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August 16, 1999

Alcoa To Commence Cash Tender Offer for All Outstanding Shares of Reynolds Metals Company - At A Price of $65 per Share

PITTSBURGH, PA--August 16, 1999-- Alcoa Inc. (NYSE:AA) said today that while it prefers to negotiate a mutually agreeable merger with Reynolds management it will commence a cash tender offer this week for all outstanding shares of Reynolds Metals Company (NYSE:RLM) at a price of $65 per share. Alcoa said that it will file definitive tender offer materials with the U.S. Securities and Exchange Commission and will mail the materials to Reynolds shareholders promptly.

Alcoa also said that it will file with the SEC this week preliminary consent solicitation materials that will be used to solicit written consents from holders of Reynolds common shares. The consent solicitation would seek, among other things, removal of the current Board of Directors of Reynolds and election of an independent slate of directors that would redeem Reynolds' "poison pill" rights plan and take certain other steps to facilitate a sale of the company.

Alcoa further stated that it expects to file its pre-merger notification under the Hart-Scott-Rodino Antitrust Improvements Act later this week and would make every appropriate resource available to assist the reviewing agency with its task of scrutinizing the transaction. As stated previously, Alcoa believes that because of the global nature of the metals marketplace, the consolidation of the metal industry now occurring throughout the world, and the complementary nature of the businesses of both companies, the proposed Alcoa-Reynolds combination is not anti-competitive. Alcoa said that it would also be making the requisite notification filing with the European Commission under applicable EU merger regulations within the next few days.

Alcoa is the world's leading producer of primary aluminum, fabricated aluminum and alumina. It is active in all major segments of the industry: mining, refining, smelting, fabricating and recycling. Alcoa has 215 operating locations in 31 countries. Revenues for 1998 were $15.3 billion with record shipments of 3.95 million metric tons of aluminum.