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March 15, 2002

Alcoa Announces Dividend

PITTSBURGH--(BUSINESS WIRE)--March 15, 2002--The Board of Directors of Alcoa (NYSE:AA) today declared a quarterly common stock dividend of 15 cents per share, payable May 25, 2002 to shareholders of record at the close of business on May 3, 2002. This is Alcoa's 93rd consecutive quarterly dividend on its common stock.

The directors also declared a quarterly dividend of 93.75 cents per share on Alcoa's $3.75 cumulative preferred stock, payable July 1, 2002 to shareholders of record on June 14, 2002.