Howmet Aerospace Inc. — Director's Dealing 2009

Jan 26, 2009

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ALCOA INC (AA)
CIK: 0000004281
Period of Report: 2009-01-23

Reporting Person: MCLANE CHARLES D (Executive VP and CFO)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2009-01-23	Employee Stock Option (right to buy)	$8.33	A	274000	Acquired	2015-01-23	Common Stock (274000)	Direct

Footnotes

F1: The option vests in three equal annual installments beginning January 23, 2010.

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

F3: In the aggregate, a total of 358,800 employee stock options (with various exercise prices and expiration dates) were beneficially owned by the reporting person as of the date of this report.