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July 31, 1998

Alcoa Completes Merger with Alumax

PITTSBURGH--July 31, 1998-- Alcoa announced today that the stockholders of Alumax Inc. voted to approve its merger with Alcoa (NYSE: AA) at a special meeting of stockholders in Atlanta. The merger is effective immediately.

Shares of Alumax stock will cease trading on the New York Stock Exchange at the close of business today. As a result of the merger, each outstanding Alumax share was converted into 0.6975 of a share of Alcoa common stock.

Alumax stockholders who hold their own stock certificates will receive notice in the mail regarding the process to exchange their shares for Alcoa stock.

Alumax stockholders whose shares are held through banks or brokers will receive information about their holdings from those institutions.