ALCOA RESPONDS TO BELOW-MARKET 'MINI-TENDER' OFFER

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ALCOA RESPONDS TO BELOW-MARKET 'MINI-TENDER' OFFER
15 November 2004 - Alcoa

Alcoa today announced that it has received notification of an unsolicited ‘mini-tender’ offer being made by TRC Capital Corporation, a Toronto-based company, to purchase up to 3.5 million shares of Alcoa common stock, representing approximately 0.402% of Alcoa's outstanding shares, for a price of $32.00 per share in cash.

The closing price of Alcoa shares on the New York Stock Exchange on 8 November 2004, the trading day before TRC commenced its offer, was $33.32 per share.

Alcoa does not in any way recommend or endorse TRC's mini-tender offer and expresses no opinion as to whether or not Alcoa shareowners should tender their shares in the mini-tender offer. Alcoa is not associated with TRC, the offer or the offer documentation. Alcoa shareowners are cautioned that TRC can extend the period of time during which the offer is open, thereby possibly delaying payment for shares of Alcoa stock tendered in the offer beyond the currently scheduled expiration date of 9 December 2004.

The TRC offer is also subject to a number of conditions, including TRC obtaining financing. There is no assurance that the conditions to the offer will be satisfied.

Alcoa understands that TRC has made many mini-tender offers for the shares of other companies. Mini-tender offers are offers to buy less than 5% of a company's stock. The Securities and Exchange Commission (SEC) has posted on its Web-site an investor alert regarding mini-tender offers, cautioning that such offers 'have been increasingly used to catch investors off guard.' Alcoa shareowners should be aware that many of the SEC's tender offer rules do not apply to mini-tender offers.

Alcoa shareowners who may have tendered their shares are advised that, according to TRC's offering documents, they may withdraw their shares by providing written notice to TRC in accordance with the offering documents prior to the expiration of the offer. According to the offering documents, TRC's offer will expire at 12:01 a.m. on 9 December 2004, unless the offer is extended by TRC. Alcoa advises stockholders to consult their financial advisors concerning this offer and to obtain current market quotations for their shares.

(To read more about the risks of mini-tender offers, please review the alert at: http://www.sec.gov/investor/pubs/minitend.htm).

http://www.alcoa.com

About: Alcoa
Alcoa is a leading producer of primary aluminium, fabricated aluminium and alumina and is active in all major aspects of the industry. It serves the aerospace, automotive, packaging, building and construction, commercial transportation and industrial markets, bringing design, engineering, production, and other capabilities of Alcoa's businesses as a single solution to customers. The company has 120 000 employees in 41 countries.

In addition to aluminium products and components, Alcoa also makes and markets consumer brands including Reynolds Wrap, Alcoa wheels, and Baco household wraps. Among its other businesses are vinyl siding, closures, fastening systems, precision castings, and electrical distribution systems for cars and trucks.

Alcoa makes a very sustainable product: almost 70% of the aluminium ever produced is still in use, equalling 480 million tonnes of a total 690 million tonnes manufactured since 1886.

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