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October 31, 2003

Latasa To Be Sold To Rexam For Enterprise Value of $462 Million

PITTSBURGH--(BUSINESS WIRE)--Oct. 31, 2003--Alcoa today announced that Latas de Aluminio, S.A. (Latasa), an aluminum can business based in Sao Paulo, Brazil has been agreed to be sold to Rexam for $355 million and the assumption of debt, or an enterprise value of approximately $462 million. Latasa is 37% owned by Alcoa, 39% owned by Bradesco Seguros, S.A., 12% by J.P. Morgan International Capital Corporation and 12% by others. Alcoa is the managing partner of Latasa. The transaction is expected to be completed by the end of November 2003 and is subject to the completion of traditional conditions and a rights issue by Rexam that will be used to finance part of the acquisition.

In 2002, Latasa had approximately $400 million in sales. It operates six facilities in Brazil, one in Chile and another in Argentina.

Rexam is a leading global beverage can maker and the leading producer in Europe. With 16 facilities in Europe and 22 in America and joint ventures in other key regions, Rexam is well positioned to serve global customers.

The sale is part of Alcoa's divestiture program announced in January. Proceeds from the sale will be used to pay down debt. Alcoa holds its stake in Latasa through Reynolds Inc., subsidiaries.

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, fastening systems, precision castings, and electrical distribution systems for cars and trucks. The company has 127,000 employees in 41 countries. For more information go to www.alcoa.com