dollars in millions, except per-share amounts 2002 2001 % change Sales $20,263 $22,497 (10) Income from continuing operations 498 907 (45) Net income 420 908 (54) Total assets 29,810 28,355 5 Capital expenditures from continuing operations 1,263 1,170 8 Cash flow from continuing operations 1,914 2,387 (20) Per common share data: Basic – Income from continuing operations .59 1.06 (44) Basic – Net income .50 1.06 (53) Diluted – Income from continuing operations .58 1.05 (45) Diluted – Net income .49 1.05 (53) Dividends paid .60 .60 — Book value 11.69 12.46 (6) Return on average shareowners’ equity 4.1% 8.3% (51) Number of shareowners 273,000 266,800 2 Average common shares outstanding (000) 845,439 857,990 (1) Number of employees 127,000 129,000 (2) Financial and Operating Highlights 2001 data has been reclassified to reflect assets held for sale and discontinued operations. Alcoa at a Glance • Alcoa is the world’s leading producer of primary aluminum, fabricated aluminum, and alumina 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 as a single solution to customers. • In addition to aluminum products and components, Alcoa also markets consumer brands including Reynolds Wrap^® aluminum foil, Alcoa^® wheels, and Baco^® household wraps. Among its other businesses are vinyl siding, closures, precision castings, and electrical distribution systems for cars and trucks. • The company has 127,000 employees in 39 countries. For more information, go to www.alcoa.com By Geographic Area percent By Segment billions $5.0 Engineered Products $4.6 Flat-Rolled Products $2.8 Other $3.2 Primary Metals $2.9 Packaging and Consumer $1.8 Alumina and Chemicals 63%   United States 21%   Europe 8%   Pacific 8%   Other Americas $ 5.0 63% 21% 8% 8% $ 4.6 $ 2.8 $ 3.2 $ 2.9 $ 1.8 2002 Revenues: $20.3 Billion Contents 1   Letter to Shareowners 4   ABS – The Alcoa Business System 6   Markets, Customers, Solutions 18   News 2002 25   Financial and Corporate Data 66   Directors 67   Officers 68   Shareowner Information IBC   Vision and Values On the cover: We deliver not just products but solutions to our customers – engineered by talented employees like Dr. Hasso Weiland, Diana K. Denzer, and Dr. Dhruba J. Chakrabarti (Alcoa Technical Center).