Howmet Aerospace Inc. — Director's Dealing 2014

Jul 1, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ALCOA INC (AA)
CIK: 0000004281
Period of Report: 2014-06-30

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-06-30	Common Stock	M	2162	—	Acquired	21298.1793	Direct
2014-06-30	Common Stock	D	2162	$14.79	Disposed	19136.1793	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2014-06-30	Phantom Stock Units	$	M	2162	Disposed	2014-06-30	Common Stock (2162)	Direct

Footnotes

F1: On June 30, 2014, 2,162 of the reporting person's phantom stock units held under the Alcoa 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.