11-Year Summary of Financial and Other Da ta (dollars in millions, except per-share amounts and ingot prices) The financial information for all periods has been reclassified to reflect ass e ts held for sale and discontinued operations. For the year ended December 31 2004 2003 2002 Operating Results Sales $23,478 $21,092 $19,934 Cost of goods sold 18,623 16,754 15,928 Selling, general administrative, and othe r e xpenses 1,284 1,250 1,108 Research and development expenses 182 190 209 Depreciation, depletion, and amortizati on 1,204 1,175 1,096 Restructuring and other charges—(inc om e ) expense (21) (27) 414 Interest expense 270 314 350 Other income, net 268 274 178 Taxes on income 557 417 317 Less: Minority interests’ share 245 238 172 Income from continuing operations 1,402 1,055 518 (Loss) income from discontinued operat i on s (92) (70) (132 ) Cumulative effect of accounting change * — (47) 3 4 Net income 1,310 938 420 Alcoa’s average realized price per pound fo r aluminum ingot .85 .70 .66 LME average 3-month price per pound f or aluminum ingot .78 .65 .62 Dividends Declared Preferred stock 2 2 2 Common stock 522 514 507 Financial Position Properties, plants, and equipment, net 12,592 12,500 12,039 Total assets 32,609 31,711 29,810 To t a l d e b t 6,300 7,266 8,483 Minority interests 1,416 1,340 1,293 Shareholders’ equity 13,300 12,075 9,927 Common Share Data (dollars per share) Basic earnings per share † 1.50 1.09 .49 Diluted earnings per share † 1.49 1.08 .49 Dividends declared .600 .600 .600 Book value (based on year-end outstand in g shares) 15.21 13.84 11.69 Price range: High 39.44 38.92 39.75 Low 28.51 18.45 17.62 Shareholders (number) 295,000 278,400 273,000 Average shares outstanding (thousands) 869,907 853,352 845,439 Operating Data (thousands of metric tons) Alumina shipments 7,374 7,671 7,486 Aluminum product shipments: Primary 1,853 1,834 1,912 Fabricated and finished products 3,240 3,213 3,324 To t a l 5,093 5,047 5,236 Primary aluminum capacity: Consolidated 4,004 4,020 3,948 Total, including affiliates’ and others’ sh are of joint ventures 4,955 4,969 4,851 Primary aluminum production: Consolidated 3,376 3,508 3,500 Total, including affiliates’ and others’ sh are of joint ventures 4,233 4,360 4,318 Other Statistics Capital expenditures $1,143 $870 $1,273 Number of employees 119,000 120,000 127,000 64 *Reflects the cumulative effect of the accou nt ing change for asset retirement obligations in 2003, goodwill in 2002, and revenue recognition in 2000 † Represents earnings per share on net inc ome