ALCOA (AA $8.10, rated Neutral, Price Target cut from $10 to $8) WE CUT OUR MIDWEST PREMIUM ESTIMATES, PRICE TARGET AND EARNINGS ESTIMATES; “STRESS TEST” $0.75/LB LME DEDUCTS $1 BIL. PER YEAR 7/12/2013

ALCOA (AA $8.10, rated Neutral, Price Target cut from $10 to $8) WE CUT OUR
MIDWEST PREMIUM ESTIMATES, PRICE TARGET AND EARNINGS
ESTIMATES; “STRESS TEST” $0.75/LB LME DEDUCTS $1 BIL. PER YEAR 7/12/2013