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May 1, 2008

Mike Schell to Join Alcoa as Exec VP - Business Development and Law

NEW YORK--Alcoa (NYSE:AA) today announced that J. Michael (“Mike”) Schell will join Alcoa as Executive Vice President – Business Development and Law. Schell will assume responsibility for all of Alcoa’s corporate development and legal matters.

Mike Schell comes to Alcoa from Citigroup where he served as Vice Chairman of Global Banking since 2005. At Citigroup, he was a member of the Global Banking Operating Committee and its Executive Committee. Schell devoted his efforts there to senior client relationships and major M&A transactions.

“As a long-time adviser to Alcoa, first as our lawyer and then our investment banker, Mike has a deep knowledge of the company and a solid record of helping the company deliver growth to its shareholders,” said Alain Belda, Alcoa Chairman and CEO. “Mike’s worked on most of the successful acquisitions in Alcoa’s recent history and brings wide-ranging experience in cross-border M&A expertise to the company, making him the ideal candidate for this important role,” said Mr. Belda. “We are fortunate to have him join Alcoa full-time and enhance our efforts to grow the company and continue to build shareholder wealth.”

Mr. Schell said, "The opportunity to be part of this premier international competitor with deep roots in American industrial history is too good to miss. I have worked with and admired Alcoa and its management team for a long time, and am excited to join such a high quality company."

As previously announced late last year, Lawrence Purtell, Executive Vice President and General Counsel, had indicated his desire to retire from the company, effective July 31, 2008. He will now become Executive Vice President and Chairman's Counsel until that date and will work with Mike on the effective transition of responsibility over the company's legal matters.

Barbara Jeremiah, Executive Vice President - Corporate Development, has indicated her desire to retire from the company, effective December 31, 2008. She will now become Executive Vice President and Chairman's Counsel until then, and will work with Mike on an effective transition of the Corporate Development responsibilities.

Mr. Schell was an M&A lawyer with Skadden, Arps, Slate, Meagher & Flom LLP for 26 years. He began his professional career with Cadwalader, Wickersham & Taft in 1976, and was recruited to join the fast-growing M&A group at Skadden, Arps in 1979 after having competed against them. He became a Skadden partner in 1984 and was a key contributor to the development of Skadden’s M&A business through the 1980’s and 90’s. He joined the Skadden/Alcoa team in the mid-1980’s and led that representation until he joined Citigroup in mid-2005. He also led Citigroup’s representation of Alcoa during his tenure there.

Mr. Schell graduated from Columbia University in 1969 with a B.A. and received his law degree from Boston University in 1976. Schell is active in a variety of charitable, educational and civic activities. He is a trustee of Lake Forest Academy (Illinois) and the American Institute for Contemporary German Studies and a member of the Boston University School of Law Board of Visitors, Columbia’s Board of Visitors, Georgetown University’s Board of Visitors, and the Board of Directors of the Gordon A. Rich Memorial Foundation. He is a former trustee of Boston University.

About Alcoa

Alcoa is the world leader in the production and management of primary aluminum, fabricated aluminum and alumina combined, through its active and growing participation 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, and building systems. The Company has 97,000 employees in 34 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