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September 15, 2005

Alcoa Receives Highest Ranking on Corporate Governance

PITTSBURGH--(BUSINESS WIRE)--Sept. 15, 2005--Alcoa (NYSE:AA) announced today that it received a 10 rating - the highest rating available for corporate governance -- by Governance Metrics International (GMI), the world's first corporate governance ratings agency. Only 33 worldwide companies of 3,200 companies evaluated received the top ranking.

GMI analyzed companies across six broad categories: board accountability, financial disclosure and internal controls, executive compensation, shareholder rights, ownership base and takeover provisions, plus corporate behavior and environmental, health and safety issues.

"To be recognized as one of the top companies for corporate governance stems from Alcoa's Value structure - the overall company culture of integrity and accountability to do the right thing. This top ranking demonstrates how we live our Values," said Alcoa Chairman and CEO Alain Belda.

GMI ratings and company reports are used by pension funds, investment advisors, mutual funds, banks, insurance underwriters and regulators to assess government risk, as well as corporate advisory firms and corporate issuers to benchmark performance and conduct peer comparisons. GMI was established in 2000 and is located in New York City.

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 named one of the top three most sustainable corporations in the world at the World Economic Forum in Davos, Switzerland. More information can be found at www.alcoa.com