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January 29, 2008

Alcoa and Brunei Economic Development Board Sign Agreement to Extend Feasibility Studies to Establish a Modern Aluminum Industry in Brunei Darussalam; Youth and Small Business Development Program Announced

NEW YORK & BANDAR SERI BEGAWAN, Brunei Darussalam--Alcoa (NYSE:AA) and the Brunei Economic Development Board (BEDB) yesterday signed a memorandum of understanding (MOU) to enable more detailed studies into the feasibility of establishing a modern, gas-powered aluminum smelter in Brunei Darussalam. This 2008 MOU supersedes an original MOU signed in 2003 and a supplement to that MOU signed in 2005.

Under the terms of the 2008 agreement, Alcoa and the BEDB will embark on the first of two distinct phases of study. Phase One will determine the optimum scope and dimensions of the proposed facilities, an appropriate power-delivery strategy, the most desirable location for the facility and associated port and infrastructure, and opportunities for synergistic development.

Phase Two of the feasibility studies will commence at the completion of Phase One, if the parties agree that further, more detailed study is warranted. This second phase would include a full environmental and social impact assessment and basic engineering design work for the facility.

It is envisaged that the facility would have initial operating capacity of 360,000 metric tons per year (mtpy) with potential for an eventual 600,000 to 700,000 mtpy capacity.

The 2008 MOU will extend for 12 months from January 1, 2008. No date has been set for completion of Phase One or Phase Two studies.

In signing the MOU, Jon Erik Reinhardsen, Alcoa Vice President and President of Alcoa’s Global Primary Products Growth, Energy, Bauxite, and Africa business unit, said that Alcoa was delighted to be continuing in its relationship with the BEDB.

“We have been working with the BEDB since 2003 and admire the careful and diligent process that they are leading in order to assist the government in determining the feasibility of establishing a modern aluminum facility in Brunei Darussalam,” said Reinhardsen. “We are fully committed to working through this process with the BEDB and delivering studies that enable sound, sustainable decisions to be taken.”

Youth and Small Business Development Program

As part of a second MOU signed today, the parties will embark on an extensive public outreach program that will include a small business development training component in collaboration with the Ministry of Culture, Youth, and Sports.

Reinhardsen said Alcoa will commit professional and other resources to the development and delivery of the small business development program.

“If we proceed with the establishment of the proposed aluminum facility, it will create long-term, stable employment within its own boundaries as well as opportunities for generations of Brunei entrepreneurs,” said Reinhardsen. “We want to start building the foundation for that opportunity immediately. The partnership with the Youth Development Centre will enable us to begin building local value from this project, even during this early study period.”

Dato Timothy Ong, BEDB’s Chairman of the Board, said, “The Brunei Economic Development Board welcomes Alcoa’s interest in investing in Brunei’s economic development. We look forward to working with Alcoa on the feasibility of an aluminum smelter for Brunei and on initiatives to promote small business development in this country.”

About the Brunei Economic Development Board

The BEDB is a statutory body established in 2001 by His Majesty The Sultan of Brunei Darussalam to create employment and business opportunities for its people through partnerships with local and foreign investors. For more details about the BEDB, please visit www.bedb.com.bn.

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 including flat-rolled products, hard alloy extrusions, and forgings, Alcoa also markets Alcoa® wheels, fastening systems, precision and investment castings, structures and building systems. The company has 107,000 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.