<SEC-DOCUMENT>0001193125-14-392232.txt : 20141031
<SEC-HEADER>0001193125-14-392232.hdr.sgml : 20141031
<ACCEPTANCE-DATETIME>20141031172036
ACCESSION NUMBER:		0001193125-14-392232
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		9
CONFORMED PERIOD OF REPORT:	20141022
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20141031
DATE AS OF CHANGE:		20141031

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ALCOA INC.
		CENTRAL INDEX KEY:			0000004281
		STANDARD INDUSTRIAL CLASSIFICATION:	ROLLING DRAWING & EXTRUDING OF NONFERROUS METALS [3350]
		IRS NUMBER:				250317820
		STATE OF INCORPORATION:			PA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-03610
		FILM NUMBER:		141187373

	BUSINESS ADDRESS:	
		STREET 1:		390 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022-4608
		BUSINESS PHONE:		2128362732

	MAIL ADDRESS:	
		STREET 1:		390 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022-4608

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ALCOA INC
		DATE OF NAME CHANGE:	19990105

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ALUMINUM CO OF AMERICA
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>d808174d8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML><HEAD>
<TITLE>Form 8-K</TITLE>
</HEAD>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:15%">&nbsp;</P></center> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:14pt; font-family:Times New Roman" ALIGN="center"><B>FORM 8-K
</B></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center"><B>CURRENT REPORT </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center"><B>PURSUANT TO SECTION 13 OR 15(d) OF THE </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES EXCHANGE ACT OF 1934 </B></P>
<P STYLE="margin-top:30pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center"><B>Date of Report (Date of earliest event reported): October&nbsp;31, 2014 (October 22, 2014) </B></P>
<P STYLE="margin-top:30pt; margin-bottom:0pt; font-size:14pt; font-family:Times New Roman" ALIGN="center"><B><U>ALCOA INC. </U></B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center">(Exact
name of Registrant as specified in its charter) </P> <P STYLE="font-size:30pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" ALIGN="center">


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<TD VALIGN="top" ALIGN="center"><B><U>Pennsylvania</U></B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><B><U>1-3610</U></B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><B><U>25-0317820</U></B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center">(State or Other Jurisdiction</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:Times New Roman" ALIGN="center">of Incorporation)</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center">(Commission</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:Times New Roman" ALIGN="center">File Number)</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center">(I.R.S. Employer</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:Times New Roman" ALIGN="center">Identification Number)</P></TD></TR></TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" ALIGN="center">


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<TD VALIGN="bottom" WIDTH="1%"></TD>
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<TD HEIGHT="40" COLSPAN="2"></TD></TR>

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<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><B><U>390&nbsp;Park&nbsp;Avenue,&nbsp;New&nbsp;York,&nbsp;New&nbsp;York</U></B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><B><U>10022-4608</U></B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center">(Address&nbsp;of&nbsp;Principal&nbsp;Executive&nbsp;Offices)</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center">(Zip Code)</TD></TR>
</TABLE> <P STYLE="font-size:30pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" ALIGN="center">


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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center"><B>Office of Investor Relations &nbsp;&nbsp;&nbsp;&nbsp;212-836-2674</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:Times New Roman" ALIGN="center"><B><U>Office of the Secretary &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212-836-2732</U></B></P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top" ALIGN="center">(Registrant&#146;s telephone number, including area code)</TD></TR>
</TABLE> <P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:42%">&nbsp;</P></center> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center">(Former Name or
Former Address, if Changed Since Last Report) </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing
obligation of the registrant under any of the following provisions: </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD>
<TD ALIGN="left" VALIGN="top">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </TD></TR></TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD>
<TD ALIGN="left" VALIGN="top">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </TD></TR></TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD>
<TD ALIGN="left" VALIGN="top">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) </TD></TR></TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD>
<TD ALIGN="left" VALIGN="top">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) </TD></TR></TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman"><B>Item&nbsp;8.01.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Events. </B></P>
<P STYLE="margin-top:16pt; margin-bottom:0pt; text-indent:7%; font-size:11pt; font-family:Times New Roman">On October&nbsp;22, 2014, the United States District Court for the Western District of Pennsylvania issued an order preliminarily approving a
proposed global settlement by and among Alcoa Inc., the plaintiffs, and all named individual defendants with the exception of Victor Dahdaleh, David Debney, and David B. Dabney that will resolve three pending shareholder derivative actions:
<I>Rubery v. Kleinfeld</I>, Case No.&nbsp;2:12-cv-00844, pending in the United States District Court for the Western District of Pennsylvania, and <I>Teamsters Local #500 Severance Fund and Southeastern Pennsylvania Transportation Authority v.
Belda</I>, Case No. GD-08-014664, and<I> Philadelphia Gas Works Retirement Fund v. Alcoa, Inc.</I>, Case No. GD-09-018679, both pending in the Court of Common Pleas of Allegheny County. </P>
<P STYLE="margin-top:16pt; margin-bottom:0pt; text-indent:7%; font-size:11pt; font-family:Times New Roman">A hearing to determine whether the court should issue an order of final approval of the settlement has been scheduled for January&nbsp;20,
2015, at 1:00 p.m. in Courtroom 3B at the United States Courthouse for the Western District of Pennsylvania, 700 Grant Street, Pittsburgh, Pennsylvania 15219 (the &#147;Settlement Hearing&#148;). Pursuant to the court&#146;s order, any objections to
the settlement must be filed in writing with the court by no later than fourteen (14)&nbsp;calendar days prior to the Settlement Hearing. </P>
<P STYLE="margin-top:16pt; margin-bottom:0pt; text-indent:7%; font-size:11pt; font-family:Times New Roman">Additional information concerning the terms of the proposed settlement, the January&nbsp;20, 2015 Settlement Hearing, and the requirements for
objections can be found in the Notice of Pendency and Proposed Settlement of Stockholder Derivative Actions, attached hereto as Exhibit 99.1. Also, attached as Exhibit 99.2 are the Stipulation of Settlement and Exhibit A thereto. This Form 8-K and
the attachments are available on Alcoa&#146;s website at http://www.alcoa.com/usa/en/news/news_releases.asp. </P>
<P STYLE="margin-top:30pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman"><B>Item&nbsp;9.01.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements and Exhibits. </B></P>
<P STYLE="font-size:16pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibits. </TD></TR></TABLE> <P STYLE="margin-top:16pt; margin-bottom:0pt; text-indent:7%; font-size:11pt; font-family:Times New Roman">The following are filed as exhibits to this
report: </P> <P STYLE="font-size:16pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="78%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" ALIGN="center">


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<TD WIDTH="90%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top">99.1</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">Notice of Pendency and Proposed Settlement of Stockholder Derivative Actions</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="21"></TD>
<TD HEIGHT="21" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top">99.2</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">Stipulation of Settlement with Exhibit&nbsp;A thereto</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center">2 </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES </B></P>
<P STYLE="margin-top:30pt; margin-bottom:0pt; text-indent:7%; font-size:11pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized. </P> <P STYLE="font-size:28pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt">


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<TR STYLE="font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top" COLSPAN="5">ALCOA INC.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="54"></TD>
<TD HEIGHT="54" COLSPAN="2"></TD>
<TD HEIGHT="54" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top">By:&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:11pt; font-family:Times New Roman">/s/ Audrey Strauss</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3">Audrey Strauss</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3">Executive Vice President, Chief Legal Officer and Secretary</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:26pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Dated: October&nbsp;31, 2014 </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center">3 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center"><B>EXHIBIT INDEX </B></P> <P STYLE="font-size:28pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" ALIGN="center">


<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="10%"></TD>
<TD WIDTH="87%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:11pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1.00pt solid #000000; width:53.75pt; font-size:11pt; font-family:Times New Roman"><B>Exhibit&nbsp;No.</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1.00pt solid #000000; width:54.40pt; font-size:11pt; font-family:Times New Roman"><B>Description</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="19"></TD>
<TD HEIGHT="19" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top">99.1</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">Notice of Pendency and Proposed Settlement of Stockholder Derivative Actions</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="21"></TD>
<TD HEIGHT="21" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top">99.2</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">Stipulation of Settlement with Exhibit&nbsp;A thereto</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center">4 </P>

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>d808174dex991.htm
<DESCRIPTION>EX-99.1
<TEXT>
<HTML><HEAD>
<TITLE>EX-99.1</TITLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 99.1 </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">UNITED STATES DISTRICT COURT </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">WESTERN DISTRICT OF PENNSYLVANIA </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">


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<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000"> <P STYLE="margin-left:0.42em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">CATHERINE RUBERY, Derivatively on</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">)</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-left:0.42em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Case No. 2:12-cv-00844-DWA</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE="margin-left:0.42em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Behalf of ALCOA INC.,</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">)</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">)</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE="margin-left:10.00em; font-size:12pt; font-family:Times New Roman">Plaintiff,</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">)</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-left:0.42em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Electronically Filed</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">)</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE="text-indent:6.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">v.</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">)</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">)</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE="margin-left:0.42em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">KLAUS KLEINFELD, JUDITH M.</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">)</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE="margin-left:0.42em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">GUERON, KATHRYN S. FULLER,</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">)</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE="margin-left:0.42em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">ERNESTO ZEDILLO, JAMES W. OWENS,</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">)</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE="margin-left:0.42em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">RATAN N. TATA, MICHAEL G. MORRIS,</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">)</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE="margin-left:0.42em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">E. STANLEY O&#146;NEAL, PATRICIA F.</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">)</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE="margin-left:0.42em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">RUSSO, ALAIN J. P. BELDA, FRANKLIN</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">)</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE="margin-left:0.42em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">A. THOMAS, HENRY B. SCHACHT,</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">)</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE="margin-left:0.42em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">JOSEPH T. GORMAN, CARLOS GHOSN,</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">)</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE="margin-left:0.42em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">VICTOR DAHDALEH, and WILLIAM J.</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">)</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE="margin-left:0.42em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">RICE,</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">)</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">)</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE="margin-left:10.00em; font-size:12pt; font-family:Times New Roman">Defendants,</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">)</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">)</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE="text-indent:6.00em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">-and-</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">)</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">)</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE="margin-left:0.42em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">ALCOA INC., a Pennsylvania corporation,</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">)</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">)</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE="margin-left:10.00em; font-size:12pt; font-family:Times New Roman">Nominal Defendant.</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">)</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">)</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
</TABLE> <P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><U>NOTICE OF PENDENCY AND PROPOSED SETTLEMENT </U></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><U>OF STOCKHOLDER DERIVATIVE ACTIONS </U></B></P> <P STYLE="font-size:16pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%" VALIGN="top" ALIGN="left"><B>TO:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:12pt"><B>ALL CURRENT RECORD HOLDERS AND BENEFICIAL OWNERS OF ALCOA INC. (&#147;ALCOA&#148; OR &#147;THE COMPANY&#148;) COMMON STOCK AS OF OCTOBER 20,
2014 (&#147;CURRENT ALCOA STOCKHOLDERS&#148;). IF YOU HOLD ALCOA COMMON STOCK FOR THE BENEFIT OF ANOTHER, PLEASE TRANSMIT THIS DOCUMENT TO SUCH BENEFICIAL OWNER. PLEASE NOTE THAT THIS ACTION IS NOT A &#147;CLASS ACTION&#148; AND NO INDIVIDUAL
STOCKHOLDER HAS THE RIGHT TO BE COMPENSATED AS A RESULT OF THIS SETTLEMENT. </B></P></TD></TR></TABLE> <P STYLE="margin-top:16pt; margin-bottom:0pt; margin-left:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>PLEASE READ THIS
NOTICE CAREFULLY AND IN ITS ENTIRETY. YOUR RIGHTS MAY BE AFFECTED. </B></P> <P STYLE="margin-top:16pt; margin-bottom:0pt; margin-left:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>THIS NOTICE RELATES TO A PROPOSED SETTLEMENT
AND DISMISSAL OF THE ABOVE-CAPTIONED DERIVATIVE ACTION AND RELATED </B></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>
DERIVATIVE ACTIONS AND CONTAINS IMPORTANT INFORMATION REGARDING YOUR RIGHTS, WHICH MAY BE AFFECTED BY THESE LEGAL PROCEEDINGS. </B></P>
<P STYLE="margin-top:16pt; margin-bottom:0pt; margin-left:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>IF THE COURT APPROVES THE SETTLEMENT AND DISMISSAL OF THE ACTION, ALCOA STOCKHOLDERS WILL BE FOREVER BARRED FROM CONTESTING
THE APPROVAL OF THE PROPOSED SETTLEMENT AND FROM PURSUING THE SETTLED CLAIMS. </B></P> <P STYLE="margin-top:16pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>YOU ARE HEREBY NOTIFIED,
</B>pursuant to Federal Rule of Civil Procedure 23.1 and an Order of the U.S. District Court for the Western District of Pennsylvania (the &#147;Court&#148;), of the proposed settlement (the &#147;Settlement&#148;) of the above-captioned stockholder
derivative litigation and related derivative actions. The Court has made no findings or determinations respecting the merits of the Action. The recitation of the background and circumstances of the Settlement contained herein does not constitute the
findings of the Court. It is based on representations made to the Court by counsel for Plaintiffs or for Defendants. This Notice is not an expression of any opinion by the Court with respect to the truth of the allegations in the litigation or the
merits of the claims or defenses asserted by or against any party. It is solely to notify you of the terms of the proposed Settlement and your rights related thereto. This Notice is qualified in its entirety by the Stipulation of Settlement dated
October&nbsp;20, 2014 (the &#147;Stipulation&#148;) memorializing the terms of the Settlement. The Stipulation is attached hereto as Exhibit 1. Capitalized terms not otherwise defined shall have the definitions set forth in the Stipulation. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%" VALIGN="top" ALIGN="left"><B>I.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:12pt"><B>WHY THE COMPANY HAS ISSUED THIS NOTICE </B></P></TD></TR></TABLE>
<P STYLE="margin-top:16pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Your rights may be affected by the settlement of the stockholder derivative actions styled <I>Rubery v. Kleinfeld</I>, Case
No.&nbsp;2:12-cv-00844-DWA, pending in the United States District Court for the Western District of Pennsylvania (the &#147;Federal Action&#148;), and <I>Teamsters Local #500 Severance Fund and Southeastern Pennsylvania Transportation Authority v.
Belda</I>, Case No. GD-08-014664, (the &#147;<I>Teamsters</I> Action&#148;) and <I>Philadelphia Gas Works Retirement Fund v.</I> </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">2 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
<I>Alcoa, Inc.</I>, Case No. GD-09-018679 (the &#147;<I>PGW</I> Action&#148;), currently pending in the Court of Common Pleas of Allegheny County (collectively, the &#147;State Actions,&#148; and
together with the Federal Action, the &#147;Actions&#148;). Plaintiffs, the Settling Defendants, and nominal defendant Alcoa (Alcoa and the Settling Defendants collectively, &#147;Defendants&#148;), have agreed upon the terms to settle the Actions
and have signed the written Stipulation setting forth those Settlement terms. </P> <P STYLE="margin-top:16pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">As explained below, a hearing (the
&#147;Settlement Hearing&#148;) shall be held before this Court, located at the U.S. Courthouse, 700 Grant Street, Courtroom 3B, Pittsburgh, Pennsylvania 15219, on January&nbsp;20, 2015 at 1:00 p.m. to determine whether, <I>inter alia</I>, the
proposed Settlement is fair, reasonable, and adequate, and should be finally approved by the Court. You have the right to object to the Settlement in the manner provided herein. If you fail to object in the manner provided herein <B><I>at least
fourteen (14)&nbsp;calendar days prior to the Settlement Hearing</I></B>, you will be deemed to have waived your objections and will be bound by the Final Order and Judgment to be entered and the releases to be given, unless otherwise ordered by the
Court. </P> <P STYLE="font-size:16pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%" VALIGN="top" ALIGN="left"><B>II.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:12pt"><B>SUMMARY OF THE ACTIONS </B></P></TD></TR></TABLE>
<P STYLE="margin-top:16pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Between March&nbsp;21, 2008 and July&nbsp;28, 2008, Plaintiffs, by and through their attorneys, each served a written demand
(collectively, the &#147;Demands&#148;) for action on Alcoa&#146;s board of directors (the &#147;Board&#148;) pursuant to Pennsylvania law. Plaintiffs demanded, among other things, that the Board investigate and bring legal action against the
Individual Defendants for allegedly permitting Alcoa to engage in the bribery of government officials overseas in violation of the Foreign Corrupt Practices Act (&#147;FCPA&#148;) and to recover for the benefit of Alcoa damages caused to the Company
as a result of the misconduct alleged in the Demands. </P> <P STYLE="margin-top:16pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">On July&nbsp;21, 2008, the <I>Teamsters</I> Action was commenced in
the State Court. The complaint in the <I>Teamsters</I> Action alleged, among other things, that the defendants named </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">3 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
therein: (i)&nbsp;breached their fiduciary duties to Alcoa by knowingly permitting a years-long scheme pursuant to which individuals and entities acting on behalf of Alcoa bribed members of the
Bahraini government in order to receive market-premium prices for alumina<SUP STYLE="font-size:85%; vertical-align:top">1</SUP> from Aluminum Bahrain B.S.C. (&#147;Alba&#148;); (ii)&nbsp;wasted corporate assets by permitting these bribes to take
place; and (iii)&nbsp;were unjustly enriched as a result of their receipt of compensation from the Company based upon artificially inflated financial results of Alcoa as a result of the alleged bribery scheme. The complaint in the <I>Teamsters</I>
Action further alleged that the Board refused to take any action in response to plaintiffs&#146; demands, and that such refusal was uninformed and not in good faith. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Between November&nbsp;21, 2008 and March&nbsp;3, 2009, defendants in the <I>Teamsters</I> Action filed preliminary objections
to the complaint, arguing that the plaintiff failed to state a claim, the claims asserted were not ripe for adjudication, and the plaintiffs lacked standing to sue because the Board had not actually refused their demand. On October&nbsp;12, 2009,
after hearing oral argument, the State Court overruled in part the defendants&#146; preliminary objections, finding that the complaint stated a claim for relief and that defendants had unreasonably delayed in responding to the demand letter. In
light of the pending investigations by the U.S. Department of Justice (&#147;DOJ&#148;) and SEC into the alleged bribery scheme, the State Court stayed the <I>Teamsters </I>Action until the conclusion of those investigations. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">On March&nbsp;31, 2009, the <I>PGW</I> Action was commenced in the Court of Common Pleas of Philadelphia County. The
allegations set forth in the <I>PGW</I> Action are substantially similar to those asserted in the <I>Teamsters</I> Action. After defendants filed preliminary objections, the <I>PGW</I> </P>
<P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:31%">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><SUP
STYLE="font-size:85%; vertical-align:top">1</SUP> Alumina is the common name for aluminum oxide, an intermediate material between raw bauxite and aluminum metal. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">4 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
Action was transferred to the State Court where it was coordinated with the <I>Teamsters</I> Action and stayed until the conclusion of the DOJ and SEC investigations. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">On June&nbsp;20, 2012, the Federal Action was commenced in the Court. The claims set forth in the Federal Action are
substantially similar to those set forth in the State Actions. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">On February&nbsp;14, 2013,&nbsp;May&nbsp;22, 2013 and
June&nbsp;5, 2013, counsel for the Settling Parties attended in-person meetings in New York City concerning a potential resolution of the Actions. Throughout the course of the next several months, the Settling Parties engaged in extensive dialogue
pertaining to the document production, with Plaintiffs demanding and Defendants providing additional non-public documents to Plaintiffs. In total, Plaintiffs&#146; Counsel reviewed over 76,000 pages of non-public documents relating to the misconduct
alleged in the Actions. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">In connection with settlement negotiations and their review of the documents produced by
Defendants, Plaintiffs retained experts with significant anti-corruption compliance experience to assist them in the negotiation and evaluation of a potential settlement. On November&nbsp;15, 2013, Plaintiffs&#146; Counsel, their experts, counsel
for Defendants, and Ms.&nbsp;Susan Ringler (&#147;Ms. Ringler&#148;), Alcoa&#146;s Vice President and Chief Ethics and Compliance Officer, participated in a telephonic conference to discuss Alcoa&#146;s FCPA compliance practices and programs.
Thereafter, from December 2013 through June 2014, the Settling Parties engaged in extensive arm&#146;s-length negotiations regarding the terms of a potential resolution of the Actions. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">As a result of these extensive arm&#146;s-length negotiations, in early June 2014, the Settling Parties reached an agreement
on all material terms of the Settlement as set forth herein, with the exception of the attorneys&#146; fees and expenses to be paid to Plaintiffs&#146; Counsel (which the Settling Parties did not discuss prior to reaching an agreement on the
material terms of the Settlement). On or about June&nbsp;2, 2014, a Memorandum of Understanding (&#147;MOU&#148;) memorializing the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">5 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
agreement in principle to settle the Actions was executed. On July&nbsp;11, 2014 and August&nbsp;13, 2014, counsel for the Settling Parties participated in mediation sessions before an
independent third party mediator in an attempt to negotiate an appropriate attorneys&#146; fee and expense amount to compensate Plaintiffs&#146; Counsel for the benefit conferred on the Company as a result of the prosecution and settlement of the
Actions. At the conclusion of the second mediation session, the mediator proposed that Alcoa pay to Plaintiffs&#146; Counsel $3,750,000 for Plaintiffs&#146; Counsel&#146;s services in the Actions, to which the Settling Parties agreed. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">After additional negotiations, the Settling Parties entered into the Stipulation on October 20, 2014. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%" VALIGN="top" ALIGN="left"><B>III.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:12pt"><B>THE TERMS OF THE SETTLEMENT </B></P></TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The principal terms, conditions and other matters that are part of the Settlement, which is subject to approval by the Court,
are summarized below. This summary should be read in conjunction with, and is qualified in its entirety by reference to, the text of the Stipulation, which has been filed with the Court and the SEC, and is also available for viewing on Alcoa&#146;s
website at <FONT STYLE="font-family:Times New Roman" COLOR="#0000ff"><U>www.alcoa.com/usa/en/news/news_releases.asp</U></FONT><FONT STYLE="font-family:Times New Roman">.</FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
<P STYLE="margin-top:16pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Settlement provides that Alcoa has adopted or shall adopt the compliance reforms set forth in Exhibit A to the Stipulation
(the &#147;Compliance Reforms&#148;). These Compliance Reforms are as follows: (1)&nbsp;the creation by Alcoa of the position of Chief Ethics and Compliance Officer (&#147;CECO&#148;), an officer-level position who reports directly to Alcoa&#146;s
Chief Legal Officer and oversees the implementation and performance of Alcoa&#146;s Ethics and Compliance Program (the &#147;Alcoa Program&#148;), including Alcoa&#146;s Anti-Corruption Policy; (2)&nbsp;substantial enhancements to the Alcoa Program,
including the development of a clearly articulated and visible Anti-Corruption Policy; (3)&nbsp;implementation of Alcoa&#146;s Due Diligence and Contracting Procedure for </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">6 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
Intermediaries (&#147;DDCP&#148;), which provides for an appropriate review of any intermediary whose services Alcoa wishes to use and provides for appropriate monitoring of Alcoa&#146;s
relationships with Alcoa&#146;s intermediaries; (4)&nbsp;a reorganization of Alcoa&#146;s regional and local counsel reporting structure; (5)&nbsp;enhanced mandatory annual FCPA and Anti-Corruption training for all employees; (6)&nbsp;improvements
to Alcoa&#146;s policies regarding business expense and meals and entertainment; and (7)&nbsp;enhancements to Alcoa&#146;s compliance code, policies and procedures designed to evaluate and improve the effectiveness in preventing and detecting
violations of anti-corruption laws. For the Compliance Reforms that have not already been implemented during the pendency of the Actions, Alcoa will implement them by the later of December&nbsp;1, 2014 or the date on which the Federal Court enters
an order approving the Settlement. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Alcoa acknowledges and agrees that the pendency, prosecution, and settlement of the
Actions and the litigation efforts of Plaintiffs and Plaintiffs&#146; Counsel were a material and substantial cause in Alcoa&#146;s decision to institute the Compliance Reforms detailed in Exhibit A to the Stipulation. Plaintiffs and Defendants
agree that the Compliance Reforms confer a substantial benefit upon Alcoa. The Board, in its business judgment, has concluded that the Settlement is in the best interest of Alcoa and it stockholders. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%" VALIGN="top" ALIGN="left"><B>IV.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:12pt"><B>DISMISSAL OF THE ACTIONS AND RELEASE OF CLAIMS </B></P></TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Stipulation also provides for the entry of judgment dismissing the Actions against Alcoa and the Settling Defendants with
prejudice of all Released Claims against the Released Persons. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;Released Claims&#148; means any claims, demands,
rights, actions, causes of action, liabilities, damages, losses, obligations, judgments, duties, suits, costs, expenses, matters, and issues known or unknown, including Unknown Claims, contingent or absolute, suspected or
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">7 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
unsuspected, disclosed or undisclosed, liquidated or unliquidated, matured or unmatured, accrued or unaccrued, apparent or unapparent, whether state, federal, or foreign, common law, statutory,
or regulatory, that have been or could have been asserted by Plaintiffs, Alcoa, and/or any Alcoa stockholder derivatively on behalf of Alcoa against any Released Persons that are based upon, arise out of, or relate in any way whatsoever to the
facts, transactions, events, occurrences, acts, disclosures, statements, omissions, or failures to act which were alleged in the Actions and/or the settlement of the Actions, except for any claims to enforce the Settlement. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">If the Court approves the Settlement as set forth in the Stipulation and it becomes effective pursuant to its terms, Alcoa,
Plaintiffs (acting on their own behalf and derivatively on behalf of Alcoa), and each of Alcoa&#146;s stockholders (solely in their capacity as Alcoa stockholders) shall be deemed to have, and by operation of the Judgment shall have, fully, finally,
and forever released, relinquished, and discharged the Released Claims against the Released Persons and any and all claims, rights, demands, causes of action, obligations, liabilities, and damages whatsoever arising out of, relating to, or in
connection with, the defense, settlement, or resolution of the Actions against the Released Persons. Alcoa, Plaintiffs (acting on their own behalf and derivatively on behalf of Alcoa), and each of Alcoa&#146;s stockholders (solely in their capacity
as Alcoa stockholders) shall be deemed to have, and by operation of the Judgment shall have, covenanted not to sue any Released Person with respect to such Released Claims, and shall be permanently barred and enjoined from instituting, commencing,
or prosecuting the Released Claims against the Released Persons except to enforce the releases and other terms and conditions contained in the Stipulation and/or Judgment entered pursuant thereto. Nothing herein shall in any way impair or restrict
the rights of any Settling Party to enforce the terms of the Stipulation. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">8 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Also, each of the Released Persons shall be deemed to have, and by operation of
the Judgment shall have, fully, finally, and forever released, relinquished, and discharged each and all of Alcoa, Plaintiffs, and Plaintiffs&#146; Counsel from all claims (including Unknown Claims) arising out of, relating to, or in connection
with, the institution, prosecution, assertion, settlement, or resolution of the Actions or the Released Claims. Nothing herein shall in any way impair or restrict the rights of any Settling Party to enforce the terms of the Stipulation. The Released
Claims shall not include any claims that have been or could have been asserted by Plaintiffs, Alcoa, and/or any Alcoa stockholder derivatively on behalf of Alcoa against defendants David Debney, David B. Dabney, and Victor Dahdaleh. Messrs. Debney,
Dabney and Dahdaleh are named as defendants in the <I>PGW</I> Action, and Mr.&nbsp;Dahdaleh is also named as a defendant in the Federal Action. Following approval of the Settlement by the Federal Court, the Actions will be dismissed with prejudice
with respect to the Settling Defendants and without prejudice with respect to Messrs. Debney, Dabney and Dahdaleh. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%" VALIGN="top" ALIGN="left"><B>V.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:12pt"><B>PLAINTIFFS&#146; ATTORNEYS&#146; FEES AND EXPENSES </B></P></TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">After negotiation of the material terms of the Settlement, Plaintiffs and Defendants negotiated at arm&#146;s-length and in
good faith on the amount of attorneys&#146; fees, costs, and expenses that Alcoa will pay Plaintiffs&#146; Counsel in connection with the substantial and material benefits conferred upon the Company as a result of the Settlement. As a result of
those negotiations, and based upon the recommendation of an independent third party mediator, Alcoa and/or its insurers shall pay to Plaintiffs&#146; Counsel the Fee and Expense Amount of $3,750,000 in consideration for the substantial benefits
conferred upon Alcoa as a material and substantial result of Plaintiffs&#146; Counsel&#146;s services in the Actions. To date, Plaintiffs&#146; Counsel have not received any payments for their efforts on behalf of Alcoa or its stockholders. The
agreed-to fee will compensate </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">9 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
Plaintiffs&#146; Counsel for the results achieved in the Actions and the risks of undertaking the prosecution of the Actions on a contingent basis. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%" VALIGN="top" ALIGN="left"><B>VI.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:12pt"><B>REASONS FOR THE SETTLEMENT </B></P></TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Settling Parties have determined that it is desirable and beneficial that the Actions, and all of their disputes related
thereto, be fully and finally settled in the manner and upon the terms and conditions set forth in the Stipulation. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left"><B>A.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Why Did Plaintiffs Agree to Settle? </B></TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Plaintiffs&#146; Counsel conducted
an extensive investigation relating to the claims and the underlying events and transactions alleged in the Action. Plaintiffs&#146; Counsel have analyzed the evidence adduced during their investigation, and have researched the applicable law with
respect to the claims of Plaintiffs and Alcoa against the Individual Defendants and the potential defenses thereto. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Based
upon their investigation as set forth above, Plaintiffs and Plaintiffs&#146; Counsel have concluded that the terms and conditions of the Stipulation are fair, reasonable and adequate to Plaintiffs, Alcoa and its stockholders, and in their best
interests, and have agreed to settle the claims raised in the Actions pursuant to the terms and provisions of the Stipulation after considering, among other things, the substantial benefits that Alcoa and its stockholders will receive from the
Settlement, the uncertain outcome, risks, difficulties, and delays in the continued litigation of the Actions and the actions taken by the Company in response to the allegations raised in the Actions. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">In particular, Plaintiffs and Plaintiffs&#146; Counsel considered the significant litigation risks inherent in these
derivative Actions. The law imposes significant burdens on Plaintiffs for pleading and proving a stockholder derivative claim. While Plaintiffs and Plaintiffs&#146; Counsel believe their claims are meritorious, Plaintiffs and Plaintiffs&#146;
Counsel acknowledge that there is a </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">10 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
substantial risk that the Actions may not succeed in producing a recovery in light of the applicable legal standards and possible defenses. Plaintiffs and Plaintiffs&#146; Counsel believe that,
under the circumstances, they have obtained the best possible relief for Alcoa and its stockholders. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left"><B>B.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Why Did The Settling Defendants Agree to Settle? </B></TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Settling
Defendants have denied, and continue to deny, that they have committed any breach of fiduciary duty, waste of assets, or any other violation of law or engaged in any of the wrongful acts alleged in the Actions, or that they have been unjustly
enriched by any of the acts alleged in the Actions, and expressly maintain that they complied with their fiduciary and other legal duties, to the extent such duties exist. The Stipulation and Settlement do not constitute a finding of any wrongdoing
on the part of the Company or the Settling Defendants. Nonetheless, the Settling Defendants have also taken into account the costs, uncertainty and risks inherent in any litigation, especially in complex cases like the Actions. Therefore, they have
determined that it is desirable and beneficial that the Actions be fully and finally settled in the manner and upon the terms and conditions set forth in the Stipulation. Defendants believe that the Settlement set forth in the Stipulation is fair,
reasonable, and adequate, and confers substantial benefits upon Alcoa and its stockholders and that the Settlement is in the best interests of Alcoa and its stockholders. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%" VALIGN="top" ALIGN="left"><B>VII.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:12pt"><B>THE SETTLEMENT HEARING </B></P></TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Settlement Hearing will be held before the Honorable Donetta W. Ambrose, on January&nbsp;20, 2015 at 1:00 p.m. at the U.S.
District Court for the Western District of Pennsylvania, U.S. Courthouse, 700 Grant Street, Courtroom 3B, Pittsburgh, Pennsylvania 15219 to determine: (i)&nbsp;whether the proposed Settlement upon the terms set forth in the Stipulation, including
the Fee </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">11 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
and Expense Amount, should be finally approved in all respects as fair, reasonable, and adequate; and (ii)&nbsp;whether the Final Order and Judgment approving the Settlement should be entered.
The Settlement Hearing may be continued by the Court at the Settlement Hearing, or at any adjourned session thereof without further notice. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Pending final determination of whether the Settlement should be approved, no current Alcoa stockholder, either directly,
representatively, derivatively, or in any other capacity, shall commence or prosecute against any of the Released Persons, and action or proceeding in any court, administrative agency, or other tribunal asserting agency any of the Released Claims.
</P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%" VALIGN="top" ALIGN="left"><B>VIII.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:12pt"><B>THE RIGHT TO ATTEND THE SETTLEMENT HEARING </B></P></TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Any Current Alcoa Stockholder may, but is not required to, appear in person at the Final Hearing. If you want to object at the
Final Hearing, then you must first comply with the procedures for objecting, which are set forth below. The Court has the right to change the hearing dates or times without further notice. Thus, if you are planning to attend the Final Hearing, you
should confirm the date and time before going to the Court. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>CURRENT ALCOA STOCKHOLDERS WHO HAVE NO OBJECTION TO THE </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>SETTLEMENT DO NOT NEED TO APPEAR AT THE FINAL HEARING OR TAKE </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>ANY OTHER ACTION. </B></P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%" VALIGN="top" ALIGN="left"><B>IX.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:12pt"><B>THE PROCEDURES FOR OBJECTING TO THE SETTLEMENT </B></P></TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Any Current Alcoa Stockholder may appear and show cause&#151;at their own expense, individually or though counsel of their own
choice&#151;if he, she, or it has any reason why the terms of the Settlement should not be approved as fair, reasonable and adequate, or why a Final Order and Judgment should not be entered thereon; <I>provided, however</I>, unless otherwise ordered
by the Court, no Current Alcoa Stockholder shall be heard or entitled to contest the approval of all or any of the terms and conditions of the Settlement or, if approved, the Final Order and Judgment to be entered thereon approving the same, unless
that person has, at least fourteen (14)</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">12 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
calendar days prior to the Settlement Hearing, filed with the Clerk of the Court, U.S. Courthouse, 700 Grant Street, Pittsburgh, Pennsylvania 15219 and served on the following legal counsel
(delivered by hand or sent by first class mail) appropriate proof of stock ownership, along with written objections, including the basis therefor, and copies of any papers and briefs in support thereof: </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="99%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt">


<TR>
<TD WIDTH="51%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="47%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" ALIGN="center">Felipe J. Arroyo</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center">Robin Winchester</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" ALIGN="center">Robbins Arroyo LLP</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center">Kessler Topaz Meltzer &amp; Check, LLP</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" ALIGN="center">600 B Street, Suite 1900</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center">280 King of Prussia Road</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" ALIGN="center">San Diego, California 92101</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center">Radnor, Pennsylvania 19087</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="24"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" ALIGN="center"><I>Attorneys for Federal Plaintiff</I></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><I>Attorneys for State Plaintiffs</I></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="24"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" ALIGN="center">Jacob A. Goldberg</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center">Julie A. North</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" ALIGN="center">Cohen, Placitella &amp; Roth, P.C.</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center">Cravath, Swaine &amp; Moore LLP</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" ALIGN="center">Two Commerce Square</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center">Worldwide Plaza</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" ALIGN="center">2001 Market Street</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center">825 Eighth Avenue</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" ALIGN="center">Suite 2900</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center">New York, New York 10019</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" ALIGN="center">Philadelphia, Pennsylvania 19103</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><I>Attorneys for Defendants Alain J.P. Belda,</I></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" ALIGN="center"><I>Attorneys for State Plaintiffs</I></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><I>Klaus Kleinfeld, Kathryn S. Fuller, Carlos</I></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><I>Ghosn, Joseph T. Gorman, Judith M. Gueron,</I></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><I>James W. Owens, Henry B. Schacht, Ratan N.</I></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><I>Tata, Franklin A. Thomas, Ernesto Zedillo, E.</I></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><I>Stanley O&#146;Neal, Michael G. Morris, Patricia F.</I></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><I>Russo, Lawrence R. Purtell, Bernt Reitan and</I></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><I>Peter Burgess</I></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="24"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" ALIGN="center">Richard Beizer</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center">Robert B. Sommer</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" ALIGN="center">Crowell&nbsp;&amp; Moring LLP</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center">Meyer, Unkovic &amp; Scott LLP</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" ALIGN="center">1001 Pennsylvania Avenue, N.W., Suite 1100</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center">Henry W. Oliver Building</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" ALIGN="center">Washington, D.C. 20004</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center">535 Smithfield Street, Suite 1300</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center">Pittsburgh, Pennsylvania 15222</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" ALIGN="center"><I>Attorneys for Defendant William J. Rice</I></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><I>Attorneys for Nominal Defendant Alcoa Inc.</I></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Any Current Alcoa Stockholder who does not make his, her or its objection in the manner
provided herein shall be deemed to have waived such objection and shall forever be foreclosed from making any objection to the fairness, reasonableness, or adequacy of the Settlement, </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">13 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
including the Fee and Expense Amount, unless otherwise ordered by the Court, and shall otherwise be bound by the Final Order and Judgment to be entered and the releases to be given in connection
with the Settlement. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%" VALIGN="top" ALIGN="left"><B>X.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:12pt"><B>HOW TO OBTAIN ADDITIONAL INFORMATION </B></P></TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">This Notice contains only a summary of the terms of the Settlement. For a more detailed statement of the matters involved in
the Actions, reference is made to the Stipulation, which is attached hereto. You may also inspect the papers in the Federal Action at the Clerk of the Court&#146;s Office, U.S. District Court for the Western District of Pennsylvania, U. S.
Courthouse, 700 Grant Street, Pittsburgh, Pennsylvania 15219, during business hours of each business day. The Notice will also be available for viewing on the website of Alcoa at www.alcoa.com/usa/en/news/news_releases.asp. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PLEASE DO NOT TELEPHONE THE COURT OR THE CLERK&#146;S OFFICE </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>REGARDING THIS NOTICE. </B></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Any questions you have about matters in this Notice should be directed by telephone or in writing to the following: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="99%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt">


<TR>
<TD WIDTH="51%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="47%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" ALIGN="center">Darnell Donahue</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center">Robin Winchester</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" ALIGN="center">Robbins Arroyo LLP</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center">Kessler Topaz Meltzer &amp; Check, LLP</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" ALIGN="center">600 B Street, Suite 1900</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center">280 King of Prussia Road</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" ALIGN="center">San Diego, California 92101</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center">Radnor, Pennsylvania 19087</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" ALIGN="center">619.525.3990</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center">610.667.7706</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="24"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" ALIGN="center"><I>Attorneys for Federal Plaintiff</I></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><I>Attorneys for State Plaintiffs</I></TD></TR>
</TABLE></DIV> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">


<TR>
<TD WIDTH="46%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="53%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">DATED: OCTOBER 22, 2014</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">BY ORDER OF THE COURT</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">UNITED STATES DISTRICT COURT</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">WESTERN DISTRICT OF PENNSYLVANIA</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">14 </P>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>d808174dex992.htm
<DESCRIPTION>EX-99.2
<TEXT>
<HTML><HEAD>
<TITLE>EX-99.2</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 99.2 </B></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#0000ff">Case 2:12-cv-00844-DWA&nbsp;&nbsp;&nbsp;&nbsp;Document 38-1&nbsp;&nbsp;&nbsp;&nbsp;Filed 10/20/14&nbsp;&nbsp;&nbsp;&nbsp;Page 1 of
26 </FONT></P> <P STYLE="font-size:22pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:22pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">UNITED STATES DISTRICT COURT </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">WESTERN DISTRICT OF PENNSYLVANIA </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">


<TR>
<TD WIDTH="51%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="45%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000"> <P STYLE="margin-left:0.42em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">CATHERINE RUBERY, Derivatively on</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">)</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">Case No. 2:12-cv-00844-DWA</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE="margin-left:0.42em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Behalf of ALCOA INC.,</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">)</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">)</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE="margin-left:10.00em; font-size:12pt; font-family:Times New Roman">Plaintiff,</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">)</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">Electronically Filed</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">)</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE="text-indent:3.50em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">v.</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">)</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">)</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE="margin-left:0.42em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">KLAUS KLEINFELD, JUDITH M.</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">)</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE="margin-left:0.42em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">GUERON, KATHRYN S. FULLER,</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">)</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE="margin-left:0.42em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">ERNESTO ZEDILLO, JAMES W. OWENS,</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">)</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE="margin-left:0.42em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">RATAN N. TATA, MICHAEL G. MORRIS,</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">)</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE="margin-left:0.42em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">E. STANLEY O&#146;NEAL, PATRICIA F.</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">)</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE="margin-left:0.42em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">RUSSO, ALAIN J. P. BELDA, FRANKLIN</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">)</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE="margin-left:0.42em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">A. THOMAS, HENRY B. SCHACHT,</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">)</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE="margin-left:0.42em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">JOSEPH T. GORMAN, CARLOS GHOSN,</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">)</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE="margin-left:0.42em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">VICTOR DAHDALEH, and WILLIAM J.</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">)</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE="margin-left:0.42em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">RICE,</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">)</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">)</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE="margin-left:10.00em; font-size:12pt; font-family:Times New Roman">Defendants,&#148;</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">)</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">)</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE="text-indent:3.50em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">-and-</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">)</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">)</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE="margin-left:0.42em; font-size:12pt; font-family:Times New Roman" ALIGN="justify">ALCOA INC., a Pennsylvania corporation,</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">)</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">)</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-left:10.00em; font-size:12pt; font-family:Times New Roman">Nominal Defendant.</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">)</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>STIPULATION OF SETTLEMENT </B></P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%" VALIGN="top" ALIGN="left"><B>I.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>INTRODUCTION </B></TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">This Stipulation of Settlement (the
&#147;Stipulation&#148;) dated October&nbsp;20, 2014, is made and entered into, subject to the approval of the Federal Court, by and among the following Settling Parties:<SUP STYLE="font-size:85%; vertical-align:top">1</SUP> (i)&nbsp;plaintiff
Catherine Rubery (&#147;Rubery&#148; or &#147;Federal Plaintiff&#148;); (ii)&nbsp;state plaintiffs Philadelphia Gas Works Retirement Fund (&#147;PGW&#148;) and Vladimir Gusinsky<SUP STYLE="font-size:85%; vertical-align:top">2</SUP> (collectively,
&#147;State </P> <P STYLE="font-size:16pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:31%">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><SUP STYLE="font-size:85%; vertical-align:top">1</SUP> All capitalized terms not otherwise defined are defined in section IV.1, <I>infra</I>.
</P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><SUP STYLE="font-size:85%; vertical-align:top">2</SUP> Mr. Gusinsky made a shareholder demand on the Board of Alcoa dated on March 28,
2008 and is represented by the same lawyers as plaintiffs in the <I>Teamsters</I> Action. Mr. Gusinsky intended </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Plaintiffs,&#148; together with Federal Plaintiff, &#147;Plaintiffs&#148;);
(iii)&nbsp;nominal defendant Alcoa Inc. (&#147;Alcoa&#148; or the &#147;Company&#148;); and (iv)&nbsp;defendants (in the Federal Action and/or the State Actions) Alain J.P. Belda, Klaus Kleinfeld, Kathryn S. Fuller, Carlos Ghosn, Joseph T. Gorman,
Judith M. Gueron, James W. Owens, Henry B. Schacht, Ratan N. Tata, Franklin A. Thomas, Ernesto Zedillo, E. Stanley O&#146;Neal, Michael G. Morris, Patricia F. Russo, William J. Rice, Lawrence R. Purtell, Bernt Reitan, and Peter Burgess (the
&#147;Settling Defendants,&#148; together with Alcoa, &#147;Defendants&#148;). The Stipulation is intended by the Settling Parties to fully, finally, and forever resolve, discharge, and settle the Released Claims, upon and subject to the terms and
conditions hereof. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%" VALIGN="top" ALIGN="left"><B>II.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>OVERVIEW OF THE ACTIONS AND PROCEDURAL HISTORY </B></TD></TR></TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left"><B>A.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Commencement of the Actions </B></TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Between March&nbsp;21, 2008 and
July&nbsp;28, 2008, Plaintiffs, by and through their attorneys, each served a written demand (collectively, the &#147;Demands&#148;) for action on Alcoa&#146;s Board of Directors (the &#147;Board&#148;) pursuant to Pennsylvania law. They demanded,
among other things, that the Board investigate and bring legal action against the Individual Defendants for allegedly permitting Alcoa to engage in the bribery of government officials overseas in violation of the Foreign Corrupt Practices Act
(&#147;FCPA&#148;) and to recover for the benefit of Alcoa damages caused to the Company as a result of the misconduct alleged in the Demands. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">On July&nbsp;21, 2008, the first derivative action was commenced captioned <I>Teamsters Local #500 Severance Fund and
Southeastern Pennsylvania Transportation Authority v. Belda</I>, No. GD-08-014664 (the &#147;<I>Teamsters</I> Action&#148;) in the Court of Common Pleas of Allegheny County </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P> <P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">to join the <I>Teamsters</I>
Action, if not settled, thus, the Settling Parties have agreed that Mr.&nbsp;Gusinsky shall be a Settling Party. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-2- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#0000ff"> Case 2:12-cv-00844-DWA&nbsp;&nbsp;&nbsp;&nbsp;Document
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(the &#147;State Court&#148;). The complaint in the <I>Teamsters</I> Action alleged, among
other things, that the defendants named therein: (i)&nbsp;breached their fiduciary duties to Alcoa by knowingly permitting a years-long scheme pursuant to which individuals and entities acting on behalf of Alcoa bribed members of the Bahraini
government in order to receive market-premium prices for alumina<SUP STYLE="font-size:85%; vertical-align:top">3</SUP> from Aluminum Bahrain B.S.C. (&#147;Alba&#148;); (ii)&nbsp;wasted corporate assets by permitting these bribes to take place; and
(iii)&nbsp;were unjustly enriched as a result of their receipt of compensation from the Company based upon artificially inflated financial results of Alcoa as a result of the alleged bribery scheme. The complaint in the <I>Teamsters</I> Action
further alleged that the Board refused to take any action in response to plaintiffs&#146; demands, and that such refusal was uninformed and not in good faith. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">On November&nbsp;24, 2008, the defendants in the <I>Teamsters</I> Action filed preliminary objections to the complaint,
arguing that the plaintiffs failed to state a claim, the claims asserted were not ripe for adjudication, and the plaintiffs lacked standing to sue because the Board had not actually refused the demands. The plaintiffs filed a brief in opposition to
defendants&#146; preliminary objections on December&nbsp;15, 2008, asserting that the plaintiffs had fully satisfied Pennsylvania law, and that even if the State Court found that the plaintiffs&#146; demand was not refused, the Board&#146;s failure
to respond within a reasonable time permitted the filing of the complaint. On January&nbsp;8, 2009, defendants filed a reply memorandum of law in further support of their preliminary objections. On March&nbsp;3, 2009, defendant William J. Rice filed
his preliminary objections to the complaint. The plaintiffs filed an opposition on March&nbsp;23, 2009, asserting that the plaintiffs had satisfied the applicable pleading standards and that plaintiffs had </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:31%">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><SUP STYLE="font-size:85%; vertical-align:top">3</SUP> Alumina is the common name for aluminum oxide, an intermediate material between raw
bauxite and aluminum metal. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-3- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#0000ff"> Case 2:12-cv-00844-DWA&nbsp;&nbsp;&nbsp;&nbsp;Document
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">stated actionable claims for abuse of control and gross mismanagement, waste of corporate
assets, and unjust enrichment against defendant Rice. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">On September&nbsp;3, 2009, the State Court heard oral argument on
the defendants&#146; preliminary objections. By order dated October&nbsp;15, 2009, the State Court overruled in part the defendants&#146; preliminary objections, finding that the plaintiffs had stated a claim for relief and that defendants had
unreasonably delayed in responding to the plaintiffs&#146; demand and allowing the plaintiffs to litigate any potential claims on Alcoa&#146;s behalf. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">On March&nbsp;31, 2009, PGW commenced an action captioned <I>Philadelphia Gas Works Retirement Fund v. Alcoa, Inc.</I>, Case
No.&nbsp;1020 (the &#147;<I>PGW</I> Action,&#148; together with the <I>Teamsters </I>Action, the &#147;State Actions&#148;) in the Court of Common Pleas of Philadelphia County. The allegations set forth in the <I>PGW</I> Action are substantially
similar to those asserted in the <I>Teamsters</I> Action. On August&nbsp;17, 2009 and August&nbsp;18, 2009, the defendants filed preliminary objections in the <I>PGW</I> Action. On October&nbsp;14, 2009, the preliminary objections were mooted, and
on October&nbsp;16, 2009 the <I>PGW</I> Action was transferred to the State Court where it was coordinated with the <I>Teamsters</I> Action and assigned a new case number, GD-09-018679 . By orders dated October&nbsp;15, 2009 and November&nbsp;20,
2009, the State Court stayed the <I>Teamsters</I> and <I>PGW</I> Actions, respectively, pending the conclusion of the investigations of Alcoa by the U.S. Department of Justice and the U.S. Securities and Exchange Commission (&#147;SEC&#148;)
relating to the facts and allegations in the State Actions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">On June&nbsp;20, 2012, Rubery commenced the action captioned
<I>Rubery v. Kleinfeld</I>, Case No.&nbsp;2:12-cv-00844-DWA (the &#147;Federal Action,&#148; together with the State Actions, the &#147;Actions&#148;) in the U.S. District Court for the Western District of Pennsylvania (the &#147;Federal
Court&#148;). The claims set forth in the Federal Action are substantially similar to those set forth in the State </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-4- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#0000ff"> Case 2:12-cv-00844-DWA&nbsp;&nbsp;&nbsp;&nbsp;Document
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
Actions. Thereafter, the parties submitted stipulations extending Defendants&#146; time to answer the <I>Rubery</I> complaint on July&nbsp;20, 2012,&nbsp;August&nbsp;31,
2012,&nbsp;November&nbsp;30, 2012,&nbsp;March&nbsp;1, 2013,&nbsp;June&nbsp;27, 2013,&nbsp;August&nbsp;28, 2013,&nbsp;October&nbsp;31, 2013,&nbsp;January&nbsp;2, 2014,&nbsp;March&nbsp;3, 2014, and May&nbsp;2, 2014, which the Federal Court granted.
</P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left"><B>B.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Settlement Negotiations </B></TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">On February&nbsp;14, 2013, prior to any
substantive settlement negotiations, counsel for Plaintiffs and the Settling Defendants attended an in-person meeting in New York City to discuss a process by which they would exchange information and a potential framework to resolve the Actions.
Counsel for Plaintiffs and the Settling Defendants met again in New York City on May&nbsp;22, 2013 and June&nbsp;5, 2013, to discuss a potential resolution of the Actions. During these meetings, Defendants shared non-public information and
confidential documents with counsel for Plaintiffs concerning the allegations of wrongdoing. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">On May&nbsp;28, 2013,
Plaintiffs and the Settling Defendants entered into a confidentiality agreement pursuant to which Defendants made available for Plaintiffs&#146; review certain non-public documents and information. Throughout the course of the next several months,
Plaintiffs and the Settling Defendants engaged in extensive dialogue pertaining to the document production, with Plaintiffs demanding and Defendants providing additional non-public documents to Plaintiffs as a result of those discussions. In total,
Plaintiffs&#146; Counsel reviewed over 76,000 pages of non-public documents and information. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">On November&nbsp;15, 2013,
Plaintiffs&#146; Counsel, their experts, counsel for the Settling Defendants, and Ms.&nbsp;Susan Ringler, Alcoa&#146;s Vice President and Chief Ethics and Compliance Officer, participated in a telephonic conference to discuss Alcoa&#146;s FCPA
compliance practices and programs. Following the November&nbsp;15, 2013 conference, Plaintiffs and the Settling Defendants entered into arm&#146;s-length negotiations with a view towards exploring a potential
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-5- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#0000ff"> Case 2:12-cv-00844-DWA&nbsp;&nbsp;&nbsp;&nbsp;Document
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 of 26 </FONT></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
resolution of the Actions. On December&nbsp;18, 2013, counsel for Defendants sent to Plaintiffs&#146; Counsel a proposed draft term sheet. Thereafter, from December 2013 through June 2014,
Plaintiffs and Defendants participated in numerous telephonic meetings and discussions and exchanged multiple drafts of a proposed term sheet to resolve the Actions. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">As a result of these extensive arm&#146;s-length negotiations, in early June 2014, Plaintiffs and Defendants reached an
agreement on all material terms of the Settlement as set forth herein, with the exception of the attorneys&#146; fees and expenses to be paid to Plaintiffs&#146; Counsel (which the Plaintiffs and Defendants had not discussed prior to reaching an
agreement on the material terms of the Settlement). On June&nbsp;2, 2014, a Memorandum of Understanding (&#147;MOU&#148;) memorializing the agreement in principle to settle the Actions was executed. Counsel for Plaintiffs and Defendants agreed to
pursue mediation before Ms.&nbsp;Carole Katz (the &#147;Mediator&#148;) in an attempt to negotiate an appropriate attorneys&#146; fee and expense amount to compensate Plaintiffs&#146; Counsel for the benefits conferred on the Company as a result of
the Settlement. In furtherance thereof, on July&nbsp;11, 2014 and August&nbsp;13, 2014, counsel for the Plaintiffs and Defendants attended two full-day in-person mediation sessions with the Mediator in Pittsburgh, Pennsylvania. At the conclusion of
the second mediation session, the Mediator made a mediator&#146;s proposal that Alcoa pay to Plaintiffs&#146; Counsel $3,750,000 (including attorneys&#146; fees, costs, and expenses) for Plaintiffs&#146; Counsel&#146;s services in the Action, to
which the Plaintiffs and Defendants agreed. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Subsequent to the Plaintiffs&#146; Demands and during the pendency of and in
connection with the settlement of the Actions reflected in this Stipulation (the &#147;Settlement&#148;), Alcoa has adopted or will adopt enhancements to its compliance program, as set forth in Exhibit A hereto (the &#147;Compliance Reforms&#148;).
The Compliance Reforms will foster a multi-level approach to managing FCPA and other similar anti-corruption risks at Alcoa, and reduce Alcoa&#146;s exposure to </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-6- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#0000ff"> Case 2:12-cv-00844-DWA&nbsp;&nbsp;&nbsp;&nbsp;Document
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
FCPA violations and the substantial penalties that result therefrom. The Settling Parties believe that a settlement at this juncture on the terms and on the conditions set forth in the
Stipulation is fair, reasonable, and adequate, and confers substantial benefits upon Alcoa and its stockholders and that the Settlement is in the best interests of Alcoa and its stockholders. By resolution dated October&nbsp;1, 2014, Alcoa&#146;s
Board, in its business judgment, approved the Settlement and each of its terms as fair, just, and adequate, and in the best interest of Alcoa and its stockholders. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%" VALIGN="top" ALIGN="left"><B>III.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>THE SETTLING PARTIES&#146; STATEMENTS REGARDING THE ACTIONS AND THE SETTLEMENT </B></TD></TR></TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left"><B>A.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Plaintiffs&#146; Claims and Benefits of the Settlement </B></TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Plaintiffs
believe that the claims Plaintiffs have asserted in the Actions have merit. Nonetheless, Plaintiffs recognize and acknowledge the expense and length of continued proceedings necessary to prosecute the Actions against the Individual Defendants
through trial and appeals. Plaintiffs and their counsel have also taken into account the uncertain outcome and the risk of any litigation, especially in complex actions such as the Actions, as well as the difficulties and delays inherent in such
litigation. Plaintiffs and their counsel are also mindful of the inherent problems of proof and possible defenses to the claims Plaintiffs have asserted in the Actions. Based on their evaluation, Plaintiffs and their counsel have determined that the
Settlement set forth in this Stipulation is in the best interests of Alcoa and its stockholders. Plaintiffs&#146; Counsel believe that the Settlement set forth in the Stipulation confers substantial benefits upon Alcoa and its stockholders.
Plaintiffs&#146; Counsel base this conclusion upon, <I>inter alia</I>, their extensive investigation during the development, prosecution, and settlement of the Actions, which included, <I>inter alia</I>: (i)&nbsp;inspecting, reviewing, and analyzing
the Company&#146;s filings with the SEC; (ii)&nbsp;inspecting, reviewing, and analyzing over 76,000 pages of non-public documents and information provided by the Company; (iii)&nbsp;retaining and consulting with
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-7- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#0000ff"> Case 2:12-cv-00844-DWA&nbsp;&nbsp;&nbsp;&nbsp;Document
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 of 26 </FONT></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
experts; (iv)&nbsp;researching corporate governance issues; and (v)&nbsp;researching the applicable law with respect to the claims asserted in the Actions and the potential defenses thereto. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left"><B>B.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Defendants&#146; Denials of Wrongdoing and Liability </B></TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Settling
Defendants have denied, and continue to deny, that they have committed any breach of fiduciary duty, waste of assets, or any other violation of law or engaged in any of the wrongful acts alleged in the Actions, or that they have been unjustly
enriched by any of the acts alleged in the Actions, and expressly maintain that they complied with their fiduciary and other legal duties, to the extent such duties exist. Nonetheless, the Settling Defendants have also taken into account the costs,
uncertainty and risks inherent in any litigation, especially in complex cases like the Actions. Therefore, they have determined that it is desirable and beneficial that the Actions be fully and finally settled in the manner and upon the terms and
conditions set forth in this Stipulation. Defendants believe that the Settlement set forth in this Stipulation is fair, reasonable, and adequate, and confers substantial benefits upon Alcoa and its stockholders and that the Settlement is in the best
interests of Alcoa and its stockholders. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%" VALIGN="top" ALIGN="left"><B>IV.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>TERMS OF THE STIPULATION AND AGREEMENT OF SETTLEMENT </B></TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">NOW, THEREFORE,
IT IS HEREBY STIPULATED AND AGREED by and among the Plaintiffs (for themselves and derivatively on behalf of Alcoa), the Settling Defendants, and Alcoa, that, subject to all necessary court approvals, and in exchange for the consideration set forth
below, the Actions and the Released Claims shall be fully, finally, and forever compromised, settled, and released, and the Actions shall be dismissed with prejudice and with full preclusive effect as to all Settling Parties, upon and subject to the
terms and conditions of this Stipulation, as follows. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left"><B>1.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Definitions </B></TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Actions&#148; means, collectively, the Federal Action and State
Actions. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-8- </P>


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<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Defendants&#148; means, collectively, the Settling Defendants
and Alcoa. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Effective Date&#148; means the first date by
which all of the events and conditions specified in paragraph 6.1 of this Stipulation have been met and have occurred. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Federal Action&#148; means the action captioned <I>Rubery v.
Kleinfeld</I>, Case No.&nbsp;2:12-cv-00844-DWA, pending in the Federal Court. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">1.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Federal Court&#148; means the U.S. District Court for the
Western District of Pennsylvania. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Federal Plaintiff&#148;
means Catherine Rubery and her respective agents, employees, representatives, spouses, marital communities, heirs, successors, subrogees, transferees, and assignees. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Final&#148; means the time when a judgment that has not been
reversed, vacated, or modified in any way is no longer subject to appellate review, either because of disposition on appeal and conclusion of the appellate process or because of passage, without action, of time for seeking appellate review. More
specifically, it is that situation when: (a)&nbsp;either no appeal has been filed and the time has passed for any notice of appeal to be timely filed in the Actions; or (b)&nbsp;an appeal has been filed and the court of appeals has either affirmed a
judgment or dismissed that appeal and the time for any reconsideration or further appellate review has passed; or (c)&nbsp;a higher court has granted further appellate review and that court has either affirmed the underlying judgment or affirmed the
court of appeals&#146; decision affirming a judgment or dismissing the appeal. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">1.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Final Order and Judgment&#148; or &#147;Judgment&#148; means
the order and judgment to be rendered by the Federal Court, substantially in the form attached hereto as Exhibit E. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-9- </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">1.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Individual
Defendants&#148; means Alain J.P. Belda, Klaus Kleinfeld, Kathryn S. Fuller, Carlos Ghosn, Joseph T. Gorman, Judith M. Gueron, James W. Owens, Henry B. Schacht, Ratan N. Tata, Franklin A. Thomas, Ernesto Zedillo, E. Stanley O&#146;Neal, Michael G.
Morris, Patricia F. Russo, William J. Rice, Lawrence R. Purtell, Bernt Reitan, Peter Burgess, Victor Dahdaleh, David Debney, and David B. Dabney. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">1.10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Notice&#148; means the notice of the Settlement that Alcoa will provide to
its stockholders, substantially in the form of Exhibit C hereto. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">1.11&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Person&#148; means an individual, corporation, limited liability company,
professional corporation, partnership, limited partnership, limited liability partnership, association, joint stock company, estate, legal representative, trust, unincorporated association, government or any political subdivision or agency thereof,
and any business or legal entity, and any spouse, heir, predecessor, successor, representative, or assignee of the foregoing. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">1.12&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Plaintiffs&#146; Counsel&#148; means any counsel that has appeared of
record or rendered legal services to any of the Plaintiffs in connection with the Actions. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">1.13&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Preliminary Approval Order&#148; means the order to be rendered by the
Federal Court preliminarily approving the Stipulation, the Settlement, and the form of Notice, substantially in the form of Exhibit B hereto. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">1.14&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Related Persons&#148; means each of a Person&#146;s spouses, heirs,
executors, estates, or administrators, each of a Person&#146;s present and former attorneys, legal representatives, and assigns in connection with the Actions, and all of a Person&#146;s past and present directors, officers, agents, advisors,
employees, affiliates, representatives, predecessors, successors, parents, or subsidiaries. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-10- </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#0000ff"> Case 2:12-cv-00844-DWA&nbsp;&nbsp;&nbsp;&nbsp;Document
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 of 26 </FONT></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">1.15&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Released Claims&#148;
means any claims, demands, rights, actions, causes of action, liabilities, damages, losses, obligations, judgments, duties, suits, costs, expenses, matters, and issues known or unknown, including Unknown Claims, contingent or absolute, suspected or
unsuspected, disclosed or undisclosed, liquidated or unliquidated, matured or unmatured, accrued or unaccrued, apparent or unapparent, whether state, federal, or foreign, common law, statutory, or regulatory, that have been or could have been
asserted by Plaintiffs, Alcoa, and/or any Alcoa stockholder derivatively on behalf of Alcoa against any Released Persons that are based upon, arise out of, or relate in any way whatsoever to the facts, transactions, events, occurrences, acts,
disclosures, statements, omissions, or failures to act which were alleged in the Actions and/or the settlement of the Actions, except for any claims to enforce the Settlement. For the avoidance of doubt, the Released Claims shall not include any
claims that have been or could have been asserted by Plaintiffs, Alcoa, and/or any Alcoa stockholder derivatively on behalf of Alcoa against defendant in the Federal Action and the <I>PGW </I>Action Victor Dahdaleh, and defendants in the <I>PGW
</I>Action David Debney and David B. Dabney. Notwithstanding the foregoing, the releases shall not in any way relieve Alcoa of any obligations it may have to the Individual Defendants, including payment of reasonable attorneys&#146; fees incurred in
defense of the Actions. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">1.16&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Released Persons&#148; means Plaintiffs and
Defendants, and their respective Related Persons. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">1.17&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Settlement&#148;
means the Settlement documented in this Stipulation. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">1.18&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Settlement
Hearing&#148; means a hearing before the Federal Court to consider and determine whether to approve the terms of the Settlement as fair, reasonable and adequate, and in the best interests of Alcoa and its stockholders. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-11- </P>


<p Style='page-break-before:always'>
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 of 26 </FONT></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">1.19&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Settling Defendants&#148;
means Alain J.P. Belda, Klaus Kleinfeld, Kathryn S. Fuller, Carlos Ghosn, Joseph T. Gorman, Judith M. Gueron, James W. Owens, Henry B. Schacht, Ratan N. Tata, Franklin A. Thomas, Ernesto Zedillo, E. Stanley O&#146;Neal, Michael G. Morris, Patricia
F. Russo, William J. Rice, Lawrence R. Purtell, Bernt Reitan and Peter Burgess. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">1.20&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Settling Parties&#148; means the Plaintiffs, on behalf of themselves and
derivatively on behalf of Alcoa, the Settling Defendants, and Alcoa. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">1.21&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;State Actions&#148; means, collectively, the <I>Teamsters </I>Action and
the <I>PGW</I> Action. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">1.22&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;State Plaintiffs&#148; means PGW and Vladimir
Gusinsky, and their respective agents, employees, representatives, spouses, marital communities, heirs, successors, subrogees, transferees, and assignees. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">1.23&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Summary Notice&#148; means the summary notice of the Settlement that Alcoa
will provide to its stockholders, substantially in the form of Exhibit D hereto. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">1.24&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Unknown Claims&#148; means any and all claims that were alleged or could
have been alleged in the Actions by Plaintiffs, Alcoa, or any Alcoa stockholder derivatively on behalf of Alcoa, which any Plaintiff, Alcoa, or Alcoa stockholders derivatively on behalf of Alcoa do not know or suspect to exist in his, her, or its
favor at the time of the release of the Released Persons, including claims which, if known by him, her, or it, might have affected his, her, or its settlement with and release of the Released Persons, or might have affected his, her, or its decision
not to object to this Settlement. With respect to any and all Released Claims, the Settling Parties stipulate and agree that, upon the Effective Date, Plaintiffs, Settling Defendants, and Alcoa shall expressly waive, and each of Alcoa&#146;s
stockholders by operation of the Judgment shall have expressly waived, the provisions, rights, and benefits of California Civil Code section 1542, which provides: </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-12- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:15%; margin-right:12%; font-size:12pt; font-family:Times New Roman"><B><I>A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES
NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR. </I></B></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Plaintiffs, Alcoa, and Alcoa&#146;s stockholders may hereafter discover facts in addition to or different from those which he, she, or it now
knows or believes to be true with respect to the subject matter of the Released Claims, but upon the Effective Date, Plaintiffs, Settling Defendants, and Alcoa shall expressly waive, and each of Alcoa&#146;s stockholders shall be deemed to have, and
by operation of the Judgment shall have, expressly waived any and all provisions, rights, and benefits conferred by any law of any state or territory of the United States or any other state, sovereign, or jurisdiction, or any principle of common or
foreign law, which is similar, comparable, or equivalent to California Civil Code section 1542. Plaintiffs, Alcoa, and Alcoa&#146;s stockholders may hereafter discover facts in addition to or different from those which he, she, or it now knows or
believes to be true with respect to the subject matter of the Released Claims, but, upon the Effective Date, each Plaintiff and Alcoa shall expressly settle and release, and each of Alcoa&#146;s stockholders shall be deemed to have, and by operation
of the Judgment shall have, fully, finally, and forever settled and released, any and all Released Claims, known or unknown, suspected or unsuspected, contingent or non-contingent, whether or not concealed or hidden, which now exist, or heretofore
have existed upon any theory of law, or equity now existing or coming into existence in the future, including, but not limited to, conduct which is negligent, intentional, with or without malice, or a breach of any duty, law, or rule, without regard
to the subsequent discovery or existence of such different or additional facts. The Settling Parties acknowledge, and each of Alcoa&#146;s stockholders shall be deemed by operation of the Judgment to have acknowledged, that the foregoing waiver was
separately bargained for and agreed upon </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-13- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
with the express intention of releasing Unknown Claims, and is a key element of the Settlement of which this release is a part. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left"><B>2.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Consideration to Alcoa </B></TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alcoa acknowledges and agrees that the pendency and prosecution and
settlement of the Actions and the litigation efforts of Plaintiffs and Plaintiffs&#146; Counsel were a material and substantial cause in Alcoa&#146;s decision to institute the Compliance Reforms detailed in Exhibit A, which are incorporated herein
by reference in their entirety. Plaintiffs and Defendants agree that the Compliance Reforms confer a substantial benefit upon Alcoa. The Board, in its business judgment, has concluded that the Settlement is in the best interest of Alcoa and it
stockholders. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board has adopted or shall adopt the
Compliance Reforms set forth in Exhibit A. For the Compliance Reforms that have not already been implemented during the pendency of the Actions, Alcoa will implement them by the later of December&nbsp;1, 2014 or the date on which the Federal Court
enters an order approving the Settlement. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left"><B>3.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Releases </B></TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
the Effective Date, Alcoa, Plaintiffs (acting on their own behalf and derivatively on behalf of Alcoa) and each of Alcoa&#146;s stockholders (solely in their capacity as Alcoa stockholders) shall be deemed to have, and by operation of the Judgment
shall have, fully, finally, and forever released, relinquished, and discharged the Released Claims against the Released Persons and any and all claims, rights, demands, causes of action, obligations, liabilities, and damages whatsoever arising out
of, relating to, or in connection with, the defense, settlement, or resolution of the Actions against the Released Persons. Alcoa, Plaintiffs (acting on their own behalf and derivatively on behalf of Alcoa) and each of Alcoa&#146;s stockholders
(solely in their capacity as Alcoa stockholders) shall be deemed to have, and by operation of the Judgment shall have, covenanted not to sue any Released Person with respect to such Released Claims, and
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-14- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
shall be permanently barred and enjoined from instituting, commencing, or prosecuting the Released Claims against the Released Persons except to enforce the releases and other terms and
conditions contained in this Stipulation and/or Judgment entered pursuant thereto. Nothing herein shall in any way impair or restrict the rights of any Settling Party to enforce the terms of this Stipulation. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">3.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon the Effective Date, each of the Released Persons shall be deemed
to have, and by operation of the Judgment shall have, fully, finally, and forever released, relinquished, and discharged each and all of Alcoa, Plaintiffs, and Plaintiffs&#146; Counsel from all claims (including Unknown Claims) arising out of,
relating to, or in connection with, the institution, prosecution, assertion, settlement, or resolution of the Actions or the Released Claims. Nothing herein shall in any way impair or restrict the rights of any Settling Party to enforce the terms of
this Stipulation. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left"><B>4.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Plaintiffs&#146; Counsel&#146;s Attorneys&#146; Fees and Expenses </B></TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After negotiation of the material terms of the Settlement, the
Settling Parties, with the assistance of the Mediator, reached an agreement at arm&#146;s-length and in good faith on the amount of attorneys&#146; fees, costs, and expenses that Alcoa will pay Plaintiffs&#146; Counsel in connection with the
substantial and material benefits conferred upon the Company as a result of the Settlement (the &#147;Fee and Expense Amount&#148;). As a result of those negotiations and based upon the recommendation of the Mediator, Alcoa and/or its insurers shall
pay to Plaintiffs&#146; Counsel the Fee and Expense Amount of $3,750,000 in consideration for the substantial benefits conferred upon Alcoa as a material and substantial result of Plaintiffs&#146; Counsel&#146;s services in the Actions, subject to
Federal Court approval. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">4.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The payment of the Fee and Expense
Amount shall be made by Alcoa and/or its insurance carrier(s) within ten calendar days after entry of the Final Order and Judgment. The </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-15- </P>


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 of 26 </FONT></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
Fee and Expense Amount shall be paid to Robbins Arroyo LLP and Kessler Topaz Meltzer&nbsp;&amp; Check, LLP as the receiving agents and such payment shall fully discharge any and all obligations
of the Defendants with respect to Plaintiffs&#146; attorneys&#146; fees and expenses. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left"><B>5.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Procedure for Implementing the Settlement </B></TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">5.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After execution of the Stipulation, Plaintiffs shall submit the
Stipulation together with exhibits to the Federal Court and shall apply for entry of the Preliminary Approval Order substantially in the form of Exhibit B hereto, requesting, <I>inter alia</I>, the preliminary approval of the Settlement set forth in
the Stipulation and approval of the distribution of notice to Alcoa stockholders, substantially in the forms of Exhibits C and D hereto. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">5.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not later than ten business days following the entry of the
Preliminary Approval Order, Alcoa shall cause the Stipulation and Notice to be filed with the SEC on a Form 8-K and posted on Alcoa&#146;s website at www.alcoa.com/usa/en/news/news_releases.asp, as well as issue the Summary Notice once on the
national edition of <I>Business Wire</I> via press release. Alcoa and/or its insurers shall be solely responsible for the costs of notice set forth herein and/or any other notice as may be required by the Federal Court. Counsel for Alcoa shall, at
least ten business days before the Settlement Hearing, file with the Federal Court an appropriate affidavit with respect to the preparation and dissemination of the Notice and Summary Notice. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">5.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plaintiffs will request that, after the Notice and Summary
Notice are given, the Federal Court hold a Settlement Hearing to consider and determine whether to approve the terms of the Settlement, including the agreed to Fee and Expense Amount, as fair, reasonable, and adequate. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">5.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Within ten days after the Judgment becomes Final, the State
Plaintiffs shall apply to the State Court for an order dismissing the State Actions with prejudice as to the Settling Defendants. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-16- </P>


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 of 26 </FONT></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left"><B>6.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Conditions of Settlement; Effect of Disapproval; Cancellation or Termination </B></TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">6.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Effective Date of this Stipulation shall be when all of the
following conditions have been met: </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:15%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;entry by the Federal Court of the Judgment,
substantially in the form of Exhibit E hereto; </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:15%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Judgment becoming Final; </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:15%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;dismissal of the State Actions with prejudice as to the Settling Defendants; and </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:15%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;payment of the Fee and Expense Amount. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">6.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If any of the conditions specified in paragraph 6.1 are not
met, then this Stipulation shall be canceled and terminated unless the Settling Parties mutually agree in writing, by and through their respective counsel, to proceed with the Stipulation. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">6.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event that the Stipulation or Settlement is not approved
by the Court, or the Settlement is terminated for any reason, the Settling Parties shall be restored to their respective positions in the Actions as of June&nbsp;1, 2014, the last date before the execution of the MOU, and all negotiations,
proceedings, documents prepared, and statements made in connection herewith shall be without prejudice to the Settling Parties, shall not be deemed or construed to be an admission by any Settling Party of any act, matter, or proposition, and shall
not be used in any manner for any purpose in any subsequent proceeding in the Actions or in any other action or proceeding. In such event, the terms and provisions of the Stipulation, with the exception of paragraphs 6.1, 7.6 and 7.8-7.12 herein,
shall have no further force and effect with respect to the Settling Parties and shall not be used in the Actions or in any other proceeding for any purpose, </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-17- </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#0000ff"> Case 2:12-cv-00844-DWA&nbsp;&nbsp;&nbsp;&nbsp;Document
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
and any judgment or orders entered by the Federal Court in accordance with the terms of the Stipulation shall be treated as vacated, <I>nunc pro tunc</I>. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left"><B>7.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Miscellaneous Provisions </B></TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">7.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Settling Parties: (a)&nbsp;acknowledge that it is their
intent to consummate this Stipulation; and (b)&nbsp;agree to cooperate to the extent reasonably necessary to effectuate and implement all terms and conditions of this Stipulation and to exercise their best efforts to accomplish the foregoing terms
and conditions of this Stipulation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">7.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Settling Parties
intend this Settlement to be a final and complete resolution of all disputes between the Settling Parties with respect to the Actions. The Settlement compromises claims which are contested and shall not be deemed an admission by any Settling Party
as to the merits of any claim, allegation, or defense. The Settling Parties further agree that the claims are being settled voluntarily after consultation with competent legal counsel. The Judgment shall contain a finding that, during the course of
the litigation, the Settling Parties and their respective counsel at all times complied with the requirements of Federal Rule of Civil Procedure 11 and all other similar laws. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">7.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pending final determination of whether the Settlement should be
approved, all proceedings and all further activity between the Settling Parties regarding or directed toward the Actions, except for those activities and proceedings relating to this Stipulation and the Settlement, shall be stayed. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">7.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pending the Effective Date of this Stipulation or the
termination of the Stipulation according to its terms, Plaintiffs and all Alcoa stockholders, and their respective Related Persons, shall be barred and enjoined from commencing, prosecuting, instigating, or in any way participating in the
commencement or prosecution of any action asserting any Released Claims against any Released Person. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-18- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#0000ff"> Case 2:12-cv-00844-DWA&nbsp;&nbsp;&nbsp;&nbsp;Document
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 of 26 </FONT></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">7.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The provisions
contained in this Stipulation (including any exhibits attached hereto) and all related documents, any negotiations, statements, or court proceedings relating to this Stipulation shall not be deemed a presumption, concession, or admission by any
Settling Party of any fault, liability, or wrongdoing, or lack of merit as to any facts or claims alleged or asserted in the Actions or in any other action or proceeding, and shall not be interpreted, construed, deemed, invoked, offered, or received
into evidence or otherwise used by any person in the Actions or in any other action or proceeding, whether civil, criminal, or administrative, except in connection with any proceeding to enforce the terms of the Settlement. Defendants expressly deny
any wrongdoing alleged in the pleadings and do not admit or concede any actual or potential fault, wrongdoing or liability in connection with any facts or claims that have been or could have been alleged in this Action. This Stipulation makes no
finding of any wrongdoing on the part of the Company or the Settling Defendants. The Released Persons may file the Stipulation and/or the Final Order and Judgment in any action that may be brought against them in order to support a defense or
counterclaim based on principles of <I>res judicata</I>, collateral estoppel, full faith and credit, release, good faith settlement, judgment bar or reduction, or any other theory of claim preclusion or issue preclusion or similar defense or
counterclaim. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">7.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The exhibits to this Stipulation are
material and integral parts hereof and are fully incorporated herein by this reference. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">7.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Stipulation may be amended or modified only by a written
instrument signed by or on behalf of all Settling Parties or their respective successors-in-interest. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">7.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Stipulation and the exhibits attached hereto constitute
the entire agreement among the Settling Parties and no representations, warranties, or inducements have been made to any Settling Party concerning the Stipulation or any of the exhibits other than the
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-19- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#0000ff"> Case 2:12-cv-00844-DWA&nbsp;&nbsp;&nbsp;&nbsp;Document
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representations, warranties, and covenants contained and memorialized in such documents. Except as otherwise provided herein, each Settling Party shall bear its own costs. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">7.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Settling Party severally acknowledges that no promise,
inducement, or agreement not expressed herein has been made to him, her, or it, and that this Stipulation contains the entire agreement between or among the Settling Parties concerning the matters described in this Stipulation, and, except as
expressly provided herein, that there are no third-party beneficiaries to this Stipulation. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">7.10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Stipulation shall be binding upon, and shall inure to the benefit of,
the successors and assigns of the Settling Parties and the Released Persons. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">7.11&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Stipulation and the exhibits attached hereto shall be considered to
have been negotiated, executed, and delivered, and to be wholly performed, in the Commonwealth of Pennsylvania, and the rights and obligations of the parties to the Stipulation shall be construed and enforced in accordance with, and governed by, the
internal, substantive laws of the Commonwealth of Pennsylvania without giving effect to that Commonwealth&#146;s choice-of-law principles. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">7.12&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each counsel or other Person executing this Stipulation or exhibits on
behalf of any Settling Party hereby warrants that such Person has the full authority to do so. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">7.13&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Stipulation may be executed in one or more counterparts. A faxed or
PDF signature shall be deemed an original signature for the purposes of this Stipulation. All executed counterparts, and each of them, shall be deemed to be one and the same instrument. A complete set of counterparts, either originally executed or
copies thereof, shall be filed with the Court. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">7.14&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Federal Court
shall retain jurisdiction with respect to implementation and enforcement of the terms of the Stipulation, and the Settling Parties submit to the jurisdiction of </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-20- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
the Federal Court for purposes of implementing and enforcing the Settlement embodied in the Stipulation. Any other action arising out of or relating to this Stipulation shall be brought
exclusively in the Federal Court, or if the Federal Court shall lack subject-matter jurisdiction over the action, then in such state court of the Commonwealth of Pennsylvania as may have subject-matter jurisdiction over such action. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">7.15&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Without further order of the Federal Court, the Settling Parties may agree
to reasonable extensions of time to carry out any of the provisions of this Stipulation. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-21- </P>


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<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">Dated: October&nbsp;20, 2014</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="24" COLSPAN="3"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"><B>ROBBINS ARROYO LLP</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom">


<IMG SRC="g808174ex99_2pg040.jpg" ALT="LOGO">
</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Felipe J. Arroyo</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">600 B Street,
Suite 1900</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">San Diego, California 92101</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman">Telephone:
619.525.3990</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="24" COLSPAN="3"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">and</TD></TR>
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<TD HEIGHT="24" COLSPAN="3"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">STEPHEN J. O&#146;BRIEN&nbsp;&amp; ASSOCIATES</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">Stephen J. O&#146;Brien</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">650 Ridge Road, Suite 400</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">Pittsburgh, Pennsylvania 15205</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">Telephone: 412.788.7560</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="24" COLSPAN="3"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"><I>Attorneys for Federal Plaintiff</I></TD></TR>
</TABLE> </DIV><DIV STYLE="position:relative;float:right; width:48%;padding-right:9pt;padding-bottom:8pt;overflow:hidden;padding-top:3pt">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">


<TR>
<TD WIDTH="100%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Dated: October&nbsp;20, 2014</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="27"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"><B>K&amp;L GATES LLP</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="136"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">David L. McClenahan</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Andrew R. Stanton</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">K&amp;L Gates Center</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">210 Sixth Avenue</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Pittsburgh, Pennsylvania 15222</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Telephone: 412.355.6500</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="24"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">and</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="24"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"><B>CRAVATH, SWAINE &amp; MOORE LLP</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Evan R. Chesler</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Julie A. North</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Worldwide Plaza</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">825 Eighth Avenue</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">New York, New York, 10019</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Telephone: 212.474.1000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="24"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"><I>Attorneys for Defendants Alain J.P. Belda, Klaus Kleinfeld, Kathryn S. Fuller, Carlos Ghosn, Joseph T. Gorman, Judith M. Gueron, James W. Owens, Henry B. Schacht, Ratan N. Tata, Franklin A. Thomas, Ernesto Zedillo, E. Stanley
O&#146;Neal, Michael G. Morris, Patricia F. Russo, Lawrence R. Purtell, Bernt Reitan and Peter Burgess</I></TD></TR>
</TABLE> </DIV><div style="clear:both; height:0pt; font-size:0pt">&nbsp;</div>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-22- </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#0000ff"> Case 2:12-cv-00844-DWA&nbsp;&nbsp;&nbsp;&nbsp;Document
38-1&nbsp;&nbsp;&nbsp;&nbsp;Filed 10/20/14&nbsp;&nbsp;&nbsp;&nbsp;Page
 23
 of 26 </FONT></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<DIV STYLE="position:relative;float:left; margin-right:1%; width:48%;padding-right:9pt;padding-bottom:8pt;overflow:hidden;padding-top:3pt">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">


<TR>
<TD WIDTH="100%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Dated: October&nbsp;20, 2014</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="24"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"><B>ROBBINS ARROYO LLP</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="43"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" ROWSPAN="5"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Felipe J. Arroyo</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">600 B Street,
Suite 1900</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">San Diego, California 92101</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman">Telephone:
619.525.3990</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt"></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt"></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt"></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt"></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="24"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">and</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="24"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">STEPHEN J. O&#146;BRIEN&nbsp;&amp; ASSOCIATES</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Stephen J. O&#146;Brien</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">650 Ridge Road, Suite 400</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Pittsburgh, Pennsylvania 15205</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Telephone: 412.788.7560</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="24"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"><I>Attorneys for Federal Plaintiff</I></TD></TR>
</TABLE> </DIV><DIV STYLE="position:relative;float:right; width:48%;padding-right:9pt;padding-bottom:8pt;overflow:hidden;padding-top:3pt">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">


<TR>
<TD WIDTH="57%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="42%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">Dated: October&nbsp;20, 2014</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="27" COLSPAN="3"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"><B>K&amp;L GATES LLP</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom">


<IMG SRC="g808174ex99_2pg041.jpg" ALT="LOGO">
</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR></TABLE> <P STYLE="font-size:0pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">


<TR>
<TD WIDTH="100%"></TD></TR>

<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">David L. McClenahan</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Andrew R. Stanton</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">K&amp;L Gates Center</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">210 Sixth Avenue</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Pittsburgh, Pennsylvania 15222</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Telephone: 412.355.6500</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="24"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">and</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="24"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"><B>CRAVATH, SWAINE &amp; MOORE LLP</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Evan R. Chesler</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Julie A. North</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Worldwide Plaza</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">825 Eighth Avenue</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">New York, New York, 10019</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Telephone: 212.474.1000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="24"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"><I>Attorneys for Defendants Alain J.P. Belda, Klaus Kleinfeld, Kathryn S. Fuller, Carlos Ghosn, Joseph T. Gorman, Judith M. Gueron, James W. Owens, Henry B. Schacht, Ratan N. Tata, Franklin A. Thomas, Ernesto Zedillo, E. Stanley
O&#146;Neal, Michael G. Morris, Patricia F. Russo, Lawrence R. Purtell, Bernt Reitan and Peter Burgess</I></TD></TR>
</TABLE> </DIV><div style="clear:both; height:0pt; font-size:0pt">&nbsp;</div>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-22- </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#0000ff"> Case 2:12-cv-00844-DWA&nbsp;&nbsp;&nbsp;&nbsp;Document
38-1&nbsp;&nbsp;&nbsp;&nbsp;Filed 10/20/14&nbsp;&nbsp;&nbsp;&nbsp;Page
 24
 of 26 </FONT></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<DIV STYLE="position:relative;float:left; margin-right:1%; width:48%;padding-right:9pt;padding-bottom:8pt;overflow:hidden;padding-top:3pt">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">


<TR>
<TD WIDTH="80%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="19%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">Dated: October&nbsp;20, 2014</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="24" COLSPAN="3"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><B>FEINSTEIN DOYLE PAYNE<BR>&amp; KRAVEC, LLC</B></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom">


<IMG SRC="g808174ex99_2pg042.jpg" ALT="LOGO">
</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR></TABLE> <P STYLE="font-size:0pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">


<TR>
<TD WIDTH="100%"></TD></TR>

<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Ellen M. Doyle, Esquire</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">1705 Allegheny Building</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">429 Forbes Avenue</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Pittsburgh, PA 15219-1639</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Telephone: 412.281.8400</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="24"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">and</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="24"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><B>KESSLER TOPAZ MELTZER<BR>&amp; CHECK, LLP</B></P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Eric L. Zagar</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Robin Winchester</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">James H. Miller</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">280 King of Prussia Road</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Radnor, Pennsylvania 19087</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Telephone: 610.667.7706</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="24"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">and</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="24"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><B>COHEN, PLACITELLA&nbsp;&amp; ROTH, P.C.</B></P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Stewart L. Cohen</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Jacob A. Goldberg</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Two Commerce Square</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">2001 Market Street, Suite 2900</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Philadelphia, Pennsylvania 19103</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Telephone: 215.567.3500</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="24"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"><I>Attorneys for State Plaintiffs</I></TD></TR>
</TABLE> </DIV><DIV STYLE="position:relative;float:right; width:48%;padding-right:9pt;padding-bottom:8pt;overflow:hidden;padding-top:3pt">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">


<TR>
<TD WIDTH="61%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="38%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">Dated: October&nbsp;20, 2014</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="24" COLSPAN="3"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"><B>CROWELL &amp; MORING LLP</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="49"></TD>
<TD HEIGHT="49" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:12pt; font-family:Times New Roman">&nbsp;</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">Richard L. Beizer</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">Amy S. Lee</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">1001 Pennsylvania Avenue, N.W., Suite 1100</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">Washington, D.C. 20004</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">Telephone: 202.624.2500</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="24" COLSPAN="3"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"><I>Attorneys for Defendant William J. Rice</I></TD></TR>
</TABLE> </DIV><div style="clear:both; height:0pt; font-size:0pt">&nbsp;</div>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-23- </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#0000ff"> Case 2:12-cv-00844-DWA&nbsp;&nbsp;&nbsp;&nbsp;Document
38-1&nbsp;&nbsp;&nbsp;&nbsp;Filed 10/20/14&nbsp;&nbsp;&nbsp;&nbsp;Page
 25
 of 26 </FONT></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<DIV STYLE="position:relative;float:left; margin-right:1%; width:48%;padding-right:9pt;padding-bottom:8pt;overflow:hidden;padding-top:3pt">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">


<TR>
<TD WIDTH="61%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="38%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Dated: October&nbsp;20, 2014</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="24" COLSPAN="3"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><B>STEMBER FEINSTEIN DOYLE<BR>&amp; PAYNE, LLC</B></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="68"></TD>
<TD HEIGHT="68" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:12pt; font-family:Times New Roman">&nbsp;</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Ellen M. Doyle, Esquire</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">1705 Allegheny Building</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">429 Forbes Avenue</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Pittsburgh, PA 15219-1639</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Telephone: 412.281.8400</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="24" COLSPAN="3"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">and</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="24" COLSPAN="3"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><B>KESSLER TOPAZ MELTZER<BR>&amp; CHECK, LLP</B></P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">Eric L. Zagar</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">Robin Winchester</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">James H. Miller</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">280 King of Prussia Road</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">Radnor, Pennsylvania 19087</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">Telephone: 610.667.7706</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="24" COLSPAN="3"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">and</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="24" COLSPAN="3"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman"><B>COHEN, PLACITELLA&nbsp;&amp; ROTH, P.C.</B></P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">Stewart L. Cohen</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">Jacob A. Goldberg</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">Two Commerce Square</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">2001 Market Street, Suite 2900</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">Philadelphia, Pennsylvania 19103</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">Telephone: 215.567.3500</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="24" COLSPAN="3"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"><I>Attorneys for State Plaintiffs</I></TD></TR>
</TABLE> </DIV><DIV STYLE="position:relative;float:right; width:48%;padding-right:9pt;padding-bottom:8pt;overflow:hidden;padding-top:3pt">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">


<TR>
<TD WIDTH="61%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="38%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Dated: October&nbsp;20, 2014</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="24" COLSPAN="3"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"><B>CROWELL &amp; MORING LLP</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom">


<IMG SRC="g808174ex99_2pg043.jpg" ALT="LOGO">
</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR></TABLE> <P STYLE="font-size:0pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">


<TR>
<TD WIDTH="100%"></TD></TR>

<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Richard L. Beizer</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Amy S. Lee</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">1001 Pennsylvania Avenue, N.W., Suite 1100</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Washington, D.C. 20004</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Telephone: 202.624.2500</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="24"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"><I>Attorneys for Defendant William J. Rice</I></TD></TR>
</TABLE> </DIV><div style="clear:both; height:0pt; font-size:0pt">&nbsp;</div>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-23- </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#0000ff"> Case 2:12-cv-00844-DWA&nbsp;&nbsp;&nbsp;&nbsp;Document
38-1&nbsp;&nbsp;&nbsp;&nbsp;Filed 10/20/14&nbsp;&nbsp;&nbsp;&nbsp;Page
 26
 of 26 </FONT></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <DIV ALIGN="right">
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<TD WIDTH="66%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="32%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">Dated: October&nbsp;20, 2014</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="24" COLSPAN="3"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"><B>MEYER, UNKOVIC&nbsp;&amp; SCOTT LLP</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="24"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom">


<IMG SRC="g808174ex99_2pg044a.jpg" ALT="LOGO">
</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP>/&nbsp;by&nbsp;permission&nbsp;/&nbsp;


<IMG SRC="g808174ex99_2pg044b.jpg" ALT="LOGO">
</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">Robert B. Sommer</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">Henry W. Oliver Building</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">535 Smithfield Street, Suite 1300</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">Pittsburgh, Pennsylvania 15222</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">Telephone: 412.456.2807</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="24" COLSPAN="3"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"><I>Attorneys for Nominal Defendant Alcoa Inc</I></TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-24- </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#0000ff">Case 2:12-cv-00844-DWA&nbsp;&nbsp;&nbsp;&nbsp;Document
38-2&nbsp;&nbsp;&nbsp;&nbsp;Filed 10/20/14&nbsp;&nbsp;&nbsp;&nbsp;Page 1 of 10 </FONT></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>EXHIBIT A </B></P>
<P STYLE="margin-top:20pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><U>Terms of Remediation </U></P>
<P STYLE="margin-top:20pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman">Subsequent to Plaintiffs&#146; litigation demands and during the pendency of and in connection with the settlement of the Derivative Actions,
Alcoa Inc. (&#147;Alcoa&#148; or the &#147;Company&#148;) has adopted, or will adopt by the later of December&nbsp;1, 2014 or the date on which the Court enters an order approving the settlement of the Derivative Actions, the compliance-related
measures as set forth below. </P> <P STYLE="margin-top:16pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman">Plaintiffs and Alcoa agree that these measures, like any aspects of an effective compliance program, should
evolve over time to respond to changed risks and circumstances. Consistent with that principle, Alcoa agrees that it will maintain these measures, many of which are already in place, and implement and maintain those that are new until at least
January&nbsp;9, 2018. The Chief Ethics&nbsp;&amp; Compliance Officer (&#147;CECO&#148;) may, however, in the exercise of her fiduciary duties, modify or amend (but shall not suspend or cancel) these measures as appropriate. The CECO will consult
with the Compliance Advisory Council (&#147;CAC&#148;) on changes in the strategic direction of the anti-corruption compliance program. The CECO will report on the anti-corruption compliance program elements in each of his/her annual reports to the
Audit Committee. </P> <P STYLE="font-size:16pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%" VALIGN="top" ALIGN="left"><B>I.</B></TD>
<TD ALIGN="left" VALIGN="top"><B><U>Chief Ethics and Compliance Officer</U> </B></TD></TR></TABLE> <P STYLE="font-size:16pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">A.</TD>
<TD ALIGN="left" VALIGN="top">Alcoa created the position of CECO.<SUP STYLE="font-size:85%; vertical-align:top">1</SUP> The CECO is an officer-level position who shall report directly to Alcoa&#146;s Chief Legal Officer (&#147;CLO&#148;) and who
shall make periodic reports to the Audit Committee (&#147;Audit Committee&#148;) of the Alcoa Board of Directors (the &#147;Board&#148;). </TD></TR></TABLE> <P STYLE="font-size:16pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">B.</TD>
<TD ALIGN="left" VALIGN="top">The CECO oversees the implementation and performance of the Alcoa&#146;s Ethics and Compliance Program (the &#147;Alcoa Program&#148;), including the Anti-Corruption Policy (as defined herein in Part V).
</TD></TR></TABLE> <P STYLE="font-size:16pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">C.</TD>
<TD ALIGN="left" VALIGN="top">The CECO meets with the Audit Committee twice each year and with the Chair of the Audit Committee at least four (4)&nbsp;times a year. The CECO provides a written Annual Report to the Audit Committee on Global
Compliance (the &#147;Annual Report&#148;) addressing appropriate topics related to the Alcoa Program. </TD></TR></TABLE> <P STYLE="font-size:16pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">D.</TD>
<TD ALIGN="left" VALIGN="top">The CECO is responsible for the periodic review and, as appropriate, revision of Alcoa&#146;s Ethics Compliance and Advisory Services Investigation Manual. This manual is reviewed, as appropriate, given changes in best
practices for internal investigations by the Director of Investigations and Risk Mitigation. </TD></TR></TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:26%">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman"><SUP STYLE="font-size:85%; vertical-align:top">1</SUP> Prior to 2013, the Chief Legal and Compliance Officer was responsible for the duties of
the CECO. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Subject to F.R.E. 408 and Pa. R.E.
408 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#0000ff">Case 2:12-cv-00844-DWA&nbsp;&nbsp;&nbsp;&nbsp;Document
38-2&nbsp;&nbsp;&nbsp;&nbsp;Filed 10/20/14&nbsp;&nbsp;&nbsp;&nbsp;Page 2 of 10 </FONT></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right">2 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">E.</TD>
<TD ALIGN="left" VALIGN="top">The CECO is responsible for the operation of the Alcoa Program and the implementation of the policies and procedures that are applicable to the Alcoa Program, including recommendations and interpretations of relevant
policies and procedures. </TD></TR></TABLE> <P STYLE="font-size:16pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%" VALIGN="top" ALIGN="left"><B>II.</B></TD>
<TD ALIGN="left" VALIGN="top"><B><U>Alcoa&#146;s Compliance Advisory Council (&#147;CAC&#148;)</U> </B></TD></TR></TABLE> <P STYLE="font-size:16pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">A.</TD>
<TD ALIGN="left" VALIGN="top">Alcoa&#146;s CAC provides advice, expertise, and support, as appropriate to the CECO and the Alcoa Program. The CAC: </TD></TR></TABLE> <P STYLE="font-size:16pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="15%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top">Meets as appropriate, which is generally each quarter and no less frequently than twice a year; </TD></TR></TABLE> <P STYLE="font-size:16pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="15%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top">Receives a presentation by the CECO at each meeting on the Alcoa Program; and </TD></TR></TABLE> <P STYLE="font-size:16pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="15%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top">Consists of, at a minimum, the Chief Executive Officer (&#147;CEO&#148;), Chief Financial Officer, General Counsel (&#147;GC&#148;) and CLO. </TD></TR></TABLE>
<P STYLE="font-size:16pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%" VALIGN="top" ALIGN="left"><B>III.</B></TD>
<TD ALIGN="left" VALIGN="top"><B><U>The Alcoa Program</U> </B></TD></TR></TABLE> <P STYLE="font-size:16pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">A.</TD>
<TD ALIGN="left" VALIGN="top">Alcoa utilizes an Enterprise Risk Management (&#147;ERM&#148;) process, which is managed by Alcoa&#146;s Finance Organization, to identify and proactively address risk. The range of risks covered includes, but is not
limited to, business risks, economic risks, legal risks, and environmental risks. The Ethics and Compliance (&#147;E&amp;C&#148;) Resource Unit is responsible for the anti-corruption element. To the extent anti-corruption risk is identified during
the ERM process, that risk is overseen by Legal and E&amp;C, with further oversight by the Audit Committee. The prioritization and mitigation of the anti-corruption risk is overseen by the E&amp;C Resource Unit, which works with other relevant
functional elements of the Company, including Internal Audit and the Audit Committee. </TD></TR></TABLE> <P STYLE="font-size:16pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">B.</TD>
<TD ALIGN="left" VALIGN="top">Alcoa ensures that its directors and senior management provide strong, explicit, and visible support and commitment to its corporate policy against violations of the anti-corruption laws and the Alcoa Program.
</TD></TR></TABLE> <P STYLE="font-size:16pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="15%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top">Alcoa&#146;s Chairman and CEO addresses the importance of compliance in various communications. Top executives periodically discuss the importance of Alcoa&#146;s Values, including Integrity, with internal audiences at
business meetings, Town Hall meetings and through employee-wide communications. In addition, the Chairman of the Audit Committee is in regular contact with the CECO, providing oversight and support for the compliance program. </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Subject to F.R.E. 408 and Pa. R.E.
408 </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#0000ff">Case 2:12-cv-00844-DWA&nbsp;&nbsp;&nbsp;&nbsp;Document
38-2&nbsp;&nbsp;&nbsp;&nbsp;Filed 10/20/14&nbsp;&nbsp;&nbsp;&nbsp;Page 3 of 10 </FONT></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right">3 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">C.</TD>
<TD ALIGN="left" VALIGN="top">Alcoa has developed and promulgated a clearly articulated and visible corporate policy against bribery and corruption, which includes the United State&#146;s Foreign Corrupt Practice Act (&#147;FCPA&#148;) and other
non-United States anti-corruption laws. This policy is Alcoa&#146;s Anti-Corruption Policy (&#147;ACP&#148;), which is supported by Alcoa&#146;s Due Diligence and Contracting Procedure for Intermediaries (&#147;DDCP&#148;), the Hospitalities and
Gifts Procedure (&#147;HGP&#148;) and the Charitable Contributions Procedure (&#147;CCP&#148;). </TD></TR></TABLE> <P STYLE="font-size:16pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">D.</TD>
<TD ALIGN="left" VALIGN="top">Alcoa has developed and promulgated compliance policies and procedures designed to reduce the risk of violations of the anti-corruption laws and the Company&#146;s policies and procedures. These policies and procedures
include the DDCP, HGP, CCP and Alcoa&#146;s Reporting Procedure for Financial Fraud. </TD></TR></TABLE> <P STYLE="font-size:16pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">E.</TD>
<TD ALIGN="left" VALIGN="top">The Alcoa Program is risk-based and: </TD></TR></TABLE> <P STYLE="font-size:16pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="15%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top">Addresses the individual circumstances of Alcoa&#146;s business, with a particular focus on the foreign bribery risks facing the Company. </TD></TR></TABLE>
<P STYLE="font-size:16pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="15%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top">Includes, but is not limited to, Alcoa&#146;s geographical organization and interactions with various types and levels of government officials, industrial sectors of operation, involvement in joint venture arrangements,
importance of licenses and permits in the Company&#146;s operations, degree of governmental oversight and inspection, and volume and importance of goods and personnel clearing through customs and immigration. </TD></TR></TABLE>
<P STYLE="font-size:16pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">F.</TD>
<TD ALIGN="left" VALIGN="top">The Ethics and Compliance Resource Unit provides relevant information from investigations and other compliance processes to Internal Audit (&#147;IA&#148;) for inclusion in their audit program. The results of all
investigations conducted around the world for E&amp;C are reported into E&amp;C centrally and reviewed by the Director of Investigations and Risk Mitigation. Financial Fraud Investigation recommendations related to weaknesses in internal controls
are included in IA&#146;s tracking database to ensure that these issues are remediated. </TD></TR></TABLE> <P STYLE="font-size:16pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">G.</TD>
<TD ALIGN="left" VALIGN="top">The CECO provides an update at each Quarterly Business Review (&#147;QBR&#148;) on appropriate topics related to the Alcoa Program. </TD></TR></TABLE>
<P STYLE="font-size:16pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="15%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top">The QBR is a quarterly review of Alcoa&#146;s business and compliance activities that includes all of Alcoa&#146;s business unit and Group presidents, their respective finance and operational heads, and top leadership
of all resource units. In advance of the QBR, the CECO and CLO confer, as appropriate, to review developments and determine the specific updates to be discussed. </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Subject to F.R.E. 408 and Pa. R.E.
408 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#0000ff">Case 2:12-cv-00844-DWA&nbsp;&nbsp;&nbsp;&nbsp;Document
38-2&nbsp;&nbsp;&nbsp;&nbsp;Filed 10/20/14&nbsp;&nbsp;&nbsp;&nbsp;Page 4 of 10 </FONT></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right">4 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">H.</TD>
<TD ALIGN="left" VALIGN="top">The CECO has developed and will be implementing basic metrics regarding the Alcoa Program. At present, Corporate (company-wide) E&amp;C metrics are reviewed and discussed in the Executive Council and QBR. Group
Presidents will begin reporting on their respective Group metrics in the second quarter of 2014. The metrics, which include the number of intermediaries and risk level and the completion of online training by intermediaries and employees, will
evolve over time, consistent with the needs of the business and best practices. </TD></TR></TABLE> <P STYLE="font-size:16pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">I.</TD>
<TD ALIGN="left" VALIGN="top">Alcoa regional legal counsel report centrally into the Alcoa Corporate Legal Department so that Alcoa regional legal counsel are part of the Alcoa corporate control functions. </TD></TR></TABLE>
<P STYLE="font-size:16pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">J.</TD>
<TD ALIGN="left" VALIGN="top">All Alcoa regional legal counsel are provided with a copy of Alcoa&#146;s Ethics Compliance and Advisory Services Investigation Manual (Bates #2900), and meet the training requirements set forth in the Ethics Compliance
and Advisory Services Investigation Manual. </TD></TR></TABLE> <P STYLE="font-size:16pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">K.</TD>
<TD ALIGN="left" VALIGN="top">Alcoa will update the Alcoa Program&#146;s external website in a manner deemed appropriate by the CECO in order to: </TD></TR></TABLE> <P STYLE="font-size:16pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="15%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top">Continue to publicize information about the Ethics and Compliance Hotline (<I>see supra </I>Part IX) prominently; </TD></TR></TABLE> <P STYLE="font-size:16pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="15%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top">Enhance visibility of the Alcoa Program to the Company&#146;s customers, suppliers, and other business partners and </TD></TR></TABLE> <P STYLE="font-size:16pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="15%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top">Underscore the Company&#146;s commitment to conducting business ethically. </TD></TR></TABLE> <P STYLE="font-size:16pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%" VALIGN="top" ALIGN="left"><B>IV.</B></TD>
<TD ALIGN="left" VALIGN="top"><B><U>Alcoa&#146;s Code of Conduct</U> </B></TD></TR></TABLE> <P STYLE="font-size:16pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">A.</TD>
<TD ALIGN="left" VALIGN="top">Alcoa, under the supervision of the CECO, will review on an annual basis and update the Code of Conduct to remain current with best practices and to more clearly articulate the Company&#146;s expectations of its
employees. The Code of Conduct will be revised as appropriate based on evolving risk and best practices. </TD></TR></TABLE> <P STYLE="font-size:16pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">B.</TD>
<TD ALIGN="left" VALIGN="top">Consistent with its current practice, Alcoa will provide the revised Code of Conduct in sixteen (16)&nbsp;languages, which covers the languages of Alcoa&#146;s operations. </TD></TR></TABLE>
<P STYLE="font-size:16pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%" VALIGN="top" ALIGN="left"><B>V.</B></TD>
<TD ALIGN="left" VALIGN="top"><B><U>Anti-Corruption Policy</U> </B></TD></TR></TABLE> <P STYLE="font-size:16pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">A.</TD>
<TD ALIGN="left" VALIGN="top">Alcoa enhanced its ACP to require, <I>inter alia</I>, compliance with Alcoa&#146;s DDCP. <I>See</I> Ex. 1 (Bates #2553) </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Subject to F.R.E. 408 and Pa. R.E.
408 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#0000ff">Case 2:12-cv-00844-DWA&nbsp;&nbsp;&nbsp;&nbsp;Document
38-2&nbsp;&nbsp;&nbsp;&nbsp;Filed 10/20/14&nbsp;&nbsp;&nbsp;&nbsp;Page 5 of 10 </FONT></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right">5 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">B.</TD>
<TD ALIGN="left" VALIGN="top">The ACP applies to Alcoa and all of its U.S. and international subsidiaries, affiliates, partnerships, ventures and other business associations that are controlled by Alcoa, directly or indirectly. </TD></TR></TABLE>
<P STYLE="font-size:16pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%" VALIGN="top" ALIGN="left"><B>VI.</B></TD>
<TD ALIGN="left" VALIGN="top"><B><U>Due Diligence and Contracting Procedure for Intermediaries (&#147;DDCP&#148;)</U> </B></TD></TR></TABLE> <P STYLE="font-size:16pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">A.</TD>
<TD ALIGN="left" VALIGN="top">Alcoa implemented the DDCP. The purpose of the DDCP is to (1)&nbsp;provide for an appropriate review of any intermediary whose services Alcoa wishes to use (including terms and conditions in contracts with
intermediaries) and; (2)&nbsp;provide for appropriate monitoring of Alcoa&#146;s relationships with its intermediaries. <I>See</I> Ex. 2 (Bates #2559) </TD></TR></TABLE> <P STYLE="font-size:16pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">B.</TD>
<TD ALIGN="left" VALIGN="top">The DDCP provides for risk-based due diligence, which includes an assessment of transactional risk. All intermediary due diligence is reviewed by the responsible lawyer (for example, business unit counsel) and is
reported to E&amp;C. The results of the due diligence review process are addressed on a case-by-case basis by the responsible lawyer, and, depending on the level of risk, others within Legal and/or E&amp;C; one or all of these persons may discuss
the risks with the sponsor and, as appropriate, develop controls for the intermediary relationship. </TD></TR></TABLE> <P STYLE="font-size:16pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">C.</TD>
<TD ALIGN="left" VALIGN="top">Alcoa will adopt the following enhancements to the DDCP: </TD></TR></TABLE> <P STYLE="font-size:16pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="15%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top">Alcoa will amend Exhibit E of the DDCP (Bates #2573) &#150; <I>Examples of &#147;Red Flags&#148;</I>, attached hereto as Ex. 3, periodically to reflect, in the CECO&#146;s discretion, appropriate and relevant risks for
Alcoa&#146;s business. </TD></TR></TABLE> <P STYLE="font-size:16pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">D.</TD>
<TD ALIGN="left" VALIGN="top">Alcoa will review the DDCP on at least an annual basis based on risk and to remain current with best practices. The CECO is responsible for determining when to revise the DDCP. </TD></TR></TABLE>
<P STYLE="font-size:16pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">E.</TD>
<TD ALIGN="left" VALIGN="top">The Ethics and Compliance team will continue to work with its Integrity Champions (<I>see infra</I> Part XI) on various projects related to Alcoa&#146;s DDCP, all of which may potentially reduce risk to Alcoa. These
projects include, but are not limited to: </TD></TR></TABLE> <P STYLE="font-size:16pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="15%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"><U>Intermediary Identification Project:</U> To ensure that all business locations have appropriately identified intermediaries required to undergo a due diligence review; and that there is a local process in place for
identifying new intermediaries. </TD></TR></TABLE> <P STYLE="font-size:16pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="15%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"><U>Commercial Intermediary Rationalization Project:</U> To provide the business with a cost-benefit review process that may reduce the number of intermediaries and the associated potential risk. </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Subject to F.R.E. 408 and Pa. R.E.
408 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#0000ff">Case 2:12-cv-00844-DWA&nbsp;&nbsp;&nbsp;&nbsp;Document
38-2&nbsp;&nbsp;&nbsp;&nbsp;Filed 10/20/14&nbsp;&nbsp;&nbsp;&nbsp;Page 6 of 10 </FONT></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right">6 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="15%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"><U>Logistics Intermediary Rationalization Process:</U> To potentially reduce third party risk by assessing the number of logistics intermediaries required for a particular location, country or region. </TD></TR></TABLE>
<P STYLE="font-size:16pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%" VALIGN="top" ALIGN="left"><B>VII.</B></TD>
<TD ALIGN="left" VALIGN="top"><B><U>Mergers &amp; Acquisitions (&#147;M&amp;A&#148;) Anti-Corruption Due Diligence Procedures</U> </B></TD></TR></TABLE> <P STYLE="font-size:16pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">A.</TD>
<TD ALIGN="left" VALIGN="top">Alcoa adopted a procedure for conducting transactional anti-corruption due diligence in connection with M&amp;A transactions. </TD></TR></TABLE> <P STYLE="font-size:16pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">B.</TD>
<TD ALIGN="left" VALIGN="top">As part of this procedure, comprehensive anti-corruption due diligence is conducted on the acquisition target and a report is prepared outlining the corruption risks and red flags identified (if any). </TD></TR></TABLE>
<P STYLE="font-size:16pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">C.</TD>
<TD ALIGN="left" VALIGN="top">The lead M&amp;A lawyer, who also counsels and trains the respective business on the FCPA, and the M&amp;A team are responsible for conducting this due diligence, identifying red flags and preparing the report. In the
event the pre-transaction due diligence reveals unresolved red flags, the lead M&amp;A lawyer must elevate these unresolved red flags to the CECO, GC and CLO. </TD></TR></TABLE> <P STYLE="font-size:16pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="15%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top">All Alcoa lawyers receive appropriate training on the FCPA. Anti-corruption training is part of the multi-year training curriculum. Lawyers also receive live training periodically, as needed, on topics including, for
example, hospitalities and gifts, charitable contributions and intermediaries. </TD></TR></TABLE> <P STYLE="font-size:16pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">D.</TD>
<TD ALIGN="left" VALIGN="top">If there are any unresolved red flags, the CECO, the GC and the CLO are then informed and involved in the disposition of the transaction in consultation with Alcoa Corporate executives up to and including the CEO.
<I>See</I> Ex. 4 (Bates #2885). </TD></TR></TABLE> <P STYLE="font-size:16pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%" VALIGN="top" ALIGN="left"><B>VIII.</B></TD>
<TD ALIGN="left" VALIGN="top"><B><U>Ethics and Compliance Training</U> </B></TD></TR></TABLE> <P STYLE="font-size:16pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">A.</TD>
<TD ALIGN="left" VALIGN="top">All Alcoa employees around the globe participate in some form of ethics and compliance training. Live training is conducted by E&amp;C personnel, Legal and other qualified persons. Alcoa also uses online training and
&#147;shop floor&#148; training to reach all of its employees. </TD></TR></TABLE> <P STYLE="font-size:16pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="15%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top">E&amp;C includes the corporate personnel in Pittsburgh and New York who report to the CECO. Training may be conducted by the CECO, the Investigations Director or other Alcoa employees as designated by the CECO.
</TD></TR></TABLE> <P STYLE="font-size:16pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="15%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE="font-family:Times New Roman; font-size:12pt">Alcoa employees who do not participate in the online training program complete annual shop floor training, which emphasizes
</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Subject to F.R.E. 408 and Pa. R.E.
408 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#0000ff">Case 2:12-cv-00844-DWA&nbsp;&nbsp;&nbsp;&nbsp;Document
38-2&nbsp;&nbsp;&nbsp;&nbsp;Filed 10/20/14&nbsp;&nbsp;&nbsp;&nbsp;Page 7 of 10 </FONT></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right">7 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="23%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="font-family:Times New Roman; font-size:12pt">
such concepts as: the importance of knowing and complying with laws, regulations and Company policies; asking questions in uncertain situations; and raising concerns when suspected or known
violations occur. </P></TD></TR></TABLE> <P STYLE="font-size:16pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">B.</TD>
<TD ALIGN="left" VALIGN="top">Alcoa&#146;s training program is developed by the Ethics and Compliance Resource Unit, helps to reinforce an ethical culture, and emphasizes such concepts as: Alcoa&#146;s Values, policies, business conduct standards
and also provides employees with substantive information on a variety of business topics (e.g., IP, Trade, Anti-Corruption and Competition Law). As appropriate depending on the subject matter, it explains legal requirements. </TD></TR></TABLE>
<P STYLE="font-size:16pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="15%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top">All newly hired Alcoa employees are required to review Alcoa&#146;s &#147;Do What&#146;s Right!&#148; training materials, which serves as an introduction to Alcoa&#146;s corporate Ethics and Compliance Program and
Alcoa&#146;s Values. As part of the on-boarding process, employees receive a copy of Alcoa&#146;s Guide to Business Conduct and information about the Ethics and Compliance line. </TD></TR></TABLE>
<P STYLE="font-size:16pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">C.</TD>
<TD ALIGN="left" VALIGN="top">Employees who participate in the Business Conduct Survey are required to participate in online training at least once a year; all others participate in the annual shop floor training course. </TD></TR></TABLE>
<P STYLE="font-size:16pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">D.</TD>
<TD ALIGN="left" VALIGN="top">All relevant employees (including all corporate officers and business unit leaders) participate in mandatory, web-based ethics and compliance training at least once a year. This training is available in 16 languages.
The selected courses provide education on a variety of business and compliance issues and reinforce Alcoa&#146;s business conduct standards. Those enrolled in the online training program complete approximately four courses per year.
</TD></TR></TABLE> <P STYLE="font-size:16pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">E.</TD>
<TD ALIGN="left" VALIGN="top">Alcoa currently deploys and will continue to deploy its &#147;Leading with Integrity&#148; communications to managers and the Integrity Champions Network (<I>see infra</I>, Part XI), at least quarterly, to provide
concise practical advice on compliance related issues. </TD></TR></TABLE> <P STYLE="font-size:16pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%" VALIGN="top" ALIGN="left"><B>IX.</B></TD>
<TD ALIGN="left" VALIGN="top"><B><U>The Ethics and Compliance Hotline</U> </B></TD></TR></TABLE> <P STYLE="font-size:16pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">A.</TD>
<TD ALIGN="left" VALIGN="top">Alcoa published an updated Alcoa Ethics and Compliance Line Brochure (Bates 2895), attached hereto as Ex. 5, which outlined Alcoa&#146;s third party compliance line. Alcoa provides the brochure to new hires, and the
information the brochure provides about the Ethics and Compliance Line is also available online. </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Subject to F.R.E. 408 and Pa. R.E.
408 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#0000ff">Case 2:12-cv-00844-DWA&nbsp;&nbsp;&nbsp;&nbsp;Document
38-2&nbsp;&nbsp;&nbsp;&nbsp;Filed 10/20/14&nbsp;&nbsp;&nbsp;&nbsp;Page 8 of 10 </FONT></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right">8 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">B.</TD>
<TD ALIGN="left" VALIGN="top">This brochure is designed to educate employees on the procedures to report concerns in the work place. The Ethics and Compliance Line is available to employees via telephone, internet, mail or email and in various
languages. </TD></TR></TABLE> <P STYLE="font-size:16pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">C.</TD>
<TD ALIGN="left" VALIGN="top">Alcoa prepared and formalized its Ethics, Compliance &amp; Advisory Services Investigation Manual. <I>See</I> Ex. 6 (Bates #2900). </TD></TR></TABLE> <P STYLE="font-size:16pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">D.</TD>
<TD ALIGN="left" VALIGN="top">Alcoa will rebrand and reroll out the Ethics and Compliance Line to enhance internal visibility and to encourage employees to call with compliance-related questions. Alcoa will use various media as part of the
rebranding and the reroll out of the Ethics and Compliance Line, Alcoa will utilize, as appropriate: </TD></TR></TABLE> <P STYLE="font-size:16pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="15%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top">A communications plan to reinform employees about the availability and accessibility of the Ethics and Compliance Hotline, with communications developed by E&amp;C and disseminated by E&amp;C and through other channels
via emails, posting of documents in physical locations, the Alcoa Intranet, Alcoa&#146;s public website at <U>www.alcoa.com</U> and printed materials; and </TD></TR></TABLE> <P STYLE="font-size:16pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="15%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top">Updated posters at Alcoa locations with information on accessing the Ethics and Compliance Hotline and the availability of other pathways for seeking advice or reporting concerns. </TD></TR></TABLE>
<P STYLE="font-size:16pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%" VALIGN="top" ALIGN="left"><B>X.</B></TD>
<TD ALIGN="left" VALIGN="top"><B><U>Business Expense and Meals and Entertainment Polices</U> </B></TD></TR></TABLE> <P STYLE="font-size:16pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">A.</TD>
<TD ALIGN="left" VALIGN="top">Alcoa revised the Alcoa Business Expense Account Standards and published it for all employees&#146; use. <I>See</I> Ex. 7 (Bates #2928). </TD></TR></TABLE>
<P STYLE="font-size:16pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">B.</TD>
<TD ALIGN="left" VALIGN="top">Alcoa revised the HGP and published it for all employees&#146; use. <I>See</I> Ex. 8 (Bates #2581). </TD></TR></TABLE> <P STYLE="font-size:16pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="15%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top">Alcoa requires legal and compliance departmental review and approval of hospitalities and gifts to government officials no matter what position they hold. Currently under the HGP, hospitalities and gifts provided to
government officials must be approved by the local counsel, the responsible controller, the CECO or his/her designee, and the GC or his/her designee. </TD></TR></TABLE> <P STYLE="font-size:16pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="15%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE="font-family:Times New Roman; font-size:12pt">Alcoa uses a separate accounting code in its chart of accounts to capture expenses related to government officials that are subject to audit. IA
performs audit procedures on the government officials subaccounts as part of its risk-based audits of business locations. In addition, throughout each year, designated location personnel also perform Alcoa Self Assessment Testing (&#147;ASAT&#148;).
These </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Subject to F.R.E. 408 and Pa. R.E.
408 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#0000ff">Case 2:12-cv-00844-DWA&nbsp;&nbsp;&nbsp;&nbsp;Document
38-2&nbsp;&nbsp;&nbsp;&nbsp;Filed 10/20/14&nbsp;&nbsp;&nbsp;&nbsp;Page 9 of 10 </FONT></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right">9 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="23%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="font-family:Times New Roman; font-size:12pt">
ASATs (which are not controlled by E&amp;C) are reviewed by IA as part of its risk based audit to ensure that the ASATs were completed correctly, that all gaps noted were documented and that
remediation plans are in place. </P></TD></TR></TABLE> <P STYLE="font-size:16pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="15%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top">The HGP is reviewed on at least an annual basis to ensure compliance with the laws in all countries in which Alcoa does business. Alcoa will update the HGP as appropriate to remain current with best practices and to
achieve efficiencies. </TD></TR></TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%" VALIGN="top" ALIGN="left"><B>XI.</B></TD>
<TD ALIGN="left" VALIGN="top"><B><U>Integrity Champion Network</U> </B></TD></TR></TABLE> <P STYLE="font-size:16pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">A.</TD>
<TD ALIGN="left" VALIGN="top">Alcoa adopted a network of over 40 Integrity Champions to form the Integrity Champion Network. The purpose of the Integrity Champions is to better integrate Alcoa&#146;s Ethics and Compliance Program into business
operations. The Integrity Champions are nominated by Alcoa&#146;s senior Business and Resource Unit leaders and confirmed by the Ethics and Compliance organization, play a key role as they work at the local level to ensure that ethics and compliance
are an integral part of decision making and business strategy; promote a culture of integrity where employees are encouraged to speak up about ethics and compliance issues and concerns; raise awareness of the role that ethics and compliance plays in
all aspects of Alcoa&#146;s business; and serve as a trusted advisor and resource on issues related to ethics and compliance. Partnering with their management teams and the E&amp;C organization, the Integrity Champions work to further embed and
enhance a values-based culture of integrity and compliance. The Integrity Champions perform the projects and processes described in Section VI.E, <I>supra.</I> </TD></TR></TABLE> <P STYLE="font-size:16pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">B.</TD>
<TD ALIGN="left" VALIGN="top">The Integrity Champions, in the discharge of their compliance-related duties, shall operate under the direction and guidance of the CECO or his/her designee and the Alcoa Program, and with oversight by their business
sponsors. The CECO periodically reports on the work of the Integrity Champions to the Alcoa Executive Council, QBR and CAC. </TD></TR></TABLE> <P STYLE="font-size:16pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">C.</TD>
<TD ALIGN="left" VALIGN="top">Working with the Ethics and Compliance team, each Integrity Champion develops and executes on a work plan of ethics and compliance activities for their business or resource unit. </TD></TR></TABLE>
<P STYLE="font-size:16pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">D.</TD>
<TD ALIGN="left" VALIGN="top">The Integrity Champions shall meet periodically with the Ethics and Compliance team for training on ethics and compliance issues and to report on the progress of their individual work plans and projects.
</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Subject to F.R.E. 408 and Pa. R.E.
408 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#0000ff">Case 2:12-cv-00844-DWA&nbsp;&nbsp;&nbsp;&nbsp;Document
38-2&nbsp;&nbsp;&nbsp;&nbsp;Filed 10/20/14&nbsp;&nbsp;&nbsp;&nbsp;Page 10 of 10 </FONT></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right">10 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%" VALIGN="top" ALIGN="left"><B>XII.</B></TD>
<TD ALIGN="left" VALIGN="top"><B><U>Monitoring and Testing</U> </B></TD></TR></TABLE> <P STYLE="font-size:16pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="top" ALIGN="left">A.</TD>
<TD ALIGN="left" VALIGN="top">Alcoa will conduct annual reviews and testing of its anti-corruption compliance code, policies, and procedures designed to evaluate and improve their effectiveness in preventing and detecting violations of
anti-corruption laws and its anti-corruption compliance code, policies, and procedures, taking into account relevant developments in the field and evolving international and industry standards. E&amp;C oversees this process, and IA includes the
testing of anti-corruption objectives in their regularly scheduled audits. All locations in Alcoa are required to complete the anti-corruption objectives self-assessment on an annual basis. </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Subject to F.R.E. 408 and Pa. R.E.
408 </P>

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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
