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September 12, 2003

Alcoa Announces Dividend; Will Submit Future Severance Agreements for Shareholder Approval

PITTSBURGH--(BUSINESS WIRE)--Sept. 12, 2003--The Board of Directors of Alcoa (NYSE:AA) today declared (a) a quarterly common stock dividend of 15 cents per share payable November 25, 2003 to shareholders of record at the close of business on November 7, 2003 and (b) a quarterly dividend of 93.75 cents per share on Alcoa's $3.75 cumulative preferred stock payable January 1, 2004 to shareholders of record at the close of business on December 12, 2003. Alcoa has paid a quarterly dividend on its common stock for more than 60 years.

The directors also adopted a policy to seek shareholder approval for severance agreements with senior executive officers when any such agreement would result in payment in excess of 2.99 times the salary and bonus of the executive. This policy is the result of discussions that began following the last shareholders' meeting in April. A majority of shareholders who cast votes at that meeting (although not a majority of shares outstanding) approved a resolution requesting that the Board of Directors consider such a policy and the Board has responded to that request.

In accordance with Alcoa's longstanding practices and policies, any severance agreements with senior executive officers must be approved by the Compensation and Benefits Committee of the Board of Directors. This Committee is composed entirely of independent directors. Prior severance agreements approved by the Committee have not resulted in cash payments or negotiated benefits that exceeded the 2.99 limit in the policy adopted by the Board.

Alcoa is the world's leading producer of primary aluminum, fabricated aluminum and alumina, and is active in all major aspects of the industry. Alcoa serves the aerospace, automotive, packaging, building and construction, commercial transportation and industrial markets, bringing design, engineering, production and other capabilities of Alcoa's businesses as a single solution to customers. In addition to aluminum products and components, Alcoa also markets consumer brands including Reynolds Wrap(R) aluminum foil, Alcoa(R) wheels, and Baco(R) household wraps. Among its other businesses are vinyl siding, closures, precision castings, and electrical distribution systems for cars and trucks. The company has 127,000 employees in 40 countries. For more information go to www.alcoa.com.