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April 1, 1998

Alcoa and Alumax To Comply with Requests for Additional Information from DOJ

PITTSBURGH and ATLANTA--April 1, 1998-- Alcoa (NYSE: AA) and Alumax Inc. (NYSE: AMX) announced today that Alcoa has received a request for additional information from the Department of Justice (DOJ) under the Hart-Scott-Rodino Act concerning Alcoa's previously announced acquisition of Alumax. This second request extends the waiting period under the Hart-Scott-Rodino Act during which the parties are prohibited from closing the transaction pending DOJ review. Alumax also received a civil investigative demand from DOJ seeking similar information and documents, which subject companies often receive in lieu of a second request in a cash tender offer situation. Such requests are not unusual in transactions of this size between two companies in the same industry.

On March 13, 1998, Alcoa commenced a cash tender offer for one-half of the outstanding Alumax shares at $50 per share. The second step of the transaction will be a merger in which each of the remaining 50% of the outstanding Alumax shares will be converted into 0.6975 of a share of Alcoa common stock. In the event less than one-half of the shares of Alumax are tendered, the remaining shares will be exchanged in the merger for a combination of cash and Alcoa common stock on a pro rata basis.

The tender offer is conditioned on the expiration of the Hart-Scott-Rodino waiting period and other customary conditions. The merger is also subject to customary conditions, including approval by stockholders of Alumax owning a majority of Alumax shares.

The companies said that they intend to comply with the DOJ's requests for additional information as quickly as possible.

Alcoa is the world's largest producer of aluminum and alumina and a major participant in all segments of the industry: mining, refining, smelting, fabricating and recycling.

Alumax is a world leader in aluminum with assets of more than $3.4 billion and 1997 revenues of more than $2.9 billion.