Klaus Kleinfeld Alcoa Chairman and CEO U.S. and Russian CEOs Meet with President Medvedev to Support Russia's WTO Accession

St. Petersburg, Russia (June 17, 2011) - The U.S.-Russia Business Council (USRBC) Board Members, led by USRBC Chairman Klaus Kleinfeld of Alcoa, met today with President Medvedev in St. Petersburg at The St. Petersburg International Economic Forum to present him with a letter voicing their full support for the Russian Federation's accession to the World Trade Organization (WTO) upon the conclusion of a commercially viable agreement and the approval of that agreement by the Russian government.

The letter was signed by 35 chief executive officers of leading Russian companies and U.S. corporations with a significant presence in the Russian market: Alcoa, Alfa Bank, Alfa Group, Boeing, Caterpillar, Chevron, Cisco, Citi, Coca-Cola, ConocoPhillips, Deere, Dow Chemical, Ernst & Young, ExxonMobil, General Electric, Intel, International Paper, JPMorgan Chase, KPMG, Medtronic, Microsoft, PepsiCo, Pfizer, PricewaterhouseCoopers, Procter & Gamble, Renova Group, RUSNANO, Sberbank, Severstal, TMK, Troika Dialog, United Technologies Corporation, Visa, Volga-Dnepr Group, VTB Bank.

The CEOs assured President Medvedev of their firm belief that WTO membership will significantly improve Russia's position as a key, rapidly growing, member of the global economy.  "Membership in the WTO will fully integrate Russia into the modern global trading system and provide confidence to foreign and domestic investors that Russia will adhere to the rules and norms of the world's largest trade organization.  It will also ensure Russia's access to WTO dispute resolution procedures previously unavailable to it," said Ed Verona, President and CEO of the U.S.-Russia Business Council.

"Besides improving Russia's position in the global economy, WTO membership will also expand trade and investment ties with the United States," said Klaus Kleinfeld, Chairman and CEO of Alcoa and Chairman of the USRBC Board.  "Accession will send a strong signal to the business community that Russia is committed to reforming and modernizing its economy.  This will in turn attract the foreign investment, technology and talent that Russia needs to accelerate sustainable economic growth over the long term," he added.

The CEOs believe that Russia's membership in the WTO will create conditions that could serve as the catalyst for a more competitive and dynamic marketplace, which will both improve Russia's export capacity and provide substantial benefits for Russian consumers.  In the long-term, these benefits will ultimately yield higher rates of economic growth and increased prosperity for the Russian people.

During their meeting with President Medvedev, business leaders stressed their willingness and readiness to work with the Russian Government in pursuit of a strong final agreement on Russia's WTO accession.

About Alcoa

Alcoa is the world’s leading producer of primary and fabricated aluminum, as well as the world’s largest miner of bauxite and refiner of alumina. In addition to inventing the modern-day aluminum industry, Alcoa innovation has been behind major milestones in the aerospace, automotive, packaging, building and construction, commercial transportation, consumer electronics and industrial markets over the past 120 years. Among the solutions Alcoa markets are flat-rolled products, hard alloy extrusions, and forgings, as well as Alcoa® wheels, fastening systems, precision and investment castings, and building systems in addition to its expertise in other light metals such as titanium and nickel-based super alloys. Sustainability is an integral part of Alcoa’s operating practices and the product design and engineering it provides to customers. Alcoa has been a member of the Dow Jones Sustainability Index for nine consecutive years and approximately 75 percent of all of the aluminum ever produced since 1888 is still in active use today. Alcoa employs approximately 59,000 people in 31 countries across the world. More information can be found at www.alcoa.com.

Alcoa first entered Russia in 1993. In 2005 the company acquired two fabricating facilities in Samara and Belaya Kalitva. Since 2005 Alcoa has invested over $760 million to upgrade its Russian facilities.

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