Howmet Aerospace Inc. — Director's Dealing 2003

Oct 14, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ALCOA INC (AA)
CIK: 0000004281
Period of Report: 2003-10-10

Reporting Person: LEAHEY WILLIAM E JR (Executive Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-10-10	Common Stock	M	13780	$21.41	Acquired	20252	Direct
2003-10-10	Common Stock	S	13780	$29.51	Disposed	6472	Direct
2003-10-10	Common Stock	M	15900	$24.30	Acquired	22372	Direct
2003-10-10	Common Stock	S	15900	$29.51	Disposed	6472	Direct
2003-10-10	Common Stock	S	6472	$29.51	Disposed	0	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2003-10-10	Employee Stock Option (right to buy)	$21.41	M	13780	Disposed	2004-05-19	Common Stock (13780)	Direct
2003-10-10	Employee Stock Option (right to buy)	$24.30	M	15900	Disposed	2005-02-17	Common Stock (15900)	Direct
2003-10-10	Phantom Stock Units	$	I	10099	Acquired		Common Stock (10099)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	7539	Indirect

Footnotes

F1: Employee stock options are granted without payment of consideration.

F2: In the aggregate, a total of 521,500 employee stock options (with various exercise prices and expiration dates) were beneficially owned by the reporting person as of the date of this report.

F3: 1 For 1

F4: Phantom stock units were acquired under the Alcoa Deferred Compensation Plan and are to be paid out in cash after termination of employment.