Howmet Aerospace Inc. — Director's Dealing 2015

Jan 22, 2015

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ALCOA INC. (AA)
CIK: 0000004281
Period of Report: 2015-01-20

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2015-01-20	Common Stock	F	4784	$15.55	Disposed	185592.8353	Direct
2015-01-20	Common Stock	F	5573	$15.55	Disposed	180019.8353	Direct
2015-01-20	Common Stock	F	5300	$15.55	Disposed	174719.8353	Direct
2015-01-21	Common Stock	M	16867	$8.33	Acquired	191586.8353	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2015-01-20	Employee Stock Option (right to buy)	$15.55	A	89490	Acquired	2025-01-20	Common Stock (89490)	Direct
2015-01-21	Employee Stock Option (right to buy)	$8.33	M	16867	Disposed	2015-01-23	Common Stock (16867)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	4592	Indirect

Footnotes

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

F2: The option vests in three equal annual installments beginning January 20, 2016.

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

F4: The option, representing a right to purchase a total of 50,600 shares, became exercisable in three equal annual installments beginning on January 23, 2010, which was the first anniversary of the date on which the option was granted.