Howmet Aerospace Inc. — Director's Dealing 2003

Dec 29, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ALCOA INC (AA)
CIK: 0000004281
Period of Report: 2003-12-26

Reporting Person: BELDA RICARDO E (Executive Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-12-26	Common Stock	M	30296	$31.4687	Acquired	80177	Direct
2003-12-26	Common Stock	F	26734	$37.32	Disposed	53443	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2003-12-26	Employee Stock Option (right to buy)	$31.4687	M	30296	Disposed	2011-01-12	Common Stock (30296)	Direct
2003-12-26	Employee Stock Option (right to buy)	$37.32	A	26734	Acquired	2011-01-12	Common Stock (26734)	Direct

Footnotes

F1: Employee stock options are granted without payment of consideration

F2: In the aggregate, a total of 560,359 employee stock options (with various prices and expiration dates) were beneficially owned by the reporting person as of the date of this report.

F3: These are reload stock options granted in connection with the reporting person's exercise of outstanding options and payment of the option exercise costs by delivering previously owned shares to the Company as reported herein.