Howmet Aerospace Inc. — Director's Dealing 2016

Jan 5, 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ALCOA INC. (AA)
CIK: 0000004281
Period of Report: 2015-12-31

Reporting Person: SCHACHT HENRY B (Senior Advisor to the Board)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2015-12-31	Common Stock	M	989	—	Acquired	20125.2145	Direct
2015-12-31	Common Stock	D	989	$9.895	Disposed	19136.2145	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2015-12-31	Phantom Stock Units	$	M	989	Disposed	2015-12-31	Common Stock (989)	Direct

Footnotes

F1: On December 31, 2015, 989 of the reporting person's phantom stock units held under the Alcoa 2005 Deferred Fee Plan for Directors (the "Plan") were settled for cash in accordance with the terms of the Plan after termination of service as a director. Each phantom stock unit was the economic equivalent of one share of Alcoa Inc. common stock.

F2: Includes shares acquired under the Alcoa Dividend Reinvestment Plan.