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&lt;p style="margin-top: 12px; margin-bottom: 0px;"&gt;&lt;font style="font-family: Times New Roman;" class="_mt" size="2"&gt;&lt;b&gt;P. Subsequent Events&lt;/b&gt; &amp;ndash; Management evaluated all activity of Alcoa and concluded that no subsequent events have occurred that would require recognition in the Consolidated Financial Statements or disclosure in the Notes to the Consolidated Financial Statements, except as follows. &lt;/font&gt;&lt;/p&gt;

&lt;p style="margin-top: 12px; text-indent: 32px; margin-bottom: 0px;"&gt;&lt;font style="font-family: Times New Roman;" class="_mt" size="2"&gt;On April&amp;nbsp;13, 2011, Alcoa commenced tender offers to purchase for cash (i)&amp;nbsp;any and all of its &lt;font class="_mt"&gt;5.375&lt;/font&gt;% Notes due 2013 (the "5.375% Notes") and (ii)&amp;nbsp;an amount of its &lt;font class="_mt"&gt;6.00&lt;/font&gt;% Notes due 2013 (the "6.00% Notes" and collectively with the 5.375% Notes, the "Notes") not to exceed the difference between $&lt;font class="_mt"&gt;750&lt;/font&gt; in cash and the purchase price of the 5.375% Notes accepted for purchase, provided that the purchase of the 6.00% Notes is subject to an aggregate purchase sublimit of $&lt;font class="_mt"&gt;400&lt;/font&gt; in cash. The outstanding principal amount of the 5.375% Notes and 6.00% Notes is $&lt;font class="_mt"&gt;553&lt;/font&gt; and $&lt;font class="_mt"&gt;750&lt;/font&gt;, respectively. Holders of 5.375% Notes, which are validly tendered at or prior to 5 p.m., Eastern Time, on April&amp;nbsp;20, 2011 and accepted for purchase, will receive consideration of $&lt;font class="_mt"&gt;1,053.75&lt;/font&gt; per $&lt;font class="_mt"&gt;1,000&lt;/font&gt; (in whole dollars) note plus an early tender premium of $&lt;font class="_mt"&gt;20.00&lt;/font&gt; per $1,000 (in whole dollars) note. Holders of 6.00% Notes, which are validly tendered at or prior to 5 p.m., Eastern Time, on April&amp;nbsp;28, 2011 and accepted for purchase, will receive consideration of $&lt;font class="_mt"&gt;1,080.00&lt;/font&gt; per $&lt;font class="_mt"&gt;1,000&lt;/font&gt; (in whole dollars) note plus an early tender premium of $&lt;font class="_mt"&gt;20.00&lt;/font&gt; per $1,000 (in whole dollars) note. Payments for the Notes will include accrued and unpaid interest from and including the last interest payment date applicable to the relevant series of Notes up to, but not including, the applicable settlement date. The tender offers expire at 5 p.m., Eastern Time, on May&amp;nbsp;12, 2011, in each case unless extended or earlier terminated. &lt;/font&gt;&lt;/p&gt;

&lt;p style="margin-top: 12px; text-indent: 32px; margin-bottom: 0px;"&gt;&lt;font style="font-family: Times New Roman;" class="_mt" size="2"&gt;Concurrently with the tender offers, Alcoa commenced an underwritten public offering of senior unsecured debt securities under its effective shelf registration statement, dated February&amp;nbsp;18, 2011, for $&lt;font class="_mt"&gt;1,250&lt;/font&gt; of &lt;font class="_mt"&gt;5.40&lt;/font&gt;% Notes due 2021. Alcoa intends to use the net proceeds from this offering together with cash on hand, if necessary, to fund the purchase price, including applicable premiums and expenses, of the tender offers. Alcoa intends to use any remaining net proceeds after this offering for general corporate purposes, which may include the repayment of certain other outstanding indebtedness. &lt;/font&gt;&lt;/p&gt; &lt;/div&gt;</NonNumbericText><NonNumericTextHeader>P. Subsequent Events &amp;ndash; Management evaluated all activity of Alcoa and concluded that no subsequent events have occurred that would require recognition in</NonNumericTextHeader><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Other</Unit><ElementDataType>us-types:textBlockItemType</ElementDataType><SimpleDataType>string</SimpleDataType><ElementDefenition>Describes disclosed significant events or transactions that occurred after the balance sheet date, but before the issuance of the financial statements. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, losses resulting from fire or flood, losses on receivables, significant realized and unrealized gains and losses that result from changes in quoted market prices of securities, declines in market prices of inventory, changes in authorized or issued debt (SEC), significant foreign exchange rate changes, substantial loans to insiders or affiliates, significant long-term investments, and substantial dividends not in the ordinary course of business.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name Statement of Financial Accounting Standard (FAS)
 -Number 5
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