EX-99.2 3 d466244dex992.htm SLIDES PRESENTED DURING ALCOA INC. FOURTH QUARTER 2012 EARNINGS CALL

4 Quarter Earnings Conference January 8, 2013 Exhibit 99.2 [Alcoa Logo] th

Cautionary Statement 2 [Alcoa Logo] 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 growth for aluminum, end-market conditions, supply/demand balances, and growth opportunities for aluminum in automotive, aerospace and other applications, 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) deterioration in global economic and financial market conditions generally; (c) unfavorable changes in the markets served by Alcoa, including automotive and commercial transportation, aerospace, building and construction, distribution, packaging, 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 calcined petroleum coke, caustic soda, and liquid pitch; (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 competitiveness and operations (including moving its alumina refining and aluminum smelting businesses down on the industry cost curves and increasing revenues in its Global Rolled Products and Engineered Products and Solutions segments) anticipated from its restructuring programs and productivity improvement, cash sustainability, and other initiatives; (h) Alcoa's inability to realize expected benefits, in each case as planned and by targeted completion dates, from sales of non-core assets, or from newly constructed, expanded, or acquired facilities, such as the upstream operations in Brazil and the investments in hydropower projects in Brazil, or from international joint ventures, 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) adverse changes in tax rates or benefits; (m) adverse changes in discount rates or investment returns on pension assets; (n) the impact of cyber attacks and potential information technology or data security breaches; and (o) the other risk factors summarized in Alcoa's Form 10-K for the year ended December 31, 2011, Forms 10-Q for the quarters ended March 31, 2012, June 30, 2012 and September 30, 2012, and other reports filed with the Securities and Exchange Commission. 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 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.

Chuck McLane Executive Vice President and Chief Financial Officer 3 January 8, 2013 [Alcoa Logo]

4 Quarter 2012 Financial Overview See appendix for reconciliations to GAAP and additional information 4 [Alcoa Logo] Income from Continuing Operations of $242 million, or $0.21 per share; Excluding impact of restructuring and other special items: • Income from continuing operations of $64 million, or $0.06 per share Revenue at $5.9 billion Adjusted EBITDA of $597 million Midstream and Downstream achieve record fourth quarter results Positive Free Cash Flow of $535 million Days Working Capital at 24 days, an all-time low Debt-to-Capital of 35%, Net Debt-to-Capital of 30% Cash on hand of $1.9 billion Net Debt of $7.0 billion, lowest year end since 2006 th

Income Statement Summary 5 $ Millions, except per-share amounts 4Q11 3Q12 4Q12 Sequential Change Revenue $5,989 $5,833 $5,898 $65 Cost of Goods Sold $5,228 $5,266 $4,968 ($298) COGS % Revenue 87.3% 90.3% 84.2% (6.1 % pts.) Selling, General Administrative, Other $268 $234 $277 $43 SGA % Revenue 4.5% 4.0% 4.7% 0.7 % pts. Other Income, Net ($40) ($2) ($345) ($343) Restructuring and Other Charges $232 $2 $60 $58 Effective Tax Rate 31.0% 15.9% 35.8% 19.9 % pts. (Loss) Income from Continuing Operations ($193) ($143) $242 $385 (Loss) Income Per Diluted Share ($0.18) ($0.13) $0.21 $0.34 [Alcoa Logo]

[Alcoa Logo] Restructuring and Other Special Items See appendix for Adjusted Income reconciliation 6 $ Millions, except per-share amounts 3Q12 4Q12 Income Statement Classification Segment (Loss)/Income ($143) $242 (Loss)/Income ($0.13) $0.21 Tapoco Asset Sale - $161 Other Income, Net Primary Metals / Corporate Restructuring-Related ($2) ($54) Restructuring and Other Charges Corporate Discrete Tax Items ($26) $58 Income Taxes Corporate Mark-to-Market Energy Contracts ($3) $12 Other Income, Net Corporate Interest Income - $8 Other Income, Net Corporate Massena Fire ($9) ($7) Revenue, COGS and Other Income, Net Primary Metals/EPS Environmental Reserve ($120) - COGS Corporate Litigation Reserve ($15) - COGS Corporate Special Items ($175) $178 Income from Continuing Ops excl Special Items $32 $64 $0.03 $0.06 from Continuing Ops Per Diluted Share Income per Diluted Share excl Special Items

[Alcoa Logo] 4th Quarter 2012 vs. 3rd Quarter 2012 Earnings Bridge See appendix for Adjusted Income reconciliation 7 Income from Continuing Operations Excluding Restructuring & Other Special Items ($ millions) +$78m -$1m -$38m 64 32 14 Productivity 4Q 2012 Cost Increases Curtailment / Other 37 Raw Materials 13 Energy Portovesme 7 3Q 2012 LME 79 1 25 Price /Mix 8 Volume 34 Currency th rd [Alcoa Logo]

[Alcoa Logo] Alumina 8 1 Quarter Outlook Alumina 4Q12 Results and 1Q13 Outlook 4Q 11 3Q 12 4Q 12 Production (kmt) 4,178 4,077 4,079 3 Party Shipments (kmt) 2,378 2,368 2,440 3 Party Revenue ($ Millions) 847 764 803 ATOI ($ Millions) 125 (9) 41 48% of 3 party shipments on spot or alumina price index with 30 day lag for 2013 Production and shipments decrease by 90 kmt Crusher move in Australia drives mining cost increase of $5 million Productivity improvements continue Higher 3 party shipments driven by lower internal shipments API and spot pricing more stable than LME aluminum pricing Productivity of $10 million Higher fuel oil and natural gas prices Working capital improved 1 day vs. prior year quarter Productivity of $190 million for full year 2012 4 Quarter Performance Bridge 4 Quarter Business Highlights 4 Quarter Results 4Q 2012 $41 Cost Decr. $9 Raw Mat. $3 3Q 2012 -$9 Product. $10 Energy -$2 Price/ Mix -$21 Volume -$7 Currency $6 LME $52 Market Performance $ Millions +$58m $8m - th th th st rd rd rd rd

9 Production decrease due to completed Italy curtailment Price/Mix improvement as regional premiums rise Productivity of $11 million Seasonal energy price increases Completed Tapoco Hydropower asset sale Productivity of $245 million for full year 2012 4 Quarter Results 4 Quarter Business Highlights 1 Quarter Outlook Pricing to follow 15 day lag to LME Production and shipments decrease by 20 kmt Carbon pricing expected to remain level Rockdale and Anglesea power generation outages of $15 million Saudi Arabia JV equity costs of $20 million Primary Metals 4Q12 Results and 1Q13 Outlook 4Q 11 3Q 12 4Q 12 Production (kmt) 962 938 912 3 rd Party Shipments (kmt) 805 768 768 3 rd Party Revenue ($ Millions) 1,991 1,794 1,890 3 rd Party Price ($/MT) 2,374 2,222 2,325 ATOI ($ Millions) (32) (14) 316 Quarter Performance Bridge $ Millions market performance 4Q 2012 Tapoco Sale PV Curtail Cost Decreases Volume Price /Mix 3Q 2012 Prod- uctivity - Currency Energy Raw Materials LME th th st [Alcoa Logo] 4 th

ATOI ($ Millions) 4Q 11 3Q 12 4Q 12 Global Rolled Products, excl Russia, China & Other 32 89 62 Russia, China & Other (6) 9 7 Total ATOI 26 98 69 Adjusted EBITDA/mt 225 395 344 4 th Quarter Results 4 Quarter Business Highlights 1 Quarter Outlook 4 Quarter Performance Bridge $6 $4 $69 $98 4Q 2012 Other Items -$4 Cost Increase -$8 Productivity Price/Mix Volume -$27 3Q 2012 Record 4Q ATOI and adjusted EBITDA per metric ton ATOI up 165% vs. year-over-year quarter Seasonal decline in Packaging volume Aerospace and automotive remained strong Productivity of $6 million Working capital improved 8 days vs. prior year quarter Aerospace and automotive demand expected to remain strong European and North America industrial flat and uncertain Productivity improvements continue $ Millions [Alcoa Logo] Global Rolled Products Global Rolled Products 4Q12 Results and 1Q13 Outlook 10 See appendix for Adjusted EBITDA reconciliation th th st

[Alcoa Logo] Engineered Products and Solutions See appendix for Adjusted EBITDA reconciliation 11 Engineered Products and Solutions 4Q12 Results and 1Q13 Outlook $ Millions 4Q 11 3Q 12 4Q 12 Party Revenue 1,355 1,367 1,348 ATOI 122 160 137 Adjusted EBITDA Margin 16.2% 20.3% 17.7% Quarter Results Quarter Outlook 4 Quarter Performance Bridge Quarter Business Highlights $ Millions Record 4Q ATOI and adjusted EBITDA margin 4Q adjusted EBITDA margin at 17.7%, up 1.5 points year-over-year Year-over-year ATOI up $15 million on $7 million less revenue Productivity of $2 million Aerospace market remains strong European Non-Residential Construction market continues to decline – Normal seasonal decline in N.A. market Heavy Duty truck market flat in N.A. and Europe Share gains through innovation continue across all market sectors Productivity improvements continue th 4 th 4 th 1 st 3 rd $2 $137 -$2 -$4 -$12 -$6 -$1 $160

[Alcoa Logo] See appendix for Free Cash Flow and Net Debt-to-Capital reconciliations 4 Quarter Cash Flow Overview 12 ($ Millions) 4Q11 3Q12 4Q12 Net (Loss) Income ($163) ($175) $257 DD&A $368 $366 $363 Change in Working Capital $797 $88 $539 Pension Contributions ($119) ($163) ($46) Taxes / Other Adjustments $259 $147 ($180) Cash from Operations $1,142 $263 $933 Dividends to Shareholders ($33) ($32) ($33) Change in Debt $52 ($273) ($692) Distributions to Noncontrolling Interest ($4) ($1) ($24) Contributions from Noncontrolling Interest $33 $22 $39 Other Financing Activities $1 $2 ($2) Cash from Financing Activities $49 ($282) ($712) Capital Expenditures ($486) ($302) ($398) Other Investing Activities ($97) $40 $605 Cash from Investing Activities ($583) ($262) $207 4Q12 FCF $535 million $1.9 billion of cash 3 Day DWC reduction vs. 4Q 2011 Quarter 2012 Cash Flow Overview Debt-to-Cap at 35%; Net Debt-to- Cap at 30% th 4 th

[Alcoa Logo] 13 2012 FULL YEAR RESULTS

[Alcoa Logo] Executing and Delivering in a Challenging Environment See appendix for Adjusted EBITDA reconciliation 14 Delivering Results Productivity & Overhead Working Capital Capital Spend and Investments Maintain Debt-to-Capital Target: $850m Actual: $1.3b Positive Free Cash Flow Target: 1.5 days Actual: 3.5 days Target: $1.7b Actual: $1.4b Target: 30%-35% Actual: 34.8% API or spot pricing net benefit of $35M 4% point reduction on smelting cost curve Record annual midstream ATOI of $358M; 35% YOY improvement Record midstream full year adjusted EBITDA/mt of $390 Downstream delivered record annual ATOI of $612M; 14% YOY improvement All-time high full year adjusted EBITDA margin of 19.2% for downstream Net debt at $7.0 billion, lowest year end since 2006 Achieving Our Targets

[Alcoa Logo] Taking Necessary Steps to Maintain Liquidity 15 See appendix for Free Cash Flow reconciliation ($ Millions) 2012 Cash from Operations $1,497 Capital Expenditures ($1,261) Free Cash Flow $236 Saudi Arabia Investments ($164) Proceeds from sale of assets $615 $687

[Alcoa Logo] Generating Positive FCF Amid A Volatile Environment 16 See appendix for Free Cash Flow reconciliation Free Cash Flow ($ millions) -39 246 -506 656 164 526 -440 1,005 176 87 -22 761 -186 -90 -742 -409 535 2009 -$257 2010 $1,246 2011 $906 2012 $236

[Alcoa Logo] Exceeding $850 Million Productivity and Overhead Target *All figures are pretax and pre-minority interest. 2009/2010 represent net productivity; 2011/2012 represent gross productivity 17 1 5,542 1,291 1,099 742 2,410 Total 2012 2011 2010 2009 Alcoa Productivity ($millions)*

[Alcoa Logo] 2012 Actions More Than Offset Significant Headwinds See appendix for Adjusted Income reconciliation 18 Income from Continuing Operations Excluding Restructuring & Other Special Items ($ millions) -$885m +$1,005m -$670m 262 812 Cost Increases / Other 559 Raw Materials 91 Energy 20 Productivity 786 Price /Mix 127 Volume 92 Currency 129 LME 1,014 2011 2012

[Alcoa Logo] Achieving Sustainable Days Working Capital Reductions See appendix for days working capital reconciliation 19 3 days lower Days Working Capital since Fourth Quarter 2008 3 days lower 10 days lower 33 33 32 38 38 39 43 44 41 48 50 55 20 25 30 35 40 45 50 55 43 30 33 27 -3 days 24 3 days lower Record Low 4 th Quarter

[Alcoa Logo] Significantly Strengthening Our Liquidity Position See appendix for Net Debt-to-Capital reconciliation 20 Net debt reduction of 29% since 2008 Debt to Cap Net Debt Cash Debt, Net Debt and Debt - to - Capital % (millions) Commitment to Investment Grade: Improving Net Debt Position Net debt reduction of 29% since 2008 762 1,481 1,543 1,939 1,861 2009 9,819 8,338 2008 10,578 9,816 2012 8,829 6,968 2011 9,371 7,432 2010 9,165 7,622 38.7% 42.5% 34.9% 35.3% 34.8%

[Alcoa Logo] New Aggressive Targets Set to Maximize Cash In 2013 21 Positive Free Cash Flow Maintain 30%-35% Debt-to-Capital Manage Growth Capital of $550M Generate Productivity Gains of $750M Target Saudi JV Investment of $350M Overarching 2013 Financial Target Control Sustaining Capital of $1.0B Taking the right actions 2013 Targets: Key Actions to Execute 2013 Cash Sustainability Program

[Alcoa Logo] Successfully Executing for Cash; Continued Focus in 2013 22 Debt to Cap Net Debt Cash

[Alcoa Logo] Klaus Kleinfeld Chairman and Chief Executive Officer January 8, 2013

[Alcoa Logo] Source: Alcoa analysis 2013 Market Conditions 24 Alcoa End Markets: Current Assessment of 2013 vs. 2012 North America China Global Europe Aerospace Automotive Heavy Truck & Trailer Beverage Can Packaging Commercial Building and Construction Industrial Gas Turbine

[Alcoa Logo] Aluminum Market Fundamentals Are Intact 25 2012: Aluminum Demand Strong and Outpacing 10-Year Forecast Global Aluminum Demand Grows in 2013 Inventories Stable; Financing Driving Premiums Markets Essentially Balanced

[Alcoa Logo] 26 Source: Alcoa analysis, Brook Hunt, CRU, Harbor Intelligence Short Term Demand Exceeding Long Term Expectations In 2010, we said demand to roughly double… 25.4 46.1 Rest of World China 2012 20.7 2010 39.5 23.0 16.5 2020 Forecast 39.5 Rest of World China 73.4 35.7 37.7 2010 23.0 16.5 Million MT 12% 5% 9% 4% Million MT …run rate ahead of projection 6.5% CAGR 8.0% CAGR

[Alcoa Logo] 27 Source: Alcoa analysis, IMF, OECD Global Aluminum Demand Accelerates to 7% in 2013 2013 Primary Aluminum Consumption (mmt), Annualized Growth (%) and Change (% pts) by Region (1) Other includes Middle East, Latin America ex Brazil, Eastern Europe and Rest of World -1% -2% 2013 Global Demand (4Q12 estimate) 49.4 mmt Annualized Growth (4Q12 estimate) 1% 1% 3% 3% 2% 0% 1% 2% Russia Brazil India Other (1) Asia ex. China North America Europe China Change in Growth (2012 to 2013 in % pts.) 1% Global 1% World ex China 2013 Global Demand Growth Rate 7% vs. 2012 (World ex China 4%) 2012 2013E China Europe North America Asia ex. China Other (1) India Brazil Russia 23.0 6.5 6.2 5.9 3.8 2.0 1.0 1.0 11% 9% 4% 4% 5% 7% 6% 7% 6% 9% 1% 4% 5% 6%

[Alcoa Logo] 2013E Aluminum Supply/Demand Balance Supply Demand Surplus 535 ‘000 mt China Rest of World 2013E Alumina Supply/Demand Balance ‘000 mt China Rest of World Supply Demand Deficit (200) Source: Alcoa analysis, Brook Hunt, CRU, CNIA, NBS, Chinese Customs Markets Essentially Balanced in 2013 28

[Alcoa Logo] 29 Source: Alcoa analysis, LME, SHFE, CRU, IAI, Marubeni Corp. Primary Aluminum Inventories Remain Below 2009 Peak Decline 28 days from the ’09 peak Cancelled Warrants: 1.6M tons above year end 2011; all-time record high China stocks: Only 7 days of global demand Producer stocks : Record low < 10 days Days of Consumption Days of Consumption 102 days LME Price $2,214/MT Days of Consumption 80 days LME Price $2,686/MT Days of Consumption 74 days LME Price $2,098/MT Global Inventories Global Inventories vs. LME Price Over Time

[Alcoa Logo] Source: Month end pricing - Platts Metals Week and Metal Bulletin Regional Premiums Continue To Be Strong 30 0 50 100 150 200 250 300 $0 $50 $100 $150 $200 $250 $300 Regional Premiums over time $ per metric ton $ per metric ton

[Alcoa Logo] Macro Events Continue to Drive Price Movements Movement in LME Cash Prices After Economic Announcements Nov 20 th Greece Aid Resolution LME $1,952 Dec 7 th Positive U.S. Labor News LME $2,078 Positive China PMI LME $1,916 Dec 31 st Improved Sentiment Cliff Deal Will Be Reached LME $2,040 Dec 18 th Uncertainty over Fiscal Cliff Negotiations LME $2,081 31 Source: LME, Bloomberg Nov 22 nd

[Alcoa Logo] 2012/2013 Common Thread: Disciplined Execution 32 Solid operating performance in a volatile year Achieving strategic investment milestones Financial targets set to maximize cash

[Alcoa Logo] Alumina: Focused on Sustainable Cost Reductions 33 Clear Strategic Direction: Improving cost competitiveness 0 100 200 300 400 500 600 700 0 20,000 40,000 60,000 80,000 100,000 120,000 Cumulative Production (000MT) Alcoa 2010 30 th Percentile Alumina Cost Curve Alcoa 2015 23 rd Percentile Refining Cost Curve Holding Steady $/mt -7 points Alcoa 2012 30 th Percentile Atlantic refinery curtailments: 390k mtpy Creeping low-cost capacity: increased production in Australia by 400tpd in 2012 Productivity gains: ~$190 million for 2012 and ~$390 million since 2010 First concrete pour Saudi Arabia refinery in February 2012 2012 Strategic Actions Progress on energy solutions in Spain at

[Alcoa Logo] Primary Metals: Moving Down the Cost Curve 34 Smelting Cost Curve Down 4% Points -10 points Clear Strategic Direction: Improving cost competitiveness Curtailments: 240k mtpy in Spain and Italy Permanent closures: 291k mtpy Securing energy solutions: Power contracts for Mt. Holly and Intalco Estreito hydro electric dam commissioned Brazilian regulatory improvements Spanish energy framework implemented and ~ $480 million since 2010 2012 Strategic Actions 0 500 1,000 1,500 2,000 2,500 3,000 3,500 0 20,000 40,000 60,000 Cumulative Production (000MT) Alcoa 2015 41 st Percentile Alcoa 2010 51 st Percentile Aluminum Cost Curve $/mt Alcoa 2012 47 th Percentile Saudi Arabia JV First Hot Metal achieved in December 2012 Productivity gains: ~ $245 million for 2012 Tapoco sale : ~ $600 million gross proceeds in the U.S.

[Alcoa Logo] Global Rolled Products: Generating Record Margins See appendix for Adjusted EBITDA reconciliations 35 273 253 249 276 226 201 108 119 314 327 390 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Revenue growth from new products and share gains GRP-Growing profitability at record levels $ Billions Adjusted EBITDA per MT 10-YR Average ~ $235/MT $7.6 2013 Target Normalized $8.4b 2012 Actual $7.4b 2010 Actual $6.3b $2,019 $2,143** ** 2010 LME price of $2,143 assumed to normalize 2013 target LME: $2,143 Midstream Strategy: Profitable Growth * $1.5 billion revenue growth from share gains and new products and $1.0 billion revenue growth from metal and market

[Alcoa Logo] Engineered Products & Solutions: Growing Profitably See appendix for Adjusted EBITDA reconciliations 36 Downstream Strategy: Profitable Growth Record margins exceeding historical levels Adjusted EBITDA Margin $ Billions 8% 9% 12% 11% 12% 13% 15% 13% 17% 18% 19% 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 $5.6 2012 $5.5 2010 $4.6 $6.2 Markets Revenue growth from share gains and innovation * $1.0 billion revenue growth from share gains and innovation and $600 million revenue growth from the market

[Alcoa Logo] Saudi Arabia JV: Achieving Significant Milestones 37 [Alcoa Logo] Achieved smelter First Hot Metal Auto capability groundbreaking Lowest cost, integrated aluminum facility in the world Successful commissioning of first smelting pot s First hot metal in 25 months from first concrete Expected to produce ~250k tons in 2013 Contributes 2% point reduction on the smeltin g cost curve Integrated rolling and surface treatment complex Expanding capability to produce up to 100k tons of downstream products, including automotive heat-treated and non-heat-treated sheet Production planned to start at the end of 2014 [Ma’aden Logo]

[Alcoa Logo] Focus Remains on Cash In 2013 38 Positive Free Cash Flow Maintain 30%-35% Debt-to-Capital Manage Growth Capital of $550M Generate Productivity Gains of $750M Target Saudi JV Investment of $350M Overarching 2013 Financial Target Control Sustaining Capital of $1.0B Taking the right actions Key Actions to Execute 2013 Cash Sustainability Program

[Alcoa Logo] Market and Fundamentals Intact; Sentiment Moves Price 39

[Alcoa Logo] Executing Mid-Term Strategy; Continued Cash Focus 40

41 [Alcoa Logo]

[Alcoa Logo] Kelly Pasterick Director, Investor Relations Alcoa 390 Park Avenue New York, NY 10022-4608 Telephone: (212) 836-2674 www.alcoa.com Additional Information 42

[Alcoa Logo] Annual Sensitivity Summary Currency Annual Net Income Sensitivity +/- $100/MT = +/- $240 million LME Aluminum Annual Net Income Sensitivity Australian $ +/- $11 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 $ +/- $ 5 million per 0.01 change in CAD / USD Norwegian Kroner +/- $ 5 million per 0.10 change in NOK / USD 43

[Alcoa Logo] Revenue Change by Market 0% 1% (1%) (7%) (4%) 5% (8%) 37% 5% 5% 3% 7% 5% (11%) 2% 8% 6% (17%) (5%) (5%) 4Q’12 Third-Party Revenue Sequential Change Year-Over-Year Change 44 16% 3% 6% 5% 8% 2% 13% 2% 13% 32% Aerospace Automotive B&C Comm. Transport Industrial Products IGT Packaging Distribution/Other* Alumina Primary Metals

[Alcoa Logo] Reconciliation of ATOI to Consolidated Net (Loss) Income Attributable to Alcoa 45 (in millions) 4Q 11 2011 1 Q 12 2 Q12 3 Q 12 4 Q 12 20 12 $ $ $ $ $ $ $ Unallocated amounts (net of tax): Impact of LIFO Interest expense Noncontrolling interests Corporate expense Restructuring and other charges Discontinued operations Other Alcoa $ $ $ $ $ $ $ 235 (7) (81) 32 (62) (2) – (258) (143) 563 8 (78) (15) (87) (56) – (93) 242 1,369 20 (319) 29 (282) (75) – (551) 191 275 19 (80) 17 (69) (10) – (154) (2) 296 – (80) (5) (64) (7) – (46) 94 1,893 (38) (340) (194) (290) (196) (3) (221) 611 241 11 (81) (28) (71) (161) 2 (104) (191) Consolidated net (loss) income attributable to Total segment ATOI

[Alcoa Logo] Reconciliation of Adjusted Income 46 (Loss) income 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 (Loss) income from continuing operations attributable to Alcoa determined under GAAP as well as (Loss) income from continuing operations attributable to Alcoa – as adjusted. * Discrete tax items include the following: • for the quarter ended December 31, 2012, a benefit related to the interim period treatment of losses in jurisdictions for which no tax benefit was recognized during the nine months ended September 30, 2012 ($39); a benefit for a capital loss on an investment ($13); and a net benefit for other miscellaneous items ($6); • for the quarter ended September 30, 2012, an unfavorable impact related to the interim period treatment of losses in jurisdictions for which no tax benefit was recognized ($35), a benefit as a result of including the anticipated gain from the sale of the Tapoco Hydroelectric Project in the calculation of the estimated annual effective tax rate ($12), and a net charge for other miscellaneous items ($3); • for the quarter ended December 31, 2011, charges for a tax rate change in Hungary and a tax law change regarding the utilization of net operating losses in Italy ($8), a charge related to the 2010 change in the tax treatment of federal subsidies received related to prescription drug benefits provided under certain retiree health benefit plans ($7), and a net benefit for other miscellaneous items ($3); • for the year ended December 31, 2012, a benefit for a capital loss on an investment ($13); a benefit as a result of including the then anticipated gain from the sale of the Tapoco Hydroelectric Project in the calculation of the estimated annual effective tax rate applied to the results for the nine months ended September 30, 2012 ($12); a charge related to prior year U.S. taxes on certain depletable assets ($8); and a net benefit for other miscellaneous items ($5); and • for the year ended December 31, 2011, charges for a tax rate change in Hungary and a tax law change regarding the utilization of net operating losses in Italy ($8); a charge related to the 2010 change in the tax treatment of federal subsidies received related to prescription drug benefits provided under certain retiree health benefit plans ($7); 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 ($8). ** Other special items include the following: • for the quarter ended December 31, 2012, a gain on the sale of the Tapoco Hydroelectric Project ($161: $275 is included in the Primary Metals segment and $(114) is included in Corporate); a net favorable change in certain mark-to-market energy derivative contracts ($12); interest income on an escrow deposit ($8); and uninsured losses related to fire damage to the cast house at the Massena, NY location ($7); • for the quarter ended September 30, 2012, an increase in the environmental reserve mostly related to the Grasse River remediation in Massena, NY and two new remediation projects at the smelter sites in Baie Comeau, Quebec, Canada and Mosjøen, Norway ($120), a litigation reserve ($15), uninsured losses related to fire damage to the cast house at the Massena, NY location ($9), and a net unfavorable change in certain mark-to-market energy derivative contracts ($3); • for the quarter ended December 31, 2011, a gain on the sale of land in Australia ($18), uninsured losses, including costs related to flood damage to a plant in Pennsylvania caused by Hurricane Irene, ($14), a net favorable change in certain mark-to-market energy derivative contracts ($8), and the write off of inventory related to the permanent closure of a smelter in the U.S ($4); • for the year ended December 31, 2012, a gain on the sale of the Tapoco Hydroelectric Project ($161: $275 is included in the Primary Metals segment and $(114) is included in Corporate); a net increase in the environmental reserve related to the Grasse River remediation in Massena, NY, remediation at two former locations, East St. Louis, IL and Sherwin, TX, and two new remediation projects at the smelter sites in Baie Comeau, Quebec, Canada and Mosjøen, Norway ($133); a litigation reserve ($33); uninsured losses related to fire damage to the cast house at the Massena, NY location ($28); interest income on an escrow deposit ($8); and a net favorable change in certain mark-to-market energy derivative contracts ($5); and • for the year ended December 31, 2011, a net favorable change in certain mark-to-market energy derivative contracts ($36); 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); uninsured losses, including costs related to flood damage to a plant in Pennsylvania caused by Hurricane Irene, ($25); a gain on the sale of land in Australia ($18); 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 the write off of inventory related to the permanent closure of a smelter in the U.S ($4). (in millions, except per- share amounts) (Loss) Income Diluted EPS Quarter ended Year ended Quarter ended Year ended December 31, September 30, December 31, December 31, December 31, December 31, September 30, December 31, December 31, December 31, 2011 2012 2012 2011 2012 2011 2012 2012 2011 2012 Net (loss) income attributable to Alcoa $ (191) $ (143) $ 242 $ 611 $ 191 $ (0.18) $ (0.13) $ 0.21 $ 0.55 $ 0.18 Income (loss) from discontinued operations 2 – – (3) – (Loss) income from continuing operations attributable to Alcoa (193) (143) 242 614 191 (0.18) (0.13) 0.21 0.55 0.18 Restructuring and other charges 155 2 54 181 73 Discrete tax items* 12 26 (58) 2 (22) Other special items** (8) 147 (174) 15 20 (Loss) income from continuing operations attributable to Alcoa - as adjusted $ (34) $ 32 $ 64 $ 812 $ 262 (0.03) 0.03 0.06 0.72 0.24

[Alcoa Logo] Reconciliation of Alcoa Adjusted EBITDA 47 ($ in millions) 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 4Q11 3Q12 4Q12 Net income (loss) attributable to Alcoa 420 938 1,310 1,233 2,248 2,564 (74) (1,151) $ 254 611 191 $ (191) (143) $ 242 Add: Net income (loss) attributable to noncontrolling interests 181 212 233 259 436 221 61 138 194 (29) 28 (32) 15 Cumulative effect of accounting changes (34) 47 – 2 – – – – – – – – – – Loss (income) from discontinued operations 101 – 27 50 (22) 250 303 166 8 3 – (2) – – Provision (benefit) for income taxes 307 367 546 464 853 1,623 342 (574) 148 255 162 (74) (33) 143 Other (income) expenses, net (175) (278) (266) (478) (236) (1,920) (59) (161) 5 (87) (341) (40) (2) (345) Interest expense 350 314 271 339 384 401 407 470 494 524 490 125 124 Restructuring and other charges 398 (28) (29) 266 507 268 939 237 207 281 87 232 2 60 Provision for depreciation, depletion, and amortization 1,037 1,227 1,252 1,244 1,234 1,311 1,450 1,479 1,460 367 366 362 Adjusted EBITDA 2,585 2,682 3,234 3,362 4,795 359 2,704 3,260 2,020 445 282 597 Sales 18,879 21,370 28,950 26,901 18,439 21,013 24,951 23,700 5,833 5,898 Adjusted EBITDA Margin 14% 14% 19% 16% 12% 2% 13% 13% 9% 7% 5% 10% 17,691 15% 1,110 1,142 15% 24,149 120 3,313 5,422 5,989 29,280 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. $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 365 $ $ $ $ $ $

[Alcoa Logo] Reconciliation of Alumina Adjusted EBITDA 48 ($ in millions, except per metric ton amounts ) 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 4Q11 3Q12 4Q12 After-tax operating income (ATOI) $ 315 $ 415 $ 632 $ 682 $ 1,050 $ 956 $ 727 $ 112 $ 301 $ 607 $ 90 $ 125 $ (9) $ 41 Add: Depreciation, depletion, and amortization 139 147 153 172 192 267 268 292 406 444 455 112 120 107 Equity (income) loss (1) – (1) – 2 (1) (7) (8) (10) (25) (5) 2 (2) (1) Income taxes 130 161 240 246 428 340 277 (22) 60 179 (27) 33 (22) 2 Other (14) (55) (46) (8) (6) 2 (26) (92) (5) (44) (8) (43) (1) (4) Adjusted EBITDA $ 569 $ 668 $ 978 $ 1,092 $ 1,666 $ 1,564 $ 1,239 $ 282 $ 752 $ 1,161 $ 505 $ 229 $ 86 $ 145 Production (thousand metric tons) (kmt) 13,027 13,841 14,343 14,598 15,128 15,084 15,256 14,265 15,922 16,486 16,342 4,178 4,077 4,079 Adjusted EBITDA/ Production ($ per metric ton) $ 44 $ 48 $ 68 $ 75 $ 110 $ 104 $ 81 $ 20 $ 47 $ 70 $ 31 $ 55 $ 21 $ 36 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.

[Alcoa Logo] Reconciliation of Primary Metals Adjusted EBITDA ($ in millions, except per metric ton amounts) 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 4Q11 3Q12 4Q12 After-tax operating income (ATOI) $ 650 $ 657 $ 808 $ 822 $ 1,760 $ 1,445 $ 931 $ (612) $ 488 $ 481 $ 309 $ (32) $ (14) $ 316 Add: Depreciation, depletion, and amortization 300 310 326 368 395 410 503 560 571 556 532 136 130 134 Equity (income) loss (44) (55) (58) 12 (82) (57) (2) 26 (1) 7 27 3 5 11 Income taxes 266 256 314 307 726 542 172 (365) 96 92 106 (37) (19) 157 Other (47) 12 20 (96) (13) (27) (32) (176) (7) 2 (422) 1 2 (423) Adjusted EBITDA $ 1,125 $ 1,180 $ 1,410 $ 1,413 $ 2,786 $ 2,313 $ 1,572 $ (567) $ 1,147 $ 1,138 $ 552 $ 71 $ 104 $ 195 Production (thousand metric tons) (kmt) 3,500 3,508 3,376 3,554 3,552 3,693 4,007 3,564 3,586 3,775 3,742 962 938 912 Adjusted EBITDA / Production ($ per metric ton) $ 321 $ 336 $ 418 $ 398 $ 784 $ 626 $ 392 $ (159) $ 320 $ 301 $ 148 $ 74 $ 111 $ 214 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. 49

[Alcoa Logo] Reconciliation of Global Rolled Products Adjusted EBITDA ($ in millions, except per metric ton amounts) 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 4Q11 3Q12 4Q12 After-tax operating income (ATOI) $ 225 $ 222 $ 254 $ 278 $ 233 $ 178 $ (3) $ (49) $ 220 $ 266 $ 358 $ 26 $ 98 $ 69 Add: Depreciation, depletion, and amortization 184 190 200 220 223 227 216 227 238 237 229 58 57 58 Equity loss 4 1 1 – 2 – – – – 3 6 3 1 2 Income taxes 90 71 75 121 58 92 35 48 92 104 167 10 44 31 Other (8) (5) 1 1 20 1 6 (2) 1 1 (2) 1 (2) – Adjusted EBITDA $ 495 $ 479 $ 531 $ 620 $ 536 $ 498 $ 254 $ 224 $ 551 $ 611 $ 758 $ 98 $ 198 $ 160 Total shipments (thousand metric tons) (kmt) 1,814 1,893 2,136 2,250 2,376 2,482 2,361 1,888 1,755 1,866 1,943 436 501 465 Adjusted EBITDA / Total shipments ($ per metric ton) $ 273 $ 253 $ 249 $ 276 $ 226 $ 201 $ 108 $ 119 $ 314 $ 327 $ 390 $ 225 $ 395 $ 344 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. 50

[Alcoa Logo] Reconciliation of Engineered Products and Solutions Adjusted EBITDA 51 ($ in millions) 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 4Q11 3Q12 4Q12 After-tax operating income (ATOI) $ 63 $ 124 $ 156 $ 271 $ 365 $ 435 $ 533 $ 315 $ 415 $ 539 $ 612 $ 122 $ 160 $ 137 Add: Depreciation, depletion, and amortization 150 166 168 160 152 163 165 177 154 158 158 39 39 40 Equity loss (income) – – – – 6 – – (2) (2) (1) – – – – Income taxes 39 55 65 116 155 192 222 139 195 260 297 59 79 69 Other 35 11 106 (11) (2) (7) 2 1 – (1) (8) – (1) (7) Adjusted EBITDA $ 287 $ 356 $ 495 $ 536 $ 676 $ 783 $ 922 $ 630 $ 762 $ 955 $ 1,059 $ 220 $ 277 $ 239 Total sales $ 3,492 $ 3,905 $ 4,283 $ 4,773 $ 5,428 $ 5,834 $ 6,199 $ 4,689 $ 4,584 $ 5,345 $ 5,525 $ 1,355 $ 1,367 $ 1,348 Adjusted EBITDA Margin 8% 9% 12% 11% 12% 13% 17% 18% 19% 16% 20% 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. 15% 13%

[Alcoa Logo] Reconciliation of Free Cash Flow 52 (in millions) Quarter ended Year ended March 31, 2011 June 30, 2011 September 30, 2011 December 31, 2011 March 31, 2012 June 30, 2012 September30, 2012 December 31, 2012 December 31, 2011 December 31, 2012 Cash from operations $ (236) $ 798 $ 489 $ 1,142 $ (236) $ 537 $ 263 $ 933 $ 2,193 $ 1,497 Capital expenditures (204) (272) (325) (486) (270) (291) (302) (398) (1,287) (1,261) Free cash flow $ (440) $ 526 $ 164 $ 656 $ (506) $ 246 $ (39) $ 535 $ 906 $ 236 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] Reconciliation of Free Cash Flow, con’t 53 Cash from operations $ 608 $ (271) $ $ 184 $ 1,124 $ 199 $ 300 $ 392 $ 1,370 Capital expenditures Free cash flow 328 $ (409) $ (742) $ (90) $ (186) $ 761 $ (22) $ 87 $ 176 $ 1,005 (418) (221) (213) (216) (365) (471) (370) (363) (1,017) 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. Quarter ended (in millions) 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

[Alcoa Logo] Days Working Capital 54 ($ in millions) Quarter ended December 31, 2011 March 31, 2012 June 30, 2012 September 30, 2012 December 31, 2012 Receivables from customers, less allowances $ 1,571 $ 1,526 $ 1,575 $ 1,619 $ 1,322 Add: Deferred purchase price receivable* – 254 141 81 71 Receivables from customers, less allowances, as adjusted 1,571 1,780 1,716 1,700 1,393 Add: Inventories 2,899 3,097 3,051 2,973 2,825 Less: Accounts payable, trade 2,692 2,734 2,633 2,590 2,692 Working Capital $ 1,778 $ 2,143 $ 2,134 $ 2,083 $ 1,526 Sales $ 5,989 $ 6,006 $ 5,963 $ 5,833 $ 5,898 Days Working Capital 27 32 33 33 24 Days Working Capital = Working Capital divided by (Sales/number of days in the quarter). . . * The deferred purchase price receivable relates to an arrangement to sell certain customer receivables to a financial institution on a recurring basis. Alcoa is adding back this receivable for the purposes of the Days Working Capital calculation.

[Alcoa Logo] Reconciliation of Net Debt 55 (in millions) December 31, 2006 2007 2008 2009 2010 2011 2012 Short-term borrowings $ 46 0 $ 563 $ 478 $ 176 $ 92 $ 62 $ 53 Commercial paper 340 856 1,535 – – 224 – Long-term debt due within one year 510 202 56 669 231 445 465 Long-term debt, less amount due within one year 5,909 6,371 8,509 8,974 8,842 8,640 8,311 Total debt 7,2 19 7,992 10,578 9,819 9,165 9,371 8,829 Less: Cash and cash equivalents Net debt $ 6,71 3 $ 7,509 $ 9,816 $ 8,338 $ 7,622 $ 7,432 $ 6,968 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. 506 483 762 1,481 1,543 1,939 1,861

[Alcoa Logo] Reconciliation of Net Debt-to-Capital 56 ($ in millions) Debt-to-Capital Cash and Cash Net Debt-to- Capital Total Debt $ Commercial paper – one year 465 due within one year 8,311 Numerator 1,861 $ 6,968 Total Capital Total debt $ Total equity Denominator Ratio December 31, 2012 Short-term borrowings Long-term debt due within Long-term debt, less amount 53 $ 8,829 16,507 $ 34.8% $ 1,861 $ 23,475 29.7% $ Net debt-to-capital 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. 8,829 25,336 Equivalents

[Alcoa Logo] Composition of Upstream Production Costs 57 Refining Cost Structure Smelting Cost Structure 1 Natural gas information corresponds to Point Comfort, as Australia is priced on a rolling 16 quarter average Fuel Oil 14% Natural gas 10% Caustic 11% Bauxite 23% Conversion 42% Alumina 32% Carbon 15% Power 25% Materials 6% Conversion 22% Input Cost Inventory flow Pricing convention Annual ATOI Sensitivity Fuel oil 1 – 2 months Prior month $4m per $1/bbl Natural gas N/A Spot 1 $16m per $1/GJ 1 Caustic soda 3 - 6 months Spot & semi- annual $9m per $10/DMT Input Cost Inventory flow Pricing convention Annual ATOI Sensitivity Coke 1 - 2 months Spot, quarterly & semi-annual $9m per $10/MT Pitch 1 - 2 months Spot, quarterly & semi-annual $2.5m per $10/MT