Alcoa Announces Preliminary Results of Tender Offer for 6.00% Notes due 2013 and Extension of Early Tender Date

NEW YORK--April 29, 2011: Alcoa announced today preliminary results of its Maximum Tender Offer for its outstanding 6.00% Notes due 2013.

As of the Maximum Tender Early Tender Date, which was 5 p.m. Eastern Time on April 28, 2011, the aggregate principal amount of 6.00% Notes validly tendered and not withdrawn was $319,940,000, representing 42.66% of the $750,000,000 aggregate principal amount of the 6.00% Notes outstanding.

Alcoa also announced today the extension of the Maximum Tender Early Tender Date to coincide with the final expiration of the Maximum Tender Offer. Accordingly, all holders of 6.00% Notes that are validly tendered at or prior to 5 p.m. Eastern Time on May 12, 2011, unless extended or earlier terminated (such date and time, the Expiration Date), and that are accepted for purchase pursuant to the Maximum Tender Offer, will receive the applicable tender offer consideration plus the applicable early tender premium.

Withdrawal rights in connection with the Maximum Tender Offer expired at the Withdrawal Deadline, which was 5 p.m. Eastern Time on April 28, 2011. Tendered 6.00% Notes, whether submitted prior or subsequent to such time, may not be withdrawn.

The Maximum Tender Offer is being made upon and subject to the terms and conditions set forth in the Offer to Purchase dated April 13, 2011 and the related Letter of Transmittal. As announced on April 28, 2011, Alcoa will accept up to $400 million in cash (the Maximum Purchase Sublimit) of the 6.00% Notes validly tendered on or prior to the Expiration Date.

Payment for 6.00% Notes purchased in the Maximum Tender Offer will include accrued and unpaid interest from and including the last interest payment date applicable to the 6.00% Notes up to, but not including, the settlement date. The settlement date for 6.00% Notes validly tendered on or prior to the Expiration Date is expected to be one business day following the Expiration Date.

Alcoa's obligation to accept for payment and to pay for the 6.00% Notes is subject to the satisfaction or waiver of certain conditions specified in the Offer to Purchase.

Citigroup Global Markets Inc. and J.P. Morgan Securities LLC are acting as Coordinating Dealer Managers and Morgan Stanley & Co. Incorporated is acting as Dealer Manager for the Tender Offers. The Depositary and the Information Agent in all places other than Luxembourg is Global Bondholder Services Corporation. The Luxembourg Agent for the Any and All Tender Offer 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 00352-421-22-643. Questions regarding the Tender Offers should be directed to Citigroup Global Markets Inc., Liability Management Group, at (800) 558-3745 (toll-free) or (212) 723-6106 (collect); J.P. Morgan Securities LLC, Liability Management Group, at (866) 834-4666 (toll-free) or (212) 834-3424 (collect); or Morgan Stanley & Co. Incorporated, Liability Management Group, at (800) 624-1808 (toll-free) or (212) 761-1057 (collect).