Howmet Aerospace Inc. — Director's Dealing 2007

Jul 20, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ALCOA INC (AA)
CIK: 0000004281
Period of Report: 2007-07-18

Reporting Person: BELDA ALAIN J P (Director, Chairman and CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-07-18	Common Stock	M	11139	$39.05	Acquired	1232896	Direct
2007-07-18	Common Stock	M	12894	$39.05	Acquired	1245790	Direct
2007-07-18	Common Stock	M	42717	$39.05	Acquired	1288507	Direct
2007-07-18	Common Stock	M	87789	$39.05	Acquired	1376296	Direct
2007-07-18	Common Stock	M	115894	$40.2187	Acquired	1492190	Direct
2007-07-18	Common Stock	M	320522	$36.5937	Acquired	1812712	Direct
2007-07-18	Common Stock	M	274369	$37.26	Acquired	2087081	Direct
2007-07-18	Common Stock	M	181767	$37.85	Acquired	2268848	Direct
2007-07-18	Common Stock	M	172653	$41.51	Acquired	2441501	Direct
2007-07-18	Common Stock	M	680000	$40.2187	Acquired	3121501	Direct
2007-07-18	Common Stock	M	643390	$36.035	Acquired	3764891	Direct
2007-07-18	Common Stock	M	421053	$36.87	Acquired	4185944	Direct
2007-07-18	Common Stock	F	568086	$46.45	Disposed	3617858	Direct
2007-07-18	Common Stock	F	375723	$46.45	Disposed	3242135	Direct
2007-07-18	Common Stock	S	9188	$46.48	Disposed	3232947	Direct
2007-07-18	Common Stock	S	1400	$46.475	Disposed	3231547	Direct
2007-07-18	Common Stock	S	46801	$46.47	Disposed	3184746	Direct
2007-07-18	Common Stock	S	11810	$46.46	Disposed	3172936	Direct
2007-07-18	Common Stock	S	23600	$46.45	Disposed	3149336	Direct
2007-07-18	Common Stock	S	14200	$46.44	Disposed	3135136	Direct
2007-07-18	Common Stock	S	14200	$46.43	Disposed	3120936	Direct
2007-07-18	Common Stock	S	100	$46.425	Disposed	3120836	Direct
2007-07-18	Common Stock	S	3700	$46.42	Disposed	3117136	Direct
2007-07-18	Common Stock	S	4600	$46.41	Disposed	3112536	Direct
2007-07-18	Common Stock	S	3800	$46.40	Disposed	3108736	Direct
2007-07-18	Common Stock	S	7200	$46.39	Disposed	3101536	Direct
2007-07-18	Common Stock	S	12200	$46.38	Disposed	3089336	Direct
2007-07-18	Common Stock	S	6700	$46.37	Disposed	3082636	Direct
2007-07-18	Common Stock	S	69150	$46.36	Disposed	3013486	Direct
2007-07-18	Common Stock	S	99417	$46.35	Disposed	2914069	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-07-18	Employee Stock Option (right to buy)	$39.05	M	11139	Disposed	2008-01-13	Common Stock (11139)	Direct
2007-07-18	Employee Stock Option (right to buy)	$39.05	M	12894	Disposed	2008-01-13	Common Stock (12894)	Direct
2007-07-18	Employee Stock Option (right to buy)	$39.05	M	42717	Disposed	2008-01-13	Common Stock (42717)	Direct
2007-07-18	Employee Stock Option (right to buy)	$39.05	M	87789	Disposed	2008-01-13	Common Stock (87789)	Direct
2007-07-18	Employee Stock Option (right to buy)	$40.2187	M	115894	Disposed	2008-01-13	Common Stock (115894)	Direct
2007-07-18	Employee Stock Option (right to buy)	$36.5937	M	320522	Disposed	2009-01-13	Common Stock (320522)	Direct
2007-07-18	Employee Stock Option (right to buy)	$46.1639	A	285837	Acquired	2009-01-13	Common Stock (285837)	Direct
2007-07-18	Employee Stock Option (right to buy)	$37.26	M	274369	Disposed	2009-05-06	Common Stock (274369)	Direct
2007-07-18	Employee Stock Option (right to buy)	$46.2327	A	246573	Acquired	2009-05-06	Common Stock (246573)	Direct
2007-07-18	Employee Stock Option (right to buy)	$37.85	M	181767	Disposed	2009-05-06	Common Stock (181767)	Direct
2007-07-18	Employee Stock Option (right to buy)	$46.2179	A	164588	Acquired	2009-05-06	Common Stock (164588)	Direct
2007-07-18	Employee Stock Option (right to buy)	$41.51	M	172653	Disposed	2009-05-06	Common Stock (172653)	Direct
2007-07-18	Employee Stock Option (right to buy)	$46.2224	A	163465	Acquired	2009-05-06	Common Stock (163465)	Direct
2007-07-18	Employee Stock Option (right to buy)	$40.2187	M	680000	Disposed	2010-01-14	Common Stock (680000)	Direct
2007-07-18	Employee Stock Option (right to buy)	$46.1736	A	634222	Acquired	2010-01-14	Common Stock (634222)	Direct
2007-07-18	Employee Stock Option (right to buy)	$36.035	M	643390	Disposed	2012-01-11	Common Stock (643390)	Direct
2007-07-18	Employee Stock Option (right to buy)	$46.45	A	568086	Acquired	2012-01-11	Common Stock (568086)	Direct
2007-07-18	Employee Stock Option (right to buy)	$36.87	M	421053	Disposed	2011-01-12	Common Stock (421053)	Direct
2007-07-18	Employee Stock Option (right to buy)	$46.45	A	375723	Acquired	2011-01-12	Common Stock (375723)	Direct

Footnotes

F1: This Form 4 is 1 of 3 Form 4's filed to report the reporting person's transactions on July 18, 2007. Refer to all of the Form 4's filed this date for the reporting person.

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

F3: In the aggregate, a total of 4,302,965 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: 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 to the Company (or selling) shares, as applicable, as reported herein.