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: 2007-07-16

Reporting Person: CHRISTOPHER WILLIAM F (Executive Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-07-16	Common Stock	M	70000	$31.4687	Acquired	288138	Direct
2007-07-16	Common Stock	M	10000	$34.55	Acquired	298138	Direct
2007-07-16	Common Stock	F	56706	$46.77	Disposed	241432	Direct
2007-07-16	Common Stock	F	8484	$46.77	Disposed	232948	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-07-16	Employee Stock Option (right to buy)	$31.4687	M	70000	Disposed	2011-01-12	Common Stock (70000)	Direct
2007-07-16	Employee Stock Option (right to buy)	$46.77	A	56706	Acquired	2011-01-12	Common Stock (56706)	Direct
2007-07-16	Employee Stock Option (right to buy)	$34.55	M	10000	Disposed	2011-11-09	Common Stock (10000)	Direct
2007-07-16	Employee Stock Option (right to buy)	$46.77	A	8484	Acquired	2011-11-09	Common Stock (8484)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	7196	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 430,786 employee stock options (with various 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 shares to the Company as reported herein.

F5: This option is part of an option grant that vested in three equal annual installments beginning November 9, 2002.