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Presentations: Cautionary Statement

Please read this statement before viewing the presentations.

Certain statements contained in the following presentation and on our website contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements about future, not past, events and involve certain important risks and uncertainties, any of which could cause our actual results to differ materially from those expressed in our forward-looking statements, including, without limitation, declines in aluminum prices or increases in our operating costs; deterioration of global or local financial and economic conditions; additional delays or other changes in our ability to complete our Helguvik, Iceland smelter; and our ability to successfully manage and/or improve safety and performance at each of our operating smelters.  Forward-looking statements in this presentation include, without limitation, statements regarding the Company's future revenues (including future aluminum prices), costs (including with respect to cash, power, alumina, finished anodes, carbon and SG&A), tax position, production levels and shipments; the Company's anticipated capital programs, depreciation costs and pension contributions; insurance proceeds and dividends from joint ventures; our ability to complete our Helguvik, Iceland smelter, including securing a reliable and cost effective power supply; our continuing maintenance costs, governmental/legislative support and our ability to restart operations at our Ravenswood, West Virginia smelter, including arranging support for an LME referenced power price; our ability to expand production and to continue improving the cost structure at our Grundartangi, Iceland smelter; our ability to maintain our existing customer relationships; our ability to access the wholesale power market and transition to new, more cost effective power arrangements; our ability to realize benefits gained from investing in the restart of the curtailed potline at our Hawesville, Kentucky smelter; and our ability to successfully restart operations at, and realize savings from, the facility we acquired in Vlissingen, Netherlands in the 4th quarter to supply anodes, along with our 40% owned affiliate in China, to our Grundartangi, Iceland smelter.  More information about these risks, uncertainties and assumptions can be found in the risk factors and forward-looking statements cautionary language contained in our Annual Report on Form 10-K and in other filings made with the Securities and Exchange Commission.

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