Howmet Aerospace Inc. — Director's Dealing 2008

Jul 7, 2008

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ALCOA INC (AA)
CIK: 0000004281
Period of Report: 2008-07-03

Reporting Person: REITAN BERNT (Executive Vice President)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2008-07-03	Phantom Stock Units	$	A	153	Acquired		Common Stock (153)	Direct

Footnotes

F1: 1 for 1

F2: Phantom stock units were acquired under the Alcoa Deferred Compensation Plan and are to be paid out in cash after termination of employment. The reporting person may transfer the phantom stock into an alternative investment account under the Plan at times permitted under the Plan.

F3: Includes phantom stock units previously reported as owned directly under the Alcoa Stock Acquisition Plan (ASAP) which have vested in accordance with the provisions of the ASAP and are now owned directly under, and are subject to the provisions of, the Alcoa Deferred Compensation Plan.