Arconic Completes Debt-For-Equity Exchange of Alcoa Corporation Common Stock; Reduces $800 Million of Debt Year to Date

May 5, 2017

Arconic Inc. (NYSE: ARNC) (“Arconic” or the “Company”) today announced
the completion on May 4, 2017 of the exchange of its remaining
12,958,767 shares of common stock of Alcoa Corporation (“Alcoa”) for
$428,635,000 aggregate principal amount of Arconic debt held by
Citigroup Global Markets Inc. (“Citigroup”) and Credit Suisse Securities
(USA) LLC (“Credit Suisse”). The debt-for-equity exchange is intended to
qualify as generally tax-free to Arconic for U.S. federal income tax
purposes. The completion of the debt-for-equity exchange marks Arconic’s
exit of its ownership stake in Alcoa.

Arconic also today purchased with cash the remainder of the debt held by
Citigroup and Credit Suisse: $1,961,000 in aggregate principal amount of
Arconic’s 6.500% Senior Notes due 2018 and $79,517,000 in aggregate
principal amount of its 6.750% Senior Notes due 2018.

Taken together, Arconic actions in 2017 have resulted in the Company
reducing its total debt by approximately $800 million. As indicated at
its December 2016 Investor Day, Arconic intends to reduce its debt by $1
billion in the first half of 2017.

About Arconic

Arconic (NYSE: ARNC) creates breakthrough products that shape
industries. Working in close partnership with our customers, we solve
complex engineering challenges to transform the way we fly, drive, build
and power. Through the ingenuity of our people and cutting-edge advanced
manufacturing techniques, we deliver these products at a quality and
efficiency that ensure customer success and shareholder value. For more
Follow @arconic: Twitter,
and YouTube.

Dissemination of Company Information

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developments and financial performance through its website on

Forward-Looking Statements

This release 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
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“guidance,” “goal,” “intends,” “may,” “outlook,” “plans,” “projects,”
“seeks,” “sees,” “should,” “targets,” “will,” “would,” or other words of
similar meaning. All statements that reflect Arconic’s expectations,
assumptions or projections about the future, other than statements of
historical fact, are forward-looking statements, including, without
limitation, statements about Arconic’s strategies, outlook, business,
financial prospects, and expected use of proceeds. 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 Arconic 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. Arconic 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.

Arconic Inc.
Investor Contact
Patricia Figueroa, 212-836-2758
Media Contact
Shona Sabnis, 212-836-2626