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August 12, 1999

Alcoa comments on its bid to buy Reynolds Metals Company

PITTSBURGH--August 12, 1999-- As Alcoa announced yesterday, the company first expressed interest in acquiring Reynolds in March of this year, long before the announcement of any other transaction in the aluminum industry. Alcoa reiterates that its sole objective is to enter into a transaction with Reynolds.

The subject of the prior Justice Department litigation was the Reynolds' can sheet rolling mill sold to Wise Metals in March of this year. Reynolds is no longer in the can sheet rolling business.

Alcoa of course expects that its bid for Reynolds will be scrutinized by antitrust regulators, as is normal for transactions of this nature. Because Reynolds' businesses are predominantly either global in nature or complementary to Alcoa's, Alcoa believes that the outcome of such a review will enable Alcoa to realize its underlying strategic objectives in making this acquisition. As reflected in Alcoa's letter to Reynolds, Alcoa believes that its technology and managerial know-how will add significant value to Reynolds' assets and thus will make them more competitive in global metals markets.