EX-99.2 3 d910528dex992.htm EX-99.2

1 st Quarter Earnings Conference 12 April 8, 2015 [Alcoa logo] Exhibit 99.2

Important Information 2 [Alcoa logo] This communication contains statements that relate to future events and expectations and as such constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include those containing such words as “anticipates,” “believes,” “could,” “estimates,” “expects,” “forecasts,” “intends,” “may,” “outlook,” “plans,” “projects,” “seeks,” “sees,” “should,” “targets,” “will,” or other words of similar meaning. All statements that reflect Alcoa’s expectations, assumptions or projections about the future other than statements of historical fact are forward-looking statements, including, without limitation, forecasts concerning global demand growth for aluminum, end market conditions, supply/demand balances, and growth opportunities for aluminum in automotive, aerospace, and other applications; targeted financial results or operating performance; statements about Alcoa’s strategies, outlook, and business and financial prospects; and statements regarding the acceleration of Alcoa’s portfolio transformation, including the expected benefits of acquisitions, including the completed acquisition of the Firth Rixson business and TITAL, and the pending acquisition of RTI International Metals, Inc. (RTI). These statements reflect beliefs and assumptions that are based on Alcoa’s perception of historical trends, current conditions and expected future developments, as well as other factors management believes are appropriate in the circumstances. Forward-looking statements are subject to a number of risks, uncertainties, and other factors and are not guarantees of future performance. Important factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements include: (a) material adverse changes in aluminum industry conditions, including global supply and demand conditions and fluctuations in London Metal Exchange-based prices and premiums, as applicable, for primary aluminum, alumina, and other products, and fluctuations in indexed-based and spot prices for alumina; (b) deterioration in global economic and financial market conditions generally; (c) unfavorable changes in the markets served by Alcoa, including aerospace, automotive, commercial transportation, building and construction, packaging, defense, and industrial gas turbine; (d) the impact of changes in foreign currency exchange rates on costs and results, particularly the Australian dollar, Brazilian real, Canadian dollar, euro, and Norwegian kroner; (e) increases in energy costs or the unavailability or interruption of energy supplies; (f) increases in the costs of other raw materials; (g) Alcoa’s inability to achieve the level of revenue growth, cash generation, cost savings, improvement in profitability and margins, fiscal discipline, or strengthening of competitiveness and operations (including moving its alumina refining and aluminum smelting businesses down on the industry cost curves and increasing revenues and improving margins in its Global Rolled Products and Engineered Products and Solutions segments) anticipated from its restructuring programs and productivity improvement, cash sustainability, technology, and other initiatives; (h) Alcoa’s inability to realize expected benefits, in each case as planned and by targeted completion dates, from acquisitions (including achieving the expected levels of synergies, revenue growth, or EBITDA margin improvement), sales of assets, closures or curtailments of facilities, newly constructed, expanded, or acquired facilities, or international joint ventures, including the joint venture in Saudi Arabia; (i) political, economic, and regulatory risks in the countries in which Alcoa operates or sells products, including unfavorable changes in laws and governmental policies, civil unrest, imposition of sanctions, expropriation of assets, or other events beyond Alcoa’s control; (j) the outcome of contingencies, including legal proceedings, government or regulatory investigations, and environmental remediation; (k) the impact of cyber attacks and potential information technology or data security breaches; (l) failure to receive the required votes of RTI’s shareholders to approve the merger of RTI with Alcoa; (m) failure to receive, delays in the receipt of, or unacceptable or burdensome conditions imposed in connection with, all required regulatory approvals of the acquisition of RTI, or the failure to satisfy the other closing conditions to the acquisition; (n) the risk that acquisitions (including Firth Rixson, TITAL and RTI) will not be integrated successfully or such integration may be more difficult, time-consuming or costly than expected; (o) the possibility that certain assumptions with respect to RTI or the acquisition could prove to be inaccurate, including the expected timing of closing; (p) the loss of customers, suppliers and other business relationships as a result of acquisitions, competitive developments, or other factors; (q) the potential failure to retain key employees of Alcoa or acquired businesses; (r) the effect of an increased number of Alcoa shares outstanding as a result of the acquisition of RTI; (s) the impact of potential sales of Alcoa common stock issued in the RTI acquisition; (t) failure to successfully implement, to achieve commercialization of, or to realize expected benefits from, new or innovative technologies, equipment, processes, or products, including the Micromill, innovative aluminum wheels, and advanced alloys; and (u) the other risk factors summarized in Alco a’s Form 10-K for the year ended December 31, 2014, and other reports filed with the Securities and Exchange Commission. Alcoa disclaims any obligation to update publicly any forward-looking statements, whether in response to new information, future events or otherwise, except as required by applicable law. Market projections are subject to the risks discussed above and other risks in the market. Nothing on Alcoa’s website is included or incorporated by reference herein. Forward-Looking Statements

Important Information (continued) 3 [Alcoa logo] Non-GAAP Financial Measures Additional Information and Where to Find It Participants in the Solicitation Some of the information included in this presentation is derived from Alcoa’s consolidated financial information but is not presented in Alcoa’s financial statements prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). Certain of these data are considered “non -GAAP financial measures” under SEC rules. These non- GAAP financial measures supplement our GAAP disclosures and should not be considered an alternative to the GAAP measure. Reconciliations to the most directly comparable GAAP financial measures and management’s rationale for the use of the non-GAAP financial measures can be found in the Appendix to this presentation. Any reference to historical EBITDA means adjusted EBITDA, for which we have provided calculations and reconciliations in the Appendix. Alcoa has not provided a reconciliation of any forward-looking non-GAAP financial measure to the most directly comparable GAAP financial measure, due primarily to variability and difficulty in making accurate forecasts and projections, as not all of the information necessary for a quantitative reconciliation is available to Alcoa without unreasonable effort. This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The proposed business combination transaction between Alcoa and RTI will be submitted to the shareholders of RTI for their consideration. Alcoa has filed with the Securities and Exchange Commission (SEC) a Registration Statement on Form S-4 (Registration No. 333-203275) containing a preliminary proxy statement of RTI that also constitutes a prospectus of Alcoa. These materials are not yet final and will be amended. RTI will provide the proxy statement/prospectus to its shareholders after the registration statement has become effective. Alcoa and RTI also plan to file other documents with the SEC regarding the proposed transaction. This document is not a substitute for any prospectus, proxy statement or any other document which Alcoa or RTI may file with the SEC in connection with the proposed transaction. INVESTORS AND SECURITY HOLDERS OF RTI ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS AND ANY OTHER RELEVANT DOCUMENTS THAT WILL BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. You may obtain copies of all documents filed with the SEC regarding this transaction, free of charge, at the SEC’s website (www.sec.gov). You may also obtain these documents, free of charge, from Alcoa’s website (www.alcoa.com). You may also obtain these documents, free of charge, from RTI’s website (www.rtiintl.com). Alcoa, RTI, and certain of their respective directors, executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies from RTI shareholders in connection with the proposed transaction. Information regarding the persons who may, under the rules of the SEC, be deemed participants in the solicitation of RTI shareholders in connection with the proposed transaction is set forth in the proxy statement/prospectus. You can find information about Alcoa’s executive officers and directors in its definitive proxy statement filed with the SEC on March 19, 2015, its Annual Report on Form 10-K filed with the SEC on February 19, 2015 and in the above-referenced Registration Statement on Form S-4. You can find information about RTI’s executive officers and directors in the proxy statement/prospectus and in RTI’s Annual Report on Form 10-K filed with the SEC on February 26, 2015. You can obtain free copies of these documents from Alcoa and RTI as described in the preceding paragraph.

Klaus Kleinfeld Chairman and Chief Executive Officer 4 April 8, 2015 [Alcoa logo]

Strong Operational Results + Transformation Fully on Track Note: Close of RTI transaction expected in 2-5 months subject to regulatory approvals and RTI shareholder approval. Delivering Strong Operational Performance 1Q 2015 Overview Portfolio Transformation Fully On Track Revenue up 7% Y-O-Y ($5.8B): Driven primarily by organic growth in auto & aero; positive market factors partially offset by capacity reductions and portfolio actions Profits substantially up Downstream: ATOI of $191 million, first quarter record result Midstream: ATOI of $34 million, challenge in can sheet + record auto shipments Upstream: Improved Performance – 14 Consecutive Quarters Alumina segment: ATOI of $221 million, more than double Y-O-Y Primary Metals segment: ATOI of $187 million, + $200 million Y-O-Y Productivity: $238 million across all segments Cash on Hand: $1.2 billion Integration of Firth Rixson on track – Doubles Aero-Engine Content Completed TITAL acquisition – Titanium/aluminum structural castings in Europe Announced RTI acquisition – Titanium + Complements mid and downstream Value Chain Expected to close in 2 to 5 months Sold Belaya Kalitva (Russia rolling mill) Secured 75% of long term gas needs for Western Australia refineries Announced 12-month capacity review: 2.8 MMT Refining, 500 kmt Smelting São Luís (Alumar) smelting curtailment of remaining 74 kmt Suriname refining curtailment of 443 kmt; exploring sale to Suriname government [Alcoa logo]

William Oplinger Executive Vice President and Chief Financial Officer 6 April 8, 2015 [Alcoa logo]

Income Statement Summary 7 See appendix for Adjusted Income reconciliation. $ Millions, except aluminum prices and per-share amounts 1Q14 4Q14 1Q15 Prior Year Change Sequential Change Realized Aluminum Price ($/MT) $2,205 $2,578 $2,420 $215 ($158) Revenue $5,454 $6,377 $5,819 $365 ($558) Cost of Goods Sold $4,495 $4,973 $4,443 ($52) ($530) COGS % Revenue 82.4% 78.0% 76.4% (6.0 % pts.) (1.6 % pts.) Selling, General Administrative, Other $236 $271 $232 ($4) ($39) SGA % Revenue 4.3% 4.2% 4.0% (0.3 % pts.) (0.2 % pts.) Other (Income) Expenses, Net $25 ($6) ($12) ($37) ($6) Restructuring and Other Charges $461 $388 $177 ($284) ($211) Effective Tax Rate 28.1% 51.3% 47.0% 18.9% pts. (4.3% pts.) EBITDA $672 $1,073 $1,089 $417 $16 Net (Loss) Income ($178) $159 $195 $373 $36 Net (Loss) Income Per Diluted Share ($0.16) $0.11 $0.14 $0.30 $0.03 Income per Diluted Share excl Special Items $0.09 $0.33 $0.28 $0.19 ($0.05) [Alcoa logo]

Special Items 1) Total restructuring-related charges in 1Q15 of $158 million (88 percent non-cash, 12 percent cash) See appendix for Adjusted Income reconciliation 8 [Alcoa logo] $ Millions, except per-share amounts 1Q14 4Q14 1Q15 Income Statement Classification Segment Net (Loss) Income ($178) $159 $195 Net (Loss) Income Per Diluted Share ($0.16) $0.11 $0.14 Restructuring -Related 1 ($296) ($200) ($158) Restructuring and Other Charges/COGS Corporate / All Tax Items $22 ($53) ($4) Income Taxes Corporate Acquisition Costs - ($22) ($7) SG&A/Interest Expense Corporate Mark-to-Market Energy Contracts - $2 $1 Other (Income) Expenses, Net Corporate Surgold Gain $11 - - Other Expenses, Net Alumina Saudi JV Potline Impact/Massena Fire ($13) - - COGS / Other Income, Net Primary Metals Special Items ($276) ($273) ($168) Net Income excl Special Items $98 $432 $363 Net Income per Diluted Share excl Special Items $0.09 $0.33 $0.28

Operating results more than triple Y-O-Y on Performance and Market factors See appendix for Adjusted Income reconciliation 9 Net Income excluding Special Items ($ Millions) Market +$153 Performance +$243 Cost Headwinds -$131 10 156 45 42 97 1 55 363 98 -110 Raw Materials Energy -31 Productivity Price / Mix Volume Currency API LME 1Q 14 1Q 15 Cost Increases / Other [Alcoa logo]

EPS: Higher volumes, productivity offset currency and cost headwinds 10 [Alcoa logo] $ Millions 1Q 14 4Q 14* 1Q 15* 3 Party Revenue ($ Millions) 1,443 1,566 1,689 ATOI ($ Millions) 189 165 191 EBITDA Margin 22.2% 18.9% 20.1% 1 st Quarter Results 1 st Quarter Business Highlights 2 nd Quarter Outlook 1 st Quarter Performance Bridge 1Q15 Actual and 2Q15 Outlook – Engineered Products and Solutions $53 $22 $191 $189 1Q 15 Cost Increases -$45 Productivity Price / Mix -$18 Volume Currency -$10 1Q 14 * Includes Firth Rixson. EPS Base Business EBITDA Margin: 20.6% for 4Q14, 21.5% for 1Q15 Revenue up 17% year-over-year, EBITDA margin of 20.1% Revenue growth driven by Firth Rixson and share gains in Aerospace, Heavy Duty Truck and N.A. Non-Residential Construction Unfavorable currency impact due to stronger U.S. Dollar Year-over-year improvement driven by productivity, strong Aerospace, Commercial Transportation revenues Aerospace market remains strong Continued recovery in N.A. Non-Residential Construction; European weakness continues, outlook varies across regions Strong N.A. Heavy Duty Truck build rates, partially offset by Europe Share gains through innovation and productivity continue across all sectors ATOI is expected to increase 3% to 8% year-over-year, including $13m of currency pressure rd

See appendix for EBITDA reconciliation GRP = Global Rolled Products 11 GRP: Productivity and record Auto offset by cost increases and pricing [Alcoa logo] $ Millions 1Q 14 4Q 14 1Q 15 3 Party Revenue ($ Millions) 1,677 1,888 1,621 ATOI ($ Millions) 59 71 34 EBITDA/MT ($) 315 317 280 1 Quarter Business Highlights 2 Quarter Outlook 1 Quarter Performance Bridge 1Q15 Actual and 2Q15 Outlook – Global Rolled Products 1 Quarter Results Price / Productivity Mix Volume Currency LME 1Q14 1Q15 Portfolio Actions Cost Increases / Other Energy Strong productivity and record Auto shipments Unfavorable metal price lag impact Russia impacted by higher metal premiums Continued pricing pressures in Packaging Cost increases due to Micromill TM R&D and Saudi JV ramp-up 1Q14 costs associated with portfolio actions did not repeat Auto demand expected to remain strong, combined with seasonal volume increases in Packaging Russia impacts and negative packaging price pressures continue ($19M) Costs associated with ramp-up of Saudi Arabia rolling mill and Micromill TM R&D ($13m) At current prices, metal lag will be a negative impact of $15m ATOI is expected to decrease 30% year-over-year, assuming current metal price and currency rates rd st st nd st

Alumina: Stronger US dollar and lower energy costs 12 [Alcoa logo] 1Q15 Actual and 2Q15 Outlook – Alumina 1 Quarter Results 1 Quarter Business Highlights Quarter Performance Bridge 1Q15 Jamalco sale Cost Decreases / Other Energy Prod - uctivity Price / Mix Volume Currency API LME 4Q14 1Q 14 4Q 14 1Q 15 Production (kmt) 4,172 4,161 3,933 3 Party Shipments (kmt) 2,649 2,928 2,538 3 Party Revenue ($ Millions) 845 1,017 887 3 Party Price ($/MT) 314 343 344 92 178 221 2 Quarter Outlook Production down due to Jamaica refinery sale and fewer days Favorable currency movements in production regions Energy benefit from lower oil and gas prices, and San Ciprian refinery conversion to natural gas Lower LME-based contract prices ~75% of 3 party shipments on API or spot pricing for 2015 API pricing follows 30-day lag; LME pricing follows 60-day lag Production down 74 kmt due to Suriname curtailment, offset by one additional production day Saudi Arabia refinery start-up costs will continue Maintenance costs will increase $9M for scheduled outages Productivity, volume, and lower energy prices will offset cost increases st st st nd rd rd rd $ Millions 1 ATOI ($ Millions) rd

Primary Metals: Lower LME prices and energy headwinds 13 * Based on published prices as of April 1, 2015 [Alcoa logo] $ Millions 1Q15 Actual and 2Q15 Outlook – Primary Metals 1 Quarter Results 1 Quarter Business Highlights 1 Quarter Performance Bridge $9 $7 $2 $4 $22 1Q15 $187 Mt Holly sale -$4 Cost Decreases / Other Energy -$19 Prod- uctivity Price / Mix Volume Currency API -$17 LME -$84 4Q14 $267 1Q 14 4Q 14 1Q 15 Production (kmt) 839 731 711 3 Party Shipments (kmt) 617 637 589 3 Party Revenue ($ Millions) 1,424 1,852 1,572 3 Party Price ($/MT) 2,205 2,578 2,420 ATOI ($ Millions) (15) 267 187 2 Quarter Outlook Unfavorable LME pricing driver to sequential decline Favorable currency movements in production regions Lower energy sales prices in Brazil; lower energy cost in Spain Production down due to Mt. Holly sale Cost decreases due to closed locations and lower overhead Pricing follows a 15-day lag to LME Production down 18kmt due to Sao Luis curtailment, partially offset by one additional production day Regional premium decline impact of $65m* Net Energy impact slightly positive; lower costs and additional Brazil sales offset lower energy sales in other regions Productivity and favorable energy will offset impacts of lower volume and other cost increases rd rd rd st st nd st

Organic DWC maintained year-over-year, acquisition adds 3 days See appendix for days working capital reconciliation 14 [Alcoa logo] 6 days lower Average Days Working Capital since First Quarter 2010 2 days lower 33 32 33 30 28 31 29 32 36 35 34 36 40 40 40 44 43 42 28 30 37 2 days lower 3 days higher 9 day reduction since 1Q10 2 days lower Acquisition (3 days) Alcoa ex Acquisition (30 days) 30

1 st Quarter Cash Flow Overview 15 See appendix for Free Cash Flow reconciliation ($ Millions) 1Q14 4Q14 1Q15 Net (Loss) Income before Noncontrolling Interests ($197) $114 $255 DD&A $340 $336 $321 Change in Working Capital ($687) $656 ($595) Pension Expense in Excess of Contributions $18 $47 $37 Other Adjustments ($25) $305 ($193) Cash from Operations ($551) $1,458 ($175) Dividends to Shareholders ($33) ($56) ($54) Change in Debt ($14) ($110) $24 Net (Distributions)/Contributions from Noncontrolling Interests ($15) ($36) ($29) Other Financing Activities $72 $21 $33 Cash from Financing Activities $10 ($181) ($26) Capital Expenditures ($209) ($469) ($247) Acquisitions/Divestitures/Asset Sales - ($2,138) ($212) Other Investing Activities ($31) ($46) ($6) Cash from Investing Activities ($240) ($2,653) ($465) Free Cash Flow ($760) $989 ($422) Cash on Hand $665 $1,877 $1,191 1Q14, 4Q14 & 1Q15 Cash Flow [Alcoa logo]

16 LTM = last twelve months; See appendix for Net Debt reconciliation Maintained Strong Balance Sheet 1,543 1,939 1,861 1,437 1,877 1,191 1Q15 8,817 7,626 2014 8,852 7,432 2010 9,165 7,622 6,975 2013 6,882 8,319 2012 8,829 6,968 2011 9,371 (Millions) Net Debt Cash Debt-to-LTM EBITDA 3.27 3.39 2.87 Debt, Net Debt, and Debt-to-LTM EBITDA 2.49 4.20 2.22 [Alcoa logo]

2015 Annual Financial Targets Aggressive targets drive growth and operational performance in 2015 Deliver Operational Performance Drive Productivity Gains of $900M Process productivity Procurement savings Overhead cost reductions Invest in the Future; Actively Manage the Base Manage Return-Seeking Capital of $750M Control Sustaining Capital of $725M Strengthen the Balance Sheet Generate $500M+ of Free Cash Flow Attain 2.25 to 2.75 Debt-to-EBITDA 17 [Alcoa logo]

Market fundamentals remain strong See appendix for full scale charts 18 [Alcoa logo]

Klaus Kleinfeld Chairman and Chief Executive Officer 19 April 8, 2015 [Alcoa logo]

Another Strong year for Aerospace; Steady growth in Automotive Source: Alcoa analysis 1) International Air Transport Association 2015 Expectations 20 [Alcoa logo]

Heavy Duty Truck – Strong U.S., Weak China; Packaging Stable Source: Alcoa analysis 21 [Alcoa logo]

Solid Commercial B&C Growth; Global Airfoil Market Improves Source: Alcoa analysis B&C = Building and construction 22 [Alcoa logo]

Building a Lightweight Multi-Material Innovation Powerhouse Transforming Alcoa – Creating Compelling Sustainable Value Creating a Globally Competitive Commodity Business Increasing share in exciting growth markets (e.g., aerospace, automotive, heavy duty truck and trailer, building and construction) Full pipeline of innovative products and solutions Using all growth levers Shifting mix to higher value-add Expanding multi-material, technology and process expertise Increasing competitiveness, mitigating downside risk Optimizing the casthouse value-add portfolio Shifting pricing to reflect market fundamentals Continuing to drive productivity improvements 23 [Alcoa logo]

24 Organic and Inorganic Growth Expands Higher Value-Add Portfolio [Alcoa logo] Summary of Key Innovations, Growth Projects, and Inorganic Investments

25 Firth Rixson Enhances Leadership Position in Jet Engine Components 1) On track to reach 2019 gross synergy target of $105M offset by $5M integration costs (66% productivity, 26% procurement, 8% overhead). 2) Growth from $1B in 2013 to $2B in 2019; 70% secured by long term agreement. AA = Alcoa; FR = Firth Rixson [Alcoa logo] Firth Rixson Strategic and Financial Benefits and Alcoa’s Expanded Jet Engine Suite Portfolio Enhancing: Expands Jet Engine Suite Multi-Material Edge Leading-Edge Technology Building Capabilities Financial Benefits Doubles Engine Content (e.g. turbine blades & vanes, structural castings, rings, disks, shafts and front fan blades) Multi-Material Ni and Ti-Al in hot section Ti, Al and Steel in cold section AA Products FR Products Enables + 70°F + 40% combustion efficiency Critical rotating Disks from Superalloys and Titanium alloys One of the largest, most advanced closed-die forge presses $40M net synergies in year 2; $100M¹ net in year 5 Visibility of $1B 2 revenue growth: 70% secured Global leader in seamless rolled Rings Largest seamless Rings 200” in diameter Full range of aero Engine Disks (12” to 53” diameter) Multi-Material mix: 60% Ni, 25% Ti, 15% Steel/Al Integrated Nickel Supply of cast stick, bar and billet Specialized Isothermal forgings from Powder Metal alloys Can Produce >90% of Structural and Rotating Components 2016E $1.6B revenue $350M EBITDA

Alcoa Advantage Track Record Drives Post-Merger Integration 1) 2009-2014 Productivity figures, pretax and pre-minority interest. 2009/2010 represent net productivity. 2011-2014 represent gross productivity. 2) Reflects 2009 – 2014. 3) Gross synergies of $44M offset by $4M integration costs. DWC = Days Working Capital FCF = Free Cash Flow CT = Commercial Transportation. 26 [Alcoa logo] 190% deployed versus 2016E synergy target 3 Alcoa Strategic Priorities ALCOA ADVANTAGE Creating value for all businesses DISCIPLINED EXECUTION Across all activities Degrees of Implementation methodology for rigorous management from idea to cash Talent Purchasing Customer Intimacy Operating System Technology On Track to Deliver $40M Synergies in 2016 3 IT Human Resources Finance Credit Successful Execution Track Record Operational Excellence drive $7.9B of Productivity 1 Sustainable DWC reduction: 28 days 4Q14; -9 days since 4Q09 Generated $3B FCF 2; 5 consecutive years of achieving positive FCF Capital Allocation for Growth Auto: Aluminum intensive vehicles Aero: World’s first Al-Li fan blade CT: World’s lightest wheel Commercializing Innovation 3D Core Platform technology Alcoa 951 bonding technology MagnaForceTM alloy 150% deployed Examples of Operational, Financial, and Productivity Execution and Expertise to Capture Firth Rixson Synergies 250% deployed 200% deployed Operational Productivity $22M titanium, nickel, and aluminum value chains Productivity initiatives deployed through Alcoa daily management system Procurement Savings $14M e.g., Leverage existing contracts Consolidate global supply base Overhead Reductions $8M e.g., Integrate shared services Center of Excellence Update on Isothermal Press Received isothermal forge, heat treat and testing methods approval from customer and cleared for qualification Successfully forged 6 qualification batches for first customer – first revenue 2H 2015 PROFITABLE GROWTH in every business Business Programs that define: 3-year aspirations Priority levers Accountability Standardized operating systems e.g., Optimization of revert utilization across

27 Alcoa + RTI Combination Expands Titanium Customer Solutions 1) Growth from 14.5% in 2014 to 25.0% projected in 2019; 2) Projected revenue in 2019 3) Representative of mid and downstream capabilities; not intended to reflect a market position. [Alcoa logo] ~65% of $1.2B 2 revenue supported by contracts Strategic and Financial Benefits of RTI and Mid and Downstream Titanium Value Chain Enhances Offerings: Expands Ti, Value-Add Solutions Plasma and Electron Beam melting Titanium billetizing and mill products Machining and subassembly Production of near net shape components from Titanium and Metal Matrix Composites powders through cold and hot isostatic pressing Multi-Material Edge Leading-Edge Technology Building Capabilities Intellectual property in multi-Material 3-D printing (Ti, Ni, Steel and Al) Closed loop scrap processing Financial Benefits Complements Mid and Downstream Value Chain Capabilities 3 None Limited Moderate Significant Full Melting (Ingot, Cast Slab) Billetizing, Rolling (Mill Products) Conversion (Closed -Die Forging, Extruding, Investment Casting) Machining, Subassembly INGOT PLATE FORGING MACHINING + $30M net synergies in year 2; $100M net in year 4 +10% point 1 growth in EBITDA margins Ti-Al ingot for technically advanced Ti-Al low pressure turbine blades 2019E $1.2B revenue 25% EBITDA margin

Alcoa Advantages to Drive Synergies and Further Growth Opportunities 1) Figure reflects net synergies after $9M merger integration costs. 28 [Alcoa logo] Examples of RTI Synergy Levers, Growth Technologies, and Expanding End Markets Overhead Cost Reductions $20M Procurement Savings $20M Growth $25M Process Productivity $44M Expand selection of machined parts (e.g., plate, forgings, extrusions) Migrate from Ti ingot directed buy programs Offer Ti -Al for high-growth engine components Integrate Shared Services Center of Excellence Leverage Alcoa’s $18B global spend ( e.g., commodities, production, maintenance supplies ) Standardize payment terms Maximize internal metal supply Decrease outsourced machining Increase utilization of capacity (e.g., melting, billetizing, rolling, machining) Optimize revert metal loop Finance Credit Meaningful RTI Synergies Identified Direct access to RTI Ti-Al ingot for AA’s investment casting and forging technology Ti-Aluminide (Ti-Al) Growth from Foundational Technologies Upside from Additional End Market Potential Information Technology Human Resources Operational and commercial expertise in additive manufactured part production Additive Mfg. Manufacturer in minimally invasive surgical tools precision machining Medical ` Attractive titanium and steel products for production wells Complementary to Alcoa’s aluminum drilling products Oil & Gas bed, multi-spindle machining subassemblies/kits Machining High-speed long- State-of-the-art robotic Flight critical Net Synergies $100M 1 30% in year 2 100% in year 4

Transitioning GRP Portfolio From Lower Margin Markets… 29 GRP = Global Rolled Products [Alcoa logo] Invest in $190M Very Thick Plate stretcher Upgrading Portfolio to Drive Higher Profitability 15% 27% 42% 14% 27% 21% 38% 16% Can Sheet Supply/Demand Dynamics and Actions to Shift Portfolio Oversupply, Weaker Demand Weighs on Can Sheet Result: Compressed Margins and Lower Volumes % of GRP Revenues 14A 16E On track for $344/MT EBITDA or Higher by 2016 Shift to Higher Margin, Differentiated Products to Drive GRP Y-o-Y Profit Lift in 2016 vs. 2015 Market Sector Invest combined ~$600M in auto sheet plant expansions Sold 3 rolling mills in Spain and France Sold rolling mill in Russia 2 mills closed in Australia Expand aseptic foil mill in Brazil Portfolio Actions Aero/Defense Transportation Industrial Packaging 31% 41% 69% 59% Demand Supply Overcapacity + Convert capacity to auto from packaging (US) Declining carbon- ated soft drink (US) + Beer growth (US & China) + Conversion to Al from steel (Europe)

…To Higher Growth and Higher Margin End Markets Source: Automotive from Ducker Worldwide 2014 1) Annual Savings = ((15,000 Hwy Miles/Yr ÷ 17 Hwy MPG) – (15,000 Hwy Miles/Yr ÷ 26 Hwy MPG)) x $3/gal; $2/gal cost = $611 savings. 30 [Alcoa logo] OEMs Need Fuel Economy… U.S. Light Truck CAFE Targets (MPG) …And Consumers Benefit 813 659 451 1,155 2018E 2020E 2016E 2015E Aluminum Auto Demand Drivers, Alcoa Auto Sheet Investments and Revenue Growth North America Aluminum Auto Sheet Demand (kMT) ~3x $660 $1,050 $340 Projected Alcoa Auto Sheet Revenues ($M) Davenport Fully Operational ~3x Lighter, less fuel consumption Additional payload/ towing capacity (e.g., 700 lbs) Faster acceleration; improved braking distance 9 MPG $916/yr savings 1 43.8 29.8 26.3 2025E 2016E 2014 +67% Al auto sheet demand expected to reach >1MMT by 2020 2014A 2015E 2016E Result: Automotive Revenues: 10% of GRP in 2014 to 20% in 2016E Auto Sheet Shipments: +65% CAGR (2013-16E) Higher Margins and Volumes ~2x Auto Sheet Investments a Key Driver of Growth Lightweighting Trend Accelerates Al Sheet Demand • • •

31 Looking Forward: Alcoa Invents for Next-Generation Automotive 1) In late stage of development; 2) In early stage of development. HSS = High Strength Steel [Alcoa logo] Breakthrough Al Alloy + Casting Technology Stronger, Better, Faster: Win for the Customer and Alcoa Micromill’s Innovation in Automotive Alloys, Value Proposition and Development Progress Current alloys (1) High strength (2) Advanced impact (2) High formability (1) Advanced impact : equivalent to steel crash resistance at 30-40% lighter vs. HSS Higher formability : allows multiple parts to single piece consolidation; reduces costs 4- 8% vs. ingot based Al Higher strength : can replace HSS parts; eliminates dissimilar metal joining issues; reduces weight 25- 35% vs. HSS 2x more formable , while 30% lighter than HSS Reduces OEM system cost from streamlined alloy portfolio Attack share of $3.5B of steel auto applications 20 day rolling process to 20 minutes 50% lower energy use 1/4 the footprint of conventional mill Completed successful customer trials Qualification in progress at first customer Executed agreements to qualify with 5 additional OEMs First commercial coil Completed In Process Exploring Full Scale Capacity Expansion Options Micromill™ assembly

Sources: CRU and Alcoa analysis API = Alumina Price Index Commodity Strategy is Working: Lowering Costs and Enhancing Revenue 32 [Alcoa logo] Lower Cost… … Enhance Revenue Global Aluminum Cost Curve Global Alumina Cost Curve Key Commodity Business Metrics: 2010 and 2014 Actual and 2016 Targets Alumina Primary Metals 2010 2016 2014 57% 65% 70% Value-add % 2010 2016 2014 5% 68% 84% API/spot % % of total shipments 2014 $55 EBITDA/MT 2014 $422 EBITDA/MT % of 3 rd party shipments

Executing Robust Process to Maximize Global Competitiveness 1) Includes 74 kmt of Sao Luis smelting capacity to be executed by April 15 th W.A. = Western Australia 33 [Alcoa logo] Strategic Review Process and Capacity Actions Executed Against 2015 Strategic Review Guiding Principles Maximize cash position for ramp-down and ramp-up considering: Operational flexibility Power flexibility Repowering impact Community impact 33% reduction in smelting operating capacity since 2007 1 March 6, 2015 2.8 mmt refining 500 kmt smelting under strategic review To Take Quick, Decisive Action 12 Months

Global Businesses Focused on Upstream Value Creation 34 [Alcoa logo] Explore opportunities in external markets Improve competitiveness; transform pricing Leverage assets; Secure long -term solutions Lower cost; enhance operational excellence Grow value-add product mix Global Primary Products Global Business Units Increases performance transparency Focuses Centers of Excellence, enhances best practice sharing Improves commercial and operational alignment Optimizes capital allocation MINING REFINING CASTING SMELTING ENERGY Alumina Primary Metals

Profitable Growth from Organic & Inorganic – Fully on Track Disciplined Execution Improves Upstream Competitiveness Continue to Deliver Strong Operational Results 35 Creating Sustainable Value for Shareholders [Alcoa logo]

Nahla Azmy Vice President, Investor Relations Alcoa 390 Park Avenue New York, NY 10022-4608 Telephone: (212) 836-2674 Email: nahla.azmy@alcoa.com www.alcoa.com Additional Information 36 [Alcoa logo]

Annual Sensitivity Summary Currency Annual Net Income Sensitivity +/- $100/MT = +/- $190 million LME Aluminum Annual Net Income Sensitivity Australian $ +/- $11 million per 0.01 change in USD / AUD Brazilian $ +/- $ 1 million per 0.01 change in BRL / USD Euro € +/- $ 2 million per 0.01 change in USD / EUR Canadian $ +/- $ 4 million per 0.01 change in CAD / USD Norwegian Kroner +/- $ 4 million per 0.10 change in NOK / USD 37 +/- $10/MT = +/- $20 million API/Spot Alumina Annual Net Income Sensitivity [Alcoa logo]

Composition of Regional Premium Pricing Convention 38 [Alcoa logo]

39 Alcoa Segment Bridges EPS = Engineered Products and Solutions GRP = Global Rolled Products $ Millions $ Millions $ Millions $ Millions EPS Sequential Quarter Bridge GRP Sequential Quarter Bridge API $34 LME $13 1Q14 $92 Energy -$16 $8 Prod- uctivity $33 Price / Mix $14 Volume -$8 FX $69 Cost Increases / Other Surgold sale $221 1Q15 -$18 1Q15 Cost Increases / Other $43 Saudi JV / Portfolio actions $187 $26 -$41 Energy $8 $45 FX $7 Volume $71 Price / Mix API LME -$15 1Q14 $62 -$19 Prod- uctivity 1Q15 $191 Cost Increases/ Other -$14 Productivity $27 Price / Mix -$2 Volume $20 Currency -$5 4Q14 $165 Portfolio Actions -10 Cost Increases / Other -2 Energy 2 0 34 Price / Mix 1Q15 Productivity 4 Volume 9 Currency -3 LME -36 4Q14 71 Alumina Year-over-Year Bridge Primary Metals Year-over-Year Bridge [Alcoa logo]

Special Items See appendix for Adjusted Income reconciliation. NCI: Non-controlling interest 40 Pre-tax, Before NCI After-tax, After NCI $ Millions, except per-share amounts 4Q14 1Q15 4Q14 1Q15 Income Statement Classification Segment Income from Continuing Operations $234 $481 $159 $195 Income Per Diluted Share - - $0.11 $0.14 Restructuring-Related ($388) ($177) ($200) ($158) Restructuring and Other Charges/COGS Corporate / All Tax Items - - ($53) ($4) Income Taxes Corporate Acquisition Costs ($25) ($9) ($22) ($7) SG&A/Interest Expense Corporate Mark-to-Market Energy Contracts $2 $2 $2 $1 Other Expenses, Net Corporate Special Items ($411) ($184) ($273) ($168) Income from Continuing Ops excl Special Items $645 $665 $432 $363 Income per Diluted Share excl Special Items - - $0.33 $0.28 [Alcoa logo]

Revenue Change by Market 41 14% 7% (23%) 3% (25%) (13%) (15%) (9%) (13%) (15%) 24% 46% (18%) 13% (28%) (5%) (5%) 43% 5% 10% 21% 5% 5% 7% 6% 1% 11% 2% 15% 27% Aerospace Automotive B&C Comm. Transport Industrial Products IGT Packaging Distribution/Other Alumina Primary Metals 1Q15 Third-Party Revenue Sequential Change Year-Over-Year Change [Alcoa logo]

Revenue Change by Market 42 3% 17% 3% 15% (3%) (11%) 1% 24% 6% 3% 17% 4% 6% 6% 8% 2% 13% 1% 15% 28% Aerospace Automotive B&C Comm. Transport Industrial Products IGT Packaging Distribution/Other Alumina Primary Metals FY 2014 Third-Party Revenue Year-Over-Year Change [Alcoa logo]

Composition of Upstream Production Costs 1 Natural gas information corresponds to Point Comfort, as Australia is priced on a rolling 16 quarter average 43 [Alcoa logo] Fuel Oil 7% Natural gas 13% Caustic 9% Bauxite 27% Conversion 44% Input Cost Inventory flow Pricing convention Annual ATOI Sensitivity Fuel oil 1 – 2 months Prior month $2m per $1/bbl Natural gas N/A Spot $13m per $1/GJ 1 Caustic soda 3 - 6 months Spot & semi- annual $8m per $10/DMT Refining Cost Structure Alumina 34% Carbon 12% Power 25% Materials 7% Conversion 22% Smelting Cost Structure Input Cost Inventory flow Pricing convention Annual ATOI Sensitivity Coke 1 - 2 months Spot, quarterly & semi-annual $7m per $10/MT Pitch 1 - 2 months Spot, quarterly & semi-annual $2m per $10/MT 1

Alcoa Upstream capacity closed, sold and idled 44 1) Includes 74 kmt curtailment announced on March 30, 2015; Execute by April 15, 2015. 2) Includes 443 kmt curtailment announced on March 17, 2015; Execute by April 30, 2015. Does not include a potential sale transaction with the Government of Suriname. [Alcoa logo] Facility Year kmt Baie Comeau 2008 53 Eastalco 2010 195 Badin 2010 60 Warrick 2010 40 Tennessee 2011 215 Rockdale 2011 76 Baie Comeau 2013 105 Fusina 2013 44 Massena East 2013 41 Massena East 2014 84 Point Henry 2014 190 Portovesme 2014 150 Mt. Holly (sale of 50.33% interest) 2014 115 Total 1,368 Closed/sold since December 2007 Facility kmt Rockdale 191 Sao Luis 1 268 Pocos 96 Intalco 49 Wenatchee 41 Aviles 32 Portland 30 La Coruna 24 Total 731 Smelting Capacity Idled Refining Capacity Facility Year kmt Jamalco (sale of 55% interest) 2014 779 Total 779 Closed/sold since December 2007 Facility kmt Suriname 2 1,319 Point Comfort 295 Total 1,614 Idled

Source: Alcoa estimates, CRU, Harbor, Wood Mackenzie 6.5% 2015 demand growth on higher base 45 29.2 6.7 6.7 4.3 2.2 2.1 2.1 1.1 1.0 5% 9.5% 5% 7% 4% 1% 0.5% 1.5% 8% -2% 57.5 mmt 1 Other includes Africa, E. Europe, Latin America ex Brazil, and Oceania 2015 Primary Aluminum Consumption (mmt), Annualized Growth (%) China Europe North America North Asia India SE Asia MENA Russia Brazil Other ¹ 2.1 2015 demand +6.5% on higher base Higher Final 2014 global demand growth +9% vs. +7% [Alcoa logo]

46 Source: Alcoa analysis, Alladiny, CNIA, CRU, China Customs, Harbor, Wood Mackenzie Alumina surplus tightens, Aluminum in balance [Alcoa logo] 2015E Aluminum Supply/Demand Balance 2015E Alumina Supply/Demand Balance ’000 mt China Rest of World 2015 Production 47,522 54,921 2015 Production to be added 5,030 3,006 2015 Capacity curtailed or restarted 1,331 (462) Imports/(exports) 3,000 (3,000) Total supply 56,883 54,465 Demand (56,883) (51,766) Net Balance 0 2,699 Supply/Demand Analysis 4Q14 Surplus 2,932 4Q14 Deficit (38) ’000 mt China Rest of World 2015 Production 27,998 25,955 2015 Production to be added 4,400 868 2015 Capacity curtailed or *restarted (1,415) 0 Total Supply 30,983 26,823 Demand (29,171) (28,309) Net Balance 1,812 (1,486) Surplus 326 Surplus 2,699

Source: Alcoa estimates, IAI, LME, Marubeni, Shanghai Metal Exchange Global inventories have fallen to 66 days; down 10 days year-over year 47 [Alcoa logo]

Premiums down from record highs; remain above 2014 levels 48 Source: Graph shows monthly average of daily prices - Platts Metals Week 1Q15 and 1Q14 bubble/table data shows quarterly average of daily prices [Alcoa logo]

Reconciliation of ATOI to Consolidated Net (Loss) Income Attributable to Alcoa (in millions) 1Q14 2Q14 3Q14 4Q14 2014 1Q15 Total segment ATOI $325 $418 $619 $681 $2,043 $633 Unallocated amounts (net of tax): Impact of LIFO (7) (8) (18) (21) (54) 7 Interest expense (78) (69) (81) (80) (308) (80) Noncontrolling interests 19 9 18 45 91 (60) Corporate expense (67) (70) (74) (83) (294) (64) Restructuring and other charges (321) (77) (189) (307) (894) (161) Other (49) (65) (126) (76) (316) (80) Consolidated net (loss) income attributable to Alcoa $(178) $138 $149 $159 $268 $195 49 [Alcoa logo]

Reconciliation of Adjusted Income 50 (in millions, except per-share amounts) (Loss) Income Diluted EPS (3) Quarter ended Quarter ended March 31, December 31, March 31, March 31, December 31, March 31, 2014 2014 2015 2014 2014 2015 Net (loss) income attributable to Alcoa $(178) $159 $195 $(0.16) $0.11 $0.14 Restructuring and other charges 274 200 158 Discrete tax items (1) (6) 16 Other special items (2) 8 57 10 Net income attributable to Alcoa – as adjusted $98 $432 $363 0.09 0.33 0.28 [Alcoa logo] Net income attributable to Alcoa – as adjusted is a non-GAAP financial measure. Management believes that this measure is meaningful to investors because management reviews the operating results of Alcoa excluding the impacts of restructuring and other charges, discrete tax items, and other special items (collectively, “special items”). There can be no assurances that additional special items will not occur in future periods. To compensate for this limitation, management believes that it is appropriate to consider both Net (loss) income attributable to Alcoa determined under GAAP as well as Net income attributable to Alcoa – as adjusted. (1) Discrete tax items include the following: • for the quarter ended December 31, 2014, a charge for the remeasurement of certain deferred tax assets of a subsidiary in Spain due to a tax rate change ($16), a benefit for an adjustment to the remeasurement of certain deferred tax assets of a subsidiary in Brazil due to a tax rate change ($3), and a net charge for a number of small items ($3); and • for the quarter ended March 31, 2014, a net benefit for a number of small items. (2) Other special items include the following: • for the quarter ended March 31, 2015, an unfavorable tax impact related to the interim period treatment of operational losses in certain foreign jurisdictions for which no tax benefit was recognized ($35), a favorable tax impact resulting from the difference between Alcoa’s consolidated estimated annual effective tax rate and the statutory rates applicable to special items ($31), costs associated with current and future acquisitions of aerospace businesses ($7), and a net favorable change in certain mark-to-market energy derivative contracts ($1); • for the quarter ended December 31, 2014, an unfavorable tax impact resulting from the difference between Alcoa’s consolidated estimated annual effective tax rate and the statutory rates applicable to special items ($81), a favorable tax impact related to the interim period treatment of operational losses in certain foreign jurisdictions for which no tax benefit was recognized ($44), costs associated with current and future acquisitions of aerospace businesses ($22), and a net favorable change in certain mark-to-market energy derivative contracts ($2); and • for the quarter ended March 31, 2014, a favorable tax impact resulting from the difference between Alcoa’s consolidated estimated annual effective tax rate and the statutory rates applicable to special items ($72), an unfavorable tax impact related to the interim period treatment of operational losses in certain foreign jurisdictions for which no tax benefit was recognized ($56), a write-down of inventory related to the permanent closure of a smelter and two rolling mills in Australia and a smelter in the United States ($20), an unfavorable impact related to the restart of one potline at the joint venture in Saudi Arabia that was previously shut down due to a period of pot instability ($13), a gain on the sale of a mining interest in Suriname ($11), and a loss on the write-down of an asset to fair value ($2). (3) The average number of shares applicable to diluted EPS for Net (loss) income attributable to Alcoa excludes certain share equivalents as their effect was anti-dilutive (see footnote 3 to the Statement of Consolidated Operations). However, certain of these share equivalents become dilutive in the EPS calculation applicable to Net income attributable to Alcoa – as adjusted due to a larger, positive numerator. Specifically, these share equivalents were associated with outstanding employee stock options and awards for the quarter ended March 31, 2014 and mandatory convertible preferred stock for the quarters ended December 31, 2014 and March 31, 2015. As a result, the average number of shares applicable to diluted EPS for Net income attributable to Alcoa – as adjusted was 1,115,941,470; 1,294,701,805; and 1,315,558,890 for the quarters ended March 31, 2014, December 31, 2014, and March 31, 2015, respectively. Additionally, the subtraction of preferred stock dividends declared from the numerator (see footnote 1 to the Statement of Consolidated Operations) needs to be reversed for the quarters ended December 31, 2014 and March 31, 2015 since the related mandatory convertible preferred stock was dilutive in the EPS calculation for Net income attributable to Alcoa – as adjusted.

Reconciliation of Alcoa Adjusted EBITDA ($ in millions) 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 1Q14 4Q14 1Q15 Net income (loss) attributable to Alcoa $1,310 $1,233 $2,248 $2,564 $(74) $(1,151) $254 $611 $191 $(2,285) $268 $(178) $159 $195 Add: 233 259 436 365 221 61 138 194 (29) 41 (91) (19) (45) 60 Cumulative effect of accounting changes – 2 – – – – – – – – – – – – Loss (income) from discontinued operations 27 50 (22) 250 303 166 8 3 – – – – – – Provision (benefit) for income taxes 546 464 853 1,623 342 (574) 148 255 162 428 320 (77) 120 226 Other (income) expenses, net (266) (478) (236) (1,920) (59) (161) 5 (87) (341) (25) 47 25 (6) (12) Interest expense 271 339 384 401 407 470 494 524 490 453 473 120 122 122 Restructuring and other charges (29) 266 507 268 939 237 207 281 172 782 1,168 461 388 177 Impairment of goodwill – – – – – – – – – 1,731 – – – – Provision for depreciation, depletion, and amortization 1,142 1,227 1,252 1,244 1,234 1,311 1,450 1,479 1,460 1,421 1,371 340 335 321 Adjusted EBITDA $3,234 $3,362 $5,422 $4,795 $3,313 $359 $2,704 $3,260 $2,105 $2,546 $3,556 $672 $1,073 $1,089 Sales $21,370 $24,149 $28,950 $29,280 $26,901 $18,439 $21,013 $24,951 $23,700 $23,032 $23,906 $5,454 $6,377 $5,819 Adjusted EBITDA Margin 15.1% 13.9% 18.7% 16.4% 12.3% 1.9% 12.9% 13.1% 8.9% 11.1% 14.9% 12.3% 16.8% 18.7% Alcoa’s definition of Adjusted EBITDA (Earnings before interest, taxes, depreciation, and amortization) is net margin plus an add-back for depreciation, depletion, and amortization. Net margin is equivalent to Sales minus the following items: Cost of goods sold; Selling, general administrative, and other expenses; Research and development expenses; and Provision for depreciation, depletion, and amortization. Adjusted EBITDA is a non-GAAP financial measure. Management believes that this measure is meaningful to investors because Adjusted EBITDA provides additional information with respect to Alcoa’s operating performance and the Company’s ability to meet its financial obligations. The Adjusted EBITDA presented may not be comparable to similarly titled measures of other companies. 51 [Alcoa logo] Net income (loss) attributable to noncontrolling interests

Reconciliation of Alumina Adjusted EBITDA ($ in millions, except per metric ton amounts) 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 1Q14 4Q14 1Q15 After-tax operating income (ATOI) $632 $682 $1,050 $956 $727 $112 $301 $607 $90 $259 $370 $92 $178 $221 Add: Depreciation, depletion, and amortization 153 172 192 267 268 292 406 444 455 426 387 97 90 80 Equity (income) loss (1) – 2 (1) (7) (8) (10) (25) (5) 4 29 5 10 7 Income taxes 240 246 428 340 277 (22) 60 179 (27) 66 153 40 75 92 Other (46) (8) (6) 2 (26) (92) (5) (44) (8) (6) (28) (28) 2 – Adjusted EBITDA $978 $1,092 $1,666 $1,564 $1,239 $282 $752 $1,161 $505 $749 $911 $206 $355 $400 Production (thousand metric tons) (kmt) 14,343 14,598 15,128 15,084 15,256 14,265 15,922 16,486 16,342 16,618 16,606 4,172 4,161 3,933 Adjusted EBITDA / Production ($ per metric ton) $68 $75 $110 $104 $81 $20 $47 $70 $31 $45 $55 $49 $85 $102 Alcoa’s definition of Adjusted EBITDA (Earnings before interest, taxes, depreciation, and amortization) is net margin plus an add-back for depreciation, depletion, and amortization. Net margin is equivalent to Sales minus the following items: Cost of goods sold; Selling, general administrative, and other expenses; Research and development expenses; and Provision for depreciation, depletion, and amortization. The Other line in the table above includes gains/losses on asset sales and other non-operating items. Adjusted EBITDA is a non-GAAP financial measure. Management believes that this measure is meaningful to investors because Adjusted EBITDA provides additional information with respect to Alcoa’s operating performance and the Company’s ability to meet its financial obligations. The Adjusted EBITDA presented may not be comparable to similarly titled measures of other companies. 52 [Alcoa logo]

Reconciliation of Primary Metals Adjusted EBITDA ($ in millions, except per metric ton amounts) 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 1Q14 4Q14 1Q15 After-tax operating income (ATOI) $808 $822 $1,760 $1,445 $931 $(612) $488 $481 $309 $(20) $594 $(15) $267 $187 Add: Depreciation, depletion, and amortization 326 368 395 410 503 560 571 556 532 526 494 124 117 109 Equity (income) loss (58) 12 (82) (57) (2) 26 (1) 7 27 51 34 28 (11) 3 Income taxes 314 307 726 542 172 (365) 96 92 106 (74) 203 (11) 89 57 Other 20 (96) (13) (27) (32) (176) (7) 2 (422) (8) (6) – (2) (1) Adjusted EBITDA $1,410 $1,413 $2,786 $2,313 $1,572 $(567) $1,147 $1,138 $552 $475 $1,319 $126 $460 $355 Production (thousand metric tons) (kmt) 3,376 3,554 3,552 3,693 4,007 3,564 3,586 3,775 3,742 3,550 3,125 839 731 711 Adjusted EBITDA / Production ($ per metric ton) $418 $398 $784 $626 $392 $(159) $320 $301 $148 $134 $422 $150 $629 $499 Alcoa’s definition of Adjusted EBITDA (Earnings before interest, taxes, depreciation, and amortization) is net margin plus an add-back for depreciation, depletion, and amortization. Net margin is equivalent to Sales minus the following items: Cost of goods sold; Selling, general administrative, and other expenses; Research and development expenses; and Provision for depreciation, depletion, and amortization. The Other line in the table above includes gains/losses on asset sales and other non-operating items. Adjusted EBITDA is a non-GAAP financial measure. Management believes that this measure is meaningful to investors because Adjusted EBITDA provides additional information with respect to Alcoa’s operating performance and the Company’s ability to meet its financial obligations. The Adjusted EBITDA presented may not be comparable to similarly titled measures of other companies. 53 [Alcoa logo]

Reconciliation of Global Rolled Products Adjusted EBITDA ($ in millions, except per metric ton amounts) 2004 2005 2006 2007 2008 2009 2010* 2011* 2012* 2013 2014 1Q14 4Q14 1Q15 After-tax operating income (ATOI) $290 $300 $317 $151 $(41) $(106) $241 $260 $346 $252 $312 $59 $71 $34 Add: Depreciation, depletion, and amortization 200 220 223 227 216 227 238 237 229 226 235 58 57 56 Equity loss 1 – 2 – – – – 3 6 13 27 5 8 9 Income taxes 97 135 113 77 14 12 103 98 159 108 124 34 25 26 Other 1 1 20 1 6 (2) 1 1 (2) – (1) (2) – – Adjusted EBITDA $589 $656 $675 $456 $195 $131 $583 $599 $738 $599 $697 $154 $161 $125 Total shipments (thousand metric tons) (kmt) 2,136 2,250 2,376 2,482 2,361 1,888 1,755 1,866 1,943 1,989 2,056 489 508 447 Adjusted EBITDA / Total shipments ($ per metric ton) $276 $292 $284 $184 $83 $69 $332 $321 $380 $301 $339 $315 $317 $280 Alcoa’s definition of Adjusted EBITDA (Earnings before interest, taxes, depreciation, and amortization) is net margin plus an add-back for depreciation, depletion, and amortization. Net margin is equivalent to Sales minus the following items: Cost of goods sold; Selling, general administrative, and other expenses; Research and development expenses; and Provision for depreciation, depletion, and amortization. The Other line in the table above includes gains/losses on asset sales and other non-operating items. Adjusted EBITDA is a non-GAAP financial measure. Management believes that this measure is meaningful to investors because Adjusted EBITDA provides additional information with respect to Alcoa’s operating performance and the Company’s ability to meet its financial obligations. The Adjusted EBITDA presented may not be comparable to similarly titled measures of other companies. 54 * The average Adjusted EBITDA per metric ton of these three years equals $344 and represents the average historical high for the Global Rolled Products segment. Alcoa has a 2016 target to meet or exceed this average historical high. [Alcoa logo]

Reconciliation of Engineered Products and Solutions Adjusted EBITDA ($ in millions) 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 1Q14 4Q14 1Q15 After-tax operating income (ATOI) $161 $276 $382 $423 $522 $311 $419 $537 $612 $726 $767 $189 $165 $191 Add: Depreciation, depletion, and amortization 168 160 152 163 165 177 154 158 158 159 173 40 52 60 Equity loss (income) – – 6 – – (2) (2) (1) – – – – – – Income taxes 70 120 164 184 215 138 198 258 297 348 374 91 81 89 Other 106 (11) (2) (7) 2 1 – (1) (9) (2) – – (2) – Adjusted EBITDA $505 $545 $702 $763 $904 $625 $769 $951 $1,058 $1,231 $1,314 $320 $296 $340 Third-party sales $4,283 $4,773 $5,428 $5,834 $6,199 $4,689 $4,584 $5,345 $5,525 $5,733 $6,006 $1,443 $1,566 $1,689 Adjusted EBITDA Margin 11.8% 11.4% 12.9% 13.1% 14.6% 13.3% 16.8% 17.8% 19.1% 21.5% 21.9% 22.2% 18.9% 20.1% Alcoa’s definition of Adjusted EBITDA (Earnings before interest, taxes, depreciation, and amortization) is net margin plus an add-back for depreciation, depletion, and amortization. Net margin is equivalent to Sales minus the following items: Cost of goods sold; Selling, general administrative, and other expenses; Research and development expenses; and Provision for depreciation, depletion, and amortization. The Other line in the table above includes gains/losses on asset sales and other non-operating items. Adjusted EBITDA is a non-GAAP financial measure. Management believes that this measure is meaningful to investors because Adjusted EBITDA provides additional information with respect to Alcoa’s operating performance and the Company’s ability to meet its financial obligations. The Adjusted EBITDA presented may not be comparable to similarly titled measures of other companies. 55 (1) The Adjusted EBITDA Margin for the year ended December 31, 2013 represents the historical high for the Engineered Products and Solutions segment. Alcoa has a 2016 target to exceed this historical high. (2) In the quarter and year ended December 31, 2014, the Third-party sales and Adjusted EBITDA of Engineered Products and Solutions includes $81 and $(10), respectively, related to the acquisition of an aerospace business, Firth Rixson. Excluding these amounts, Adjusted EBITDA Margin was 20.6% and 22.3% for the quarter and year ended December 31, 2014, respectively. (3) In the quarter ended March 31, 2015, the Third-party sales and Adjusted EBITDA of Engineered Products and Solutions includes $233 and $27, respectively, related to Firth Rixson. Excluding these amounts, Adjusted EBITDA Margin was 21.5% for the quarter ended March 31, 2015. [Alcoa logo] (1) (2) (2) (3)

Reconciliation of Free Cash Flow (in millions) Year ended Quarter ended December 31, 2009 December 31, 2010 December 31, 2011 December 31, 2012 December 31, 2013 December 31, 2014 March 31, 2014 December 31, 2014 March 31, 2015 Cash from operations $1,365 $2,261 $2,193 $1,497 $1,578 $1,674 $(551) $1,458 $(175) Capital expenditures (1,622) (1,015) (1,287) (1,261) (1,193) (1,219) (209) (469) (247) Free cash flow $(257) $1,246 $906 $236 $385 $455 $(760) $989 $(422) Free Cash Flow is a non-GAAP financial measure. Management believes that this measure is meaningful to investors because management reviews cash flows generated from operations after taking into consideration capital expenditures due to the fact that these expenditures are considered necessary to maintain and expand Alcoa’s asset base and are expected to generate future cash flows from operations. It is important to note that Free Cash Flow does not represent the residual cash flow available for discretionary expenditures since other non-discretionary expenditures, such as mandatory debt service requirements, are not deducted from the measure. 56 [Alcoa logo]

Days Working Capital Days Working Capital = Working Capital divided by (Sales/number of days in the quarter). (1) The deferred purchase price receivable relates to an arrangement to sell certain customer receivables to several financial institutions on a recurring basis. Alcoa is adding back this receivable for the purposes of the Days Working Capital calculation. (2) The Working Capital for each period presented represents an average quarter Working Capital, which reflects the capital tied up during a given quarter. As such, the components of Working Capital for each period presented represent the average of the ending balances in each of the three months during the respective quarter. (3) In the quarter ended March 31, 2015, Working Capital and Sales include $279 and $233, respectively, related to the acquisition of two aerospace businesses, Firth Rixson and TITAL. Excluding these amounts, Days Working Capital was 30 for the quarter ended March 31, 2015. 57 ($ in millions) Quarter ended 31-Mar-12 30-Jun-12 30-Sep-12 31-Dec-12 31-Mar-13 30-Jun-13 30-Sep-13 31-Dec-13 31-Mar-14 30-Jun-14 30-Sep-14 31-Dec-14 31-Mar-15 (3) Receivables from customers, less allowances $1,709 $1,650 $1,600 $1,573 $1,704 $1,483 $1,427 $1,383 $1,391 $1,401 $1,526 $1,513 $1,487 Add: Deferred purchase price receivable (1) 85 144 104 53 50 223 347 339 238 371 438 395 389 Receivables from customers, less allowances, as adjusted 1,794 1,794 1,704 1,626 1,754 1,706 1,774 1,722 1,629 1,772 1,964 1,908 1,876 Add: Inventories 3,079 3,097 3,051 2,894 2,961 2,949 2,932 2,783 2,974 3,201 3,194 3,064 3,189 Less: Accounts payable, trade 2,660 2,594 2,496 2,587 2,656 2,820 2,746 2,816 2,813 2,880 3,016 3,021 2,936 Working Capital (2) $2,213 $2,297 $2,259 $1,933 $2,059 $1,835 $1,960 $1,689 $1,790 $2,093 $2,142 $1,951 $2,129 Sales $6,006 $5,963 $5,833 $5,898 $5,833 $5,849 $5,765 $5,585 $5,454 $5,836 $6,239 $6,377 $5,819 Days Working Capital 34 35 36 30 32 29 31 28 30 33 32 28 33 [Alcoa logo]

Reconciliation of Net Debt Net debt is a non-GAAP financial measure. Management believes that this measure is meaningful to investors because management assesses Alcoa’s leverage position after factoring in available cash that could be used to repay outstanding debt. (in millions) December 31, March 31, 2010 2011 2012 2013 2014 2015 Short-term borrowings $92 $62 $53 $57 $54 $80 Commercial paper – 224 – – – – Long-term debt due within one year 231 445 465 655 29 26 Long-term debt, less amount due within one year 8,842 8,640 8,311 7,607 8,769 8,711 Total debt 9,165 9,371 8,829 8,319 8,852 8,817 Less: Cash and cash equivalents 1,543 1,939 1,861 1,437 1,877 1,191 Net debt $7,622 $7,432 $6,968 $6,882 $6,975 $7,626 58 [Alcoa logo]

Reconciliation of Debt-to-Adjusted EBITDA Ratio ($ in millions) 2010 2011 2012 2013 2014 1Q15* Net income (loss) attributable to Alcoa $254 $611 $191 $(2,285) $268 $641 Add: 138 194 (29) 41 (91) (12) Loss from discontinued operations 8 3 – – – – Provision for income taxes 148 255 162 428 320 623 Other expenses (income), net 5 (87) (341) (25) 47 10 Interest expense 494 524 490 453 473 475 Restructuring and other charges 207 281 172 782 1,168 884 Impairment of goodwill – – – 1,731 – – Provision for depreciation, depletion, and amortization 1,450 1,479 1,460 1,421 1,371 1,352 Adjusted EBITDA $2,704 $3,260 $2,105 $2,546 $3,556 $3,973 Total Debt $9,165 $9,371 $8,829 $8,319 $8,852 $8,817 Debt-to-Adjusted EBITDA Ratio 3.39 2.87 4.20 3.27 2.49 2.22 Alcoa’s definition of Adjusted EBITDA (Earnings before interest, taxes, depreciation, and amortization) is net margin plus an add-back for depreciation, depletion, and amortization. Net margin is equivalent to Sales minus the following items: Cost of goods sold; Selling, general administrative, and other expenses; Research and development expenses; and Provision for depreciation, depletion, and amortization. Adjusted EBITDA is a non-GAAP financial measure. Management believes that this measure is meaningful to investors because Adjusted EBITDA provides additional information with respect to Alcoa’s operating performance and the Company’s ability to meet its financial obligations. The Adjusted EBITDA presented may not be comparable to similarly titled measures of other companies. 59 * The calculation of Adjusted EBITDA for the quarter ended March 31, 2015 is based on the trailing twelve months. [Alcoa logo] Net income (loss) attributable to noncontrolling interests

Reconciliation of RTI Adjusted EBITDA ($ in thousands) 2014* Net income $31,093 Add: 608 Provision for income taxes 10,037 Interest expense 31,055 Interest income (310) Other income, net (2,156) Depreciation and amortization 44,877 Adjusted EBITDA $115,204 Net sales $793,579 Adjusted EBITDA Margin 14.5% 60 * The calculation of Adjusted EBITDA for RTI is based on Alcoa’s definition of Adjusted EBITDA (see below) and does not purport to be the manner in which RTI’s management would calculate RTI’s Adjusted EBITDA. Additionally, this calculation of Adjusted EBITDA is not intended to suggest that RTI’s management uses Adjusted EBITDA as a measure of RTI’s profitability. The amounts used in this calculation were obtained from RTI’s Annual Report on Form 10-K for the year ended December 31, 2014 filed with the U.S. Securities and Exchange Commission on February 26, 2015. Alcoa’s definition of Adjusted EBITDA (Earnings before interest, taxes, depreciation, and amortization) is net margin plus an add-back for depreciation, depletion, and amortization. Net margin is equivalent to Sales minus the following items: Cost of goods sold; Selling, general administrative, and other expenses; Research and development expenses; and Provision for depreciation, depletion, and amortization. Adjusted EBITDA is a non-GAAP financial measure. Management believes that this measure is meaningful to investors because Adjusted EBITDA provides additional information with respect to Alcoa’s operating performance and the Company’s ability to meet its financial obligations. The Adjusted EBITDA presented may not be comparable to similarly titled measures of other companies. Net loss attributable to discontinued operations [Alcoa logo]

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