Alcoa Corporation · NYSE:AA
Alcoa — Merger or Acquisition (July 2026)
7 slides from Alcoa's merger presentation, Jul 16, 2026
Slide 1: Cautionary Statement regarding Forward-Looking Statements
Cautionary Statement regarding Forward - Looking Statements 2 This presentation contains statements that relate t o f u t u r e events and expectations and as such constitute forward - looking statements within the meaning o f the Private Securities Litigation Reform Act o f 1995 . Forward - looking
Slide 2: Important information
Important information 3 No Offer or Solicitation This presentation is for informational purposes and is not intended to, and shall not, constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote of approval,
Slide 3: Strategic acquisition | Compelling transaction for long-term value
Strategic acquisition | Compelling transaction for long - term value Alcoa announced strategic acquisition of South32’s bauxite, alumina, and aluminum assets (AliGroup 1 ) Represents a natural strategic fit ▪ Logical industry consolidation of like assets in close proximity ▪ Combined expertise and A
Slide 4: Attractive financial terms
Strategic acquisition | Attractive financial terms AliGroup transaction details, leverage post closing, and path to close 3.1 4.7 1.0 0.6 Cash upfront Alcoa stock 1 Assumed net debt Enterprise value Locked - box, net of ticking fee, offsets cash consideration at closing Implied enterprise value ($B)
Slide 5: Locked-box, ticking fee, and CVR
8 Strategic acquisition | Locked - box, ticking fee, and CVR Locked - box value offsets cash consideration at closing Detailed deal terms and timeline 1. 2. Ticking fee represents negotiated compensation to seller for cost of capital. Calculated on cash consideration of $3.1B at 5% for period betwee
Slide 6: Long term fundamentals in both segments support growth
9 Source: CRU, Alcoa analysis; 1. Relative to investment in China 2. Per metric ton calculation based on preliminary purchase price allocation of transaction, divided by acquired alumina and aluminum capacity. Long term fundamentals in both segments support growth Strategic acquisition | Enhances ex
Slide 7: Contingent value right terms
21 1. Agreed proxy for third party sales Contingent value right terms CVR terms per agreement Agreed commercial terms Term CVR $3,500 (CY26) $2,825 (CY27) $2,847 (CY28) $2,870 (CY29) $2,942 (CY30) Aluminum strike price ($/mt) 22.5% Aluminum revenue sharing on acquired production $345 (CY26) $452 (CY