Howmet Aerospace Inc. — Director's Dealing 2004

Jan 12, 2004

SEC Form 3 — Initial Statement of Beneficial Ownership

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

Reporting Person: REITAN BERNT (Executive Vice President)

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Employee Stock Option(Right To Buy)	$31.4687	2011-01-12	Common Stock (11600)		Direct
Employee Stock Option(Right To Buy)	$36.035	2012-01-11	Common Stock (68400)		Direct
Employee Stock Option(Right To Buy)	$22.555	2013-01-10	Common Stock (105400)		Direct
Phantom Stock Units	$		Common Stock (2250)		Direct

Footnotes

F1: The option vests in three equal annual installments beginning January 10, 2004.

F2: Phantom stock units were acquired under the Alcoa Stock Acquisition Plan. Vested units become subject to the provisions of the Alcoa Deferred Compensation Plan and are to be paid out in cash after termination of employment.

F3: 1 For 1