800 1000 1200 0 2011 2012 2013 Base case 2014 2015E 2016E Risk case Note: *Mkt cap weighted BHPB, Rio, Barrick, Freeport, Alcoa, Norilsk, Alcoa, Glencore, Southern Copper, Anglo American and Vale Source: Deutsche Bank Research, Company reports, Source: Deutsche Bank Research, Bloomberg Fi

200 400 600 800 1000 1200 0 2011 2012 2013 Base case 2014 2015E 2016E Risk case Note: *Mkt cap weighted BHPB, Rio, Barrick, Freeport, Alcoa, Norilsk, Alcoa, Glencore, Southern Copper, Anglo American and Vale Source: Deutsche Bank Research, Company reports, Source: Deutsche Bank Resear

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egment. Arconic. has a 10% EBITDA margin lag relative to PCP. which features a similar product catalogue) 2) Misunderstanding of quality nature of Alcoa's core businesses 3 ) Aluminum market may remain oversupplied. but alumina should be supportive (China will likely replace its high cost smelters.

-Trading Flap Hits Brokers WSJ • BlackRock Reshuffles Management WSJ • Missing-Persons Search Group Fights Order to Stop Using Drones WSJ • For Alcoa, Aluminum Cars Are a Pickup WSJ • Search Crews Detect Signals That May Be From Missing Jet NYT • U.S. Attempts Candor to Assure China on Cyberatt

alue or purchase price + Unrealized sales tax Gain/Loss Unrealized Gain Unrealized Loss 2011 LLC CEZANNE, PAUL Bouteilles, Pots, Rechaud A Alcoa, Pommes - 90% undivided interest (pd sales tax on 45 purchase price because 2011 LLC did no trade-in) 48.993.750 48.993.750 0 0 0 AP Narrows

LE (ANT) CAP PARTNERS a LP 67,739 67.739 • 12/31/14 OROS AMR 66 °a OUADRANGLE (ACCESS( CAPITAL PARTNERS LP 102.628 • 102.828 12/11/144.418/ Alcoa ./.440. OUACOANGLE CAPITAL PARTNERS LP 50 .114 50114 12/31/11 Gout ActouRob cash SUBTOTAL PRIVATE EQUITY NON APOLLO 4.961.842 3.425.626 1,536

s REDON. ODILON Captive Pegasus 12/15/2016 145,000 80.000 (65.000) 0 (65.000) 2011 LLC & Narrows CEZANNE. PAUL Bouteilles, Pots. Rechaud a Alcoa. Pommes (90% owned by 2011 LLC. 10% owned by Narrows) 11/23/2016 54.000,000 40,000.000 (14,000.000) 0 (14,000.000) AP Narrows CEZANNE. PAUL

C intends to exchange a Mondrian that it owns (Composition with Color Planes and Grey Lines 1) for a Cezanne still life (Bouteilles, Pots, Rechaud a Alcoa, Pommes) that it wants to acquire. The target sale price for the Mondrian is $40 million and the purchase price of the Cezanne still life is $50 mi

C intends to exchange a Mondrian that it owns (Composition with Color Planes and Grey Lines 1) for a Cezanne still life (Bouteilles, Pots, Rechaud a Alcoa, Pommes) that it wants to acquire. The target sale price for the Mondrian is $40 million and the purchase price of the Cezanne still life is $50 mil

C intends to exchange a Mondrian that it owns (Composition with Color Planes and Grey Lines I) for a Cezanne still life (Bouteilles, Pots, Rechaud a Alcoa, Pommes) that it wants to acquire. The target sale price for the Mondrian is $40 million and the purchase price of the Cezanne still life is $50 mi

C intends to exchange a Mondrian that it owns (Composition with Cola• Planes and Grey Lines 1) for a Cezanne still life (Bouteilles, Pots, Rechaud a Alcoa, Pommes) that it wants to acquire. The target sale price for the Mondrian is $40 million and the purchase price of the Cezanne still life is $50 mi

From: Jeffrey Epstein <.eevacatione mail.com> To: Jes Staley < Sent: 11/22/2010 6:03:31 PM Subject: Alcoa shoed call nchard axel . and plan to meet ‘Nith him on wed. *********************************************************** The information contained i

ojects ri our 'MIS portfolio are boated imcoee mgenal mnaatons on their ability to make cash distributons to Global Operating LLC. For example, Sash Alcoa currently has an exchange contra regime which includes restnctons on exportrg capital from South Afnca. Once the appropriate regulatory approval is o

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or and Political Commentator Vice-President, Intel Capital and Managing Director Senior Editor-at-Large President Group Chief Financial Officer. Alcoa Global Rolled Products Chairman of the Board and Managing Officer Chief Executive Officer Chief Executive Officer Executive Chairman Albert L.

and Chief Executive Officer Director Ambassador Extraordinary and Plenipotentiary, Permanent Representative of Latvia Executive Vice-President, Alcoa, and Group President, Engineered Products and Solutions Professor Acting Chief Executive Officer Founder and Executive Director Chief Executive

rendan Murph Date: May 3, 2010 5:54:22 PM EDT To: Subject: please pass on to jeffery je, check these two links out, with the help of some guys at Alcoa i have sourced the right material to do the table, Alcoa can dm this to what we will use for the table. the key now is building it with no seams. i

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StTnitsion mot out DAlt TRACAC11011 OLSCRIP113,1 SYMBOUCIJSIP GUMMI MCI AtiCOLte NOMA TAYSAYER WOMER tl LAST STATMENT mt• 29. 2001 Can Alcoa CREW HAIM 07/02/01 06127/01 BOUGHT HOME DEPOT INC HO 1.500 47.57500 71482.50 CeECUT011 BY UISSW COMMISSION 105.00 07/02/01 06/27/01 BO