Alcoa Inc. Announces Pricing of $1 Billion Notes Offering

July 26, 2010

NEW YORK–Alcoa Inc. (NYSE:AA) today announced the pricing of its public offering
of $1 billion aggregate principal amount of 6.150% Notes due August 15,
2020. The offering is expected to close on or about August 3, 2010.

Alcoa expects to receive aggregate net proceeds from this offering of
approximately $993 million, after deducting underwriting discounts and
estimated offering expenses.

Alcoa intends to use the net proceeds from this offering together with
cash on hand, if necessary, to fund the purchase price of its 6.50%
Notes due 2011, 6.00% Notes due 2012 and 5.375% Notes due 2013 that are
tendered and accepted for purchase in its tender offers launched on July
26, 2010.

Banc of America Securities LLC, Citigroup Global Markets Inc., Deutsche
Bank Securities Inc. and UBS Securities LLC are acting as bookrunners
for the offering of notes.

This news release shall not constitute an offer to sell or a
solicitation to buy any securities, nor shall there be any sale of these
securities in any state or jurisdiction in which such an offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction. The offering is being made only by means of a prospectus
and related prospectus supplement, which may be obtained by visiting the
SEC’s website at
or by contacting (i) Banc of America Securities LLC, toll-free at (800)
294-1322, (ii) Citigroup Global Markets Inc., toll-free at (877)
858-5407, (iii) Deutsche Bank Securities Inc., toll-free at (800)
503-4611, or (iv) UBS Securities LLC, toll-free at (888) 719-4210.

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 eight 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

Forward-Looking Statements

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
“anticipates,” “estimates,” “expects,” “forecasts,” “outlook,” “plans,”
“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,
anticipated financial results or operating performance or achievement of
enhancements in debt maturity profile. Forward-looking statements are
subject to a number of known and unknown risks, uncertainties, and other
factors and are not guarantees of future performance. Actual results,
performance, or outcomes may differ materially from those expressed in
or implied by those forward-looking statements. Important factors that
could cause actual results to differ materially from those 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; (b) unfavorable changes in
general business and economic conditions; (c) disruptions or volatility
in the global financial markets; and (d) the other risk factors
summarized in Alcoa’s Form 10-K for the year ended December 31, 2009,
Forms 10-Q for the quarters ended March 31, 2010 and June 30, 2010, 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.