Howmet Aerospace Inc. — Director's Dealing 2004

Jan 23, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ALCOA INC (AA)
CIK: 0000004281
Period of Report: 2004-01-22

Reporting Person: MCLANE CHARLES D (VP - Corporate Controller)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-01-22	Common Stock	M	15334	$22.555	Acquired	15334	Direct
2004-01-22	Common Stock	S	15334	$36.72	Disposed	0	Direct
2004-01-22	Common Stock	M	4028	$24.30	Acquired	4028	Direct
2004-01-22	Common Stock	S	4028	$36.72	Disposed	0	Direct
2004-01-22	Common Stock	M	3340	$26.13	Acquired	3340	Direct
2004-01-22	Common Stock	S	3340	$36.72	Disposed	0	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-01-22	Employee Stock Option (right to buy)	$22.555	M	15334	Disposed	2013-01-10	Common Stock (15334)	Direct
2004-01-22	Employee Stock Option (right to buy)	$24.30	M	4028	Disposed	2005-02-17	Common Stock (4028)	Direct
2004-01-22	Employee Stock Option (right to buy)	$26.13	M	3340	Disposed	2006-05-17	Common Stock (3340)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	3160	Indirect

Footnotes

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

F2: In the aggregate, a total of 89,736 employee stock options (with various exercise prices and expiration dates) were beneficially owned by the reporting person as of the date of this report.