$40 Million Investment Secured by Customer Demand

Alcoa (NYSE:AA) announced a $40 million investment (100 million BRL) in
its Itapissuma, Brazil, rolling mill to increase production of specialty
foils for aseptic and flexible packages. Demand for specialty packaging
in Brazil is expected to rise seven percent annually over the next three
years due to population growth and consumer preference¹. The
expansion was announced today at the ExpoAlumínio trade show in São
Paulo. All additional capacity has been fully committed.

“Alcoa enjoys a leading market position in specialty foil in Latin
America where our value-add aluminum is essential for producing highly
differentiated packaging,” said Aquilino Paolucci, President of Alcoa
Latin American and the Caribbean. “A growing number of consumers prefer
this type of packaging because it keeps products fresher, longer and our
expansion will enable Alcoa and our customers to capture that rising
demand.”

Aseptic and flexible packaging made with specialty foil is the most
highly differentiated type of container in packaging. Leading food and
beverage companies around the world use aseptic packaging, which allows
liquid food products to retain more nutrients and taste, and remain
ready for consumption for up to 12 months, even if unrefrigerated. The
packages – more than 175 billion of which were delivered globally in
2013 – are typically a mix of materials such as cardboard type paper,
plastics and thin aluminum.

The Itapissuma packaging facility is located in the state of Pernambuco,
Brazil, which is in the Recife region, and employs approximately 700
people. The expansion is expected to add approximately 50 jobs at the
plant following ramp-up of production. Initial work for the expansion is
underway and commissioning is expected to begin in 2016.

This investment is part of Alcoa’s ongoing portfolio transformation to
build out its value-added mid- and downstream businesses to capture
profitable growth. Alcoa’s other value-add businesses in Brazil meet
demand for oil and gas products, building and construction systems,
fasteners, aluminum truck wheels, and forgings and extrusions.

About Alcoa

A global leader in lightweight metals 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 60,000 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 www.alcoa.com,
follow @Alcoa on Twitter at www.twitter.com/Alcoa
and follow us on Facebook at www.facebook.com/Alcoa.

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,” “plans,” “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 Brazilian demand growth for specialty
aluminum packaging, other trend projections, 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; (b) deterioration in global economic and financial market
conditions generally; (c) unfavorable changes in the markets served by
Alcoa, including the automotive, aerospace, packaging, building and
construction, oil and gas, fasteners and other markets; (d) Alcoa’s
inability to successfully transform its portfolio by building out its
mid and downstream businesses while lowering the cost base for its
upstream business; (e) Alcoa’s inability to realize expected benefits
from newly constructed or expanded facilities, including facilities
supplying specialty aluminum packaging capacity in Brazil, as planned
and by targeted completion dates; and (f) the other risk factors
discussed in Alcoa’s Form 10-K for the year ended December 31, 2013, 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.

¹ Source: Abal (Brazilian Aluminum Association)

Alcoa
Investors:
Kelly Pasterick, 212-836-2674
Kelly.Pasterick@alcoa.com
or
Media:
Lori Lecker, 412-553-3186
lori.lecker@alcoa.com
or
Brazil:
Eliane Uchoa, +55 11 3296-3058
eliane.uchoa@alcoa.com.br