Howmet Aerospace Inc. — Director's Dealing 2003

Dec 23, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ALCOA INC (AA)
CIK: 0000004281
Period of Report: 2003-12-19

Reporting Person: BELDA ALAIN J P (Director, Chairman and CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-12-19	Common Stock	M	174070	$34.1875	Acquired	1069943	Direct
2003-12-19	Common Stock	F	167051	$37.26	Disposed	902892	Direct
2003-12-19	Common Stock	M	300000	$30.75	Acquired	1202892	Direct
2003-12-19	Common Stock	F	274369	$37.26	Disposed	928523	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2003-12-19	Employee Stock Option (right to buy)	$34.1875	M	174070	Disposed	2006-01-11	Common Stock (174070)	Direct
2003-12-19	Employee Stock Option (right to buy)	$37.26	A	167051	Acquired	2006-01-11	Common Stock (167051)	Direct
2003-12-19	Employee Stock Option (right to buy)	$30.75	M	300000	Disposed	2009-05-06	Common Stock (300000)	Direct
2003-12-19	Employee Stock Option (right to buy)	$37.26	A	274369	Acquired	2009-05-06	Common Stock (274369)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	5171	Indirect

Footnotes

F1: Employee stock options are granted without payment of consideration

F2: In the aggregate, a total of 4,513,479 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.