Howmet Aerospace Inc. — Director's Dealing 2004

Jan 14, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ALCOA INC (AA)
CIK: 0000004281
Period of Report: 2004-01-12

Reporting Person: REITAN BERNT (Executive Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-01-12	Common Stock	M	11600	$31.4687	Acquired	11600	Direct
2004-01-12	Common Stock	S	11600	$35.9542	Disposed	0	Direct
2004-01-12	Common Stock	M	35134	$22.555	Acquired	35134	Direct
2004-01-12	Common Stock	S	35134	$35.9542	Disposed	0	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-01-12	Employee Stock Option (right to buy)	$31.4687	M	11600	Disposed	2011-01-12	Common Stock (11600)	Direct
2004-01-12	Employee Stock Option (right to buy)	$22.555	M	35134	Disposed	2013-01-10	Common Stock (35134)	Direct

Footnotes

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

F2: In the aggregate, a total of 138,666 employee stock options (with various exercise prices and expiration dates) were beneficially owned by the reporting person as of the date of this report.