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December 30, 2004

Alcoa to Match Employee Donations to Aid Southeast Asia; Initial Grants Already Made to Relief Organizations

PITTSBURGH--(BUSINESS WIRE)--Dec. 30, 2004--Alcoa (NYSE:AA) today announced that it would match employee contributions to the American Red Cross in an effort to help survivors of the earthquake and tsunamis that struck Southeast Asia. Immediately following the disaster, Alcoa Foundation made an initial $25,000 grant to the American Red Cross International Response Fund to assist with the expansive international relief effort. Alcoa of Australia has also donated a total of $40,000 (Australian dollars) in grants to Care Australia, World Vision, Australian Red Cross and Oxfam to assist the devastated countries.

"Alcoa employees worldwide have responded to the loss that these countries are enduring," said Kathleen W. Buechel, President and Treasurer of Alcoa Foundation. "Alcoa, Alcoa Foundation and our employees are making a united effort to get financial assistance to the areas that were badly affected."

Alcoa will continue to monitor the disaster and assess the best way to assist if additional help is needed.

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, 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 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 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.