Howmet Aerospace Inc. — Director's Dealing 2011

May 31, 2011

SEC Form 3 — Initial Statement of Beneficial Ownership

Issuer: ALCOA INC (AA)
CIK: 0000004281
Period of Report: 2011-05-18

Reporting Person: Ayers Chris (Executive Vice President)

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	86543	Direct
Common Stock	1837	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Employee Stock Option (right to buy)	$16.24	2021-01-25	Common Stock (53230)		Direct
Phantom Stock Units	$		Common Stock (921)		Direct

Footnotes

F1: Includes shares acquired under dividend reinvestment program.

F2: The option vests in three equal annual installments beginning January 25, 2012.

F3: 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.

F4: 1 For 1