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July 10, 1998

Alcoa Declares Dividends

PITTSBURGH--July 10, 1998-- The Board of Directors of Alcoa today declared a quarterly common stock dividend of 37.5 cents per share that is payable August 25, 1998 to shareholders of record at the close of business on August 7, 1998.

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