Howmet Aerospace Inc. — Director's Dealing 2007

Jul 17, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ALCOA INC (AA)
CIK: 0000004281
Period of Report: 2007-07-13

Reporting Person: PURTELL LAWRENCE R (Exec. VP and General Counsel)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-07-13	Common Stock	M	78126	$40.35	Acquired	115060	Indirect
2007-07-13	Common Stock	M	113235	$43.00	Acquired	228295	Indirect
2007-07-13	Common Stock	M	110000	$36.035	Acquired	338295	Indirect
2007-07-13	Common Stock	M	49270	$35.22	Acquired	387565	Indirect
2007-07-13	Common Stock	M	29341	$36.295	Acquired	416906	Indirect
2007-07-13	Common Stock	M	76700	$35.655	Acquired	493606	Indirect
2007-07-13	Common Stock	M	61700	$29.54	Acquired	555306	Indirect
2007-07-13	Common Stock	S	10100	$47.47	Disposed	545206	Indirect
2007-07-13	Common Stock	S	5400	$47.46	Disposed	539806	Indirect
2007-07-13	Common Stock	S	600	$47.45	Disposed	539206	Indirect
2007-07-13	Common Stock	S	3639	$47.42	Disposed	535567	Indirect
2007-07-13	Common Stock	S	8670	$47.41	Disposed	526897	Indirect
2007-07-13	Common Stock	S	29600	$47.40	Disposed	497297	Indirect
2007-07-13	Common Stock	S	1200	$47.38	Disposed	496097	Indirect
2007-07-13	Common Stock	S	2300	$47.36	Disposed	493797	Indirect
2007-07-13	Common Stock	S	4261	$47.35	Disposed	489536	Indirect
2007-07-13	Common Stock	S	5452	$47.34	Disposed	484084	Indirect
2007-07-13	Common Stock	S	36300	$47.33	Disposed	447784	Indirect
2007-07-13	Common Stock	S	6300	$47.32	Disposed	441484	Indirect
2007-07-13	Common Stock	S	16300	$47.31	Disposed	425184	Indirect
2007-07-13	Common Stock	S	94588	$47.30	Disposed	330596	Indirect
2007-07-13	Common Stock	S	3100	$47.29	Disposed	327496	Indirect
2007-07-13	Common Stock	S	2700	$47.28	Disposed	324796	Indirect
2007-07-13	Common Stock	S	12300	$47.27	Disposed	312496	Indirect
2007-07-13	Common Stock	S	46200	$47.26	Disposed	266296	Indirect
2007-07-13	Common Stock	S	15600	$47.25	Disposed	250696	Indirect
2007-07-13	Common Stock	S	2300	$47.22	Disposed	248396	Indirect
2007-07-13	Common Stock	S	569	$47.21	Disposed	247827	Indirect
2007-07-13	Common Stock	S	15287	$47.20	Disposed	232540	Indirect
2007-07-13	Common Stock	S	2468	$47.19	Disposed	230072	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-07-13	Employee Stock Option (right to buy)	$40.35	M	78126	Disposed	2009-01-13	Common Stock (78126)	Direct
2007-07-13	Employee Stock Option (right to buy)	$47.3139	A	72124	Acquired	2009-01-13	Common Stock (72124)	Direct
2007-07-13	Employee Stock Option (right to buy)	$43.00	M	113235	Disposed	2010-01-14	Common Stock (113235)	Direct
2007-07-13	Employee Stock Option (right to buy)	$47.3243	A	107834	Acquired	2010-01-14	Common Stock (107834)	Direct
2007-07-13	Employee Stock Option (right to buy)	$36.035	M	110000	Disposed	2012-01-11	Common Stock (110000)	Direct
2007-07-13	Employee Stock Option (right to buy)	$35.22	M	49270	Disposed	2011-01-12	Common Stock (49270)	Direct
2007-07-13	Employee Stock Option (right to buy)	$36.295	M	29341	Disposed	2013-01-10	Common Stock (29341)	Direct
2007-07-13	Employee Stock Option (right to buy)	$35.655	M	76700	Disposed	2010-01-15	Common Stock (76700)	Direct
2007-07-13	Employee Stock Option (right to buy)	$29.54	M	61700	Disposed	2011-01-13	Common Stock (61700)	Direct

Footnotes

F1: This Form 4 is 1 of 2 Form 4's filed to report the reporting person's transactions on July 13, 2007. Refer to both Form 4's filed this date for the reporting person.

F2: Held by a trust for the benefit of the reporting person. The reporting person's spouse is trustee of the trust.

F3: Employee stock options are granted without payment of consideration.

F4: In the aggregate, a total of 198,499 employee stock options (with various exercise prices and expiration dates) were beneficially owned by the reporting person as of the date of this report.

F5: 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.

F6: The options exercised by the reporting person as reported herein vested in three annual installments on January 11, 2003, January 11, 2004 and January 11, 2005.