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ALCOA INC.
201 ISABELLA STREET
ALCOA CORPORATE CENTER
PITTSBURGH, PA 15212
(412) 553 - 2576
www.alcoa.com

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UPGRADE  &  DOWNGRADE  HISTORY

Date Grading From To Analyst
24-Jan-01 INITIATED   at Buy   Salomon Smith Barney
2-Jan-01 DOWNGRADE   Strong Buy  Outperform Morgan Stanley Dean Witter
18-Dec-00 INITIATED   at Buy   McDonald Investment
7-Dec-00 INITIATED   at LT Buy   JP Morgan
13-Nov-00 DOWNGRADE   Buy Market Perform Deutsche Bc Alex. Br
11-Feb-00 UPGRADE   Hold  Buy CIBC World Markets
20-Jan-00 DOWNGRADE   Buy  Hold CIBC World Markets
16-July-99 UPGRADE   Neutral  Strong Buy Morgan Stanley Dean Witter
18-June-99 DOWNGRADE   Trading Buy  Market Perform Goldman Sachs
10-May-99 UPGRADE   Buy  Strong Buy CS First Boston
29-Apr-99 UPGRADE   Hold  Buy CIBC Oppenheimer
15-Apr-99 UPGRADE   Underperform  Neutral Morgan Stanley Dean Witter
15-Apr-99 UPGRADE   Market Perform  Trading Buy Goldman Sachs
1-Apr-99 INITIATED   at Strong Buy   Scott & Stringfellow
10-Mar-99 DOWNGRADE   Market Outperform  Market Perform Goldman Sachs
12-Jan-99 DOWNGRADE   Outperform  Underperform Morgan Stanley Dean Witter
11-Jan-99 UPGRADE   Hold  Strong Buy Prudential