Howmet Aerospace Inc. — Director's Dealing 2005

Mar 2, 2005

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ALCOA INC (AA)
CIK: 0000004281
Period of Report: 2005-02-28

Reporting Person: MUSCARI JOSEPH C (Executive Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2005-02-28	Common Stock	M	34234	$22.555	Acquired	100269	Direct
2005-02-28	Common Stock	F	28638	$31.96	Disposed	71631	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2005-02-28	Employee Stock Option (right to buy)	$22.555	M	34234	Disposed	2013-01-10	Common Stock (34234)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	3430	Indirect

Footnotes

F1: The option grant of which this option is part vests in three equal annual installments beginning January 10, 2004. The installment exercised by the reporting person as reported herein vested on January 10, 2005.

F2: Employee stock options are granted without payment of consideration.

F3: In the aggregate, a total of 606,801employee stock options (with various prices and expiration dates) were beneficially owned by the reporting person as of the date of this report.