Howmet Aerospace Inc. — Director's Dealing 2004

Jan 26, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ALCOA INC (AA)
CIK: 0000004281
Period of Report: 2004-01-23

Reporting Person: BELDA RICARDO E (Executive Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-01-23	Common Stock	M	50767	$22.555	Acquired	104210	Direct
2004-01-23	Common Stock	S	50767	$36.5549	Disposed	53443	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-01-23	Employee Stock Option (right to buy)	$22.555	M	50767	Disposed	2013-01-10	Common Stock (50767)	Direct

Footnotes

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

F2: In the aggregate, a total of 600,992 employee stock options (with various exercise prices and expiration dates) were beneficially owned by the reporting person as of the date of this report.