Howmet Aerospace Inc. — Director's Dealing 2011

Feb 2, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ALCOA INC (AA)
CIK: 0000004281
Period of Report: 2011-02-01

Reporting Person: Thuestad John G (Executive Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-02-01	Common Stock	M	60000	$8.33	Acquired	94411	Direct
2011-02-01	Common Stock	S	60000	$17.1224	Disposed	34411	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-02-01	Employee Stock Option (right to buy)	$8.33	M	60000	Disposed	2015-01-23	Common Stock (60000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	2225	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 $17.11 to $17.1407. 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 is part of an option grant that vests in three equal annual installments beginning January 23, 2010. One-half of the options exercised by the reporting person vested on January 23, 2010 and one-half vested on January 23, 2011.

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

F4: In the aggregate, a total of 384,090 employee stock options (with various exercise prices and expiration dates) were beneficially owned by the reporting person as of the date of this report.