While we are disappointed by Moody’s decision today, we remain committed
to maintaining our investment grade rating and will continue to execute
on our strategy and our 2013 goal of generating positive free cash flow.

We believe Moody’s decision is a greater reflection of macroeconomic
conditions and the volatility of metal prices than a true statement of
the financial and operating strength of Alcoa.

We have a strong balance sheet and liquidity position with limited
near-term bond maturities.

About Alcoa

Alcoa (NYSE:AA) is the world’s leading producer of primary and
fabricated aluminum, as well as the world’s largest miner of bauxite and
refiner of alumina. In addition to inventing the modern-day aluminum
industry, Alcoa innovation has been behind major milestones in the
aerospace, automotive, packaging, building and construction, commercial
transportation, consumer electronics and industrial markets over the
past 125 years. Among the solutions Alcoa markets are flat-rolled
products, hard alloy extrusions, and forgings, as well as Alcoa® wheels,
fastening systems, precision and investment castings, and building
systems in addition to its expertise in other light metals such as
titanium and nickel-based super alloys. Sustainability is an integral
part of Alcoa’s operating practices and the product design and
engineering it provides to customers. Alcoa has been a member of the Dow
Jones Sustainability Index for 11 consecutive years and approximately 75
percent of all of the aluminum ever produced since 1888 is still in
active use today. Alcoa employs approximately 61,000 people in 30
countries across the world. For more information, visit www.alcoa.com
and follow @Alcoa on Twitter at twitter.com/Alcoa and follow Alcoa on
Facebook at www.facebook.com/Alcoa.

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,” “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 expressed or
implied 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 aerospace, automotive,
commercial transportation, 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, productivity improvement,
cash sustainability, and other initiatives; (h) Alcoa’s inability to
realize expected benefits, in each case as planned and by targeted
completion dates, from sales of non-core assets, or from newly
constructed, expanded, or acquired facilities, such as the upstream
operations in Brazil and investments in hydropower projects in Brazil,
or from international joint ventures, including the joint venture in
Saudi Arabia; (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) failure to maintain investment
grade credit ratings which could limit Alcoa’s ability to obtain future
financing, increase its borrowing costs, adversely affect the market
price of its existing securities, or otherwise impair its business,
financial condition and results of operations; (k) the outcome of
contingencies, including legal proceedings, government investigations,
and environmental remediation; (l) the business or financial condition
of key customers, suppliers, and business partners; (m) adverse changes
in tax rates or benefits; (n) adverse changes in discount rates or
investment returns on pension assets; (o) the impact of cyber attacks
and potential information technology or data security breaches; and (p)
the other risk factors summarized in Alcoa’s Form 10-K for the year
ended December 31, 2012, 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.

Alcoa
Investor Contact
Kelly Pasterick, 212-836-2674
Kelly.Pasterick@alcoa.com
or
Media Contact
Monica Orbe, 212-836-2632
Monica.Orbe@alcoa.com