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March 20, 2000

Alcoa and Reynolds Metals Extend DOJ Review to May 1

PITTSBURGH, Pa., and RICHMOND, Va.--March 20, 2000-- Alcoa Inc. and Reynolds Metals Company today announced they have agreed to provide the U.S. Department of Justice (DOJ) additional time to review their proposed merger. The companies agreed to extend the review period to May 1, 2000. Alcoa and Reynolds continue to believe that the merger will be approved and expect completion in the first half of 2000.

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.