Forecasting 7 Percent Growth in Global Aluminum Demand in 2013

4Q 2012 Highlights

• Income from continuing operations of $242 million, or $0.21 per share; excluding special items, income from continuing operations of $64 million, or $0.06 per share
• Revenue of $5.9 billion, up 1 percent sequentially, down 2 percent from 4Q 2011
• Cash from operations of $933 million, up $670 million from 3Q 2012
• Free cash flow of $535 million
• Strong liquidity with cash on hand of $1.9 billion
• Record low 24 days working capital
• Record results in Global Rolled Products, Engineered Products & Solutions
• Forecasting 7 percent growth in global aluminum demand in 2013

Full-Year 2012 Highlights

• Income from continuing operations of $191 million, or $0.18 per share; excluding special items, income from continuing operations of $262 million, or $0.24 per share
• Revenue of $23.7 billion, down 5 percent from 2011, on lower LME pricing
• Cash from operations of $1.5 billion
• Free cash flow of $236 million
• Debt-to-capital ratio 35 percent; Net debt-to-capital ratio 30 percent
• Debt of $8.8 billion; Net debt of $7 billion, lowest level since 2006
• Record results in Global Rolled Products, Engineered Products & Solutions
• 531,000 metric tons of smelting capacity taken offline to improve competitive position