Howmet Aerospace Inc. — Director's Dealing 2016

Jan 21, 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ALCOA INC. (AA)
CIK: 0000004281
Period of Report: 2016-01-19

Reporting Person: STRAUSS AUDREY (Executive Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-01-19	Common Stock	F	26292	$6.74	Disposed	253777	Direct
2016-01-19	Common Stock	F	29673	$6.74	Disposed	224104	Direct
2016-01-19	Common Stock	F	18640	$6.74	Disposed	205464	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2016-01-19	Employee Stock Option (right to buy)	$6.74	A	166040	Acquired	2026-01-19	Common Stock (166040)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	3691	Indirect

Footnotes

F1: The option vests in three equal annual installments beginning January 19, 2017.

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