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March 12, 1999

Dividend Announced

PITTSBURGH--March 12, 1999-- The Board of Directors of Alcoa today declared a quarterly common stock dividend of 20.125 cents per common share. The dividend is payable May 25, 1999 to shareholders of record at the close of business on May 7, 1999.

The directors also voted a regular dividend of 93.75 cents per share on Alcoa's $3.75 cumulative preferred stock, payable July 1, 1999 to shareholders of record on June 11, 1999.

Under Alcoa's common stock dividend policy, the company pays a base quarterly dividend, currently 18.75 cents per share, and a variable dividend linked directly to financial performance. The variable dividend is 30% of the company's annual earnings over $2.25 per share. Basic earnings per share for 1998 were $2.44 (reflects two-for-one stock split declared on January 8, 1999).

The variable dividend of 5.5 cents per share will be paid in four equal quarterly installments of 1.375 cents per share during 1999. The payment and record dates are the same as for base quarterly dividends.