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: Oplinger William F (Executive VP & CFO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-01-19	Common Stock	F	13804	$6.74	Disposed	251164.3632	Direct
2016-01-19	Common Stock	F	15123	$6.74	Disposed	236041.3632	Direct
2016-01-19	Common Stock	F	7817	$6.74	Disposed	228224.3632	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	150950	Acquired	2026-01-19	Common Stock (150950)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	4766	Indirect

Footnotes

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

F2: The option vests in three equal annual installments beginning January 19, 2017.

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