Alcoa Approves Dividend on Mandatory Convertible Preferred Stock

December 3, 2014

Alcoa (NYSE:AA) today announced that its Board of Directors declared a
dividend of $7.53993 per share on the outstanding 5.375% Class B
Mandatory Convertible Preferred Stock Series 1 (equivalent to $0.753993
per Depositary Share) payable on January 1, 2015 to shareholders of
record of the Mandatory Convertible Preferred Stock at the close of
business on December 15, 2014. The dividend is for the initial dividend
period beginning on September 22, 2014 and ending on December 31, 2014.

About Alcoa
A global leader in lightweight metals
technology, engineering and manufacturing, Alcoa innovates
multi-material solutions that advance our world. Our technologies
enhance transportation, from automotive and commercial transport to air
and space travel, and improve industrial and consumer electronics
products. We enable smart buildings, sustainable food and beverage
packaging, high-performance defense vehicles across air, land and sea,
deeper oil and gas drilling and more efficient power generation. We
pioneered the aluminum industry over 125 years ago, and today, our
approximately 62,000 people in 30 countries deliver value-add products
made of titanium, nickel and aluminum, and produce best-in-class
bauxite, alumina and primary aluminum products. For more information,
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Investor Contact
Kelly Pasterick, 212-836-2674
Media Contact
Monica Orbe, 212-836-2632