Carbon tube frame with aluminum lugs! This bike is as fast as it looks. Beautiful paint scheme. Yellow logos have started to fade and there are paint chips and scratches to be expected on a 30 year old bike. Small amount of cosmetic surface rust on some fasteners (at the seat post and stem). Always kept indoors after purchasing second-hand a couple of years ago. All new Jagwire cables, Shimano Ultegra BR-6700 brake pads on front and rear, and a leather Brooks B17 saddle that has been routinely conditioned.