Howmet Aerospace Inc. — Director's Dealing 2007

Jul 18, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

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

Reporting Person: Lucot Joseph R (VP - Corporate Controller)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-07-17	Common Stock	M	30000	$29.54	Acquired	83352.0129	Direct
2007-07-17	Common Stock	S	100	$46.78	Disposed	83252.0129	Direct
2007-07-17	Common Stock	S	100	$46.74	Disposed	83152.0129	Direct
2007-07-17	Common Stock	S	200	$46.73	Disposed	82952.0129	Direct
2007-07-17	Common Stock	S	13200	$46.725	Disposed	69752.0129	Direct
2007-07-17	Common Stock	S	12400	$46.72	Disposed	57352.0129	Direct
2007-07-17	Common Stock	S	4000	$46.715	Disposed	53352.0129	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-07-17	Employee Stock Option (right to buy)	$29.54	M	30000	Disposed	2011-01-13	Common Stock (30000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	272	Indirect

Footnotes

F1: Includes shares acquired under the Alcoa Dividend Reinvestment Plan.

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

F3: In the aggregate, a total of 146,069 employee stock options (with various exercise prices and expiration dates) were beneficially owned by the reporting person as of the date of this report.