KENNAMETAL INC — Director's Dealing 2003

Dec 15, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: KENNAMETAL INC (KMT)
CIK: 0000055242
Period of Report: 2003-12-11

Reporting Person: TAMBAKERAS MARKOS I (Director, Chairman, President and CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-08-28	Common Stock	G	100	—	Disposed	275779.4657	Direct
2003-12-11	Common Stock	A	15000	—	Acquired	291070.391	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2003-12-11	Employee Stock Option (right to buy)	$38.48	A	33000	Acquired	2013-12-10	Common Stock (33000)	Direct

Footnotes

F1: Not applicable.

F2: The amount of securities beneficially owned following reported transaction(s) listed in column 5 of Table I includes 298.0177 shares acquired pursuant to tax-conditioned plans (exempt under Rule 16b-3(c)). Specifically, the amount includes: (a) 34.993 shares acquired pursuant to the Kennametal Inc. Thrift Plan; (b) 255.93230 shares acquired pursuant to the Kennametal Inc. Employee Stock Purchase Plan; and (c) 7.0924 shares acquired pursuant to a dividend reinvestment feature of the Kennametal Inc. Employee Stock Purchase Plan. (Please note that this footnote would normally be included in column 5. The filing system currently used does not support footnotes to column 5.)

F3: The option vests in three equal annual installments, commencing on December 11, 2004.