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June 10, 2002

Alcoa Foundation Awards Scholarships Totaling $534,000 to 91 High-School Students Nationwide; Program Encourages Four-Year, Two-Year and Vocational-Technical Education

PITTSBURGH--(BUSINESS WIRE)--June 10, 2002--Alcoa Foundation today announced scholarships totaling $534,000 for 91 students across the country, as part of its Sons and Daughters Scholarship Program for children of Alcoa employees in the U.S. The awardees are selected by a national panel of college and university professionals on the basis of academic achievement and potential, leadership ability, volunteerism/community service, and character.

The Sons and Daughters program is unique in that it encourages four-year, two-year and vocational-technical education, whereas many scholarship programs focus on four-year college programs only. Scholarships are payable in either two or four annual installments of $1,500 each, depending on the type of post-secondary education which the student plans to pursue.

The awardees are located across the U.S. in locations including Appleton, WI; Cressona, PA; Richmond, VA; Whitehall, MI; and Ferndale, WA.

This is the program's 50th year of making scholarship awards. Since its inception, the Sons and Daughters program has helped thousands of students attend college or technical school.

Established in 1952, Alcoa Foundation is a global resource that actively invests in improving the quality of life in more than 25 countries around the world where Alcoa operates. In addition to community grants addressing local needs, the Foundation provides global grants focusing on Areas of Excellence, including: Conservation and Sustainability; Safe and Healthy Children and Families; Global Education in Science, Engineering, Technology and Business; Business and Community Partnerships; and Skills Today for Tomorrow. For more information about Alcoa Foundation, visit www.alcoa.com and click on "Community."