Howmet Aerospace Inc. — Director's Dealing 2014

Jan 21, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ALCOA INC (AA)
CIK: 0000004281
Period of Report: 2014-01-16

Reporting Person: Oplinger William F (Executive VP & CFO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-01-16	Common Stock	A	2775	—	Acquired	38351.7709	Direct
2014-01-16	Common Stock	A	12938	—	Acquired	51289.7709	Direct
2014-01-16	Common Stock	A	35110	—	Acquired	86399.7709	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2014-01-16	Employee Stock Option (right to buy)	$11.04	A	113390	Acquired	2024-01-16	Common Stock (113390)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	4605	Indirect

Footnotes

F1: Includes shares acquired under the Alcoa Dividend Reinvestment Plan.

F2: The option vests in three equal annual installments beginning January 16, 2015.

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

F4: In the aggregate, a total of 345,269 employee stock options (with various exercise prices and expiration dates) were beneficially owned by the reporting person as of 1/16/2014.