Alcoa Announces Dividend

NEW YORK January 23, 2009: The Board of Directors of Alcoa declared (a) a quarterly common stock dividend of 17 cents per share payable February 25, 2009 to shareholders of record at the close of business on February 6, 2009 and (b) a quarterly dividend of 93.75 cents per share on Alcoa’s $3.75 cumulative preferred stock payable April 1, 2009 to shareholders of record at the close of business on March 13, 2009. Alcoa has paid a quarterly dividend on its common stock for more than 60 years.