ALPART MODIFIED WORKING CAPITAL

ALPART MODIFIED WORKING CAPITAL. Means the change from January 1, 2004 through the Alpart Closing in AJI and KJC's share of current assets (including certain accounts receivable and prepaid expenses) at Alpart less their share of current liabilities (including certain accounts payable, accrued salaries, wages and other accrued liabilities) at Alpart (excluding the 2 amounts due to partner accounts, Partner Note and CARIFA Debt). See Exhibit C for an illustrative example.