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May 1, 2000

Alcoa and Reynolds Metals Extend DOJ Review

PITTSBURGH, Pa. and RICHMOND, Va.--May 1, 2000-- Alcoa Inc. and Reynolds Metals Company today announced that they have extended the previously agreed period for the DOJ Antitrust Division's review of the proposed merger to May 8, 2000, subject to earlier resolution by the Antitrust Division.

As previously reported, the pending merger is subject to review in other jurisdictions, including the European Union, where a final determination must be made no later than May 10. Reynolds shareholders approved the merger on February 11.

Alcoa and Reynolds initially announced a definitive merger agreement August 19, 1999. Under the terms of the agreement, Alcoa will acquire all outstanding shares of Reynolds in a tax-free, stock-for-stock transaction. Reynolds shareholders will receive 1.06 shares of Alcoa common stock for each share of Reynolds common stock.

Alcoa: (NYSE: AA)
Reynolds: (NYSE:RLM)