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February 28, 2003

Alcoa Continues To Limit Use of Independent Accounting Firm; Did Not Pay For Any Non-Audit Related Services in 2002

PITTSBURGH--(BUSINESS WIRE)--Feb. 28, 2003--Alcoa today announced that, consistent with the company's corporate governance guidelines, it continued to strictly limit the non-audit work of its independent accounting firm, PricewaterhouseCoopers (PWC), in 2002.

As reported in the company's 2002 proxy statement filed today, the company paid PWC $7.1 million for audit and audit-related services in 2002; $6.5 million for tax fees; and did not pay the firm for any non-audit related services in 2002. Aside from work on audit and audit-related work, and tax matters, Alcoa paid PWC no other fees in either 2002 or 2001.

After reviewing the fees paid for audit services as compared to fees paid for audit-related and tax services, both the Audit Committee and management agreed that the fees paid for other services would not affect the independence of the auditors in performing their role.

Alcoa is the world's leading producer of primary aluminum, fabricated aluminum and alumina, 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, precision castings, and electrical distribution systems for cars and trucks. The company has 127,000 employees in 39 countries. More information can be found at www.alcoa.com

Forward Looking Statement

Certain statements in this release relate to future events and expectations and as such constitute forward-looking statements involving known and unknown risks and uncertainties that may cause actual results, performance or achievements of Alcoa to be different from those expressed or implied in the forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements and other risk factors summarized in Alcoa's SEC reports.