Contract Draws On Recently Expanded Aerospace Capabilities

• Long-term agreement draws on capabilities gained through Firth Rixson acquisition and new aluminum-lithium facility in Lafayette, Indiana
• Strengthens Alcoa’s position on high-growth platforms, including the 777X and 737 MAX
• Fourth recent multi-year agreement with Boeing
• Alcoa has secured approximately $10 billion in aerospace contracts in the last 12 months

Lightweight metals leader Alcoa (NYSE:AA) today announced a long-term
supply agreement with Boeing for multi-material aerospace parts. Under
this agreement, Alcoa will supply components for the 777X—Boeing’s
newest commercial airplane—the 737 MAX—scheduled for first delivery in
2017—and the 787 Dreamliner. The deal draws on capabilities gained
through the Firth
Rixson acquisition and the Company’s new aluminum-lithium
facility in Lafayette, Indiana.

“This is the latest in a series of Boeing contract wins made possible by
Alcoa’s recent aerospace investments,” said Alcoa Chairman and Chief
Executive Officer Klaus Kleinfeld. “Alcoa has successfully built a
strong leadership position in this market and we are proud to see our
home-grown innovations and new products create value for our customers.”

Under the new agreement, Alcoa Forgings and Extrusions will supply
differentiated components for Boeing’s airplanes, including the wing,
fuselage, and landing gear. These include:

• Advanced titanium landing gear parts and complex titanium nacelle
  fittings for the 737 MAX, made using specialized presses gained
  through the Firth Rixson acquisition;
• Boeing’s first-ever aluminum-lithium extrusion produced at Alcoa’s
  Lafayette facility for the 777X cargo floor, helping save weight and
  improve corrosion resistance; and
• Large, near net shaped parts that improve the efficiency and help
  reduce the costs of Boeing’s in-house machining.

This transaction is the fourth multi-year agreement recently announced
with Boeing. In December 2015, Alcoa announced long-term
supply contracts with Boeing for fastening systems and titanium seat
track assemblies. In September 2014, Alcoa announced a significant
Boeing contract win which established Alcoa as a sole supplier of
wing skins on all of Boeing’s metallic structure airplanes.

Alcoa has secured approximately $10 billion in aerospace contracts since
the start of 2015, including the Boeing transactions, drawing on the
Company’s growing aerospace portfolio.

About Alcoa Aerospace

Alcoa’s aerospace businesses will form part of the new Value-Add
Company, to be launched following Alcoa’s
previously announced separation in the second half of 2016. The
Value-Add Company will be a differentiated supplier to the high-growth
aerospace industry with leading positions on every major aircraft and
jet engine platform, underpinned by market leadership in jet engine and
industrial gas turbine airfoils, and aerospace fasteners.

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.

About Alcoa Forgings and Extrusions (AFE)

Alcoa Forgings and Extrusions, a major business unit of Alcoa Inc.
(NYSE: AA), is a global leader in the manufacture of lightweight
materials and structures in aluminum, titanium and superalloy. AFE is
also a leading ingot supplier of proprietary aluminum and other advanced
alloys that include aluminum lithium and nickel-based superalloys.
Serving the aerospace, military, transportation, energy and industrial
markets, its products are primarily used in commercial and military
aircraft, commercial vehicles and oil and gas exploration.

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,” “expects,” “plans,” “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 Alcoa’s separation transaction;
the future performance of Value-Add Company if the separation is
completed; projections of competitive position, market share, or growth
opportunities of Value-Add Company; and the expected timing of
completion of the separation. Forward-looking statements are not
guarantees of future performance and are subject to risks,
uncertainties, and changes in circumstances that are difficult to
predict. 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 impact of the separation on the businesses of
Alcoa; (c) Alcoa’s inability to realize expected benefits from the
separation or the risk that the 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; (d) the potential failure to
retain key employees while the separation transaction is pending or
after it is completed; (e) deterioration in global economic and
financial market conditions generally; (f) unfavorable changes in the
markets served by Alcoa, including the aerospace market; 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. Market
projections are subject to the risks discussed above and other risks in
the market.

Alcoa
Investor Contact
Nahla Azmy, 212-836-2674
Nahla.Azmy@alcoa.com
or
Media Contact
Christa Bowers, 212-836-2605
Christa.Bowers@alcoa.com