Alcoa Announces Dividend

The Board of Directors of Alcoa (NYSE:AA) ?declared (a) a quarterly
common stock dividend of 3 cents per share payable November 25, 2011 to
shareholders of record at the close of business on November 4, 2011 and
(b) a quarterly dividend of 93.75 cents per share on Alcoa′s $3.75
cumulative preferred stock payable January 1, 2012 to shareholders of
record at the close of business on December 9, 2011.

About Alcoa

Alcoa is the world′s leading producer of primary
and fabricated aluminum, as well as the world′s largest miner of bauxite
and refiner of alumina. In addition to inventing the modern-day aluminum
industry, Alcoa innovation has been behind major milestones in the
aerospace, automotive, packaging, building and construction, commercial
transportation, consumer electronics and industrial markets over the
past 120 years. Among the solutions Alcoa markets are flat-rolled
products, hard alloy extrusions, and forgings, as well as Alcoa ? wheels,
fastening systems, precision and investment castings, and building
systems in addition to its expertise in other light metals such as
titanium and nickel-based super alloys. Sustainability is an integral
part of Alcoa′s operating practices and the product design and
engineering it provides to customers. Alcoa has been a member of the Dow
Jones Sustainability Index for 10 consecutive years and approximately 75
percent of all of the aluminum ever produced since 1888 is still in
active use today. Alcoa employs approximately 59,000 people in 31
countries across the world. More information can be found at www.alcoa.com.

Alcoa Inc.

Investor Contact

Roy C. Harvey, 212-836-2674

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Contact

Michael E. Belwood, 812-604-0530