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November 26, 2003

Latasa Sale To Rexam Completed For Enterprise Value of $462 Million

PITTSBURGH--(BUSINESS WIRE)--Nov. 26, 2003--Alcoa today announced that the sale of Latas de Aluminio, S.A. (Latasa), an aluminum can business based in Sao Paulo, Brazil to Rexam for $355 million and the assumption of debt, or an enterprise value of approximately $462 million, has been completed. 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 sale is part of Alcoa's divestiture program announced in January. Proceeds will be used to pay down debt.

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.

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