[Alcoa logo]

1

st

Quarter Earnings Conference

April 10

th

, 2012

Exhibit 99.2

[Alcoa logo]

Cautionary Statement

This

presentation

contains

statements

that

relate

to

future

events

and

expectations

and

as

such

constitute

forward-looking

statements. 

Forward-looking

statements

include

those

containing

such

words

as

“anticipates,”

“estimates,”

“expects,”

“forecasts,”

“intends,”

“outlook,”

“plans,”

“projects,”

“should,”

“targets,”

“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

global

demand

growth

for

aluminum,

end-market

conditions,

supply/demand

balances,

and

growth

opportunities

for

aluminum

in

automotive,

aerospace

and

other

applications,

trend

projections,

targeted

financial

results

or

operating

performance,

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

in

the

forward-looking

statements

include:

(a)

material

adverse

changes

in

aluminum

industry

conditions,

including

global

supply

and

demand

conditions

and

fluctuations

in

London

Metal

Exchange-based

prices

for

primary

aluminum,

alumina,

and

other

products,

and

fluctuations

in

indexed-based

and

spot

prices

for

alumina;

(b)

deterioration

in

global

economic

and

financial

market

conditions

generally;

(c)

unfavorable

changes

in

the

markets

served

by

Alcoa,

including

automotive

and

commercial

transportation,

aerospace,

building

and

construction,

distribution,

packaging,

defense,

and

industrial

gas

turbine;

(d)

the

impact

of

changes

in

foreign

currency

exchange

rates

on

costs

and

results,

particularly

the

Australian

dollar,

Brazilian

real,

Canadian

dollar,

euro,

and

Norwegian

kroner;

(e)

increases

in

energy

costs,

including

electricity,

natural

gas,

and

fuel

oil,

or

the

unavailability

or

interruption

of

energy

supplies;

(f)

increases

in

the

costs

of

other

raw

materials,

including

calcined

petroleum

coke,

caustic

soda,

and

liquid

pitch;

(g)

Alcoa’s

inability

to

achieve

the

level

of

revenue

growth,

cash

generation,

cost

savings,

improvement

in

profitability

and

margins,

fiscal

discipline,

or

strengthening

of

competitiveness

and

operations

(including

moving

its

alumina

refining

and

aluminum

smelting

businesses

down

on

the

industry

cost

curves

and

increasing

revenues

in

its

Global

Rolled

Products

and

Engineered

Products

and

Solutions

segments)

anticipated

from

its

restructuring

programs

and

productivity

improvement,

cash

sustainability,

and

other

initiatives;

(h)

Alcoa's

inability

to

realize

expected

benefits

from

newly

constructed,

expanded,

or

acquired

facilities

or

from

international

joint

ventures

as

planned

and

by

targeted

completion

dates,

including

the

joint

venture

in

Saudi

Arabia,

the

upstream

operations

in

Brazil,

and

the

investments

in

hydropower

projects

in

Brazil;

(i)

political,

economic,

and

regulatory

risks

in

the

countries

in

which

Alcoa

operates

or

sells

products,

including

unfavorable

changes

in

laws

and

governmental

policies,

civil

unrest,

or

other

events

beyond

Alcoa’s

control;

(j)

the

outcome

of

contingencies,

including

legal

proceedings,

government

investigations,

and

environmental

remediation;

(k)

the

business

or

financial

condition

of

key

customers,

suppliers,

and

business

partners;

(l)

adverse

changes

in

tax

rates

or

benefits;

(m)

adverse

changes

in

discount

rates

or

investment

returns

on

pension

assets;

and

(n)

the

other

risk

factors

summarized

in

Alcoa's

Form

10-K

for

the

year

ended

December

31,

2011

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.

Some

of

the

information

included

in

this

presentation

is

derived

from

Alcoa’s

consolidated

financial

information

but

is

not

presented

in

Alcoa’s

financial

statements

prepared

in

accordance

with

U.S.

generally

accepted

accounting

principles

(GAAP).

Certain

of

these

data

are

considered

“non-GAAP

financial

measures”

under

SEC

rules.

These

non-GAAP

financial

measures

supplement

our

GAAP

disclosures

and

should

not

be

considered

an

alternative

to

the

GAAP

measure.

Reconciliations

to

the

most

directly

comparable

GAAP

financial

measures

and

management’s

rationale

for

the

use

of

the

non-GAAP

financial

measures

can

be

found

in

the

Appendix

to

this

presentation

and

on

our

website

at

www.alcoa.com

under

the

“Invest”

section.

Any

reference

during

the

discussion

today

to

EBITDA

means

adjusted

EBITDA,

for

which

we

have

provided

calculations

and

reconciliations

in

the

Appendix

and

on

our

website.

2

Forward-Looking Statements

Non-GAAP Financial Measures

[Alcoa logo]

Chuck McLane

Executive Vice President and Chief Financial Officer

[Alcoa logo]

1

st

Quarter 2012 Financial Overview

Income

from

Continuing

Operations

of

$94

million,

or

$0.09

per

share;

Excluding

impact

of

restructuring

and

other

special

items:

Income

from

continuing

operations

of

$105

million,

or

$0.10

per

share

Revenue

at

$6.0

billion

Cash Sustainability actions

continue to deliver

Adjusted

EBITDA

of

$624

million,

up

40%

sequentially

Free Cash Flow

of negative $506 million

Days

Working

Capital

at

32

days,

a

record

low

first

quarter

Debt-to-Capital

of

35.6%

Cash on hand of $1.7 billion

Record

results

in

Midstream

and

Downstream

businesses

4

See appendix for reconciliations to GAAP and additional information

[Alcoa logo]

Income Statement Summary

$ Millions, except per-share amounts

1Q’11

4Q’11

1Q’12

Year

Change

Sequential

Change

Sales

$5,958

$5,989

$6,006

$48

$17

Cost of Goods Sold

$4,715

$5,228

$5,098

$383

($130)

COGS % Sales

79.1%

87.3%

84.9%

5.8 % pts.

(2.4 % pts.)

Selling, General Administrative, Other

$245

$268

$241

($4)

($27)

SGA % Sales

4.1%

4.5%

4.0%

(0.1 % pts.)

(0.5 % pts.)

Restructuring and Other Charges

$6

$232

$10

$4

($222)

Effective Tax Rate

27.3%

31.0%

28.3%

1.0 % pts.

(2.7 % pts.)

Income (Loss) from Continuing Operations

$309

($193)

$94

($215)

$287

Income (Loss) Per Diluted Share

$0.27

($0.18)

$0.09

($0.18)

$0.27

5

[Alcoa logo]

Restructuring and Other Special Items

$ Millions, except per-share amounts

1Q’11

4Q’11

1Q’12

Income (Loss) from Continuing Operations

$309

($193)

$94

Income (Loss) Per Diluted Share

$0.27

($0.18)

$0.09

Restructuring Related

($5)

($159)

($7)

Discrete Tax Items

-

($12)

-

Mark-to-Market Energy Contracts

$5

$8

($4)

Australia Asset Sale

-

$18

-

Uninsured Losses

-

($14)

-

Acquisition Costs

($8)

-

-

Special Items

($8)

($159)

($11)

Income (Loss) from Continuing Ops excl Special Items

$317

($34)

$105

Income (Loss) per Diluted Share excl Special Items

$0.28

($0.03)

$0.10

6

See appendix for Adjusted Income (Loss) reconciliation

[Alcoa logo]

1

st

Quarter 2012 vs. 4

th

Quarter 2011 Earnings Bridge

7

See appendix for Adjusted Income (Loss) reconciliation

Income

(Loss)

from

Continuing

Operations

Excluding

Restructuring

&

Other

Special

Items

($

millions)

$17m

+$171m

-$49m

105

LME

18

4Q 2011

(34)

(20)

Cost

Increases

/ Other

1Q 2012

Pension

(1)

(2)

Raw

Materials

(12)

Energy

(15)

Productivity

108

Price

/  Mix

34

Volume

29

Currency

[Alcoa logo]

1Q 11

4Q 11

1Q 12

Production (kmt)

4,024

4,178

4,153

3

rd

Party Shipments (kmt)

2,206

2,378

2,293

3

rd

Party Revenue ($ Millions)

810

847

775

ATOI ($ Millions)

142

125

35

Alumina

1

st

Quarter Results

2

nd

Quarter Outlook

1

st

Quarter Business Highlights

8

Revenue down 8.5% sequentially

Alumina

index

pricing

lagging

LME

linked

prices

Maintenance

planning

activities

in

Australia

limited

Q1

maintenance and production impact

Strong

productivity

improvements

offset

nearly

all

volume and cost headwinds

Land

sale

in

Australia

in

4Q

2011

1

st

Quarter Performance Bridge

34%

of

3rd

party

shipments

on

spot

or

alumina

price

index;

other

pricing

to

follow

two-month

lag

to

LME

Alumina

surplus

due

to

smelter

curtailments

continuing

to

negatively

impact

alumina

price

index

Curtailments

to

reduce

production

by

100k

tons

Maintenance

timing

shifted

to

Q2,

with

$10m

ATOI

impact

Productivity

gains

to

continue

[Alcoa logo]

Primary Metals

1

st

Quarter Results

1

st

Quarter Business Highlights

2

nd

Quarter Outlook

9

Improving

business

conditions

created

positive

pressure

on

regional

premiums

and

product

mix

Favorable

pricing

limited

seasonal

energy

increases,

but

reduced

energy

sales

income

Days

working

capital

down

7

days

from

Q1

2011

Productivity

gains

and

mix

improvements

more

than

offset

headwinds

1

st

Quarter Performance Bridge

Pricing

to

follow

15-day

lag

to

LME

Production

to

decline

by

25k

metric

tons

as

Spanish

curtailments

begin

Raw

materials

pricing

to

improve,

with

favorable

$10m

ATOI

impact

Outage

at

Rockdale

and

Warrick

power

facilities,

with

negative

$10m

ATOI

impact

Massena

fire

impact

expected

at

between

$9m

and

$11m

in

ATOI

Productivity

gains

to

continue

1Q 11

4Q 11

1Q 12

Production (kmt)

904

962

951

3

rd

Party Shipments (kmt)

698

805

771

3

rd

Party Revenue ($ Millions)

1,980

1,991

1,944

3

rd

Party Price ($/MT)

2,682

2,374

2,433

ATOI ($ Millions)

202

(32)

10

[Alcoa logo]

Record

Q1

ATOI

and

highest

ever

EBITDA/mt

Aerospace

and

NA

automotive

demand

remains

strong

European

markets

stabilizing

but

less

than

year

ago

levels

Days

working

capital

down

3

days

from

Q1

2011

Favorable

productivity

impacts

results

10

2

nd

Quarter Outlook

1

st

Quarter Business Highlights

1

st

Quarter Results

1

st

Quarter Performance Bridge

Global Rolled Products

See appendix for reconciliations to GAAP and additional information

Seasonal

demand

increases

in

can

stock

Improvement

in

Russia

and

China

as

shipments

expected

to

increase

European

markets

remain

uncertain;

pricing

pressures

persist

Productivity

gains

to

continue

ATOI  $ Millions

1Q 11

4Q 11

1Q 12

Global Rolled Products,

excl Russia, China & Other

84

32

100

Russia, China & Other

(3)

(6)

(4)

Total ATOI

81

26

96

Adjusted EBITDA/mt

368

225

430

[Alcoa logo]

$ Millions

1Q 11

4Q 11

1Q 12

3

rd

Party Revenue

1,247

1,355

1,390

ATOI

130

122

155

Adjusted EBITDA Margin

18%

16%

19%

Engineered Products and Solutions

1

st

Quarter Performance Bridge

1

st

Quarter Business Highlights

1

st

Quarter Results

11%

revenue

growth

from

Q1

2011

27% sequential improvement in

ATOI

Record

quarterly

adjusted

EBITDA

margin

at

19.2%

Days

working

capital

down

4

days

from

Q1

2011

Favorable

productivity

driven

by

process

improvements

and

procurement

savings

2

nd

Quarter Outlook

See appendix for reconciliations to GAAP and additional information

Unfavorable

impact

of

Massena

fire

estimated

in

$8m

to

$12m

ATOI

range

European

Building

&

Construction

market

down

versus

1

st

quarter

2012

Share

gains

through

innovation

continues

across

all

market sectors

Productivity gains to continue

11

[Alcoa logo]

($ Millions)

1Q’11

4Q’11

1Q’12

Net Income (Loss)

$366

($163)

$99

DD&A

$361

$368

$369

Change in Working Capital

($651)

$797

($289)

Pension Contributions

($31)

($119)

($213)

Taxes / Other Adjustments

($281)

$259

($202)

Cash from Operations

($236)

$1,142

($236)

Dividends to Shareholders

($33)

($33)

($33)

Change in Debt

$101

$52

$357

Distributions to Noncontrolling Interest

($97)

($4)

($26)

Contributions from Noncontrolling Interest

$121

$33

$90

Other Financing Activities

$33

$1

$6

Cash from Financing Activities

$125

$49

$394

Capital Expenditures

($204)

($486)

($270)

Other Investing Activities

($348)

($97)

($80)

Cash from Investing Activities

($552)

($583)

($350)

12

1Q’12 FCF

($506)

million

$1.7 billion

of cash

Debt-to-Cap

at 35.6%

DWC 7 Day

reduction vs

1Q 2011

See appendix for Free Cash Flow and Days Working Capital reconciliations

First Quarter 2012 Cash Flow Overview

[Alcoa logo]

Record Low

Days for First

Quarter

Sustainable Reductions Maintained in Days Working Capital

13

Days Working Capital since Fourth Quarter 2008

32

38

38

39

43

44

41

48

55

20

25

30

35

40

45

50

55

33

50

43

-7 days

27

30

10 days

lower

3 days

lower

3 days

lower

[Alcoa logo]

Proactive Cash Sustainability Actions…

Strong Start To 2012

14

[Alcoa logo]

Klaus Kleinfeld

Chairman and Chief Executive Officer

[Alcoa logo]

2012 Market Conditions

16

Alcoa End Markets: Current Assessment of 2012 vs. 2011

Source: Alcoa analysis

[Alcoa logo]

11%

15%

2012

2011

1%

-0.3%

6%

3%

10%

8%

15%

6%

10%

10%

3%

5%

4%

4%

1.9

1.0

0.9

China

Europe

North America

Asia ex. China

Other

India

Brazil

Russia

21.1

6.7

5.9

5.8

3.5

2011 Actual

2012 Forecast

2011 Global Demand

Growth Rate:  10

%

2012 Global Demand

Growth Rate 7% vs. 2011     

(World ex China 4%)

*Other consists of: Middle East, Latin America ex Brazil and ROW

2012 Projected Primary Aluminum Consumption Growth Rates (%) by Region (in mmt)

End Market Conditions Support Continued Demand Growth

46.8

2012 Estimated Consumption

17

Source: Alcoa analysis

[Alcoa logo]

Metal Deficit Remains, Alumina Moves To Moderate Surplus

Primary Aluminum

Source: Alcoa estimates, Brook Hunt, CRU, CNIA, IAI

(000 mt)

China

Rest of World

Feb  2012 Annualized Rate

19,400

25,200

2012 Production Added

2,500

550

2012 Capacity Curtailed

(1,100)

(250)

Total Supply

20,800

25,600

Demand

(21,150)

(25,685)

Net  Balance

(350)

(85)

18

Alumina

(000 mt)

China

Rest of World

2011 Ending Rate

38,700

57,500

2012 Production Curtailed

0

0

Imports/(Exports)

2,500

(2,500)

Total Supply

41,200

55,000

Demand

(41,200)

(54,000)

Net  Balance

0

1,000

2012E Supply/Demand Balance (in kmt)

[Alcoa logo]

Rapid Expansion To The West -

East Also Growing

19

Chinese

Primary

Aluminum

Production

by

Region,

2011

and

2015,

in

000

mt

48%

52%

37%

63%

CAGR

in

Production

11.7%

Source:  CRU, CRU, Brook Hunt and SMM

6,640

7,485

2,350

4,250

6,710

Northwest

Central

East

South

2015

27,500

13,000

+54%

17,800

2,100

2011

2,765

[Alcoa logo]

Move to the West -

No Significant Improvement

20

Source: CNIA, CRU, IAI, NDRC, Rhodium Group, Ministry of Water, Alcoa estimates

[Alcoa logo]

China Inventory Rises, ROW Stable

Physical Premiums Move Sharply Higher

Strong Rise In Premiums, Inventory Ex China Is Stable

$122 /MT

$205 /MT

$194 /MT

Source: Alcoa estimates, LME, SHFE, IAI, Marubeni, Platt’s Metals Week and Metal Bulletin

Regional Premiums and Aluminum Inventories

21

Indexed to January 2009

Q1 2012

10.3

3.5

1.6

1.4

0.2.

1.3

2.3

Q4 2011

9.8

4.3

.7

1.5

0.2

0.8

2.3

Producer-held

Japan Port

Off Exchange

LME On Warrant

LME Canceled 

Warrant

China

[Alcoa logo]

Macro Indicators Showing Signs of Stabilization

Sources: Bloomberg, *Confidence figures set at 100 in January 2011 for comparability ;

1

EC Commission EU Confidence,

2

National Bureau of Statistics China Consumer Confidence,

3

University of Michigan Consumer Sentiment . PMI: Institute for Supply Management , Markit, China Federation of Logistics & Purchasing

22

[Alcoa logo]

Executing the Alcoa Strategy: The Three Strategic Priorities

23

[Alcoa logo]

Driving Profitable Growth To Accelerate Shareholder Value

24

Upstream

2015 Cost Curve Changes

Refining Cost Curve Position

Smelting Cost Curve Position

Midstream

2013 Revenue Targets

Downstream

2013 Revenue Targets

2010

Strategy Executed

30th

25th

2010

Strategy Executed

50th

45th

40th

30th

23rd

51st

41st

[Alcoa logo]

Alumina: Improve Performance Through Cost and Price Focus

Source: CRU Spot and Australia export -

ABARE, Baltic  Exchange, CRU, Metal Bulletin, PACE, Alcoa estimate

25

[Alcoa logo]

Aluminum: Achieve Low Cost Position and Optimize Margins

Driving

Down

the

Cost

Curve

–

10

points

Optimizing Cast House Profitability

–

Restructure

smelting

portfolio

(3-5

pts)

–

Modernize

operations

(2-3

pts)

–

Saudi

Arabia

JV,

lowest

cost

smelter

(2

pts)

–

Productivity

improvements

(1-2

pts)

Restructuring High Cost Assets

Profiting Through Modernization

Billet

Slab

T-Bar

Foundry

Rod

$262M

Margin*

in 2011

Portovesme

Dependent on

business conditions

La Coruña

Avilés

Smelting:

Utilize

inventory to

reline, but do

not restart pots

Targeted smaller

curtailments

based upon cost

& strategic

situation

Full curtailment

of selected plants

Permanent

shutdowns of

selected plants

Baie Comeau, Canada    

Massena East, USA

2-3 points

down cost curve

Repowers Quebec smelters

until 2040

Agreement provides 30-40

years of competitive cost

power

26

Tennessee

Rockdale (2 lines)

*  Margin refers to incremental valued added product margin over

P1020 primary aluminum

[Alcoa logo]

Saudi Investments Drive Profitable Growth

Carbon Plant Area

Port –

Liquid Pitch Tanks

Potline

Hot Reversing Mill Coolant Pit

On Time

AND

On Budget

27

[Alcoa logo]

GRP Targets for 2013

Global Rolled Products: Well On Track To Meet 2013 Targets

28

Achieved 55% of 2013 Revenue Growth Target In Year One

*~ $1.5B Revenue Growth From the Market and ~ $1.0B Revenue Growth From New Products and Share Gains

55% of

Growth

Target

*

$1.4

$ Billions

[Alcoa logo]

B737

A320

B777

B747

A380

Total

(Including

others not shown)

+27.0%

+15.4%

+177.8%

+30.1%

+12.8%

+20.6%

1,480

1,165

2013

2011

Build Rates

GRP Aerospace Portfolio: Significant Growth by 2013

GRP Aero Strategy

Capture strong market

growth

with robust build rates

for aircraft and our superior

reliability

Deliver value through

our

differentiated

capabilities

and our unique and globally

positioned facilities

Focus on product and

demand development for Al-

Li alloy

Maintain market leadership

with high performance products

and innovations

Revenues +22%

by 2013

Source for build rates: Airline Monitor

29

[Alcoa logo]

30

Packaging

GRP Profitable Growth: Expanding in Key Markets

Differentiated

capabilities

Globally

positioned

facilities

Product

development

for

Al-Li

alloy

Leading

position

in

core

regions

Capacity

expansion,

e.g.

Saudi

Arabia

JV

Innovation,

e.g.

Al

bottle,

shaped

can

Light

weighting

drives

Al

penetration

Capacity

expansion,

e.g.

Davenport

Process

innovation,

e.g.

bonding

technology

Global

foot

print

Innovation

Aerospace

Automotive NA

Consumer

Electronics

% Market CAGR ‘11-’13

34%

18%

13%

Build rates

Source: Airline Monitor, CRU, Aluminum Association, Ducker Forecast, Alcoa analysis

4

up

to

20%

(China)

[Alcoa logo]

Driving Profitable Growth in Emerging Markets

Russia –

Growing Profitably

China –

Positioning For Growth

Establishing as key domestic supplier in growing

consumer electronics and automotive markets

Positive

EBITDA

in

2011,

focusing

on

differentiation

CPI JV

signed: Platform for growth

Growing can sheet volumes faster than the market

End & Tab Line, Samara

Bohai Flat Rolled Products

Key

domestic

supplier

regionally

in

growing

Packaging, Aero and Commercial Transportation

markets

2011 record EBITDA and ATOI

39% YOY revenue growth in 2011

Developing

new

applications

and

markets

for

growth

31

[Alcoa logo]

Achieved 44% of 2013 Revenue Growth Target in Year One

EPS Targets for 2013

32

EPS:  Strong Markets and Innovation Drive Profitable Growth

*

*~ $600M Revenue Growth From the Market and ~ $1.0B Revenue Growth From New Products and Share Gains

44% of 

Growth

Target

$0.7

$ Billions

[Alcoa logo]

Fasteners

#1

Airfoils

#1

Forgings 

#1

Extrusions

#2

2012 vs. 2011*

Markets and Competitive Position

Airfoils

#1

Aluminum Wheels

#1

NA Fasteners

#1

1 -

2% Global

Aerospace

Heavy Duty Truck

Industrial

Gas Turbine

Non-Residential

Construction

13-14% Global

7-12% NA

(3-8%) W. Eur.

(5%) NA

(8%) Europe

*Current assessment of 2012 vs. 2011 market conditions

NA Systems

#1

European Systems

#4

% EPS 2011

Revenue

33

EPS:  Grow Through Leading Position in Strong End Markets

47%

16%

10%

19%

[Alcoa logo]

Targeting ~$1 billion of

increased revenue by

2013 versus 2010

through new products

and share gains

Industrial Gas Turbines

Advanced Cooling Systems 

High Gradient Single Crystal Airfoils

Commercial Transportation

Wheel Torque Solutions

LvL ONE®

Wheels

Fastening Systems

Medium Duty Truck driveshafts and wheels

Oil and Gas

Riser Systems

Drill Pipe Systems

Commercial Aerospace

New Programs: Fasteners and Extrusions

Next Generation Engine Airfoils

Defense

Joint Strike Fighter Forged Bulkheads

Tactical Vehicles

Fasteners, Forgings & Extrusions

Building and Construction

Advanced Surface Coatings

Ultra Thermal Doors and Windows

Active Façade Systems

Impact Resistant

EPS:  Add Share Gain Through Product Innovation

34

[Alcoa logo]

Bolt On Acquisitions

EPS:  Strategic Focus on Acquisitions in Targeted Segments

Demicron

Fairchild

Republic &

Van Petty

2002

2008

2009

Traco

2010

Transdigm

Fasteners

2011

35

[Alcoa logo]

Strong Start into 2012 –

Delivering on our Promises

36

[Alcoa logo]

37

[Alcoa logo]

[Alcoa logo]

Kelly Pasterick

Director, Investor Relations

Alcoa

390 Park Avenue

New York, NY 10022-4608

Telephone:  (212) 836-2674

www.alcoa.com

Additional Information

38

[Alcoa logo]

Annual Sensitivity Summary

39

Currency Annual Net Income Sensitivity

+/-

$100/MT = +/-

$220 million

LME Aluminum Annual Net Income Sensitivity

Australian $

+/-

$11 million

per 0.01 change in USD / AUD

Brazilian $

+/-

$  3 million

per 0.01 change in BRL / USD

Euro €

+/-

$  2 million

per 0.01 change in USD / EUR

Canadian $

+/-

$  5 million

per 0.01 change in CAD / USD

Norwegian Kroner

+/-

$  5 million

per 0.10 change in NOK / USD

[Alcoa logo]

Revenue Change by Market

1Q’12 Third-Party Revenue

Sequential

Change

Year-Over-Year

Change

40

*GRP restated all Distribution revenue from the Distribution/other market to the various end user markets.

*With GRP restating Distribution revenue the Distribution/other market now shows negative revenue.  Mainly consists of the Corporate SAB 104 revenue recognition adjustment which

is negative.

[Alcoa logo]

41

Reconciliation of ATOI to Consolidated Net Income (Loss)

Attributable to Alcoa

(in millions)

1Q11

2Q11

3Q11

4Q11

2011

1Q12

   Total segment ATOI

$    

555

$    

635 

$    

462 

$    

241 

$ 

1,893 

$    

296 

   Unallocated amounts (net of tax):

      Impact of LIFO

(24)

(27)

2

11

(38)

–

      Interest expense

(72)

(106)

(81)

(81)

(340)

(80)

      Noncontrolling interests

(58)

(55)

(53)

(28)

(194)

(5)

      Corporate expense

(67)

(76)

(76)

(71)

(290)

(64)

      Restructuring and other charges

(6)

(22)

(7)

(161)

(196)

(7)

      Discontinued operations

(1)

(4)

–

2

(3)

–

      Other

(19)

(23)

(75)

(104)

(221)

(46)

   Consolidated net income (loss) attributable to

Alcoa

$     308

$     322

$     172

$    (191)

$     611

$       94

[Alcoa logo]

42

Reconciliation of Adjusted Income

[Alcoa logo]

43

Reconciliation of Free Cash Flow

(in millions)

Quarter ended

Year ended

March 31, 

2011

December 31, 

2011

March 31, 

2012

December 31, 

2011

Cash from operations

$   (236)

$ 1,142

$   (236)

$ 2,193

Capital expenditures

    (204)

(486)

    (270)

(1,287)

Free cash flow

$   (440)

$    656

$   (506)

$    906

Free Cash Flow is a non-GAAP financial measure.  Management believes that this measure is meaningful to investors

because management reviews cash flows generated from operations after taking into consideration capital expenditures due

to the fact that these expenditures are considered necessary to maintain and expand Alcoa’s asset base and are expected to

generate future cash flows from operations.  It is important to note that Free Cash Flow does not represent the residual cash

flow available for discretionary expenditures since other non-discretionary expenditures, such as mandatory debt service

requirements, are not deducted from the measure. 

[Alcoa logo]

44

Reconciliation of Alcoa Adjusted EBITDA

($ in millions)

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

1Q11

4Q11

1Q12

Net income (loss)

attributable to

Alcoa

$     420

$     938

$  1,310

$  1,233

$  2,248

$  2,564

$      (74)

$ (1,151)

$     254

$     611

$     308

$    (191)

$       94

Add:

Net income

attributable to

noncontrolling

interests

181

212

233

259

436

365

221

61

138

194

58

28

5

Cumulative effect

of accounting

changes

(34)

47

–

2

–

–

–

–

–

–

–

–

–

Loss (income)

from discontinued

operations

101

–

27

50

(22)

250

303

166

8

3

1

(2)

–

Provision (benefit)

for income taxes

307

367

546

464

853

1,623

342

(574)

148

255

138

(74)

39

Other (income)

expenses, net

(175)

(278)

(266)

(478)

(236)

(1,920)

(59)

(161)

5

(87)

(28)

(40)

(16)

Interest expense

350

314

271

339

384

401

407

470

494

524

111

125

123

Restructuring and

other charges

      398

      (28)

      (29)

      266

      507

      268

      939

      237

      207

      281

      6

      232

      10

Provision for

depreciation,

depletion, and

amortization

   1,037

   1,110

   1,142

   1,227

   1,252

   1,244

   1,234

   1,311

   1,450

   1,479

      361

      367

      369

Adjusted EBITDA

$  2,585

$  2,682

$  3,234

$  3,362

$  5,422

$  4,795

$  3,313

$     359

$  2,704

$  3,260

$     955

$     445

$     624

Sales

$17,691

$18,879

$21,370

$24,149

$28,950

$29,280

$26,901

$18,439

$21,013

$24,951

$  5,958

$  5,989

$  6,006

Adjusted EBITDA

Margin

15%

14%

15%

14%

19%

16%

12%

2%

13%

13%

16%

7%

10%

Alcoa’s definition of Adjusted EBITDA (Earnings before interest, taxes, depreciation, and amortization) is net margin plus an add-back for depreciation, depletion, and amortization.  Net margin is equivalent to Sales minus the following items:

Cost of goods sold; Selling, general administrative, and other expenses; Research and development expenses; and Provision for depreciation, depletion, and amortization.  Adjusted EBITDA is a non-GAAP financial measure.  Management

believes that this measure is meaningful to investors because Adjusted EBITDA provides additional information with respect to Alcoa’s operating performance and the Company’s ability to meet its financial obligations.  The Adjusted EBITDA

presented may not be comparable to similarly titled measures of other companies.

[Alcoa logo]

45

Reconciliation of Alumina Adjusted EBITDA

[Alcoa logo]

46

Reconciliation of Primary Metals Adjusted EBITDA

($ in millions, except

per metric ton

amounts)

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

1Q11

4Q11

1Q12

After-tax operating

income (ATOI)

$     650

$     657

$     808

$     822

$  1,760

$  1,445

$     931

$    (612)

$     488

$     481

$     202

$      (32)

$       10

Add:

Depreciation,

depletion, and

amortization

300

310

326

368

395

410

503

560

571

556

141

136

135

Equity (income) loss

(44)

(55)

(58)

12

(82)

(57)

(2)

26

(1)

7

(1)

3

2

Income taxes

      266

      256

      314

      307

      726

      542

      172

     (365)

        96

        92

        53

        (37)

        (13)

Other

       (47)

        12

        20

       (96)

       (13)

       (27)

       (32)

     (176)

         (7)

          2

          1

          1

          –

Adjusted EBITDA

$  1,125

$  1,180

$  1,410

$  1,413

$  2,786

$  2,313

$  1,572

$    (567)

$  1,147

$  1,138

$     396

$       71

$     134

Production

(thousand metric

tons) (kmt)

3,500

3,508

3,376

3,554

3,552

3,693

4,007

3,564

3,586

3,775

904

962

951

Adjusted

EBITDA/Production

($ per metric ton)

$     321

$     336

$     418

$     398

$     784

$     626

$     392

$    (159)

$     320

$     301

$     438

$       74

$     141

Alcoa’s definition of Adjusted EBITDA (Earnings before interest, taxes, depreciation, and amortization) is net margin plus an add-back for depreciation, depletion, and amortization.  Net margin is equivalent to Sales minus the

following items: Cost of goods sold; Selling, general administrative, and other expenses; Research and development expenses; and Provision for depreciation, depletion, and amortization.  The Other line in the table above

includes gains/losses on asset sales and other nonoperating items.  Adjusted EBITDA is a non-GAAP financial measure.  Management believes that this measure is meaningful to investors because Adjusted EBITDA provides

additional information with respect to Alcoa’s operating performance and the Company’s ability to meet its financial obligations.  The Adjusted EBITDA presented may not be comparable to similarly titled measures of other

companies.

[Alcoa logo]

47

Reconciliation of Global Rolled Products Adjusted EBITDA

($ in millions, except

per metric ton

amounts)

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

1Q11

4Q11

1Q12

After-tax operating

income (ATOI)

$     225

$     222

$     254

$     278

$     233

$     178

$        (3)

$      (49)

$     220

$     266

$       81

$       26

$       96

Add:

Depreciation,

depletion, and

amortization

184

190

200

220

223

227

216

227

238

237

58

58

57

Equity loss

4

1

1

–

2

–

–

–

–

3

–

3

1

Income taxes

        90

        71

        75

      121

        58

        92

        35

        48

        92

        104

        33

        10

        49

Other

         (8)

         (5)

          1

          1

        20

          1

          6

         (2)

          1

          1

          1

          1

          –

Adjusted EBITDA

$     495

$     479

$     531

$     620

$      536

$     498

$     254

$     224

$     551

$     611

$    

173

$       98

$     203

Total shipments

(thousand metric

tons) (kmt) 

  1,814

  1,893

  2,136

  2,250

  2,376

  2,482

  2,361

  1,888

  1,755

  1,866

  470

  436

  472

Adjusted

EBITDA/Total

shipments ($ per

metric ton)

$     273

$     253

$     249

$     276

$     226

$     201

$     108

$     119

$     314

$     327

$     368

$     225

$     430

Alcoa’s definition of Adjusted EBITDA (Earnings before interest, taxes, depreciation, and amortization) is net margin plus an add-back for depreciation, depletion, and amortization.  Net margin is equivalent to Sales

minus the following items: Cost of goods sold; Selling, general administrative, and other expenses; Research and development expenses; and Provision for depreciation, depletion, and amortization.  The Other line in

the table above includes gains/losses on asset sales and other nonoperating items.  Adjusted EBITDA is a non-GAAP financial measure.  Management believes that this measure is meaningful to investors because

Adjusted EBITDA provides additional information with respect to Alcoa’s operating performance and the Company’s ability to meet its financial obligations.  The Adjusted EBITDA presented may not be comparable to

similarly titled measures of other companies.

[Alcoa logo]

48

Reconciliation of Engineered Products and Solutions

Adjusted EBITDA

($ in millions)

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

1Q11

4Q11

1Q12

After-tax operating

income (ATOI)

$       63

$     124

$     156

$     271

$     365

$     435

$     533

$     315

$     415

$     539

$     130

$     122

$     155

Add:

Depreciation,

depletion, and

amortization

150

166

168

160

152

163

165

177

154

158

38

39

40

Equity loss

(income)

–

–

–

–

6

–

–

(2)

(2)

(1)

(1)

–

–

Income taxes

        39

        55

        65

      116

      155

      192

      222

      139

        195

        260

        62

        59

        72

Other

        35

        11

      106

       (11)

         (2)

         (7)

          2

          1

          –

         (1)

          –

          –

          –

Adjusted EBITDA

$     287

$     356

$     495

$     536

$      676

$     783

$     922

$     630

$     762

$     955

$     229

$     220

$     267

Total sales

$  3,492

$  3,905

$  4,283

$  4,773

$  5,428

$  5,834

$  6,199

$  4,689

$  4,584

$  5,345

$  1,247

$  1,355

$  1,390

Adjusted EBITDA

Margin

8%

9%

12%

11%

12%

13%

15%

13%

17%

18%

18%

16%

19%

Alcoa’s definition of Adjusted EBITDA (Earnings before interest, taxes, depreciation, and amortization) is net margin plus an add-back for depreciation, depletion, and amortization.  Net margin is equivalent to Sales minus

the following items: Cost of goods sold; Selling, general administrative, and other expenses; Research and development expenses; and Provision for depreciation, depletion, and amortization.  The Other line in the table

above includes gains/losses on asset sales and other nonoperating items.  Adjusted EBITDA is a non-GAAP financial measure.  Management believes that this measure is meaningful to investors because Adjusted EBITDA

provides additional information with respect to Alcoa’s operating performance and the Company’s ability to meet its financial obligations.  The Adjusted EBITDA presented may not be comparable to similarly titled measures

of other companies.

[Alcoa logo]

49

Days Working Capital

($ in millions)

Quarter ended

March 31,

2011

December 31,

2011

March 31,

2012

Receivables from customers, less allowances

$ 2,030     

$ 1,571     

$ 1,526     

Add: Deferred purchase price receivable

*

         –

         –

     254

Receivables from customers, less allowances, as adjusted

2,030

1,571

1,780

Add: Inventories

3,018

2,899

3,097

Less: Accounts payable, trade 

  2,495

  2,692

  2,734

Working Capital

$ 2,553

$ 1,778

$ 2,143

Sales

$ 5,958

$ 5,989

$ 6,006

Days Working Capital

39

27

32

Days Working Capital = Working Capital divided by (Sales/number of days in the quarter). 

*

On March 30, 2012, Alcoa finalized an arrangement with a financial institution to sell certain customer receivables on a recurring basis in

exchange for cash and a deferred purchase price receivable.  Under this arrangement, Alcoa sold $304 million of customer receivables in

exchange for $50 million in cash and a $254 million deferred purchase price receivable.  As a result, customer receivables as of March 31,

2012 were reduced by $304 million.  Alcoa is adding back the $254 million for the purposes of the Days Working Capital calculation.