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January 11, 2002

Alcoa Raises Dividend by 20%; Eliminates Variable Dividend

PITTSBURGH--(BUSINESS WIRE)--Jan. 11, 2002--The Board of Directors of Alcoa today declared a quarterly common stock dividend of 15 cents per share, payable February 25, 2002 to shareholders of record at the close of business on February 8, 2002.

The new dividend represents a 20% increase in the quarterly dividend from the prior 12.5 cents per common share. The Board also approved eliminating the variable dividend that was equal to 30% of Alcoa's annual earnings that exceed $1.50 per basic share in a calendar year. Basic earnings per share for 2001 did not meet the $1.50 threshold, so there would have been no variable dividend this year.

The directors also declared a quarterly dividend of 93.75 cents per share on Alcoa's $3.75 cumulative preferred stock, payable April 1, 2002 to shareholders of record on March 15, 2002. Dividends for cumulative preferred stock were unaffected by the change in policy.