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July 18, 2002

Alcoa's Reynolds Wrap Brand Introduces Biggest Innovation in Aluminum Foil Since 1947: New Reynolds Wrap Release Non-Stick Aluminum Foil

PITTSBURGH--(BUSINESS WIRE)--July 18, 2002--Alcoa Inc. (NYSE:AA) today announced that its Consumer Products business will introduce arguably the biggest innovation in aluminum foil since its introduction in 1947: new Reynolds Wrap(R) Release(TM) non-stick aluminum foil.

New Reynolds Wrap Release is a revolutionary foil coated with a special proprietary food-safe, non-stick surface. Consumers will place food on the side embossed with the words "Non-stick side" then cook, cover, freeze and store without sticking, including melted cheese, crispy coatings, frozen hamburgers and lasagna.

Reynolds Wrap Release non-stick aluminum foil will compete in the $1.7 billion U.S. food wrap and bags category and will be available nationally in 35-square foot rolls beginning this month. The product has a suggested retail price of $2.49.

"Our research on Reynolds Wrap Release indicates strong purchase intent and broad appeal, from the non-stick and easy clean-up benefits of the product," said Ruth Mack, President, Alcoa Consumer Products. "Both consumers and retailers have provided strong initial interest. We see this as an incremental use; consumers will use Reynolds Wrap Release when they don't want their food to stick and other Reynolds Wrap products when the non-stick benefits aren't as pressing."

Research indicates the new product will be used both as a cooking/baking item as well as a wrap for storage, with more than 96% of consumers saying they would use it in the oven, and 83% on the grill. The most common foods cited by consumers for use with the product were chicken (69%), other meats (36%) and desserts (26%).

Reynolds Wrap Release foil will be supported by an extensive marketing program to include: national television advertising, national print advertising, in-store demonstrations, and promotions. The national television campaign will feature Pat & Betty, the popular home economists from the Reynolds Kitchens.

A recent online brand quality survey placed the Reynolds Wrap(R) brand in the top 10 for brand quality, ranking it seventh overall. Additionally, Reynolds Wrap made the "World Class" list, and notably placed second behind Hershey's Kisses in brand equity. The study was conducted by Equitrend(R), part of Harris Interactive. Craftsman Tools and M&M's Chocolate Candies also made the top 10.

Other leading consumer products in the Reynolds line include: Reynolds Wrap(R) Aluminum Foil, Reynolds(R) Plastic Wrap, Reynolds(R) Oven Bags, Reynolds(R) Pot Lux(TM) Cookware, Reynolds(R) Hot Bags(R) Foil Bags, Reynolds(R) Wrappers(TM) Pop-Up Foil Sheets, Reynolds(R) Baking Cups, Reynolds(R) Cut-Rite(R) Wax Paper, Reynolds(R) Parchment Paper, Reynolds(R) Freezer Paper and the Reynolds(R) Bright Ideas(TM) Arts and Crafts Line.

Alcoa is the world's leading producer of primary aluminum, fabricated aluminum and alumina, and is active in all major aspects of the industry. Alcoa serves the aerospace, automotive, packaging, building and construction, commercial transportation and industrial markets, bringing design, engineering, production and other capabilities of Alcoa's businesses as a single solution to customers. In addition to aluminum products and components, Alcoa also markets consumer brands including Reynolds Wrap(R) aluminum foil, Alcoa(R) wheels, and Baco(R) household wraps. Among its other businesses are vinyl siding, closures, precision castings, and electrical distribution systems for cars and trucks. The company has 129,000 employees in 38 countries.

Alcoa (NYSE:AA)

Forward Looking Statement

Certain statements in this release relate to future events and expectations and as such constitute forward-looking statements involving known and unknown risks and uncertainties that may cause actual results, performance or achievements related to this transaction to be different from those expressed or implied in the forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include Alcoa's inability to achieve the level of growth anticipated by management, including possible increases in the cost of doing business resulting from economic or competitive factors in Japan, and other risk factors summarized in Alcoa's Form 10-K for the year ended December 31, 2001.