uM NO. "The net cost of the acquisition, to be paid in at least...

uM NO.

"The net cost of the acquisition, to be paid in at least two tranches, will be no more than US$87.5 million. The first tranche of US$62.5 million will be satisfied through the issue of 14,080,604 shares in both WMC Resources and Alumina Limited. These shares constitute 1.265% of the capital in each company. The number of shares was calculated using a figure of US$62.5 million and the volume weighted average price of WMC shares for a period of 30 calendar days prior to and including 22 November 2002. The final tranche of up to US$25 million will be paid in either shares or cash by WMC Resources. The transaction is expected to be completed in the last quarter of 2003. "