NEW YORK–Alcoa (NYSE:AA) announced today that it has completed the divestiture of
its wire harness and electrical distribution business to Platinum
Equity, a California-based private equity group. Terms of the
divestiture were not disclosed. The wire harness and electrical
distribution business is the largest part of the Alcoa Electrical and
Electronic Solutions business which the Company announced was for sale
in January.

The divestiture of the Electrical and Electronic Solutions business is
part of a multi-pronged effort to focus on businesses where Alcoa brings
strong technical and parental advantage. The effort will provide better
focus of resources on strategic businesses, improve financial
performance and establish a strong foundation for growth.

The wire harness and electrical distribution business has operations in
13 countries around the world and employs approximately 17,500 people.
With the transaction, Alcoa now employs approximately 63,000 employees
in 31 countries across the world. Alcoa expects to record a loss in
discontinued operations in the second quarter of 2009 in connection with
the closing of the transaction.

Alcoa is continuing discussions with multiple parties on the sale of the
remainder of the Electrical and Electronics business which consists of
the electronics portion of the operation. That business has
approximately 500 employees in three European countries.

Forward-Looking Statements

Certain statements in this release relate to future events and
expectations and as such constitute forward-looking statements involving
known and unknown risks and uncertainties that may cause actual results,
performance or achievements of Alcoa to be different from those
expressed or implied in the forward-looking statements. Forward-looking
statements can be identified by the use of predictive or future-tense
terminology, such as “anticipates,” “expects,” “should,” “will” or other
similar words. Alcoa disclaims any intention or obligation to update
publicly any forward-looking statements, other than as required by
applicable law. Important factors that could cause actual results to
differ materially from those in the forward-looking statements include:
(a) uncertainties regarding the duration or severity of the current
global economic downturn and disruptions in the financial markets, and
their impact on Alcoa; (b) material adverse changes in aluminum industry
conditions generally, including global supply and demand conditions; (c)
fluctuations in commodity prices, especially the price of aluminum on
the London Metal Exchange; (d) changes, including further deterioration,
in the key markets served by Alcoa; (e) Alcoa’s inability to achieve the
level of cost reductions, cash generation, return on capital
improvement, or strengthening of operations anticipated by management in
connection with its restructuring, portfolio streamlining and liquidity
strengthening actions; (f) Alcoa’s inability to complete its Brazilian
growth and portfolio streamlining projects as planned or by targeted
completion dates; (g) unfavorable changes in laws, governmental
policies, foreign currency exchange rates or competitive factors in the
countries in which Alcoa operates; (h) significant legal proceedings or
investigations adverse to Alcoa; and (i) the other risk factors
described in Alcoa’s Form 10-K for the year ended December 31, 2008,
Form 10-Q for the quarter ended March 31, 2009, and other reports filed
with the Securities and Exchange Commission.