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July 10, 1997

Dividend Statement

PITTSBURGH--July 10, 1997-- The Board of Directors of Alcoa today declared a base quarterly dividend of 25 cents per common share. The dividend is payable August 25, 1997 to shareholders of record at the close of business on August 8, 1997.

The directors also voted a regular dividend of 93-3/4 cents per share on Alcoa's $3.75 cumulative preferred stock, payable October 1, 1997 to shareholders of record on September 12, 1997.