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1

st

Quarter 2009 Analyst Conference

April 7, 2009

Exhibit 99.2

2

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Alcoa Logo

Forward-Looking Statements

Today’s

discussion

may

include

“forward-looking

statements”

within

the

meaning

of

the

Private

Securities

Litigation

Reform

Act

of

1995.

Such

statements

relate

to

future

events

and

expectations

and

involve

known

and

unknown

risks

and

uncertainties.

Alcoa’s

actual

results

or

actions

may

differ

materially

from

those

projected

in

the

forward-looking

statements.

For

a

summary

of

the

specific

risk

factors

that

could

cause

results

to

differ

materially

from

those

expressed

in

the

forward-looking

statements,

please

refer

to

Alcoa’s

Form

10-K

for

the

year

ended

December

31,

2008

and

other

reports

filed

with

the

Securities

and

Exchange

Commission.

Alcoa Logo

Chuck McLane

Executive Vice President and Chief Financial Officer

4

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1st Quarter 2009 Financial Overview

Loss from continuing operations

$480 million or $0.59 per share

Revenue of $4.1 billion

Decrease of 27% sequentially

Decrease of 41% year-over-year

Average LME $1,359/mt

Decrease of 25% sequentially

Decrease of 50% year-over-year

Cash on hand of $1.1 billion

Debt-to-cap at 40.6%; down 190 basis points sequentially

Cash costs per ton

Alumina down 33% from 3Q08

Aluminum down 30% from 3Q08

5

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(in millions, except per share amounts)

4Q'08

1Q'09

Change

Sales

$5,688

$4,147

(27%)

Cost of Goods Sold

$5,277

$4,143

(21%)

   % of Sales

92.8%

99.9%

7.1 pts

SG&A

$273

$244

(11%)

   % of Sales

4.8%

5.9%

1.1 pts

Restructuring and Other Charges

$863

$69

(92%)

Interest Expense

$125

$114

(9%)

Other (Income) Expenses

$(36)

$30

nm

Effective Tax Rate

20.4%

39.5%

19.1 pts

Benefit for Taxes on Loss

$(238)

$(307)

29%

Loss from Continuing Operations

$(929)

$(470)

$459

Less: Net Income Attributable to Noncontrolling Interests

$0

$10

$10

Amounts Attributable to Alcoa Common Shareholders:

Loss from Continuing Operations

$(929)

$(480)

$449

Loss from Continuing Operations per Diluted Share

$(1.16)

$(0.59)

$0.57

Loss from Discontinued Operations

$(262)

$(17)

$245

Sequential Income Statement

6

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Restructuring & Other Special Items

(in millions, except per share amounts)

After-Tax

Amount

Earnings

Per Share

Income Statement

Classification

Segment

Loss from Continuing Operations

$(480)

$(0.59)

Other Items:

Restructuring and Other Charges

$(46)

$(0.06)

Restructuring

Corporate

Gain on Elkem / SAPA Swap

$133

$0.16

Other Income

Primary / Corporate

Loss on Shining Prospect (Rio Tinto)

$(118)

$(0.14)

Other Income

Corporate

Discrete Tax Item

$28

$0.03

Tax

Corporate

Total Other Items

$(0.01)

7

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1Q 2009 vs. 4Q 2008 Earnings Bridge

Loss from Continuing Operations excluding Restructuring & Other Special Items (in millions)

See Appendix for Reconciliation

($221)

($55)

$27

$20

$103

$34

($92)

($424)

$39

($477)

4Q08

Volume

Price/Mix

Currency

Productivity

SG&A /

R&D

LME

Bohai

&

Other

1Q09

8

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1Q 2009 vs. 1Q 2008 Earnings Bridge

Income (Loss) from Continuing Operations excluding Restructuring

&

Other Special Items (in millions)

$356

$(258)

$(74)

$198

$115

$45

$382

$(849)

$(67)

$57

$(477)

1Q08

Volume

Price/Mix

Currency

Productivity

SG&A / R&D

Curtailments

Noncontrolling

Interest

See Appendix for Reconciliation

LME

1Q09

9

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1Q 08

4Q 08

1Q 09

Production (kmt)

3,870

3,776

3,445

3

rd

Party Shipments (kmt)

1,995

2,123

1,737

3

rd

Party Revenue ($

million)

680

722

430

ATOI ($ million)

169

162

35

34% lower realized pricing sequentially,

matching LME decline on two-month lag

Lower production of 9% sequentially mainly due

to curtailments at Point Comfort

Benefited from lower energy costs, productivity

gains, and favorable currency impact

Cost of alumina produced down

approximately 33% from 3Q08

Alumina

1

st

Quarter Highlights

2

nd

Quarter Outlook

1

st

Quarter Business Conditions

Expect production to decline slightly as refinery

production is matched to smelter demand

Productivity programs continue to deliver results

Impact of start-up costs at Brazilian growth

projects

10

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1

st

Quarter Highlights

1Q 08

4Q 08

1Q 09

Production (kmt)

995

971

880

3

rd

Party Shipments

(kmt)

665

807

683

3

rd

Party Revenue ($

million)

1,877

1,580

844

3

rd

Party Price ($/mt)

2,801

2,125

1,567

ATOI ($ million)

307

(101)

(212)

Primary Metals

2

nd

Quarter Outlook

1

st

Quarter Business Conditions

Realized pricing down 26% sequentially

750kmt of production curtailments enacted

Non-cash Elkem

gain of $112 million

Benefit from procurement initiatives,

productivity improvements and LME linked

input costs reaching bottom line

Cost of aluminum produced down

approximately 30% from 3Q08

Current cash LME $1,426/mt, $66/mt higher

than 1

st

quarter average

Current USD slightly weaker than 1Q average

Massena East full curtailment by end of quarter

(100 kmt, net)

Anglesea

Power Plant maintenance outage  

Increasing benefit from procurement actions,

productivity improvement and other cost

controls

11

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Flat-Rolled Products

2

nd

Quarter Outlook

1

st

Quarter Business Conditions

($ million)

1Q 08

4Q 08

1Q 09

Global Rolled Products,

excl Russia & China

72

(9)

6

Hard Alloy Extrusions                   8

8

(1)

Russia, China & Other

(39)

(97)

(67)

Total

41

(98)

(62)

ATOI

Sequential improvement due to productivity

gains in Global Rigid Packaging, closure of

Bohai

foil plant and favorable currency impact

Continued customer destocking

Significant volume declines across all market

segments

Continued weakness in end markets

Gains from productivity and cost decreases

12

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Engineered Products and Solutions

1Q 08

4Q 08

1Q 09

Third Party Revenue ($ million)

1,395

1,258

1,158

ATOI ($ million)

140

65

96

ATOI% / Revenue

10.0

5.2

8.3

Strong productivity gains more than offset weak

market conditions

Share gains helped mitigate sales decline

Market conditions for Heavy Truck, Aerospace, and

Building and Construction worse than anticipated

Sales from the Automotive market less than

expected, only accounted for 3% of total sales

1

st

Quarter Highlights

1

st

Quarter Business Conditions

2

nd

Quarter Outlook

Further weakness in Aerospace due to declining

build rates

Decline in Commercial Building and Construction

demand expected to accelerate

Continued weakness in global transportation

markets

Productivity gains expected, despite worsening

market conditions

13

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Cash Flow Statement

(in millions)

1Q'08

4Q'08

1Q'09

Net Income (Loss)

$303

$(1,191)

$(497)

DD&A

314

292

283

Change in Working Capital

(581)

610

291

Taxes

(16)

(250)

(303)

Other Adjustments

(289)

1,185

(11)

Pension Contributions

(19)

(38)

(34)

Cash From Operating Activities

$(288)

$608

$(271)

Dividends to Shareholders

$(140)

$(136)

$(137)

Change in Debt

416

444

(305)

Dividends to Noncontrolling Interests

(39)

(102)

(77)

Contributions from Noncontrolling Interests

118

214

159

Share Repurchases

(430)

-

-

Share Issuances

-

-

876

Other Financing Activities

20

(43)

(13)

Cash From Financing Activities

$(55)

$377

$503

Capital Expenditures

$(748)

$(1,017)

$(471)

Sale of Investments

2

-

506

Proceeds from Sales of Assets

2,490

26

116

Additions to Investments

(1,215)

(27)

(29)

Acquisitions

(291)

-

18

Other Investing Activities

(13)

(5)

(4)

Cash From Investing Activities

$225

$(1,023)

$136

Debt-to-cap

at 40.6%

14

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Financial Plan Enhances Flexibility

Common stock issued

172.5 million shares

$876 million net proceeds

Convertible notes issued

$575 million

5.25% coupon and 22.5% conversion premium

Maturity: March 15, 2014

Quarterly dividend cut to $0.03 per share

Conserves $430 million of cash annually

Shining Prospect joint venture unwind

$500 million of $1 billion net proceeds received through 3/31/09

Strengthens Balance Sheet and Positions Alcoa to Capitalize on

Strategic Opportunities

15

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Balance Sheet / Liquidity Overview

Capitalization Summary

12/31/2008

3/31/2009

Short-term debt

$2,013

$1,013

Long-term debt

8,565

9,192

Total debt

$10,578

$10,205

Noncontrolling

interests

$2,597

$2,500 

Shareholders' equity

$11,735

$ 12,437 

Total capitalization

$24,910

$25,142

Debt-to-capital ratio

42.5%

40.6%

($ million)

Improved Commercial Paper

2 weeks prior to offering

2 weeks post offering

Credit Revolvers

($ billion)

5.2

5.2

5.2

5.2

($ billion)

Commercial Paper Outstanding

15 bps improvement in overnight CP spread

56 bps improvement in 1-week CP spread

Overnight

Overnight

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Klaus Kleinfeld

President and Chief Executive Officer

17

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Challenging Market Conditions in 2009

Alcoa End Markets: Current Assessment of 2009 Conditions

Source: Alcoa analysis

18

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Global Demand Expected to Decline 7% in 2009

2008 Global Demand Growth Rate:  -3%

(2008 ex China: -8%)

2009 Global Demand Growth Rate:  -7%

(2009 ex China: -10%)

Source: Alcoa analysis

Brazil

Russia

Asia w/o China

North America

Europe

China

2008 vs. 2009

Projected Growth Rates

2009 Projected Consumption

6.4

5.0

4.3

0%

-15%

-9%

-15%

-12%

-12%

-5%

13.1

9%

10%

-5%

-8%

0.9

5%

Other*

4.0

-1%

-2%

* Other

consists

of:

Middle

East,

India,

Latin

America

ex

Brazil

and

Rest

of

World

34.5

2008

Actual

2009

Forecast

0.8

2009 Projected Aluminum Consumption by Region (in mmt)

19

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Historic Collapse in Metal Price -

57%

$1,000

$1,500

$2,000

$2,500

$3,000

$3,500

LME

cash

price/ton,

in

US$

and

global

inventory

1)

,

in

days

1) Reported Stocks : Comex, IAI, Japan Port , LME, & SME

-

57%

Reported Stocks,

Days of Consumption

LME Cash Price

57 Days of

Consumption

Source: IAI, Bloomberg

0

5

10

15

20

25

30

35

40

45

50

55

60

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20

Curtailment Announcements –

16% of 2008 Production

Aluminum Supply: Curtailment Announcements by Region (annualized

kmt)

Note: As of 3/31/09

88

126

500

500

88

683

138

897

376

990

1,366

3,083

3,083

100

0%

10%

20%

50%

5%

15%

Average = 16%

38

0

214

1

326

200

80%

Curtailment % of Production

Executed

Not executed

412

1,719

2,296

3,933

5,722

Aug 08 Production

4,227

Africa

4,592

14,011

Eastern Europe

Oceania

North America

Western Europe

Russia

2,696

39,608

Asia / Middle East

Latin America

China

Source: Production -

CRU, IAI, and CNIA.  Curtailments –

Alcoa

Analysis, Reuters, Bloomberg, Company Statements, Mitsui Bussan, Platts.

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21

Alcoa Ahead of Industry Average

Aluminum Supply: Curtailment Announcements by Producer (annualized kmt)

1,769

2,317

3,990

4,049

4,494

10,788

11,352

38,759

2008 Production

Hydro

Chalco

Alcoa

Rio Tinto Alcan

UC Rusal

Other China

Other ROW

513

570

570

100

752

852

127

113

15%

895

1,408

469

2,128

25%

0%

10%

20%

513

30%

5%

2,128

173

514

240

44

Curtailment % of Production

Executed

Not executed

687

Note: As of 3/31/09

Average = 17%

Source: Production –

CRU. Curtailments –

Alcoa Analysis, Reuters, Bloomberg, Company Statements, Mitsui Bussan, Platts.

22

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China

Western World

Western World in Surplus Position

2009E Aluminum Supply / Demand Balance (in kmt)

Source: Alcoa analysis, CRU, IAI, as of 3/31/09

Jan-Feb 09 Primary Production 

Run Rate

11,000

Announced curtailments to be

implemented

0

Supply

11,000

Demand  (0% YOY change)

(13,100)

Deficit

(2,100)

Jan-Feb 09  Primary Production

Run Rate

24,400

Announced curtailments to be

implemented

(1,600)

Supply

22,800

Demand  (10% YOY decrease)

(21,400)

Surplus

1,400

Deficit

Surplus

23

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China

Western World

2009E Alumina Supply / Demand Balance (in kmt)

Source: Alcoa analysis, CRU, IAI, as of 3/31/09

Jan-Feb 09 Alumina Production 

Run Rate

19,000

Announced curtailments to be

implemented

(2,500)

Supply

16,500

Demand

(21,100)

Deficit

(4,600)

Jan-Feb 09  Alumina Production

Run Rate

52,600

Announced curtailments to be

implemented

(4,200)

Supply

48,400

Demand 

(43,800)

Surplus

4,600

Global

Equilibrium

Alumina Market Reaches Equilibrium in 2009

Supply

Demand

Balance

24

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Improve Cash Flow and Balance Sheet

Operational

Financial

Procurement Efficiencies

Cost savings by 2010

Overhead Rationalizations

Cost savings by 2010

CapEx Reductions

Annual CapEx post 2009

Working Capital Initiatives

Cash Impact 2009

Equity and Equity-Linked Financings

Gross proceeds

Dividend Reduction

Annual cash savings

Asset Dispositions

Net proceeds

Holistic Alcoa Approach: Improved Cost Structure and Balance Sheet

$2,000M

$400M

$850M

$800M

$1,400M

$430M

$1,100M

25

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Alcoa Logo

Financial Actions Strengthen Liquidity Position

Initiative

Results / Status

Equity and Equity-Linked Financings

Target gross proceeds

Dividend Reduction

$0.03

per

common

share

per

quarter from

$0.17

Asset Dispositions

$1,100M

net

proceeds

$1,400M

gross

proceeds

Convertible offering oversubscribed

multiple times

$1,000M

from Shining Prospect unwind

$500M

received

to

date

$430M

annual

cash

savings

Financial Initiatives: Targets and Results

$1,000M

$430M

$1,400M

$1,100M

$0.03

per share

$1,100M

26

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Alcoa Logo

$293m Procurement Savings Realized to Date

Procurement Efficiencies: Reduction Targets

(millions)

Reduction Targets by Spend Category

Savings

$293

$1,500

$2,000

1Q09A

2009 Savings

Target vs. 2008

2010 Savings

Target vs. 2008

28

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2010 Capital Expenditures Will Decrease to $850M

-48%

-53%

Capital Expenditure Reduction: Annual CapEx ($ millions)

1Q09A

1,800

471

3,438

1,329

850

2008

2009E

2010E

29

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$291M of Working Capital Generated

Working Capital

Days Reduction Targets

-28%

1Q09 Working Capital

Change ($ millions)

$800M decrease

in working

capital in 2009

Working Capital Initiatives: Targets and 1Q09 Results

31

33

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Benefits

Cost Reduction

–

warranty, service and maintenance

Patented Thread Geometry

–

superior vibration resistance

Fast and Quiet Installation –

2 sec installation time with

noise levels of <70dB

Shorter Assembly Time –

due to patented technology

Ergonomic Installation Tool –

50 -

70% lighter than

standard tools

Health and Safety –

low noise, non-vibrating installation

tool reduces hand, wrist and  hearing injuries

First Results

14% Installation Cost Reduction at

Large US Truck Manufacturer

BobTail

®

Fastening System –

Revolutionary Technology

Alcoa BobTail

®

Fastening System: Benefits & First Results

34

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New QC-10

®

Mold Block –

Saving 30% off the Bottom Line

Benefits

Up to 30% Lower Tool Costs

–

QC-10

machines eight times faster than steel

Reduced Scrap Cost–

due to less warpage

Durable Alternative to Steel –

in 6+ inches

Up to 40% Faster Cycle Times

–

due to

better thermal properties,

Faster Time to Market

–

quicker mold

production, fewer design iterations

Better Bottom Line

–

up to 30%

savings

per unit produced vs. steel

Automotive

Rear Deck

Fan Shroud

Key End Market Segments

Automotive

Consumer Electronics

Agriculture

Appliances

Furniture

Alcoa QC-10 ®

Forged Mold Block: Sample Products & Benefits

35

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Supply / demand balance

Unsustainable levels

Rapid drawdown of

inventories when economy

rebounds

Alternative fuel efficient

buses

New construction

Transmission lines for grid

Remain Optimistic Near-Term and Long-Term

Continued execution of

announced curtailments

Expect additional

curtailments in the Spring

Near-Term

Consumer electronics

Aluminum bottle

Population Living in Cities

–

2006:  > 50%

–

2030:  > 60%

Global Population Growth

–

2006:  6.6 billion

–

2025:  7.9 billion

–

2050:  9.1 billion

Long-Term

Energy consumption up 54%

by 2025

Person Transport rates +40%

by 2030

Greenhouse gas regulation

China

Curtailment

Stimulus Programs

De-Stocking

New Applications

Environment

Urbanization

Demographics

Catalysts for Aluminum Industry Growth

Source: United Nations, World Health Organization, World Bank, UNEP (United Nations Environment Program), FAO (Food and Agriculture

Organization of the United Nations), Max Planck Institute

36

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Elizabeth Besen

Director, Investor Relations

Alcoa

390 Park Avenue

New York, NY 10022-4608

Telephone:  (212) 836-2674

Facsimile:  (212) 836-2813

www.alcoa.com

For Additional Information, Contact:

37

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Alcoa Logo

38

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APPENDIX

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39

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China Aluminum Prices Supported by Market Factors

China Aluminum Production (mmtpy) *

* Source: IAI and CNIA. 

1

As of 3/27/09

$1,000

$1,500

$2,000

$2,500

$3,000

$3,500

1/1/07

7/1/07

1/1/08

7/1/08

1/1/09

LME

SHFE

Metal Price Gap:  SHFE vs

LME

China Aluminum Industry:  Production and Price

SHFE

premium

$364

1

41

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Refining Cost Overview

Fuel Oil

14%

Natural gas

15%

Caustic

10%

Bauxite

25%

Conversion

36%

Input Cost

Inventory flow

Pricing convention

Fuel oil

1 –

2 months

Prior month

Natural gas

1 –

2 months

Rolling 16 quarters

Caustic soda

3 -

6 months

Spot & semi-annual

Bauxite

2 -

3 months

6 -

9 month lag

Composition of Refining Production Costs

42

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Smelting Cost Overview

Power

26%

Materials

3%

Conversion

22%

Alumina

36%

Carbon

13%

Input Cost

Inventory flow

Pricing convention

Alumina

1 –

2 months

2 –

3 month lags

Power

1 –

2 months

40% LME linked –

3

month lag

Carbon

1 -

2 months

Spot & semi-annual

Materials

1 -

2 months

1 –

3 month lag

Conversion

1 month

Immediate

Several significant input costs lag average primary metal revenue by up to 3 months

Composition of Smelting Production Costs

43

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(in millions)

1Q08

2Q08

3Q08

4Q08

2008

1Q09

   Total segment ATOI

$     668

$     838

$     665

$       28

$  2,199

$    (143)      

   Unallocated amounts (net of tax):

      Impact of LIFO

(31)

(44)

(5)

73

(7)

29

      Interest income

9

12

10

4

35

1

      Interest expense

(64)

(57)

(63)

(81)

(265)

(74)

      Noncontrolling interests (1)

(67)

(70)

(84)

–

(221)

(10)

      Corporate expense

(82)

(91)

(77)

(78)

(328)

(71)

      Restructuring and other charges

(30)

(1)

(25)

(637)

(693)

(46)

      Discontinued operations

4

(7)

(38)

(262)

(303)

(17)

      Other

(104)

(34)

(115)

(238)

(491)

(166)

   Consolidated net income (loss) attributable to

Alcoa

$     303

$     546

$     268

$ (1,191)

$      (74)

$    (497)

Prior period information was reclassified to reflect the movement of the Electrical and Electronic Solutions business to discontinued

operations in the fourth quarter of 2008.

(1)

On January 1, 2009, Alcoa adopted Statement of Financial Accounting Standards No. 160, “Noncontrolling Interests in

Consolidated Financial Statements – an amendment of ARB No. 51,” the provisions of which, among others, requires that

minority interests be renamed noncontrolling interests for all periods presented.

Reconciliation of ATOI to Consolidated Net Income

(Loss) Attributable to Alcoa

44

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(in millions)

Quarter ended

March 31,

2008*

December 31,

2008

March 31,

2009

Net income (loss)

attributable to Alcoa

$     303  

$ (1,191) 

$    (497) 

Income (loss) from

discontinued

operations

         4

    (262)

      (17)

Income (loss) from

continuing

operations

attributable to Alcoa

299

(929)

(480)

Restructuring and

other charges

29

614

46

Other special items**

       28

       94

      (43)

Income (loss) from

continuing

operations

attributable to Alcoa

– as adjusted

$     356

$    (221)

$    (477)

*

Financial information for the quarter ended March 31, 2008 was reclassified to reflect the movement of the

Electrical and Electronic Solutions business to discontinued operations in the fourth quarter of 2008.

** Other special items include the following: a discrete income tax charge related to the sale of the

Packaging and Consumer businesses for the quarter ended March 31, 2008; obsolete inventory ($16),

environmental reserve ($26), accounts receivable reserve ($11), non-cash tax on repatriated earnings

($65), and refund of indemnification payment (-$24) for the quarter ended December 31, 2008; and gain

on Elkem/SAPA swap (-$133), loss on sale of Shining Prospect ($118), and discrete income tax benefit

related to a tax law change in Canada (-$28) for the quarter ended March 31, 2009.

Reconciliation of Adjusted Income