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Howmet Aerospace Inc. Director's Dealing 2011

May 19, 2011

29914_dirs_2011-05-19_30fd7e11-4e0f-4449-9bbd-52f1d2faf991.zip

Director's Dealing

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SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ALCOA INC (AA)
CIK: 0000004281
Period of Report: 2011-05-17

Reporting Person: Thuestad John G (Executive Vice President)

Non-Derivative Transactions

Date Security Code Shares Price A/D Holdings After Ownership
2011-05-17 Common Stock M 61334 $8.33 Acquired 95745 Direct
2011-05-17 Common Stock M 73920 $13.54 Acquired 169665 Direct
2011-05-17 Common Stock S 145991 $16.4034 Disposed 23674 Direct

Derivative Transactions

Date Security Exercise Price Code Shares A/D Expiration Underlying Ownership
2011-05-17 Employee Stock Option (right to buy) $8.33 M 61334 Disposed 2015-01-23 Common Stock (61334) Direct
2011-05-17 Employee Stock Option (right to buy) $13.54 M 73920 Disposed 2020-01-26 Common Stock (73920) Direct

Holdings (Non-Derivative)

Security Shares Ownership
Common Stock 2908 Indirect

Footnotes

F1: The price reported in column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $16.3616 to $16.44. The reporting person undertakes to provide to Alcoa Inc., any security holder of Alcoa Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each price within the range set forth in this footnote.

F2: The option, representing on the date of grant a right to purchase a total of 182,000 shares, is exercisable in three equal annual installments beginning on January 23, 2010, which was the first anniversary of the date of grant.

F3: Employee stock options are granted without payment of consideration.

F4: In the aggregate, a total of 248,836 employee stock options (with various exercise prices and expiration dates) were beneficially owned by the reporting person as of the date of this report.

F5: The option, representing on the date of grant a right to purchase a total of 221,760 shares, is exercisable in three equal annual installments beginning on January 26, 2011, which was the first anniversary of the date of grant.