Howmet Aerospace Inc. — Director's Dealing 2006

Dec 29, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ALCOA INC (AA)
CIK: 0000004281
Period of Report: 2006-12-28

Reporting Person: REITAN BERNT (Executive Vice President)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-12-28	Phantom Stock Units	$	A	92	Acquired		Common Stock (92)	Direct

Footnotes

F1: 1 for 1

F2: Phantom stock units were acquired under the Alcoa Deferred Compensation Plan and are to be paid out in cash after termination of employment. The reporting person may transfer the phantom stock into an alternative investment account under the Plan at times permitted under the Plan.

F3: As of 12/28/2006, the reporting person also held 33,417.063 phantom stock units under the Alcoa Stock Acquisition Plan, which vest three years after the applicable award date. Upon vesting, the units become subject to the provisions of the Alcoa Deferred Compensation Plan and are reported as held under that Plan.