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March 17, 2005

Alcoa Foundation Invests $100,000 in Suriname's Only University; Part of $1 Million Investment in Suriname Over the Last Five Years

PITTSBURGH & PARAMARIBO, Suriname--(BUSINESS WIRE)--March 17, 2005--Alcoa Foundation today announced that it is investing more than US$100,000 over four years in a program at Anton de Kom University of Suriname to strengthen research capabilities in the Department of Geology and Mining.

The grant will enable students from Anton de Kom to participate in fieldwork in Spain with Utrecht University in The Netherlands. It will also provide financial resources for three Master of Science degree scholarships as well as three doctorate fellowships within the department.

The four-year grant is part of Alcoa Foundation's focus on improving the quality of education and health care in the country, where Alcoa operates Suralco with locations in Paranam and Moengo. Over the last five years, Alcoa Foundation has awarded more than $1 million to non-profit agencies in Suriname as part of its mission to improve the quality of life of Alcoa communities worldwide. A sample of some of the other agencies that benefited from the $323,000 in grants that Alcoa Foundation awarded in 2004 in Suriname include:

-- Granman Forster School at Langa Tabbetje in Paramaribo for funding a computer center.

-- Foundation Regional Health Care Services in Paramaribo for a community health program.

-- Lands Hospital in Paramaribo for equipment to improve the survival rate of patients who suffer a heart attack.

Alcoa's presence in Suriname dates back to 1916, when it originally focused on bauxite mining. This month marked the completion of the 250,000 metric ton per year (mtpy) expansion of the Suralco aluminum refinery in Paranam.

About Alcoa Foundation

Established in 1952, Alcoa Foundation is a global resource that actively invests in improving the quality of life in the 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.

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 131,000 employees in 43 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.