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October 14, 2002

Alcoa Receives EU Antitrust Clearance to Acquire Fairchild Fasteners

PITTSBURGH--(BUSINESS WIRE)--Oct. 14, 2002--Alcoa Inc. (NYSE:AA) announced today that it has received antitrust clearance from the European Union to complete its previously announced acquisition of Fairchild Fasteners, a leading supplier of aerospace fasteners, from The Fairchild Corporation. Fairchild Fasteners is one of the world's premiere manufacturers of precision fastening systems and components. Its products are used primarily in the construction and maintenance of commercial and military aircraft.

Fairchild Fasteners will be combined with Huck, Alcoa's current fastening systems business, expanding the company's technology and product line to deliver greater value solutions to its customers. Expansion of the fastening solution capability is an integral part of combining Alcoa's design, products, technology, and assembly solutions to significantly reduce the weight and cost of metallic airframe structures and components. The combined business will have revenues of approximately $1 billion. Of that amount, 60% represents sales to the aerospace customers, 23% to commercial transportation, and 17% to automotive industries.

The transaction is expected to close in the fourth quarter of 2002, subject to the completion of customary approvals, consultation with employee representatives and approval by The Fairchild Corporation shareholders. Shareholders controlling in excess of a majority of The Fairchild Corporation shares have agreed to vote in favor of the transaction. The transaction was also subject to review in the United States under the Hart-Scott-Rodino Act, and the waiting period expired on September 6, 2002.

Fairchild Fasteners' major customers include Airbus, Boeing, General Electric, Honeywell, Lockheed Martin, Northrop Grumman, United Technologies, WESCO, Pentacon, and the U.S. government. Fairchild Fasteners has 4600 employees and operates 15 primary manufacturing facilities in the United States, Europe, and Australia.

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 to customers. In addition to aluminum products and components, Alcoa also markets consumer brands including Reynolds Wrap(R) products, 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.

Certain statements relate to future events and expectations and as such constitute forward-looking statements involving known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements of Alcoa 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 the risk the combination of the Fairchild Fasteners and Huck businesses will not achieve the results expected and other risk factors summarized in Alcoa's 2001 10-K report and other SEC reports.