Investor Presentaiton

Maximizing 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

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