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: KELSON RICHARD B (Exec. VP and CFO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-01-12	Common Stock	M	70767	$22.555	Acquired	420412	Direct
2004-01-12	Common Stock	F	56317	$36.295	Disposed	364095	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-01-12	Employee Stock Option (right to buy)	$22.555	M	70767	Disposed	2013-01-10	Common Stock (70767)	Direct
2004-01-12	Employee Stock Option (right to buy)	$36.295	A	53639	Acquired	2013-01-10	Common Stock (53639)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	8439	Indirect

Footnotes

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

F2: In the aggregate, a total of 1,357,919 employee stock options (with various 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 previously owned shares to the Company as reported herein.