Investor Presentation

April / May 2024

OUR VALUES

Act with Integrity

Operate with Excellence

Care for People

Lead with Courage

Cautionary Statement regarding Forward-Looking Statements

This presentation 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 "aims," "ambition," "anticipates," "believes," "could," "develop," "endeavors," "estimates," "expects," "forecasts," "goal," "intends," "may," "outlook," "potential," "plans," "projects," "reach," "seeks," "sees," "should," "strive," "targets," "will," "working," "would," or other words of similar meaning. All statements by Alcoa Corporation ("Alcoa") that reflect expectations, assumptions or projections about the future, other than statements of historical fact, are forward-looking statements, including, without limitation, statements regarding the proposed transaction; the ability of the parties to complete the proposed transaction; the expected benefits of the proposed transaction, the competitive ability and position following completion of the proposed transaction; forecasts concerning global demand growth for bauxite, alumina, and aluminum, and supply/demand balances; statements, projections or forecasts of future or targeted financial results, or operating performance (including our ability to execute on strategies related to environmental, social and governance matters); statements about strategies, outlook, and business and financial prospects; and statements about capital allocation and return of capital. These statements reflect beliefs and assumptions that are based on Alcoa's perception of historical trends, current conditions, and expected future developments, as well as other factors that management believes are appropriate in the circumstances. Forward-looking statements are not guarantees of future performance and are subject to known and unknown 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: (1) the non-satisfaction or non-waiver, on a timely basis or otherwise, of one or more closing conditions to the proposed transaction; (2) the prohibition or delay of the consummation of the proposed transaction by a governmental entity; (3) the risk that the proposed transaction may not be completed in the expected time frame or at all; (4) unexpected costs, charges or expenses resulting from the proposed transaction; (5) uncertainty of the expected financial performance following completion of the proposed transaction; (6) failure to realize the anticipated benefits of the proposed transaction; (7) the occurrence of any event that could give rise to termination of the proposed transaction; (8) potential litigation in connection with the proposed transaction or other settlements or investigations that may affect the timing or occurrence of the contemplated transaction or result in significant costs of defense, indemnification and liability; (9) the impact of global economic conditions on the aluminum industry and aluminum end-use markets; (10) volatility and declines in aluminum and alumina demand and pricing, including global, regional, and product-specific prices, or significant changes in production costs which are linked to LME or other commodities; (11) the disruption of market-driven balancing of global aluminum supply and demand by non-market forces; (12) competitive and complex conditions in global markets; (13) our ability to obtain, maintain, or renew permits or approvals necessary for our mining operations; (14) rising energy costs and interruptions or uncertainty in energy supplies; (15) unfavorable changes in the cost, quality, or availability of raw materials or other key inputs, or by disruptions in the supply chain; (16) our ability to execute on our strategy to be a lower cost, competitive, and integrated aluminum production business and to realize the anticipated benefits from announced plans, programs, initiatives relating to our portfolio, capital investments, and developing technologies; (17) our ability to integrate and achieve intended results from joint ventures, other strategic alliances, and strategic business transactions; (18) economic, political, and social conditions, including the impact of trade policies and adverse industry publicity; (19) fluctuations in foreign currency exchange rates and interest rates, inflation and other economic factors in the countries in which we operate; (20) changes in tax laws or exposure to additional tax liabilities; (21) global competition within and beyond the aluminum industry; (22) our ability to obtain or maintain adequate insurance coverage; (23) disruptions in the global economy caused by ongoing regional conflicts; (24) legal proceedings, investigations, or changes in foreign and/or U.S. federal, state, or local laws, regulations, or policies; (25) climate change, climate change legislation or regulations, and efforts to reduce emissions and build operational resilience to extreme weather conditions; (26) our ability to achieve our strategies or expectations relating to environmental, social, and governance considerations; (27) claims, costs and liabilities related to health, safety, and environmental laws, regulations, and other requirements, in the jurisdictions in which we operate; (28) liabilities resulting from impoundment structures, which could impact the environment or cause exposure to hazardous substances or other damage; (29) our ability to fund capital expenditures;

  1. deterioration in our credit profile or increases in interest rates; (31) restrictions on our current and future operations due to our indebtedness; (32) our ability to continue to return capital to our stockholders through the payment of cash dividends and/or the repurchase of our common stock; (33) cyber attacks, security breaches, system failures, software or application vulnerabilities, or other cyber incidents; (34) labor market conditions, union disputes and other employee relations issues; (35) a decline in the liability discount rate or lower-than-expected investment returns on pension assets; and (36) the other risk factors discussed in Part I Item 1A of Alcoa's Annual Report on Form 10-K for the fiscal year ended December 31, 2023 and other reports filed by Alcoa with the SEC. These risks, as well as other risks associated with the proposed transaction, will be more fully discussed in the proxy statement. Alcoa cautions readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date they are made. 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 described above and other risks in the market. Neither Alcoa nor any other person assumes responsibility for the accuracy and completeness of any of these forward-looking statements and none of the information contained herein should be regarded as a representation

that the forward-looking statements contained herein will be achieved.

2

Important information

Additional Information and Where to Find It

This communication does not constitute an offer to buy or sell or the solicitation of an offer to buy or sell any securities. This communication relates to the proposed transaction. In connection with the proposed transaction, Alcoa plans to file with the SEC a proxy statement on Schedule 14A (the "Proxy Statement"). This communication is not a substitute for the Proxy Statement or any other document that Alcoa may file with the SEC and send to its stockholders in connection with the proposed transaction. The issuance of the stock consideration in the proposed transaction will be submitted to Alcoa's stockholders for their consideration. The Proxy Statement will contain important information about Alcoa, the proposed transaction and related matters. Before making any voting decision, Alcoa's stockholders should read all relevant documents filed or to be filed with the SEC completely and in their entirety, including the Proxy Statement, as well as any amendments or supplements to those documents, when they become available, because they will contain important information about Alcoa and the proposed transaction. Alcoa's stockholders will be able to obtain a free copy of the Proxy Statement, as well as other filings containing information about Alcoa, free of charge, at the SEC's website (www.sec.gov). Copies of the Proxy Statement and other documents filed by Alcoa with the SEC may be obtained, without charge, by contacting Alcoa through its website at https://investors.alcoa.com/.

Participants in the Solicitation

Alcoa, its directors, executive officers and other persons related to Alcoa may be deemed to be participants in the solicitation of proxies from Alcoa's stockholders in connection with the proposed transaction. Information about the directors and executive officers of Alcoa and their ownership of common stock of Alcoa is set forth in the section entitled "Information about our Executive Officers" included in Alcoa's annual report on Form 10-K for the fiscal year ended December 31, 2023, which was filed with the SEC on February 21, 2024 (and which is available at https://www.sec.gov/ixviewer/ix.html?doc=/Archives/edgar/data/1675149/000095017024018069/aa-20231231.htm), and in the sections entitled "Director Nominees" and "Stock Ownership of Directors and Executive Officers" included in its proxy statement for its 2024 annual meeting of stockholders, which was filed with the SEC on March 19, 2024 (and which is available at https://www.sec.gov/ix?doc=/Archives/edgar/data/1675149/000119312524071354/d207257ddef14a.htm). Additional information regarding the persons who may, under the rules of the SEC, be deemed participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be included in the Proxy Statement and other relevant materials to be filed with the SEC in connection with the proposed transaction when they become available. Free copies of these documents may be obtained as described in the preceding paragraph.

Non-GAAP Financial Measures

This presentation contains reference to certain financial measures that are not calculated and presented in accordance with generally accepted accounting principles in the United States (GAAP). Alcoa Corporation believes that the presentation of these non-GAAP financial measures is useful to investors because such measures provide both additional information about the operating performance of Alcoa Corporation and insight on the ability of Alcoa Corporation to meet its financial obligations by adjusting the most directly comparable GAAP financial measure for the impact of, among others, "special items" as defined by the Company, non-cash items in nature, and/or nonoperating expense or income items. The presentation of non-GAAP financial measures is not intended to be a substitute for, and should not be considered in isolation from, the financial measures reported in accordance with GAAP. Certain definitions, reconciliations to the most directly comparable GAAP financial measures and additional details regarding management's rationale for the use of the non-GAAP financial measures can be found in the appendix to this presentation. Alcoa Corporation does not provide reconciliations of the forward-lookingnon-GAAP financial measures Adjusted EBITDA and Adjusted Net Income, including transformation, intersegment eliminations and other corporate Adjusted EBITDA; operational tax expense; and other expense; each excluding special items, to the most directly comparable forward-looking GAAP financial measures because it is impractical to forecast certain special items, such as restructuring charges and mark-to-market contracts without unreasonable efforts due to the variability and complexity associated with predicting the occurrence and financial impact of such special items. For the same reasons, we are unable to address the probable significance of the unavailable information, which could be material to future results.

Resources

This presentation can be found under the "Events and Presentations" tab of the "Investors" section of the Company's website, www.alcoa.com.

3

Alumina Limited acquisition simplifies ownership structure

Comparison of pre- and post-acquisition ownership structures of Alcoa and AWAC joint venture

From complex ownership at a sub-segment level…

…to streamlined ownership at the wholeco level

Alumina

Aluminum

AWAC mine

Upstream

Primary

and refinery

assets

aluminum

Energy assets

assets

(ex-AWAC)

assets

60%

40%

Portland

Primary

smelter

aluminum

(AWAC)

smelter and

60%

casthouse

40%

portfolio

(ex-AWAC)

Current Alcoa shareholders: 68.75%1

Alumina Limited shareholders: 31.25%1

AluminaAluminum

Alumina Limited position

  • Pro forma 31.25% ownership1 across all tier-1 bauxite and alumina assets and aluminum smelter portfolio
  • Alumina Limited shareholders retain effective 31.25% ownership of AWAC assets (versus 40% today)
  • Allows Australian investors access to Alcoa shares via an ASX-listed security

1.

Based on fully diluted shares outstanding for Alcoa and Alumina Limited as of February 23, 2024 and exchange ratio of 0.02854

4

Alumina acquisition offers immediate and significant benefits

Benefits of Alcoa's acquisition of Alumina Limited

The right deal for Alumina Limited shareholders

  • Diversifies ownership to a large-scale, global upstream aluminum company
  • Allows Australian investors access to Alcoa shares via ASX-listed security
  • Offers Alumina Limited shareholders premium on non-controlling interest

Enhances Alcoa's position as leading pure play, upstream aluminum company globally

  • Expands Alcoa's ownership of core, tier-1 bauxite and alumina business
  • Affirms Alcoa's vertically-integrated,future-focused positioning among publicly listed peers
  • Reaffirms Alcoa's commitment to Western Australia - a premier global mining jurisdiction

The right deal for Alcoa stockholders

  • Simplifies corporate structure and governance, resulting in greater operational flexibility and strategic optionality
  • Increases Alcoa's financial flexibility, enabling more efficient funding and capital allocation decisions to drive stockholder returns

Timeline

1Q24

2Q24

3Q24

Agreed transaction

Government and regulatory approvals

File proxy, scheme booklet

Shareholder approvals

Closing

5

Advances global, pure play, upstream aluminum position

Overview of key facets of combined company, 1 of 2

  • Full value chain integration from upstream bauxite mines to aluminum smelters - with tier-1 assets at every step
  • Increased exposure to bauxite & alumina earnings provides greater stability throughout the commodity cycle

LOW CARBON PRODUCTS

INTEGRATED ACROSS THE VALUE CHAIN

Mining

Refining

Smelting

41.0 Mdmt bauxite

10.9 Mmt

2.1 Mmt aluminum

production

alumina production

production

(2023)

(2023)

(2023)

Largest third party alumina long ex China

TECHNOLOGY FOCUSED

STRONG BALANCE SHEET

  • Full product suite with carbon advantages and recycled content
  • Long-termtechnology projects under development addressing upstream aluminum value chain
    TM ASTRAEATM

Refinery of the

Future Project

  • Sufficient capacity to self-fund upcoming capital requirements and pipeline of technology projects
  • Greater flexibility to navigate volatility in market conditions

Ba1

BB+

BB

Source: Company analyses and CRU

6

Note: All production figures represent consolidated amounts as reported in company filings

Advances global, pure play, upstream aluminum position

Overview of key facets of combined company, 2 of 2

Bauxite

Alumina

Aluminum

#1 bauxite producer (Mdmt)1

  • Strategic global presence with locations in proximity to Alcoa's refineries
  • 1st quartile cost curve position (2023)

41.0

15.8

9.9

1.0

1.1

#1 alumina producer (Mmt)1

  • Refinery portfolio with 1st quartile emissions intensity
  • 1st quartile cost curve position (2023)2

10.9

4.0

3.6

0.4

0.2

#2 aluminum producer (Mmt)1

  • Global smelting portfolio with 87% of production from renewable energy
  • 2nd quartile cost curve position (2023)

4.1

2.1

1.8

0.7

0.3

Source: Company filings for Alcoa + Alumina Limited production; CRU as of December 2023 for peers' production

7

1.

Denotes rank among publicly-listed pure play aluminum peers

2.

First quartile by CRU analysis as of October 2023; full impacts of lower bauxite grade in Australia, San Ciprián curtailment and operational issues in Brazil being assessed could place Alumina in second quartile in 2024

Solidifies position in Western Australia

Alcoa commitment and operations in a premier region of the aluminum industry

  • Acquisition of Alumina Limited represents major commitment by Alcoa to continuing to improve environmental performance, maintain
    significant employment and enhance engagement with local communities
  • Long life resources in Western Australia
  • Long track record - 60 years of operating in Australia
    • Alcoa's Australian business was the first mining company to receive recognition from the United Nations for rehabilitation excellence
  • Core geography to Alcoa - Australia annual spend is more than A$3 billion locally through wages, taxes, royalties, procurement and community investment

Perth

Kwinana

Alumina Refinery

and Shipping

Jarrahdale

Mandurah

Pinjarra

Alumina Refinery

Dwellingup

Wagerup

Alumina Refinery

Bunbury

Bunbury

Shipping

Collie

Alcoa

Mineral

Lease 1SA

Huntly

Bauxite mine

Willowdale

Bauxite mine

Production and capacity information

Alcoa Corporation annual consolidated amounts as of March 31, 2024

Alumina refining, kmt

Aluminum smelting, kmt

Facility

Country

Capacity

Curtailed

Kwinana1

Australia

2,190

438

Pinjarra

Australia

4,700

-

Wagerup

Australia

2,879

-

Poços de Caldas

Brazil

390

214

São Luís (Alumar)

Brazil

2,084

-

San Ciprián

Spain

1,600

800

Total

13,843

1,452

Ras Al Khair5

Saudi Arabia

452

-

Bauxite production, Mdmt

2023

Mine

Country

Production

Darling Range

Australia

30.9

Juruti

Brazil

5.0

Poços de Caldas

Brazil

0.4

Boké (CBG)

Guinea

3.6

Al Ba'itha5

Saudi Arabia

1.1

Total

41.0

Facility

Country

Capacity

Curtailed

Portland

Australia

197

42

São Luís (Alumar)2

Brazil

268

84

Baie Comeau

Canada

324

-

Bécancour

Canada

350

-

Deschambault

Canada

287

-

Fjarðaál

Iceland

351

-

Lista

Norway

95

31

Mosjøen

Norway

200

-

San Ciprián3

Spain

228

214

Massena West

U.S.

130

-

Warrick4

U.S.

215

54

Total

2,645

425

Ras Al Khair5

Saudi Arabia

202

-

Shading denotes AWAC assets

  1. On January 8, 2024, the Company announced the full curtailment of the Kwinana refinery beginning in the second quarter of 2024.
  2. On September 20, 2021, the Company announced plans to restart its 60% share of the Alumar smelter in São Luís, Brazil, equivalent to 268,000 metric tonnes per year (mtpa) of aluminum capacity. Production began in the second quarter of 2022.
  3. In the first quarter of 2024, the Company completed the restart of an initial component of approximately 6% of total pots, in accordance with the February 2023 viability agreement.
  4. In the first quarter of 2024, the Company completed the restart of one potline that was curtailed in July 2022.

5. The Company's proportionate share of earnings from its equity investment in the Saudi Arabian joint venture does not impact Adjusted EBITDA.

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Disclaimer

Alcoa Corporation published this content on 29 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 April 2024 22:23:54 UTC.