Howmet Aerospace Inc. — Director's Dealing 2004

Feb 26, 2004

SEC Form 3 — Initial Statement of Beneficial Ownership

Issuer: ALCOA INC (AA)
CIK: 0000004281
Period of Report: 2004-02-20

Reporting Person: THOMAS PAUL D (Vice President)

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	64	Indirect
Common Stock	74752.033	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Employee Stock Option (right to buy)	$40.2187	2010-01-14	Common Stock (91800)		Direct
Employee Stock Option (right to buy)	$38.4062	2008-01-13	Common Stock (41664)		Direct
Employee Stock Option (right to buy)	$38.4062	2006-01-11	Common Stock (15508)		Direct
Employee Stock Option (right to buy)	$37.21	2007-01-13	Common Stock (27786)		Direct
Employee Stock Option (right to buy)	$43.60	2009-01-13	Common Stock (73968)		Direct
Employee Stock Option (right to buy)	$34.55	2011-11-09	Common Stock (10000)		Direct
Employee Stock Option (right to buy)	$36.035	2012-01-11	Common Stock (110000)		Direct
Employee Stock Option (right to buy)	$35.22	2011-01-12	Common Stock (43602)		Direct
Employee Stock Option (right to buy)	$22.555	2013-01-10	Common Stock (112909)		Direct
Employee Stock Option (right to buy)	$35.31	2011-01-12	Common Stock (31588)		Direct
Employee Stock Option (right to buy)	$36.295	2013-01-10	Common Stock (29021)		Direct
Employee Stock Option (right to buy)	$35.655	2010-01-15	Common Stock (91400)		Direct
Phantom Stock Units	$		Common Stock (454)		Direct

Footnotes

F1: The option vests in three equal annual installments beginning January 10, 2004.

F2: The option vests in three equal annual installments beginning January 15, 2005.

F3: Phantom stock units were acquired under the Alcoa Deferred Compensation Plan and are to be paid out in cash after termination of employment.

F4: 1 For 1