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January 12, 2001

Alcoa Announces Dividend

PITTSBURGH--January 12, 2001-- The Board of Directors of Alcoa today declared a quarterly common stock dividend of 15 cents per common share, payable February 25, 2001 to shareholders of record at the close of business on February 2, 2001.

The directors also declared a quarterly dividend of $0.9375 per share on Alcoa's $3.75 cumulative preferred stock, payable April 1, 2001 to shareholders of record on March 9, 2001.

Alcoa's Dividend Policy

Under Alcoa's common stock dividend policy, the company pays a base quarterly dividend, currently 12.5 cents per common share, and a variable dividend linked directly to financial performance. The variable dividend is equal to 30% of Alcoa's annual earnings that exceed $1.50 per basic share in a calendar year. Basic earnings per share for 2000 were $1.83. The variable dividend of 10 cents per share will be paid in four equal quarterly installments of 2.5 cents per share during 2001.

Editorial Contact:
Joyce A. Saltzman
1 412 553 4467

The $1.83 basic earnings per share is before the cumulative effect of adopting the SEC's new rules on revenue recognition. The impact of this change reduced annual earnings per share by 1 cent. The common stock dividend is comprised of a base quarterly dividend, currently 12.5 cents per share, and the quarterly installment of 2.5 cents per share for the variable dividend.