Howmet Aerospace Inc. — Director's Dealing 2011

Jan 4, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ALCOA INC (AA)
CIK: 0000004281
Period of Report: 2010-12-31

Reporting Person: SCHACHT HENRY B (Senior Advisor to the Board)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2010-12-31	Common Stock	M	924	—	Acquired	20033.7835	Direct
2010-12-31	Common Stock	D	924	$15.325	Disposed	19109.7835	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2010-12-31	Phantom Stock Units	$	M	924	Disposed	2010-12-31	Common Stock (924)	Direct

Footnotes

F1: On December 31, 2010, 924 of the reporting person's phantom stock units held under the Alcoa 2005 Deferred Fee Plan for Directors (the "Plan") were settled for cash in accordance with the terms of the Plan after termination of service as a director. Each phantom stock unit was the economic equivalent of one share of Alcoa Inc. common stock.

F2: Includes shares acquired under the Alcoa Dividend Reinvestment Plan.