Howmet Aerospace Inc. — Director's Dealing 2011

Feb 22, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ALCOA INC (AA)
CIK: 0000004281
Period of Report: 2011-02-18

Reporting Person: Jarrault Olivier M (Executive Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-02-18	Common Stock	M	35000	$8.33	Acquired	122271	Direct
2011-02-18	Common Stock	S	35000	$17.5262	Disposed	87271	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-02-18	Employee Stock Option (right to buy)	$8.33	M	35000	Disposed	2015-01-23	Common Stock (35000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	9689	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 $17.48 to $17.5804. 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: This option is part of an option grant that vests in three equal annual installments beginning January 23, 2010. The installment exercised by the reporting person as reported herein vested on January 23, 2011.

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

F4: In the aggregate, a total of 151,621 employee stock options (with various exercise prices and expiration dates) were beneficially owned by the reporting person as of the date of this report.