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: Harvey Roy Christopher (Executive Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-01-19	Common Stock	F	1954	$6.74	Disposed	58355	Direct
2016-01-19	Common Stock	F	1678	$6.74	Disposed	56677	Direct
2016-01-19	Common Stock	F	1010	$6.74	Disposed	55667	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	171000	Acquired	2026-01-19	Common Stock (171000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	7884	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.