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January 10, 2000

Alcoa Announces 33% Increase in Base Dividend, 2-for-1 Stock Split

PITTSBURGH--January 10, 2000-- Alcoa today announced that its Board of Directors approved a base quarterly dividend increase of 33.3%, to 25 cents per common share from 18.75 cents per share. For a full year, base dividends will now total $1.00 compared with 75 cents before the increase.

The company also announced that it will maintain its variable dividend, linked directly to financial performance. The variable dividend is 30% of the company's annual earnings when these earnings exceed a threshold. The threshold is changed to $3.00 per basic share from $2.25 per share. The variable dividend is paid in the following year in four equal quarterly installments with the base quarterly dividends.

Under the new policy, the Board declared a quarterly common stock dividend of 25 cents per share that is payable on February 25, 2000 to shareholders of record at the close of business on February 4, 2000. The 2000 dividend, based on the new formula, is a 24% increase from the 1999 dividend payment. The directors also voted a regular dividend of 93.75 cents per share on Alcoa's $3.75 cumulative preferred stock, payable April 1, 2000 to shareholders of record on March 10, 2000.

2-for-1 Stock Split
The Board declared a two-for-one split of Alcoa's common stock. The stock split is subject to approval of Alcoa shareholders who must approve an amendment to the company's articles to increase the authorized shares of common stock at Alcoa's annual meeting on May 12, 2000. Shareholders of record on May 26, 2000, will receive an additional common share for each share held, which will be distributed on June 9, 2000.

Commitment to Stock Repurchase Program
Alcoa restated its commitment to its previously authorized share repurchase program which it announced last year. Because of restrictions imposed by U.S. securities laws, the company has not repurchased its shares since October and is precluded from doing so until after the Reynolds shareholder meeting scheduled for February 11, 2000. It is Alcoa's intention to restart the stock repurchase program at that time.