Howmet Aerospace Inc. — Director's Dealing 2004

Feb 25, 2004

SEC Form 3 — Initial Statement of Beneficial Ownership

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

Reporting Person: MUSCARI JOSEPH C (Executive Vice President)

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	2967	Indirect
Common Stock	66035	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Employee Stock Option (right to buy)	$36.6562	2005-01-13	Common Stock (27034)		Direct
Employee Stock Option (right to buy)	$36.25	2007-01-13	Common Stock (35974)		Direct
Employee Stock Option (right to buy)	$36.7187	2009-01-13	Common Stock (49992)		Direct
Employee Stock Option (right to buy)	$32.2343	2008-01-13	Common Stock (1438)		Direct
Employee Stock Option (right to buy)	$37.60	2006-01-11	Common Stock (29490)		Direct
Employee Stock Option (right to buy)	$37.88	2008-01-13	Common Stock (22625)		Direct
Employee Stock Option (right to buy)	$40.40	2008-01-13	Common Stock (18314)		Direct
Employee Stock Option (right to buy)	$44.7252	2010-01-14	Common Stock (54176)		Direct
Employee Stock Option (right to buy)	$36.035	2012-01-11	Common Stock (99000)		Direct
Employee Stock Option (right to buy)	$36.115	2011-01-12	Common Stock (66707)		Direct
Employee Stock Option (right to buy)	$22.555	2013-01-10	Common Stock (68467)		Direct
Employee Stock Option (right to buy)	$36.295	2013-01-10	Common Stock (26752)		Direct
Employee Stock Option (right to buy)	$35.655	2010-01-15	Common Stock (76700)		Direct
Phantom Stock Units	$		Common Stock (1787)		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