Howmet Aerospace Inc. — Director's Dealing 2007

Jul 25, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ALCOA INC (AA)
CIK: 0000004281
Period of Report: 2007-07-24

Reporting Person: Wieser Helmut (Executive Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-07-24	Common Stock	M	15000	$31.4687	Acquired	154284	Direct
2007-07-24	Common Stock	M	40000	$22.555	Acquired	194284	Direct
2007-07-24	Common Stock	M	15000	$28.925	Acquired	209284	Direct
2007-07-24	Common Stock	S	1000	$42.22	Disposed	208284	Direct
2007-07-24	Common Stock	S	400	$42.21	Disposed	207884	Direct
2007-07-24	Common Stock	S	3300	$42.20	Disposed	204584	Direct
2007-07-24	Common Stock	S	3600	$42.19	Disposed	200984	Direct
2007-07-24	Common Stock	S	200	$42.185	Disposed	200784	Direct
2007-07-24	Common Stock	S	2400	$42.18	Disposed	198384	Direct
2007-07-24	Common Stock	S	3600	$42.17	Disposed	194784	Direct
2007-07-24	Common Stock	S	1700	$42.165	Disposed	193084	Direct
2007-07-24	Common Stock	S	26600	$42.16	Disposed	166484	Direct
2007-07-24	Common Stock	S	700	$42.155	Disposed	165784	Direct
2007-07-24	Common Stock	S	1500	$42.15	Disposed	164284	Direct
2007-07-24	Common Stock	S	10000	$42.11	Disposed	154284	Direct
2007-07-24	Common Stock	S	15000	$42.05	Disposed	139284	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-07-24	Employee Stock Option (right to buy)	$31.4687	M	15000	Disposed	2011-01-12	Common Stock (15000)	Direct
2007-07-24	Employee Stock Option (right to buy)	$22.555	M	40000	Disposed	2013-01-10	Common Stock (40000)	Direct
2007-07-24	Employee Stock Option (right to buy)	$28.925	M	15000	Disposed	2012-01-12	Common Stock (15000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	392	Indirect

Footnotes

F1: This option is part of an option grant that vested in three equal annual installments beginning January 12, 2002.

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

F3: In the aggregate, a total of 320,226 employee stock options (with various exercise prices and expiration dates) were beneficially owned by the reporting person as of the date of this report.

F4: This option is part of an option grant that vested in three equal annual installments beginning January 10, 2004.

F5: This option is part of an option grant that vests in three equal annual installments beginning January 12, 2007. The installment exercised by the reporting person as reported herein vested on January 12, 2007.