Lightweight metals leader Alcoa (NYSE:AA) has signed a long-term
contract with GE (NYSE:GE) unit GE Aviation for jet engine components in
an agreement valued at more than $1.5 billion over the contract life.
Under the deal, Alcoa will supply advanced nickel-based superalloy,
titanium and aluminum components for a broad range of GE Aviation engine
programs.

“We greatly appreciate GE’s continued confidence in Alcoa’s aerospace
capabilities, and are proud to support its advanced jet engine programs
through this agreement,” said Alcoa Chairman and Chief Executive Officer
Klaus Kleinfeld.

Alcoa will employ advanced manufacturing capabilities to produce the
parts across several facilities including LaPorte, Indiana; Whitehall,
Michigan; Hampton, Virginia; Dover, New Jersey; Wichita Falls, Texas;
Winsted, Connecticut; Dives, France; and Laval, Canada.

Alcoa Aerospace

Alcoa secured approximately $9 billion in aerospace supply contracts in
2015, including this transaction.

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 Power and Propulsion (APP)

Alcoa Power and Propulsion, a major business unit of Alcoa, is the
number one supplier of nickel-based superalloy airfoils for jet engine
and industrial gas turbine applications. It is also a leading supplier
of structural castings made of titanium, aluminum and superalloy for
aero engines and airframes. Additional value-add products and services
include additive manufacturing, vacuum melted alloys, advanced airfoil
coatings and machining, hot isostatic pressing and research &
development. With 20 global production facilities, Alcoa Power and
Propulsion employs more than 9,600 people worldwide.

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