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August 10, 2004

The Christian Children's Fund Receives Alcoa Foundation Grant for Financial Indicator Tool

PITTSBURGH--(BUSINESS WIRE)--Aug. 10, 2004--Alcoa Foundation today announced that it awarded a $43,200 grant to the international child development organization Christian Children's Fund (CCF), based in Richmond, Virginia. to help its Philippines office initiate a modern financial planning and accounting system in its program areas. The system, called Financial Indicator Tool (FIT), is used by CCF officials throughout the world and is designed to improve accountability and standardize data across the organization. FIT monitors the budget, compares expenses against work plans and prepares a budget plan for upcoming years. CCF works in 31 countries and assists 7.6 million children and family members without regard to race, creed or gender.

Alcoa Foundation has partnered with CCF since 2001 to establish consistent methods and criteria to ensure the health of children in CCF-assisted communities. "Through the Financial Indicator Tool, CCF will enhance the monitoring and evaluation abilities of the local Non Governmental Organization's by enabling them to better evaluate program expenditures in relation to their impact on children and families," said Kathleen W. Buechel, president and treasurer of Alcoa Foundation.

National Director of CCF-Philippines Nina Hamili said, "We are extremely grateful to Alcoa Foundation for its support and generosity, because the exact monitoring of the budgets in each of our program areas is essential to the good and efficient delivery of services to children. We are growing and meeting the needs of children throughout the Philippines. Last year alone, we spent more than $5.4 million in program services to children. When you are working with this much money and this many children and families, accountability is not a simple matter. The Financial Indicator Tool is definitely going to help us be as accurate and accountable as possible."

About Alcoa Foundation

In 2003, Alcoa Foundation made $15 million in grants around the world. Communities where Alcoa has a presence are the primary focus of our grant making programs. Through disaster relief grants and employee engagement initiatives like ACTION and Bravo!, additional resources are made available to our communities. Alcoa Foundation also supports a range of national, international and policy organizations that underscore our key interests and Areas of Excellence.

About Alcoa

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.