FROM THE OFFICE OF PUBLIC AFFAIRS

In order to ensure that there at no bounds placed on him in addressing all issues related to the nation's economic health, Treasury Secretary Paul O'Neill Friday instructed his counsel to begin divesting his holdings in securities of individual companies, including Alcoa aluminum.

O'Neill based his decision on his recognition that there is essentially no limit to the range of policy issues that impact the US economy and therefore come before him for review. "I never want to be in a position where I can't advise the President as he makes a decision that's crucial to the health of the US economy, " said O'Neill.

Secretary O'Neill has instructed his counsel to prepare a new commitment letter for the Office of Government Ethics. The letter will pledge to terminate the Secretary's holdings in securities of individual companies, including Alcoa Aluminum. It will also reaffirm an earlier commitment to recuse the Secretary from those extremely limited matters that that could directly and predictably affect Alcoa's ability to fulfill its pension obligations to Mr. O'Neill.