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October 4, 2006

Alcoa Receives Top Marks in Corporate Governance and Ethics

NEW YORK--(BUSINESS WIRE)--Alcoa (NYSE:AA) received top rankings on its corporate governance practices and ethical reputation by two major rating agencies.

Alcoa received an excellent standard of corporate governance with an overall rating of 9.5 on a 10-point scale in the 2006 report of GovernanceMetrics International® (GMI), an independent global corporate governance ratings agency. This compares with an average score of 6.5 for the Industrial Metals sector. GMI rates corporations against industry norms for such factors as board accountability, financial disclosure/internal controls, renumeration, and shareholder rights. For corporate behavior, Alcoa received a perfect 10 based on its community giving, emphasis on safety, and environmental and sustainability initiatives.

Alcoa also received the best ethical score among 18 international metals/mining companies in a Mining & Metals Industry Report prepared by Covalence, a European based organization that tracks the ethical reputation of multinational corporations. The Covalence report offers a thorough analysis of ethical issues and challenges in the mining and metals industry from 2001 to June 2006. Its findings show positive improvement for the metals/mining sector in reducing greenhouse gases, values and environmental strategy, sustainability report, and funding and treatment for HIV/AIDS in the workforce. Covalence uses its ethical quotation methodology, which integrates thousands of documents from media, NGOs, academia, and other sources to produce the results. Covalence closely monitors 10 sectors, including 220 companies that are classified as the largest market capitalizations in the Dow Jones World Index.

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® foils and plastic wraps, Alcoa® wheels, and Baco® household wraps. Among its other businesses are closures, fastening systems, precision castings, and electrical distribution systems for cars and trucks. The company has 129,000 employees in 44 countries and has been named one of the top most sustainable corporations in the world at the World Economic Forum in Davos, Switzerland. More information can be found at www.alcoa.com