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June 22, 1998

Alcoa Announces Final Proration Factor in its Tender Offer for Alumax

PITTSBURGH--June 22, 1998-- Alcoa (NYSE: AA) announced today that it has been advised by its depositary, First Chicago Trust Company of New York, that on a final basis 48,735,807 shares of common stock of Alumax Inc. (NYSE: AMX) were validly tendered and not withdrawn on or prior to the 5:00 p.m., June 16 expiration date of Alcoa's $50 per share cash tender offer, resulting in a final proration factor of 56.50875%. On June 16, Alcoa accepted for payment 27,540,000 shares of common stock of Alumax. This represents approximately 51% of the total outstanding Alumax shares.

As previously announced, the tender offer will be followed by a merger in which the remaining outstanding shares of Alumax common stock will be converted into .6975 of a share of Alcoa common stock. The proposed merger is subject to the approval of a majority of Alumax stockholders at a special meeting in July.