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July 9, 1999

Alcoa Announces Dividend; Share Repurchase Authorized

PITTSBURGH--July 9, 1999-- Alcoa today announced that its Board of Directors declared a quarterly common stock dividend of 20.125 cents per common share. The dividend is payable August 25, 1999 to shareholders of record at the close of business on August 6, 1999.

The directors also voted a regular dividend of 93.75 cents per share on Alcoa's $3.75 cumulative preferred stock, payable October 1, 1999 to shareholders of record on September 10, 1999.

Share Repurchase Authorized
In addition, the Board authorized the repurchase of 20 million shares of Alcoa common stock. This action replaces a similar authorization approved by the Board in January 1999. About 12 million shares were repurchased under the prior authorization. Alcoa has approximately 367 million shares outstanding.

The company will from time to time buy back shares of its outstanding common stock with open-market purchases. The stock will be used for employee benefit plans and other corporate purposes.

The common stock dividend is comprised of a base quarterly dividend, currently 18.75 cents per share, and a quarterly installment of 1.375 cents per share for a previously reported variable dividend.