Alcoa Issues Statement on Change to Dow Jones Industrial Average

September 10, 2013

The composition of the Dow Jones Industrial Average has no impact on
Alcoa’s ability to successfully execute our strategy, and we remain
focused on delivering shareholder value. We continue to grow our
value-add businesses and capture growth opportunities in end markets
like aerospace and automotive. At the same time we are optimizing our
upstream competitiveness. We are focused on the things we can control,
pressing our innovation edge and strong position in end markets, while
lowering our cost position in our commodity business.

About Alcoa
Alcoa (NYSE:AA) is the world’s leading producer
of primary and fabricated aluminum, as well as the world’s largest miner
of bauxite and refiner of alumina. In addition to inventing the
modern-day aluminum industry, Alcoa innovation has been behind major
milestones in the aerospace, automotive, packaging, building and
construction, commercial transportation, consumer electronics and
industrial markets over the past 125 years. Among the solutions Alcoa
markets are flat-rolled products, hard alloy extrusions, and forgings,
as well as Alcoa® wheels, fastening systems, precision and investment
castings, and building systems in addition to its expertise in other
light metals such as titanium and nickel-based super alloys.
Sustainability is an integral part of Alcoa’s operating practices and
the product design and engineering it provides to customers. Alcoa has
been a member of the Dow Jones Sustainability Index for 11 consecutive
years and approximately 75 percent of all of the aluminum ever produced
since 1888 is still in active use today. Alcoa employs approximately
61,000 people in 30 countries across the world. For more information,
and follow @Alcoa on Twitter at and follow Alcoa on
Facebook at

Forward-Looking Statements
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 “anticipates,” “estimates,” “expects,”
“forecasts,” “intends,” “outlook,” “plans,” “projects,” “should,”
“targets,” “will,” or other words of similar meaning. All statements
that reflect Alcoa’s expectations, assumptions or projections about the
future other than statements of historical fact are forward-looking
statements, including, without limitation, forecasts concerning global
demand growth for aluminum, end market conditions, supply/demand
balances, and growth opportunities for aluminum in automotive,
aerospace, and other applications, trend projections, targeted financial
results or operating performance, and statements about Alcoa’s
strategies, outlook, and business and financial prospects.
Forward-looking statements are subject to a number of known and unknown
risks, uncertainties, and other factors and are not guarantees of future
performance. Important factors that could cause actual results to differ
materially from those expressed or implied in the forward-looking
statements include: (a) material adverse changes in aluminum industry
conditions, including global supply and demand conditions and
fluctuations in London Metal Exchange-based prices for primary aluminum,
alumina, and other products, and fluctuations in indexed-based and spot
prices for alumina; (b) deterioration in global economic and financial
market conditions generally; (c) unfavorable changes in the markets
served by Alcoa, including aerospace, automotive, commercial
transportation, building and construction, distribution, packaging,
defense, and industrial gas turbine; (d) the impact of changes in
foreign currency exchange rates on costs and results, particularly the
Australian dollar, Brazilian real, Canadian dollar, euro, and Norwegian
kroner; (e) increases in energy costs, including electricity, natural
gas, and fuel oil, or the unavailability or interruption of energy
supplies; (f) increases in the costs of other raw materials, including
calcined petroleum coke, caustic soda, and liquid pitch; (g) Alcoa’s
inability to achieve the level of revenue growth, cash generation, cost
savings, improvement in profitability and margins, fiscal discipline, or
strengthening of competitiveness and operations (including moving its
alumina refining and aluminum smelting businesses down on the industry
cost curves and increasing revenues in its Global Rolled Products and
Engineered Products and Solutions segments) anticipated from its
restructuring programs, productivity improvement, cash sustainability,
and other initiatives; (h) Alcoa’s inability to realize expected
benefits, in each case as planned and by targeted completion dates, from
sales of non-core assets, or from newly constructed, expanded, or
acquired facilities, such as the upstream operations in Brazil and
investments in hydropower projects in Brazil, or from international
joint ventures, including the joint venture in Saudi Arabia; (i)
political, economic, and regulatory risks in the countries in which
Alcoa operates or sells products, including unfavorable changes in laws
and governmental policies, civil unrest, or other events beyond Alcoa’s
control; (j) failure to maintain investment grade credit ratings which
could limit Alcoa’s ability to obtain future financing, increase its
borrowing costs, adversely affect the market price of its existing
securities, or otherwise impair its business, financial condition and
results of operations; (k) the outcome of contingencies, including legal
proceedings, government investigations, and environmental remediation;
(l) the business or financial condition of key customers, suppliers, and
business partners; (m) adverse changes in tax rates or benefits; (n)
adverse changes in discount rates or investment returns on pension
assets; (o) the impact of cyber attacks and potential information
technology or data security breaches; and (p) the other risk factors
summarized in Alcoa’s Form 10-K for the year ended December 31, 2012,
and other reports filed with the Securities and Exchange Commission.
Alcoa disclaims any obligation to update publicly any forward-looking
statements, whether in response to new information, future events or
otherwise, except as required by applicable law.

Investor Contact
Kelly Pasterick, 212-836-2674
Media Contact
Monica Orbe, 212-836-2632