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July 9, 2004

Alcoa Foundation Grants Strategic Funding for Hungary As It Integrates into the European Union

PITTSBURGH--(BUSINESS WIRE)--July 9, 2004--Alcoa Foundation today announced that it has awarded grants totaling $177,000 to universities in Hungary as the country prepares to develop the next generation of business leaders who will work within its new government structure and operate in a global economy. Hungary joined the European Union in May 2004 along with nine other countries.

"There is a demand for key universities in Hungary to produce the next generation of technological and business leaders who will be an integral part of the country's long-term economic and social progress," said Phil L. Collins, general manager of Alcoa-Kofem and vice president of Alcoa Europe. "By providing seed money for programs at universities, Alcoa hopes to aid Hungary's success in creating jobs and sustainable growth."

As the one of the largest employers in Hungary and a major contributor to the community, Alcoa is recognized as an active participant in the country's successful transformation to a market-based economy. Alcoa first entered Hungary in 1993 by acquiring the state-owned Light Metal Works of Szekesfehervar, now Alcoa-Kofem Kft. Today, Alcoa has four business investments operating in the country that produce and export innovative products and solutions for the aluminum ingot, packaging and consumer goods, automotive and industrial markets. Alcoa Foundation actively invests in improving the quality of life in communities where Alcoa operates.

Alcoa's contribution to Hungary has been recognized by numerous organizations. Alcoa-Kofem was the recipient of the first-ever Good Corporate Citizenship and Social Responsibility Award in 2003 from Figvelo, the leading Hungarian business and economic journal. In 2003, Alcoa-Kofem received the 2002 Corporate Leaders in Charities Award from the Hungarian Non-profit Information and Training Center, and the Hungarian Chapter of the American Chamber of Commerce recognized Alcoa-Kofem with the National Award for the Most Charitable Company and the National Award for a Healthy and Safe Workplace.

The universities that have received grants are:

-- Budapest University of Economic Sciences and Public Administration, which will receive $60,000 over three years for a Corporate Chair Professorship. Through the professorship, the university will attract scholars interested in corporate issues who will conduct research in business and public policy issues.

-- Budapest University of Technology and Economics, which will receive $60,000 over three years for an Engineering Professorship. The professorship will play a leading role in advancing the engineering curriculum and introducing concepts that include problem-based and designed-centered learning.

-- Kodolanyi Janos University, which will receive $57,000 over three years to develop a graduate program in international relations. Through this program, students will gain the management and corporate governance skills required to be leaders in the private and public sectors.

In 2003, Alcoa Foundation made $15 million in grants around the world. 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 Alcoa's ACTION and Bravo! programs which recognize the volunteer efforts of employees with grants to the organizations they serve. For more information about Alcoa Foundation, visit www.alcoa.com, under Community.

Alcoa is the world's leading producer and manager of primary aluminum, fabricated aluminum and alumina facilities, 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, fastening systems, precision castings, and electrical distribution systems for cars and trucks. The company has 120,000 employees in 41 countries and has been a member of the Dow Jones Industrial Average for 45 years and the Dow Jones Sustainability Indexes since 2001. More information can be found at www.alcoa.com