Howmet Aerospace Inc. — Director's Dealing 2007

Mar 13, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ALCOA INC (AA)
CIK: 0000004281
Period of Report: 2007-03-09

Reporting Person: BELDA ALAIN J P (Director, Chairman and CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-03-09	Common Stock	A	19738	—	Acquired	1221757	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-03-09	Employee Stock Option (right to buy)	$28.925	A	327464	Acquired	2012-01-12	Common Stock (327464)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	7204	Indirect

Footnotes

F1: The option vests in three annual installments as follows: 1/3 vests on March 12, 2007, 1/3 vests on January 12, 2008, and 1/3 vests on January 12, 2009.

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

F3: On January 12, 2006, the reporting person was granted a performance stock option at a target level of 327,464 shares, with the actual number to be received to be based on Alcoa's return on capital performance for 2006 relative to a comparator group of companies. Based on the calculation of Alcoa's performance for 2006, the reporting person received on March 9, 2007 an option to purchase 327,464 shares of Alcoa common stock.

F4: In the aggregate, a total of 4,828,658 employee stock options (with various exercise prices and expiration dates) were beneficially owned by the reporting person as of the date of this report.