Howmet Aerospace Inc. — Director's Dealing 2007

Jan 31, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ALCOA INC (AA)
CIK: 0000004281
Period of Report: 2007-01-30

Reporting Person: MCLANE CHARLES D (VP and CFO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-01-30	Common Stock	M	3392	$30.13	Acquired	44194	Direct
2007-01-30	Common Stock	S	3223	$32.53	Disposed	40971	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-01-30	Employee Stock Option (right to buy)	$30.13	M	3392	Disposed	2007-02-21	Common Stock (3392)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	4659	Indirect

Footnotes

F1: Employee stock options are granted without payment of consideration.

F2: In the aggregate, a total of 142,444 employee stock options (with various exercise prices and expiration dates) were beneficially owned by the reporting person as of the date of this report.