Widok Executive Viewpoint on Geopolitics: Paris Watts‑Stanfield, Chief Audit Executive of Alcoa

(1)

012

!"#$

RSTUVW X YT' ZX T[\]X ^W '

]^' _T]\]` X W X Uab '

cdeX a' fdW W ag hW d^iX T` jk ' lmX Ti' nVjX W '

RSTUVW X YT' ]i' n` U]d'

opqqrst

08@573?E@Mu3414F5v@3u39>E>7195@?D>43?M@?E581=5u3=@Q5

?@w578199@?v@=51?Q53uu34E<?>E>@=5:3452<=>?@==534x v1?>N1E>3?=5w349Qw>Q@P5y>E85>?74@1=>?v5>?E@4?1E>3?195

@73?3M>7519>v?M@?E=51?Q5u39>E>719573?:9>7EH534v1?>N1x E>3?=5?@@Q5E35M1?1v@5>??3D1E>D@5M@E83Q393v>@=P508@=@5 3u@41E>3?195781?v@=581D@51?5>Mu17E53?5E8@5u417E>7@5 2<=>?@==51?Q5u39>E>7=5w349Qw>Q@P5y>E85E8@5>?E@?E53:5 8>v89>v8E>?v5154@195w349Q571=@5>?5v@3u39>E>7195M1?1v@x M@?EH5z43:@==345A14B5A<?3N53:5A>99>B>?5C?>D@4=>EF5 1?Q5<?Q@4v41Q<1E@5=E<Q@?E5A19739M5{P5;41?785>?E@4x D>@w@Q5z14>=5y1EE=x6E1?:>@9QH5|8>@:5K<Q>E5}~@7<E>D@5 3:5K9731P5K97315>=515v9321959@1Q@45>?59>v8Ew@>v8E5M@E19=5 E@78?393vFH5@?v>?@@4>?v51?Q5M1?<:17E<4>?vP5;1=@Q5>?5 z@??=F9D1?>1H5C6KH5E8@573Mu1?F581=52@@?5>?53u@41E>3?5 :3453D@4505F@14=51?Q581=52@@?515u>3?@@45>?5E8@519<x M>?><M5>?Q<=E4FP508@5:>4M581=53D@45H5@Mu93F@@=5

>?5573<?E4>@=P508@5>?E@4D>@w571uE<4@=5E8@5v@3u39>E>7195 M>?Q=@E53:53?@53:5E8@5:>4M=5B@F5@~@7<E>D@=P

.*

@3u39>E>7=H5I?E@4?1E>3?195A1?1v@M@?EH5

@3u39>E>7195A1?1v@M@?E

(2)

012

655555 !

!"#5$% 5&5'5"65(5 )*+,-./.,01,

23456782985:;:6789<85=8:3:><;?67985;@:A7?59:@85@?7@B9<B5<5C:D!

><@:E6<5F>B5:A=B9<7B6G<5H<7982:@?6I59B56B5?C5E@<86<845 AB75785@7A:!

2;8C5=:23:FBA67?C5<5C<JF7?9BA:F:@?6I5@?7@BK5:AB75L:9M><L;4@5 3:><;?679?6I#5:A=B9<7B6G85CN27O57BA7OF7BP#5HB7NGO659B5<99:@B6?G9?6I5 C8;:FB6I45857C<B9?5:38AB6?G985CBGO5@35?@59B53ABL;?LJ5<53:><;?LJ5

=:23:FBA67O59B56B5?C5E@<86<845 568>N5NLB7B9<B5A7867?@<2;8=:5@35?!

@N5=8:3:><;?L<59B5@234567829857BA7OF7B9<8#53A:M82:A56BAL56N9:75 75&9<@8A2?;8;NN56<>><L<95@5&5@AB757852;NF89;8C56B>6:>C8C5345QAB!

6I8C53A783A:@BF7<55@?@<BF575BA<28C5 B;;2!;B9M<8>F8C#5=54@9?C5 BN;:A8C5@?L:9B@67?C575M<AC?5>6:B45>6:B5G82;5E@<B;:@?C5><F8A8C5

@5;86I9:>:=<<5C8;B><#5>8LL<8G5L:92;ANL6G<5<53A:FNL6G<45"<ACB5CB52@:GO5 2<8F7<HJ5@5892?>@B9<<#5&#5B5F7<B5B5:F53:9BF50RS5>B;5<5G82;53<:9<8A8C5

@5HAB9D?5B>NC<9<:@8G45"<ACB53:2<BFB53:9BF5TU5UUU53AB6:@9<L4@5@5VU5 LABGB6I45 ?@<BF5:FFBG85=8:3:><;?67985C?E>89<85G8F98=:5759BG@BD9<8G! 27?6I5C898FD8A4@5M<AC?4

WXYZ[\]^_`aYZb

=8:3:><;?LB#57BA7OF7B9<85C<JF7?9BA:F:@8#57BA7OF7B9<85

=8:3:><;?6798

&(

8:3:><;<625<25F8M<98F5B25;I856:9c8A=89685:M5=8:=AB3I?#586:9:C<625 B9F53:><;<625B9F5<;25<9M>N896825:958c89;245;5<252IB38F5H?5=8:=AB3I<65

>:6B;<:9#5A82:NA6825d9B;NAB>5B9F5CB9!CBF8e#5F8C:=AB3I<625B9F5 38:3>85MB6;:A2#5B9F5A8>B;<:92I<325@<;I5:;I8A56:N9;A<825fQA:92I;8<95 RU00g4

5 BA>?5;I<9L<9=5:95=8:3:><;<625@B25BFcB968F5H?56B6L<9F8A5f0hU1g5

@I:52N==82;8F5;IB;52:6<B>5:66NAA896825<95:9853BA;5:M5;I85@:A>F5

@<>>5<C3B6;5N3:95:;I8A5>:6B;<:925B9F52IB3853:><;<6B>5B9F586:9:C<65 B6;<c<;<8245

5 (:C3B9<825B9F58i86N;<c825988F5;:5H856:=9<7B9;5:M5=8:3:><;<6B>5 :66NAA8968245I85=>:HB>589c<A:9C89;5<25;IA8B;898F5H?50e5M<9B96<B>5 6IB>>89=82#5Re586:>:=<6B>5;IA8B;2#5Ve5=>:HB>5<92;BH<><;?5FN85;:53:@8A5 2I<M;25B9F5A82:NA685><C<;B;<:925f":2;8A5RUUhg455L8895N9F8A2;B9F<9=5

(3)

012

36973733963669333336693

369339637963437345678963!"00#$3 3 %39763933966 3 93&3'99()96*3963

63+893456789633+7$3+7333,366339 693

693967*3666*338798$3'93633

5963-!.3,3636*3963/3967636763 8963873399*389337863667973+( 73!"01#$3%6333,66336769338683 38733 963!"013093+63069331 98630263*3!"013

96344893+ 315836933*33!"0130""3 76939639263196366,930263$3 3 %63966 3 3787963,3&6303082*3 93963

97633986930738$377$3%63966 3 3787963 939633333636379636679633 33 969379636567896363697$

9:;<=>?<@<=ABCDEFGHEIDGJKLJDMJNOJPGQEGRSTQGJKQJNQGUEGOEFLTNMJVGQDTOWG XYZ[\]Y^_]`[ab]c]d^_^eXd[bfbY_g[X`]hYZ[_ib[j]`dZk[

'l;;m();l:n?<opA3q896365966$39363 6339663,3 763369739667639633366933 33,86367*3365393663(

69*39398736 3879*3936396373786393

6396939(7893$

9:;<=>?<@<=A3r]j[Z][e]\cXY^bg[aX_ib`[ab]c]d^_^eXd[^Ys]`\X_^]Y[XYZ[e]Yt Zhe_[`bgbX`ei[^Y[^Y_b`YX_^]YXd[d]eX_^]Ygk[

'l;;m();l:n?<opA3)6376363(863293993 689636 3,8639896u39636663659633 9378793667$3939*334/3636,6336(

9732938733963'34773 8$

9:;<=>?<@<=A3vNGHEIDGwMJRPGRSTQGTDJGQSJGWJHGOSTxxJNyJVGMNGQSJGyJELExMQMOTxG bYf^`]Y\bY_[XYZ[i]j[Z]bg[^_[^\cXe_[hc]Y[_ib[e]Y_b\c]`X`z[e]`c]`X_^]Yk[

'l;;m();l:n?<opA3+3963376637863973(

9,938733 93 636366336833{6$3%63{)3

(4)

012

5555555555

5 55! 555555"5#5 5

555! 45$5%5 55

&5 &5554

'()8*+),)8-5./01230/014567806619::9/258727061/065;278<1=/9>1<09:9;727?6@1 A3B21>7<32123060140@

C7((DEF(7G+)HI-5J5555 5K555E

5%5#%55L5#%5KM5'&55 N&55O55545C5O5555

5#55555#K5&555#5%%5

%5 555555E#55

#5EO545J55#5 55K 55

5%#5 5#5PF54

'()8*+),)8-QA391761/06:98674;01=9/1<09:9;727?B;1:;B8878<1781?9>:B87061 RSTUVWXYSZ[W\XY]^_`XabXZWbcSdb]e]f]^RXcfghW\XSdXgXb]difWXcWZbSdjX\WcgZ^kWd^jX 9/10827/019/<B87lB2798@

C7((DEF(7G+)HI-5J555%5 % 55

45J5 5 55%5#555%5

%5%5%45m%&5O55n 5#5

5%5#555E 5o55

55%55%55o45p&5q5

5F#5#5 r5%5#555

% 5o45J 5#5555 %5

#5%5#555&5%%55 E

5%4

'()8*+),)8-5s9t1u9061<09:9;727?617>:B?215:9812301>B8B<0>0821=58?27981 9=1:;B8878<@

C7((DEF(7G+)HI-5n555o55555%5

5K5o555%5#45v5"&5'5Ko5

55555 5555 5

%K555%%5o5555%5 5o55

55#5 %555"545'5Ko5#5

(5)

010

8526 2882 58522682882598852925522

5672952852678255285268226852652852 59582578928825256725992552852 6 25695282752262822576525992

5522852622255828528222

!"#$%"&"#'2()*+,)-.+/-)0)12324.+250643+37-+5686/-5-83+9:8432)8+)9+ 1-6,28/;

<!!=>?!< @%"AB'2C52 52556852825229D892672 E52585952E5225 98962682255E525922

89652E782F282852F3G22H9IJ5782K2L562 M5E5522ND9925985O292P 2258288292E998282

526522952E292Q595R28872225292 P 2262958929829254 595652952852P 55272

52 55528252522859222255222E5282E52

766572285525'20O222S799522852TE2UO225 56852 85262678752222VO22282E72E2852798852 6528825S79522P 55252829892

!"#$%"&"#'2()*+,)-.+/-)0)12324.+250643+:0)8+37-+5686/-5-83+9:8432)8+

)9+)W/682X28/;

<!!=>?!< @%"AB'2252282528526 258552 8525829292N567522852922K82852895O2882 567525926 95227920YYZ259 22

2E7952E5229282585529822T9825875282

7622595226>9>6278582[6229558252

2T98258752982852558292P962?79522

?792[E9

!"#$%"&"#'2()*+,)-.+/-)0)12324.+250643+:0)8+37-+5686/-5-83+9:8432)8+

)9+4)83W)1128/;

<!!=>?!< @%"AB'222852522852[798222789>892 6 228926 6982226529825928526 \2

92 952877828522C52925582789852

5859528525S75622582279826899825S7952

(6)

012

555555 !55"#

5555$555$5%555

55 54

&'(8)*(+(8,5-./0123/45678/916:/;61<1=5>5?:/5@<A?>/2<1./>B6/?1@<A.0C:/

D5.A.?5A=/E1>>1@/=5.6F/GB0/13/7B0/.1>F

H7''I#J'7K*(LM,5N55O55%5$55

55P 545N5Q$5R5S5T5UQRSTV5

555$55O55!55O5 55

5 !W5P 545R 555J 5UXYZZ65V5 [P5UX1\]6V55^T_5UX`ZZ56V55 $5555

5a55QRST5O4

5 b5$5c555555555P 55

d5555555%5O5 5

5!P5!5c55U$V5!5 c555

$45N5 555555555

W5 5!5P$5555 !d5

$5$555%55$5%55$5#

55$5!55 !54

&'(8)*(+(8,5e17/?A./>B6/<3A?>5?6/1D/;61<1=5>5?A=/@A.A;6@6.>/E6/5@<31469F H7''I#J'7K*(LM,5S5$55555_5fc5 6$ 5U_f6V5 5%55c!5c55"5

%55 5 5%5 c$5$54

&O%,5GBA>/36:123?6:/A36/.66969/E0/13;A.5gA>51.:/5./13963/D13/>B6@/

>1/E6:>/@A.A;6/>B6/?1@<=6h5>56:/1D/;61<1=5>5?:F/

H7''I#J'7K*(LM,5fc5 $ 55U&5T5 R 55i$V5 5$555# O5%5$P5# c54

&'(8)*(+(8,5GBA>/A36/>B6/E6:>/<3A?>5?6:/012/BA46/1E:63469/5./>B6/@A.A;6j

@6.>/1D/;=1EA=/;61<1=5>5?:F

H7''I#J'7K*(LM,5T555 5%5&5O5%c5UT5 H 55S5k5 PV5O555 $ 5

(7)

012

36973393669363739663369379763

3663393693 939636693396378

9633 7396373369339!333963

"4#$39%6333663633&93993636963 93963693697369

'()*+,)-)*.3/012345367893:4547;37<3=>7?7@424A534;320>3<8289>B3C7367835>>3 423=97D4;=3793E>A@4;4;=34;34F?7921;A>B3

GH((IJ(H'K,)LM.3366369736337973769333 7$399633633637637338963

6763763899

'()*+,)-)*.3/012397@>3D4@@3=>7?7@424A53?@1634;313A7F?1;6N5358AA>55B GH((IJ(H'K,)LM.3O373993877683963963%3

3989637963 9337369736

6938363963 6333367

P)K)*)'Q)I

O7!3RS0T!3U79?7912>34;<79F1247;!3V99.WW 77WW6W

6X3Y77663S1SZRS0T[

\96!3]!3RS00!3^527;413_3>A7;7F4A531;E3=>7?7@424A5!3V99.WW

7766767W76W7W`SaW2T2X3Y77663 S1SbRS00[

c734567896!3RS00!3defghijjikglfmhjnlmmjhfoihoipqloirhstohgeihuviwh x>1@426yz3]7!3300!3V 76567896X3Y77663 S1SbRS00[

c96!3{\!3RSSZ!3|3}14@>E3~652>F_30>3/79@E3U9454537<3U1?421@4523@71@41

247;31;E34253F?1A237;3U04;1!3]93P66 3YS[30S

]7%6!3{!30ZST!30>3=>7=91?04A1@3?4:7237<30452796!3673 {8!3R2!3T.3TRR