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July 12, 2002

Alcoa Announces Dividend

PITTSBURGH--(BUSINESS WIRE)--July 12, 2002--The Board of Directors of Alcoa today declared a quarterly common stock dividend of 15 cents per share, payable August 25, 2002 to shareholders of record at the close of business on August 2, 2002. This is Alcoa's 94th 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 October 1, 2002 to shareholders of record on September 13, 2002.