#1Pending#2Cautionary 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 that reflect 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 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: (a) cyclicality of the aluminum industry and aluminum end use markets, including due to the influence of global economic conditions, and unfavorable changes in the markets served by Alcoa; (b) the effects of non-market forces, such as government policies and political instability, on global aluminum supply and demand; (c) volatility and declines in aluminum industry, including global supply and demand conditions and fluctuations in London Metal Exchange-based prices and premiums, as applicable, for primary aluminum and other commodities, and fluctuations in indexed-based and spot prices for alumina; (d) legal, regulatory, economic, political, trade, public health and safety, and reputational risks and conditions, including changes in conditions beyond our control as a result of our participation in increasingly competitive and complex global markets; (e) our ability to obtain, maintain, or renew permits or approvals necessary for our mining operations; (f) unfavorable changes in cost, quality, or availability of key inputs, including energy and raw materials, or uncertainty of or disruption to the supply chain including logistics; (g) our ability to realize expected benefits or achieve intended results, including as planned and by targeted completion dates, from announced strategies, plans, programs, or initiatives relating to our portfolio, profitability, capital investments, and developing technologies, and from joint ventures or other strategic alliances or business transactions; (h) fluctuations in foreign currency exchange and tax rates on costs and results; (i) changes in tax laws or exposure to additional tax liabilities; (j) changes in global economic and financial market conditions generally, such as inflation, recessionary conditions, and interest rate increases, which may also affect Alcoa's ability to obtain credit or financing upon acceptable terms or at all; (k) current and potential future impacts to the global economy and our industry, business and financial condition caused by various worldwide or macroeconomic events, such as the ongoing conflict between Russia and Ukraine; (1) global competition within and beyond the aluminum industry; (m) our ability to obtain or maintain adequate insurance coverage; (n) the outcomes of contingencies, including legal and tax proceedings, government or regulatory investigations, and environmental remediation, or changes in foreign and/or U.S. federal, state, or local laws, regulations, or policies; (o) the impacts of climate change, related legislation or regulations, and efforts to reduce greenhouse gas emissions and our ability to achieve strategies and expectations related to climate change and other environmental matters; (p) claims, costs and liabilities resulting from the impact of our operations, including impoundments, or from health, safety, and environmental laws, regulations, and requirements, in the areas where we operate; (q) the impact of cyberattacks and potential information technology or data security breaches, including disruptions to our operations, liability, and reputational harm; (r) our ability to fund capital expenditures; (s) risks associated with long-term debt obligations including restrictions on our current and future operations as a result of our indebtedness; (t) our ability to continue to return capital to stockholders through cash dividends and/or share repurchases; (u) the impact of labor disputes, work stoppages and strikes, or other employee relations issues, as well as labor market conditions; (v) declines in the discount rates used to measure pension and other postretirement benefit liabilities or lower-than-expected investment returns on pension assets, or unfavorable changes in laws or regulations that govern pension plan funding; and (w) the other risk factors discussed in Alcoa's Annual Report on Form 10-K for the fiscal year ended December 31, 2022 and other reports filed by Alcoa with the 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 described above and other risks in the market. Any information contained in the following slides that has been previously publicly presented by Alcoa speaks as of the date that it was originally presented, as indicated. Alcoa is not updating or affirming any of such information as of today's date. The provision of this information shall not imply that the information has not changed since it was originally presented. Alcoa 2#3Pending#4A pure play aluminum company with two business segments Alcoa global operations by business segment Alcoa Canada: United States: Alumina Aluminum Iceland: Norway: Brazil: Spain: Guinea: Saudi Arabia: ISS Governance QualityScore: 1 (highest) Complexity Drive Returns Alcoa The Element of Possibility™ Advance Australia: Sustainably 4#5Achieved strong balance sheet, made stockholder returns Capital allocation framework and key metrics Capital allocation framework Prop. adj. net debt, $M Alcoa Stockholder returns, $M Maintain strong balance sheet through the cycle Use capital expenditures to sustain and improve existing operations Maximize value creation Return cash to stockholders Transform portfolio Position for growth 3,423 1,472 1,093 1,111 Dividends Share repurchases 572 -72 169 500 19 36 150 Dec-20 Dec-21 Dec-22 Jun-23 FY20 FY21 FY22 1H23 Debt maturity profile and available credit, $M Debt maturities Revolving credit (no borrowings) 1,250| 10 250 78 750 500 500 FY23 FY24 FY25 FY26 FY27 FY28 FY29 5#6Pending#7Pending#8Pending#9Pending#10Pending#11Pending#12Pending#13Appendix Alcoa#14Pending#15Pending#16Pending#17Pending#18Pending#19Pending#20Pending#21Pending#22Pending#23Pending#24Pending#25Maximizing value creation through balanced uses of cash Capital allocation framework and value creation considerations Capital allocation framework Maximize value creation Alcoa Maintain strong balance sheet through the cycle Capital expenditures to sustain and improve existing operations Return Maximize value creation cash to stockholders Transform portfolio Position for growth Return cash to stockholders 2Q23 dividend payments totaled $18 million Transform portfolio ☐ ■ Continuing restart of Alumar smelter production based on renewable energy Phased restart of San Ciprián smelter scheduled to begin January 2024 Position for value-creating growth Implement innovative technologies, when proven at commercial scale, with potential to transform the industry Fund projects that are expected to provide returns to stockholders greater than cost of capital 25#26Pending#27Pending#28Pending#29Pending#30Pending#31Pending#32Pending#33Pending#34Currency impacts on Segment Adjusted EBITDA Currency balance sheet revaluation and EBITDA sensitivities impact ($M, except currencies) 6/30/23 currencies 2Q23 currency avg. AUD BRL CAD EUR ISK NOK Total 0.66 4.86 1.33 1.09 136.44 10.75 0.67 4.96 1.34 1.09 137.54 10.69 2Q23 Balance sheet revaluation impact Alumina (1.2) 0.1 0.2 (0.9) Aluminum (1.4) 0.6 (2.0) (1.5) (0.3) (1.4) (6.0) Corporate 0.2 1.3 0.1 1.6 Subtotal (2.6) 0.9 (0.7) (1.2) (0.3) (1.4) (5.3) 2Q23 Currency sensitivity impact Alumina 6.0 (4.8) (1.0) 0.2 Aluminum 0.8 (3.5) (0.8) (0.3) (0.5) 0.5 (3.8) Subtotal 6.8 (8.3) (0.8) (1.3) (0.5) 0.5 (3.6) 2Q23 Total EBITDA currency impact Alumina 4.8 (4.7) (0.8) (0.7) Aluminum (0.6) (2.9) (2.8) (1.8) (0.8) (0.9) (9.8) Corporate 0.0 0.2 1.3 0.1 1.6 Total 4.2 (7.4) (1.5) (2.5) (0.8) (0.9) (8.9) Alcoa 34#35Pending#36Pending#37Pending#38Pending#39Pending#40Pending#41Pending#42Pending#43Pending#44Pending#45Pending#46Pending