PITTSBURGH, Pennsylvania - Alcoa's Board of Directors today adopted a resolution formalizing the company's general practice of retaining an independent accounting firm only for audit, audit-related services, and acquisition and due diligence reviews.

"We have an independent and open relationship with our auditors, PricewaterhouseCoopers, and we will continue to strictly limit the non-audit work they perform for Alcoa. The action taken today by Alcoa's Board reaffirms our commitment to the highest standards in financial accountability and formally restricts the auditors from performing other services for the company," said Alcoa Chairman and CEO Alain Belda.

Over the past three years, Alcoa has reduced the ratio of non-audit to audit fees from more than 2:1 in 1999 to almost 1:1 in 2001. According to the "Wall Street Journal," Alcoa's use of auditors for non-audit services was the fourth lowest of the Dow Industrials. In 2001, Alcoa paid PricewaterhouseCoopers $5.7 million for audit services and $6.9 million for other services, which are largely audit-related, including tax advice, preparation of tax returns, audits of benefit plans and advice on accounting matters.

Alcoa Inc.

Alcoa Inc.

Alcoa (NYSE:AA) 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, Alcoa also markets consumer brands including Reynolds Wrap® foils and plastic wraps, Alcoa® wheels, and Baco® household wraps. Among its other businesses are closures, fastening systems, precision castings, and electrical distribution systems for cars and trucks. The company has 129,000 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

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