Howmet Aerospace Inc. — Director's Dealing 2011

Jan 27, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ALCOA INC (AA)
CIK: 0000004281
Period of Report: 2011-01-25

Reporting Person: Thuestad John G (Executive Vice President)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-01-25	Employee Stock Option (right to buy)	$16.24	A	40330	Acquired	2021-01-25	Common Stock (40330)	Direct

Footnotes

F1: The option vests in three equal annual installments beginning January 25, 2012.

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

F3: In the aggregate, a total of 444,090 employee stock options (with various exercise prices and expiration dates) were beneficially owned by the reporting person as of the date of this report.