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Howmet Aerospace Inc. Director's Dealing 2004

Jan 20, 2004

29914_dirs_2004-01-20_5fc34a22-c46b-4267-90e5-a3527123b5b2.zip

Director's Dealing

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SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ALCOA INC (AA)
CIK: 0000004281
Period of Report: 2004-01-15

Reporting Person: REITAN BERNT (Executive Vice President)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-01-15	Employee Stock Option (right to buy)	$35.655	A	91400	Acquired	2010-01-15	Common Stock (91400)	Direct

Footnotes

F1: The option vests in three equal annual installments beginning January 15, 2005.

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

F3: In the aggregate, a total of 230,066 employee stock options (with various exercise prices and expiration dates) were beneficially owned by the reporting person as of the date of this report.