Howmet Aerospace Inc. — Director's Dealing 2007

Jul 19, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ALCOA INC (AA)
CIK: 0000004281
Period of Report: 2007-07-17

Reporting Person: MCLANE CHARLES D (VP and CFO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-07-17	Common Stock	M	30666	$22.555	Acquired	95839	Direct
2007-07-17	Common Stock	M	6466	$29.31	Acquired	102305	Direct
2007-07-17	Common Stock	S	2400	$46.77	Disposed	99905	Direct
2007-07-17	Common Stock	S	1400	$46.76	Disposed	98505	Direct
2007-07-17	Common Stock	S	1700	$46.75	Disposed	96805	Direct
2007-07-17	Common Stock	S	7332	$46.74	Disposed	89473	Direct
2007-07-17	Common Stock	S	2000	$46.73	Disposed	87473	Direct
2007-07-17	Common Stock	S	5100	$46.72	Disposed	82373	Direct
2007-07-17	Common Stock	S	3600	$46.71	Disposed	78773	Direct
2007-07-17	Common Stock	S	12200	$46.70	Disposed	66573	Direct
2007-07-17	Common Stock	S	1400	$46.69	Disposed	65173	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-07-17	Employee Stock Option (right to buy)	$22.555	M	30666	Disposed	2013-01-10	Common Stock (30666)	Direct
2007-07-17	Employee Stock Option (right to buy)	$29.31	M	6466	Disposed	2008-02-20	Common Stock (6466)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	5038	Indirect

Footnotes

F1: This option is part of an option grant that vested in three equal annual installments beginning January 10, 2004.

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

F3: In the aggregate, a total of 105,312 employee stock options (with various exercise prices and expiration dates) were beneficially owned by the reporting person as of the date of this report.