EX-99.2 3 d243716dex992.htm SLIDES PRESENTED DURING ALCOA INC. THIRD QUARTER 2011 EARNINGS CALL

3 rd Quarter 2011 Earnings Conference October 11, 2011 Exhibit 99.2 [Alcoa logo]

Cautionary Statement 2 [Alcoa logo] rationale for the use of the non-GAAP financial measures can be found in the Appendix to this presentation and on our website at www.alcoa.com under the “Invest” section. Any reference during the discussion today to EBITDA means adjusted EBITDA, for which we have provided calculations and reconciliations in the Appendix and on our website. Forward-Looking Statements This presentation contains statements that relate to future events and expectations and as such constitute forward-looking statements. Forward- looking statements include those containing such words as “anticipates”, “estimates,” “expects,” “forecasts,” “intends,” “outlook,” “plans,” “projects,” “should,” “targets,” “will,” or other words of similar meaning. All statements that reflect Alcoa’s expectations, assumptions, or projections about the future other than statements of historical fact are forward-looking statements, including, without limitation, forecasts concerning global demand for aluminum, end-market conditions, growth opportunities for aluminum in automotive, aerospace and other applications or other trend projections, targeted financial results or operating performance, and statements about Alcoa’s strategies, outlook, and business and financial prospects. Forward-looking statements are subject to a number of known and unknown risks, uncertainties, and other factors and are not guarantees of future performance. Important factors that could cause actual results to differ materially from those in the forward-looking statements include: (a) material adverse changes in aluminum industry conditions, including global supply and demand conditions and fluctuations in London Metal Exchange-based prices for primary aluminum, alumina, and other products, and fluctuations in indexed-based and spot prices for alumina; (b) global economic and financial market conditions generally, including the risk of another global economic downturn and uncertainties regarding the effects of sovereign debt issues or government intervention into the markets to address economic conditions; (c) unfavorable changes in the markets served by Alcoa, including automotive and commercial transportation, aerospace, building and construction, distribution, packaging, oil and gas, defense, and industrial gas turbine; (d) the impact of changes in foreign currency exchange rates on costs and results, particularly the Australian dollar, Brazilian real, Canadian dollar, euro, and Norwegian kroner; (e) increases in energy costs, including electricity, natural gas, and fuel oil, or the unavailability or interruption of energy supplies; (f) increases in the costs of other raw materials, including caustic soda and carbon products; (g) Alcoa’s inability to achieve the level of revenue growth, cash generation, cost savings, improvement in profitability and margins, fiscal discipline, or strengthening of operations (including moving its alumina refining and aluminum smelting businesses down on the industry cost curve and increasing revenues in its Flat-Rolled Products and Engineered Products and Solutions segments), anticipated from its productivity improvement, cash sustainability and other initiatives; (h) Alcoa’s inability to realize expected benefits from newly constructed, expanded or acquired facilities or from international joint ventures as planned and by targeted completion dates, including the joint venture in Saudi Arabia; (i) political, economic, and regulatory risks in the countries in which Alcoa operates or sells products, including unfavorable changes in laws and governmental policies, civil unrest, or other events beyond Alcoa’s control; (j) the outcome of contingencies, including legal proceedings, government investigations, and environmental remediation; (k) the business or financial condition of key customers, suppliers, and business partners; (l) changes in tax rates or benefits; and (l) the other risk factors summarized in Alcoa’s Form 10-K for the year ended December 31, 2010, Forms 10-Q for the quarters ended March 31, 2011 and June 30, 2011, and other reports filed with the Securities and Exchange Commission (SEC). Alcoa disclaims any obligation to update publicly any forward-looking statements, whether in response to new information, future events or otherwise, except as required by applicable law. Non-GAAP Financial Measures Some of the information included in this presentation is derived from Alcoa’s consolidated financial information but is not presented in Alcoa’s financial statements prepared in accordance with U.S. generally accepted accounting principles (GAAP). Certain of these data are considered “non-GAAP financial measures” under SEC rules. These non-GAAP financial measures supplement our GAAP disclosures and should not be considered an alternative to the GAAP measure. Reconciliations to the most directly comparable GAAP financial measures and management’s

Chuck McLane Executive Vice President and Chief Financial Officer [Alcoa logo]

Commodity Price Deflation + European Weakness = Q3 Dip 4 Segment ATOI (US$ Millions) Alumina Primary Metals Flat-Rolled Products Engineered Products & Solutions Commodity Price Deflation European market weakness Cash LME Cash LME Total Shipments 3 rd Party Revenue [Alcoa logo] $53 $81 $99 $60 436 470 491 469 4Q'10 1Q'11 2Q'11 3Q'11 $65 $142 $186 $154 $2,343 $2,500 $2,603 $2,400 4Q'10 1Q'11 2Q'11 3Q'11 $178 $202 $201 $110 $2,343 $2,500 $2,603 $2,400 4Q'10 1Q'11 2Q'11 3Q'11 $113 $130 $149 $138 $1,215 $1,247 $1,370 $1,373 4Q'10 1Q'11 2Q'11 3Q'11

3 rd Quarter 2011 Financial Overview Income from Continuing Operations of $172 million, or $0.15 per share Revenue down 3% sequentially and up 21% versus third quarter 2010 Adjusted EBITDA of $821 million, down 21% sequentially and up 36% versus third quarter 2010 13% Adjusted EBITDA Margin, down 300 basis points sequentially and up 140 basis points versus third quarter 2010 Free Cash Flow of $164 million Days Working Capital 5 days lower than third quarter 2010 Debt to Capital of 33.7%, 200 basis points lower than third quarter 2010 Net debt balance reduced by $109 million, Cash on hand of $1.3 billion 5 See appendix for reconciliations to GAAP and additional information [Alcoa logo]

Income Statement Summary $ Millions 3Q’10 2Q’11 3Q’11 Year Change Sequential Change Sales $5,287 $6,585 $6,419 $1,132 ($166) Cost of Goods Sold $4,413 $5,247 $5,290 $877 $43 COGS % Sales 83.5% 79.7% 82.4% (1.1 % pts.) 2.7 % pts. Selling, General Administrative, Other $232 $253 $261 $29 $8 SGA % Sales 4.4% 3.8% 4.1% (0.3 % pts.) 0.3 % pts. Restructuring and Other Charges $2 $34 $9 $7 ($25) Effective Tax Rate -81.7% 26.3% 19.6% 101.3 % pts. (6.7 % pts.) Income from Continuing Operations $61 $326 $172 $111 ($154) Income Per Diluted Share $0.06 $0.28 $0.15 $0.09 ($0.13) 6 [Alcoa logo]

Restructuring and Other Special Items $ Millions 3Q’10 2Q’11 3Q’11 Income from Continuing Operations $61 $326 $172 Income Per Diluted Share $0.06 $0.28 $0.15 Restructuring Related $1 ($16) ($5) Discrete Tax Items $38 - $10 Mark-to-Market Energy Contracts ($29) $10 $13 Debt Tender Offer ($9) ($32) - Sao Luis Power Outage ($23) - - Uninsured Losses ($13) - ($11) Special Items ($35) ($38) $7 Income from Continuing Operations excl Special Items $96 $364 $165 Income per Diluted Share excluding Special Items $0.09 $0.32 $0.15 7 See appendix for Adjusted Income reconciliation [Alcoa logo]

$364 $99 $17 $7 $33 $60 $22 $26 $32 $15 $8 $165 2Q11 LME Currency Volume Price / Mix Productivity Energy Raw Materials Cost Increases Repair & Maint Equity Earnings 3Q11 3 rd Quarter 2011 vs. 2 nd Quarter 2011 Earnings Bridge 8 See appendix for reconciliation Income from Continuing Operations excluding Restructuring & Other Special Items ($ millions) [Alcoa logo] -$116m +$20m -$103m

YTD 2011 vs. YTD 2010 Earnings Bridge 9 See appendix for reconciliation Income from Continuing Operations excluding Restructuring & Other Special Items ($ millions) 31.8¢ [Alcoa logo] $336 $645 $241 $210 $196 $411 $167 $240 $304 $846 YTD10 LME Currency Volume Price / Mix Productivity Energy Raw Materials Cost Increases YTD11 +$404m +817m -$711m

3Q 10 2Q 11 3Q11 Production (kmt) 4,047 4,144 4,140 3 rd Party Shipments (kmt) 2,423 2,378 2,256 3 rd Party Revenue ($ Millions) 717 926 879 ATOI ($ Millions) 70 186 154 Alumina 3rd Quarter Results 4 th Quarter Outlook 3 rd Quarter Business Highlights 10 Realized third-party alumina price down 3% Days working capital down 7 days from Q3 2010 Positive Currency impact of $16 million as the US$ strengthened Higher caustic and energy prices Productivity and volume offset higher costs 20% of 3 rd party shipments on spot or prior- month indexed basis Other pricing to follow two-month lag on LME Productivity improvements to continue Caustic inflation to continue, offset by moderating fuel oil costs 3 rd Quarter Performance Bridge See appendix for reconciliations to GAAP and additional information $ Millions market performance cost increases [Alcoa logo] -$14m -$38m $39m -$19m $186 $154 ($35) $16 $12 $24 $3 ($9) ($15) ($14) ($14)

3Q 10 2Q 11 3Q 11 Production (kmt) 891 945 964 3 rd Party Shipments (kmt) 708 724 754 3 rd Party Revenue ($ Millions) 1,688 2,145 2,124 3 rd Party Price ($/MT) 2,261 2,830 2,689 ATOI ($ Millions) 78 201 110 Primary Metals 3 rd Quarter Highlights 3 rd Quarter Business Highlights 4 th Quarter Outlook 11 Realized pricing down 5% sequentially Days working capital down 5 days from Q3 2010 Higher structural energy costs in Europe Productivity benefits offset raw material increases U.S. restarts deliver profitable results Positive Currency impact of $9 million as the US$ strengthened Pricing to follow 15-day lag to LME Productivity benefits to continue Higher energy costs expected with seasonal price increases and Rockdale planned outage Carbon price inflation expected to continue 3 rd Quarter Performance Bridge $ Millions -$83m $24m market performance -$14m -$18m cost increases [Alcoa logo]

12 4 th Quarter Outlook 3 rd Quarter Business Highlights 3 rd Quarter Results ATOI $ Millions 3Q 10 2Q 11 3Q 11 Flat-Rolled Products, excl Russia, China & Other 61 86 56 Russia, China & Other 5 13 4 Total ATOI 66 99 60 ATOI down from all-time highs in Q2 driven by significant market decline in Europe Total negative impact of $28 million in Europe due to seasonal summer plant shutdowns and weakening market conditions Productivity improvements lessen impact of rising costs Aerospace and automotive demand remain strong Seasonal beverage can packaging decline European weakness expected to continue Productivity gains to mitigate rising costs Progress toward 2013 $2.5 billion incremental revenue target, 50 to 60% during 2011 3 rd Quarter Performance Bridge Flat-Rolled Products See appendix for reconciliations to GAAP and additional information $ Millions [Alcoa logo]

$ Millions 3Q 10 2Q 11 3Q 11 3 rd Party Revenue 1,173 1,370 1,373 ATOI 114 149 138 Adjusted EBITDA Margin 18% 19% 18% Engineered Products and Solutions 13 3 rd Quarter Performance Bridge $ Millions 3 rd Quarter Business Highlights 3 rd Quarter Results 17% revenue growth from Q3 2010 21% improvement in ATOI from Q3 2010 Days working capital down 2 days from Q3 2010 $3M unfavorable ATOI impact due to Bloomsburg flood 4 th Quarter Outlook See appendix for reconciliations to GAAP and additional information Building & construction market continuing to decline Commercial transportation market weakening in Europe Share gains through innovation continue across all market sectors Productivity gains will continue Progress toward 2013 $1.6 billion incremental revenue target, 30 to 35% during 2011 [Alcoa logo]

($ Millions) 3Q’10 2Q’11 3Q’11 Net Income $109 $377 $225 DD&A $358 $375 $377 Change in Working Capital $213 ($110) ($94) Pension Contributions ($26) ($72) ($114) Taxes / Other Adjustments ($262) $228 $95 Cash from Operations $392 $798 $489 Dividends to Shareholders ($31) ($32) ($33) Change in Debt ($555) $30 $72 Distributions to Noncontrolling Interest ($41) ($90) ($66) Contributions from Noncontrolling Interest $57 $7 $8 Other Financing Activities ($4) $0 ($8) Cash from Financing Activities ($574) ($85) ($27) Capital Expenditures ($216) ($272) ($325) Other Investing Activities ($128) ($78) ($42) Cash from Investing Activities ($344) ($350) ($367) 14 3Q’11 FCF $164 million $1.3 billion of cash Debt-to-Cap in target range at 33.7% DWC better by 5 Days from 3Q 2010 See appendix for Free Cash Flow reconciliation 3 rd Quarter 2011 Cash Flow Overview [Alcoa logo]

Sustainable Reductions in Days Working Capital 15 3Q 2009 3Q 2010 3Q 2011 Sustained historically low days working capital performance 3Q 2009 3Q 2010 3Q 2011 3Q 2009 3Q 2010 3Q 2011 3Q 2009 3Q 2010 3Q 2011 3Q 2009 3Q 2010 3Q 2011 [Alcoa logo]

2011 Cash Sustainability Operational Targets and Actual Performance 16 Sustaining Capital Growth Capital Ma’aden Invest $400 Debt-to-Cap $197 $ Millions $ Millions % 2010 Actual 2011 Target 2011 YTD $165 35.0% 34.9% 2010 Actual 2011 Target 2011 YTD 33.7% $500 $445 2010 Actual 2011 Target 2011 YTD $262 $570 2010 Actual 2011 Target 2011 YTD $539 Free Cash Flow $ Millions $0 $1,246 $250 2010 Actual 2011 Target * 2011 YTD 30.0% •Target is to be free cash flow positive. See appendix for Free C ash Flow reconciliation We Are Focused on Achieving Our 2011 Goals [Alcoa logo] $1,000 $ Millions

Alcoa Enters Uncertain Times Stronger And More Resilient 17 Improved Performance in our Businesses Improved Generation of Free Cash Flow $1b Less Debt and 10% Lower Debt to Cap Income from Continuing Operations excluding restructuring and specials ($ Millions) Free Cash Flow ($ Millions) Significant Cash on Hand Cash on Hand ($ Millions) See appendix for reconciliations to GAAP and additional information [Alcoa logo]

Management Actions Have Led to Improved Liquidity Position 18 Impacts of Refinancing 1 Strong demand for Alcoa debt August 2010 and April 2011 issuances increased average debt maturity to 10.1 years Issued 10-year funds in 2011 at 5.4% $1.5B in maturities over the next 5 years 1 5-year credit facility completed successfully Long-Term Debt Maturity Profile ($millions) 2011 New Issue 2010 New Issue Close Date July 25, 2011 Capacity $3.75B Tenor 5 years (July 2016 expiration) Drawn Amount $0 Revolving Credit Facility 2 1 Considers convertible debt as equity 2014 Convertible Debt Weighted life in years Weighted interest rate [Alcoa logo] 5.8% 5.5% 5.6% 5.3% 2

[Alcoa logo] Klaus Kleinfeld Chairman and Chief Executive Officer

3% 4% 6% 6% 5% 5% 17% 7% 12% 17% Russia Brazil Asia w/o China North America Europe China 2010 vs. 2011 2011 Estimated Consumption 10% 21% 16% *Other 44.3 2010 Actual 2011 Forecast 20 2010 Global Demand Growth Rate: 13% 2011 Global Demand Growth Rate 12% vs. 2010 (2011 ex China: 8%) India 6% 12% *Other consists of: Middle East, Latin America ex Brazil, and Rest of World including unallocated global increase 14% Global Aluminum Demand in 2011 Remains Strong… 0.9 1.0 [Alcoa logo] 2011 Projected Primary Aluminum Consumption (mmt) and Growth Rates (%) by Region

Russia Brazil Asia w/o China North America Europe China 2H 2011 vs. 1H 2011 2011 Estimated Consumption *Other 44.3 Decelerating growth in 2H Accelerating growth in 2H 21 India *Other consists of: Middle East, Latin America ex Brazil, and Rest of World including unallocated global increase …With Asia Compensating for Western Weakness in 2 nd Half 0.9 1.0 Net Increase 4% 2H 2011 vs. 1H 2011 Reaffirms 12% year-on-year growth 2011 versus 2010 Net Increase = 4% -13% -5% -11% 2% 10% 15% 5% [Alcoa logo] 19.3 6.8 5.7 5.4 3.4 1.8 4% 2011 Projected Primary Aluminum Consumption (mmt) and 2H vs. 1H 2011 Growth Rates (%)

30 10 60 Regional Physical Markets Remain Tight LME at 38 days Non-LME at 15 days 53 days of consumption 22 Regional Premiums Signal Strong Demand Inventories 6 days Lower Year-on-Year Global Inventories Drop 3 days vs. 2Q’11 $119 /MT $200 /MT $181 /MT Source: Alcoa estimates, LME, SHFE, IAI, Marubeni, Platt’s Metals Week and Metal Bulletin [Alcoa logo] 0 20 40 50 70 80 LME China Japan Port Producer 0 1 2 3 4 5 6 7 8 9 10 Midwest Japan Europe

Western World Annualized Production (May 2011) 25,600 Restarted and Expanded Capacity 400 Total Supply 26,000 Western World Consumption (24,971) (Deficit) Surplus 1,029 China Annualized Production (May 2011) 18,000 Restarted and Expanded Capacity 500 Total Supply 18,500 Consumption (19,300) (Deficit) Surplus (800) 2011 Aluminum: China Deficit Counteracts Western Surplus 23 China Western World Production Demand Surplus Source: Alcoa estimates, Brook Hunt, CRU, CNIA, IAI Deficit Production Demand 2011E Primary Aluminum Supply / Demand Balance (in kmt) 229 kmt global surplus [Alcoa logo]

2011 Global Alumina Balance Remains At Equilibrium 24 Source: Alcoa estimates, Brook Hunt, CRU, CNIA, IAI China Western World 2011 Annualized Production 34,200 Imports from Western World 1,600 Supply 35,800 Demand (35,800) (Deficit) / Surplus 0 2011 Annualized Production 53,800 Exports to China (1,600) Supply 52,200 Demand (52,200) (Deficit) / Surplus 0 Production Demand 2011E Alumina Supply / Demand Balance (in kmt) [Alcoa logo] Balanced

A Tale of Two Markets…. 25 2008/2009: Best of times (or close to it)… …worst of times -232kMT -3,383kMT 2008 2009 Global Demand Destruction Weakening Physical Markets Regional Premiums Europe Japan USA $57 $32 $90 $81 $116 $76 2011: The world is not the same Open Interest LME Aluminum 18.2m $3,323 16.2m $1,342 Financial Bias Bearish Defensive Liquidation 16.6m $2,513 20.1m $2,243 Financial Bias Bearish Offensive Short Selling But Physical Markets Remain Strong $215 $187 $181 $200 $121 $119 Europe Japan USA +5,268kMT +4,700kMT 2010 2011 Continued Demand Growth Open Interest LME Aluminum Regional Premiums Source: Alcoa estimates, CRU, LME, Platt’s Metals Week and Metal Bulletin [Alcoa logo] Jan-08 Apr-08 Jul-08 Oct-08 Jan-09 7/10/08 9/10/08 11/10/08 1/10/09 Jun-11 Jul-11 Aug-11 Sep-11 7/19/11 8/19/11 9/19/11

Leading Market Indicators Have Softened… 26 Sources: International Monetary Fund; Oxford Economics *Confidence figures set at 100 in January 2011 for comparability 1 EC Commission EU Confidence National Bureau of Statistics China Consumer Confidence University of Michigan Consumer Sentiment [Alcoa logo] 2 3

…Still, Growth Continues in 2011… 27 Alcoa End Markets: Current Assessment of 2011 vs. 2010 Conditions Source: Alcoa analysis 8%-10% sales growth 1%-2% sales growth 4%-6% sales growth 60%-63% sales growth 26%-29% sales growth 4%-5% sales growth 10%-12% sales growth 10%-12% sales decline 4%-6% sales decline 3%-4% sales decline 10%-16% sales decline 15%-20% sales growth [Alcoa logo] 3%-5% sales growth 0%-2% sales growth 2%-3% sales growth 5%-10% build rate growth 6%-7% sales growth 1%-3% sales growth

…with Slowing Growth in 2H 28 Alcoa End Markets: Current Assessment of Market Conditions by Semesters 1H 2011 vs 2H 2010 2H 2011 vs 1H 2011 Key: Source: Alcoa analysis; **Japanese earthquake impact 1H 2011 vs. 2H 2010 [Alcoa logo] ** 10%-12% 1%-3% 5%-10% 4% 0% 28% 23% 0% -2%-3% -9% -3%-4% 14% -16% 14% -11% 6% 2%-3% -4% -2%-4% 10%-15% 15%-20% -4% 12% -4% 4% 10% -14% 5% -24% 2%-3% 2%-3% 2% 2%

Deteriorating European Conditions Impact Flat-Rolled Segment 29 Alcoa Flat-Rolled Product Orders (12 month rolling average) Indexed to Q1 2010 Europe China FRP Orders: Marked Slowdown in Europe North America 1.40 1.50 1.30 1.20 1.10 1.00 0.90 0.80 -20% Q-o-Q -1% Q-o-Q +2% Q-o-Q [Alcoa logo] Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Q3 2011

+$411m vs. 2010 -0.4% pts vs. 2010 2009: Seven Promises 2011: Prepared for Turbulence Alcoa Today: Stronger and More Resilient Operational • Productivity • Overhead Reductions • Capital Expenditures (including Ma’aden) • Working Capital Financial / Strategic • Leading Positions • Strong Debt Maturity Profile -42% vs. 2007 85% #1 or #2 in their businesses $1.5b due over next 5 years -5 days vs. 2010 30 [Alcoa logo]

Actively Managed Portfolio Capacity Optimization Right-Sized Workforce Additional flexibility R&D technology refocus Share growth Procurement savings Company- wide over- head reduction Increased debt capacity Speedy execution Focus on cash and bottom line Capital spend reduction T U R N M A N A G Our Crisis Management Toolbox Is Ready for Rapid Deployment 31 [Alcoa logo] Alcoa Advantage creating value for all businesses – Talent – Technology – Customer Intimacy – Purchasing – Operating System Profitable Growth in every business Business Programs that define: – 3-year aspirations – Priority levers – Accountability Alcoa Advantage creating value for all businesses – Talent – Technology – Customer Intimacy – Purchasing – Operating System in every business Business Programs that define: – 3-year aspirations – Priority levers – Accountability Disciplined Execution across all activities

Alcoa Did Not Compromise Its Future In The Last Downturn… Alcoa capital expenditure on growth projects, 2008 – 2009, in US$ 32 Asset Swap $830m Investment $130m Investment $80m Investment $970m Investment Mosjoen & Lista, Norway – Smelter São Luis, Brazil – Alumina Refinery Bohai, China – Flat Rolled Products Samara, Russia – End & Tab Line Juruti, Brazil – Bauxite Mine [Alcoa logo]

…And Has Not Lost True North Of Accelerating Value Environment Energy consumption rising – Increase of 54% by 2025 – Driven by developing countries Personal transport rising – Increase of 40% by 2030 Greenhouse gas regulation Light Weight High Strength Durable Highly Conductive Non-Corrosive Malleable Recyclable Relative Value Demographics Urbanization …Demanding the Right Solutions… …Targeting Profitable Growth The World is Changing… Global population rising – 2006: 6.6 billion – 2025: 7.9 billion – 2050: 9.1 billion Population in cities – 2006: > 50% – 2030: > 60% 33 Alcoa Innovations [Alcoa logo]

Changing Regulations Drive Al Penetration In Automotive Source: The Aluminum Association, Ducker Research / Alcoa Analysis Changing Regulations… …And Drive Substitution 34 US Corporate Average Fuel Economy (MPG) Global Auto Body Sheet Consumption (KMT) [Alcoa logo] KMT …Create Opportunities… Aluminum Penetration Opportunities 100% increase 31% increase White House Proposal Substitution potential of >15MMT 7.5X increase 27.2 35.5 54.5 2011 2016 2025 0 2,000 4,000 6,000 8,000 10,000 12,000 Currently Aluminum Aluminum Opportunity 200 800 1,500 2011 2016 2020

Aerospace: Vibrant Growth Projected Over Long & Near Terms 35 2030 Replacement Growth 2020 Existing fleet …Driven by Travel Demand + Aging Fleet Commercial Airline Fleet (thousand units) Sources: 1) Boeing 2011 Commercial Market Outlook, 2) The Airline Monitor and OEM websites Notes: All figures include both Large Commercial Aircraft & Regional Jets; $ Value of deliveries expressed in then-year dollars Strong Orders and Deliveries… Commercial Jet Deliveries 16,000 planes 33,000 new planes Build rate of 1,675 units per year [Alcoa logo] 4% CAGR Units $B Value 9% CAGR 16% CAGR Backlog: ~8 years of production at 2010 rates 21 16 11 5 9 11 24 2010 1,097 1,190 1,360 1,440 1,550 $63 $71 $90 $100 $114 2010 2011 2012 2013 2014

Aluminum In The Frame For Years To Come 36 A320Neo B737-MAX Improving Performance… ~50% lower fuel use per seat than last generation 15 to 16% lower fuel use per seat than current generation Demonstrated market appeal -- 1,700+ orders / commitments already captured …Great for Aluminum & Alcoa Aluminum proprietary alloys specified for both models Meets/exceeds all performance requirements regarding weight, strength and maintenance goals At far less risk to schedules, budgets and technical complexity Alcoa continues to grow per-platform content Content on nearly every major aircraft Developed 90% of aerospace alloys in use Best-Selling Aircraft 1 MD-80, 737-Classic 2 A320, B737-NG [Alcoa logo] 1 2 its

37 Potlines Cathode Sealing Plant Port Rolling Mill Construction Refinery Earth Work Ma’aden Alcoa Project Progresses On Schedule and Budget [Alcoa logo]

Segment Dashboard: Price & Market Pressure Impact Results 38 See appendix for Adjusted EBITDA reconciliations LME Adjusted EBITDA/MT LME Adjusted EBITDA/MT 541 495 479 531 620 536 498 254 224 551 173 193 147 Adjusted EBITDA $Millions Adjusted EBITDA Margin 436 287 356 495 536 676 783 922 630 762 229 261 245 Adjusted EBITDA $Millions Adjusted EBITDA Margin 460 321 336 418 398 784 626 392 (159) 320 438 422 283 1,447 1,350 1,433 1,719 1,900 2,570 2,641 2,572 1,664 2,173 2,500 2,603 2,400 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Q1 2011 Q2 2011 Q3 10 YR Average ~ $390/MT Primary Metals: Margin Compression 11% 8% 9% 12% 11% 12% 13% 15% 13% 17% 18% 19% 18% 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2011 Q1 Q2 2011 Q3 Eng. Products & Solutions: Continued Strength 62 44 48 68 75 110 104 81 20 47 71 81 75 1,447 1,350 1,433 1,719 1,900 2,570 2,641 2,572 1,664 2,173 2,500 2,603 2,400 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Q1 2011 Q2 2011 Q3 10 Yr Average ~ $66/MT Alumina: Maintaining 2011 Margins 11% 11% 10% 9% 9% 6% 5% 3% 4% 9% 9% 9% 7% 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Q1 2011 Q2 2011 Q3 Flat-Rolled Products: European Weakness [Alcoa logo]

Managing Through Uncertainty – Focused on True North Opportunity in the Face of Uncertainty Meeting our Aggressive Targets EPS: $1.6b in Revenue Growth by 2013 ($b) GRP: $2.5b in Revenue Growth by 2013 ($b) See appendix for reconciliations to GAAP and additional information $1.1 to $1.2 End Markets Slow In Second Half Continued Growth In Aluminum Demand Prepared for Uncertain Times… …but Focused on Our True North [Alcoa logo] $4.6 $4.0 $6.2 2010 2011 YTD 2013 Target $6.3 $6.0 $8.8 2010 2011 YTD 2013 Target $1.6 to $1.8 39

40 [Alcoa logo] [Alcoa logo]

Roy Harvey Director, Investor Relations 390 Park Avenue New York, NY 10022-4608 Telephone: (212) 836-2674 www.alcoa.com Additional Information 41 [Alcoa logo] [Alcoa logo]

Annual Sensitivity Summary 42 Currency Annual Net Income Sensitivity +/- $100/ = +/ - $200 Million LME Aluminum Annual Net Income Sensitivity Australian $ +/- $10 million per 0.01 change in USD / AUD Brazilian $ +/- $ 3 million per 0.01 change in BRL / USD Euro € +/- $ 2 million per 0.01 change in USD / EUR Canadian $ +/- $ 4 million per 0.01 change in CAD / USD Norwegian Kroner +/- $ 6 million per 0.10 change in NOK / USD [Alcoa logo]

Revenue Change by Market 3Q’11 Third-Party Revenue Sequential Change Year-Over-Year Change 43 13% 3% 6% 6% 4% 2% 14% 5% 14% 33% Aerospace Automotive B&C Comm. Transport Industrial Products IGT Packaging Distribution/Other Alumina Primary Metals 2% (7%) (5%) 6% (6%) 0% (4%) (13%) (5%) (1%) 20% 26% 9% 44% 1% 11% 21% 14% 23% 26% [Alcoa logo]

Reconciliation of ATOI to Consolidated Net (Loss) Income Attributable to Alcoa 44 [Alcoa logo] (in millions) 1Q10 2Q10 3Q10 4Q10 201 0 1Q11 2Q11 3Q11 Total segment ATOI $ 306 $ 381 $ 328 $ 409 $ 1,424 $ 555 $ 63 5 $ 462 Unallocated amounts (net of tax): Impact of LIFO (14) (3) (2) 3 (16) (24) (27) 2 Interest expense (77) (77) (91) (76 ) (321) (72) (106 ) (81) Noncontrolling interests (22) (34) (48) (34) (138 ) (58) (55 ) (53 ) Corporate expense (67) (59) (71) (94) (291) (67) (76) (76) Restructuring and other charges (122) (21) 1 8 (134) (6) (22 ) (7 ) Discontinued operations (7) (1) – – (8) (1) (4) – Other (198) (50) (56) 42 (262) (19) (23 ) (75 ) Consolidated net (loss) income attributable to Alcoa $ (201) $ 136 $ 61 $ 258 $ 254 $ 308 $ 322 $ 172

Income (loss) from continuing operations attributable to Alcoa – as adjusted is a non-GAAP financial measure. Management believes that this measure is meaningful to investors because management reviews the operating results of Alcoa excluding the impacts of restructuring and other charges, discrete tax items, and other special items (collectively, “special items”). There can be no assurances that additional special items will not occur in future periods. To compensate for this limitation, management believes that it is appropriate to consider both Income (loss) from continuing operations attributable to Alcoa determined under GAAP as well as Income (loss) from continuing operations attributable to Alcoa – as adjusted. * Discrete tax items include the following: for the quarter ended September 30, 2011, a net benefit for adjustments made related to the filing of 2010 tax returns in various jurisdictions ($5) and a net benefit for other miscellaneous items ($5); for the quarter ended December 31, 2010, a benefit for the reversal of the remaining valuation allowance related to net operating losses of an international subsidiary ($16) (a portion was initially reversed in the quarter ended September 30, 2010) and a net benefit for other small items ($2); for the quarter ended September 30, 2010, a benefit for the reversal of a valuation allowance related to net operating losses of an international subsidiary that are now realizable due to a settlement with a tax authority ($41), a charge for a tax rate change in Brazil ($11), and a benefit for the recovery of a portion of the unfavorable impact included in the quarter ended March 31, 2010 related to unbenefitted losses in Russia, China, and Italy ($8); for the quarter ended June 30, 2010, a benefit for a change in a Canadian provincial tax law permitting tax returns to be filed in U.S. dollars ($24), a charge based on settlement discussions of several matters with international taxing authorities ($18), and a benefit for the recovery of a portion of the unfavorable impact included in the quarter ended March 31, 2010 related to unbenefitted losses in Russia, China, and Italy ($10); and, for the quarter ended March 31, 2010, charges for a change in the tax treatment of federal subsidies received related to prescription drug benefits provided under certain retiree health benefit plans ($79), unbenefitted losses in Russia, China, and Italy ($22), interest due to the IRS related to a previously deferred gain associated with the 2007 formation of the former soft alloy extrusions joint venture ($6), and a change in the anticipated sale structure of the Transportation Products Europe business ($5). ** Other special items include the following: for the quarter ended September 30, 2011, favorable mark-to-market changes in certain power derivative contracts ($13) and uninsured losses, including costs related to flood damage to a plant in Pennsylvania caused by Hurricane Irene, ($11); for the quarter ended June 30, 2011, a net charge comprised of expenses for the early repayment of Notes set to mature in 2013 due to the premiums paid under the tender offers and call option and gains from the termination of related “in-the-money” interest rate swaps ($32) and favorable mark-to-market changes in certain power derivative contracts ($10); for the quarter ended March 31, 2011, costs related to acquisitions of the aerospace fastener business of TransDigm Group Inc. and full ownership of carbothermic smelting technology from ORKLA ASA ($8) and favorable mark-to-market changes in certain power derivative contracts ($5); for the quarter ended December 31, 2010, favorable mark-to-market changes in certain power derivative contracts; for the quarter ended September 30, 2010, unfavorable mark-to-market changes in certain power derivative contracts ($29), recovery costs associated with the São Luís, Brazil facility due to a power outage and failure of a ship unloader in the first half of 2010 ($23), restart costs and lost volumes related to a June 2010 flood at the Avilés smelter in Spain ($13), and a net charge comprised of expenses for the early repayment of Notes set to mature in 2011 through 2013 due to the premiums paid under the tender offers and call option and gains from the termination of related “in-the-money” interest rate swaps ($9); for the quarter ended June 30, 2010, favorable mark-to-market changes in certain power derivative contracts ($22), a charge for costs associated with the potential strike and successful execution of a new agreement with the United Steelworkers ($13), and a charge related to an unfavorable decision in Alcoa’s lawsuit against Luminant related to the Rockdale, TX facility ($7); and, for the quarter ended March 31, 2010, charges related to unfavorable mark-to-market changes in certain power derivative contracts ($31), power outages at the Rockdale, TX and São Luís, Brazil facilities ($17), an additional environmental accrual for the Grass River remediation in Massena, NY ($11), and the write off of inventory related to the permanent closures of certain U.S. facilities ($5). Reconciliation of Adjusted Income 45 [Alcoa logo] (in millions) Quarter ended Nine months ended March 31, 2010 June 30, 2010 September 30, 2010 December 31, 2010 March 31, 2011 June 30, 2011 September 30, 2011 September 30, 2010 September 30, 2011 Net (loss) income attributable to Alcoa $ (201) $ 136 $ 61 $ 258 $ 308 $ 322 $ 172 $ (4) $ 802 Loss from discontinued operations (7) (1) – – (1) (4) – (8) (5) (Loss) income from continuing operations attributable to Alcoa (194) 137 61 258 309 326 172 4 807 Restructuring and other charges 119 20 (1) (8) 5 16 5 138 26 Discrete tax items* 112 (16) (38) (18) – – (10) 58 (10) Other special items** 64 (2) 74 (9) 3 22 (2) 136 23 Income from continuing operations attributable to Alcoa – as adjusted $ 101 $ 139 $ 96 $ 223 $ 317 $ 364 $ 165 $ 336 $ 846

Reconciliation of Adjusted Income (continued) 46 [Alcoa logo] (in millions) Quarter ended December 31, 2008 March 31, 2009 June 30, 2009 September 30, 2009 December 31, 2009 Net (loss) income attributable to Alcoa $ (1,191) $ (497) $ (454) $ 77 $ (277) (Loss) income from discontinued operations (262) (17) (142) 4 (11) (Loss) income from continuing operations attributable to Alcoa (929) (480) (312) 73 (266) Restructuring and other charges 614 46 56 1 49 Discrete tax items* 65 (28) – – (82) Other special items** 29 (15) – (35) 308 (Loss) income from continuing operations attributable to Alcoa – as adjusted $ (221) $ (477) $ (256) $ 39 $ 9 Income (loss) from continuing operations attributable to Alcoa – as adjusted is a non-GAAP financial measure. Management believes that this measure is meaningful to investors because management reviews the operating results of Alcoa excluding the impacts of restructuring and other charges, discrete tax items, and other special items (collectively, “special items”). There can be no assurances that additional special items will not occur in future periods. To compensate for this limitation, management believes that it is appropriate to consider both Income (loss) from continuing operations attributable to Alcoa determined under GAAP as well as Income (loss) from continuing operations attributable to Alcoa – as adjusted. * Discrete tax items include the following: for the quarter ended December 31, 2009, a benefit for the reorganization of an equity investment in Canada ($71), a charge for the write-off of deferred tax assets related to operations in Italy ($41), a benefit for a tax rate change in Iceland ($31), and a benefit for the reversal of a valuation allowance on net operating losses in Norway ($21); for the quarter ended March 31, 2009, a benefit for a change in a Canadian national tax law permitting tax returns to be filed in U.S. dollars; and, for the quarter ended December 31, 2008, a charge for non-cash tax on repatriated earnings. ** Other special items include the following: for the quarter ended December 31, 2009, charges related to the European Commission’s ruling on electricity pricing for smelters in Italy ($250), a tax s ettlement related to an equity investment in Brazil ($24), an estimated loss on excess power at the Intalco smelter ($19), and an environmental accrual for smelters in Italy ($15); for the quarter ended September 30, 2009, a gain on an acquisition in Suriname; for the quarter ended March 31, 2009, a gain on the Elkem/SAPA AB swap ($133) and a loss on the sale of Shining Prospect ($118); and, for the quarter ended December 31, 2008, charges for environmental reserve ($26), obsolete inventory ($16), and accounts receivable reserve ($11), and a refund of an indemnification payment ($24).

Reconciliation of Free Cash Flow 47 (in millions) Quarter ended Nine months ended March 31, 2011 June 30, 2011 September 30, 2011 September 30, 2011 Cash provided from operations $ (236) $ 798 $ 489 $ 1,051 Capital expenditures (204) (272) (325) (801) Free cash flow $ (440) $ 526 $ 164 $ 250 Free Cash Flow is a non-GAAP financial measure. Management believes that this measure is meaningful to investors because management reviews cash flows generated from operations after taking into consideration capital expenditures due to the fact that these expenditures are considered necessary to maintain and expand Alcoa’s asset base and are expected to generate future cash flows from operations. It is important to note that Free Cash Flow does not represent the residual cash flow available for discretionary expenditures since other non-discretionary expenditures, such as mandatory debt service requirements, are not deducted from the measure. [Alcoa logo]

December 31, Reconciliation of Free Cash Flow (continued) 48 [Alcoa logo] (in millions) Quarter ended Year ended December 31, 2008 March 31, 2009 June 30, 2009 September 30, 2009 December 31, 2009 March 31, 2010 June 30, 2010 September 30, 2010 December 31, 2010 2010 Cash provided from operations $ 608 $ (271) $ 328 $ 184 $ 1,124 $ 199 $ 300 $ 392 $ 1,370 $ 2,261 Capital expenditures (1,017) (471) (418) (370) (363 ) (221) (213) (216) (365 ) (1,015) Free cash flow $ (409) $ (742) $ (90) $ (186) $ 761 $ (22) $ 87 $ 176 $ 1,005 $ 1,246 Free Cash Flow is a non-GAAP financial measure. Management believes that this measure is meaningful to investors because management reviews cash flows generated from operations after taking into consideration capital expenditures due to the fact that these expenditures are considered necessary to maintain and expand Alcoa’s asset base and are expected to generate future cash flows from operations. It is important to note that Free Cash Flow does not represent the residual cash flow available for discretionary expenditures since other non-discretionary expenditures, such as mandatory debt service requirements, are not deducted from the measure.

Reconciliation of Alcoa Adjusted EBITDA 49 [Alcoa logo] ($ in millions) 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 3Q10 2Q11 3Q11 Net income (loss) attributable to Alcoa $ 908 $ 420 $ 938 $ 1,310 $ 1,233 $ 2,248 $ 2,564 $ (74) $ (1,151) $ 254 $ 61 $ 322 $ 172 Add: Net income attributable to noncontrolling interests 205 181 212 233 259 436 365 221 61 138 48 55 53 Cumulative effect of accounting changes – (34) 47 – 2 – – – – – – – – Loss (income) from discontinued operations 5 101 – 27 50 (22) 250 303 166 8 – 4 – Provision (benefit) for income taxes 524 307 367 546 464 853 1,623 342 (574) 148 (49) 136 55 Other (income) expenses, net (295) (175) (278) (266) (478) (236) (1,920) (59) (161) 5 43 (50) 31 Interest expense 371 350 314 271 339 384 401 407 470 494 139 163 125 Restructuring and other charges 530 398 (28) (29) 266 507 268 939 237 207 2 34 9 Provision for depreciation, depletion, and amortization 1,144 1,037 1,110 1,142 1,227 1,252 1,244 1,234 1,311 1,450 358 375 376 Adjusted EBITDA $ 3,392 $ 2,585 $ 2,682 $ 3,234 $ 3,362 $ 5,422 $ 4,795 $ 3,313 $ 359 $ 2,704 $ 602 $ 1,039 $ 821 Sales $19,906 $17,691 $18,879 $21,370 $24,149 $28,950 $29,280 $26,901 $18,439 $21,013 $ 5,287 $ 6,585 $ 6,419 Adjusted EBITDA Margin 17% 15% 14% 15% 14% 19% 16% 12% 2% 13% 11% 16% 13% Alcoa’s definition of Adjusted EBITDA (Earnings before interest, taxes, depreciation, and amortization) is net margin plus an add-back for depreciation, depletion, and amortization. Net margin is equivalent to Sales minus the following items: Cost of goods sold; Selling, general administrative, and other expenses; Research and development expenses; and Provision for depreciation, depletion, and amortization. Adjusted EBITDA is a non-GAAP financial measure. Management believes that this measure is meaningful to investors because Adjusted EBITDA provides additional information with respect to Alcoa’s operating performance and the Company’s ability to meet its financial obligations. The Adjusted EBITDA presented may not be comparable to similarly titled measures of other companies.

Reconciliation of Alumina Adjusted EBITDA 50 [Alcoa logo] ($ in millions, except per metric ton amounts) 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 3Q10 1Q11 2Q11 3Q11 After-tax operating income (ATOI) $ 471 $ 315 $ 415 $ 632 $ 682 $ 1,050 $ 956 $ 727 $ 112 $ 301 $ 70 $ 142 $ 186 $ 154 Add: Depreciation, depletion, and amortization 144 139 147 153 172 192 267 268 292 406 100 103 112 117 Equity (income) loss (1) (1) – (1) – 2 (1) (7) (8) (10) (1) (3) (22) (2) Income taxes 184 130 161 240 246 428 340 277 (22) 60 (22) 44 60 42 Other (17) (14) (55) (46) (8) (6) 2 (26) (92) (5) (1) – (1) – Adjusted EBITDA $ 781 $ 569 $ 668 $ 978 $ 1,092 $ 1,666 $ 1,564 $ 1,239 $ 282 $ 752 $ 146 $ 286 $ 335 $ 311 Production (thousand metric tons) (kmt) 12,527 13,027 13,841 14,343 14,598 15,128 15,084 15,256 14,265 15,922 4,047 4,024 4,144 4,140 Adjusted EBITDA/Production ($ per metric ton) $ 62 $ 44 $ 48 $ 68 $ 75 $ 110 $ 104 $ 81 $ 20 $ 47 $ 36 $ 71 $ 81 $ 75 Alcoa’s definition of Adjusted EBITDA (Earnings before interest, taxes, depreciation, and amortization) is net margin plus an add-back for depreciation, depletion, and amortization. Net margin is equivalent to Sales minus the following items: Cost of goods sold; Selling, general administrative, and other expenses; Research and development expenses; and Provision for depreciation, depletion, and amortization. The Other line in the table above includes gains/losses on asset sales and other nonoperating items. Adjusted EBITDA is a non-GAAP financial measure. Management believes that this measure is meaningful to investors because Adjusted EBITDA provides additional information with respect to Alcoa’s operating performance and the Company’s ability to meet its financial obligations. The Adjusted EBITDA presented may not be comparable to similarly titled measures of other companies.

Reconciliation of Primary Metals Adjusted EBITDA 51 [Alcoa logo] ($ in millions, except per metric ton amounts ) 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 3Q10 1Q11 2Q11 3Q11 After-tax operating income (ATOI) $ 905 $ 650 $ 657 $ 808 $ 822 $ 1,760 $ 1,445 $ 931 $ (612) $ 488 $ 78 $ 202 $ 201 $ 110 Add: Depreciation, depletion, and amortization 327 300 310 326 368 395 410 503 560 571 142 141 142 137 Equity (income) loss (52) (44) (55) (58) 12 (82) (57) (2) 26 (1) – (1) 1 4 Income taxes 434 266 256 314 307 726 542 172 (365) 96 (3) 53 55 21 Other (8) (47) 12 20 (96) (13) (27) (32) (176) (7) (7) 1 – – Adjusted EBITDA $ 1,606 $ 1,125 $ 1,180 $ 1,410 $ 1,413 $ 2,786 $ 2,313 $ 1,572 $ (567) $ 1,147 $ 210 $ 396 $ 399 $ 272 Production (thousand metric tons) (kmt) 3,488 3,500 3,508 3,376 3,554 3,552 3,693 4,007 3,564 3,586 891 904 945 964 Adjusted EBITDA/Production ($ per metric ton) $ 460 $ 321 $ 336 $ 418 $ 398 $ 784 $ 626 $ 392 $ (159) $ 320 $ 236 $ 438 $ 422 $ 282 Alcoa’s definition of Adjusted EBITDA (Earnings before interest, taxes, depreciation, and amortization) is net margin plus an add-back for depreciation, depletion, and amortization. Net margin is equivalent to Sales minus the following items: Cost of goods sold; Selling, general administrative, and other expenses; Research and development expenses; and Provision for depreciation, depletion, and amortization. The Other line in the table above includes gains/losses on asset sales and other nonoperating items. Adjusted EBITDA is a non-GAAP financial measure. Management believes that this measure is meaningful to investors because Adjusted EBITDA provides additional information with respect to Alcoa’s operating performance and the Company’s ability to meet its financial obligations. The Adjusted EBITDA presented may not be comparable to similarly titled measures of other companies.

Reconciliation of Flat-Rolled Products Adjusted EBITDA 52 [Alcoa logo] ($ in millions, except per metric ton amounts) 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 3Q10 1Q11 2Q11 3Q11 After-tax operating income (ATOI) $ 253 $ 225 $ 222 $ 254 $ 278 $ 233 $ 178 $ (3) $ (49) $ 220 $ 66 $ 81 $ 99 $ 60 Add: Depreciation, depletion, and amortization 167 184 190 200 220 223 227 216 227 238 57 58 60 61 Equity loss 2 4 1 1 – 2 – – – – – – – – Income taxes 124 90 71 75 121 58 92 35 48 92 26 33 35 26 Other (5) (8) (5) 1 1 20 1 6 (2) 1 – 1 (1) – Adjusted EBITDA $ 541 $ 495 $ 479 $ 531 $ 620 $ 536 $ 498 $ 254 $ 224 $ 551 $ 149 $ 173 $ 193 $ 147 Total sales $ 4,868 $ 4,571 $ 4,768 $ 6,042 $ 7,081 $ 8,610 $ 9,597 $ 9,184 $ 6,182 $ 6,457 $ 1,691 $ 1,961 $ 2,147 $ 2,022 Adjusted EBITDA Margin 11% 11% 10% 9% 9% 6% 5% 3% 4% 9% 9% 9% 9% 7% Total shipments (thousand metric tons) (kmt) 2,376 2,482 2,361 1,888 1,755 474 470 491 469 Adjusted EBITDA /Total shipments ($ per metric ton) $ 226 $ 201 $ 108 $ 119 $ 314 $ 314 $ 368 $ 393 $ 313 - Alcoa’s definition of Adjusted EBITDA (Earnings before interest, taxes, depreciation, and amortization) is net margin plus an add-back for depreciation, depletion, and amortization. Net margin is equivalent to Sales minus the following items: Cost of goods sold; Selling, general administrative, and other expenses; Research and development expenses; and Provision for depreciation, depletion, and amortization. The Other line in the table above includes gains/losses on asset sales and other nonoperating items. Adjusted EBITDA is a non-GAAP financial measure. Management believes that this measure is meaningful to investors because Adjusted EBITDA provides additional information with respect to Alcoa’s operating performance and the Company’s ability to meet its financial obligations. The Adjusted EBITDA presented may not be comparable to similarly titled measures of other companies.

Reconciliation of Engineered Products and Solutions Adjusted EBITDA 53 [Alcoa logo] ($ in millions) 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 3Q10 1Q11 2Q11 3Q11 After-tax operating income (ATOI) $ 189 $ 63 $ 124 $ 156 $ 271 $ 365 $ 435 $ 533 $ 315 $ 415 $ 114 $ 130 $ 149 $ 138 Add: Depreciation, depletion, and amortization 186 150 166 168 160 152 163 165 177 154 37 38 41 40 Equity loss (income) – – – – – 6 – – (2) (2) (1) (1) – – Income taxes 61 39 55 65 116 155 192 222 139 195 63 62 72 67 Other – 35 11 106 (11) (2) (7) 2 1 – 1 – (1) – Adjusted EBITDA $ 436 $ 287 $ 356 $ 495 $ 536 $ 676 $ 783 $ 922 $ 630 $ 762 $ 214 $ 229 $ 261 $ 245 Total sales $ 4,141 $ 3,492 $ 3,905 $ 4,283 $ 4,773 $ 5,428 $ 5,834 $ 6,199 $ 4,689 $ 4,584 $ 1,173 $ 1,247 $ 1,370 $ 1,373 Adjusted EBITDA Margin 11% 8% 9% 12% 11% 12% 13% 15% 13% 17% 18% 18% 19% 18% Alcoa’s definition of Adjusted EBITDA (Earnings before interest, taxes, depreciation, and amortization) is net margin plus an add-back for depreciation, depletion, and amortization. Net margin is equivalent to Sales minus the following items: Cost of goods sold; Selling, general administrative, and other expenses; Research and development expenses; and Provision for depreciation, depletion, and amortization. The Other line in the table above includes gains/losses on asset sales and other nonoperating items. Adjusted EBITDA is a non-GAAP financial measure. Management believes that this measure is meaningful to investors because Adjusted EBITDA provides additional information with respect to Alcoa’s operating performance and the Company’s ability to meet its financial obligations. The Adjusted EBITDA presented may not be comparable to similarly titled measures of other companies.

Reconciliation of Alcoa Net Debt 54 [Alcoa logo] (in millions) Quarter ended December 31, 2008 June 30, 2011 September30, 2011 Short - term borrowings $ 478 $ 65 $ 57 Commercial paper 1,535 – 107 Long - term debt due within one year 56 510 489 Long - term debt, less amount due within one year 8,509 8,773 8,658 Total debt 10,578 9,348 9,311 Less: Cash and cash equivalents 762 1,260 1,332 Net debt $ 9,816 $ 8,088 $ 7,979 Net debt is a non-GAAP financial measure. Management believes that this measure is meaningful to investors because management assesses Alcoa’s leverage position after factoring in available cash that could be used to repay outstanding debt.