<SEC-DOCUMENT>0001157523-16-006851.txt : 20161011
<SEC-HEADER>0001157523-16-006851.hdr.sgml : 20161011
<ACCEPTANCE-DATETIME>20161011082207
ACCESSION NUMBER:		0001157523-16-006851
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20161011
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20161011
DATE AS OF CHANGE:		20161011

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:		161929481

	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>a51436203.htm
<DESCRIPTION>ALCOA INC. 8-K
<TEXT>
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    <p style="text-align: center">
      <font style="font-size: 18pt; font-family: Times New Roman"><b>UNITED
      STATES</b></font><b><font style="font-size: 18pt; font-family: Times New Roman"><br style="font-family: Times New Roman; font-size: 18pt"></font><font style="font-size: 18pt; font-family: Times New Roman">SECURITIES
      AND EXCHANGE COMMISSION</font></b><br><font style="font-size: 10pt; font-family: Times New Roman"><b>Washington,
      D.C. 20549</b></font><br>
    </p>
    <hr style="color: #000000; text-align: center; height: 1.0 pt; width: 20%">


    <p style="text-align: center">

    </p>
    <p style="text-align: center">
      <font style="font-size: 18pt; font-family: Times New Roman"><b>FORM 8-K</b></font><br>
    </p>
    <p style="text-align: center">
      <br>
      <font style="font-size: 12pt; font-family: Times New Roman"><b>CURRENT
      REPORT</b></font><br><br><font style="font-size: 12pt; font-family: Times New Roman"><b>PURSUANT
      TO SECTION 13 OR 15(d) OF THE</b></font><br><font style="font-size: 12pt; font-family: Times New Roman"><b>SECURITIES
      EXCHANGE ACT OF 1934</b></font>
    </p>
    <p style="text-align: center">
      <font style="font-size: 10pt; font-family: Times New Roman"><b>Date of
      Report (Date of earliest event reported)</b></font><font style="font-size: 10pt; font-family: Times New Roman">:
      </font><font style="font-size: 10pt; font-family: Times New Roman"><b>October
      11, 2016 </b></font><font style="font-size: 10pt; font-family: Times New Roman">(</font><font style="font-size: 10pt; font-family: Times New Roman"><b>October
      11, 2016)</b></font><font style="font-size: 10pt; font-family: Times New Roman"><br style="font-family: Times New Roman; font-size: 10pt"></font><br>
    </p>
    <p style="text-align: center">
      <u><font style="font-size: 16pt; font-family: Times New Roman"><b>ALCOA
      INC.</b></font></u><br><font style="font-size: 10pt; font-family: Times New Roman">(Exact
      name of Registrant as specified in its charter)</font><br>
    </p>
    <p style="text-align: center">
      <br>

    </p>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 10pt; width: 100%; font-family: Times New Roman; margin-bottom: 10.0px">
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; width: 33%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>Pennsylvania</b></u>
          </p>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: center; width: 34%; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>1-3610</b></u>
          </p>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: center; width: 33%; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>25-0317820</b></u>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; width: 33%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-family: Times New Roman; font-size: 8pt">(State
            or Other Jurisdiction</font>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-family: Times New Roman; font-size: 8pt">of
            Incorporation)</font>
          </p>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; width: 34%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-family: Times New Roman; font-size: 8pt">(Commission</font>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-family: Times New Roman; font-size: 8pt">File
            Number</font><font style="font-family: Times New Roman; font-size: 8pt"><b>)</b></font>
          </p>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; width: 33%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-family: Times New Roman; font-size: 8pt">(I.R.S.
            Employer</font>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-family: Times New Roman; font-size: 8pt">Identification
            Number</font>)
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>
      <br>

    </p>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 10pt; font-family: Times New Roman; width: 100%; margin-bottom: 10.0px">
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; width: 50%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><font style="font-size: 10pt"><b>390 Park Avenue, New York, New
            York</b></font></u>
          </p>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: center; width: 50%; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><font style="font-size: 10pt"><b>10022-4608</b></font></u>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; width: 50%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-family: Times New Roman; font-size: 8pt">(Address
            of Principal Executive Offices)</font>
          </p>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; width: 50%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-family: Times New Roman; font-size: 8pt">(Zip
            Code)</font>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>
      <br>

    </p>
    <div style="text-align:center">
    <table cellspacing="0" style="margin-left:auto;margin-right:auto; font-size: 10pt; font-family: Times New Roman; width: 50%; margin-bottom: 10.0px">
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 49%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Office of Investor Relations</b>
          </p>
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 2%">
          &#160;
        </td>
        <td valign="top" style="white-space: nowrap; padding-left: 0.0px; text-align: right; width: 49%; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>212-836-2674</b>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; text-align: left; border-bottom-color: black; width: 49%; border-bottom-width: 1.0pt">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Office of the Secretary</b>
          </p>
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; text-align: left; border-bottom-color: black; width: 2%; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; width: 49%; border-bottom-width: 1.0pt; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>212-836-2732</b>
          </p>
        </td>
      </tr>
      <tr>
        <td colspan="3" valign="top" style="padding-left: 0.0px; text-align: center">
          <p style="font-size: 10pt">
            <font style="font-family: Times New Roman; font-size: 8pt">(Registrant&#8217;s
            telephone number, including area code)</font>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">

    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 8pt"><b>(Former
      Name or Former Address, if Changed Since Last Report)</b></font>
    </p>
    <hr style="height: 1.0 pt; text-align: center; color: #000000; width: 20%">


    <p style="text-align: center">
      <br>

    </p>
    <p>
      <font style="font-family: Times New Roman; font-size: 10pt">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:</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Soliciting
      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Pre-commencement
      communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
      240.14d-2(b))</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Pre-commencement
      communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c))</font>
    </p>
    <div style="text-indent: 0pt; width: 100%; margin-bottom: 10pt; margin-right: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>

    </p>
    <p style="white-space: nowrap">
      <b>Item 2.02&#160;&#160;Results of Operations and Financial Condition.</b>
    </p>
    <p style="font-size: 10pt; text-indent: 30.0px">
      On October 11, 2016, Alcoa Inc. issued a press release announcing its
      financial results for the third quarter of 2016.&#160;&#160;A copy of the press
      release is attached hereto as Exhibit 99.1 and incorporated herein by
      reference.
    </p>
    <p style="font-size: 10pt; text-indent: 30.0px">
      The information in this Current Report on Form 8-K, including Exhibit
      99.1, is being furnished in accordance with the provisions of General
      Instruction B.2 of Form 8-K.
    </p>
    <p style="white-space: nowrap">
      <b>Item 9.01&#160;&#160;Financial Statements and Exhibits.</b>
    </p>
    <p style="white-space: nowrap">
      (d) &#160;&#160;&#160;&#160;&#160;&#160;&#160;Exhibits.
    </p>
    <p style="white-space: nowrap">
      &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The following is furnished as an exhibit to this report:
    </p>
    <p style="white-space: nowrap">
      &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;99.1&#160;&#160;&#160;&#160;&#160;&#160;Alcoa Inc. press release dated October 11, 2016.
    </p>
    <p style="white-space: nowrap; text-indent: 30.0px">

    </p>
    <div style="text-indent: 0pt; width: 100%; margin-bottom: 10pt; margin-right: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center; font-size: 10pt; font-family: Times New Roman">
          2
        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>

    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 10pt"><b>SIGNATURES</b></font>
    </p>
    <p style="font-size: 10pt; text-indent: 30.0px">
      <font style="font-family: Times New Roman; font-size: 10pt">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.</font>
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 10pt; font-family: Times New Roman; width: 100%; margin-bottom: 10.0px">
      <tr>
        <td style="width: 6%">

        </td>
        <td style="width: 44%">

        </td>
        <td colspan="3" valign="top" style="padding-left: 0.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            ALCOA&#160;INC.
          </p>
        </td>
        <td style="width: 23%">

        </td>
      </tr>
      <tr>
        <td style="width: 6%">

        </td>
        <td style="width: 44%">

        </td>
        <td style="width: 6%">

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 3%">
          &#160;
        </td>
        <td style="width: 18%">

        </td>
        <td style="width: 23%">

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 6%; padding-bottom: 2.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 44%; padding-bottom: 2.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 6%; padding-bottom: 2.0px">
          By:
        </td>
        <td style="width: 3%">

        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; text-align: left; border-bottom-color: black; width: 18%; border-bottom-width: 1.0pt">
          <p style="margin-top: 0px; margin-bottom: 0px">
            /s/ Audrey Strauss
          </p>
        </td>
        <td style="width: 23%">

        </td>
      </tr>
      <tr>
        <td style="width: 6%">

        </td>
        <td style="width: 44%">

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 6%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Name:
          </p>
        </td>
        <td style="width: 3%">

        </td>
        <td colspan="2" valign="top" style="padding-left: 0.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Audrey Strauss
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 6%">

        </td>
        <td style="width: 44%">

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 6%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Title:
          </p>
        </td>
        <td style="width: 3%">

        </td>
        <td colspan="2" valign="top" style="padding-left: 0.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Executive Vice President, Chief Legal Officer<br>and Secretary
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 6%">

        </td>
        <td style="width: 44%">

        </td>
        <td style="width: 6%">

        </td>
        <td style="width: 3%">

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 18%">

        </td>
        <td style="width: 23%">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 6%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Date:
          </p>
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 44%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            October 11, 2016
          </p>
        </td>
        <td style="width: 6%">

        </td>
        <td style="width: 3%">

        </td>
        <td style="width: 18%">

        </td>
        <td style="width: 23%">

        </td>
      </tr>
    </table>
    </div>
    <div style="text-indent: 0pt; width: 100%; margin-bottom: 10pt; margin-right: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center; font-size: 10pt; font-family: Times New Roman">
          3
        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>

    </p>
    <p style="text-align: center">
      <b>EXHIBIT&#160;INDEX</b>
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 10pt; font-family: Times New Roman; width: 100%; margin-bottom: 10.0px">
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 15%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>Exhibit No.</b></u>
          </p>
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 85%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>Description</b></u>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 15%">

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 85%">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="white-space: nowrap; padding-left: 0.0px; text-align: left; width: 15%; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            99.1
          </p>
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 85%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Alcoa Inc. press release dated October 11, 2016.
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <p style="text-align: center">
      4
    </p>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a51436203ex99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>
  <head>
    <title></title>
<!--Copyright 2016 Business Wire, a Berkshire Hathaway company.-->
<!--All rights reserved www.businesswire.com-->
  </head>
  <body style="font-family: Times New Roman; font-size: 8pt">
    <p style="text-align: right">
      <font style="font-size: 8pt"><b>Exhibit 99.1</b></font>
    </p>
    <p style="text-align: center">
      <font style="font-size: 8pt; font-family: Times New Roman"><b>Alcoa
      Reports Third Quarter 2016 Results</b></font>
    </p>
    <p style="text-align: center">
      <i><font style="font-size: 8pt; font-family: Times New Roman">Combined
      Arconic Segments Report Stronger Profit Year over Year</font></i>
    </p>
    <p style="text-align: center">
      <i><font style="font-size: 8pt; font-family: Times New Roman">Combined
      Alcoa Corporation Segments Profitable Despite Market Headwinds</font></i>
    </p>
    <p style="text-align: center">
      <i><font style="font-size: 8pt; font-family: Times New Roman">Company&#8217;s
      Separation Scheduled to Become Effective</font></i><font style="font-size: 8pt; font-family: Times New Roman"><br style="font-family: Times New Roman; font-size: 8pt"></font><i><font style="font-size: 8pt; font-family: Times New Roman">
      before Market Open on November 1</font></i>
    </p>
    <p>
      <font style="font-size: 8pt; font-family: Times New Roman"><b>3Q 2016
      Consolidated Highlights</b></font>
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        <font style="font-size: 8pt; font-family: Times New Roman">Alcoa
        completed a 1-for-3 reverse stock split of its common stock; per share
        amounts in this announcement reflect the reverse stock split</font>
      </li>
      <li style="margin-bottom: 10.0px">
        <font style="font-size: 8pt; font-family: Times New Roman">Net income
        of $166 million, or $0.33 per share; excluding special items, adjusted
        net income of $161 million, or $0.32 per share</font>
      </li>
      <li style="margin-bottom: 10.0px">
        <font style="font-size: 8pt; font-family: Times New Roman">Revenue of
        $5.2 billion, down 6 percent year over year, largely due to the impact
        of curtailed and closed operations, lower alumina pricing as well as
        other pricing pressures</font>
      </li>
      <li style="margin-bottom: 10.0px">
        <font style="font-size: 8pt; font-family: Times New Roman">Sales of
        non-essential assets expected to total $1.2 billion during 2016; $935
        million received year-to-date, strengthening the balance sheet</font>
      </li>
      <li style="margin-bottom: 10.0px">
        <font style="font-size: 8pt; font-family: Times New Roman">$1.9
        billion cash on hand</font>
      </li>
      <li style="margin-bottom: 10.0px">
        <font style="font-size: 8pt; font-family: Times New Roman">Strong
        productivity gains of $377 million, year over year, across all segments</font>
      </li>
    </ul>
    <p>
      <font style="font-size: 8pt; font-family: Times New Roman"><b>Overview
      of Arconic and Alcoa Corporation Segments</b></font><b><sup><font style="font-size: 8pt; font-family: Times New Roman">1</font></sup><font style="font-size: 8pt; font-family: Times New Roman">:</font></b>
    </p>
    <p>
      <font style="font-size: 8pt; font-family: Times New Roman"><b>3Q 2016
      Arconic Segments</b></font>
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        <font style="font-size: 8pt; font-family: Times New Roman">Revenue of
        $3.4 billion, down 1 percent year over year</font>

        <ul>
          <li style="margin-bottom: 10.0px">
            <font style="font-size: 8pt; font-family: Times New Roman">Reflects
            customer adjustments to delivery schedules in the aerospace
            industry, softness in the North America commercial transportation
            and pricing pressures, partially offset by strong North America
            automotive volume</font>
          </li>
        </ul>
      </li>
      <li style="margin-bottom: 10.0px">
        <font style="font-size: 8pt; font-family: Times New Roman">After-tax
        Operating Income (ATOI) of $267 million, up 4 percent year over year</font>

        <ul>
          <li style="margin-bottom: 10.0px">
            <font style="font-size: 8pt; font-family: Times New Roman">Global
            Rolled Products: $58 million of ATOI, up 23 percent excluding the
            $18 million impact of transforming the Warrick rolling mill into a
            cold metal plant; record quarter for automotive sheet shipments,
            up 49 percent year over year</font>
          </li>
          <li style="margin-bottom: 10.0px">
            <font style="font-size: 8pt; font-family: Times New Roman">Engineered
            Products and Solutions: record third quarter ATOI of $162 million,
            up 7 percent year over year</font>
          </li>
          <li style="margin-bottom: 10.0px">
            <font style="font-size: 8pt; font-family: Times New Roman">Transportation
            and Construction Solutions: $47 million of ATOI, up 7 percent year
            over year</font>
          </li>
        </ul>
      </li>
      <li style="margin-bottom: 10.0px">
        <font style="font-size: 8pt; font-family: Times New Roman">Achieved
        $187 million in productivity savings; $547 million year-to-date, on
        track to deliver $650 million in 2016</font>
      </li>
      <li style="margin-bottom: 10.0px">
        <font style="font-size: 8pt; font-family: Times New Roman">Adjusted
        segment targets for 2016 to reflect near-term industry challenges</font>
      </li>
    </ul>
    <p>
      <font style="font-size: 8pt; font-family: Times New Roman"><b>3Q 2016
      Alcoa Corporation Segments</b></font>
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        <font style="font-size: 8pt; font-family: Times New Roman">Total
        revenue of $2.3 billion, flat sequentially, reflecting continued low
        alumina prices and the impact of curtailed and closed operations</font>
      </li>
      <li style="margin-bottom: 10.0px">
        <font style="font-size: 8pt; font-family: Times New Roman">Third-party
        revenue of $1.8 billion, up 1 percent sequentially</font>
      </li>
      <li style="margin-bottom: 10.0px">
        <font style="font-size: 8pt; font-family: Times New Roman">ATOI of
        $128 million, down 15 percent sequentially, improved metal price more
        than offset by lower alumina pricing and unfavorable currency impacts</font>
      </li>
      <li style="margin-bottom: 10.0px">
        <font style="font-size: 8pt; font-family: Times New Roman">New
        third-party bauxite contracts valued at $53 million over the next two
        years; $468 million in third-party bauxite contracts year-to-date in
        2016</font>
      </li>
      <li style="margin-bottom: 10.0px">
        <font style="font-size: 8pt; font-family: Times New Roman">Met or
        exceeded three-year cost curve targets:</font>

        <ul>
          <li style="margin-bottom: 10.0px">
            <font style="font-size: 8pt; font-family: Times New Roman">Alumina:
            17th percentile, 4 points better than target, 13-point improvement
            from 2010</font>
          </li>
          <li style="margin-bottom: 10.0px">
            <font style="font-size: 8pt; font-family: Times New Roman">Aluminum:
            38th percentile, 13-point improvement from 2010</font>
          </li>
        </ul>
      </li>
      <li style="margin-bottom: 10.0px">
        <font style="font-size: 8pt; font-family: Times New Roman">Achieved
        $190 million in productivity savings ($569 million year-to-date),
        surpassing the $550 million 2016 target</font>
      </li>
    </ul>
    <p>
      <font style="font-size: 8pt; font-family: Times New Roman"><b>________________________________________________________________________________</b></font>
    </p>
    <p>
      <sup><font style="font-size: 8pt; font-family: Times New Roman"><b>1</b></font></sup><b><font style="font-size: 8pt; font-family: Times New Roman">
      </font></b><i><font style="font-size: 7pt; font-family: Times New Roman">The
      Arconic segments described in this release consist of Alcoa&#8217;s existing
      Value-Add segments: Global Rolled Products, Engineered Products and
      Solutions, and Transportation and Construction Solutions. The Alcoa
      Corporation segments described herein consist of the existing Upstream
      segments: Alumina and Primary Metals. Until the separation is effected,
      financial information about the future Arconic and Alcoa Corporation
      companies herein relates solely to the Value-Add and Upstream segments,
      respectively, and does not include any of the corporate-related items
      that are currently presented in Alcoa&#8217;s Reconciliation of Total Segment
      ATOI to Consolidated Net Income. Following the separation, the rolling
      mill operations in Warrick, IN and Saudi Arabia (which are currently in
      the Global Rolled Products segment) will belong to Alcoa Corporation.</font></i>
    </p>
    <p>
      <font style="font-size: 12pt; font-family: Times New Roman"><b>________________________________________________________________________________</b></font>
    </p>
    <p>

    </p>
    <p>
      NEW YORK--(BUSINESS WIRE)--October 11, 2016--Lightweight metals leader
      Alcoa (NYSE:AA) today reported third quarter 2016 results. In spite of
      near-term market challenges, Arconic segments reported combined
      year-over-year profit growth, and Alcoa Corporation segments, Alumina
      and Primary Metals, maintained profitability sequentially despite
      continued low alumina and aluminum pricing by proactively managing costs
      and capacity. The Company&#8217;s separation is scheduled to become effective
      before the opening of the market on November 1, 2016.
    </p>
    <p>
      &#8221;Alcoa steered steady and showed resilience in spite of near-term market
      challenges,&#8221; said Klaus Kleinfeld, Alcoa Chairman and Chief Executive
      Officer. &#8220;Profits grew in the combined Arconic segments, and Alcoa
      Corporation segments managed successfully to stay profitable in a low
      pricing environment. Productivity across the portfolio was exceptional,
      and paired with non-essential asset sales, further strengthened our cash
      position. Arconic&#8217;s results underline its strong position in higher
      margin markets where innovation, technology, process skills and cost
      focus pay off even under demanding circumstances, whereas Alcoa
      Corporation proved to be successful in spite of challenging market
      conditions. The strength of both future companies is the result of our
      multi-year strategy and allows us to launch two strong, independent
      entities.&#8221;
    </p>
    <p>
      Kleinfeld continued, &#8220;Alcoa Corporation segments have met or exceeded
      their respective 2016 global cost curve goals. The aluminum business now
      sits at the 38th percentile &#8211; from the 51st percentile in 2010, 43rd in
      2013 - and the alumina business has moved down to the 17th percentile &#8211;
      from the 30th percentile in 2010, 27th in 2013. The Arconic segments are
      adjusting their targets to reflect current economic realities in their
      relevant industries. Looking ahead, fundamentals in key markets remain
      very solid; commercial aerospace demand is strong with an order book in
      excess of nine years and the aluminization in automotive continues. We
      are well positioned to further increase our market position and
      profitably grow.&#8221;
    </p>
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    </div>
    <p>
      Alcoa reported third quarter 2016 net income of $166 million, or $0.33
      per share, including a net $5 million in income related to special items
      primarily associated with the sale of non-essential land offset by
      separation costs and associated tax impacts. Year over year, third
      quarter 2016 results compare to net income of $44 million, or $0.06 per
      share in the third quarter of 2015.
    </p>
    <p>
      Excluding the impact of special items, third quarter 2016 net income was
      $161 million, or $0.32 per share. Year over year, all segments
      contributed a combined $246 million (after-tax) in productivity gains,
      partially offset by lower alumina pricing, cost increases, unfavorable
      price and product mix, and unfavorable currency impacts. In third
      quarter 2015, Alcoa reported net income excluding special items of $109
      million, or $0.21 per share.
    </p>
    <p>
      The third quarter effective tax rate of 44 percent was affected by
      special items during the quarter, including certain non-deductible
      expenses related to the separation and tax costs associated with the
      previously-completed sale of the company-owned life insurance policies.
      Excluding the impact of all special items, the quarterly tax rate on
      operating results was 30 percent.
    </p>
    <p>
      Year over year, the impact of curtailed and closed operations, lower
      alumina pricing and an unfavorable price and product mix resulted in
      third quarter 2016 revenue of $5.2 billion, down 6 percent year over
      year from $5.6 billion in the third quarter of 2015.
    </p>
    <p>
      <b>Asset Sales</b>
    </p>
    <p>
      In the third quarter, Alcoa completed the sale of the Intalco smelter
      wharf and other excess property, in the state of Washington, for $120
      million.
    </p>
    <p>
      In the fourth quarter of 2016, the Company expects other potential asset
      sales of approximately $250 million. Gross proceeds from Company asset
      sales completed in 2016 are expected to total approximately $1.2 billion.
    </p>
    <p>
      <b>Cash Flows</b>
    </p>
    <p>
      Alcoa ended third quarter 2016 with cash on hand of $1.9 billion. Cash
      from operations was $306 million;&#160;free cash flow for the quarter was $31
      million. Cash used for financing activities totaled $154 million in the
      third quarter; cash used for investing activities was $220 million.
    </p>
    <p>
      <b>Market Update</b>
    </p>
    <p>
      <i>Aerospace</i>
    </p>
    <p>
      The global aerospace market continues to undergo a transition as new
      aero engine launches accelerate demand, outpacing near-term demand for
      airframe components, which is being partially absorbed through
      de-stocking. As a result, Alcoa forecasts full-year 2016 aircraft
      deliveries to be flat to up 3 percent. Strong market fundamentals
      continue to drive long- term demand.
    </p>
    <p>
      <i>Automotive</i>
    </p>
    <p>
      Alcoa continues to forecast global automotive production growth of 1 to
      4 percent in 2016, unchanged from the prior quarter. This includes 1 to
      2 percent growth in North America, where overall sales are up slightly,
      and a strengthening outlook in China.
    </p>
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    </div>
    <p>
      <i>Commercial Transportation</i>
    </p>
    <p>
      Growth in the heavy duty truck, trailer and bus market in Europe and
      China is expected to be mostly offset by continued production declines
      in North America, setting the global production outlook at flat to 2
      percent growth in 2016. This marks an improvement over the negative 4 to
      negative 1 percent forecast in the second quarter of 2016.
    </p>
    <p>
      <i>Packaging, Building &amp; Construction</i>
    </p>
    <p>
      The 2016 global packaging market is projected to be up slightly for the
      year, with growth of 2 to 3 percent, up slightly from the prior
      quarter&#8217;s forecast of 1 to 3 percent. The global building and
      construction market is projected to grow 4 to 6 percent in 2016,
      unchanged from the second quarter.
    </p>
    <p>
      <i>Industrial Gas Turbines</i>
    </p>
    <p>
      Low natural gas prices in North America and the adoption of new,
      high-efficiency industrial gas turbine models continue to drive orders
      for both heavy-duty gas turbines and spare parts. Alcoa projects global
      airfoil market growth to be 2 to 4 percent for 2016, unchanged from the
      prior quarter.
    </p>
    <p>
      <i>Alumina &amp; Aluminum</i>
    </p>
    <p>
      For 2016, Alcoa projects a global alumina deficit of 1.6 million metric
      tons. The Company also continues to project a global aluminum deficit of
      615 thousand metric tons in 2016 as 5 percent global aluminum demand
      growth surpasses 3 percent global aluminum supply growth.
    </p>
    <p>
      <b>Arconic Overview</b>
    </p>
    <p>
      After the Company&#8217;s separation, the innovation and technology-driven
      Arconic will include Global Rolled Products (other than the rolling mill
      operations in Warrick, Indiana, and Saudi Arabia, which will move to
      Alcoa Corporation), Engineered Products and Solutions and Transportation
      and Construction Solutions. In third quarter 2016, these Arconic
      segments reported combined revenue of $3.4 billion, ATOI of $267 million
      and adjusted EBITDA of $517 million.
    </p>
    <p>
      ATOI and adjusted EBITDA increased 4 percent and 2 percent,
      respectively, year over year. The combined Arconic segments also
      generated $187 million in productivity as part of their business
      improvement programs, announced in the first quarter of 2016. Arconic
      segments are on track to deliver $650 million productivity savings in
      2016.
    </p>
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    </div>
    <p>
      <b>Arconic Segments Target Update<sup>2</sup></b>
    </p>
    <p>
      Alcoa is providing new full-year 2016 goals to reflect near-term
      industry challenges and foreign exchange impacts. In aerospace, this
      includes an unprecedented industry ramp-up to new platforms, destocking
      and supply chain optimization in airframes.
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        Global Rolled Products targets revenue of $4.8 billion to $5.0 billion
        for full year 2016. This is revised from $5.0 billion to $5.2 billion
        for full year 2016, a target adjusted from the earlier $6.0 billion to
        $6.2 billion to reflect the transfer of the rolling mill in Warrick,
        Indiana, to the future Alcoa Corporation; the impact of a tolling
        arrangement between Alcoa Corporation and Arconic for can body sheet
        at Tennessee Operations; and the updated impact for changes in both
        the London Metal Exchange aluminum price and foreign currency exchange
        rate assumptions versus 2013. The goal for adjusted EBITDA per metric
        ton remains unchanged at or above average historical highs of $344.
      </li>
      <li style="margin-bottom: 10.0px">
        Engineered Products and Solutions targets revenue of $5.6 billion to
        $5.8 billion for full year 2016, revised from $5.9 billion to $6.1
        billion, and an adjusted EBITDA margin of approximately 21 percent,
        revised from 21 to 22 percent.
      </li>
      <li style="margin-bottom: 10.0px">
        Transportation and Construction Solutions targets revenue of $1.7
        billion to $1.8 billion, revised from $2.1 billion, and an adjusted
        EBITDA margin of approximately 15 percent, which remains unchanged.
      </li>
    </ul>
    <p>
      _______________________________________
    </p>
    <p>
      <sup><i>2</i></sup><i> With respect to the information under &#8220;Arconic
      Segments Target Update&#8221;, no reconciliation of the forecasted range for
      adjusted EBITDA per metric ton or adjusted EBITDA margin on a segment
      basis for fiscal 2016 to the most directly comparable financial measures
      prepared in accordance with accounting principles generally accepted in
      the United States of America (GAAP) is included in this release because
      we are unable to quantify certain amounts that would be required to be
      included in the GAAP measure without unreasonable efforts and we believe
      such reconciliations would imply a degree of precision that would be
      confusing or misleading to investors. In particular, reconciliation of
      guidance for adjusted EBITDA per metric ton and adjusted EBITDA margin
      to the most directly comparable GAAP measure is not available without
      unreasonable efforts on a forward-looking basis due to the variability
      and complexity with respect to the charges and other components excluded
      from these non-GAAP measures, such as the effects of the Warrick cold
      metal plan, foreign currency movements, equity income, gains or losses
      on sales of assets, and taxes. These reconciling items are in addition
      to the inherent variability already included in the GAAP measure which
      includes, but is not limited to, price/mix, volume, and the impact of
      the impending separation of Alcoa Inc.<br>______________________________________</i>_
    </p>
    <p>
      <b>Alcoa Corporation Overview</b>
    </p>
    <p>
      Following the Company&#8217;s separation, Alcoa Corporation will comprise
      Bauxite, Alumina, Aluminum, Cast Products, and Energy &#8211; today&#8217;s Alumina
      and Primary Metals segments &#8211; as well as the rolling mill operations in
      Warrick, Indiana, and Saudi Arabia currently part of the Global Rolled
      Products segment. In third quarter 2016, the Alumina and Primary Metals
      segments reported revenue of $2.3 billion, ATOI of $128 million and
      adjusted EBITDA of $318 million.
    </p>
    <p>
      In the third quarter, Alcoa Corporation continued to successfully build
      its third-party bauxite business. Alcoa World Alumina and Chemicals
      (AWAC) signed new third-party bauxite contracts valued at $53 million
      over the next two years for a total of $468 million year-to-date in
      2016. The new contracts, which will triple Alcoa Corporation&#8217;s
      third-party bauxite sales in 2016 from 2015, serve customers in China,
      the United States, Europe and Brazil. AWAC is an unincorporated joint
      venture that consists of a group of companies, which are owned 60
      percent by Alcoa and 40 percent by Alumina Limited of Australia.
    </p>
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    <p>
      In addition, these segments generated $190 million in productivity in
      the third quarter ($569 million year-to-date) as part of their business
      improvement programs, and have together surpassed their $550 million
      2016 target.
    </p>
    <p>
      In the third quarter, Alcoa also reported that it had exceeded its
      three-year 2016 target of moving down the global alumina cost curve. It
      also achieved its global aluminum cost curve target.
    </p>
    <p>
      The Company now occupies the 17<sup>th</sup> percentile on the global
      alumina cost curve, 4 points better than target, and a 13-point
      improvement from the 30<sup>th </sup>percentile in 2010. Alcoa has also
      met its goal of moving to the 38<sup>th</sup> percentile on the global
      aluminum cost curve, a 13-point improvement from the 51<sup>st</sup>
      percentile in 2010.
    </p>
    <p>
      <b>Segment Information</b>
    </p>
    <p>
      <b>Global Rolled Products</b>
    </p>
    <p>
      In the third quarter, Global Rolled Products reported ATOI of $58
      million, compared to $62 million in the third quarter of 2015. Excluding
      the $18 million impact of transforming the Warrick rolling mill into a
      cold metal plant, the year-over-year change reflected a $14 million
      improvement, up 23 percent. Strong productivity and higher volumes in
      automotive more than offset cost increases, unfavorable product mix
      across most market sectors and pricing pressure in global can sheet
      packaging. Global Rolled Products continues to grow its automotive
      business and had a record quarter for automotive sheet shipments, up 49
      percent year over year.
    </p>
    <p>
      <b>Engineered Products and Solutions</b>
    </p>
    <p>
      In the third quarter, this segment reported revenue of $1.4 billion and
      ATOI of $162 million. Year over year, revenue was up 1 percent driven by
      the RTI acquisition. ATOI was up $11 million, or 7 percent, year over
      year as productivity improvements in all business units and the positive
      contribution from the RTI acquisition were mostly offset by unfavorable
      price and product mix, cost headwinds and investments in growth projects.
    </p>
    <p>
      <b>Transportation and Construction Solutions</b>
    </p>
    <p>
      In the third quarter, Transportation and Construction Solutions
      delivered ATOI of $47 million, up 7 percent year-over-year. Results were
      driven by strong productivity, mostly offset by cost increases and lower
      volume. Growth in this segment&#8217;s building and construction business was
      more than offset by the performance of its commercial transportation
      business, which continued to feel the impact of softness in the North
      America heavy duty truck market.
    </p>
    <p>
      <b>Alumina</b>
    </p>
    <p>
      This<b> </b>segment generated ATOI of $72 million in the third quarter,
      a decrease of $37 million from $109 million in the second quarter of
      2016. This change was primarily driven by a 6 percent decrease in the
      Alumina Price Index (API) and the unfavorable impact of foreign
      currency, which were somewhat offset by an increase in third-party
      alumina shipments and better price and mix.
    </p>
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    </div>
    <p>
      <b>Primary Metals</b>
    </p>
    <p>
      ATOI in the third quarter was $56 million, a $15 million sequential
      improvement from $41 million in the second quarter of 2016. This
      improvement was primarily due to cost reductions and higher metal
      prices, partially offset by higher costs for alumina.
    </p>
    <p>
      <b>Separation Update</b>
    </p>
    <p>
      The Pension Benefit Guaranty Corporation has approved management&#8217;s plan
      to separate the Alcoa Inc. pension plans between the future Arconic Inc.
      and Alcoa Corporation. The agreement stipulates that Arconic will make
      cash contributions over a period of 30 months to its two largest pension
      funds. Payments are expected to be made in three increments of no less
      than $50 million each over this 30-month period, with the first payment
      due no later than six months after the separation of the Company.
    </p>
    <p>
      In September 2016, Alcoa Nederland Holding B.V., a wholly-owned
      subsidiary of Alcoa Corporation, which is currently a wholly-owned
      subsidiary of the Company, closed its offering of $750,000,000 aggregate
      principal amount of 6.75% senior notes due 2024 and $500,000,000
      aggregate principal amount of 7.00% senior notes due 2026. Alcoa
      Corporation intends to use the proceeds from the offering to make a
      payment to Arconic to fund the transfer of certain assets and for
      general corporate purposes. The net proceeds from the offering will be
      held in escrow until the completion of the separation and the
      satisfaction of certain other escrow release conditions.
    </p>
    <p>
      Alcoa received an Internal Revenue Service Private Letter Ruling to the
      effect that Arconic&#8217;s retention of a 19.9 percent ownership stake in
      Alcoa Corporation will not affect the tax-free status of the separation.
    </p>
    <p>
      Also in September, Alcoa Inc. named the members of the Boards of
      Directors for the future Arconic Inc. and Alcoa Corporation. The new
      boards will assume their responsibilities upon completion of the
      Company&#8217;s separation. The Company announced that Michael Morris will
      serve as Chairman of Alcoa Corporation.
    </p>
    <p>
      The Company&#8217;s separation is scheduled to become effective before the
      opening of the market on November 1, 2016. The separation remains
      subject to the satisfaction of certain conditions and may change if
      certain conditions are not satisfied by that date, as described in Alcoa
      Upstream Corporation&#8217;s preliminary information statement filed with the
      Form 10.
    </p>
    <p>
      <b>Alcoa will hold its quarterly conference call at 8:30 AM Eastern
      Daylight Time on October 11, 2016 to present quarterly results. The
      meeting will be webcast via alcoa.com. Call information and related
      details are available at <u>www.alcoa.com</u> under &#8220;Invest.&#8221;
      Presentation materials used during this meeting will be available for
      viewing at approximately 7:30 AM EDT at <u>www.alcoa.com</u>.</b>
    </p>
    <p>
      <b>Dissemination of Company Information</b>
    </p>
    <p>
      Alcoa intends to make future announcements regarding Company
      developments and financial performance through its website at <u>www.alcoa.com</u>.
    </p>
    <p>
      <b>About Alcoa</b>
    </p>
    <p>
      A global leader in lightweight metals technology, engineering and
      manufacturing, Alcoa innovates multi-material solutions that advance our
      world. Our technologies enhance transportation, from automotive and
      commercial transport to air and space travel, and improve industrial and
      consumer electronics products. We enable smart buildings, sustainable
      food and beverage packaging, high-performance defense vehicles across
      air, land and sea, deeper oil and gas drilling and more efficient power
      generation. We pioneered the aluminum industry over 125 years ago, and
      today, our approximately 57,000 people in 30 countries deliver value-add
      products made of titanium, nickel and aluminum, and produce
      best-in-class bauxite, alumina and primary aluminum products. For more
      information, visit <u>www.alcoa.com</u>, follow @Alcoa on Twitter at <u>www.twitter.com/Alcoa</u>
      and follow us on Facebook at <u>www.facebook.com/Alcoa</u>.
    </p>
    <div style="text-indent: 0pt; width: 100%; margin-bottom: 10pt; margin-right: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center; font-size: 8pt; font-family: Times New Roman">
          6
        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      We have included the above website addresses only as inactive textual
      references and do not intend these to be active links to such websites.
      Information contained on such websites or that can be accessed through
      such websites does not constitute a part of this press release.
    </p>
    <p>
      <b>Forward-Looking Statements</b>
    </p>
    <p>
      This release 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
      &#8220;anticipates,&#8221; &#8220;believes,&#8221; &#8220;could,&#8221; &#8220;estimates,&#8221; &#8220;expects,&#8221; &#8220;forecasts,&#8221;
      &#8220;goal,&#8221; &#8220;intends,&#8221; &#8220;may,&#8221; &#8220;outlook,&#8221; &#8220;plans,&#8221; &#8220;projects,&#8221; &#8220;seeks,&#8221;
      &#8220;sees,&#8221; &#8220;should,&#8221; &#8220;targets,&#8221; &#8220;will,&#8221; &#8220;would,&#8221; or other words of similar
      meaning. All statements that reflect Alcoa&#8217;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, supply/demand
      balances, and growth of the aerospace, automotive, and other end
      markets; statements regarding targeted financial results or operating
      performance; statements about Alcoa&#8217;s strategies, outlook, business and
      financial prospects; and statements regarding the separation
      transaction. Forward-looking statements are not guarantees of future
      performance and are subject to risks, uncertainties, and changes in
      circumstances that are difficult to predict. Although Alcoa believes
      that the expectations reflected in any forward-looking statements are
      based on reasonable assumptions, it can give no assurance that these
      expectations will be attained and it is possible that actual results may
      differ materially from those indicated by these forward-looking
      statements due to a variety of risks and uncertainties. Such risks and
      uncertainties include, but are not limited to: (a) uncertainties as to
      the timing of the separation and whether it will be completed; (b) the
      possibility that various closing conditions for the separation may not
      be satisfied; (c) the impact of the separation on the businesses of
      Alcoa; (d) the risk that the businesses will not be separated
      successfully or such separation may be more difficult, time-consuming or
      costly than expected, which could result in additional demands on
      Alcoa&#8217;s resources, systems, procedures and controls, disruption of its
      ongoing business and diversion of management&#8217;s attention from other
      business concerns; (e) 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; (f)
      deterioration in global economic and financial market conditions
      generally; (g) unfavorable changes in the markets served by Alcoa; (h)
      the impact of changes in foreign currency exchange rates on costs and
      results; (i) increases in energy costs; (j) the 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 anticipated from restructuring programs
      and productivity improvement, cash sustainability, technology
      advancements (including, without limitation, advanced aluminum alloys,
      Alcoa Micromill, and other materials and processes), and other
      initiatives; (k) Alcoa&#8217;s inability to realize expected benefits, in each
      case as planned and by targeted completion dates, from acquisitions,
      divestitures, facility closures, curtailments, or expansions, or joint
      ventures; (l) political, economic, and regulatory risks in the countries
      in which Alcoa operates or sells products; (m) the outcome of
      contingencies, including legal proceedings, government or regulatory
      investigations, and environmental remediation; (n) the impact of cyber
      attacks and potential information technology or data security breaches;
      and (o) the other risk factors discussed in Alcoa&#8217;s Form 10-K for the
      year ended December 31, 2015, and other reports filed with the U.S.
      Securities and Exchange Commission (SEC). Alcoa disclaims any obligation
      to update publicly any forward-looking statements, whether in response
      to new information, future events or otherwise, except as required by
      applicable law. Market projections are subject to the risks discussed
      above and other risks in the market.
    </p>
    <div style="text-indent: 0pt; width: 100%; margin-bottom: 10pt; margin-right: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center; font-size: 8pt; font-family: Times New Roman">
          7
        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <b>Non-GAAP Financial Measures</b>
    </p>
    <p>
      Some of the information included in this release is derived from Alcoa&#8217;s
      consolidated financial information but is not presented in Alcoa&#8217;s
      financial statements prepared in accordance with accounting principles
      generally accepted in the United States of America (GAAP). Certain of
      these data are considered &#8220;non-GAAP financial measures&#8221; 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&#8217;s rationale for the use of the non-GAAP financial
      measures can be found in the schedules to this release.
    </p>
    <div style="text-indent: 0pt; width: 100%; margin-bottom: 10pt; margin-right: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center; font-size: 8pt; font-family: Times New Roman">
          8
        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 8pt; font-family: Times New Roman; width: 100%; margin-bottom: 10.0px">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="11">

        </td>
      </tr>
      <tr>
        <td colspan="13" valign="top" style="padding-left: 0.0px; text-align: left">
          <b>Alcoa and subsidiaries</b>
        </td>
      </tr>
      <tr>
        <td colspan="13" valign="top" style="padding-left: 0.0px; text-align: left">
          <b>Statement of Consolidated Operations (unaudited)</b>
        </td>
      </tr>
      <tr>
        <td colspan="13" valign="top" style="padding-left: 0.0px; text-align: left">
          <b>(in millions, except per-share, share, and metric ton amounts)</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="11">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="11" valign="top" style="border-bottom-style: solid; padding-left: 0.0px; text-align: center; border-bottom-color: black; border-bottom-width: 1.0pt">
          <b>Quarter ended</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3" valign="top" style="white-space: nowrap; padding-left: 0.0px; text-align: center; padding-right: 0.0px">
          <b>September 30,</b>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3" valign="top" style="white-space: nowrap; padding-left: 0.0px; text-align: center; padding-right: 0.0px">
          <b>June 30,</b>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3" valign="top" style="white-space: nowrap; padding-left: 0.0px; text-align: center; padding-right: 0.0px">
          <b>September 30,</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3" valign="bottom" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: center; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          <b>2015</b>
        </td>
        <td>

        </td>
        <td colspan="3" valign="bottom" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: center; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          <b>2016</b>
        </td>
        <td>

        </td>
        <td colspan="3" valign="bottom" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: center; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          <b>2016</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Sales
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          5,573
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          5,295
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          5,213
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Cost of goods sold (exclusive of expenses below)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          4,559
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          4,216
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          4,217
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Selling, general administrative, and other expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          261
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          286
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          275
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Research and development expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          55
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          39
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          38
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Provision for depreciation, depletion, and amortization
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          318
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          309
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          316
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Restructuring and other charges
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          66
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          23
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          18
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Interest expense
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          123
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          129
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          133
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px">
          Other income, net
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          (15
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: left; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          (37
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: left; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          (117
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: left; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 30.0px; text-align: left">
          Total costs and expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          5,367
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          4,965
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          4,880
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Income before income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          206
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          330
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          333
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px">
          Provision for income taxes
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          100
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          152
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          147
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Net income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          106
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          178
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          186
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px">
          Less: Net income attributable to noncontrolling interests
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          62
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          43
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          20
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px">
          NET INCOME ATTRIBUTABLE TO ALCOA
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          44
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          135
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          166
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          EARNINGS PER SHARE ATTRIBUTABLE TO ALCOA COMMON SHAREHOLDERS<sup>(1)</sup>:
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 15.0px; text-align: left">
          Basic:
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 25.0px; text-align: left">
          Net income<sup>(2)</sup>
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          0.06
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          0.27
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          0.34
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 25.0px; text-align: left">
          Average number of shares<sup>(3)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          426,845,541
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          438,354,031
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          438,445,001
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 15.0px; text-align: left">
          Diluted:
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 25.0px; text-align: left">
          Net income<sup>(2)</sup>
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          0.06
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          0.27
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          0.33
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 25.0px; text-align: left">
          Average number of shares<sup>(4)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          431,464,315
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          452,052,847
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          453,152,896
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Shipments of aluminum products (metric tons)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          1,137,000
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          1,117,000
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          1,103,000
        </td>
        <td>

        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 8pt; font-family: Times New Roman; width: 100%; margin-bottom: 10.0px">
      <tr>
        <td valign="top" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <sup>(1)</sup>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            At a special meeting of Alcoa common shareholders held on October
            5, 2016, shareholders approved a 1-for-3 reverse stock split of
            Alcoa&#8217;s outstanding and authorized shares of common stock. The
            reverse stock split became effective at 5 pm Eastern Time on
            October 5, 2016. All share and per share data presented for all
            periods herein has been updated to reflect the reverse stock split.
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <sup>(2)</sup>
          </p>
        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            In order to calculate both basic and diluted earnings per share
            for the quarters ended September 30, 2015, June 30, 2016, and
            September 30, 2016, preferred stock dividends declared of $18,
            $17, and $18, respectively, need to be subtracted from Net income
            attributable to Alcoa. Additionally, in order to calculate diluted
            earnings per share for the quarters ended June 30, 2016 and
            September 30, 2016, after-tax interest expense of $2 per quarter,
            related to convertible debt (see footnote 4 below) needs to be
            added back to Net income attributable to Alcoa.
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <sup>(3)</sup>
          </p>
        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            In the third quarter of 2015, Alcoa issued 29 million (87 million
            pre-reverse stock split &#8211; see footnote 1 above) shares of its
            common stock to acquire RTI International Metals. As a result, the
            basic number of shares for the quarter ended September 30, 2015
            includes 19 million (58 million pre-reverse stock split &#8211; see
            footnote 1 above) representing the weighted average number of
            shares for the length of time the 29 million shares were
            outstanding during the third quarter of 2015, and the basic
            average number of shares for the quarters ended June 30, 2016 and
            September 30, 2016 includes all 29 million shares.
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <sup>(4)</sup>
          </p>
        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            In the quarter ended September 30, 2015, the difference between
            the diluted average number of shares and the basic average number
            of shares relates to share equivalents associated with outstanding
            employee stock options and awards. The diluted average number of
            shares for the quarter ended September 30, 2015 does not include
            any share equivalents related to convertible debt (acquired
            through RTI International Metals) or the mandatory convertible
            preferred stock as their effect was anti-dilutive. In the quarters
            ended June 30, 2016 and September 30, 2016, the difference between
            the respective diluted average number of shares and the respective
            basic average number of shares relates to share equivalents
            associated with outstanding employee stock options and awards (4
            million and 6 million, respectively) and convertible debt
            (acquired through RTI International Metals) (9 million in both
            periods). The respective diluted average number of shares for the
            quarters ended June 30, 2016 and September 30, 2016 does not
            include any share equivalents related to the mandatory convertible
            preferred stock as their effect was anti-dilutive.
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="text-indent: 0pt; width: 100%; margin-bottom: 10pt; margin-right: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center; font-size: 8pt; font-family: Times New Roman">
          9
        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 8pt; font-family: Times New Roman; width: 100%; margin-bottom: 10.0px">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="7">

        </td>
      </tr>
      <tr>
        <td colspan="9" valign="top" style="padding-left: 0.0px; text-align: left">
          <b>Alcoa and subsidiaries</b>
        </td>
      </tr>
      <tr>
        <td colspan="9" valign="top" style="padding-left: 0.0px; text-align: left">
          <b>Statement of Consolidated Operations (unaudited), continued</b>
        </td>
      </tr>
      <tr>
        <td colspan="9" valign="top" style="padding-left: 0.0px; text-align: left">
          <b>(in millions, except per-share, share, and metric ton amounts)</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="7">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="7" valign="top" style="white-space: nowrap; padding-left: 0.0px; text-align: center; padding-right: 0.0px">
          <b>Nine months ended</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="7" valign="top" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: center; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          <b>September 30,</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3" valign="bottom" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: center; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          <b>2015</b>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3" valign="bottom" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: center; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          <b>2016</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Sales
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          17,289
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          15,455
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Cost of goods sold (exclusive of expenses below)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          13,665
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          12,474
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Selling, general administrative, and other expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          717
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          821
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Research and development expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          178
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          119
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Provision for depreciation, depletion, and amortization
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          958
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          934
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Restructuring and other charges
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          460
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          134
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Interest expense
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          369
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          389
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px">
          Other income, net
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          (27
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: left; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          (120
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: left; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 30.0px; text-align: left">
          Total costs and expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          16,320
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          14,751
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Income before income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          969
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          704
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px">
          Provision for income taxes
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          401
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          329
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Net income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          568
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          375
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px">
          Less: Net income attributable to noncontrolling interests
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          189
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          58
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px">
          NET INCOME ATTRIBUTABLE TO ALCOA
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          379
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          317
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            EARNINGS PER SHARE ATTRIBUTABLE TO ALCOA COMMON SHAREHOLDERS<sup>(1)</sup>:
          </p>
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 15.0px; text-align: left">
          Basic:
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 25.0px; text-align: left">
          Net income<sup>(2)</sup>
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          0.79
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          0.60
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 25.0px; text-align: left">
          Average number of shares<sup>(3)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          413,792,067
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          438,209,953
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 15.0px; text-align: left">
          Diluted:
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 25.0px; text-align: left">
          Net income<sup>(2)</sup>
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          0.78
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          0.60
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 25.0px; text-align: left">
          Average number of shares<sup>(4)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          418,936,361
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          442,616,439
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Common stock outstanding at the end of the period
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          436,674,671
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          438,471,245
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Shipments of aluminum products (metric tons)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          3,393,000
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          3,295,000
        </td>
        <td>

        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 8pt; font-family: Times New Roman; width: 100%; margin-bottom: 10.0px">
      <tr>
        <td valign="top" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <sup>(1)</sup>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            At a special meeting of Alcoa common shareholders held on October
            5, 2016, shareholders approved a 1-for-3 reverse stock split of
            Alcoa&#8217;s outstanding and authorized shares of common stock. The
            reverse stock split became effective at 5 pm Eastern Time on
            October 5, 2016. All share and per share data presented for all
            periods herein has been updated to reflect the reverse stock split.
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <sup>(2)</sup>
          </p>
        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            In order to calculate both basic and diluted earnings per share
            for the nine months ended September 30, 2015 and 2016, preferred
            stock dividends declared of $52 need to be subtracted from Net
            income attributable to Alcoa.
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <sup>(3)</sup>
          </p>
        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            In the third quarter of 2015, Alcoa issued 29 million (87 million
            pre-reverse stock split &#8211; see footnote 1 above) shares of its
            common stock to acquire RTI International Metals. As a result, the
            basic average number of shares for the nine months ended September
            30, 2015 includes 7 million (20 million pre-reverse stock split &#8211;
            see footnote 1 above) representing the weighted average number of
            shares for the length of time the 29 million shares were
            outstanding during the nine-month period of 2015, and the basic
            average number of shares for the nine-month period ended September
            30, 2016 includes all 29 million shares.
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <sup>(4)</sup>
          </p>
        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            In both the nine months ended September 30, 2015 and 2016, the
            difference between the respective diluted average number of shares
            and the respective basic average number of shares relates to share
            equivalents associated with outstanding employee stock options and
            awards. The respective diluted average number of shares for both
            the nine months ended September 30, 2015 and 2016 does not include
            any share equivalents related to convertible debt (acquired
            through RTI International Metals) or the mandatory convertible
            preferred stock as their effect was anti-dilutive.
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="text-indent: 0pt; width: 100%; margin-bottom: 10pt; margin-right: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center; font-size: 8pt; font-family: Times New Roman">
          10
        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 8pt; font-family: Times New Roman; width: 100%; margin-bottom: 10.0px">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td colspan="10" valign="top" style="padding-left: 0.0px; text-align: left">
          <b>Alcoa and subsidiaries</b>
        </td>
      </tr>
      <tr>
        <td colspan="10" valign="top" style="padding-left: 0.0px; text-align: left">
          <b>Consolidated Balance Sheet (unaudited)</b>
        </td>
      </tr>
      <tr>
        <td colspan="10" valign="top" style="padding-left: 0.0px; text-align: left">
          <b>(in millions, except per-share amounts)</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">

        </td>
        <td colspan="3" valign="top" style="white-space: nowrap; padding-left: 0.0px; text-align: center; padding-right: 0.0px">
          <b>December 31,</b>
        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center">

        </td>
        <td colspan="3" valign="top" style="white-space: nowrap; padding-left: 0.0px; text-align: center; padding-right: 0.0px">
          <b>September 30,</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px">

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px">

        </td>
        <td colspan="3" valign="bottom" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: center; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          <b>2015</b>
        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center; padding-bottom: 2.0px">

        </td>
        <td colspan="3" valign="bottom" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: center; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          <b>2016</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          ASSETS
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Current assets:
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 10.0px; text-align: left">
          Cash and cash equivalents
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          1,919
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          1,863
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 10.0px; text-align: left">
          Restricted cash<sup>(1)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          37
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          1,337
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 10.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Receivables from customers, less allowances of $13 in 2015 and $14
            in 2016
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          1,340
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          1,675
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 10.0px; text-align: left">
          Other receivables
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          522
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          458
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 10.0px; text-align: left">
          Inventories
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          3,442
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          3,455
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 10.0px; text-align: left; padding-bottom: 2.0px">
          Prepaid expenses and other current assets
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          693
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          580
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 20.0px; text-align: left; padding-bottom: 2.0px">
          Total current assets
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          7,953
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          9,368
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Properties, plants, and equipment
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          33,687
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          34,943
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px">
          Less: accumulated depreciation, depletion, and amortization
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          18,872
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          19,821
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 5.0px; text-align: left; padding-bottom: 2.0px">
          Properties, plants, and equipment, net
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          14,815
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          15,122
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Goodwill
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          5,401
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          5,384
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Investments
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          1,685
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          1,465
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Deferred income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          2,668
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          3,099
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px">
          Other noncurrent assets<sup>(2)</sup>
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          3,955
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          2,942
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 30.0px; text-align: left; padding-bottom: 4.0px">
          Total assets
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          36,477
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          37,380
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          LIABILITIES
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Current liabilities:
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 10.0px; text-align: left">
          Short-term borrowings
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          38
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          32
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 10.0px; text-align: left">
          Accounts payable, trade
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          2,889
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          2,739
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 10.0px; text-align: left">
          Accrued compensation and retirement costs
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          850
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          830
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 10.0px; text-align: left">
          Taxes, including income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          239
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          217
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 10.0px; text-align: left">
          Other current liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          1,174
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          909
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 10.0px; text-align: left; padding-bottom: 2.0px">
          Long-term debt due within one year
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          21
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          773
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 20.0px; text-align: left; padding-bottom: 2.0px">
          Total current liabilities
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          5,211
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          5,500
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Long-term debt, less amount due within one year<sup>(1),(2)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          8,993
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          9,501
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Accrued pension benefits
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          3,298
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          3,749
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Accrued other postretirement benefits
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          2,106
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          2,177
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px">
          Other noncurrent liabilities and deferred credits
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          2,738
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          2,632
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 25.0px; text-align: left; padding-bottom: 2.0px">
          Total liabilities
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          22,346
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          23,559
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          EQUITY
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Alcoa shareholders&#8217; equity:
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 10.0px; text-align: left">
          Preferred stock
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          55
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          55
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 10.0px; text-align: left">
          Mandatory convertible preferred stock
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          3
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          3
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 10.0px; text-align: left">
          Common stock<sup>(3),(4)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          1,391
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          438
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 10.0px; text-align: left">
          Additional capital<sup>(3),(4)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          10,019
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          8,197
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 10.0px; text-align: left">
          Retained earnings
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          8,834
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          8,940
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 10.0px; text-align: left">
          Treasury stock, at cost<sup>(3)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (2,825
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          &#8211;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 10.0px; text-align: left; padding-bottom: 2.0px">
          Accumulated other comprehensive loss
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          (5,431
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: left; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          (5,984
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: left; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 20.0px; text-align: left; padding-bottom: 2.0px">
          Total Alcoa shareholders' equity
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          12,046
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          11,649
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px">
          Noncontrolling interests
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          2,085
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          2,172
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 25.0px; text-align: left; padding-bottom: 2.0px">
          Total equity
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          14,131
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          13,821
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 30.0px; text-align: left; padding-bottom: 4.0px">
          Total liabilities and equity
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          36,477
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          37,380
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 8pt; font-family: Times New Roman; width: 100%; margin-bottom: 10.0px">
      <tr>
        <td valign="top" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <sup>(1)</sup>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            In September 2016, Alcoa Nederland Holding B.V., a wholly-owned
            subsidiary of Alcoa Upstream Corporation, which is currently a
            wholly-owned subsidiary of Alcoa Inc., issued $1,250 in new senior
            notes in preparation for the separation of Alcoa Inc. into two
            standalone, publicly-traded companies (scheduled to become
            effective before the opening of the market on November 1, 2016).
            The net proceeds of $1,228 from the debt issuance, along with
            additional cash on hand of $81, were required to be placed into
            escrow contingent on the completion of the separation transaction.
            The $81 represents the necessary cash to fund the redemption of
            the notes, pay all regularly scheduled interest on the notes
            through a specified date as defined in the notes, and a premium on
            the principal of the notes if the separation has not been
            completed by a certain time as defined in the notes.
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <sup>(2)</sup>
          </p>
        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            In the first quarter of 2016, Alcoa adopted changes issued by the
            Financial Accounting Standards Board to the presentation of debt
            issuance costs, which require such costs to be classified as a
            direct deduction from the carrying value of the related debt
            liability on an entity&#8217;s balance sheet. As such, all debt issuance
            costs were classified as a contra liability in the Long-term debt,
            less amount due within one year line item on the September 30,
            2016 Consolidated Balance Sheet. These changes are required to be
            applied on a retrospective basis; therefore, the December 31, 2015
            Consolidated Balance Sheet was updated to conform to the September
            30, 2016 presentation. As a result, $51 of debt issuance costs
            (previously reported in Other noncurrent assets) were reclassified
            to the Long-term debt, less amount due within one year line item
            on the December 31, 2015 Consolidated Balance Sheet.
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <sup>(3)</sup>
          </p>
        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Effective August 2, 2016, Alcoa&#8217;s Board of Directors approved the
            retirement of all common shares held in treasury (76 million). As
            a result, Common stock and Additional capital were decreased by
            $76 and $2,563 to reflect the retirement of the treasury shares.
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <sup>(4)</sup>
          </p>
        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            At a special meeting of Alcoa common shareholders held on October
            5, 2016, shareholders approved a 1-for-3 reverse stock split of
            Alcoa&#8217;s outstanding and authorized shares of common stock. The
            reverse stock split became effective at 5 pm Eastern Time on
            October 5, 2016. The par value of Alcoa&#8217;s common stock remains
            unchanged at $1 per share. Accordingly, the Common stock and
            Additional capital balances above were updated to reflect a
            decrease and increase, respectively, of $877 as if the reverse
            stock split occurred on September 30, 2016.
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="text-indent: 0pt; width: 100%; margin-bottom: 10pt; margin-right: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center; font-size: 8pt; font-family: Times New Roman">
          11
        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 8pt; font-family: Times New Roman; width: 100%; margin-bottom: 10.0px">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="8">

        </td>
      </tr>
      <tr>
        <td colspan="10" valign="top" style="padding-left: 0.0px; text-align: left">
          <b>Alcoa and subsidiaries</b>
        </td>
      </tr>
      <tr>
        <td colspan="10" valign="top" style="padding-left: 0.0px; text-align: left">
          <b>Statement of Consolidated Cash Flows (unaudited)</b>
        </td>
      </tr>
      <tr>
        <td colspan="10" valign="top" style="padding-left: 0.0px; text-align: left">
          <b>(in millions)</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="8">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">

        </td>
        <td colspan="8" valign="top" style="white-space: nowrap; padding-left: 0.0px; text-align: center; padding-right: 0.0px">
          <b>Nine months ended</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px">

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px">

        </td>
        <td colspan="8" valign="top" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: center; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          <b>September 30,</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3" valign="bottom" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: center; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          <b>2015</b>
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3" valign="bottom" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: center; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          <b>2016</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          CASH FROM OPERATIONS
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Net income
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          568
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          375
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Adjustments to reconcile net income to cash from operations:
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 15.0px; text-align: left">
          Depreciation, depletion, and amortization
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          959
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          938
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 15.0px; text-align: left">
          Deferred income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (18
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (67
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 15.0px; text-align: left">
          Equity income, net of dividends
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          137
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          32
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 15.0px; text-align: left">
          Restructuring and other charges
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          460
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          134
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 15.0px; text-align: left">
          Net gain from investing activities &#8211; asset sales
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (69
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (152
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 15.0px; text-align: left">
          Net periodic pension benefit cost
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          365
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          246
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 15.0px; text-align: left">
          Stock-based compensation
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          78
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          73
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 15.0px; text-align: left">
          Excess tax benefits from stock-based payment arrangements
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (9
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          &#8211;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 15.0px; text-align: left">
          Other
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (65
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          43
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 15.0px; text-align: left">
          Changes in assets and liabilities, excluding effects of
          acquisitions, divestitures, and foreign currency translation
          adjustments:
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 25.0px; text-align: left">
          (Increase) in receivables
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (97
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (226
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 25.0px; text-align: left">
          (Increase) decrease in inventories
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (176
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          8
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 25.0px; text-align: left">
          Decrease (increase) in prepaid expenses and other current assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          31
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (10
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 25.0px; text-align: left">
          (Decrease) in accounts payable, trade
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (240
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (196
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 25.0px; text-align: left">
          (Decrease) in accrued expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (424
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (417
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 25.0px; text-align: left">
          Increase in taxes, including income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          135
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          63
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 25.0px; text-align: left">
          Pension contributions
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (363
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (227
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 25.0px; text-align: left">
          (Increase) in noncurrent assets<sup>(1)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (348
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (261
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 25.0px; text-align: left; padding-bottom: 2.0px">
          (Decrease) in noncurrent liabilities
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          (207
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: left; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          (148
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: left; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 30.0px; text-align: left; padding-bottom: 2.0px">
          CASH PROVIDED FROM OPERATIONS
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          717
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          208
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          FINANCING ACTIVITIES
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Net change in short-term borrowings (original maturities of three
          months or less)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (6
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (6
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Additions to debt (original maturities greater than three months)<sup>(2)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          1,534
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          1,313
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Debt issuance costs
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (2
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          &#8211;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Payments on debt (original maturities greater than three months)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (1,551
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (1,324
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Proceeds from exercise of employee stock options
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          26
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          3
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Excess tax benefits from stock-based payment arrangements
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          9
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          &#8211;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Dividends paid to shareholders
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (149
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (171
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px">
          Distributions to noncontrolling interests
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          (72
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: left; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          (176
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: left; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 30.0px; text-align: left; padding-bottom: 2.0px">
          CASH USED FOR FINANCING ACTIVITIES
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          (211
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: left; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          (361
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: left; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          INVESTING ACTIVITIES
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Capital expenditures
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (782
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (803
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Acquisitions, net of cash acquired<sup>(3)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          97
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          10
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Proceeds from the sale of assets and businesses<sup>(4)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          112
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          683
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Additions to investments
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (86
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (23
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Sales of investments
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          40
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          280
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Net change in restricted cash<sup>(2)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (7
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (72
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px">
          Other
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          23
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          15
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 30.0px; text-align: left; padding-bottom: 2.0px">
          CASH (USED FOR) PROVIDED FROM INVESTING ACTIVITIES
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          (603
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: left; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          90
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 30.0px; text-align: left; padding-bottom: 2.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS
          </p>
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (41
          </p>
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: left; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            )
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            7
          </p>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Net change in cash and cash equivalents
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (138
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (56
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px">
          Cash and cash equivalents at beginning of year
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          1,877
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          1,919
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 30.0px; text-align: left; padding-bottom: 4.0px">
          CASH AND CASH EQUIVALENTS AT END OF PERIOD
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          1,739
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          1,863
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 8pt; font-family: Times New Roman; width: 100%; margin-bottom: 10.0px">
      <tr>
        <td valign="top" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          <sup>(1)</sup>
        </td>
        <td>
          &#160;
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          The (Increase) in noncurrent assets line item for the nine months
          ended September 30, 2015 and 2016 includes a $300 and $200,
          respectively, prepayment related to a natural gas supply agreement
          for three alumina refineries in Western Australia, which are owned
          by Alcoa&#8217;s majority-owned subsidiary, Alcoa of Australia Limited.
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          <sup>(2)</sup>
        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          In September 2016, Alcoa Nederland Holding B.V., a wholly-owned
          subsidiary of Alcoa Upstream Corporation, which is currently a
          wholly-owned subsidiary of Alcoa Inc., issued $1,250 in new senior
          notes in preparation for the separation of Alcoa Inc. into two
          standalone, publicly-traded companies (scheduled to become effective
          before the opening of the market on November 1, 2016). The net
          proceeds of $1,228 from the debt issuance, along with additional
          cash on hand of $81 (see below), were required to be placed into
          escrow contingent on the completion of the separation transaction.
          As a result, the $1,228 was not reflected in the Statement of
          Consolidated Cash Flows for the nine months ended September 30, 2016
          as it represents a noncash financing activity. The $81 represents
          the necessary cash to fund the redemption of the notes, pay all
          regularly scheduled interest on the notes through a specified date
          defined in the notes, and a premium on the principal of the notes if
          the separation has not been completed by a certain time as defined
          in the notes. As this amount was deposited into escrow from cash on
          hand, it was reflected in the Statement of Consolidated Cash Flows
          for the nine months ended September 30, 2016 as a cash outflow in
          the Net change in restricted cash line item.
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          <sup>(3)</sup>
        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          In the third quarter of 2015, Alcoa issued 87 million shares of its
          common stock valued at $870 to acquire RTI International Metals. The
          issuance of common stock was not reflected in the Statement of
          Consolidated Cash Flows for the nine months ended September 30, 2015
          as it represents a noncash investing activity. However, through this
          acquisition, Alcoa acquired $302 in cash, which was reflected as a
          cash inflow in the Acquisitions, net of cash acquired line item on
          the Statement of Consolidated Cash Flows for the nine months ended
          September 30, 2015.
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          <sup>(4)</sup>
        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Proceeds from the sale of assets and businesses for the nine months
          ended September 30, 2015 and 2016 includes a cash outflow for cash
          paid as a result of post-closing adjustments associated with the
          December 2014 divestiture of three rolling mills in Spain and France
          and the December 2014 divestiture of an ownership stake in a smelter
          in the United States, respectively.
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="text-indent: 0pt; width: 100%; margin-bottom: 10pt; margin-right: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center; font-size: 8pt; font-family: Times New Roman">
          12
        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 8pt; font-family: Times New Roman; width: 100%; margin-bottom: 10.0px">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td colspan="33" valign="top" style="padding-left: 0.0px; text-align: left">
          <b>Alcoa and subsidiaries</b>
        </td>
      </tr>
      <tr>
        <td colspan="33" valign="top" style="padding-left: 0.0px; text-align: left">
          <b>Segment Information (unaudited)</b>
        </td>
      </tr>
      <tr>
        <td colspan="33" valign="top" style="padding-left: 0.0px; text-align: left">
          <b>(dollars in millions, except realized prices; production and
          shipments in thousands of metric tons [kmt])</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3" valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; text-align: center; border-bottom-color: black; border-bottom-width: 1.0pt">
          <b>1Q15</b>
        </td>
        <td>

        </td>
        <td colspan="3" valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; text-align: center; border-bottom-color: black; border-bottom-width: 1.0pt">
          <b>2Q15</b>
        </td>
        <td>

        </td>
        <td colspan="3" valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; text-align: center; border-bottom-color: black; border-bottom-width: 1.0pt">
          <b>3Q15</b>
        </td>
        <td>

        </td>
        <td colspan="3" valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; text-align: center; border-bottom-color: black; border-bottom-width: 1.0pt">
          <b>4Q15</b>
        </td>
        <td>

        </td>
        <td colspan="3" valign="bottom" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: center; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          <b>2015</b>
        </td>
        <td>

        </td>
        <td colspan="3" valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; text-align: center; border-bottom-color: black; border-bottom-width: 1.0pt">
          <b>1Q16</b>
        </td>
        <td>

        </td>
        <td colspan="3" valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; text-align: center; border-bottom-color: black; border-bottom-width: 1.0pt">
          <b>2Q16</b>
        </td>
        <td>

        </td>
        <td colspan="3" valign="middle" style="border-bottom-style: solid; padding-left: 0.0px; text-align: center; border-bottom-color: black; border-bottom-width: 1.0pt">
          <b>3Q16</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          <b>Alumina:</b>
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 10.0px; text-align: left">
          Alumina production (kmt)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          3,933
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          3,977
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          3,954
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          3,856
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          15,720
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          3,330
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          3,316
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          3,310
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 10.0px; text-align: left">
          Third-party alumina shipments (kmt)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          2,538
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          2,706
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          2,798
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          2,713
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          10,755
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          2,168
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          2,266
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          2,361
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 10.0px; text-align: left">
          Total alumina shipments (kmt)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          4,040
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          3,993
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          4,078
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          4,054
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          16,165
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          3,426
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          3,402
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          3,501
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 10.0px; text-align: left">
          Third-party sales
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          887
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          924
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          912
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          732
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          3,455
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          545
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          694
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          687
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 10.0px; text-align: left">
          Intersegment sales
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          501
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          431
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          391
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          364
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          1,687
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          292
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          300
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          287
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 10.0px; text-align: left">
          Equity loss
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (7
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (11
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (9
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (14
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (41
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (14
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (7
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (9
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 10.0px; text-align: left">
          Depreciation, depletion, and amortization
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          80
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          77
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          71
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          68
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          296
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          63
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          66
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          68
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 10.0px; text-align: left">
          Income taxes
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          92
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          87
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          85
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          36
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          300
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          5
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          40
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          31
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="border-bottom-style: double; padding-left: 10.0px; text-align: left; border-bottom-color: black; border-bottom-width: 2.25pt">
          After-tax operating income (ATOI)
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          221
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          215
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          212
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          98
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          746
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          8
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          109
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          72
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          <b>Primary Metals:</b>
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 10.0px; text-align: left">
          Aluminum production (kmt)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          711
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          701
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          700
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          699
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          2,811
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          655
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          595
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          586
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 10.0px; text-align: left">
          Third-party aluminum shipments (kmt)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          589
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          630
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          615
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          644
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          2,478
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          575
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          565
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          557
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 10.0px; text-align: left">
          Total aluminum shipments (kmt)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          864
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          877
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          860
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          879
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          3,480
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          832
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          807
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          781
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 10.0px; text-align: left">
          Alcoa&#8217;s average realized price per metric ton of aluminum
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            $
          </p>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            2,420
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            $
          </p>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            2,180
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            $
          </p>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            1,901
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            $
          </p>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            1,799
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            $
          </p>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            2,069
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            $
          </p>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            1,793
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            $
          </p>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            1,849
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            $
          </p>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            1,874
          </p>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 10.0px; text-align: left">
          Third-party sales
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          1,572
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          1,534
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          1,249
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          1,236
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          5,591
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          1,123
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          1,119
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          1,148
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 10.0px; text-align: left">
          Intersegment sales
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          692
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          562
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          479
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          437
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          2,170
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          475
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          473
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          440
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 10.0px; text-align: left">
          Equity (loss) income
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (3
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (5
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (7
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          3
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (12
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          4
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          &#8211;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          3
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 10.0px; text-align: left">
          Depreciation, depletion, and amortization
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          109
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          109
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          106
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          105
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          429
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          102
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          101
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          99
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 10.0px; text-align: left">
          Income taxes
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          57
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          6
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (49
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (42
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (28
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (16
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          &#8211;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          &#8211;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="border-bottom-style: double; padding-left: 10.0px; text-align: left; border-bottom-color: black; border-bottom-width: 2.25pt">
          ATOI
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          187
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          67
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          (59
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: left; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          )
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          (40
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: left; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          )
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          155
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          14
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          41
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          56
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          <b>Global Rolled Products:</b>
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 10.0px; text-align: left">
          Third-party aluminum shipments (kmt)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          432
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          462
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          449
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          432
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          1,775
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          433
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          480
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          476
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 10.0px; text-align: left">
          Third-party sales
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          1,621
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          1,668
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          1,527
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          1,422
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          6,238
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          1,397
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          1,550
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          1,521
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 10.0px; text-align: left">
          Intersegment sales
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          36
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          34
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          29
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          26
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          125
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          29
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          29
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          30
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 10.0px; text-align: left">
          Equity loss
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (9
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (7
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (8
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (8
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (32
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (11
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (10
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (10
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 10.0px; text-align: left">
          Depreciation, depletion, and amortization
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          56
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          56
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          56
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          59
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          227
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          56
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          55
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          59
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 10.0px; text-align: left">
          Income taxes
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          36
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          25
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          28
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          20
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          109
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          34
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          28
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          18
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="border-bottom-style: double; padding-left: 10.0px; text-align: left; border-bottom-color: black; border-bottom-width: 2.25pt">
          ATOI
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          54
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          76
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          62
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          52
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          244
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          68
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          68
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          58
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          <b>Engineered Products and Solutions:</b>
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 10.0px; text-align: left">
          Third-party sales
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          1,257
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          1,279
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          1,397
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          1,409
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          5,342
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          1,449
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          1,465
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          1,406
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 10.0px; text-align: left">
          Depreciation, depletion, and amortization
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          51
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          54
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          61
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          67
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          233
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          65
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          62
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          63
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 10.0px; text-align: left">
          Income taxes
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          76
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          81
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          71
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          54
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          282
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          78
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          87
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          71
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="border-bottom-style: double; padding-left: 10.0px; text-align: left; border-bottom-color: black; border-bottom-width: 2.25pt">
          ATOI
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          156
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          165
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          151
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          123
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          595
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          162
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          180
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          162
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Transportation and Construction Solutions:</b>
          </p>
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 10.0px; text-align: left">
          Third-party sales
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          471
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          492
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          475
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          444
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          1,882
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          429
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          467
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          450
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 10.0px; text-align: left">
          Depreciation, depletion, and amortization
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          10
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          11
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          11
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          11
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          43
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          11
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          12
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          12
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 10.0px; text-align: left">
          Income taxes
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          14
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          17
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          18
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          14
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          63
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          14
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          18
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          17
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="border-bottom-style: double; padding-left: 10.0px; text-align: left; border-bottom-color: black; border-bottom-width: 2.25pt">
          ATOI
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          38
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          44
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          44
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          40
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          166
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          39
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          46
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          47
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          <b>Reconciliation of total segment ATOI to consolidated net income
          (loss) attributable to Alcoa:</b>
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 10.0px; text-align: left">
          Total segment ATOI<sup>(1)</sup>
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          656
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          567
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          410
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          273
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          1,906
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          291
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          444
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          395
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 10.0px; text-align: left">
          Unallocated amounts (net of tax):
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 20.0px; text-align: left">
          Impact of LIFO
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          7
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          36
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          50
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          43
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          136
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          4
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (10
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          1
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 20.0px; text-align: left">
          Metal price lag
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (23
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (39
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (48
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (23
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (133
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          1
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          7
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          4
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 20.0px; text-align: left">
          Interest expense
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (80
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (80
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (80
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (84
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (324
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (83
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (84
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (86
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 20.0px; text-align: left">
          Noncontrolling interests
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (60
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (67
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (62
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          64
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (125
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          5
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (43
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (20
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 20.0px; text-align: left">
          Corporate expense
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (62
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (65
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (72
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (67
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (266
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (55
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (77
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (77
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 20.0px; text-align: left">
          Impairment of goodwill
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          &#8211;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          &#8211;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          &#8211;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (25
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        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (25
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          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          &#8211;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          &#8211;
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        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
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          &#8211;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 20.0px; text-align: left">
          Restructuring and other charges
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (161
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (159
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        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (48
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        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (575
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        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (943
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        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (61
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          )
        </td>
        <td>

        </td>
        <td>

        </td>
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          (15
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          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (13
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        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="border-bottom-style: solid; padding-left: 20.0px; text-align: left; border-bottom-color: black; border-bottom-width: 1.0pt">
          Other
        </td>
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          &#160;
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        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
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          )
        </td>
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          &#160;
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          (53
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          )
        </td>
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          &#160;
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          (106
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          )
        </td>
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          &#160;
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          &#160;
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          (307
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          )
        </td>
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          &#160;
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          (548
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        </td>
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          (86
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          )
        </td>
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        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          (87
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: left; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          )
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          (38
        </td>
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          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="border-bottom-style: double; padding-left: 10.0px; text-align: left; border-bottom-color: black; border-bottom-width: 2.25pt">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Consolidated net income (loss) attributable to Alcoa
          </p>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            $
          </p>
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            195
          </p>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            $
          </p>
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            140
          </p>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            $
          </p>
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            44
          </p>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            $
          </p>
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (701
          </p>
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: left; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            )
          </p>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            $
          </p>
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (322
          </p>
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: left; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            )
          </p>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            $
          </p>
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            16
          </p>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            $
          </p>
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            135
          </p>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            $
          </p>
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            166
          </p>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 8pt; font-family: Times New Roman; width: 100%; margin-bottom: 10.0px">
      <tr>
        <td colspan="3" valign="top" style="padding-left: 0.0px; text-align: left">
          The difference between certain segment totals and consolidated
          amounts is in Corporate.
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          <sup>(1)</sup>
        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Total segment ATOI is the summation of the respective ATOI of
          Alcoa&#8217;s five reportable segments, which represent the two components
          of the Company, an Upstream business and a Value-Add business.
          Upstream is composed of the Alumina and Primary Metals segments and
          Value-Add is composed of the Global Rolled Products, Engineered
          Products and Solutions, and Transportation and Construction
          Solutions segments. As such, in all periods presented, ATOI of the
          Upstream business is equivalent to the summation of the respective
          ATOI of the Alumina and Primary Metals segments, and, likewise, ATOI
          of the Value-Add business is equivalent to the summation of the
          respective ATOI of the Global Rolled Products, Engineered Products
          and Solutions, and Transportation and Construction Solutions
          segments.
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">

        </td>
        <td>

        </td>
        <td colspan="2" valign="top" style="padding-left: 0.0px; text-align: left">
          On September 29, 2016, Alcoa announced that its Board of Directors
          approved the completion of the Company&#8217;s separation into two
          standalone, publicly-traded companies. The separation is scheduled
          to become effective before the opening of the market on November 1,
          2016. One such company will be named Alcoa Corporation and will
          include Upstream. Additionally, the future Alcoa Corporation will
          include the Warrick, IN rolling operations and the equity interest
          in the rolling mill at the joint venture in Saudi Arabia, both of
          which are currently part of the Global Rolled Products segment of
          Alcoa Inc. The other such company will be named Arconic and will
          include Value-Add, except for the Warrick, IN rolling operations and
          the equity interest in the rolling mill at the joint venture in
          Saudi Arabia.
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="text-indent: 0pt; width: 100%; margin-bottom: 10pt; margin-right: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center; font-size: 8pt; font-family: Times New Roman">
          13
        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 8pt; font-family: Times New Roman; width: 100%; margin-bottom: 10.0px">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="11">

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="8">

        </td>
      </tr>
      <tr>
        <td colspan="23" valign="top" style="padding-left: 0.0px; text-align: left">
          <b>Alcoa and subsidiaries</b>
        </td>
      </tr>
      <tr>
        <td colspan="23" valign="top" style="padding-left: 0.0px; text-align: left">
          <b>Calculation of Financial Measures (unaudited)</b>
        </td>
      </tr>
      <tr>
        <td colspan="23" valign="top" style="padding-left: 0.0px; text-align: left">
          <b>(dollars in millions, except per-share amounts)</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="11">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="8">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" rowspan="3">
          <b>Adjusted Income</b>
        </td>
        <td>

        </td>
        <td colspan="11" valign="top" style="border-bottom-style: solid; padding-left: 0.0px; text-align: center; border-bottom-color: black; border-bottom-width: 1.0pt">
          <b>Income</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="8" valign="top" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: center; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Diluted EPS<sup>(5)</sup></b>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="11" valign="top" style="border-bottom-style: solid; padding-left: 0.0px; text-align: center; border-bottom-color: black; border-bottom-width: 1.0pt">
          <b>Quarter ended</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="8" valign="top" style="border-bottom-style: solid; padding-left: 0.0px; text-align: center; border-bottom-color: black; border-bottom-width: 1.0pt">
          <b>Quarter ended</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="3" valign="top" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: center; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>September 30,</b><br><b>2015</b>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3" valign="top" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: center; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>June 30,</b><br><b>2016</b>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3" valign="top" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: center; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>September 30,</b><br><b>2016</b>
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="top" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: center; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>September 30,</b><br><b>2015</b>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="2" valign="top" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: center; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>June 30,</b><br><b>2016</b>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="2" valign="top" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: center; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>September 30,</b><br><b>2016</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Net income attributable to Alcoa
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          44
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          135
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          166
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          0.06
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          0.27
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          0.33
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Special items<sup>(1)</sup>:
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 5.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Restructuring and other charges
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            66
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            23
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            18
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 5.0px; text-align: left">
          Discrete tax items<sup>(2)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            4
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (5
          </p>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            )
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            7
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 5.0px; text-align: left">
          Other special items<sup>(3)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            42
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            62
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (51
          </p>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            )
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 5.0px; text-align: left">
          Tax impact<sup>(4)</sup>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (17
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (7
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          26
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 5.0px; text-align: left; padding-bottom: 2.0px">
          Noncontrolling interests impact<sup>(4)</sup>
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (30
          </p>
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: left; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            )
          </p>
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            5
          </p>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (5
          </p>
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: left; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            )
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px">
          Net income attributable to Alcoa &#8211; as adjusted
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            $
          </p>
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            109
          </p>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            $
          </p>
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            213
          </p>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            $
          </p>
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            161
          </p>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px; padding-bottom: 4.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            $
          </p>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px; padding-bottom: 4.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            0.21
          </p>
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px; padding-bottom: 4.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            $
          </p>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px; padding-bottom: 4.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            0.44
          </p>
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px; padding-bottom: 4.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            $
          </p>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px; padding-bottom: 4.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            0.32
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>
      Net income attributable to Alcoa &#8211; 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, &#8220;special items&#8221;). There
      can be no assurances that additional special items will not occur in
      future periods. To compensate for this limitation, management believes
      that it is appropriate to consider both Net income attributable to Alcoa
      determined under GAAP as well as Net income attributable to Alcoa &#8211; as
      adjusted.
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 8pt; font-family: Times New Roman; width: 100%; margin-bottom: 10.0px">
      <tr>
        <td valign="top" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          <sup>(1)</sup>
        </td>
        <td>
          &#160;
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          In the second quarter of 2016, management changed the manner in
          which special items are presented in Alcoa&#8217;s reconciliation of
          Adjusted Income. This change resulted in special items being
          presented on a pretax basis and the related tax and noncontrolling
          interests impacts on special items being aggregated into separate
          respective line items. The special items for all prior periods
          presented were updated to conform to the current period presentation.
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          <sup>(2)</sup>
        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Discrete tax items include the following:
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#8226;
          </p>
        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          for the quarter ended September 30, 2015, a net charge for a number
          of small items;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#8226;
          </p>
        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          for the quarter ended June 30, 2016, a benefit for one item; and
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#8226;
          </p>
        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          for the quarter ended September 30, 2016, a net charge for a number
          of small items.
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          <sup>(3)</sup>
        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Other special items include the following:
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#8226;
          </p>
        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          for the quarter ended September 30, 2015, a gain on the sale of land
          in the United States and an equity investment in a China rolling
          mill ($39), a write-down of inventory related to a refinery in
          Suriname ($28), an unfavorable tax impact resulting from the
          difference between Alcoa&#8217;s consolidated estimated annual effective
          tax rate and the statutory rates applicable to special items ($27),
          costs associated with the planned separation of Alcoa and the
          acquisition of RTI International Metals ($25), a net unfavorable
          change in certain mark-to-market energy derivative contracts ($17),
          and a favorable tax impact related to the interim period treatment
          of operational losses in certain foreign jurisdictions for which no
          tax benefit was recognized ($16);
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#8226;
          </p>
        </td>
        <td>

        </td>
        <td colspan="2" valign="top" style="padding-left: 0.0px; text-align: left">
          for the quarter ended June 30, 2016, an unfavorable tax impact
          resulting from the difference between Alcoa&#8217;s consolidated estimated
          annual effective tax rate and the statutory rates applicable to
          special items ($60), costs associated with the planned separation of
          Alcoa ($45), a gain on the sale of an equity investment in a natural
          gas pipeline in Australia ($27), a benefit for an arbitration
          recovery related to a 2010 fire at the Iceland smelter ($14), a
          favorable tax impact related to the interim period treatment of
          operational losses in certain foreign jurisdictions for which no tax
          benefit was recognized ($11), a net unfavorable change in certain
          mark-to-market energy derivative contracts ($6), and a write-down of
          inventory related to two previously curtailed facilities ($3); and
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#8226;
          </p>
        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            for the quarter ended September 30, 2016, a gain on the sale of
            land ($118), costs associated with the planned separation of Alcoa
            ($55), an unfavorable tax impact resulting from the difference
            between Alcoa&#8217;s consolidated estimated annual effective tax rate
            and the statutory rates applicable to special items ($46), a
            favorable post-closing adjustment related to the November 2014
            acquisition of Firth Rixson ($20), a favorable tax impact related
            to the interim period treatment of operational losses in certain
            foreign jurisdictions for which no tax benefit was recognized
            ($13), and a net favorable change in certain mark-to-market energy
            derivative contracts ($1).
          </p>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          <sup>(4)</sup>
        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          The tax impact on special items is based on the applicable statutory
          rates whereby the difference between such rates and Alcoa&#8217;s
          consolidated estimated annual effective tax rate is itself a special
          item (see footnote 3 above). The noncontrolling interests impact on
          special items represents Alcoa&#8217;s partners&#8217; share of certain special
          items.
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          <sup>(5)</sup>
        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          At a special meeting of Alcoa common shareholders held on October 5,
          2016, shareholders approved a 1-for-3 reverse stock split of Alcoa&#8217;s
          outstanding and authorized shares of common stock. The reverse stock
          split became effective at 5 pm Eastern Time on October 5, 2016. All
          share and per share data presented for all periods herein has been
          updated to reflect the reverse stock split.
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">

        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          The average number of shares applicable to diluted EPS for Net
          income attributable to Alcoa common shareholders excludes certain
          share equivalents as their effect was anti-dilutive (see footnote 4
          to the Statement of Consolidated Operations). However, certain of
          these share equivalents may become dilutive in the EPS calculation
          applicable to Net income attributable to Alcoa common shareholders &#8211;
          as adjusted due to a larger and/or positive numerator. Specifically:
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#8226;
          </p>
        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          for the quarter ended September 30, 2015, no additional share
          equivalents were dilutive based on Net income attributable to Alcoa
          common shareholders &#8211; as adjusted, resulting in a diluted average
          number of shares of 431,464,315;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#8226;
          </p>
        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          for the quarter ended June 30, 2016, no additional share equivalents
          were dilutive based on Net income attributable to Alcoa common
          shareholders &#8211; as adjusted, resulting in a diluted average number of
          shares of 452,052,847; and
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#8226;
          </p>
        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          for the quarter ended September 30, 2016, no additional share
          equivalents were dilutive based on Net income attributable to Alcoa
          common shareholders &#8211; as adjusted, resulting in a diluted average
          number of shares of 453,152,896.
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="text-indent: 0pt; width: 100%; margin-bottom: 10pt; margin-right: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center; font-size: 8pt; font-family: Times New Roman">
          14
        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 8pt; font-family: Times New Roman; width: 100%; margin-bottom: 10.0px">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="11">

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" rowspan="2">
          <b>Operational Tax Rate</b>
        </td>
        <td>

        </td>
        <td colspan="11" valign="top" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: center; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          <b>Quarter ended September 30, 2016</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="3" valign="top" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: center; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>As </b><br><b>reported</b>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3" valign="top" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: center; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Special</b><br><b>items<sup>(1)</sup></b>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3" valign="top" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: center; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>As </b><br><b>adjusted</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Income before income taxes
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          333
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (66
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          267
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Provision for income taxes
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            $
          </p>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            147
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            $
          </p>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (66
          </p>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            )
          </p>
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            $
          </p>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            81
          </p>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 0.0px; text-align: left">
          Tax rate
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          44.1
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          %
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          30.3
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          %
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p>
      Operational Tax Rate 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, &#8220;special items&#8221;). 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 the Effective Tax Rate determined under GAAP as well as
      the Operational Tax Rate.
    </p>
    <p>
      <sup>(1)</sup> See Adjusted Income reconciliation above for a
      description of special items.
    </p>
    <div style="text-indent: 0pt; width: 100%; margin-bottom: 10pt; margin-right: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center; font-size: 8pt; font-family: Times New Roman">
          15
        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 8pt; font-family: Times New Roman; width: 100%; margin-bottom: 10.0px">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="11">

        </td>
      </tr>
      <tr>
        <td colspan="13" valign="top" style="padding-left: 0.0px; text-align: left">
          <b>Alcoa and subsidiaries</b>
        </td>
      </tr>
      <tr>
        <td colspan="13" valign="top" style="padding-left: 0.0px; text-align: left">
          <b>Calculation of Financial Measures (unaudited), continued</b>
        </td>
      </tr>
      <tr>
        <td colspan="13" valign="top" style="padding-left: 0.0px; text-align: left">
          <b>(dollars in millions)</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="11">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" rowspan="2">
          <b>Adjusted EBITDA</b>
        </td>
        <td>

        </td>
        <td colspan="11" valign="top" style="border-bottom-style: solid; padding-left: 0.0px; text-align: center; border-bottom-color: black; border-bottom-width: 1.0pt">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Quarter ended</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="3" valign="top" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: center; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>September 30, </b><br><b>2015</b>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3" valign="top" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: center; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>June 30, </b><br><b>2016</b>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3" valign="top" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: center; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>September 30, </b><br><b>2016</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Net income attributable to Alcoa
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          44
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          135
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          166
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Add:
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 5.0px; text-align: left">
          Net income attributable to noncontrolling interests
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            62
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            43
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            20
          </p>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 5.0px; text-align: left">
          Provision for income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          100
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          152
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          147
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 5.0px; text-align: left">
          Other income, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (15
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (37
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (117
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 5.0px; text-align: left">
          Interest expense
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          123
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          129
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          133
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 5.0px; text-align: left">
          Restructuring and other charges
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          66
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          23
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          18
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 5.0px; text-align: left; padding-bottom: 2.0px">
          Provision for depreciation, depletion, and amortization
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            318
          </p>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            309
          </p>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            316
          </p>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px">
          Adjusted EBITDA
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          698
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          754
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          683
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Sales
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          5,573
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          5,295
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          5,213
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Adjusted EBITDA Margin
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          12.5
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          %
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          14.2
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          %
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          13.1
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          %
        </td>
      </tr>
    </table>
    </div>
    <p>
      Alcoa&#8217;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&#8217;s operating performance and
      the Company&#8217;s ability to meet its financial obligations. The Adjusted
      EBITDA presented may not be comparable to similarly titled measures of
      other companies.
    </p>
    <div style="text-indent: 0pt; width: 100%; margin-bottom: 10pt; margin-right: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center; font-size: 8pt; font-family: Times New Roman">
          16
        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 8pt; font-family: Times New Roman; width: 100%; margin-bottom: 10.0px">
      <tr>
        <td colspan="25">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="25" valign="top" style="padding-left: 0.0px; text-align: left">
          <b>Alcoa and subsidiaries</b>
        </td>
      </tr>
      <tr>
        <td colspan="25" valign="top" style="padding-left: 0.0px; text-align: left">
          <b>Calculation of Financial Measures (unaudited), continued</b>
        </td>
      </tr>
      <tr>
        <td colspan="25" valign="top" style="padding-left: 0.0px; text-align: left">
          <b>(dollars in millions, except per metric ton amounts)</b>
        </td>
      </tr>
      <tr>
        <td colspan="25">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px">
          <b>Segment Measures</b>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="11" valign="top" style="border-bottom-style: solid; padding-left: 0.0px; text-align: center; border-bottom-color: black; border-bottom-width: 1.0pt">
          <b>Alumina</b>
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="10" valign="top" style="border-bottom-style: solid; padding-left: 0.0px; text-align: center; border-bottom-color: black; border-bottom-width: 1.0pt">
          <b>Primary Metals</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" rowspan="2">
          <b>Adjusted EBITDA</b>
        </td>
        <td>

        </td>
        <td colspan="23" valign="top" style="border-bottom-style: solid; padding-left: 0.0px; text-align: center; border-bottom-color: black; border-bottom-width: 1.0pt">
          <b>Quarter ended</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="3" valign="top" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: center; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>September 30,</b><br><b>2015</b>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3" valign="top" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: center; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>June 30,</b><br><b>2016</b>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3" valign="top" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: center; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>September 30,</b><br><b>2016</b>
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3" valign="top" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: center; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>September 30,</b><br><b>2015</b>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="2" valign="top" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: center; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>June 30,</b><br><b>2016</b>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3" valign="top" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: center; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>September 30,</b><br><b>2016</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          After-tax operating income (ATOI)
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            212
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          109
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          72
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (59
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          41
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          56
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Add:
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Depreciation, depletion, and amortization
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            71
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            66
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            68
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            106
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            101
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            99
          </p>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Equity loss (income)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            9
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            7
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            9
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            7
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#8211;
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (3
          </p>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            )
          </p>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          85
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          40
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          31
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (49
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          &#8211;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          &#8211;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px">
          Other
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          (1
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: left; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          (7
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: left; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          (7
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: left; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          (2
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: left; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          1
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          (7
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: left; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px">
          Adjusted EBITDA
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            $
          </p>
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            376
          </p>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            $
          </p>
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            215
          </p>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            $
          </p>
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            173
          </p>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            $
          </p>
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            3
          </p>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            $
          </p>
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            143
          </p>
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            $
          </p>
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            145
          </p>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Production (thousand metric tons) (kmt)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            3,954
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            3,316
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            3,310
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            700
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            595
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            586
          </p>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Adjusted EBITDA / Production ($ per metric ton)
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            $
          </p>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            95
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            $
          </p>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            65
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            $
          </p>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            52
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            $
          </p>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            4
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            $
          </p>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            240
          </p>
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            $
          </p>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            247
          </p>
        </td>
        <td>

        </td>
      </tr>
    </table>
    </div>
    <p>
      Alcoa&#8217;s definition of Adjusted EBITDA (Earnings before interest, taxes,
      depreciation, and amortization) is net margin plus an add-back for
      depreciation, depletion, and amortization. Net margin is equivalent to
      Sales minus the following items: Cost of goods sold; Selling, general
      administrative, and other expenses; Research and development expenses;
      and Provision for depreciation, depletion, and amortization. The Other
      line in the table above includes gains/losses on asset sales and other
      nonoperating items. Adjusted EBITDA is a non-GAAP financial measure.
      Management believes that this measure is meaningful to investors because
      Adjusted EBITDA provides additional information with respect to Alcoa&#8217;s
      operating performance and the Company&#8217;s ability to meet its financial
      obligations. The Adjusted EBITDA presented may not be comparable to
      similarly titled measures of other companies.
    </p>
    <div style="text-indent: 0pt; width: 100%; margin-bottom: 10pt; margin-right: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center; font-size: 8pt; font-family: Times New Roman">
          17
        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 8pt; font-family: Times New Roman; width: 100%; margin-bottom: 10.0px">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="11">

        </td>
      </tr>
      <tr>
        <td colspan="13" valign="top" style="padding-left: 0.0px; text-align: left">
          <b>Alcoa and subsidiaries</b>
        </td>
      </tr>
      <tr>
        <td colspan="13" valign="top" style="padding-left: 0.0px; text-align: left">
          <b>Calculation of Financial Measures (unaudited), continued</b>
        </td>
      </tr>
      <tr>
        <td colspan="13" valign="top" style="padding-left: 0.0px; text-align: left">
          <b>(in millions)</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="11">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px">
          <b>Segment Measures</b>
        </td>
        <td>

        </td>
        <td colspan="11" valign="top" style="border-bottom-style: solid; padding-left: 0.0px; text-align: center; border-bottom-color: black; border-bottom-width: 1.0pt">
          <b>Upstream<sup>(1)</sup></b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" rowspan="2">
          <b>Adjusted EBITDA</b>
        </td>
        <td>

        </td>
        <td colspan="11" valign="top" style="border-bottom-style: solid; padding-left: 0.0px; text-align: center; border-bottom-color: black; border-bottom-width: 1.0pt">
          <b>Quarter ended</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="3" valign="top" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: center; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>September 30,</b><br><b>2015</b>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3" valign="top" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: center; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>June 30,</b><br><b>2016</b>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3" valign="top" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: center; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>September 30,</b><br><b>2016</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          After-tax operating income (ATOI)
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          153
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          150
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          128
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Add:
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 5.0px; text-align: left">
          Depreciation, depletion, and amortization
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            177
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            167
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            167
          </p>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 5.0px; text-align: left">
          Equity loss
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          16
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          7
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          6
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 5.0px; text-align: left">
          Income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          36
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          40
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          31
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 5.0px; text-align: left; padding-bottom: 2.0px">
          Other
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          (3
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: left; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          (6
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: left; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          (14
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: left; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px">
          Adjusted EBITDA
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            $
          </p>
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            379
          </p>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            $
          </p>
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            358
          </p>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            $
          </p>
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            318
          </p>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p>
      Alcoa&#8217;s definition of Adjusted EBITDA (Earnings before interest, taxes,
      depreciation, and amortization) is net margin plus an add-back for
      depreciation, depletion, and amortization. Net margin is equivalent to
      Sales minus the following items: Cost of goods sold; Selling, general
      administrative, and other expenses; Research and development expenses;
      and Provision for depreciation, depletion, and amortization. The Other
      line in the table above includes gains/losses on asset sales and other
      nonoperating items. Adjusted EBITDA is a non-GAAP financial measure.
      Management believes that this measure is meaningful to investors because
      Adjusted EBITDA provides additional information with respect to Alcoa&#8217;s
      operating performance and the Company&#8217;s ability to meet its financial
      obligations. The Adjusted EBITDA presented may not be comparable to
      similarly titled measures of other companies.
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 8pt; font-family: Times New Roman; width: 100%; margin-bottom: 10.0px">
      <tr>
        <td valign="top" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          <sup>(1)</sup>
        </td>
        <td>
          &#160;
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Upstream is composed of the Alumina and Primary Metals segments. On
          September 29, 2016, Alcoa announced that its Board of Directors
          approved the completion of the Company&#8217;s separation into two
          standalone, publicly-traded companies. One such company will be
          named Alcoa Corporation and will include Upstream. Additionally, the
          future Alcoa Corporation will include the Warrick, IN rolling
          operations and the equity interest in the rolling mill at the joint
          venture in Saudi Arabia, both of which are currently part of the
          Global Rolled Products segment of Alcoa Inc. See Segment Information
          for a reconciliation of Alcoa Inc.&#8217;s total segment ATOI, which
          includes the Upstream ATOI presented in the table above, to its
          consolidated net income.
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="text-indent: 0pt; width: 100%; margin-bottom: 10pt; margin-right: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center; font-size: 8pt; font-family: Times New Roman">
          18
        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 8pt; font-family: Times New Roman; width: 100%; margin-bottom: 10.0px">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="9">

        </td>
      </tr>
      <tr>
        <td colspan="11" valign="top" style="padding-left: 0.0px; text-align: left">
          <b>Alcoa and subsidiaries</b>
        </td>
      </tr>
      <tr>
        <td colspan="11" valign="top" style="padding-left: 0.0px; text-align: left">
          <b>Calculation of Financial Measures (unaudited), continued</b>
        </td>
      </tr>
      <tr>
        <td colspan="11" valign="top" style="padding-left: 0.0px; text-align: left">
          <b>(dollars in millions, except per metric ton amounts)</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="9">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px">
          <b>Segment Measures</b>
        </td>
        <td>

        </td>
        <td colspan="9" valign="top" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: center; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          <b>Global Rolled Products</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" rowspan="2">
          <b>Adjusted EBITDA</b>
        </td>
        <td>

        </td>
        <td colspan="9" valign="top" style="border-bottom-style: solid; padding-left: 0.0px; text-align: center; border-bottom-color: black; border-bottom-width: 1.0pt">
          <b>Quarter ended</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="3" valign="top" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: center; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>September 30,</b><br><b>2015</b>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="2" valign="top" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: center; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>June 30,</b><br><b>2016</b>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="2" valign="top" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: center; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>September 30,</b><br><b>2016</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          After-tax operating income (ATOI)
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          62
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          68
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          58
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Add:
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 5.0px; text-align: left">
          Depreciation, depletion, and amortization
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            56
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            55
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            59
          </p>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 5.0px; text-align: left">
          Equity loss
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          8
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          10
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          10
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 5.0px; text-align: left">
          Income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          28
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          28
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          18
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 5.0px; text-align: left; padding-bottom: 2.0px">
          Other
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          (1
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: left; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          1
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          &#8211;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px">
          Adjusted EBITDA
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            $
          </p>
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            153
          </p>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            $
          </p>
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            162
          </p>
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            $
          </p>
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            145
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Total shipments (thousand metric tons) (kmt)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            464
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            497
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            491
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Adjusted EBITDA / Total shipments ($ per metric ton)
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            $
          </p>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            330
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            $
          </p>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            326
          </p>
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            $
          </p>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            295
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>
      Alcoa&#8217;s definition of Adjusted EBITDA (Earnings before interest, taxes,
      depreciation, and amortization) is net margin plus an add-back for
      depreciation, depletion, and amortization. Net margin is equivalent to
      Sales minus the following items: Cost of goods sold; Selling, general
      administrative, and other expenses; Research and development expenses;
      and Provision for depreciation, depletion, and amortization. The Other
      line in the table above includes gains/losses on asset sales and other
      nonoperating items. Adjusted EBITDA is a non-GAAP financial measure.
      Management believes that this measure is meaningful to investors because
      Adjusted EBITDA provides additional information with respect to Alcoa&#8217;s
      operating performance and the Company&#8217;s ability to meet its financial
      obligations. The Adjusted EBITDA presented may not be comparable to
      similarly titled measures of other companies.
    </p>
    <div style="text-indent: 0pt; width: 100%; margin-bottom: 10pt; margin-right: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center; font-size: 8pt; font-family: Times New Roman">
          19
        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 8pt; font-family: Times New Roman; width: 100%; margin-bottom: 10.0px">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="11">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="11">

        </td>
      </tr>
      <tr>
        <td colspan="25" valign="top" style="padding-left: 0.0px; text-align: left">
          <b>Alcoa and subsidiaries</b>
        </td>
      </tr>
      <tr>
        <td colspan="25" valign="top" style="padding-left: 0.0px; text-align: left">
          <b>Calculation of Financial Measures (unaudited), continued</b>
        </td>
      </tr>
      <tr>
        <td colspan="25" valign="top" style="padding-left: 0.0px; text-align: left">
          <b>(dollars in millions)</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="11">

        </td>
        <td>

        </td>
        <td colspan="11">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px">
          <b>Segment Measures</b>
        </td>
        <td>

        </td>
        <td colspan="11" valign="top" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: center; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          <b>Engineered Products and Solutions</b>
        </td>
        <td>

        </td>
        <td colspan="11" valign="top" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: center; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          <b>Transportation and Construction Solutions</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" rowspan="2">
          <b>Adjusted EBITDA</b>
        </td>
        <td>

        </td>
        <td colspan="23" valign="top" style="border-bottom-style: solid; padding-left: 0.0px; text-align: center; border-bottom-color: black; border-bottom-width: 1.0pt">
          <b>Quarter ended</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="3" valign="top" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: center; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>September 30,</b><br><b>2015</b>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3" valign="top" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: center; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>June 30,</b><br><b>2016</b>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3" valign="top" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: center; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>September 30,</b><br><b>2016</b>
          </p>
        </td>
        <td>

        </td>
        <td colspan="3" valign="top" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: center; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>September 30,</b><br><b>2015</b>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3" valign="top" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: center; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>June 30,</b><br><b>2016</b>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3" valign="top" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: center; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>September 30,</b><br><b>2016</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          After-tax operating income (ATOI)
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          151
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          180
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          162
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          44
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          46
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          47
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Add:
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 5.0px; text-align: left">
          Depreciation, depletion, and amortization
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            61
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            62
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            63
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            11
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            12
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            12
          </p>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 5.0px; text-align: left">
          Income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          71
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          87
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          71
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          18
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          18
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          17
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 5.0px; text-align: left; padding-bottom: 2.0px">
          Other
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          &#8211;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          &#8211;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          &#8211;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          (1
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: left; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          &#8211;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          &#8211;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px">
          Adjusted EBITDA
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            $
          </p>
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            283
          </p>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            $
          </p>
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            329
          </p>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            $
          </p>
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            296
          </p>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            $
          </p>
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            72
          </p>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            $
          </p>
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            76
          </p>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            $
          </p>
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            76
          </p>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Third-party sales
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            $
          </p>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            1,397
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            $
          </p>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            1,465
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            $
          </p>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            1,406
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            $
          </p>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            475
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            $
          </p>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            467
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            $
          </p>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            450
          </p>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Adjusted EBITDA Margin
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            20.3
          </p>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            %
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            22.5
          </p>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            %
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            21.1
          </p>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            %
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            15.2
          </p>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            %
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            16.3
          </p>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            %
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            16.9
          </p>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            %
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>
      Alcoa&#8217;s definition of Adjusted EBITDA (Earnings before interest, taxes,
      depreciation, and amortization) is net margin plus an add-back for
      depreciation, depletion, and amortization. Net margin is equivalent to
      Sales minus the following items: Cost of goods sold; Selling, general
      administrative, and other expenses; Research and development expenses;
      and Provision for depreciation, depletion, and amortization. The Other
      line in the table above includes gains/losses on asset sales and other
      nonoperating items. Adjusted EBITDA is a non-GAAP financial measure.
      Management believes that this measure is meaningful to investors because
      Adjusted EBITDA provides additional information with respect to Alcoa&#8217;s
      operating performance and the Company&#8217;s ability to meet its financial
      obligations. The Adjusted EBITDA presented may not be comparable to
      similarly titled measures of other companies.
    </p>
    <div style="text-indent: 0pt; width: 100%; margin-bottom: 10pt; margin-right: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center; font-size: 8pt; font-family: Times New Roman">
          20
        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 8pt; font-family: Times New Roman; width: 100%; margin-bottom: 10.0px">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="11">

        </td>
      </tr>
      <tr>
        <td colspan="13" valign="top" style="padding-left: 0.0px; text-align: left">
          <b>Alcoa and subsidiaries</b>
        </td>
      </tr>
      <tr>
        <td colspan="13" valign="top" style="padding-left: 0.0px; text-align: left">
          <b>Calculation of Financial Measures (unaudited), continued</b>
        </td>
      </tr>
      <tr>
        <td colspan="13" valign="top" style="padding-left: 0.0px; text-align: left">
          <b>(dollars in millions)</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="11">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px">
          <b>Segment Measures</b>
        </td>
        <td>

        </td>
        <td colspan="11" valign="top" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: center; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          <b>Value-Add<sup>(1)</sup></b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" rowspan="2">
          <b>Adjusted EBITDA</b>
        </td>
        <td>

        </td>
        <td colspan="11" valign="top" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: center; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          <b>Quarter ended</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="3" valign="top" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: center; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>September 30,</b><br><b>2015</b>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3" valign="top" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: center; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>June 30,</b><br><b>2016</b>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3" valign="top" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: center; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>September 30,</b><br><b>2016</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          After-tax operating income (ATOI)
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          257
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          294
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          267
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Add:
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 5.0px; text-align: left">
          Depreciation, depletion, and amortization
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            128
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            129
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            134
          </p>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 5.0px; text-align: left">
          Equity loss
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          8
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          10
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          10
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 5.0px; text-align: left">
          Income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          117
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          133
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          106
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 5.0px; text-align: left; padding-bottom: 2.0px">
          Other
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          (2
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: left; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          1
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          &#8211;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px">
          Adjusted EBITDA
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            $
          </p>
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            508
          </p>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            $
          </p>
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            567
          </p>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            $
          </p>
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            517
          </p>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Third-party sales
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            $
          </p>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            3,399
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            $
          </p>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            3,482
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            $
          </p>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            3,377
          </p>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Adjusted EBITDA Margin
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            14.9
          </p>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            %
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            16.3
          </p>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            %
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            15.3
          </p>
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            %
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>
      Alcoa&#8217;s definition of Adjusted EBITDA (Earnings before interest, taxes,
      depreciation, and amortization) is net margin plus an add-back for
      depreciation, depletion, and amortization. Net margin is equivalent to
      Sales minus the following items: Cost of goods sold; Selling, general
      administrative, and other expenses; Research and development expenses;
      and Provision for depreciation, depletion, and amortization. The Other
      line in the table above includes gains/losses on asset sales and other
      nonoperating items. Adjusted EBITDA is a non-GAAP financial measure.
      Management believes that this measure is meaningful to investors because
      Adjusted EBITDA provides additional information with respect to Alcoa&#8217;s
      operating performance and the Company&#8217;s ability to meet its financial
      obligations. The Adjusted EBITDA presented may not be comparable to
      similarly titled measures of other companies.
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 8pt; font-family: Times New Roman; width: 100%; margin-bottom: 10.0px">
      <tr>
        <td valign="top" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          <sup>(1)</sup>
        </td>
        <td>
          &#160;
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Value-Add is composed of the Global Rolled Products, Engineered
          Products and Solutions, and Transportation and Construction
          Solutions segments. On September 29, 2016, Alcoa announced that its
          Board of Directors approved the completion of the Company&#8217;s
          separation into two standalone, publicly-traded companies. One such
          company will be named Arconic and will include Value-Add, except for
          the Warrick, IN rolling operations and the equity interest in the
          rolling mill at the joint venture in Saudi Arabia, both of which are
          currently part of the Global Rolled Products segment of Alcoa Inc.
          and will be included in the other company, Alcoa Corporation. See
          Segment Information for a reconciliation of Alcoa Inc.&#8217;s total
          segment ATOI, which includes the Value-Add ATOI presented in the
          table above, to its consolidated net income.
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="text-indent: 0pt; width: 100%; margin-bottom: 10pt; margin-right: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center; font-size: 8pt; font-family: Times New Roman">
          21
        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 8pt; font-family: Times New Roman; width: 100%; margin-bottom: 10.0px">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="11">

        </td>
      </tr>
      <tr>
        <td colspan="13" valign="top" style="padding-left: 0.0px; text-align: left">
          <b>Alcoa and subsidiaries</b>
        </td>
      </tr>
      <tr>
        <td colspan="13" valign="top" style="padding-left: 0.0px; text-align: left">
          <b>Calculation of Financial Measures (unaudited), continued</b>
        </td>
      </tr>
      <tr>
        <td colspan="13" valign="top" style="padding-left: 0.0px; text-align: left">
          <b>(in millions)</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="11">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px" rowspan="2">
          <b>Free Cash Flow</b>
        </td>
        <td>

        </td>
        <td colspan="11" valign="top" style="border-bottom-style: solid; padding-left: 0.0px; text-align: center; border-bottom-color: black; border-bottom-width: 1.0pt">
          <b>Quarter ended</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="3" valign="top" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: center; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>September 30, </b><br><b>2015</b>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3" valign="top" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: center; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>June 30, </b><br><b>2016</b>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3" valign="top" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: center; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>September 30, </b><br><b>2016</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Cash from operations
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          420
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          332
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          306
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px">
          Capital expenditures
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          (268
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: left; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          (277
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: left; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          (275
        </td>
        <td valign="bottom" style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; text-align: left; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px">
          Free cash flow
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          152
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          55
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; text-align: right; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px">
          31
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p>
      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&#8217;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.
    </p>
    <p>
      CONTACT:<br>Alcoa<br>Investor Contact:<br>Matt Garth, 212-836-2674<br><u>Matthew.Garth@alcoa.com</u><br>or<br>Media
      Contact:<br>Shona Sabnis, 212-836-2626<br><u>Shona.Sabnis@alcoa.com</u>
    </p>
    <p style="text-align: center">
      22
    </p>
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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
