Howmet Aerospace Inc. — Director's Dealing 2004

Feb 9, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ALCOA INC (AA)
CIK: 0000004281
Period of Report: 2004-02-06

Reporting Person: BELDA RICARDO E (Executive Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-02-06	Common Stock	M	66540	$24.13	Acquired	119983	Direct
2004-02-06	Common Stock	S	51360	$35.021	Disposed	68623	Direct
2004-02-06	Common Stock	M	75227	$24.13	Acquired	143850	Direct
2004-02-06	Common Stock	S	58065	$35.021	Disposed	85785	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-02-06	Employee Stock Option (right to buy)	$24.13	M	66540	Disposed	2007-01-13	Common Stock (66540)	Direct
2004-02-06	Employee Stock Option (right to buy)	$35.021	A	51021	Acquired	2007-01-13	Common Stock (51021)	Direct
2004-02-06	Employee Stock Option (right to buy)	$24.13	M	75227	Disposed	2009-01-13	Common Stock (75227)	Direct
2004-02-06	Employee Stock Option (right to buy)	$35.021	A	57682	Acquired	2009-01-13	Common Stock (57682)	Direct

Footnotes

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

F2: In the aggregate, a total of 567,928 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: 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 to the Company (or selling) shares, as applicable, as reported herein.