Top leadership named for Upstream and Value-Add Companies as Alcoa prepares to separate into two publicly-traded companies

Lightweight metals leader Alcoa (NYSE: AA) today announced executive
management appointments for the future Upstream and Value-Add Companies,
expected to become effective upon completion of Alcoa’s
previously announced separation in the second half of 2016.

Roy
Harvey, Executive Vice President and Alcoa President of Global
Primary Products, will serve as Chief Executive Officer of the new
Upstream Company. William
Oplinger, Executive Vice President and Chief Financial Officer of
Alcoa, will serve as the Upstream Company’s Chief Financial Officer.

In the Value-Add Company, Ken
Giacobbe will serve as Chief Financial Officer. Mr. Giacobbe is
currently Chief Financial Officer of Alcoa’s Engineered Products and
Solutions business.

As previously announced, Klaus
Kleinfeld, Alcoa Chairman and Chief Executive Officer, will lead the
Value-Add Company as Chairman and Chief Executive Officer. He will also
serve as Chairman of the Upstream Company for the critical initial
phase, ensuring a smooth and effective transition.

About Alcoa

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 more than 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,” “believes,” “could,” “expects,” “may,” “plans,”
“projects,” “should,” “will,” “would,” 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,
statements regarding the separation transaction, including the expected
timing of completion of the separation and the executive management
appointments expected to be made for the two independent companies.
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 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’s resources, systems, procedures
and controls, disruption of its ongoing business and diversion of
management’s attention from other business concerns; (c) material
adverse changes in aluminum industry conditions; (d) deterioration in
global economic and financial market conditions generally; (e)
unfavorable changes in the markets served by Alcoa; (f) the potential
failure to retain key employees while the separation transaction is
pending or after it is completed; and (g) the other risk factors
discussed in Alcoa’s Form 10-K for the year ended December 31, 2014, and
other reports filed with the U.S. 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.

Alcoa
Investor Contact
Nahla Azmy, 212-836-2674
Nahla.Azmy@alcoa.com
or
Media Contact
Monica Orbe, 212-836-2632
Monica.Orbe@alcoa.com