1. Calculate the IRR of the Mozal project. What is the real expected return using the CAPM?* Should Gencorp/Alusaf invest in the Mozal project?*

2. What are the greatest risks? Have they been adequately addressed?

3. Is a smelter vulnerable to sovereign interference? Is this smelter vulnerable? How have

   the sponsors tried to mitigate sovereign risk?

4. Why do the sponsors and the banks want IFC involved with the deal? What does IFC

   bring to the deal? Will IFC and the sponsors (Alusaf and IDC) share similar objectives?

   Should IFC play only an advisory role only or should it also invest in the Mozal Project.

5. As an IFC board member, would you approve the recommended investment in Mozal?

6. What is the IFCs competitive advantage? To what extent does the IFC do something that

   is unique, valuable, and sustainable?

7. What happened to this deal after 1997? Was it a success? If so why?