X0303 4 2011-02-18 0000004281 ALCOA INC AA 0001510406 Jarrault Olivier M 201 ISABELLA STREET PITTSBURGH PA 15212 0 1 0 0 Executive Vice President Common Stock 2011-02-18 4 M 0 35000 8.33 A 122271 D Common Stock 2011-02-18 4 S 0 35000 17.5262 D 87271 D Common Stock 9689 I By Company 401(k) Plan Employee Stock Option (right to buy) 8.33 2011-02-18 4 M 0 35000 0 D 2015-01-23 Common Stock 35000 35000 D The price reported in column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $17.48 to $17.5804. The reporting person undertakes to provide to Alcoa Inc., any security holder of Alcoa Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each price within the range set forth in this footnote. This option is part of an option grant that vests in three equal annual installments beginning January 23, 2010. The installment exercised by the reporting person as reported herein vested on January 23, 2011. Employee stock options are granted without payment of consideration. In the aggregate, a total of 151,621 employee stock options (with various exercise prices and expiration dates) were beneficially owned by the reporting person as of the date of this report. Brenda Hart (Assistant Secretary), by power of attorney 2011-02-22