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September 10, 1998

Alcoa Declares Dividend

PITTSBURGH--September 10, 1998-- The Board of Directors of Alcoa today declared a quarterly common stock dividend of 37.5 cents per share that is payable November 25, 1998 to shareholders of record at the close of business on November 6, 1998.

The directors also voted a regular dividend of 93.75 cents per share on Alcoa's $3.75 cumulative preferred stock, payable January 1, 1999 to shareholders of record on December 11, 1998.

The common stock dividend is comprised of a base quarterly dividend, currently 25 cents per share, and a quarterly installment of 12.5 cents per share for a previously reported bonus dividend.