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December 17, 1999

Alcoa and Reynolds Merger to Enter Second Stage Review by EC

PITTSBURGH--December 17, 1999-- Alcoa Inc. and Reynolds Metals Company said today that their merger proposal would be subject to a second-stage review by the European Commission.

Alcoa and Reynolds said that while they had been hopeful of avoiding a second stage review and were disappointed by the EC decision, they understood that the EC might not be able to fully examine the proposed transaction during the initial period and that there was always a possibility that there would be a second-stage review.

In the first stage of the EC review, which will end on December 20, the parties discussed with the EC several possible alternatives to address certain questions raised by the EC. The parties believe that the short length of the first 30-day review period did not provide sufficient opportunity for the Commission either to consider the questions raised or to explore these possibilities in any depth. Alcoa and Reynolds said they are confident that the second stage will provide the necessary time for the Commission to explore all of these matters.

Alcoa and Reynolds remain hopeful that this process will be resolved before the end of the first quarter of 2000.