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July 28, 2008

Alcoa Notified of Hart Scott Rodino Filing by Highfields Capital

NEW YORK--Alcoa (NYSE:AA) today announced it received an official notification on Friday, July 25 2008, that Highfields Capital has filed under the Hart Scott Rodino Act its intention to acquire up to approximately eight percent of Alcoa's common shares, inclusive of the approximately two percent of Alcoa’s common shares Highfields’ affiliated funds already own.

“In the course of our meetings with major investors, we have met with the senior management of Highfields and believe we understand their views,” said Alcoa Chief Executive Officer, Klaus Kleinfeld. “We are committed to generating shareholder value and have a detailed plan in place to deliver profitable growth, leverage the Alcoa advantage, and execute in a disciplined and rigorous manner."

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