Alcoa Holds Investor Day

Alcoa (NYSE:AA) executives told investors today how the Company is
powering value creation with twin growth engines: the miracle metal and
innovation across the portfolio.

At the Company′s Investor Day in Davenport, Iowa, executives
demonstrated how the Company is meeting aggressive three-to-five-year
strategic goals. Alcoa is lowering its cost position in the upstream
businesses to capture increased value from growing aluminum demand,
while driving profitable growth in the mid- and downstream businesses
through innovative products and unique partnerships.

'We see a very exciting future for our aluminum and other materials
solutions as customers increasingly turn to Alcoa for innovative answers
that differentiate them from their competitors,? said Alcoa Chairman and
CEO Klaus Kleinfeld.

'Alcoa is uniquely positioned to participate in this growth. The
integration of our talent, technology and world-class assets is
unmatched in the industry and will power our business to historic levels
of profitability.?

Executives outlined the unique strengths and major value drivers of
their businesses, including:

Global Primary Products

• 
  Continued market tightening in 2011, moving toward deficit in
  supply/demand balance
  
• 
  World class assets delivering value: Juruti bauxite mine operating at
  30 percent lower cost of production; Sao Luis at nameplate capacity
  
• 
  Ma′aden Alcoa Project: lowest cost smelter online 2013, lowest cost
  refinery online 2014
  
• 
  Centers of Excellence driving $520 million in productivity savings in
  2011
  
• 
  Improving cost curve position: targeting 23rd percentile in alumina,
  41st percentile in aluminum by 2015
  
• 
  Revenue growth through pricing actions: 40 percent of customers
  transitioned to alumina price index or spot pricing by end of 2012
  
• 
  Delivering $150 per metric ton in incremental value added products
  versus P1020.
  

Global Rolled Products

• 
  Reorganized for growth: market facing structure focused on customer
  partnerships and capturing emerging market growth
  
• 
  Ma′aden Alcoa lowest cost rolling mill online in 2013
  
• 
  Positioned to capture strong demand in growing aerospace and
  automotive segments
  
• 
  Deploying world class technology to drive product growth across end
  markets
  
• 
  Targeting approximately $2.5 billion in additional revenue by 2013; on
  track to achieve 60 percent of revenue goal in 2011
  

Engineered Products and Solutions

• 
  Leading position in each business: 85% of sales from #1 or #2 market
  leaders
  
• 
  Available capacity ready to deploy and strong focus on profitable
  growth
  
• 
  Harnessing world-class technology to drive innovative customer
  solutions
  
• 
  Targeting approximately $1.6 billion in additional revenue by 2013; on
  track to achieve 40 percent of revenue goal in 2011
  

The webcast of the event is available for replay and the presentations
are archived at www.alcoa.com/investorday.

About Alcoa

Alcoa is the world′s leading producer of primary
aluminum, fabricated aluminum and alumina. In addition to inventing the
modern-day aluminum industry, Alcoa innovation has been behind major
milestones in the aerospace, automotive, packaging, building and
construction, commercial transportation, consumer electronics and
industrial markets over the past 120 years. Among the solutions Alcoa
markets are flat-rolled products, hard alloy extrusions, and forgings,
as well as Alcoa ? wheels, fastening systems, precision and investment
castings, and building systems in addition to its expertise in other
light metals such as titanium and nickel-based super alloys.
Sustainability is an integral part of Alcoa′s operating practices and
the product design and engineering it provides to customers. Alcoa has
been a member of the Dow Jones Sustainability Index for 10 consecutive
years and approximately 75 percent of all of the aluminum ever produced
since 1888 is still in active use today. Alcoa employs approximately
59,000 people in 31 countries across the world. More information can be
found at www.alcoa.com.

Forward Looking Statement

This release contains statements
that relate to future events and expectations 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 'estimates,? 'expects,? 'forecasts,? 'outlook,?
'plans,? 'positioned,? 'projects,? 'should,? 'targets,? 'will,? or other
words of similar meaning. All statements that reflect Alcoa′s
expectations, assumptions or projections about the future other than
statements of historical fact are forward-looking statements, including,
without limitation, forecasts concerning global demand for aluminum, end
market conditions, aluminum consumption rates, or other trend
projections, targeted financial results or operating performance, and
statements about Alcoa′s strategies, objectives, goals, targets,
outlook, and business and financial prospects. Forward-looking
statements are subject to a number of known and unknown risks,
uncertainties, and other factors and are not guarantees of future
performance. Important factors that could cause actual results to differ
materially from those expressed or implied in the forward-looking
statements include: (a) ?material adverse changes in aluminum industry
conditions, including global supply and demand conditions and
fluctuations in London Metal Exchange-based prices for primary aluminum,
alumina, and other products, and fluctuations in indexed-based and spot
prices for alumina; (b) ?global economic and financial market conditions
generally, including the risk of another global economic downturn and
uncertainties regarding the outcome or effects of sovereign debt issues
or government intervention into the markets to address economic
conditions; (c) unfavorable changes in the markets served by Alcoa,
including automotive and commercial transportation, aerospace, building
and construction, distribution, packaging, oil and gas, defense, and
industrial gas turbine; (d) ?the impact of changes in foreign currency
exchange rates on costs and results, particularly the Australian dollar,
Brazilian real, Canadian dollar, and Euro; (e) ?increases in energy
costs, including electricity, natural gas, and fuel oil, or the
unavailability or interruption of energy supplies; (f) ?increases in the
costs of other raw materials, including caustic soda or carbon products;
(g) ?Alcoa′s inability to achieve the level of revenue growth, cash
generation, cost savings, improvement in profitability and margins,
fiscal discipline, or strengthening of operations (including moving its
refining and smelting businesses down on the industry cost curve and
increasing revenues in its Flat-Rolled Products and Engineered Products
and Solutions segments), anticipated from its productivity improvement,
cash sustainability, and other initiatives; (h) ?Alcoa′s inability to
realize expected benefits from newly constructed, expanded or acquired
facilities or from international joint ventures as planned and by
targeted completion dates, including the joint venture in Saudi Arabia
or the upstream operations in Brazil; (i) ?political, economic, and
regulatory risks in the countries in which Alcoa operates or sells
products, including unfavorable changes in laws and governmental
policies, civil unrest, and other events beyond Alcoa′s control; (j) ?the
outcome of contingencies, including legal proceedings, government
investigations, and environmental remediation; (k) ?the business or
financial condition of key customers, suppliers, and business partners;
(l) ?changes in tax rates or benefits; and (m) ?the other risk factors
summarized in Alcoa′s Form 10-K for the year ended December ?31, 2010,
Forms 10-Q for the quarters ended March 31, 2011, June 30, 2011 and
September 30, 2011, and other reports filed 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.

Alcoa Inc.

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Roy Harvey, +1-212- 836-2674

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