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August 8, 2001

Alcoa Chief Executive Officer Increases Share Ownership

PITTSBURGH--August 8, 2001-- Alcoa Chairman and CEO Alain Belda exercised employee stock options in July under Alcoa's stock option program and sold shares under the program's associated reload feature, with the net effect of increasing his investment in Alcoa. A Form 4 for the month of July was filed today with the SEC to report these transactions.

Mr. Belda acquired 200,000 shares of Alcoa common stock through the option exercise and sold 173,764 of these shares to pay the option exercise price and related tax withholdings. Mr. Belda's direct share ownership increased by 26,236 shares through these transactions. He now directly owns 841,773 shares.

Alcoa's employee stock option program includes a reload feature that promotes the early exercise of options and the retention of Alcoa shares to increase share ownership. One-half of the net profit shares received on exercise of the option must be held by the participant for five years or the remainder of his/her career with Alcoa, whichever is shorter. The grant of new “reload” options at current market prices permits the participant to continue to share in future increases in the stock's value.