Howmet Aerospace Inc. — Director's Dealing 2003

Dec 31, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ALCOA INC (AA)
CIK: 0000004281
Period of Report: 2003-12-15

Reporting Person: KELSON RICHARD B (Exec. VP and CFO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-12-15	Common Stock	G	104	—	Disposed	352015	Direct
2003-12-16	Common Stock	G	870	—	Disposed	351145	Direct
2003-12-17	Common Stock	G	165	—	Disposed	350980	Direct
2003-12-18	Common Stock	G	1200	—	Disposed	349780	Direct
2003-12-24	Common Stock	G	135	—	Disposed	349645	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	8431	Indirect