Financial and C orporate Data 66 Directors 67 Officers 68 Shareowner Information 45 Notes to Financial Statements 63 Supplemental Financial Information 64 11-Year Financial Data 39 Management’s Reports 40 Report of Independent Registered Public Accounting Firm 41 Consolidated Financial Statements 24 Management’s Discussion and Analysis 22 Trends in Alcoa’s Major Markets 21 Selected Financial Data For the year ended December 31 20 0 4 2003 2002 2001 2000 Sales $23,478 $21,092 $19,934 $21,933 $22,010 Income from continuing operations 1,402 1,055 518 904 1,451 (Loss) income from discontinued operations (92) (70) (132) 4 38 Cumulative effect of accounting change — (47) 34 — (5) Net income 1,310 938 420 908 1,484 Earnings (loss) per share: Basic: Income from continuing operations 1.61 1.23 .61 1.05 1.78 (Loss) income from discontinued operations (.11 ) (.08) (.16) .01 .04 Cumulative effect of accounting change — (.06) .04 — (.01 ) Net income 1.50 1.09 .49 1.06 1.81 Diluted: Income from continuing operations 1.60 1.22 .61 1.04 1.76 (Loss) income from discontinued operations (.11 ) (.08) (.16) .01 .04 Cumulative effect of accounting change — (.06) .04 — (.01 ) Net income 1.49 1.08 .49 1.05 1.79 Alcoa’s average realized price per pound for aluminum ingot .85 .70 .66 .72 .77 LME average 3-month price per pound for aluminum ingot .78 .65 .62 .66 .71 Cash dividends paid per common share .600 .600 .600 .600 .500 Total assets 32,609 31,711 29,810 28,355 31,691 Short-term borrowings 267 50 34 163 2,718 Commercial paper 630 — 665 220 1,510 Long-term debt 5,403 7,216 7,784 6,264 3,897 (in millions, except per-share amounts and ingot prices) The financial information for all prior periods has been reclassified to refl ec t assets held for sale and discontinued operations. See Note B to the Consolidated Financial Statements for further information. In addition to the operational results presented in Management’s Discussi o n and Analysis of Financial Condition and Results of Operations, other significant items that impacted results included, but were not limite d to, the following: The data presented in the Selected Financial Data table should be read in c onjunction with the information provided in Management’s Discussion and Analysis of Financial Condition and Results of Operations and the No t es to the Consolidated Financial Statements. 2004: Disposition of businesses, restructuring and other charges, chan ge s in the provision for income taxes, the restructuring of debt and associated settlement of interest rate swaps, the effects of the Be´ ca ncour strike, the sale of a portion of Alcoa’s interest in the Juruti bauxite project, environmental charges, the termination of an al u mina tolling arrangement, and discontinued operations 2003: Acquisitions and dispositions of businesses, restructuring and o the r charges, insurance settlements related to environmental matters, changes in the provision for income taxes, discontinued operatio ns , and the adoption of a new accounting standard 2002: Restructuring and other charges, the adoption of new accountin g standards, goodwill impairment, and discontinued operations 2001: Restructuring and other charges, dispositions of businesses, and various charges to cost of goods sold and selling, general administrative and other expenses 2000: Acquisitions of Reynolds Metals Company (Reynolds) and Corda nt Technologies (Cordant) 21 Selected Financial Data