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November 8, 1999

Alcoa Signs Memorandum of Understanding with China Aluminum Corp. (Chalco)

PITTSBURGH, Pa., and BEIJING, China--November 8, 1999-- Alcoa Inc. and China Aluminum Corp. (Chalco) announced today that they have signed a memorandum of understanding (MOU) to form a strategic partnership. This MOU supersedes the MOU Alcoa entered into last year with the China State Nonferrous Metals Industry Administration, the government body at that time responsible for the development of the country's aluminum industry and its regulatory policies.

Since that time, management responsibility for many aluminum facilities has been transferred to Chalco. The Nonferrous Metals Industry Administration witnessed the new MOU.

In the new MOU, Alcoa and Chalco have established guidelines and principles for their final evaluations and negotiations in the coming months. The parties have targeted the end of June 2000 to complete their negotiations and sign a master strategic partnership agreement expected to involve an association of several aluminum production facilities of Chalco and Alcoa.

Chalco is the new holding company recently formed by the Chinese government to hold the most significant mining, refining, smelting and fabricating assets in China.

Alcoa is the world's leading producer of primary aluminum, fabricating aluminum and alumina. It is active in all major segments of the industry: mining, refining, smelting, fabricating and recycling.