supply, processing, distribution or other marketing arrangements with the Enterprise. 

For purposes of this Section 6 references to Alcoa and Alumina shall respectively include any Affiliate of Alcoa or Affiliate of Alumina. 

SECTION 7.    ENTERPRISE COMPANY INFORMATION 

(a) Alumina shall have access during normal business hours, upon reasonable advance notice (with the intention that the Enterprise will
provide access within 28 days of receiving such notice), to all information produced or held by the Enterprise, including all information produced or held by any Enterprise Company and all information produced or held by Alcoa or Affiliates of Alcoa
acting in the capacity of Manager of the Enterprise and any Enterprise Company. Such information will be produced and held jointly on behalf of the Enterprise and each of Alumina and Alcoa, and will be freely available to each of them subject to and
in accordance with these terms. Such information rights are without prejudice to, and in no way limit the parties’ respective rights to access information regarding any Enterprise Company under any Enterprise agreement or at law (“General
Information Rights”). For the avoidance of doubt, this Section 7 does not apply to any information relating to any businesses or interests held by either Alcoa or Alumina that are not part of the Enterprise. 

(b) Alumina will have reasonable access to the head of each Business Unit within the Enterprise through the Alumina Strategic Council
members and other nominated Alumina representatives. 
 (c) Notwithstanding anything to the contrary in this Section 7, Alcoa,
its Affiliates and the Enterprise Companies shall not be required to (i) violate any legal requirements (including with respect to employee data privacy laws) or any obligation of confidentiality to any third parties, or (ii) provide
access to or disclose information where such access or disclosure would jeopardize the attorney-client privilege of such party. Any access to or provision of information pursuant to this Section 7 shall be conducted in such a manner as not to
interfere unreasonably with the operation of the Enterprise or any Enterprise Company; provided that this sentence shall not derogate from the rights to information set out in this Section 7. 

(d) In addition, notwithstanding anything to the contrary in this Section 7, with respect to a request by Alumina that relates to
any Enterprise customer sales contract (“Customer Contracts”), (i) Alumina’s access right shall be limited to two employees of Alumina who shall be nominated by 

  
 -8- 

 
Alumina, (ii) such Customer Contracts shall be kept strictly confidential and may not be disclosed by them to other personnel or representatives of Alumina except for the purposes of
enforcing legal rights of the Enterprise or obtaining legal advice in connection with such enforcement, and Alcoa or an Enterprise Company may require such employees to sign customary and appropriate confidentiality undertakings, (iii) Alcoa or
any Enterprise Company may provide access to Customer Contracts by means of an electronic data room or other protocol designed to preserve confidentiality, (iv) upon the occurrence of a Change of Control with respect to Alumina, all rights of
Alumina or any of its nominated employees to access or receive Customer Contracts shall terminate, and they shall return or destroy any Customer Contracts previously provided to them, and (v) in the event that Customer Contracts cannot be
disclosed due to an obligation of confidentiality to any third parties, the applicable Enterprise Company will use its commercially reasonable efforts to seek a waiver of such confidentiality obligations or to otherwise permit such disclosure. 

(e) Alcoa shall adopt reasonable protocols to ensure that only those Alcoa employees that are engaged in the day-to-day operations and
management of the Enterprise will be entitled to receive Customer Contracts and only to the extent that is reasonably necessary for the management and operation of AWAC. 

(f) Prior to providing access to any information under this Section 7, but without in any way restricting any General Information
Rights, the Enterprise may require Alcoa and/or Alumina to provide a customary and appropriate undertaking containing confidentiality and use restrictions consistent with this Section 7 and allowing (x) use of such information in
connection with its investment in the Enterprise and the operation of the Enterprise’s business and (y) disclosure to the extent required by law. Alcoa and Alumina shall take reasonable measures to ensure that their access to Enterprise
information is consistent with applicable laws, including competition laws. 
 (g) Alumina will also receive prompt notice of events
known to Alcoa which may affect the earnings or dividends of the Enterprise Companies or which may lead to a significant change in the amount of leveraging within the Enterprise. 

(h) The various Enterprise Companies will prepare annual operating plans and capital budgets (or follow any other planning/budgeting
process that may be used by Alcoa from time to time). Alcoa will keep Alumina informed of the progress in formulating such plans and budgets and will specifically advise Alumina if the consolidated effect of these plans and budgets appears likely to
require any equity call from Alumina in the year for which the plans and budgets are being prepared. The operating plans and capital budgets will be approved by the Members or Boards (as appropriate) of the various Enterprise Companies. 

(i) Any individual Request for Authorization for more than US$10 million shall be sent for information to the members of the Strategic
Council at the same time it is submitted to Alcoa corporate management. 

  
 -9- 

 (j) In the event of a proposed Change of Control of Alumina or Alcoa, the other party
agrees to provide commercially reasonable cooperation, at the expense of the party undergoing the Change of Control, with respect to (i) filings and notifications with any governmental authority that reasonably may be necessary, proper or
advisable under the relevant competition laws to consummate and make effective the proposed acquisition; and (ii) supplying any additional information and documentary material that may be requested by any governmental authority under applicable
law (provided, however, that neither party shall be required to supply non-Enterprise information or documentary material). 

SECTION 8.    EQUITY CALLS 

(a) Equity Calls. The cash flow of the Enterprise and borrowings shall be the preferred source of funding for the needs of the
Enterprise. Should the aggregate annual capital budget of the Enterprise require an equity contribution from Alcoa and Alumina, an equity call can only be made upon 30 days’ notice and, if appropriate, a payment schedule shall be included.
Subject to any duties at law or in equity to which a director may be bound, Alcoa and Alumina must procure that their representatives on the Board of the relevant Enterprise Company resolve to give effect to any equity call made under this section.
The following limits apply to equity calls: 
 (i) With respect to amounts up to $500 million in annual equity
requested to be contributed in total by Alcoa and Alumina to the Enterprise (including amounts requested pursuant to subsections (ii) and (iii) below), each party shall contribute its proportionate share based on its current ownership in
the Enterprise. Each party is required to make its proportional equity contribution for amounts up to $500 million of the equity requested regardless of the arrangements with respect to any further capital requirements of the Enterprise. If either
party does not contribute all or part of its proportionate share, then the other party may contribute its own share and the share of the non-contributing party not contributed and, if it does so, the non-contributing party will thereby be diluted on
the basis of the formula attached as Exhibit A. The dilution shall be proportional among all the Enterprise Companies. 

(ii) With respect to amounts in excess of $500 million but less than $1 billion in annual equity requested to be
contributed in total by Alcoa and Alumina to the Enterprise, each party shall declare within thirty days of when the equity request is made if it has the ability to fund its share of the request and if so each party shall contribute its
proportionate share based on its current ownership in the Enterprise. Should Alumina be unable to contribute the full amount of the equity in the year required, the parties will work together, to find alternative interim external financing
arrangements reasonably acceptable to Alumina for the Enterprise or for Alumina. If alternative external financing is not acceptable to Alumina, Alumina may choose to be diluted or Alcoa may fund the Alumina proportionate share in U.S. dollars and
this contribution shall be deemed to be an unsecured loan by Alcoa to Alumina. If Alumina issues an encumbrance or encumbrances over substantially all of its assets (other than the Enterprise Assets) to a third party

  
 -10- 

 
creditor, it shall, to secure any loan from Alcoa under this section, grant to Alcoa, subject to any necessary consents (and notwithstanding Section 9(c)), a like encumbrance over its
interest in the Enterprise. Alumina shall repay the amount contributed on its behalf plus interest in a period not to exceed one (1) year. The interest rate applied to this amount shall equal the then current one year T-bill rate plus a margin
reflecting market spreads for companies having the same credit rating as Alumina as well as commercial underwriting and commitment fees to the extent that such fees are incurred by Alcoa as a result of Alcoa funding Alumina’s proportionate
share of the equity call under this paragraph. If either party does not contribute all or part of its proportionate share pursuant to such alternative financing arrangements or if the Alcoa loan is not repaid, the other party may contribute its own
share and the share of the non-contributing party not contributed and if it does the non-contributing party shall be diluted in the amount of its unmet share of the equity call in accordance with the formula set forth on Exhibit A, provided,
however, if Alcoa does not fund Alumina’s proportionate share when the other conditions above have been met, Alumina will not be diluted in the amount of its unmet share of the equity call. 

(iii) With respect to amounts in excess of $1 billion in annual equity requested to be contributed in total by Alcoa and
Alumina to the Enterprise and approved pursuant to Section 4(a)(iii) above, each party shall contribute its proportionate share, however, the parties will work together, should Alumina be unable to contribute the full amount of the equity in
the year required, to find alternative financing arrangements reasonably acceptable to Alumina for the Enterprise or Alumina. If Alumina does not contribute the balance of its full proportionate share, Alcoa may make, and shall be compensated for,
all or part of the remaining contribution in Alumina’s place; however, Alumina shall not be diluted to the extent of Alcoa’s contribution to the capital requirements in excess of US$1 billion. If Alcoa elects to proceed, Alcoa shall review
with Alumina the mechanism to compensate Alcoa for its excess contribution, which may include, but is not limited to, a disproportionate allocation of the return associated with the excess contribution. 

SECTION 9.    LEVERAGING POLICY. 

(a) Procuring of Debt funding. Alcoa must procure that long term Debt funding is provided to the Enterprise Companies by appropriate
external lenders on an ongoing basis for the purposes of Enterprise Growth Projects (whether or not those Enterprise Growth Projects are related to the Enterprise Company that receives such long-term Debt funding) within 12 months following the
first time after the Distribution Date that obtaining such Debt becomes permissible under the Revolving Facility, so that: 

(i) the aggregate Debt of the Enterprise Companies taken as a whole is the Target Enterprise Debt Level; and 

(ii) the aggregate Debt of the Enterprise Companies taken as a whole is maintained at the Target Enterprise Debt Level
thereafter, 

  
 -11- 

 provided that, if Alcoa’s credit rating would reasonably be expected to be downgraded by Moody’s and/or
Standard & Poors due to the level of Debt raised or maintained pursuant to this Section 9(a), the aggregate Debt of the Enterprise Companies must not exceed the level of Debt that is consistent with avoiding such downgrade. 

(b) Debt limit. Notwithstanding Section 9(a), Alcoa and Alumina agree that the Enterprise Companies will maintain a limit of Debt
(net of cash) in the aggregate equalling 30% of total capital where total capital is defined as the sum of Debt (net of cash) plus any minority interest plus shareholder equity. 

(c) Enterprise cash management procedures. Alcoa and Alumina agree that: 

(i) subject to Sections 4(a)(v) and 9(c)(iii), each Enterprise Company may not lend to either Alcoa or Alumina,
including any Affiliate of Alcoa or Affiliate of Alumina; 
 (ii) each Enterprise Company may not deposit money with
Alcoa for cash management purposes; and 
 (iii) notwithstanding Section 4(a)(v) and 9(c)(i), an Enterprise
Company may grant a loan to another Enterprise Company, by using: 
  

	 	(A)	Debt to fund the loan, provided that any such loan is only provided to fund any Enterprise Growth Project; or 

  

	 	(B)	its Cash Available for Loans to fund the loan, provided that any such loan (1) is only provided for the purposes of meeting the working capital needs of that Enterprise Company and (2) has a term of no longer
than six months. 

 (iv) subject to Sections 4(a)(v) and 9 and unless otherwise agreed, loans to
either Alcoa or Alumina by the Enterprise will bear interest at LIBOR plus a margin reflecting market spread for similar credit ratings as well as commercial underwriting and commitment fees. 

SECTION 10.    DISTRIBUTION POLICY. 

Alcoa and Alumina agree that each Enterprise Company must, by the 20th day of the month
immediately following the relevant Calculation Date, make a Distribution of: 
 (a) 50% of the net income, if positive, of such
Enterprise Company in respect of the Quarter ending on or about the relevant Calculation Date as determined in accordance with United States generally accepted accounting principles; and 

(b) the Available Cash in respect of such Enterprise Company. 

  
 -12- 

 SECTION 11.    DISPUTE RESOLUTION. 

(a) Designated Senior Executive. All disputes, differences, controversies or claims between any of the parties and related to the
Enterprise, if unable to be resolved, shall be referred by either party for resolution by written notice addressed to a senior executive officer of Alcoa and Alumina designated for such purpose from time to time by the Chief Executive Officers of
Alcoa and Alumina, respectively. The designated officers shall meet and discuss the matter during a period of not more than 14 days from the date of receipt of such written notice. 

(b) Chief Executive Officers. If the designated officers of Alcoa and Alumina cannot reach an agreement resolving the dispute within
the 14 days of the receipt of such written notice, either party may refer the dispute for resolution by further written notice addressed to the Chief Executive Officers of Alcoa and Alumina. The Chief Executive Officers shall meet and discuss the
matter during a period of not more than 21 days from the date of receipt of such further written notice. 
 (c) Final Resolution. If
the Chief Executive Officers of Alcoa and Alumina are unable to resolve the dispute by unanimous consent within 21 days of receipt of such further written notice, each party may seek all remedies available to it at law and equity. 

SECTION 12.    TRANSFER OF INTERESTS. 

(a) Proportionate Reduction. Any increase or decrease by Alcoa or Alumina in their respective ownership share in the Enterprise, unless
otherwise agreed, must be proportionate among all the Enterprise Companies except in the circumstance where governmental action results in an involuntary divestiture in which event the parties will consult about appropriate responses to such action.

 (b) Alcoa Transfers. Alcoa may reduce its proportionate ownership share in the affiliated companies in the Enterprise from 60% to
51% at its election. If the proposed buyer is a passive investor who will not have representation on the Strategic Council nor any of the boards of the affiliated companies, Alumina’s consent to the sale is not required. A passive investor
shall receive business information about the Enterprise only to the extent required by the law governing each of the affiliated companies, as reflected in its individual governance document, plus additional information as is believed reasonable and
appropriate (including under any competition law) by Alcoa as being appropriate for the particular investor and consented to by Alumina, which consent shall not be unreasonably withheld. If the proposed buyer is an active investor who is intended by
Alcoa to have representation on any of the boards of the affiliated companies or the Strategic Council, Alcoa must obtain the consent of Alumina to the sale, which consent shall not be unreasonably withheld. 

(c) Non-seller’s Rights. Each of the governance documents for the Enterprise Companies includes provisions regarding a first
option in respect of the transfer of interests, subject to Section 12(b) above, addressing; the transferability of interests, maximization of market value of the interest for sale, ensuring a fair chance for the non-selling party to purchase
the interest for sale and concerns of the non-selling party regarding the identity of potential buyers (e.g., direct competitors). 

  
 -13- 

 SECTION 13.    GENERAL 

Applicable Law. This Restated Charter shall be construed and enforced in accordance with the laws of the State of Delaware, without
regard to its conflicts of laws doctrine. 
 ORIGINALLY EXECUTED THIS 21st DAY OF December, 1994.

 THIS AMENDED AND RESTATED DOCUMENT IS ADOPTED PURSUANT TO THE FRAMEWORK AGREEMENT AND IS TO BE EXECUTED AND EFFECTIVE UPON THE DISTRIBUTION DATE.

  

					
	 ALCOA INC.
	 		 	 ALUMINA LIMITED

			
	  
	 		 	  

  
 -14- 

 Exhibit A 

Dilution Formula 
 Dilution shall be
calculated proportionately among all Enterprise Companies on the basis of the value of the Enterprise Companies before and after the equity call. The formula for determining the extent of dilution shall be as follows: 

Alcoa share of the new equity = {(A x Z) + (P x Y)} ÷ M 

Alumina share of the new equity = {(B x Z) + (Q x Y)} ÷ M 

where: 
  

	 	Y	= Amount of Equity call actually paid 

  

	 	P	= Alcoa’s share of the Equity call actually paid expressed as a percentage of Y 

  

	 	Q	= Alumina’s share of the Equity call actually paid expressed as a percentage of Y 

  

	 	Z	= Fair Market Value of the Enterprise, pre-dilution (as defined below) 

  

	 	M	= New value of the Enterprise, giving effect to the equity call which equals (Y + Z) 

  

	 	A	= Alcoa’s pre-dilution interest expressed as a percentage 

  

	 	B	= Alumina’s pre-dilution interest expressed as a percentage 

 The “Fair Market Value” of
the Enterprise Companies, pre-dilution, will be the fair market value of the Enterprise Companies as agreed by the parties at the time of dilution. If the parties cannot agree upon a fair market value, the parties will mutually select an independent
expert to establish a pre-dilution fair market value. The expert’s determination of fair market value of the Enterprise Companies shall be final. The parties acknowledge that while the above formula reflects the intent of the parties if
dilution is required, the actual mechanisms chosen to effect the dilution may vary among the Enterprise Companies depending upon their particular circumstances. 

  
 A-1 

 Exhibit B 

Exclusivity and Sole Risk Amendments 
  

	(1)	Amendments to “Introduction” 

 The section of the Charter headed
“Introduction” is taken to be replaced with a new Introduction as follows: 
 ‘INTRODUCTION. 

Alcoa and Alumina have agreed to combine their interests in certain bauxite mining, alumina refining and non-metallurgical alumina operations
as well as certain integrated aluminum fabricating and smelting operations to form a worldwide Enterprise. The operations of the Enterprise shall be conducted by and through the coordinated activity of several affiliated Enterprise Companies. 

This Charter sets forth certain principles and policies for the management of the Enterprise Companies and for the rights and obligations of
Alcoa and Alumina with regard to their respective interests in the Enterprise Companies. Alcoa and its affiliates shall have a 60% interest in the Enterprise and Alumina and its affiliates shall have a 40% interest in the Enterprise. It is the
intention of Alcoa and Alumina that their ownership interests in the Enterprise shall be 60/40 respectively and the parties shall act and exercise rights such that this 60/40 ratio will be achieved or maintained in respect of the businesses,
operations, ventures, facilities, assets, mines or refineries that are within the Scope of the Enterprise, but excluding any Sole Risk Project. 
  

	(2)	Amendments to section 1 (“Purpose”) 

 Clause (a) of the section of
the Charter headed Section 1 “Purpose” is taken to be replaced with a new section 1(a) as follows: 
 ‘(a)
Strategic Council. The Strategic Council will be the principal forum for Alcoa and Alumina to provide direction and counsel to the Enterprise Companies within the worldwide Enterprise regarding strategic and policy matters. As of
September 1, 2016, the Enterprise Companies include the following entities and their respective subsidiaries: 
  

	 	(i)	Alcoa World Alumina LLC (USA); 

  

	 	(ii)	Alcoa of Australia Limited (Australia); 

  

	 	(iii)	Alúmina Española S.A. (Spain); 

  

	 	(iv)	AWA Saudi Limited (Hong Kong); 

  

	 	(v)	Alcoa World Alumina Brasil Ltda. (Brazil); and 

  

	 	(vi)	Alcoa Caribbean Alumina Holdings LLC. 

  
 B-1 

 Alcoa and Alumina shall direct and cause their representatives on any Enterprise Company Boards,
entities or operations to carry out the direction established by and implement the decisions of the Strategic Council or, in the case of a Sole Risk Project, the entity conducting the Sole Risk Project as elected under clause 3.2 of
Exhibit C. This Restated Charter is not intended to create or imply the creation of any other partnership or company.’ 
 Clause
(b) of the section of the Charter headed Section 1 “Purpose” is taken to be replaced with a new section 1(b) as follows: 

‘(b) Industrial Leadership. Under the general direction of and consistent with the decisions of the Strategic Council, Alcoa shall
be the industrial leader of the Enterprise and Alcoa shall provide the operating management of the Enterprise and of all Enterprise Companies, except with respect to (i) the consumption and marketing of outputs to which Alumina has
then-effective offtake and marketing rights under the Alumina Limited AWAC Offtake Agreements or the governing documents of the Enterprise and (ii) Sole Risk Projects subject to Exhibit C of this Restated Charter. If Alumina contributes
any of its operations to the Enterprise it shall retain operating management thereof unless the parties otherwise agree.’ 
  

	(3)	Amendments to section 5 (“Scope”) 

 The preamble of the section of the
Charter headed Section 5 “Scope” is taken to be replaced with a new preamble to section 5 as follows: 

‘Alcoa and Alumina agree that, notwithstanding anything to the contrary in the Introduction or Section 5, the Enterprise is no
longer the exclusive vehicle for their respective investments, operations or participation in any business, operations, ventures, facilities, assets, mines or refineries within the bauxite and alumina industry or business or any other industry or
business. To the extent permissible under applicable competition laws, each of Alcoa and Alumina may compete with any business, operation, venture, facility, mine or refinery of the Enterprise or in which the Enterprise has an interest. 

In addition, for the avoidance of doubt, the references in Sections 5(a)(iii) and 5(a)(iv) to a Change of Control are inclusive of the Change
of Control that causes these amendments to Section 5 to take effect.’ 
  

	(4)	Amendments to section 6 (“New Businesses”) 

 The section of the Charter
headed Section 6 “New Businesses” is taken to be replaced with a new section 6 as follows: 
 ‘SECTION
6:    RIGHTS OF FIRST OFFER (over proposed non-Enterprise projects) 
 If Alumina or Alcoa (or an Acquirer of Alcoa
or Alumina) intend to proceed with a new bauxite or alumina project (excluding any Expansion Project or New Project (in each case as defined in 

  
 B-2 

 
clause 1 of Exhibit C) or any other project within the Enterprise), Alcoa or Alumina (as applicable) must first grant the other party a right of first offer to participate in such
project on terms proposed by the proposing party. If such other party wishes to participate in the project and the terms for participation are agreed within 180 days of the proposing party giving notice of its proposed terms for participation, the
project shall be conducted and operated by the Enterprise and the relevant interests in the project will be held within the Enterprise by an Enterprise Company. If the other party does not wish to participate, or the terms for participation cannot
be agreed within 180 days of the proposing party giving notice of its proposed terms for participation, the proposing party is free to proceed with the project outside the Enterprise on the terms determined by it (in its absolute
discretion). This right of first offer shall not apply to any assets or projects which are in existence or under construction or which have existing capital commitments as at the date of Alcoa or Alumina’s Change of Control and which are
not held within the Enterprise. Alcoa or Alumina or an Acquirer of Alcoa or Alumina (as applicable) are permitted to continue to hold and operate any such assets or projects outside the Enterprise. For the avoidance of doubt, this section 6
does not apply in relation to any Sole Risk Project. 
  

	(5)	Amendments to section 8 (“Equity Calls”) 

 The introduction to
clause (a) of the section of the Charter headed Section 8 “Equity Calls” is taken to be replaced with a new introduction to section 8(a) as follows: 

‘(a) Equity Calls. The cash flow of the Enterprise and borrowings shall be the preferred source of funding for the needs of the
Enterprise (excluding the needs of any Sole Risk Projects, which will be funded in accordance with the sole risk regime set out at Exhibit C). Should the aggregate annual capital budget of the Enterprise require an equity contribution from
Alcoa and Alumina, the Strategic Council may only make an equity call upon 30 days’ notice and, if appropriate, a payment schedule shall be included. In the case of Sole Risk Projects that are being conducted by an Enterprise Company in
accordance with clause 2.4 of Exhibit C, equity calls with respect to that Sole Risk Project must be made in accordance with clause 2.4 of Exhibit C. Subject to any duties at law or in equity to which a director may be bound,
Alcoa and Alumina must procure that their representatives on the Board of the relevant Enterprise Company resolve to give effect to any equity call made under this section. The following limits apply to equity calls:’ 

  
 B-3 

 Exhibit C 

Sole Risk Regime 
  

	1.	Definitions 

 Capitalised terms have the meaning given in the Schedule of Definitions (Restated)
unless defined below. 
 Affiliate means, with respect to any entity, any other entity controlling, controlled by, or under common
control with such first entity, provided that for the purposes of this definition, “control” of an entity shall mean the ownership of 50% or more of the voting securities of such entity (and “controlled” and
“controlling” shall have correlative meanings). 
 Enterprise Project means a project undertaken within the Enterprise and
includes normal operations. 
 Enterprise Facilities means the operational facilities of an Enterprise Company, including but not
limited to mining and refinery infrastructure, and including any related services required to be provided by the relevant Enterprise Company to operate those facilities and any services to support and facilitate the development, construction and
operation of the Sole Risk Project. 
 Expansion Project means a project of a type within the Scope of the Enterprise undertaken
within the Enterprise involving the expansion of an existing Enterprise operation, facility or venture, including any mine or refinery. 

New Project means a project of a type within the Scope of the Enterprise undertaken within the Enterprise involving the development of a
new mine, refinery or other operation or facility on Enterprise land, tenements or otherwise within Enterprise concession rights. 

Non-Proposing Party has the meaning given in clause 2.2. 

Proposing Party has the meaning given in clause 2.1. 

Relevant Existing Project means any Enterprise Project or another Sole Risk Project, which at the relevant time: 

 

	 	(a)	is in existence; 

  

	 	(b)	is approved to be undertaken within the Enterprise (in the case of an Enterprise Project); or 

  

	 	(c)	a Proposing Party has proposed under clause 2.1 and has not declined, under clause 2.2, to conduct (in the case of another Sole Risk Project). 

Sole Risk Project has the meaning given in clause 2.1. 

Sole Risk Project Management Agreement has the meaning given in clause 2.2(d). 

 

	2.	Sole risk 

  

	2.1	Proposal for an Expansion Project or New Project 

 If Alcoa or Alumina or any of their
respective Affiliates wish to develop, construct, operate or otherwise implement an Expansion Project or New Project, it (“Proposing Party”) may by written notice propose that the relevant Enterprise Company implement, or
participate in, the Expansion Project or New Project (as applicable), in which case the Proposing Party must provide such detail in relation to the Expansion Project or New Project as is reasonably necessary to enable the other party
(“Non-Proposing Party”) to assess the merits of the project. 

	2.2	Sole Risk Project 

 If: 

 

	 	(a)	the proposed Expansion Project or New Project has not been approved by the Non-Proposing Party within 180 days of written notice of the proposal being given under clause 2.1; and 

 

	 	(b)	the proposed Expansion Project or New Project does not materially interfere with any Relevant Existing Project, 

the Proposing Party (“Proposing Party”) may, by giving written notice to the other party (“Non-Proposing
Party”), elect to conduct the proposed Expansion Project or New Project (as applicable) as a sole risk project, in which case the Proposing Party: 
  

	 	(c)	in the case of a New Project, where it is feasible, shall conduct the project itself or through a nominated subsidiary (including, in either case without limitation, by the appointment of a manager); or

  

	 	(d)	in the case of an Expansion Project relating to an Enterprise Refinery, shall enter into an agreement with the relevant Enterprise Company to conduct the project under the direction of the Proposing Party (a
“Sole Risk Project Management Agreement”); or 

  

	 	(e)	in all other cases, may elect to: 

  

	 	(i)	conduct the project itself or through a nominated subsidiary (including, in either case without limitation, by the appointment of a manager); or 

 

	 	(ii)	enter into a Sole Risk Project Management Agreement with the relevant Enterprise Company. 

(each a “Sole Risk Project”). 
  

	 	(f)	Subject to paragraph (g), the construction and operation of all Sole Risk Projects must comply with all applicable law and the standards adopted by the relevant Enterprise Company in place immediately prior to
commencement of construction or operation of the Sole Risk Project. Where there are changes to those standards after commencement of the operations of such Sole Risk Project, these standards will be adopted for conduct of the Sole Risk Project to
that same extent. 

  

	 	(g)	Where a Sole Risk Project is not the subject of a Sole Risk Project Management Agreement, and is functionally and operationally separate from the Enterprise Facilities, the Proposing Party may seek the approval of the
relevant Enterprise Company to apply a standard (other than the standard adopted by the relevant Enterprise Company) that is a reasonably acceptable industry standard, such approval not to be unreasonably withheld. 

 

	2.3	Conduct of Sole Risk Project operated by Proposing Party or nominated Affiliate 

  

	 	(a)	If the Sole Risk Project is conducted in accordance with clause 2.2(c) or clause 2.2(e)(i), the Proposing Party or its nominated Affiliate will develop, operate and manage the Sole Risk Project independently
of the Enterprise’s operations in accordance with this clause 2.3, except to the extent that the Proposing Party utilises Enterprise Facilities as agreed or determined in accordance with clause 2.3(b). 

	 	(b)	A Proposing Party may utilise Enterprise Facilities in connection with a Sole Risk Project provided: 

  

	 	(i)	the Enterprise Facilities are not required or utilised, and are not reasonably expected to be required or utilised, for any Relevant Existing Project or reasonably expected projects, or have capacity in excess of that
which is required or utilised, or expected to be required or utilised, for Relevant Existing Projects or reasonably expected projects; and 

  

	 	(ii)	to the extent a Proposing Party may utilise Enterprise Facilities in accordance with clause 2.3(b)(i), the Proposing Party and the relevant Enterprise Company must negotiate in good faith with a view to entering
into a shared services agreement (“Shared Services Agreement”) with the Proposing Party pursuant to which the relevant Enterprise Company will allow utilisation of the Enterprise Facilities on reasonable arms’ length terms. The
amount payable for use of the Enterprise Facilities should take into account the latent capacity of some or all of the Enterprise Facilities proposed to be used (including loss of option value) and any coordination costs. 

 

	 	(c)	The operation and management of the Sole Risk Project by the Proposing Party or its nominated subsidiary will be conducted such that: 

 

	 	(i)	the Proposing Party shall be the sole decision maker in respect of the Sole Risk Project, and will bear all risks associated with the Sole Risk Project; 

 

	 	(ii)	the Non-Proposing Party and the Strategic Council are not entitled to participate in any decision making regarding the Sole Risk Project except such decisions as may affect the Enterprise Facilities or that arise in
connection with the Sole Risk Project Management Agreement; 

  

	 	(iii)	during the period of construction and operation of the Sole Risk Project, the Proposing Party or its nominated subsidiary will use reasonable endeavours to minimise interference with, or disruption to, the Enterprise
and any Enterprise Project; 

  

	 	(iv)	the Non-Proposing Party is not entitled to receive any offtake arising from the Sole Risk Project in accordance with clause 2.7; and 

 

	 	(v)	the cost of the Sole Risk Project, including any payments under a Shared Services Agreement, will be borne by the Proposing Party in accordance with clause 2.8. 

 

	2.4	Conduct of Sole Risk Project operated by an Enterprise Company 

  

	 	(a)	If the Sole Risk Project is conducted in accordance with clause 2.2(d) or clause 2.2(e)(ii), the relevant Enterprise Company will operate and manage the Sole Risk Project in accordance with this
clause 2.4 subject to the applicable Sole Risk Project Management Agreement, which must include a requirement that during the period of construction and operation of the Sole Risk Project, the Enterprise Company will use reasonable endeavours
to minimise interference with, or disruption to, the Enterprise and any Enterprise Project; 

  

	 	(b)	The Enterprise Facilities may be utilised to conduct the Sole Risk Project to the extent that the Enterprise Facilities are not required or utilised, and are not reasonably expected to be required or utilised, for any
Relevant Existing Project or reasonably expected projects, or have capacity in excess of that which is required or utilised, or expected to be required or utilised, for Relevant Existing Projects or reasonably expected projects; 

 

	 	(c)	the Non-Proposing Party shall not be entitled to receive any offtake arising from the Sole Risk Project in accordance with clause 2.7; and 

 

	 	(d)	the cost of the Sole Risk Project will be borne by the Proposing Party in accordance with clause 2.8. 

	2.5	Obligation to proceed with Sole Risk Project within certain period 

 If a Sole Risk Project has
not commenced construction within 18 months of the time period specified in the proposed project terms, the Proposing Party cannot proceed without the approval of the Non-Proposing Party. 

 

	2.6	Rights to Enterprise tenement or concession rights 

  

	 	(a)	If the Sole Risk Project that is a New Project is conducted in accordance with clause 2.2(c) or clause 2.2(e)(i), the relevant Enterprise Company will use commercially reasonable endeavours to grant to the
Proposing Party or its subsidiary, or secure the grant to that party of, a right to use the Enterprise land, tenement or concession rights, to the extent reasonably necessary to undertake the Sole Risk Project. 

 

	 	(b)	The Enterprise Company will, at the request of the Proposing Party, use commercially reasonable endeavours to excise the portion of the tenement or concession on customary terms, including by creation of a sublease,
reasonably expected to contain the reserves and resources required for the Sole Risk Project. 

  

	 	(c)	If the existence of additional reserves or resources is established in the area that is the subject of a Sole Risk Project through further exploration (Additional Tonnes), the Proposing Party or Enterprise
Company, as the case may be, will notify Alcoa and Alumina as soon as reasonably practicable. For the avoidance of doubt, any such Additional Tonnes will be assets of the Enterprise Company. 

 

	2.7	Rights to production arising from a Sole Risk Project 

  

	 	(a)	If the Sole Risk Project is conducted in accordance with clause 2.2(d) or clause 2.2(e)(ii), the Proposing Party may exclusively purchase all offtake, including any bauxite or alumina, produced from the Sole
Risk Project at cost and the Non-Proposing Party shall not be entitled to receive any production from the Sole Risk Project and the Enterprise Company must enter into an offtake agreement with the Proposing Party to give effect to the offtake rights
of the Proposing Party. 

  

	 	(b)	If the Sole Risk Project in accordance with clause 2.2(c) or clause 2.2(e)(i), the Proposing Party will exclusively hold the legal title to all production resulting from the Sole Risk Project in accordance
with clause 2.7(a) and the Non-Proposing Party shall not be entitled to receive any production from the Sole Risk Project, and the Proposing Party will have the exclusive benefit of all property, plant and equipment built or acquired for the
Sole Risk Project. 

  

	 	(c)	If the production from an Enterprise Project (including an Expansion Project) reduces following completion of construction of that Enterprise Project then, to the extent that such reduction occurs as a result of actions
taken at the direction of: 

  

	 	(i)	the Proposing Party in connection with a Sole Risk Project, the offtake available to the Proposing Party will reduce; and 

  

	 	(ii)	an Enterprise Company in connection with an Enterprise Project, the offtake available to the Enterprise Company will reduce, 

and to the extent that reduction occurs as a result of an event that neither the Proposing Party and Enterprise contribute to or which the
Proposing Party and Enterprise each materially contribute to, then the offtake available to the Proposing Party and the Enterprise Company will reduce in proportion to the entitlement to offtake of each party. 

 

	 	(d)	The Proposing Party will have the exclusive benefit of all fixtures built or acquired for the Sole Risk Project with ownership of those fixtures residing with the Enterprise Company. 

	 	(e)	The Enterprise will be entitled to use any unused capacity in infrastructure created by a Sole Risk Project, and the Proposing Party and the relevant Enterprise Company must negotiate in good faith with a view to
entering into a shared infrastructure agreement (“Infrastructure Sharing Agreement”) with the Proposing Party pursuant to which the Proposing Party will allow utilisation of the infrastructure by the relevant Enterprise Company on
reasonable arms’ length terms. 

  

	2.8	Allocation of costs of Sole Risk Project 

  

	 	(a)	The Proposing Party must: 

  

	 	(i)	bear the entire cost and liability of developing, conducting, operating, closing and remediating the Sole Risk Project; 

  

	 	(ii)	pay the relevant Enterprise Company a fair market value amount (“Fair Market Value”) for any resources consumed; 

  

	 	(iii)	pay any costs in connection with any proposed excising of a portion of the land, tenements or concession rights following a request by the Proposing Party under clause 2.6, including the costs to the Enterprise
Company seeking and obtaining any Government consent required and any duty or tax payable; 

  

	 	(iv)	pay the relevant Enterprise Company its costs, including reasonably allocated overhead and any other agreed payments, for use of the relevant Enterprise Facilities; 

 

	 	(v)	if the construction or operation of the Sole Risk Project results or is likely to result in a temporary decrease in the output or capacity of the Enterprise, which would result in an unavoidable loss of sales of bauxite
or alumina by the Enterprise Company, the Proposing Party must reimburse the Non-Proposing Party for such loss; and 

  

	 	(vi)	keep the relevant Enterprise Company and the Non-Proposing Party whole in respect of costs and liabilities arising from the Sole Risk Project, including any cost of bringing forward the closure date of an Enterprise
Mine or Enterprise Refinery or otherwise reducing the value of the Enterprise Facilities (whether or not directly utilised for the Sole Risk Project). 

  

	 	(b)	For the purposes of this Exhibit C, Fair Market Value will be agreed by the Proposing Party and the Enterprise Company or, failing agreement, will be determined by the average of three valuations determined by three
independent experts (“Valuers”): 

  

	 	(i)	based on the fact that the scheduled reserves and resources will be developed using the infrastructure assets available to the Enterprise; 

 

	 	(ii)	based on the quantity of scheduled reserves and resources, and other reasonably anticipated bauxite prospectivity, that the applicable feasibility study identifies as being scheduled for delivery to the Proposing Party
as part of the Sole Risk Project and the timing for delivery of those tonnes in accordance with the delivery schedule set out in the applicable feasibility study, taking into account any reduction in mine life arising from the consumption of those
reserves and resources; and 

  

	 	(iii)	each Valuer will value the transaction as between a willing but not anxious seller and a willing but not anxious buyer at arms length and have regard to all relevant matters including: 

 

	 	(A)	current and projected demand and supply conditions in the global bauxite market; 

	 	(B)	likely trends in bauxite quality specifications and pricing; 

  

	 	(C)	likely timing and scale of development and/or expansion of all relevant bauxite deposits; 

  

	 	(D)	quantum and nature of all relevant bauxite reserves and resources, including grade; 

  

	 	(E)	projected capital and operating costs of development (taking into account the location of the bauxite and in particular its proximity to relevant Enterprise Facilities) and/or expansion over project life;

  

	 	(F)	the global competitiveness of relevant bauxite product; and 

  

	 	(G)	the party that will bear any stamp duty or equivalent duty arising in connection with the transaction concerned and the amount of that duty 

 

	2.9	Allocation of benefits of Sole Risk Project 

 Any production economies (including reductions in
fixed and variable cost on a per unit basis) which result from the Sole Risk Project with respect to the Enterprise shall accrue to the Enterprise Company. 
  

	2.10	Sale or closure of Enterprise Mine or Enterprise Refinery 

  

	 	(a)	Subject to paragraph (b), if the Strategic Council or the relevant Enterprise Company proposes to sell, curtail or close an Enterprise Mine or Enterprise Refinery: 

 

	 	(i)	a related continuing Sole Risk Project will not be forced to close or curtail; and 

  

	 	(ii)	the sale of those assets, to the extent they relate to a Sole Risk Project, is not permitted without the consent of the Proposing Party, 

unless there has been consultation with the Proposing Party in good faith to determine whether the Proposing Party could assume operation of
the Enterprise Mine or Enterprise Refinery with the Proposing Party having the exclusive benefit of the operations, including the offtake and bearing the entire operating cost and liability of conducting the Enterprise Mine or Enterprise Refinery.
If in this scenario, the Proposing Party does assume operation of the Enterprise Mine or Enterprise Refinery, liability for the closure costs will be borne by: 
  

	 	(iii)	the Enterprise, to the extent of the closure costs attributable to the Enterprise Mine or Enterprise Refinery (in each case, excluding any Sole Risk Project) in respect of the period prior to the date on which the
Proposing Party assumed operation of the Enterprise Mine or Enterprise Refinery; and 

  

	 	(iv)	the Proposing Party, as regards the Sole Risk Project and to the extent of the closure costs attributable to the Enterprise Mine or Enterprise Refinery in respect of the period on and after the time from which the
Proposing Party assumed control of the Enterprise Mine or Enterprise Refinery. 

  

	 	(b)	Any sale by the Enterprise Company of an Enterprise Mine or Enterprise Refinery that contains a Sole Risk Project must be subject to the purchaser recognising and agreeing to honour the rights and
interests of the Proposing Party in respect of the Sole Risk Project and pursuant to these terms. 

	2.11	Indemnity 

 The Proposing Party must indemnify and keep indemnified the Non-Proposing Party and
the relevant Enterprise Company against all claims and liabilities arising out of the existence, development and operation of any and all of its Sole Risk Projects, including any tax liability arising as a result of the transfer or sale of any
offtake from the Enterprise Company to the Proposing Party and all claims and liabilities in connection with liability assumed by the Proposing Party under clause 2.10(a). 

 

	2.12	Transfer of Sole Risk Project 

 If a Proposing Party transfers all of its interest in the
Enterprise Company to a person other than an affiliate, it will also transfer, to the acquirer of that interest, each Sole Risk Project.EX-10.13

 Exhibit 10.13 

SHAREHOLDERS’ AGREEMENT 
 Originally
made 10 May 1996 and as amended and restated with effect on and from the ‘Distribution Date’ as defined in, and in accordance with, the “Framework Agreement” between Alumina Limited, Alcoa Inc. (formerly known as Aluminum
Company of America) (“Alcoa”) and Alcoa Corporation (formerly known as Alcoa Upstream Corporation) dated 1 September 2016 (“Framework Agreement”). 

BETWEEN: 
  

	(1)	ALCOA OF AUSTRALIA LIMITED ACN 004 879 298, a company incorporated in the State of Victoria having its registered office at the Corner of Davy and Marmion Streets, Booragoon, WA 6154 (“Company”);

  

	(2)	ALCOA AUSTRALIAN HOLDINGS PTY LTD ACN 096 987 370, a company incorporated in the State of Victoria, Australia and having its principal place of business at the Corner of Davy and Marmion Streets, Booragoon, WA
6154 (“AAH”). AAH acceded to this agreement by entering into the 2005 Deed of Accession dated 1 November 2005, having succeeded Alcoa International Holdings Corporation (“AIHC”) as a Principal Shareholder; and

  

	(3)	ALUMINA LIMITED ACN 004 820 419, a company incorporated in the State of Victoria, Australia and having its principal place of business at 60 City Road, Southbank, VIC 3006 (formerly called Western Mining
Corporation Holdings Limited and WMC Limited) (“Alumina”). 

 RECITALS: 

 

	A.	AAH and Alumina (both of which are hereinafter collectively called the “Principal Shareholders” and each of which is hereinafter individually called a “Shareholder”) are the principal
shareholders in the Company (as hereinafter defined), each beneficially owning ordinary voting shares in the Company as follows: 

  

									
	Shareholder	  	Shares	 	  	Percentage of
class of shares	 
	 AAH
	  	 	274,803,077	  	  	 	60.0	% 
	 Alumina
	  	 	183,202,052	  	  	 	40.0	% 

  

	B.	Pursuant to the terms of a Master Agreement dated 16 December 1987 between Alcoa Inc. (a company incorporated in the Commonwealth of Pennsylvania, United States of America and the ultimate holding company of AIHC
and AAH) and Alumina (the “1987 Master Agreement”), AIHC and Alumina entered into a Deed in December 1987 (the “Existing Shareholders’ Agreement”) which constituted a shareholders’ agreement between them
governing certain matters of mutual interest. 

  

	C.	Since the date of the Existing Shareholders’ Agreement: 

  

	 	(i)	Alumina has acquired certain shares in the Company from institutional investors; 

  

	 	(ii)	Alcoa Inc. and Alumina have agreed to combine their interests in bauxite mining, alumina refining and the Alcoa inorganic industrial chemicals operations as well as certain integrated aluminum fabricating and smelting
operations to form a worldwide enterprise and have signed (inter alia) a document described as the Charter of the Strategic Council (the “Charter”) which sets forth certain principles and policies for the management of the entities
and operations comprising the world-wide enterprise and concerning the rights and obligations of Alcoa and Alumina with regard to their respective interests in those entities and operations; and 

 

	 	(iii)	in connection with the formation of the worldwide enterprise, Alumina transferred to AIHC 37,386,000 ordinary shares in the Company, representing nine percent (9%) of the issued capital in the Company.

	D.	Pursuant to the terms of the 1987 Master Agreement, Alcoa Inc., Alcoa Securities Corporation (“ASC”) (a company incorporated in the State of Delaware, United States of America) and Alumina entered into
a further Deed in December 1987 (the “AIHC Right of First Refusal Deed”) which provided, among other matters of mutual interest, that Alcoa and ASC will not dispose of their shares in AIHC without first offering them to Alumina in
accordance with the terms of that Deed. 

  

	E.	On 10 May 1996, Alcoa Inc. and Alumina entered into a new shareholders’ agreement (“New Shareholders’ Agreement”) to govern certain matters of mutual interest and to terminate the
Existing Shareholders’ Agreement. 

  

	F.	Pursuant to clause 4 thereof, the AIHC Right of First Refusal Deed ceased to have force and effect upon termination of the Existing Shareholders’ Agreement. 

 

	G.	As of 1 November 2005, AIHC transferred to AAH all of its shares in the Company. AAH acceded to the New Shareholders’ Agreement by entering into the 2005 Deed of Accession dated 1 November 2005.

  

	H.	In furtherance of the Framework Agreement, AAH and Alumina hereby amend and restate the New Shareholders’ Agreement in accordance with the terms and conditions of this Deed.

THE PARTIES HEREBY AGREE AND DECLARE as follows: 
  

	1.	DEFINITIONS 

  

	1.1.	In this Deed: 

 “Affiliate” means, in relation to a Shareholder, any
entity, directly or indirectly, controlling, controlled by, or under common control with that Shareholder. Without limiting the generality of the foregoing, an entity shall be deemed to be in control of or to be controlled by another entity if such
entity holds fifty percent (50%) or more of the outstanding voting equity interest in such other entity or such other entity holds fifty percent (50%) or more of its outstanding voting equity interest; 

“AAH” means Alcoa Australian Holdings Pty Ltd ACN 096 987 370; 

“Alcoa” means Alcoa Corporation; 

“Alumina” means Alumina Limited ACN 004 820 419; 

“Alumina Limited AWAC Offtake Agreements” means the Alumina Individual Owner Supply Agreement, Bauxite Individual Owner Supply
Agreement and the Umbrella Agreement; 
 “Alumina Individual Owner Supply Agreement” means the Alumina Limited – AWAC
Alumina Supply Agreement by and among Alcoa of Australia Limited, Alcoa World Alumina LLC and Alumina Limited, dated as of September 1, 2016, as such document is amended, restated, varied, novated, supplemented or terminated from time to time by
agreement or in accordance with its terms, or if no longer effective for any other reason, in its form as at the date on which it was last effective; 

“Bauxite Individual Owner Supply Agreement” means the Alumina Limited – AWAC Bauxite Supply Agreement by and among Alcoa
of Australia Limited, Alcoa World Alumina LLC and Alumina Limited, dated as of September 1, 2016, as such document is amended, restated, varied, novated, supplemented or terminated from time to time by agreement or in accordance with its terms, or
if no longer effective for any other reason, in its form as at the date on which it was last effective; 
 “Cash Flow from Operating
Activities” means cash flow from operating activities, as determined in accordance with United States generally accepted accounting principles; 

  
 2 

 “Change of Control” of a party (the “Target”) means the
acquisition of beneficial ownership, by any person or group of persons acting in concert with respect to the Target’s securities (the “Acquirers”), in a single transaction or series of related transactions, by way of merger,
scheme of arrangement, takeover or other business combination or purchase, of securities that result in the Acquirer(s) having beneficial ownership of more than 50% of the Target’s voting equity securities (an “acquisition
transaction”); provided, however, that a Change of Control will be deemed not to have occurred if, immediately following such acquisition transaction: 
  

	 	(a)	the Original Target Shareholders: continue to have an aggregate amount of beneficial ownership of at least 50% (“50% threshold”) of the voting equity securities of the Target (or the surviving company
or Acquirers, as applicable), and 

  

	 	(b)	such beneficial ownership is solely attributable to the beneficial ownership of Target voting securities that they had as of immediately prior to the acquisition transaction (for example, if a shareholder holds shares
of both the Target and the Acquirer, any beneficial ownership in the relevant post-transaction entity that is attributable to its pre-transaction ownership of the Acquirer shall not count toward the 50% threshold.; 

“Charter” means the Charter of the Strategic Council of the Enterprise entered into between Alcoa Inc. and Alumina dated
21 December 1994, as such document is amended, restated, varied, novated, supplemented or terminated from time to time by agreement or in accordance with its terms, or if no longer effective for any other reason, in its form as at the date on
which it was last effective; 
 “Company” means Alcoa of Australia Limited ACN 004 879 298, a company incorporated in the
State of Victoria, Australia, and having its principal place of business at the Corner of Davy and Marmion Streets, Booragoon, Western Australia, Australia; 

“Company Mine” includes the Huntly and Willowdale bauxite mines and all other bauxite mines in which the Company has an
interest, directly or indirectly, through joint venture interests or shareholdings (and any other mine or project developed by the Company); 

“Company Refinery” includes the Kwinana, Pinjarra and Wagerup alumina refineries and all other alumina refineries in which the
Company has an interest, directly or indirectly, through joint venture interests or shareholdings (and any other refinery developed by the Company); 

“Constitution” means the Memorandum and Articles of Association of the Company originally adopted by special resolution on
6 June 1996 and as subsequently adopted in their amended and restated form by special resolution passed on or after the date of this Deed; 

“Competitor” means any person or entity engaged in the mining of bauxite or in the processing of alumina, non-metallurgical
alumina operations, or production of primary aluminum, whether directly or indirectly through any company in which it holds, whether legally or beneficially, 10% or more of the issued capital or such number of shares in the issued capital or any
class of shares in the issued capital which entitles it to ten percent (10%) or more of the voting power of the shares in that company.; 

“Effective Date” means the earlier to occur of a Change of Control in respect of Alumina or Alcoa; 

“Enterprise” means the contractual arrangement by which Alumina and Alcoa shall cause the Enterprise Companies to take actions
in a coordinated manner, through which Alumina and Alcoa combine their respective current interests in bauxite mining, alumina refining and non-metallurgical alumina operations as well as Alcoa’s shipping operations and certain integrated
aluminum fabricating and smelting operations; 
 “Enterprise Companies” means those Affiliates of Alcoa or Alumina that own
and operate the combination of Alcoa’s and Alumina’s respective current interests in bauxite mining, alumina refining and non-metallurgical alumina operations as well as Alcoa’s shipping operations and certain integrated aluminum
fabricating and smelting operations; 
 “Expansion” means any project within the Company, the purpose of which is: 

 

	 	(a)	the expansion of an existing Company operation, facility or venture, including any mine or refinery; or 

  

	 	(b)	the development of a new mine, refinery or other operation or facility; 

 “Formation
Agreement” means the agreement establishing the Enterprise between (among others) Alcoa and Alumina dated 21 December 1994 and as amended and restated from time to time; 

“holding company” has the meaning given in the Corporations Act 2001 (Cth); 

“Insolvency Event” means the happening of any of the following events in respect of a person: 

 

	 	(a)	it is unable to pay its debts as and when they become due and payable; 

  

	 	(b)	a meeting is convened by its directors or equityholders to place it into voluntary liquidation or to appoint an administrator; 

  
 3 

	 	(c)	(i) it makes an application to a court of competent jurisdiction for its winding up or (ii) any other person makes an application to a court of competent jurisdiction for its winding up and such application is not
stayed, withdrawn or dismissed within forty-five (45) days; 

  

	 	(d)	an order by a court of competent jurisdiction is made for it to be wound up; 

  

	 	(e)	the appointment of a controller for any of its assets; 

  

	 	(f)	it proposes or enters into a compromise or arrangement with, or assignment for the benefit of, any of its creditors generally; 

  

	 	(g)	an involuntary proceeding shall be commenced seeking relief in respect of it, or of a substantial portion of its assets, under Chapter 11 of the Bankruptcy Reform Act of 1978 or any other applicable debtor relief law
and such proceeding shall continue undismissed for forty-five (45) days; 

  

	 	(h)	it files for protection under Chapter 11 of the Bankruptcy Reform Act of 1978 or any other applicable debtor relief law; or 

  

	 	(i)	anything having a substantially similar effect to any of the events specified in paragraphs (a) to (g) above inclusive happens to it under the law of any jurisdiction. 

“Interest” means in relation to a Shareholder of the Company the total number of issued ordinary shares in the Company which
are beneficially owned by that Shareholder; 
 “Manager” means Alcoa, any Affiliate of Alcoa, or nominees of Alcoa acting as
manager and/or operator of the Company from time to time; 
 “May 1995 Letter Agreement” means the letter agreement between
Alcoa Inc. (formerly known as “Aluminum Company of America”) and Alumina (formerly known as “Western Mining Corporation Holdings Limited”) originally dated 16 May 1995 as such document is amended, restated, varied, novated,
supplemented or terminated from time to time by agreement or in accordance with its terms, or if no longer effective for any other reason, in its form as at the date on which it was last effective; 

“Offer” has the meaning given in clause 7.3 of this Deed; 

“Option” has the meaning given in clause 7.4 of this Deed; 

“Original Target Shareholders” means the individual beneficial owners of voting equity securities of Target as of immediately
prior to the relevant acquisition transaction; provided, however, that Acquirers (including any of their Related Bodies Corporate) in the acquisition transaction shall not constitute Original Target Shareholders; 

“Percentage Interest” means, with respect to any Shareholder and with respect to any point in time, the proportion, expressed
as a percentage, which that Shareholder’s Interest bears to the total number of issued ordinary shares in the Company, determined without reference to any other class or classes of shares; 

“Principal Shareholder” has the meaning given in Recital A of this Deed; 

“Purchasing Member” has the meaning given in clause 7.4 of this Deed; 

“Related Body Corporate” has the meaning given in the Corporations Act 2001 (Cth); 

“Scope of Company” means the scope of the Company as referred to in clause 2; 

“Shareholder” has the meaning given in Recital A of this Deed; 

“Strategic Council” means the Council formed by Alcoa and Alumina to coordinate the activities of the Enterprise; 

“Supermajority Shareholder Resolution” means a resolution that has been passed by Shareholders entitled to vote holding at
least eighty percent (80%) of the votes. 
 “Transfer” has the meaning given in clause 7.1 of this Deed; 

“Transferee” has the meaning given in clause 7.1 of this Deed; 

“Transferring Member” means a shareholder that intends to Transfer all or any portion of an Interest; 

“ultimate holding company” has the meaning given in the Corporations Act 2001 (Cth); and 

“Umbrella Agreement” means the AWAC Umbrella Offtake Specifications Agreement by and among Alcoa of Australia Limited, Alcoa
World Alumina LLC, Alumina Limited and Alcoa Inc., dated as of September 1, 2016, as such document is amended, restated, varied, novated, supplemented or terminated from time to time by agreement or in accordance with its terms, or if no longer
effective for any other reason, in its form as at the date on which it was last effective. 

  
 4 

	1.2.	In this Deed, unless the context otherwise requires: 

  

	 	(a)	the singular includes the plural and vice versa; 

  

	 	(b)	a reference to an individual or person includes a corporation, partnership, joint venture, association, authority, trust, state or government and vice versa; 

 

	 	(c)	a reference to any gender includes all genders; 

  

	 	(d)	a reference to a recital, clause or schedule, is to a recital, clause or schedule of or to this Deed; 

  

	 	(e)	a recital or schedule forms part of this Deed; 

  

	 	(f)	a reference to any agreement or document is to that agreement or document (and, where applicable, any of its provisions) as amended, notated, supplemented or replaced from time to time; 

 

	 	(g)	a reference to any part to this Deed or any other document or arrangement includes that party’s administrators, substitutes, successors and permitted assigns; 

 

	 	(h)	where an expression defined, another part of speech or grammatical form of that expression has a corresponding meaning; and 

words and phrases defined in the recitals or elsewhere in this Deed have the meaning there ascribed to them. 

 

	2.	SCOPE OF THE COMPANY 

 The Scope of the Company shall be limited to the Scope of the
Enterprise as set forth in “SECTION 5: SCOPE” of the Charter. 
  

	3.	NOMINATION OF DIRECTORS 

 The board of directors of the Company shall consist of not less
than 3 and no more than 5 directors. A director may be any natural person who may, but need not, be an employee of any of the Principal Shareholders or the Company. The Principal Shareholders agree that the directors shall be nominated and appointed
from time to time in accordance with the Constitution. If the number of directors nominated by a Principal Shareholder and appointed to the board from time to time are greater than as permitted by it under the Constitution, then the relevant
Principal Shareholder will immediately remove that number of surplus director(s). 
  

	4.	DECISIONS REQUIRING APPROVAL OF BOTH THE PRINCIPAL SHAREHOLDERS 

  

	 	4.1.	Except where, and to the extent already sanctioned by the Strategic Council and directed in accordance with the Charter, the Principal Shareholders agree that a resolution relating to any of the matters described
in clause 4.3 shall be adopted only by a Supermajority Shareholder Resolution. 

  

	 	4.2.	The Principal Shareholders shall use their best endeavours to procure that a resolution of the directors of the Company relating to any of the matters described in clause 4.3 shall be adopted, whether at a
meeting of directors of otherwise, only if a Supermajority Shareholder Resolution required under clause 4.1 has been passed. 

  

	 	4.3.	Clauses 4.1 and 4.2 apply to any resolution concerning: 

  

	 	(a)	change of the Scope of the Company; 

  

	 	(b)	change in the dividend policy of the Company; 

  

	 	(c)	equity requests to the Principal Shareholders on behalf of the Company totaling in any one year more than US $1 billion; 

  

	 	(d)	sale of all or a majority of the assets of the Company (such assets to be valued for this purpose at the Company book value); 

  

	 	(e)	loans to a Shareholder or their Related Bodies Corporate by the Company or any of its Related Bodies Corporate subject to “SECTION 8: EQUITY CALLS” and “SECTION 9: LEVERAGING POLICY” of the Charter;

  
 5 

	 	(f)	any Expansions, acquisitions, divestitures, closures or curtailments of the operations of the Company which are likely to result in a change in production: 

 

	 	(A)	in excess of 2 million tonnes per annum of bauxite for any Company Mine; or 

  

	 	(B)	0.5 million tonnes per annum of alumina for any Company Refinery, 

 or which have a sale price,
acquisition price, or project total capital cost of US $50 million or greater for any one transaction or US $50 million in aggregate for a series of related transactions. 

In relation to curtailments of operations of the Company or the closure of any Company Mine or Company Refinery, this Supermajority
Shareholder Resolution threshold: 
  

	 	(A)	only applies to a full curtailment of the production from Company operations or a Company Mine or Company Refinery production; and 

  

	 	(B)	does not apply with respect to a Company operation, Company Mine or Company Refinery that has had losses in the 2 consecutive quarters immediately preceding such curtailment or closure (calculated on the basis of Cash
Flow from Operating Activities); 

  

	 	(g)	without affecting any other existing rights at law, and in particular without prejudice to any related party transaction laws, to enter into any related party transaction with a total value of US $50 million or greater
excluding: 

  

	 	(A)	any transaction solely between Enterprise Companies; or 

  

	 	(B)	any transaction which is otherwise approved under, or is taken in accordance with an agreement or arrangement previously approved (and still operative) pursuant to, this clause 4.3; 

 

	 	(C)	any offtake or supply agreement the pricing methodology of which is the same as that set forth in the Alumina Limited AWAC Offtake Agreements (as amended from time to time) and that complies with all applicable
requirements of subsection (a)(iii) of “SECTION 5: SCOPE” of the Charter; or 

  

	 	(D)	any ‘Sole Risk Project’ or any ‘Sole Risk Project Management Agreement’ (as such terms are defined in the Charter) that is entered into pursuant to Exhibit D of the Charter; 

 

	 	(h)	entry into any financial derivatives, hedges or swaps, including, but not limited to, any currency, interest rate or commodity price loss protection mechanism; and 

 

	 	(i)	amend, update or replace any pricing formula set out in the Alumina Limited AWAC Offtake Agreements (as amended from time to time) or any method or formula for pricing for any other supply of bauxite or alumina from the
Enterprise to Alcoa or Alumina (or any Affiliate of Alcoa or Alumina). 

  

	 	4.4.	Subject to clauses 4.1 to 4.3 inclusive and the requirements of Australian law, questions arising at any meeting of the directors or of the members of the Company shall be decided by a majority of votes cast, in
accordance with the Constitution of the Company. 

  

	 	4.5.	The Principal Shareholders hereby authorise the board of directors of the Company to manage, on a daily basis, the business and affairs of the Company on behalf of the Principal Shareholders in a manner
consistent with this Deed, applicable law, the Company’s Constitution and the direction of the Strategic Council. 

 4A. COMPANY
INFORMATION 
 Without affecting any other existing rights at law, each Principal Shareholder is entitled to information relating to the
Company and the Enterprise on the terms and conditions set out in “SECTION 7: ENTERPRISE COMPANY INFORMATION” of the Charter. 

  
 6 

	5.	LEVERAGING & CASH MANAGEMENT POLICY

  

	 	5.1.	Debt Funding 

 The Principal Shareholders agree that the Company must not, and the
Company agrees not to, enter into any contractual arrangements under which an Insolvency Event (or similar) of a holding company of the Company is an event of default (or equivalent) under that agreement. 

 

	 	5.2.	Related party loans 

  

	 	(a)	Where a resolution has been passed for a related party loan in accordance with Clause 4.3(e), the applicable interest shall be consistent with the terms of subsection (c)(iv) of “SECTION 9: LEVERAGING POLICY”
of the Charter. 

  

	 	(b)	Notwithstanding Clause 4.3(e), the Shareholders agree that the Company may grant a loan to another Enterprise Company provided any such loan is consistent with the terms of subsection (c)(iii) of “SECTION 9:
LEVERAGING POLICY” of the Charter with the first reference to ‘an Enterprise Company’ being read as a reference to ‘the Company’. 

  

	6.	DIVIDEND POLICY 

 Acknowledging that, at all times, the directors of the Company must
comply with applicable laws, the Shareholders agree that the Company shall pay dividends from time to time consistent with the terms specified in “SECTION 10: DISTRIBUTION POLICY” of the Charter with any reference to ‘each Enterprise
Company’ and ‘the Enterprise Company’ being read as a reference to ‘the Company’ and taking into account “SCHEDULE 1.01 DEFINITIONS” to the Charter. 

 

	7.	RESTRICTIONS ON TRANSFER 

  

	 	7.1.	General Restrictions of Transfer 

  

	 	(a)	Transfers Other than to Affiliates of Principal Shareholders. 

 Except as otherwise
provided in clause 7.1(b) (relating to permitted transfers to Affiliates of Principal Shareholders), no Principal Shareholder may sell, transfer or assign (hereinafter in this clause 7 referred to interchangeably as “Transfer”) to any
individual or entity (each a “Transferee”) all or any portion of an Interest unless (i) such Transfer is expressly permitted under this clause 7, and (ii) such Transferee first executes a deed, reasonably satisfactory to the other
Principal Shareholder, accepting and agreeing to all of the terms and conditions of this Deed (including specifically, without limitation, clause 7). 
  

	 	(b)	Notwithstanding the provisions of clause 7.1(a) any Principal Shareholder may, without the consent of the other Principal Shareholder, and without first making any Offer to the other Principal Shareholder as described
in clause 7.3. Transfer all or any portion of such Principal Shareholder’s Interest to an Affiliate of such Principal Shareholder, provided, however, that such Affiliate must satisfy all of the requirements of clause 7.1(a) that are applicable
to Transfers to a Transferee that is not an Affiliate of a Principal Shareholder. 

  

	 	7.2.	Permissible Transfers by AAH 

  

	 	(a)	Passive Investor. 

 Notwithstanding the provisions of this clause 7.1(a), if, at any
time, AAH desires to Transfer a portion of its Interest that is a nine percent (9%) or less Percentage Interest in the Company to an investor who will not be entitled to manage or bind the Company nor be represented on the board of a Shareholder or
on any Affiliate boards, consent to such Transfer by Alumina shall not be required and AAH shall not be required to make any Offer to the other Principal Shareholder as described in clause 7.3. Such investor shall only receive business information
about the Company that is required by the law governing the Company, plus additional information as is believed reasonable by AAH as being appropriate for the particular investor and consented to by Alumina, which consent may be withheld in its sole
discretion. Said investor shall be entitled to share in the distributions and/or dividends of the Company in proportion to its Percentage Interest in the Company. AAH shall give not less than thirty (30) days prior written notice to Alumina of its
intent to so transfer such part of its Interest. 

  
 7 

	 	(b)	Active Investor. 

 Notwithstanding the provisions of clause 7.1(a), if an any time AAH
desires to Transfer a portion of its Interest that is a nine percent (9%) or less Percentage Interest in the Company to an investor (other than as described in clause 7.2(a)), AAH must first obtain the consent of Alumina to such Transfer, which
consent shall not be unreasonably withheld, but AAH shall not be required to make any Offer to the other Principal Shareholder as described in clause 7.3, and Alumina shall not have any right pursuant to clause 7.3, and Alumina shall not have any
right pursuant to clause 7.3 hereof to purchase any part of such portion of the Interest of AAH. AAH shall specify a time and a place of closing not less than ten (10) nor more than twenty (20) business days following the date of consent by Alumina
and AAH shall deliver to such investor at the closing all requisite and duly executed forms of transfer against payment for the portion of the Interest being Transferred. 
  

	 	(c)	Aggregate 9% Transfers. 

 Notwithstanding the foregoing provisions of this clause 7.2,
the aggregate Percentage Interest that may be Transferred by AAH under both clauses 7.2(a) and 7.2(b) shall not exceed a nine percent (9%) Percentage Interest in the Company. 
  

	 	7.3.	Offers to the Other Principal Shareholder 

 Except as otherwise provided in clauses
7.1(b) or 7.2, if at any time during the term of this Deed any Principal Shareholder desires to Transfer all or any portion of its Interest, such Principal Shareholder shall first make an offer in writing delivered to the other Principal Shareholder
(an “Offer”) to sell such Interest or portion thereof to the other Principal Shareholder in accordance with the provisions of clauses 7.4 and 7.5. 
  

	 	7.4.	Options 

 For a period of forty-five (45) days from and after the receipt of an Offer
from a Principal Shareholder (the “Transferring Member”), the other Principal Shareholder (a “Purchasing Member”), shall have the option (an “Option”) either to: (a) purchase (either directly or by
an Affiliate of the Purchasing Member) the Transferring Member’s Interest available for sale upon the same terms and conditions as specified in the Offer; or (b) decline to purchase the Transferring Member’s Interest so available. During
the foregoing forty-five (45) day period, the Transferring Member shall furnish to the other Principal Shareholder such further evidence as it may reasonably require to enable it to establish the bona fides of the Offer. 

 

	 	7.5.	Election of Options 

  

	 	(a)	Purchase by Other Principal Shareholder 

 If a Purchasing Member elects to
purchase the Transferring Member’s Interest available for sale pursuant to clause 7.4: (a) such Purchasing Member shall specify a time and a place of closing not less than ten (10) nor more than sixty (60) business days following the mailing of
the notice of exercise of the Option to purchase or at such later time as agreed to by the Transferring Member and such Purchasing Member: and (b) the Transferring Member shall deliver to the Purchasing Member, or to its designee (which must be an
Affiliate of the Purchasing Member), at the closing all requisite and duly executed forms or transfer against payment for the Transferring Member’s Interest being sold upon the same terms as set forth in the Offer. 

 

	 	(b)	Election Not to Purchase. 

 If the Purchasing Member does not exercise its Option to
purchase all of the Transferring Member’s Interest that is the subject of the Offer pursuant to clause 7.5(a) or fails to elect any Option granted in clause 7.4 above within the said forty-five (45) days period, then the Transferring
Member may sell its Interest that is the subject of the Offer to a third party upon the same or more stringent terms and conditions as specified in the Offer, provided that the prospective purchaser is not a Competitor: provided, however, that the
prospective purchaser, concurrently with such sale, agrees in a written undertaking, in form and substance reasonably acceptable to the Purchasing Member, to be bound by the terms of this Deed and the Charter and to be a party to this Deed in
place of the Transferring Member. The closing of the sale to a 

  
 8 

 
third party must take place within sixty (60) days of the expiration of the aforementioned forty-five (45) day period. If the prospective purchaser is a Competitor, the Transferring Member shall
only be entitled to sell its Interest to the Competitor if the Purchasing Member consents to the sale of the Transferring Member’s Interest upon the terms and conditions specified in the Offer, which consent the Purchasing Member may withhold
in its sole discretion. If a Purchasing M withholds consent to the sale of the Transferring Member’s Interest to a Competitor, then the Transferring Member shall not sell its Interest to such Competitor, and the Purchasing Member shall not be
liable to the Transferring Member for any liability incurred by the Transferring Member in connection with the Offer. 
 If the Transferring
Member does not sell its Interest as provided in this clause 7.5, the Transferring Member’s Interest shall not be free from the restrictions contained in this clause 7, and such Transferring Member’s Interest shall not thereafter be sold
unless the provisions of this clause 7 shall again be complied with. 
  

	 	7.6.	May 1995 Letter Agreement and Charter 

 In addition to the restrictions on transfers
contained in clauses 7.1–7.5 above, the Principal Shareholders agree that any direct or indirect transfer restrictions contained in the Charter or the May 1995 Letter Agreement and applicable to the Company, are incorporated by reference into
this Deed.
  

	 	7.7.	Recognition by Company of Transfers. 

 No Transfer, or any part thereof, that is in
breach of this clause 7 shall be valid or effective, and the Principal Shareholders shall not, and shall use their best endeavours to procure that the board of directors of the Company shall not, recognise the same for the purpose of making any
distributions or payments of dividends to members with respect to such Interest of part thereof. The Company, the non-transferring Shareholders and the board of directors of the Company shall incur no liability as a result of refusing to make any
such distributions or dividends to the Transferee of any such invalid transfer. 
  

	8.	SOLE RISK 

 Subject to, and conditional upon, the Effective Date having occurred, a
Shareholder may propose and undertake an Expansion Project or New Project related to the Company’s assets on the terms and conditions set out in Annexure A (Sole Risk Regime) of this Deed. 

 

	9.	OFFTAKE 

 The Principal Shareholders and the Company acknowledge and agree that each
Principal Shareholder is entitled to purchase from the Company, and other Enterprise Companies alumina and bauxite on the basis and subject to the limitations set out in subsection (a) of “SECTION 5: SCOPE” of the Charter. 

 

	10.	DISPUTE RESOLUTION 

  

	 	10.1.	Designated Senior Executive 

 All disputes, differences, controversies or claims between
the parties in relation to this Deed, if unable to be resolved, shall be referred for resolution by written notice addressed to a senior executive officer of Alcoa and Alumina designated for such purpose from time to time by Chief Executive Officer
of Alcoa and Alumina, respectively. The designated officers must meet and discuss the matter during a period of not more than fourteen (14) days from the date of receipt of such written notice. 

 

	 	10.2.	Chief Executive Officer 

 If the designated officers of Alcoa and Alumina cannot reach
an agreement resolving the dispute within the fourteen (14) days of the receipt of such written notice referred to in clause 9.1, any party may refer the dispute for resolution by further written notice addressed to the Chief Executive Officers
of Alcoa and Alumina. The Chief Executive Officers must meet and discuss the matter during a period of not more than twenty-one (21) days from the date of receipt of such further written notice. 

 

	 	10.3.	Final Resolution 

 If the Chief Executive Officers of Alcoa and Alumina are unable to
resolve the dispute by unanimous consent within twenty-one (21) days from the date they are notified of the dispute, then a party may seek all remedies available to it at law and in equity. 

  
 9 

	11.	TERMINATION OF AIHC RIGHT OF FIRST REFUSAL DEED 

 The parties acknowledge that pursuant
to clause 4 of the Existing Shareholders’ Agreement, the AIHC right of First Refusal Deed ceased to have force and effect upon termination of the Existing Shareholders’ Agreement. 

 

	12.	MISCELLANEOUS 

  

	 	12.1.	The benefit of any rights conferred by this Deed on any Shareholder shall not be assignable at law or in equity without the prior written agreement of all parties to this Deed. Such agreement shall not be
unreasonably withheld in the case of an assignment by a Shareholder to an Affiliate, PROVIDED THAT the Affiliate enters into a deed comparable hereto by which it undertakes to observe and perform all the obligations of that Shareholder which are
contained in this Deed. 

  

	 	12.2.	This Deed shall be construed in accordance with, and be governed by, the laws of the State of Victoria. 

  

	 	12.3.	If any one or more of the provisions of this Deed should at any time be invalid, illegal or unenforceable in any respect, the invalidity, illegality or unenforceability shall not affect the operation,
construction or interpretation of any other provision of this Deed, to the intent that the invalid, illegal or unenforceable provisions shall be treated for all purposes as severed from this Deed. 

 

	 	12.4.	No modification, variation, wavier or amendment of this Deed shall be of any force or effect unless such modification, variation or amendment is in writing and has been signed by all of the parties of this Deed.

  

	 	12.5.	Any notice or other communication which is required under this Deed shall be given either: 

  

	 	(a)	by airmail, with postage fully pre-paid; 

  

	 	(b)	by delivery by hand; or 

  

	 	(c)	by facsimile transmission; 

 properly addressed to the party at the address set forth below or
to such changed addresses as may be designated by such party by notice to the other party; 
 If to AAH: 

Company Secretary 
 Alcoa
Australian Holdings Pty Ltd 
 Corner of Davy and Marmion Streets 

Booragoon, 6154 
 WA, Australia

 Facsimile No: (08) 9316 5343 

If to the Company: 
 Company
Secretary 
 Alcoa of Australia Limited 

Corner of Davy and Marmion Streets 

Booragoon, 6154 
 WA, Australia

 Facsimile No: (08) 9316 5343 

If to Alumina: 
 The Managing
Director 
 Alumina Limited 

Level 12, IBM Centre 
 60 City
Road 
 Southbank, 3006 

Victoria, Australia 
 Facsimile
No. (03) 8699 2699 

  
 10 

 Any such notice given by airmail shall be deemed to have been given: 

 

	 	(a)	on the tenth (10th) day after having been mailed in the manner provided above; 

  

	 	(b)	when delivered, if delivered by hand; and 

  

	 	(c)	if given by facsimile transmission, on the day on which it is sent. 

 Either party may change
its address by giving the other party written notice of such change in the manner provided above. 

  
 11 

 EXECUTED as a deed. 
  

					
	EXECUTED by ALCOA OF AUSTRALIA LIMITED ACN 004 879 298: 	 		  	
			
	 /s/ Michael Alexander Parker
	 		  	 /s/ Simon Nicolas Butterworth

	Signature of director	 		  	Signature of director/secretary
			
	 Michael Alexander Parker
	 		  	 Simon Nicolas Butterworth

	Name	 		  	Name
			
	EXECUTED by ALCOA AUSTRALIAN HOLDINGS PTY LTD ACN 096 987 370: 	 		  	
			
	 /s/ Michael Alexander Parker
	 		  	 /s/ Simon Nicolas Butterworth

	Signature of director	 		  	Signature of director/secretary
			
	 Michael Alexander Parker
	 		  	 Simon Nicolas Butterworth

	Name	 		  	Name
			
	 EXECUTED by ALUMINA LIMITED ACN 004 820 419:
	 		  	
			
	 /s/ Peter Wasow
	 		  	 /s/ Colin Hendry

	Signature of director	 		  	Signature of director/secretary
			
	 Peter Wasow
	 		  	 Colin Hendry

	Name	 		  	Name

 Signature page - Shareholders’ Agreement 

  
 12 

 Annexure A 

Sole Risk Regime 
  

	1.	Definitions and interpretation 

 If, at the time of interpreting this Annexure A, the Strategic
Council has ceased to exist, the references in this Annexure A to the “Strategic Council” shall instead be to the Company’s board of directors or other governing body. 

Capitalised terms in this Annexure A have the meaning given in Schedule 1.01 of the Formation Agreement unless defined below. 

Affiliate means, with respect to any entity, any other entity controlling, controlled by, or under common control with such first
entity, provided that for the purposes of this definition, “control” of an entity shall mean the ownership of 50% or more of the voting securities of such entity (and “controlled” and “controlling” shall have
correlative meanings). 
 Enterprise Project means a project undertaken within the Enterprise and includes normal operations. 

Enterprise Facilities means the operational facilities of an Enterprise Company, including but not limited to mining and refinery
infrastructure, and including any related services required to be provided by the relevant Enterprise Company to operate those facilities and any services to support and facilitate the development, construction and operation of the Sole Risk
Project. 
 Expansion Project means a project of a type within the scope of the Enterprise undertaken within the Enterprise involving
the expansion of an existing Enterprise operation, facility or venture, including any mine or refinery. 
 New Project means a project
of a type within the scope of the Enterprise undertaken within the Enterprise involving the development of a new mine, refinery or other operation or facility on Enterprise land, tenements or otherwise within Enterprise concession rights. 

Non-Proposing Party has the meaning given in clause 2.2. 

Proposing Party has the meaning given in clause 2.1. 

Relevant Existing Project means any Enterprise Project or another Sole Risk Project, which at the relevant time: 

 

	 	(a)	is in existence; 

  

	 	(b)	is approved to be undertaken within the Enterprise (in the case of an Enterprise Project); or 

  

	 	(c)	a Proposing Party has proposed under clause 2.1 and has not declined, under clause 2.2, to conduct (in the case of another Sole Risk Project). 

Sole Risk Project has the meaning given in clause 2.1. 

Sole Risk Project Management Agreement has the meaning given in clause 2.2(d). 

 

	2.	Sole risk 

  

	2.1	Proposal for an Expansion Project or New Project 

 If Alcoa or Alumina or any of their
respective Affiliates wish to develop, construct, operate or otherwise implement an Expansion Project or New Project, it (“Proposing Party”) may by written notice propose that the relevant Enterprise Company implement, or
participate in, the Expansion Project or New Project (as applicable), in which case the Proposing Party must provide such detail in relation to the Expansion Project or New Project as is reasonably necessary to enable the other party
(“Non-Proposing Party”) to assess the merits of the project. 

  
 A-1 

	2.2	Sole Risk Project 

 If: 

 

	 	(a)	the proposed Expansion Project or New Project has not been approved by the Non-Proposing Party within 180 days of written notice of the proposal being given under clause 2.1; and 

 

	 	(b)	the proposed Expansion Project or New Project does not materially interfere with any Relevant Existing Project, 

the Proposing Party (“Proposing Party”) may, by giving written notice to the other party (“Non-Proposing
Party”), elect to conduct the proposed Expansion Project or New Project (as applicable) as a sole risk project, in which case the Proposing Party: 
  

	 	(c)	in the case of a New Project, where it is feasible, shall conduct the project itself or through a nominated subsidiary (including, in either case without limitation, by the appointment of a manager); or

  

	 	(d)	in the case of an Expansion Project relating to an Enterprise Refinery, shall enter into an agreement with the relevant Enterprise Company to conduct the project under the direction of the Proposing Party (a
“Sole Risk Project Management Agreement”); or 

  

	 	(e)	in all other cases, may elect to: 

  

	 	(i)	conduct the project itself or through a nominated subsidiary (including, in either case without limitation, by the appointment of a manager); or 

 

	 	(ii)	enter into a Sole Risk Project Management Agreement with the relevant Enterprise Company. 

(each a “Sole Risk Project”). 
  

	 	(f)	Subject to paragraph (g), the construction and operation of all Sole Risk Projects must comply with all applicable law and the standards adopted by the relevant Enterprise Company in place immediately prior to
commencement of construction or operation of the Sole Risk Project. Where there are changes to those standards after commencement of the operations of such Sole Risk Project, these standards will be adopted for conduct of the Sole Risk Project to
that same extent. 

  

	 	(g)	Where a Sole Risk Project is not the subject of a Sole Risk Project Management Agreement, and is functionally and operationally separate from the Enterprise Facilities, the Proposing Party may seek the approval of the
relevant Enterprise Company to apply a standard (other than the standard adopted by the relevant Enterprise Company) that is a reasonably acceptable industry standard, such approval not to be unreasonably withheld. 

 

	2.3	Conduct of Sole Risk Project operated by Proposing Party or nominated Affiliate 

  

	 	(a)	If the Sole Risk Project is conducted in accordance with clause 2.2(c) or clause 2.2(e)(i), the Proposing Party or its nominated Affiliate will develop, operate and manage the Sole Risk Project independently
of the Enterprise’s operations in accordance with this clause 2.3, except to the extent that the Proposing Party utilises Enterprise Facilities as agreed or determined in accordance with clause 2.3(b). 

  
 A-2 

	 	(b)	A Proposing Party may utilise Enterprise Facilities in connection with a Sole Risk Project provided: 

  

	 	(i)	the Enterprise Facilities are not required or utilised, and are not reasonably expected to be required or utilised, for any Relevant Existing Project or reasonably expected projects, or have capacity in excess of that
which is required or utilised, or expected to be required or utilised, for Relevant Existing Projects or reasonably expected projects; and 

  

	 	(ii)	to the extent a Proposing Party may utilise Enterprise Facilities in accordance with clause 2.3(b)(i), the Proposing Party and the relevant Enterprise Company must negotiate in good faith with a view to entering
into a shared services agreement (“Shared Services Agreement”) with the Proposing Party pursuant to which the relevant Enterprise Company will allow utilisation of the Enterprise Facilities on reasonable arms’ length terms. The
amount payable for use of the Enterprise Facilities should take into account the latent capacity of some or all of the Enterprise Facilities proposed to be used (including loss of option value) and any coordination costs. 

 

	 	(c)	The operation and management of the Sole Risk Project by the Proposing Party or its nominated subsidiary will be conducted such that: 

 

	 	(i)	the Proposing Party shall be the sole decision maker in respect of the Sole Risk Project, and will bear all risks associated with the Sole Risk Project; 

 

	 	(ii)	the Non-Proposing Party and the Strategic Council are not entitled to participate in any decision making regarding the Sole Risk Project except such decisions as may affect the Enterprise Facilities or that arise in
connection with the Sole Risk Project Management Agreement; 

  

	 	(iii)	during the period of construction and operation of the Sole Risk Project, the Proposing Party or its nominated subsidiary will use reasonable endeavours to minimise interference with, or disruption to, the Enterprise
and any Enterprise Project; 

  

	 	(iv)	the Non-Proposing Party is not entitled to receive any offtake arising from the Sole Risk Project in accordance with clause 2.7; and 

 

	 	(v)	the cost of the Sole Risk Project, including any payments under a Shared Services Agreement, will be borne by the Proposing Party in accordance with clause 2.8. 

 

	2.4	Conduct of Sole Risk Project operated by an Enterprise Company 

  

	 	(a)	If the Sole Risk Project is conducted in accordance with clause 2.2(d) or clause 2.2(e)(ii), the relevant Enterprise Company will operate and manage the Sole Risk Project in accordance with this
clause 2.4 subject to the applicable Sole Risk Project Management Agreement, which must include a requirement that during the period of construction and operation of the Sole Risk Project, the Enterprise Company will use reasonable endeavours
to minimise interference with, or disruption to, the Enterprise and any Enterprise Project; 

  

	 	(b)	The Enterprise Facilities may be utilised to conduct the Sole Risk Project to the extent that the Enterprise Facilities are not required or utilised, and are not reasonably expected to be required or utilised, for any
Relevant Existing Project or reasonably expected projects, or have capacity in excess of that which is required or utilised, or expected to be required or utilised, for Relevant Existing Projects or reasonably expected projects; 

 

	 	(c)	the Non-Proposing Party shall not be entitled to receive any offtake arising from the Sole Risk Project in accordance with clause 2.7; and 

 

	 	(d)	the cost of the Sole Risk Project will be borne by the Proposing Party in accordance with clause 2.8. 

  
 A-3 

	2.5	Obligation to proceed with Sole Risk Project within certain period 

 If a Sole Risk Project has
not commenced construction within 18 months of the time period specified in the proposed project terms, the Proposing Party cannot proceed without the approval of the Non-Proposing Party. 

 

	2.6	Rights to Enterprise tenement or concession rights  

  

	 	(a)	If the Sole Risk Project that is a New Project is conducted in accordance with clause 2.2(c) or clause 2.2(e)(i), the relevant Enterprise Company will use commercially reasonable endeavours to grant to the
Proposing Party or its subsidiary, or secure the grant to that party of, a right to use the Enterprise land, tenement or concession rights, to the extent reasonably necessary to undertake the Sole Risk Project. 

 

	 	(b)	The Enterprise Company will, at the request of the Proposing Party, use commercially reasonable endeavours to excise the portion of the tenement or concession on customary terms, including by creation of a sublease,
reasonably expected to contain the reserves and resources required for the Sole Risk Project. 

  

	 	(c)	If the existence of additional reserves or resources is established in the area that is the subject of a Sole Risk Project through further exploration (Additional Tonnes), the Proposing Party or Enterprise
Company, as the case may be, will notify Alcoa and Alumina as soon as reasonably practicable. For the avoidance of doubt, any such Additional Tonnes will be assets of the Enterprise Company. 

 

	2.7	Rights to production arising from a Sole Risk Project 

  

	 	(a)	If the Sole Risk Project is conducted in accordance with clause 2.2(d) or clause 2.2(e)(ii), the Proposing Party may exclusively purchase all offtake, including any bauxite or alumina, produced from the Sole
Risk Project at cost and the Non-Proposing Party shall not be entitled to receive any production from the Sole Risk Project and the Enterprise Company must enter into an offtake agreement with the Proposing Party to give effect to the offtake rights
of the Proposing Party. 

  

	 	(b)	If the Sole Risk Project is conducted in accordance with clause 2.2(c) or clause 2.2(e)(i), the Proposing Party will exclusively hold the legal title to all production resulting from the Sole Risk Project in
accordance with clause 2.7(a) and the Non-Proposing Party shall not be entitled to receive any production from the Sole Risk Project, and the Proposing Party will have the exclusive benefit of all property, plant and equipment built or acquired
for the Sole Risk Project. 

  

	 	(c)	If the production from an Enterprise Project (including an Expansion Project) reduces following completion of construction of that Enterprise Project then, to the extent that such reduction occurs as a result of actions
taken at the direction of: 

  

	 	(i)	the Proposing Party in connection with a Sole Risk Project, the offtake available to the Proposing Party will reduce; and 

  

	 	(ii)	an Enterprise Company in connection with an Enterprise Project, the offtake available to the Enterprise Company will reduce, 

and to the extent that reduction occurs as a result of an event that neither the Proposing Party and Enterprise contribute to or which the
Proposing Party and Enterprise each materially contribute to, then the offtake available to the Proposing Party and the Enterprise Company will reduce in proportion to the entitlement to offtake of each party. 

 

	 	(d)	The Proposing Party will have the exclusive benefit of all fixtures built or acquired for the Sole Risk Project with ownership of those fixtures residing with Enterprise Company. 

 

	 	(e)	 The Enterprise will be entitled to use any unused capacity in infrastructure created by a Sole Risk Project, and
the Proposing Party and the relevant Enterprise Company must negotiate in good faith with a view to entering into a shared infrastructure agreement 

  
 A-4 

	 	
(“Infrastructure Sharing Agreement”) with the Proposing Party pursuant to which the Proposing Party will allow utilisation of the infrastructure by the relevant Enterprise Company on
reasonable arms’ length terms. 

  

	2.8	Allocation of costs of Sole Risk Project 

  

	 	(a)	The Proposing Party must:  

  

	 	(i)	bear the entire cost and liability of developing, conducting, operating, closing and remediating the Sole Risk Project; 

  

	 	(ii)	pay the relevant Enterprise Company a fair market value amount (“Fair Market Value”) for any resources consumed; 

  

	 	(iii)	pay any costs in connection with any proposed excising of a portion of the land, tenements or concession rights following a request by the Proposing Party under clause 2.6, including the costs to the Enterprise
Company seeking and obtaining any Government consent required and any duty or tax payable; 

  

	 	(iv)	pay the relevant Enterprise Company its costs, including reasonably allocated overhead and any other agreed payments, for use of the relevant Enterprise Facilities; 

 

	 	(v)	if the construction or operation of the Sole Risk Project results or is likely to result in a temporary decrease in the output or capacity of the Enterprise, which would result in an unavoidable loss of sales of bauxite
or alumina by the Enterprise Company, the Proposing Party must reimburse the Non-Proposing Party for such loss; and 

  

	 	(vi)	keep the relevant Enterprise Company and the Non-Proposing Party whole in respect of costs and liabilities arising from the Sole Risk Project, including any cost of bringing forward the closure date of an Enterprise
Mine or Enterprise Refinery or otherwise reducing the value of the Enterprise Facilities (whether or not directly utilised for the Sole Risk Project). 

  

	 	(b)	For the purposes of this Exhibit D, Fair Market Value will be agreed by the Proposing Party and the Enterprise Company or, failing agreement, will be determined by the average of three valuations determined by three
independent experts (“Valuers”): 

  

	 	(i)	based on the fact that the scheduled reserves and resources will be developed using the infrastructure assets available to the Enterprise; 

 

	 	(ii)	based on the quantity of scheduled reserves and resources, and other reasonably anticipated bauxite prospectivity, that the applicable feasibility study identifies as being scheduled for delivery to the Proposing Party
as part of the Sole Risk Project and the timing for delivery of those tonnes in accordance with the delivery schedule set out in the applicable feasibility study, taking into account any reduction in mine life arising from the consumption of those
reserves and resources; and 

  

	 	(iii)	each Valuer will value the transaction as between a willing but not anxious seller and a willing but not anxious buyer at arms length and have regard to all relevant matters including: 

 

	 	(A)	current and projected demand and supply conditions in the global bauxite market; 

  

	 	(B)	likely trends in bauxite quality specifications and pricing; 

  

	 	(C)	likely timing and scale of development and/or expansion of all relevant bauxite deposits; 

  
 A-5 

	 	(D)	quantum and nature of all relevant bauxite reserves and resources, including grade; 

  

	 	(E)	projected capital and operating costs of development (taking into account the location of the bauxite and in particular its proximity to relevant Enterprise Facilities) and/or expansion over project life;

  

	 	(F)	the global competitiveness of relevant bauxite product; and 

  

	 	(G)	the party that will bear any stamp duty or equivalent duty arising in connection with the transaction concerned and the amount of that duty 

 

	2.9	Allocation of benefits of Sole Risk Project 

 Any production economies (including reductions in
fixed and variable cost on a per unit basis) which result from the Sole Risk Project with respect to the Enterprise shall accrue to the Enterprise Company. 
  

	2.10	Sale or closure of Enterprise Mine or Enterprise Refinery 

  

	 	(a)	Subject to paragraph (b), if the Strategic Council or the relevant Enterprise Company proposes to sell, curtail or close an Enterprise Mine or Enterprise Refinery: 

 

	 	(i)	a related continuing Sole Risk Project will not be forced to close or curtail; and 

  

	 	(ii)	the sale of those assets, to the extent they relate to a Sole Risk Project, is not permitted without the consent of the Proposing Party, 

unless there has been consultation with the Proposing Party in good faith to determine whether the Proposing Party could assume operation of
the Enterprise Mine or Enterprise Refinery with the Proposing Party having the exclusive benefit of the operations, including the offtake and bearing the entire operating cost and liability of conducting the Enterprise Mine or Enterprise Refinery.
If in this scenario, the Proposing Party does assume operation of the Enterprise Mine or Enterprise Refinery, liability for the closure costs will be borne by: 
  

	 	(iii)	the Enterprise, to the extent of the closure costs attributable to the Enterprise Mine or Enterprise Refinery (in each case, excluding any Sole Risk Project) in respect of the period prior to the date on which the
Proposing Party assumed operation of the Enterprise Mine or Enterprise Refinery; and 

  

	 	(iv)	the Proposing Party, as regards the Sole Risk Project and to the extent of the closure costs attributable to the Enterprise Mine or Enterprise Refinery in respect of the period on and after the time from which the
Proposing Party assumed control of the Enterprise Mine or Enterprise Refinery. 

  

	 	(b)	Any sale by the Enterprise Company of an Enterprise Mine or Enterprise Refinery that contains a Sole Risk Project must be subject to the purchaser recognising and agreeing to honour the rights and interests of the
Proposing Party in respect of the Sole Risk Project and pursuant to these terms. 

  

	2.11	Indemnity 

 The Proposing Party must indemnify and keep indemnified the Non-Proposing Party and
the relevant Enterprise Company against all claims and liabilities arising out of the existence, development and operation of any and all of its Sole Risk Projects, including any tax liability arising as a result of the transfer or sale of any
offtake from the Enterprise Company to the Proposing Party and all claims and liabilities in connection with liability assumed by the Proposing Party under clause 2.10(a). 

  
 A-6 

	2.12	Transfer of Sole Risk Project 

 If a Proposing Party transfers all of its interest in the
Enterprise Company to a person other than an affiliate, it will also transfer, to the acquirer of that interest, each Sole Risk Project. 

  
 A-7

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00262-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00262-of-00352.parquet"}]]