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: 2007-07-16

Reporting Person: REITAN BERNT (Executive Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-07-16	Common Stock	M	68400	$36.035	Acquired	225600	Direct
2007-07-16	Common Stock	M	91400	$35.655	Acquired	317000	Direct
2007-07-16	Common Stock	M	91400	$29.54	Acquired	408400	Direct
2007-07-16	Common Stock	S	100	$46.77	Disposed	408300	Direct
2007-07-16	Common Stock	S	13061	$46.76	Disposed	395239	Direct
2007-07-16	Common Stock	S	5200	$46.755	Disposed	390039	Direct
2007-07-16	Common Stock	S	3000	$46.75	Disposed	387039	Direct
2007-07-16	Common Stock	S	2400	$46.745	Disposed	384639	Direct
2007-07-16	Common Stock	S	19524	$46.74	Disposed	365115	Direct
2007-07-16	Common Stock	S	5300	$46.735	Disposed	359815	Direct
2007-07-16	Common Stock	S	42447	$46.73	Disposed	317368	Direct
2007-07-16	Common Stock	S	20500	$46.725	Disposed	296868	Direct
2007-07-16	Common Stock	S	7357	$46.72	Disposed	289511	Direct
2007-07-16	Common Stock	S	2100	$46.715	Disposed	287411	Direct
2007-07-16	Common Stock	S	32312	$46.71	Disposed	255099	Direct
2007-07-16	Common Stock	S	1700	$46.705	Disposed	253399	Direct
2007-07-16	Common Stock	S	22355	$46.70	Disposed	231044	Direct
2007-07-16	Common Stock	S	1400	$46.695	Disposed	229644	Direct
2007-07-16	Common Stock	S	46549	$46.69	Disposed	183095	Direct
2007-07-16	Common Stock	S	1900	$46.685	Disposed	181195	Direct
2007-07-16	Common Stock	S	19895	$46.68	Disposed	161300	Direct
2007-07-16	Common Stock	S	4100	$46.67	Disposed	157200	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-07-16	Employee Stock Option (right to buy)	$36.035	M	68400	Disposed	2012-01-11	Common Stock (68400)	Direct
2007-07-16	Employee Stock Option (right to buy)	$35.655	M	91400	Disposed	2010-01-15	Common Stock (91400)	Direct
2007-07-16	Employee Stock Option (right to buy)	$29.54	M	91400	Disposed	2011-01-13	Common Stock (91400)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	1309	Indirect

Footnotes

F1: This option grant vested in three equal annual installments beginning January 11, 2003.

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

F3: 1/3 of this option grant vested on January 15, 2005 and the remainder vested on December 31, 2005.