NEW YORK–Alcoa (NYSE:AA) announced today that it has agreed to sell its wire
harness and electrical distribution business to Platinum Equity, a
California-based private equity group. The terms of the sale were not
disclosed. The wire harness and electrical distribution business is the
largest part of the Alcoa Electrical and Electronic Solutions business
which the Company announced was for sale in January.

The transaction is expected to be completed by the end of the second
quarter of 2009. The sale includes operations in 13 countries and
involves approximately 17,500 employees.

The sale of the Electrical and Electronic Solutions business is part of
a multi-pronged effort to focus on businesses where Alcoa brings strong
technical and parental advantage. This initiative will provide better
focus of resources on strategic businesses, improve financial
performance and establish a strong foundation for growth.

Alcoa is in discussions with multiple parties on the sale of the
remainder of the Electrical and Electronics business which consists of
the electronics portion of the operation. That business has
approximately 500 employees in three European countries. Alcoa expects
to record a loss in discontinued operations in connection with the
closing of the sale of the wire harness and electrical
distribution business.

Platinum Equity was founded in 1995, and has a global portfolio of
operating companies. During the past two years, Platinum has been
actively pursuing investment in companies involved directly and
indirectly in the automotive industry.

Forward-Looking Statements

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. Forward-looking
statements can be identified by the use of predictive or future-tense
terminology, such as “anticipates,” “expects,” “should,” “will” or other
similar words. Alcoa disclaims any intention or obligation to update
publicly any forward-looking statements, other than as required by
applicable law. Important factors that could cause actual results to
differ materially from those in the forward-looking statements include:
(a) uncertainties regarding the duration or severity of the current
global economic downturn and disruptions in the financial markets, and
their impact on Alcoa; (b) material adverse changes in aluminum industry
conditions generally, including global supply and demand conditions; (c)
fluctuations in commodity prices, especially the price of aluminum on
the London Metal Exchange; (d) changes, including further deterioration,
in the key markets served by Alcoa; (e) Alcoa’s inability to achieve the
level of cost reductions, cash generation, return on capital
improvement, or strengthening of operations anticipated by management in
connection with its restructuring, portfolio streamlining and liquidity
strengthening actions; (f) Alcoa’s inability to complete its Brazilian
growth and portfolio streamlining projects as planned or by targeted
completion dates; (g) unfavorable changes in laws, governmental
policies, foreign currency exchange rates or competitive factors in the
countries in which Alcoa operates; (h) significant legal proceedings or
investigations adverse to Alcoa; and (i) the other risk factors
described in Alcoa’s Form 10-K for the year ended December 31, 2008,
Form 10-Q for the quarter ended March 31, 2009, and other reports filed
with the Securities and Exchange Commission.