Alcoa Inc. Announces Revised Record Date for Quarterly Cash Dividend for Common Stock

October 19, 2016

On September 29, 2016, the Board of Directors (the “Board”) of Alcoa
Inc. (NYSE:AA) (the “Company”) declared a quarterly common stock
dividend of 9 cents per share, payable on November 25, 2016, to holders
of record as of the close of business on November 4, 2016.

The Company’s separation into two publicly-traded companies is scheduled
to occur on November 1, 2016. For administrative reasons related to the
separation and distribution on November 1st, the Board has
revised the record date for the November 25, 2016 dividend, by moving it
from November 4 to November 11, 2016. Accordingly, the November 25, 2016
dividend will now be payable to shareholders of record at the close of
business on November 11, 2016.

Upon separation, Alcoa Inc. will be renamed Arconic Inc. The quarterly
common stock dividend declared by Alcoa Inc. will be paid on November
25, 2016 by Arconic Inc.

Following the separation, the boards of directors of Arconic and Alcoa
Corporation will review and determine the dividend policy of each

Arconic’s shares of common stock will trade under the symbol ARNC.

Dissemination of Company Information

Alcoa intends to make future announcements regarding Company
developments and financial performance through its website at

About Alcoa

A global leader in lightweight metals technology, engineering and
manufacturing, Alcoa innovates multi-material solutions that advance our
world. Our technologies enhance transportation, from automotive and
commercial transport to air and space travel, and improve industrial and
consumer electronics products. We enable smart buildings, sustainable
food and beverage packaging, high performance defense vehicles across
air, land and sea, deeper oil and gas drilling and more efficient power
generation. We pioneered the aluminum industry over 125 years ago, and
today, our approximately 57,000 people in 30 countries deliver value-add
products made of titanium, nickel and aluminum, and produce
best-in-class bauxite, alumina and primary aluminum products. For more
information, visit,
follow @Alcoa on Twitter at
and follow us on Facebook at

Forward-Looking Statements

This communication contains statements that relate to future events and
expectations and as such constitute forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include those containing such words as
“anticipates,” “believes,” “could,” “estimates,” “expects,” “forecasts,”
“intends,” “may,” “outlook,” “plans,” “projects,” “seeks,” “sees,”
“should,” “targets,” “will,” “would,” or other words of similar meaning.
All statements that reflect the Company’s expectations, assumptions or
projections about the future, other than statements of historical fact,
are forward-looking statements, including, without limitation,
statements regarding the separation transaction. Forward-looking
statements are not guarantees of future performance and are subject to
risks, uncertainties, and changes in circumstances that are difficult to
predict. Although the Company believes that the expectations reflected
in any forward-looking statements are based on reasonable assumptions,
it can give no assurance that these expectations will be attained and it
is possible that actual results may differ materially from those
indicated by these forward-looking statements due to a variety of risks
and uncertainties. Such risks and uncertainties include, but are not
limited to: (a) the possibility that various closing conditions for the
separation may not be satisfied; (b) the outcome of contingencies,
including legal proceedings; (c) the impact of the separation on the
businesses of Alcoa; (d) the risk that the businesses will not be
separated successfully or such separation may be more difficult,
time-consuming or costly than expected, which could result in additional
demands on Alcoa’s resources, systems, procedures and controls,
disruption of its ongoing business and diversion of management’s
attention from other business concerns; and (e) the other risk factors
discussed in the Company’s Form 10-K for the year ended December 31,
2015, and other reports filed with the SEC. The Company disclaims any
obligation to update publicly any forward-looking statements, whether in
response to new information, future events or otherwise, except as
required by applicable law.

Investor Contact:
Matthew Garth, 212-836-2714
Media Contact:
Monica Orbe, 212-518-5455