Alcoa Corporation (NYSE:AA) (“Alcoa”) announced today that Alcoa Nederland Holding B.V., a wholly-owned subsidiary of Alcoa, closed its offering of $750 million aggregate principal amount of 7.125% senior notes due 2031 (the “notes”). The notes are guaranteed on a senior unsecured basis by Alcoa and certain of its subsidiaries.

The notes represent Alcoa’s inaugural Green Finance Instrument in alignment with its Green Finance Framework (the “Framework”). Alcoa intends to use an amount equal to the net proceeds of the issuance of the notes to finance and/or refinance, in whole or in part, new and/or existing projects that meet certain eligibility criteria within the Framework. The net proceeds will also support Alcoa’s cash position and ongoing cash needs, including with respect to its previously announced portfolio actions. Additional details on eligibility criteria and use of proceeds are available in the Framework.

"We are pleased to advance our sustainability efforts by successfully issuing and closing this inaugural green bond offering,” said Executive Vice President and Chief Financial Officer Molly Beerman. “These Green Finance Instruments support our investments and products which enable the transition to a lower carbon economy.”

The Framework was developed in alignment with the International Capital Market Association’s 2021 Green Bond Principles, as well as the Loan Market Association, the Asia Pacific Loan Market Association and the Loan Syndications and Trading Association’s 2023 Green Loan Principles. It provides a structured approach for Alcoa to assess, select, and report on its green finance initiatives, supporting Alcoa in its sustainability efforts by aligning it with its financing strategy.

About Alcoa

Alcoa is a global industry leader in bauxite, alumina and aluminum products with a vision to reinvent the aluminum industry for a sustainable future. Our purpose is to turn raw potential into real progress, underpinned by Alcoa Values that encompass integrity, operating excellence, care for people and courageous leadership. Since developing the process that made aluminum an affordable and vital part of modern life, our talented Alcoans have developed breakthrough innovations and best practices that have led to improved safety, sustainability, efficiency, and stronger communities wherever we operate.

Forward-Looking Statements

This press release contains statements that relate to future events and expectations, including those relating to the intended use of the net proceeds from the issuance of the notes, 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 “aim,” “ambition,” “anticipates,” “believes,” “could,” “develop,” “endeavors,” “estimates,” “expects,” “forecasts,” “goal,” “intends,” “may,” “outlook,” “plans,” “potential,” “projects,” “reach,” “seeks,” “sees,” “should,” “targets,” “will,” “working,” “would,” or other words of similar meaning. All statements by Alcoa that reflect expectations, assumptions or projections about the future, other than statements of historical fact, are forward-looking statements. Forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties, and changes in circumstances that are difficult to predict. Although Alcoa believes that the expectations reflected in any forward-looking statements are based on reasonable assumptions, it can give no assurance that these expectations will be attained, and it is possible that actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks and uncertainties. Additional information concerning factors that could cause actual results to differ materially from those projected in the forward-looking statements is contained in Alcoa’s filings 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.

Investor Contact James Dwyer 412-992-5450 James.Dwyer@alcoa.com

Media Contact Jim Beck 412-315-2909 James.Beck@alcoa.com

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