Howmet Aerospace Inc. — Director's Dealing 2011

Feb 1, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ALCOA INC (AA)
CIK: 0000004281
Period of Report: 2011-01-31

Reporting Person: CHRISTOPHER WILLIAM F (Chairman's Counsel)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-01-31	Common Stock	M	365334	$8.33	Acquired	786971	Direct
2011-01-31	Common Stock	S	8500	$16.43	Disposed	778471	Direct
2011-01-31	Common Stock	S	45000	$16.44	Disposed	733471	Direct
2011-01-31	Common Stock	S	124134	$16.45	Disposed	609337	Direct
2011-01-31	Common Stock	S	164000	$16.46	Disposed	445337	Direct
2011-01-31	Common Stock	S	23700	$16.47	Disposed	421637	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-01-31	Employee Stock Option (right to buy)	$8.33	M	365334	Disposed	2015-01-23	Common Stock (365334)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	11542	Indirect

Footnotes

F1: 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.

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

F3: In the aggregate, a total of 292,683 employee stock options (with various exercise prices and expiration dates) were beneficially owned by the reporting person as of the date of this report.