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January 16, 2004

Alcoa Named One of the Best Managed Companies by Forbes

PITTSBURGH--(BUSINESS WIRE)--Jan. 16, 2004--Alcoa (NYSE:AA) today announced that Forbes Magazine has named it one of the "Best Managed Companies".

Companies in Forbes' survey were ranked on the basis of five-year average total return, long- and short-term sales and earnings growth, and other yardsticks such as long-term earnings forecasts. The magazine also included governance and accounting practices in its selection criteria. Forbes editors and writers then also included additional factors such as market leadership, innovation and efficiency, before selecting the best-managed companies. Alcoa, one of only 26 companies cited, led the materials category.

In selecting the "Best Managed Companies," Forbes said, "These companies exude excellence -- in how they're managed and in financial performance."

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 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 120,000 employees in 41 countries. More information can be found at www.alcoa.com