Alcoa Announces Expiration and Final Results of Tender Offer for 6.50% Notes due 2011

August 3, 2010

NEW YORK–Alcoa Inc. (NYSE:AA) announced today the expiration and final results of
the Company’s tender offer to purchase for cash any and all of its 6.50%
Notes due 2011.

As of 5:00 p.m., ET, on August 2, 2010, the expiration date for the Any
and All Tender Offer, the aggregate principal amount of 2011 Notes
tendered in the Any and All Tender Offer was $253,412,000, representing
43.43% of the $583,467,000 aggregate principal amount of the 2011 Notes
outstanding. All of the 2011 Notes that were tendered have been accepted
for purchase by Alcoa, with settlement expected to occur today. The
holders of the 2011 Notes that were accepted for purchase will be
entitled to receive the tender offer consideration of $1,048.75 per
$1,000 principal amount of 2011 Notes, plus accrued and unpaid interest
from and including the last interest payment date up to, but not
including, the settlement date.

The Any and All Tender Offer was made upon and subject to the terms and
conditions set forth in the Offer to Purchase dated July 26, 2010 and
the related Letter of Transmittal.

Also described in the Offer to Purchase is the Maximum Tender Offer. The
Maximum Tender Offer consists of tender offers by Alcoa to purchase up
to the Maximum Tender Amount (as described below) of its outstanding
6.00% Notes due 2012 and its 5.375% Notes due 2013; provided that the
purchase of the 2013 Notes will be subject to an aggregate purchase
limit of $50 million.

The Maximum Tender Amount is $750 million in cash less the aggregate
purchase price of the 2011 Notes accepted for purchase pursuant to the
Any and All Tender Offer. As a result of the amount of 2011 Notes
tendered and accepted for purchase in the Any and All Tender Offer, the
Maximum Tender Amount is $484,234,165. Alcoa will apply the Maximum
Tender Amount first to purchase 2012 Notes and then, to the extent any
amount remains, Alcoa will apply the balance to purchase up to an
aggregate purchase price of the 2013 Notes equal to the lesser of (i)
the remaining Maximum Tender Amount and (ii) $50 million, in each case,
subject to proration as applicable.

Holders who have not already tendered the 2012 Notes and 2013 Notes may
continue to do so at any time at or prior to 5:00 p.m., ET, on August
23, 2010, the Maximum Tender Expiration Date, unless extended or earlier
terminated. Holders of 2012 Notes and 2013 Notes that are validly
tendered and not withdrawn at or prior to 5:00 p.m., ET, on August 6,
2010, and accepted for purchase will receive the applicable tender offer
consideration plus the applicable early tender premium. Tenders of the
2012 Notes and the 2013 Notes may be withdrawn at any time at or prior
to 5:00 p.m., ET, on August 6, 2010, but may not be withdrawn thereafter.

Alcoa’s obligation to accept for payment and to pay for the 2012 Notes
and 2013 Notes in the Maximum Tender Offer is subject to the
satisfaction or waiver of certain conditions specified in the Offer to

Payments for 2012 Notes and 2013 Notes purchased in the Maximum Tender
Offer will include accrued and unpaid interest from and including the
last interest payment date applicable to the relevant series of Notes up
to, but not including, the settlement date.

Banc of America Securities LLC and Citigroup Global Markets Inc. are
acting as Coordinating Dealer Managers and Deutsche Bank Securities Inc.
and UBS Securities LLC are acting as Co-Dealer Managers for the Tender
Offers. The Depositary and the Information Agent in all places other
than Luxembourg is Global Bondholder Services Corporation. The
Luxembourg Agent is Deutsche Bank Luxembourg S.A. Copies of the Offer to
Purchase, Letter of Transmittal and related offering materials are
available by contacting the Information Agent at 866-804-2200 or the
Luxembourg Agent at 00352-421-22-639. Questions regarding the Tender
Offers should be directed to Banc of America Securities LLC, Debt
Advisory Services at (980) 388-9217 (collect) or (888) 292-0070
(toll-free), Citigroup Global Markets Inc., Liability Management Group
at (800) 558-3745 (toll-free) or 212-723-6106 (collect), Deutsche Bank
Securities Inc., Liability Management Group at (212) 250-2955 (collect)
or (866) 627-0391 (toll-free) or UBS Securities LLC, Liability
Management Group at (203) 719-4210 (collect) or (888) 719-4210)

This news release shall not constitute an offer to sell, a solicitation
to buy or an offer to purchase or sell any securities. The tender offers
are being made only pursuant to the Offer to Purchase and only in such
jurisdictions as is permitted under applicable law.

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, operating performance or achievement of
enhancements in debt maturity profile or expected timing of settlement
or other events. 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.