Investor Presentaiton

Achieved 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

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