EX-99.2 3 d803874dex992.htm EXHIBIT 99.2

[Alcoa logo] 3 rd Quarter Earnings Conference 1 October 8, 2014 Exhibit 99.2

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,” “sees,” “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; targeted financial results or operating performance; statements about Alcoa’s strategies, outlook, and business and financial prospects; and statements regarding Alcoa’s portfolio transformation and the proposed acquisition of the Firth Rixson business, including the expected benefits of the transaction and Firth Rixson’s expected sales growth and contribution to revenues and EBITDA. These statements reflect beliefs and assumptions that are based on Alcoa’s perception of historical trends, current conditions and expected future developments, as well as other factors management believes are appropriate in the circumstances. Forward-looking statements are subject to a number of known and unknown risks and uncertainties and are not guarantees of future performance. Important factors that could cause actual results to differ materially from those expressed or implied 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 and premiums, as applicable, 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 aerospace, automotive, commercial transportation, building and construction, packaging, 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 or the unavailability or interruption of energy supplies; (f) increases in the costs of other raw materials; (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 and improving margins in its Global Rolled Products and Engineered Products and Solutions segments) anticipated from its restructuring programs and productivity improvement, cash sustainability, technology, 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, 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, imposition of sanctions, expropriation of assets, or other events beyond Alcoa’s control; (j) the outcome of contingencies, including legal proceedings, government investigations, and environmental remediation; (k) the impact of cyber attacks and potential information technology or data security breaches; (l) failure to receive, delays in the receipt of, or unacceptable or burdensome conditions imposed in connection with, all required regulatory approvals, or the inability to satisfy the other closing conditions to the proposed Firth Rixson acquisition; (m) the risk that the Firth Rixson business will not be integrated successfully or such integration may be more difficult, time-consuming or costly than expected; (n) the possibility that certain assumptions with respect to Firth Rixson or the proposed transaction could prove to be inaccurate; (o) the loss of customers, suppliers and other business relationships of Alcoa or Firth Rixson as a result of the proposed acquisition; and (p) the other risk factors summarized in Alcoa’s Form 10-K for the year ended December 31, 2013, Forms 10-Q for the quarters ended March 31, 2014 and June 30, 2014, 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. Market projections are subject to the risks discussed above and other risks in the market. This presentation does not constitute an offer to sell or the solicitation of an offer to buy any securities. The common shares of Alcoa to be issued in the Firth Rixson acquisition will only be issued pursuant to the terms of the definitive agreement for the acquisition of Firth Rixson. 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 accounting principles generally accepted in the United States of America (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. Any reference to historical EBITDA means adjusted EBITDA, for which we have provided calculations and reconciliations in the Appendix. Alcoa has not provided a reconciliation of any forward-looking non-GAAP financial measure to the most directly comparable GAAP financial measure, due primarily to variability and difficulty in making accurate forecasts and projections, as not all of the information necessary for a quantitative reconciliation is available to Alcoa without unreasonable effort.

Delivering Strong Operational Performance Strong Earnings Increase: – Downstream: Highest Ever quarterly ATOI, EBITDA %; $209 million and 23.5% – Midstream: ATOI up 45% year-over-year – Upstream: Improved Performance – 12 Consecutive Quarters; $612 Primary Metals segment EBITDA per metric ton Productivity: $862 million Across All Segments YoY 3 3Q 2014 Overview Transformation Delivering Results; All Segments Improve Sequentially Accelerating Portfolio Transformation Completed $2.5 billion Firth Rixson acquisition financing; expect to close by year-end Signed multi-year contracts with Boeing and Pratt & Whitney; >$2 billion combined, demonstrating multi-material aerospace leadership Opened World’s largest Al-Li facility in Indiana; $100 million revenues already contracted for 2017 Saudi Arabia smelter fully operational, generated profits in 3Q14 Announced permanent closure of 150 kmt Portovesme smelter Safely Executed Australia smelter Closure of 190 kmt capacity Any reference in our presentation to historical EBITDA means adjusted EBITDA, for which we have provided calculations and reconciliations in the appendix [Alcoa logo]

[Alcoa logo] William Oplinger Executive Vice President and Chief Financial Officer 4 October 8, 2014 [Alcoa logo]

Income Statement Summary $ Millions, except aluminum prices and per-share amounts 3Q13 2Q14 3Q14 Prior Year Change Sequential Change Realized Aluminum Price ($/MT) $2,180 $2,291 $2,538 $358 $247 Revenue $5,765 $5,836 $6,239 $474 $403 Cost of Goods Sold $4,798 $4,765 $4,904 $106 $139 COGS % Revenue 83.2% 81.6% 78.6% (4.6 % pts.) (3.0 % pts.) Selling, General Administrative, Other $248 $245 $243 ($5) ($2) SGA % Revenue 4.3% 4.2% 3.9% (0.4 % pts.) (0.3 % pts.) Other (Income) Expenses, Net ($7) $5 $23 $30 $18 Restructuring and Other Charges $151 $110 $209 $58 $99 Effective Tax Rate 41.3% 37.7% 60.3% 19.0% pts. 22.6% pts. EBITDA $675 $776 $1,035 $360 $259 Net Income $24 $138 $149 $125 $11 Net Income Per Diluted Share $0.02 $0.12 $0.12 $0.10 $0.00 Income per Diluted Share excl Special Items $0.11 $0.18 $0.31 $0.20 $0.13 5 Any reference in our presentation to EBITDA means adjusted EBITDA, for which we have provided calculations and reconciliations in the appendix. See appendix for Adjusted Income reconciliation. [Alcoa logo]

Special Items $ Millions, except per-share amounts 2Q14 3Q14 Income Statement Classification Segment Net Income $138 $149 Net Income Per Diluted Share $0.12 $0.12 Restructuring-Related 1 ($54) ($202) Restructuring and Other Charges/COGS Corporate / Primary Metals Tax Items ($2) $0 Income Taxes Corporate Master U.S. Labor Agreement ($11) $0 COGS Corporate / All Firth Rixson Acquisition Costs ($11) ($14) SG&A/Interest Expense Corporate Saudi Arabia Smelter Potline ($6) $0 COGS/ Other Expenses, Net Primary Metals Mark-to-Market Energy Contracts $6 ($14) Other Expenses, Net Corporate Gain on Asset Sale $0 $9 Other Expenses, Net Corporate Special Items ($78) ($221) Net Income excl Special Items $216 $370 Net Income per Diluted Share excl Special Items $0.18 $0.31 1) Total restructuring-related charges in 3Q14 of $202 million (60 percent non-cash, 40 percent cash); $167 million of charges relate to Portovesme closure See appendix for Adjusted Income reconciliation 6 [Alcoa logo]

Net Income excluding Special Items ($ Millions) Market tailwinds and productivity drive sequential improvement 7 Market +$133 Performance +$36 Cost Headwinds/Other -$15 See appendix for Adjusted Income reconciliation 2 2 22 11 3 22 111 370 216 11 Raw Materials Energy 3Q 14 Productivity Price / Mix Volume Currency LME 2Q 14 Cost Increases / Other [Alcoa logo]

Net Income excluding Special Items ($ Millions) Earnings more than triple year-over-year on productivity and pricing 8 Market +$92 Performance +$253 Cost Headwinds/Other -$95 See appendix for Adjusted Income reconciliation 125 12 18 183 53 17 11 81 370 120 3Q 14 Cost Increases / Other Raw Materials Energy Productivity Price / Mix Volume Currency LME 3Q 13 [Alcoa logo]

$ Millions Revenue up 4% year-over-year driven by strong share gains across major markets Best ever quarterly EBITDA margin of 23.5% Best ever quarterly ATOI of $209M Quarterly ATOI up 9% year-over-year driven by productivity, strong Aero, Commercial Transportation and Building and Construction revenues 18 th Consecutive Quarter of year-over-year ATOI Growth Aerospace market remains strong Continued recovery in N.A. Non-Residential Construction; European weakness continues, outlook varies across regions Continued strength in N.A. Heavy Duty Truck build rates; Europe flat Share gains through innovation and productivity continue across all sectors ATOI is expected to increase 8%-12% year-over-year 3Q 13 2Q 14 3Q 14 3 rd Party Revenue ($ Millions) 1,437 1,502 1,495 ATOI ($ Millions) 192 204 209 EBITDA Margin 22.5% 23.1% 23.5% 3 rd Quarter Results 3 rd Quarter Business Highlights 4 th Quarter Outlook 3 rd Quarter Performance Bridge 3Q14 Actual and 4Q14 Outlook – Engineered Products and Solutions Any reference in our presentation to EBITDA means adjusted EBITDA, for which we have provided calculations and reconciliations in the appendix. Record quarter ATOI, EBITDA % for Engineered Products and Solutions 9 $2 $8 3Q14 $209 Cost Decrease Prod- uctivity Price / Mix -$3 Volume -$1 Currency -$1 2Q14 $204 [Alcoa logo]

Rising metal prices benefitted results Record Auto sheet production as Davenport expansion ramps up Volume, mix and cost impacts due to seasonal summer shutdowns in Europe Continued productivity improvement $ Millions Expect record Auto sheet shipments as AIVs are ramping up Expect continued strength in Aerospace and N.A. Industrial Seasonal packaging decline, continued pricing pressure in packaging and industrial ATOI up 150% year-over-year, excluding impacts from metal/currency 3Q 13 2Q 14 3Q 14 3 rd Party Revenue ($ Millions) 1,805 1,860 1,926 ATOI ($ Millions) 71 79 103 EBITDA/MT 312 313 409 3 rd Quarter Business Highlights 4 th Quarter Outlook 3 rd Quarter Performance Bridge 3Q14 Actual and 4Q14 Outlook – Global Rolled Products Any reference in our presentation to EBITDA means adjusted EBITDA, for which we have provided calculations and reconciliations in the appendix. AIV = Aluminum intensive vehicle 10 GRP: metal price and cost control overcome volume, price declines $4 $5 $0 $4 $1 $25 Labor Negotiation 3Q14 $103 -$9 Currency Metal Cost Decr./ Other Energy Prod- uctivity Price / Mix -$6 Volume 2Q14 $79 3 rd Quarter Results [Alcoa logo]

Alumina earnings up sharply on higher production and pricing $ Millions 3Q14 Actual and 4Q14 Outlook – Alumina 3 rd Quarter Results 3 rd Quarter Business Highlights 3 rd Quarter Performance Bridge $6 $13 $13 $73 $62 $38 3Q14 -$1 Energy -$14 -$66 Volume Currency LME 2Q14 Production and shipments increased due to stable operations across the system and Pt. Comfort recovery after 2Q interruption Higher LME-based pricing offset by lower API prices Loss of carbon tax credits in Australia drove higher energy costs Other cost increases driven by higher raw material prices 65% of 3 rd party shipments on spot or API for 2014 API pricing follows 30-day lag; LME-based pricing follows 60-day lag Saudi JV refinery start up costs will begin, -$10M impact All other performance in total will improve by $20M 3Q 13 2Q 14 3Q 14 Production (kmt) 4,214 4,077 4,196 3 rd Party Shipments (kmt) 2,603 2,361 2,714 3 rd Party Revenue ($ Millions) 846 761 886 ATOI ($ Millions) 67 38 62 11 4 th Quarter Outlook +$86 -$62 Market Performance [Alcoa logo] Price / Mix Prod- uctivity Cost Inc./Other

Primary earnings more than double on improved performance, pricing $ Millions 3Q14 Actual and 4Q14 Outlook – Primary Metals 3 rd Quarter Results 3 rd Quarter Business Highlights 3 rd Quarter Performance Bridge $8 $30 $8 $6 $40 $2 $18 $97 3Q14 $245 Saudi JV / labor negotiations Portfolio actions -$31 Energy Volume Currency LME $67 2Q14 Production down due to cessation of Pt. Henry production Strong performance driven by realized prices, mix and lower costs Saudi JV smelter delivered profits in 3Q14 Portfolio actions include Portovesme and Pt. Henry final closure impacts Pricing follows a 15-day lag to LME Production flat from 3Q Energy costs escalating $35M, primarily in Europe All other performance in total will offset energy cost increases 3Q 13 2Q 14 3Q 14 Production (kmt) 897 795 760 3 rd Party Shipments (kmt) 686 638 642 3 rd Party Revenue ($ Millions) 1,600 1,659 1,865 3 rd Party Price ($/MT) 2,180 2,291 2,538 ATOI ($ Millions) 8 97 245 12 4 th Quarter Outlook +$85 +$86 Market Performance [Alcoa logo] Price /Mix Prod- uctivity Cost Decr. / Other

4 days lower One day year-over-year increase in average DWC Average Days Working Capital since Third Quarter 2009 4 days lower 3 days lower See appendix for days working capital reconciliation 13 32 33 30 28 31 29 32 36 35 34 36 40 40 40 44 43 42 47 37 37 30 5 days lower 1 day higher 15 day reduction since 3Q09 1 day increase since 3Q13 Driver Horizon Curtailments Near-term Automotive growth Mid-term [Alcoa logo]

($ Millions) 3Q13 2Q14 3Q14 Net Income before Noncontrolling Interests $44 $129 $131 DD&A $348 $350 $346 Change in Working Capital ($61) $31 ($411) Pension Contributions ($173) ($191) ($164) Other Adjustments $56 $199 $347 Cash from Operations $214 $518 $249 Dividends to Shareholders ($33) ($36) ($36) Share Issuance - - $1,213 Change in Debt ($5) $296 $981 (Distributions to)/Contributions from Noncontrolling Interests ($53) $4 ($20) Other Financing Activities ($2) $17 $2 Cash from Financing Activities ($93) $281 $2,140 Capital Expenditures ($250) ($258) ($283) Other Investing Activities ($54) ($28) $2 Cash from Investing Activities ($304) ($286) ($281) 3 rd Quarter Cash Flow Overview 14 3Q13, 2Q14 & 3Q14 Cash Flow See appendix for Free Cash Flow reconciliation [Alcoa logo]

9,816 8,338 6,882 7,082 6,872 5,716 762 1,481 1,543 1,939 1,861 1,437 665 1,183 3,272 8,988 3Q14 2011 9,371 7,432 2010 9,165 7,622 2009 9,819 2008 10,578 1Q14 7,747 2013 8,319 8,055 2Q14 2012 8,829 6,968 15 (Millions) Net Debt Debt to Cap Cash 38.1% 42.5% 38.7% 34.9% 35.3% 34.8% 35.0% See appendix for Net Debt reconciliation Debt, Net Debt, and Debt-to-Capital % Net debt reflects acquisition financing 35.4% 37.3% [Alcoa logo]

16 Attain 30%-35% Debt-to-Capital Build Value-Add with Growth Capital of $500M Drive Productivity Gains of $850M Invest in Saudi JV $125M Overarching 2014 Financial Target Taking the right actions Manage Sustaining Capital of $750M Positive Free Cash Flow $862M YTD: $325M $425M $69M 37.3% On track to meet our 2014 targets 2014 Annual Financial Targets and Year-to-Date Results [Alcoa logo]

17 Market fundamentals remain positive Reaffirm 7% global demand growth Alumina surplus shrinking, aluminum deficit Inventories declined 7 days in 3Q Premiums move to new record highs See appendix for full scale charts [Alcoa logo]

Klaus Kleinfeld Chairman and Chief Executive Officer 18 October 8, 2014 [Alcoa logo]

Aerospace and Automotive Markets Remain Strong; Forecast Unchanged Alcoa End Markets: Current Assessment of 2014 vs. 2013 End Market Growth Global and Regional Commentary Automotive Aerospace 8% to 9% Global sales growth 2% to 4% Global production growth Source: Alcoa analysis 1) International Air Transport Association 2014 Expectations 19 [Alcoa logo]

Global HDT Market Steady, Stronger N.A.; Packaging +2% to 3% Globally End Market Growth Global and Regional Commentary Packaging Heavy Duty Truck and Trailer 2% to 3% Global sales growth NA -1% to -2% EU 2% to 3% China 8% to 12% • Demand decline: Weakness (-3.5% YTD) in Carbonated Soft Drinks (CSD) • Improved performance (+3.4% YTD) in Beer Segment partially offsets CSD • Demand Up: Strong 1H’14 growth in W. Eur; both CSD and beer segment improved • Strong Demand: Increased Beer and Herbal Tea segments NA 16% to 20% EU -7% to -10% China 0 to 4% • Orders Up: 3Q increased +43% YoY with continued strength YTD +32% from prior year • Good Order Book: August 122k trucks (10-year average 102k), up +57% YoY • Solid Fundamentals: +3.6% Freight ton miles (Aug YTD); +3.7% Freight price (2Q14 YoY) • Production: Forecast increased; 79K units in 3Q14, +24.5% YoY • Orders: - 4% YTD as expected (EURO • Market stabilizing -1% to 3% Global production flat/growth Source: Alcoa analysis HDT = Heavy duty truck and trailer Alcoa End Markets: Current Assessment of 2014 vs. 2013 20 Production: W. Eur flat, E. Eur ~ -20% 2014E + infrastructure for reg. changes (Low Sulfur Gas Avail.) VI); (30% growth in 2013); [Alcoa logo]

Solid Commercial B&C Growth; Global Airfoil Market Down YoY End Market Growth Global and Regional Commentary Industrial Gas Turbines Building and Construction -8% to -12% Global airfoil market decline • Orders down: 1H’14 run rate -29% globally vs 2012/2013 levels; -45% from 2011 levels • OECD electricity demand down 0.4% 1H’14 vs prior year (-2.2%, excl. U.S.) • Spares demand: Negative impact from shift in energy mix/usage in key regions • N.A.: Natural gas prices peaked in 1Q14; coal gains share (U.S. gas-fired market share: 25.8% 2014 YTD vs 27.4% 2013) • Europe: Gas-fired power squeezed by low-priced coal and subsidized renewables NA 3% to 4% EU -2% to -3% China 7% to 9% Positive Early Indicators: • Non-Residential Contracts Awarded: +12% in September (12-month rolling average) • Architectural Billing Index: Positive at 53 in August; 4 consecutive months above 50 • Case-Shiller Home Price Index: +5.6% July YoY; growth moderated since Q1 (10%+) • Decline as weakness continues, outlook varies across markets • Growth as fundamentals stabilize 4% to 6% Global sales growth Source: Alcoa analysis B&C = Building and construction Alcoa End Markets: Current Assessment of 2014 vs. 2013 21 [Alcoa logo]

Value-Add: Profitable Growth Upstream: Reduce Cost Position Creating a Globally Competitive Commodity Business Transforming Alcoa – Creating Compelling Sustainable Value 22 Engineered Products & Solutions Alumina Global Rolled Products Aluminum [Alcoa logo] Building a Lightweight Multi-Material Innovation Powerhouse

Flying High in Aerospace – Metallic Aircraft Here to Stay Source: Alcoa, Photos courtesy of Airbus, Boeing Over $2.8B contracts since 2012 23 July 11, 2012 May 1, 2014 September 11, 2014 December 16, 2013 October 2, 2014 July 14, 2014 September 25, 2014 [Alcoa logo] $290M Spirit 5-year contract Supply aluminum sheet products for fuselage skins $1.4B Airbus multi-year contract Supply aluminum sheet, plate and hard alloy extruded products across virtually all Airbus commercial programs Utilizes Alcoa’s current, advanced-generation and Al-Li alloys Boeing announces increase in B737 build rate: 47/month in 2017 to 52/month in 2018 Airbus launched all-metallic A330neo Maiden flight of the Airbus A320neo Over $1.0B multi-year Boeing contract; content on every platform Sole supplier of wing skins on all metallic aircraft Enhances existing position on structural components Continue collaboration on developing new, innovative aerospace alloys including Al-Li $110M Airbus multi-year contract Supply Ti forgings used to connect A320neo wing structure to engine, large Al forgings for the A330 and A380 Includes A380 inner rear wing spar; World’s largest aerospace forging made from Alcoa’s proprietary 7085 alloy

Al-Li (R)Evolution: Growing the Footprint for Lightweight Al-Li Alloys Examples of Aluminum-Lithium Applications Launching into Space Propelling into Aero Structures Motoring into Auto and Industrial Turbo Charging Engines Developing world’s first Al-Li fan blade forging Lighter weight; more cost- effective than Ti, CFRP Contributes to 16% improved fuel burn vs. today’s best engines, less noise Seat tracks Floor beams Better corrosion resistance ; 2X longer inspection intervals, contributes to 30% lower costs Wing Stringers: A380, Bombardier Global 7000/8000 Floor Beams: A350, A380, 777x Seat Tracks: A380, Gulfstream G650 Audi roof beam Al-Li forging Generic fuselage frame Elevated temp strength, corrosion and fatigue resistance Roof beam: Audi; 2X stronger than traditional alloy Brake calipers, suspension parts: Formula One Turbo charger compressor wheels: Commercial transport Strong, (4-7%) lower density than conventional aluminum Lithium extrusions: ULA Developing applications for SpaceX SpaceX Rocket PW1100G-JM Airbus A380 1) Versus conventional aluminum. ULA = United Launch Alliance. CFRP: Carbon-fiber-reinforced polymer. Photos courtesy of Associated Press, Airbus, Pratt and Whitney, Audi AG 24 [Alcoa logo] 1

Unique Capabilities + Organic Investment = Al-Li Value-Add Growth Summary of Alcoa Aluminum-Lithium Advantages, Growth Investment and Projected Revenues Investing in Next-Gen Aerospace: Largest Al-Li Casthouse Industry’s most complete product portfolio (including large press and hollow extrusions) Alcoa applications on key aerospace platforms ~$90M investment ~20 kmt World’s largest Metallurgical expertise: 3 patented alloys, 1 patent-pending alloy AA-developed equipment and technology Global leader in Al-Li extrusions Unmatched capability; forged rotating parts Largest Al-Li ingots for single-piece components; ~50% larger than the nearest competition Leveraging proximity for enhanced collaboration; extrusions, rolling mill, forging capabilities $100M sales contracted in 2017 25 facility Innovation Heavyweight in Lightweight Metals Offering the Broadest Product Portfolio [Alcoa logo]

Firth Rixson Acquisition On Track Portfolio Enhancing: Growing Market, High Tech Largest seamless Rings 200” in diameter Full Range forged closed-die aero Engine Disks Doubles AA’s Engine Content on key programs ~$100M synergies 1 ; 40% by year 2; 100% by year 5 Specialized Isothermal process; 3X demand growth expected in next 8 years Disks enable Higher Operating Temperatures (+70°F over legacy engines) 40% Improvement in Combustion Efficiency Multi-Material mix; 60% Ni, 25% Ti, 15% Steel/Al Critical rotating Disks forged from Metal Powder Integrated Nickel Supply of cast stick and billet Strong Aerospace Offering Array of Material Composition Rings Metal Disks Leading Edge Technology Highlights of Firth Rixson Acquisition, Closing Progress and Post-Merger Preparation Post-Merger Preparation Targeting 4Q Close US Ukraine South Korea Turkey Regulatory Approval Europe In progress China In progress Complete Funding Taiwan 2016 $1.6B revenue $350M EBITDA Focus Areas Work Streams 1) Savings per year 26 [Alcoa logo] HR, Communications Manufacturing, Engineering, Commercial Financial, Procurement Quality, EHS, Compliance, IT Talent Retention, Development Synergy Generation & Capture Alcoa Operating Systems Technology Sharing Commercial and Procurement Engagement Comprehensive Day 1 “Go Live”

Reynobond ® / Reynolux ® Panels • Reynobond panels with self-cleaning EcoClean™ coating Kawneer Sunshades / Light Shelves Capturing Rebound in N.A. Building and Construction Leading Indicators of U.S. Non Res. Growth, Green Building Requirements, and Alcoa Product Portfolio Market Improving; Green Demand Growing Energy Requirements Increasing Target of ‘Net Zero’ Buildings in USA by 2030 4 Green buildings provide: - 25% Energy consumption - 35% Emissions + 27% Occupant satisfaction 1) 2013-2016 CAGR: 4% BCS vs. combined NA & EU market 1.4%. 2) McGraw-Hill Construction – CMFS Report, Q3 2014. 3) McGraw-Hill Construction 2013. 4) ACEEE, 2012. 5) Alcoa analysis. 6) For LEED certified buildings. 7) Green Office Buildings Annual Economic Review. 8) USGBC. Kawneer Entrances Kawneer Framing Innovative Portfolio Drives Revenue, Performance 1,500 1,000 500 0 +38% 2014 2012 2010 2008 12% 31% 45% 55% 0% 20% 40% 60% ~4.5X 2016 2010 2013 2008 % Non-residential Green Building Market in USA 3 Non-residential Contracts Awarded in USA 2 Millions of Sq. Ft. Kawneer Curtain Wall Systems • Thermal • Blast mitigation +70% Facade Thermal Performance 5 = 10% Energy Savings 5 +5% Rental Rates 6,7 20% Higher ROI 6,8 Leads to: Contributes to: Late 1960s Today LEED certification BCS: $1.1B Revenue in 2016; 3X market growth 1 27 [Alcoa logo] • Ultra thermal • Hurricane resistant • High traffic • High thermal • Blast mitigation • Hurricane resistant

Growth For the Long Haul – Delivering Value For Our Customers Global Commercial Vehicle Wheels Market, Customer Testimonials, Ultra ONE™ Europe Launch Customers Love Ultra ONE™, Successful N.A. Launch Launch in Europe Alcoa’s Ultra ONE™ Goes International Source: Alcoa Analysis. 1) Based on dollar value; Commercial Vehicle Wheel Market = Truck, Trailer & Bus. 2) CAGR growth from 2010 to 2018F. +8% CAGR² $2.7 2018F 50% 50% 2014F $2.0 60% 40% 2010 $1.5 70% 30% Global Commercial Vehicle Wheel Market ($B) and Penetration Rates 1 Al Gaining Ground in a Growing Market Alcoa Wheels sales growth 17% CAGR 2 15% CAGR² 3% CAGR² Al Steel Alcoa Al wheels, 5X Stronger than Steel 17% Stronger Proprietary MagnaForce™ Alloy Dura-Bright ® : 10X improved Corrosion Resistance No Mechanical or Chemical Cleaning Looks New Longer Available 2H 2015 “SHINE ON! #AlcoaWheels thanks for the love and appreciation! If my #AlcoaWheels ain’t turnin I ain’t Earning!” - Herman Klein (@hermanator333) via Twitter 28 [Alcoa logo]

Winning Alumina Formula = Market-Based Pricing + Cost Down $177M $246M $286M $298M $735M $1,742M 2012 2011 2009/2010 2013 YTD 3Q14 Total 1.7 mmt currently Curtailed LOI to pursue Sale of Jamalco 2 interest San Ciprian Natural Gas solution; complete in 4Q14; ~$20 per metric ton cost improvement 1) All figures are pretax and pre-minority interest. 2009/2010 represent net productivity; 2011-2014 represent gross productivity. 2) Alcoa Minerals of Jamaica bauxite mine and alumina refinery Capturing Productivity Gains 1 Restructuring and Improving 2010 2010 2013 2016 2014 2013 5%* API/Spot Pricing Cost Curve Position Executing on Phase 2 in Saudi Arabia 98% complete 73% complete First bauxite shipped 2Q14 Phase 2 on time, on budget World’s lowest cost refinery First alumina in 4Q14 2% point reduction on refining cost curve 21 st percentile 30 th percentile 27 th percentile * % of 3 rd party shipments -9% points Cost Curve Reduction Levers, API/Spot Pricing and Alumina Cost Curve Targets 29 65%* 55%* [Alcoa logo]

Reshaping Aluminum Portfolio + Enhancing Profitability Cost Curve Reduction Levers, Value Add Product % and Global Smelting Cost Curve Targets Optimizing the Smelting Portfolio 1) All figures are pretax and pre-minority interest. 2009/2010 represent net productivity; 2011-2014 represent gross productivity 2) CRU cost model, Alcoa analysis. Operating capacity = Alcoa total base capacity less idled capacity Capturing Productivity Gains 1 Saudi Arabia Smelter Fully Operational At full capacity; 600 kmt production in 2014 2% point reduction on the smelting cost curve Smelter generated profits in 3Q Total Smelting Operating Capacity (kmt) 4,121 -418 2013 -253 2012 -239 2011 +234 2010 +61 2009 -198 2008 -344 2007 -28% End of 3Q14 2,964 Recent announcements Pt. Henry closure Portovesme closure $201M $235M $345M $340M $865M $1,986M Total YTD 3Q14 2013 2012 2011 2009/2010 More Value Add 2008: 51% (% Total Shipments) 2010: 57% 2014E: 65% => ~$1.3B Margin More Competitive Improved Cost Position ² 2008: 62 nd percentile 2010: 51 st percentile 2013: 43 rd percentile 2016: target 38 th percentile Lower Break Even Point -$362/mt Cash Cost (3Q08-3Q14) More Profits $612 EBITDA/mt 3Q14 Transformation since start of crisis 30 YTD 2014 [Alcoa logo] (2008-2013)

Transformation Delivers, Driving Profitability Capturing Growth Through Innovation and Smart Investments Creating a Globally Competitive Commodity Business Expanding Multi-Material Leadership in Major Growth Markets 31 [Alcoa logo]

APPENDIX [Alcoa logo]

Kelly Pasterick Vice President, Investor Relations Alcoa 390 Park Avenue New York, NY 10022-4608 Telephone: (212) 836-2674 www.alcoa.com Additional Information 33 [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 34 [Alcoa logo]

Revenue Change by Market 0% 8% 0% 0% (3%) (17%) 8% 38% 17% 12% 2% 19% 1% 15% 2% (12%) 6% 30% 5% 17% 3Q’14 Third-Party Revenue Sequential Change Year-Over-Year Change 35 [Alcoa logo]

[Alcoa logo] Special Items Pre-tax, Before NCI After-tax, After NCI $ Millions, except per-share amounts 2Q14 3Q14 2Q14 3Q14 Income Statement Classification Segment Income from Continuing Operations $207 $330 $138 $149 Income Per Diluted Share $0.17 $0.27 $0.12 $0.12 Restructuring-Related ($110) ($242) ($54) ($202) Restructuring and Other Charges/COGS Corporate / Primary Metals/ GRP Tax Items $0 $0 ($2) $0 Income Taxes Corporate Master Labor Agreement ($17) $0 ($11) $0 COGS Corporate / All Firth Rixson Acquisition Costs ($13) ($20) ($11) ($14) SG&A/Interest Expense Corporate Saudi Arabia Smelter Potline ($6) $0 ($6) $0 COGS/ Other Expenses, Net Primary Metals Mark-to-Market Energy Contracts $11 ($27) $6 ($14) Other Expenses, Net Corporate Gain on Asset Sale $0 $15 $0 $9 Other Expenses, Net Corporate Special Items ($135) ($274) ($78) ($221) Income from Continuing Ops excl Special Items $342 $604 $216 $370 Income per Diluted Share excl Special Items $0.29 $0.50 $0.18 $0.31 See appendix for Adjusted Income reconciliation. 36 [Alcoa logo]

Composition of Regional Premium Pricing Convention 37 [Alcoa logo]

Alcoa smelting closures and curtailments 38 Location Year kmt Baie Comeau 2008 53 Eastalco 2010 195 Badin 2010 60 Warrick 2010 40 Tennessee 2011 215 Rockdale 2011 76 Baie Comeau 2013 105 Fusina 2013 44 Massena East 2013 41 Massena East 2014 84 Point Henry 2014 190 Portovesme 2014 150 Total 1,253 Alcoa smelting capacity closures, since Dec 2007 Location kmt Rockdale 191 Sao Luis 194 Pocos 96 Intalco 49 Wenatchee 41 Aviles 36 Portland 30 La Coruna 28 Total 665 Alcoa current curtailed capacity [Alcoa logo]

Composition of Upstream Production Costs 39 Refining Cost Structure Smelting Cost Structure 1) Natural gas information corresponds to Point Comfort, as Australia is priced on a rolling 16 quarter average [Alcoa logo]

6.6 6.4 4.2 25.4 2.1 2.0 2.0 1.1 1.0 8% 8% 2% 4% 1% 10% 2% 5% 5% 5% 52.8 mmt 1 Other includes Africa, E. Europe, Latin America ex Brazil and Oceania 2014 Primary Aluminum Consumption (mmt), Annualized Growth (%) China Europe North America North Asia India SE Asia MENA Russia Brazil Other ¹ 2.0 Source: Alcoa estimates, CRU, Harbor, Wood Mackenzie, SMM Reaffirm 7% global demand growth 40 [Alcoa logo] 2014 demand +7% World ex China +4%

41 2014E Aluminum Supply/Demand Balance ’000 mt China Rest of World 2014 Production 25,336 25,737 2014 Production to be added 389 375 2014 Capacity (curtailed)/restarted, net 255 65 Total supply 25,980 26,177 Demand (25,450) (27,378) Net Balance 530 (1,201) 2014E Alumina Supply/Demand Balance ’000 mt China Rest of World 2014 Production 44,729 55,186 2014 Production to be added 1,067 228 2014 Capacity to be (curtailed) 0 0 Imports/(exports) 4,500 (4,500) Total supply 50,296 50,914 Demand (50,296) (50,525) Net Balance 0 389 Source: Alcoa analysis, Brook Hunt, CRU, CNIA, NBS, Chinese Customs Alumina surplus shrinking, aluminum deficit Supply/Demand Analysis DEFICIT (671) 2Q14 Surplus 824 2Q14 Deficit (930) SURPLUS 389 [Alcoa logo]

42 Global Inventories vs. LME Price Over Time $ Source: Alcoa estimates, IAI, LME, Marubeni, Shanghai Metal Exchange Inventories declined 7 days in 3Q [Alcoa logo]

Premiums move to record highs Regional Premiums over time $ per metric ton $ per metric ton Region End of 3Q 14 Europe $490/MT Japan $420/MT Midwest USA $488/MT Average 3Q 14 vs. 3Q 13 Europe 76% Japan 62% Midwest USA 87% Source: Monthly average of daily prices - Platts Metals Week 43 [Alcoa logo]

Reconciliation of ATOI to Consolidated Net Income (Loss) Attributable to Alcoa (in millions) 1Q13 2Q13 3Q13 4Q13 2013 1Q14 2Q14 3Q14 Total segment ATOI $351 $304 $338 $224 $1,217 $325 $418 $619 Unallocated amounts (net of tax): Impact of LIFO (2) 5 9 40 52 (7) (8) (18) Interest expense (75) (76) (70) (73) (294) (78) (69) (81) Noncontrolling interests (21) 29 (20) (29) (41) 19 9 18 Corporate expense (67) (71) (74) (72) (284) (67) (70) (74) Impairment of goodwill – – – (1,731) (1,731) - - - Restructuring and other charges (5) (211) (108) (283) (607) (321) (77) (189) Other (32) (99) (51) (415) (597) (49) (65) (126) Consolidated net income (loss) attributable to Alcoa $149 $(119) $24 $(2,339) $(2,285) $(178) $138 $149 44 [Alcoa logo]

Reconciliation of Adjusted Income (in millions, except per- share amounts) Income Diluted EPS Quarter ended Quarter ended September 30, June 30, September 30, September 30, June 30, September 30, 2013 2014 2014 2013 2014 2014 Net income attributable to Alcoa $24 $138 $149 $0.02 $0.12 $0.12 Restructuring and other charges 108 54 175 Discrete tax items* 1 (2) 25 Other special items** (13) 26 21 Net income attributable to Alcoa – as adjusted $120 $216 $370 0.11 0.18 0.31 Net income 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 Net income attributable to Alcoa determined under GAAP as well as Net income attributable to Alcoa – as adjusted. * Discrete tax items include the following: · for the quarter ended September 30, 2014, a charge for the remeasurement of certain deferred tax assets of a subsidiary in Brazil due to a tax rate change ($34) and a net benefit for a number of small items ($9); · for the quarter ended June 30, 2014, a net benefit for a number of small items; and · for the quarter ended September 30, 2013, a net charge for a number of small items. ** Other special items include the following: · for the quarter ended September 30, 2014, a favorable tax impact resulting from the difference between Alcoa’s consolidated estimated annual effective tax rate and the statutory rates applicable to special items ($33), the write off of inventory related to the permanent closure of smelters in Italy and Australia ($27), costs associated with a planned acquisition of an aerospace business ($14), a net unfavorable change in certain mark-to-market energy derivative contracts ($14), a gain on the sale of an investment ($9), and an unfavorable tax impact related to the interim period treatment of operational losses in certain foreign jurisdictions for which no tax benefit was recognized ($8); · for the quarter ended June 30, 2014, an unfavorable tax impact resulting from the difference between Alcoa’s consolidated estimated annual effective tax rate and the statutory rates applicable to special items ($24), a favorable tax impact related to the interim period treatment of operational losses in certain foreign jurisdictions for which no tax benefit was recognized ($20), costs associated with (i) a planned acquisition of an aerospace business ($11) and (ii) preparation for and ratification of a new labor agreement with the United Steelworkers ($11), a net favorable change in certain mark-to-market energy derivative contracts ($6), and an unfavorable impact related to the restart of one potline at the joint venture in Saudi Arabia that was previously shut down due to a period of pot instability ($6); and · for the quarter ended September 30, 2013, an insurance recovery related to the March 2012 cast house fire at the Massena, NY location ($12), a net favorable change in certain mark-to-market energy derivative contracts ($8), an unfavorable impact related to the interim period treatment of operational losses in certain foreign jurisdictions for which no tax benefit was recognized ($6), and the write off of inventory related to the permanent closure of two potlines at a smelter in Canada ($1). 45 [Alcoa logo]

Reconciliation of Alcoa Adjusted EBITDA ($ in millions) 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 3Q13 2Q14 3Q14 Net income (loss) attributable to Alcoa $938 $1,310 $1,233 $2,248 $2,564 $(74) $(1,151) $254 $611 $191 $(2,285) $24 $138 $149 Add: Net income (loss) attributable to noncontrolling interests 212 233 259 436 365 221 61 138 194 (29) 41 20 (9) (18) Cumulative effect of accounting changes 47 – 2 – – – – – – – – – – – Loss (income) from discontinued operations – 27 50 (22) 250 303 166 8 3 – – – – – Provision (benefit) for income taxes 367 546 464 853 1,623 342 (574) 148 255 162 428 31 78 199 Other (income) expenses, net (278) (266) (478) (236) (1,920) (59) (161) 5 (87) (341) (25) (7) 5 23 Interest expense 314 271 339 384 401 407 470 494 524 490 453 108 105 126 Restructuring and other charges (28) (29) 266 507 268 939 237 207 281 172 782 151 110 209 Impairment of goodwill – – – – – – – – – – 1,731 – – – Provision for depreciation, depletion, and amortization 1,110 1,142 1,227 1,252 1,244 1,234 1,311 1,450 1,479 1,460 1,421 348 349 347 Adjusted EBITDA $2,682 $3,234 $3,362 $5,422 $4,795 $3,313 $359 $2,704 $3,260 $2,105 $2,546 $675 $776 $1,035 Sales $18,879 $21,370 $24,149 $28,950 $29,280 $26,901 $18,439 $21,013 $24,951 $23,700 $23,032 $5,765 $5,836 $6,239 Adjusted EBITDA Margin 14.2% 15.1% 13.9% 18.7% 16.4% 12.3% 1.9% 12.9% 13.1% 8.9% 11.1% 11.7% 13.3% 16.6% 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. 46 [Alcoa logo]

Reconciliation of Alumina Adjusted EBITDA ($ in millions, except per metric ton amounts) 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 3Q13 2Q14 3Q14 After-tax operating income (ATOI) $415 $632 $682 $1,050 $956 $727 $112 $301 $607 $90 $259 $67 $38 $62 Add: Depreciation, depletion, and amortization 147 153 172 192 267 268 292 406 444 455 426 100 100 100 Equity (income) loss – (1) – 2 (1) (7) (8) (10) (25) (5) 4 2 7 7 Income taxes 161 240 246 428 340 277 (22) 60 179 (27) 66 17 12 26 Other (55) (46) (8) (6) 2 (26) (92) (5) (44) (8) (6) (2) – (2) Adjusted EBITDA $668 $978 $1,092 $1,666 $1,564 $1,239 $282 $752 $1,161 $505 $749 $184 $157 $193 Production (thousand metric tons) (kmt) 13,841 14,343 14,598 15,128 15,084 15,256 14,265 15,922 16,486 16,342 16,618 4,214 4,077 4,196 Adjusted EBITDA / Production ($ per metric ton) $48 $68 $75 $110 $104 $81 $20 $47 $70 $31 $45 $44 $39 $46 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 non-operating 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. 47 [Alcoa logo]

Reconciliation of Primary Metals Adjusted EBITDA ($ in millions, except per metric ton amounts) 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 3Q13 2Q14 3Q14 After-tax operating income (ATOI) $657 $808 $822 $1,760 $1,445 $931 $(612) $488 $481 $309 $(20) $8 $97 $245 Add: Depreciation, depletion, and amortization 310 326 368 395 410 503 560 571 556 532 526 131 129 124 Equity (income) loss (55) (58) 12 (82) (57) (2) 26 (1) 7 27 51 13 17 – Income taxes 256 314 307 726 542 172 (365) 96 92 106 (74) (16) 30 95 Other 12 20 (96) (13) (27) (32) (176) (7) 2 (422) (8) 2 (5) 1 Adjusted EBITDA $1,180 $1,410 $1,413 $2,786 $2,313 $1,572 $(567) $1,147 $1,138 $552 $475 $138 $268 $465 Production (thousand metric tons) (kmt) 3,508 3,376 3,554 3,552 3,693 4,007 3,564 3,586 3,775 3,742 3,550 897 795 760 Adjusted EBITDA / Production ($ per metric ton) $336 $418 $398 $784 $626 $392 $(159) $320 $301 $148 $134 $154 $337 $612 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 non-operating 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. 48 [Alcoa logo]

Reconciliation of Global Rolled Products Adjusted EBITDA ($ in millions, except per metric ton amounts) 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 3Q13 2Q14 3Q14 After-tax operating income (ATOI) $232 $223 $232 $290 $300 $317 $151 $(41) $(106) $241 $260 $346 $252 $71 $79 $103 Add: Depreciation, depletion, and amortization 167 184 190 200 220 223 227 216 227 238 237 229 226 56 58 62 Equity loss 2 4 1 1 – 2 – – – – 3 6 13 3 6 8 Income taxes 112 90 77 97 135 113 77 14 12 103 98 159 108 32 23 42 Other (5) (8) (5) 1 1 20 1 6 (2) 1 1 (2) – – 1 – Adjusted EBITDA $508 $493 $495 $589 $656 $675 $456 $195 $131 $583 $599 $738 $599 $162 $167 $215 Total shipments (thousand metric tons) (kmt) 1,863 1,814 1,893 2,136 2,250 2,376 2,482 2,361 1,888 1,755 1,866 1,943 1,989 519 533 526 Adjusted EBITDA / Total shipments ($ per metric ton) $273 $272 $261 $276 $292 $284 $184 $83 $69 $332 $321 $380 $301 $312 $313 $409 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 non-operating 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 Engineered Products and Solutions Adjusted EBITDA ($ in millions) 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 3Q13 2Q14 3Q14 After-tax operating income (ATOI) $126 $161 $276 $382 $423 $522 $311 $419 $537 $612 $726 $192 $204 $209 Add: Depreciation, depletion, and amortization 166 168 160 152 163 165 177 154 158 158 159 40 41 40 Equity loss (income) – – – 6 – – (2) (2) (1) – – – – – Income taxes 57 70 120 164 184 215 138 198 258 297 348 91 102 100 Other 11 106 (11) (2) (7) 2 1 – (1) (9) (2) – – 2 Adjusted EBITDA $360 $505 $545 $702 $763 $904 $625 $769 $951 $1,058 $1,231 $323 $347 $351 Third-party sales $3,905 $4,283 $4,773 $5,428 $5,834 $6,199 $4,689 $4,584 $5,345 $5,525 $5,733 $1,437 $1,502 $1,495 Adjusted EBITDA Margin 9.2% 11.8% 11.4% 12.9% 13.1% 14.6% 13.3% 16.8% 17.8% 19.1% 21.5% 22.5% 23.1% 23.5% 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 non-operating 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 Free Cash Flow (in millions) Quarter ended 31-Dec-11 31-Mar-12 30-Jun-12 30-Sep-12 31-Dec-12 31-Mar-13 30-Jun-13 30-Sep-13 31-Dec-13 31-Mar-14 30-Jun-14 30-Sep-14 Cash from operations $1,142 $(236) $537 $263 $933 $(70) $514 $214 $920 $(551) $518 $249 Capital expenditures (486) (270) (291) (302) (398) (235) (286) (250) (422) (209) (258) (283) Free cash flow $656 $(506) $246 $(39) $535 $(305) $228 $(36) $498 $(760) $260 $(34) 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. 51 [Alcoa logo]

Reconciliation of Free Cash Flow, continued (in millions) Quarter ended 31-Dec-08 31-Mar-09 30-Jun-09 30-Sep-09 31-Dec-09 31-Mar-10 30-Jun-10 30-Sep-10 31-Dec-10 31-Mar-11 30-Jun-11 30-Sep-11 Cash from operations $608 $(271) $328 $184 $1,124 $199 $300 $392 $1,370 $(236) $798 $489 Capital expenditures (1,017) (471) (418) (370) (363) (221) (213) (216) (365) (204) (272) (325) Free cash flow $(409) $(742) $(90) $(186) $761 $(22) $87 $176 $1,005 $(440) $526 $164 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. 52 [Alcoa logo]

Days Working Capital 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 several financial institutions on a recurring basis. Alcoa is adding back this receivable for the purposes of the Days Working Capital calculation. ** Beginning January 1, 2014, management changed the manner in which Working Capital is measured by moving from an end of quarter Working Capital to an average quarter Working Capital. This change will now reflect the capital tied up during a given quarter. As such, the components of Working Capital for each period presented represent the average of the ending balances in each of the three months during the respective quarter. 53 ($ in millions) Quarter ended 31-Mar-12 30-Jun-12 30-Sep-12 31-Dec-12 31-Mar-13 30-Jun-13 30-Sep-13 31-Dec-13 31-Mar-14 30-Jun-14 30-Sep-14 Receivables from customers, less allowances $1,709 $1,650 $1,600 $1,573 $1,704 $1,483 $1,427 $1,383 $1,391 $1,401 $1,526 Add: Deferred purchase price receivable* 85 144 104 53 50 223 347 339 238 371 438 Receivables from customers, less allowances, as adjusted 1,794 1,794 1,704 1,626 1,754 1,706 1,774 1,722 1,629 1,772 1,964 Add: Inventories 3,079 3,097 3,051 2,894 2,961 2,949 2,932 2,783 2,974 3,201 3,194 Less: Accounts payable, trade 2,660 2,594 2,496 2,587 2,656 2,820 2,746 2,816 2,813 2,880 3,016 Working Capital** $2,213 $2,297 $2,259 $1,933 $2,059 $1,835 $1,960 $1,689 $1,790 $2,093 $2,142 Sales $6,006 $5,963 $5,833 $5,898 $5,833 $5,849 $5,765 $5,585 $5,454 $5,836 $6,239 Days Working Capital 34 35 36 30 32 29 31 28 30 33 32 [Alcoa logo]

Reconciliation of Net Debt 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. (in millions) December 31, March 31, June 30, September 30, 2008 2009 2010 2011 2012 2013 2014 2014 2014 Short-term borrowings $478 $176 $92 $62 $53 $57 $53 $133 $57 Commercial paper 1,535 – – 224 – – – 223 99 Long-term debt due within one year 56 669 231 445 465 655 85 87 35 Long-term debt, less amount due within one year 8,509 8,974 8,842 8,640 8,311 7,607 7,609 7,612 8,797 Total debt 10,578 9,819 9,165 9,371 8,829 8,319 7,747 8,055 8,988 Less: Cash and cash equivalents 762 1,481 1,543 1,939 1,861 1,437 665 1,183 3,272 Net debt $9,816 $8,338 $7,622 $7,432 $6,968 $6,882 $7,082 $6,872 $5,716 54 [Alcoa logo]

Reconciliation of Net Debt-to-Capital 55 ($ in millions) June 30, 2014 September 30, 2014 Debt-to-Capital Cash and Cash Equivalents Net Debt-to-Capital Debt-to-Capital Cash and Cash Equivalents Net Debt-to-Capital Total Debt Short-term borrowings $133 $57 Commercial paper 223 99 Long-term debt due within one year 87 35 Long-term debt, less amount due within one year 7,612 8,797 Numerator $8,055 $1,183 $6,872 $8,988 $3,272 $5,716 Total Capital Total debt $8,055 $8,988 Total equity 14,706 15,139 Denominator $22,761 $1,183 $21,578 $24,127 $3,272 $20,855 Ratio 35.4% 31.8% 37.3% 27.4% 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. [Alcoa logo]