For Immediate Release
                                                         Contact:  John L. Flynn
                                                         Chief Financial Officer
                                                                    703-478 5830
                                                     email: JFLYNN@FAIRCHILD.COM

The Fairchild Corporation [NYSE:FA] Completes the Sale of Fairchild Fasteners to
Alcoa for $657 million

Dulles, Virginia (December 3, 2002) -- The Fairchild Corporation (NYSE:FA)
announced today that it has completed the sale of its fastener business for
approximately $657 million to Alcoa Inc (NYSE:AA). The cash received from Alcoa
is subject to a post-closing adjustment based upon the net working capital of
Fairchild Fasteners on December 3, 2002, compared with its net working capital
as of March 31, 2002. Fairchild may also receive additional cash proceeds up to
$50 million, in an earnout formula based on the number of Boeing and Airbus
commercial aircraft deliveries during 2003-2006.

Jeffrey Steiner, Chairman and Chief Executive Officer of The Fairchild
Corporation, stated: "This sale is very timely. It allows Fairchild to lessen
dependency on a single industry, provides funds for new acquisitions and reduces
debt to $31 million of non-recourse real estate financing and $5 million of
other debt."

The Fairchild Corporation used a portion of the proceeds from the sale to repay
its bank debt and to complete a tender offer acquiring all of its outstanding
$225 million 10.75% senior subordinated notes due in April 2009. The tender
offer and the repayment of bank debt closed concurrently with the closing of the
sale to Alcoa.

Eric Steiner, President and Chief Operating Officer of The Fairchild
Corporation, stated: "Conditions in today's financial markets, and the economy
in general, have made available many growth opportunities. We fully intend to
redeploy our cash in those opportunities which will enable us to build a strong
industrial company for the long term."

About The Fairchild Corporation

The Fairchild Corporation is engaged in the aerospace distribution business
which stocks and distributes a wide variety of aircraft parts to commercial
airlines and aerospace companies providing aircraft parts and services to
customers worldwide. The Fairchild Corporation also owns and operates a shopping
center located in Farmingdale, New York. Additional information is available on
The Fairchild Corporation web site (www.fairchild.com).

This news release may contain forward looking statements within the meaning of
Section 27-A of the Securities Act of 1933, as amended, and Section 21-E of the
Securities Exchange Act of 1934, as amended. The Company's actual results could
differ materially from those set forth in the forward-looking statements, as a
result of the risks associated with the Company's business, changes in general
economic conditions, and changes in the assumptions used in making such
forward-looking statements.