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August 19, 2004

Alcoa Foundation Awards Three-Year Grant to Support the NYC Leadership Academy in Recruiting and Training Principals for the City's Public Schools

PITTSBURGH--(BUSINESS WIRE)--Aug. 19, 2004--Alcoa Foundation today announced that it has awarded a $250,000 three-year grant to the Fund for Public Schools to support the NYC Leadership Academy, which was established in 2003 to recruit and train outstanding principals to lead New York City's public schools. Alcoa Foundation's grant is part of the New York City Partnership's $30 million commitment to the Academy, a cornerstone of Mayor Michael R. Bloomberg's and School Chancellor Joel I. Klein's Children First reform efforts.

"At the core of this initiative is a commitment to empower and support principals as instructional and transformational leaders of their schools," said Kathleen W. Buechel, President and Treasurer of Alcoa Foundation.

"Through its contribution to the NYC Leadership Academy, Alcoa Foundation is helping to create quality schools for all New York City public schoolchildren," said Leslie Koch, CEO of the Fund for Public Schools. "Private sector support for the Leadership Academy is critical since the transformation of our schools cannot take place unless our principals are given the training necessary to successfully lead their schools."

The Leadership Academy offers leadership development programs for aspiring principals, new principals and existing principals. The Aspiring Principals Program is a rigorous 14-month leadership development program designed to prepare future principals for effective school leadership. The Program utilizes problem-based, experiential learning and provides candidates with strong leadership training. Participants in the Program attend two intensive summer sessions and undertake an academic year residency in a New York City public school under the guidance of an experienced mentor principal. The New Principal On-Boarding Program provides leadership development to newly appointed principals and externally hired principals to help them adjust to the system and to their role as school leaders. The Principal Leadership Development Program focuses on developing incumbent principals to effectively lead their schools and provides them with leadership development during the summer and throughout the academic year.

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 grantmaking 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.

About the Fund for Public Schools

The Fund for Public Schools is the non-profit organization affiliated with the New York City Department of Education. Its mission is to inspire belief in public schools and our ability to make them better; to increase private sector support of public education and to encourage every New Yorker to participate in our City's schools. Working together with the DOE Office of Strategic Partnerships and its Chief Executive Caroline Kennedy, the Fund seeks critical funding for system-wide educational reform initiatives; helps businesses partner with individual schools and programs; supports volunteering and reaches out to the entire City to create awareness about New York City public schools' needs.