Alcoa and Alcoa Foundation Report 2003 Combined Community Investment Highlights Continuing 'More Than Money' Strategy Worldwide.

Business Editors

PITTSBURGH--(BUSINESS WIRE)--Feb. 24, 2004

Alcoa and Alcoa Foundation

-- Combined Giving of $26.8 Million Worldwide--Continued Growth

in International Giving

-- Week of Service Volunteer Events with 6,000 Alcoans in 150

Communities

-- First-of-its-Kind Global Social Venture/Enterprise Initiative

for NGO Sustainability

-- First-Responder Training in 109 Communities in 20 Countries

Alcoa and Alcoa Foundation today released combined community investment highlights of 2003 which included:

-- $26.8 million in combined giving in Alcoa communities

worldwide,

-- a global Week of Service involving 6,000 Alcoa volunteers in

150 communities,

-- a 47% increase in employee engagement in Alcoa communities,

and

-- a global Social Venture/Enterprise Forum bringing together

experts from around the world to help Non-Governmental

Organizations (NGOs) be more effective and financially

sustainable.

"We recognize that aspiring to be the best company in the world means also being the best company in our communities," said Alain J. Belda, chairman and chief executive officer of Alcoa. "Our investments combine a broad range of resources inside and outside the company to strengthen our communities for Alcoans and residents."

Grantmaking

Alcoa's corporate contributions totaled $11.3 million in grants in 2003. Grantmaking for Alcoa Foundation totaled $15 million. The Foundation made more than 1,600 grants in 32 countries around the world in 2003 as part of an overall strategy to globalize giving in an increasing number of Alcoa communities worldwide. International giving totaled $6.3 million, compared with $6.2 million in 2002, and continued to represent a growing portion of the Foundation's grantmaking portfolio: 42% of total giving in 2003 compared to just 18% in 2000. Included in the $26.8 million, is $500,000 in grants from Instituto Alcoa, a separate Brazil-based foundation.

'More Than Money' Community Investments

Worldwide Week of Service--More than 6,000 Alcoa employees in over 150 communities around the world volunteered their time as part of a first-ever worldwide volunteer event focusing on conservation and sustainability--Taking Action--Alcoa's Worldwide Week of Community Service. Alcoans from more than 20 countries invested in the environment in their communities with volunteer projects such as:

-- Rebuilding and painting children's playgrounds in Monterrey,

Mexico;

-- Clearing a trail and providing a natural habitat for a fork of

the Appalachian Trail from Tennessee to Virginia, USA;

-- Presenting environmental education programs in schools and at

NGOs in Itapissuma, Brazil;

-- Working with high school students in Romania to clean the Cris

River; and

-- Constructing a sail shade in Anglesea, Australia to protect

children at a daycare center from prolonged sun exposure.

Employee Engagement--The Week of Service underscored a longstanding commitment by Alcoans to volunteer in their communities. That commitment continues to grow worldwide through Alcoa's ACTION (Alcoans Coming Together In Our Neighborhoods) and Bravo! programs which formally recognize and encourage teams and individual employees with grants to the organizations they serve. In 2003, Alcoa's ACTION program (Alcoans Coming Together In Our Neighborhoods) grew by 46% with 341 projects at locations worldwide earning $1.02 million for local NGOs. In 2003, 1,795 employees participated in Bravo!, earning $448,750 for NGOs in their communities.

"Alcoa employees have long helped to build better and more sustainable communities through volunteerism," said Kathleen W. Buechel, president of Alcoa Foundation. "With Alcoa programs such as our annual Week of Service, and ACTION and Bravo!, we're encouraging and recognizing their good work and helping to maximize its impact in communities."

Social Venture/Enterprise Forum--Alcoa Foundation launched an International Social Venture/Enterprise Initiative in 2003 designed to improve the effectiveness and sustainability of NGOs by applying business and entrepreneurial strategies and practices. The Foundation began the Initiative with a first-of-its-kind global forum at the Johnson Foundation's Wingspread Conference Center located in Racine, WI. Participants included internationally recognized experts, practitioners, funders and NGOs experienced in social/venture enterprise. As a result of the Forum findings and lessons learned, the Foundation has designed a series of Social Venture/Enterprise Learning Circles that are intended for NGOs in Alcoa communities worldwide in 2004.

First Responder Training--Alcoa initiated a $1.7 million global program to extend 'first-responder' training to additional emergency personnel and residents in Alcoa communities worldwide. The program has been instrumental in training nearly 30,000 responders and citizens--including firefighters, water rescue teams, hazardous materials teams, police and community residents--in 109 Alcoa communities in 20 countries. The First Responder Training Initiative grants are part of the Alcoa Relief Fund, a $2.5 million pledge that Alcoa and Alcoa Foundation made in the wake of September 11 to help communities where Alcoa operates and those directly affected by the events of 9/11.

Centennial of Flight--To celebrate the 100th anniversary of the historic Wright brothers' flight, Alcoa Foundation is sponsoring an ongoing initiative to foster science education for youth, specifically for young girls and under-represented children called, "The Sky's the Limit: Create a Flight Plan for your Future." This grant builds on Alcoa's sponsorship of the Smithsonian National Air and Space Museum exhibition, "The Wright Brothers & The Invention of the Aerial Age."

Providing Business Role Models and Expertise for Girls--In 2003, Alcoa Foundation began a sponsorship of "From Badge to Business," a collaboration between the Girl Scouts of Chicago and The Committee of 200, a national organization of leading business women leaders, to help inspire and shape financial literacy and careers in business among 6-18-year-old Girl Scouts. Female executives at Alcoa participate in the program as volunteers. The program will roll out to New York, Chicago and Pittsburgh this year.

Preserving America's Treasures--Alcoa provided a grant to Save America's Treasures at the National Trust for Historic Preservation to restore the last remaining architectural presentation model of the World Trade Center complex.

About Alcoa Foundation

Established in 1952, Alcoa Foundation is a global resource that actively invests in improving the quality of life in more than 32 countries around the world where Alcoa operates. The Foundation's grants address global and local needs in Areas of Excellence that include: Conservation and Sustainability, Global Education and Workplace Skills, Business and Community Partnerships and Safe and Healthy Children and Families. Alcoa Foundation manages the ACTION and Bravo! employee volunteer programs. For more information about Alcoa Foundation, visit www.alcoa.com, under Community.

About Alcoa

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 to customers. In addition to aluminum products and components, Alcoa also markets consumer brands including Reynolds Wrap(R) foils and plastic wraps, Alcoa(R) wheels, and Baco(R) household wraps. Among its other businesses are vinyl siding, closures, precision castings, and electrical distribution systems for cars and trucks. The company has 120,000 employees in 41 countries. More information can be found at www.alcoa.com.