Alcoa Recognized By Ferrari With President's Award; Announces Sponsorship of Global Design Competition For Future Ferraris and 612 Scaglietti Tour of China

PITTSBURGH--July 21, 2005--Alcoa announced today that it has received the Podio Ferrari 2005 "President's Award" in recognition of "the company's partnership with Ferrari on one of the essential components in the success of the Prancing Horse cars - the aluminum chassis."

Alcoa supplied the first-generation aluminum spaceframe for the Ferrari 360 Modena, and currently makes the aluminum spaceframes for the Ferrari 612 Scaglietti and F430. The award was presented by Ferrari Chairman Luca Cordero di Montezemolo to Alcoa Chairman and CEO Alain Belda in Maranello, Italy.

"The partnership between Ferrari and Alcoa has been a case study in technology, innovation and a shared passion for performance - from the laboratory to the production line to the road," Belda said. "Both companies have pulled on each other, pushed the other to new levels of achievement. The proof is in the success and performance of the 360 Modena, 612 Scaglietti and F430."

15,000 Red Miles Tour of China

As a testament of the ruggedness and performance of the 612 Scaglietti, Alcoa is a key sponsor of Ferrari's 15,000 Red Miles Tour of China. Two 612 Scagliettis leave Shanghai on Aug. 2, 20059, 2005 and travel a 15,000-mile route that will include passing the Great Wall, the Gobi Desert and the ancient city of Kashi, site of Marco Polo's famous silk market. During the 45-day tour, the sports cars will travel through vastly different terrains that include the desert as well as the tropics. No other automotive manufacturer has ever undertaken such a daunting task.

"We are excited to partner with Ferrari to showcase the durability and strength of the 612's aluminum spaceframe," said Misha Riveros-Jacobson, president, Alcoa Advanced Transportation Systems. "This challenge enables Alcoa to showcase the capabilities we can bring to our customers."

Ferrari: New Concepts for the Myth

Alcoa will also partner with Ferrari and Pininfarina in the global design competition, "Ferrari: New Concepts for the Myth," featuring designs for future Ferrari cars from students at four leading design schools in Italy, the United States, England and Japan.

"The design competition will challenge what will certainly be the auto industry's next generation of designers to think creatively about the future application of automotive aluminum," Belda said.

Keys to the Partnership

Four key elements that have been important to the success of the Ferrari/Alcoa partnership include:

-- Ferrari's willingness to involve Alcoa early in the vehicle spaceframe development process;

-- Alcoa's ability to achieve a balance between the strengths of several aluminum product forms as well as develop complex manufacturing technologies;

-- both companies' openness to candid, two-way communication; and

-- a shared passion for performance and innovation.

"The world knows that the Ferrari brand stands for passion, technology and performance," Belda said, when accepting the President's Award. "I hope that Alcoa's selection for this presidential citation demonstrates that when performance counts, Ferrari counts on Alcoa."

About Alcoa

Alcoa is the world's leading producer and manager of primary aluminum, fabricated aluminum and alumina facilities, and is active in all major aspects of the industry. Alcoa serves the aerospace, automotive, packaging, building and construction, commercial transportation and industrial markets, bringing design, engineering, production and other capabilities of Alcoa's businesses to customers. In addition to aluminum products and components, Alcoa also markets consumer brands including Reynolds Wrap(R) foils and plastic wraps, Alcoa(R) wheels, and Baco(R) household wraps. Among its other businesses are vinyl siding, closures, fastening systems, precision castings, and electrical distribution systems for cars and trucks. The company has 131,000 employees in 43 countries and has been a member of the Dow Jones Industrial Average for 45 years and the Dow Jones Sustainability Indexes since 2001. More information can be found at www.alcoa.com