Arconic Announces $200 Million Accelerated Share Repurchase

May 2, 2019

NEW YORK–(BUSINESS WIRE)–Arconic Inc. (NYSE: ARNC) today announced that it has entered into an
accelerated share repurchase (ASR) agreement with JPMorgan Chase Bank,
National Association, London Branch, to repurchase $200 million of
Arconic’s common stock, pursuant to the share repurchase program
previously authorized by the Board of Directors.

Under the ASR agreement, Arconic will receive initial delivery of
approximately 7.5 million shares on May 6, 2019. The final number of
shares to be repurchased will be based on the volume-weighted average
price of Arconic’s common stock during the term of the transaction, less
a discount. The ASR agreement is expected to be completed during the
first half of 2019.

After giving effect to the share repurchase under the ASR agreement,
$100 million remains available under the prior authorization by the
Board of Directors for share repurchases through the end of 2020.

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

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

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
“anticipates,” “believes,” “could,” “estimates,” “expects,” “forecasts,”
“goal,” “guidance,” “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, expectations relating to share repurchases, which may be
subject to market conditions, legal requirements and other
considerations. These statements reflect beliefs and assumptions that
are based on Arconic’s perception of historical trends, current
conditions and expected future developments, as well as other factors
Arconic believes are appropriate in the circumstances. Forward-looking
statements are not guarantees of future performance and are subject to
risks, uncertainties and changes in circumstances that are difficult to
predict, which could cause actual results to differ materially from
those indicated by these statements. Such risks and uncertainties
include, but are not limited to: (a) uncertainties regarding the planned
separation, including whether it will be completed pursuant to the
targeted timing, asset perimeters, and other anticipated terms, if at
all; (b) the impact of the separation on the businesses of Arconic; (c)
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 Arconic’s
resources, systems, procedures and controls, disruption of its ongoing
business, and diversion of management’s attention from other business
concerns; (d) deterioration in global economic and financial market
conditions generally; (e) unfavorable changes in the markets served by
Arconic; (f) the inability to achieve the level of revenue growth, cash
generation, cost savings, improvement in profitability and margins,
fiscal discipline, or strengthening of competitiveness and operations
anticipated or targeted; (g) competition from new product offerings,
disruptive technologies or other developments; (h) political, economic,
and regulatory risks relating to Arconic’s global operations, including
compliance with U.S. and foreign trade and tax laws, sanctions,
embargoes and other regulations; (i) manufacturing difficulties or other
issues that impact product performance, quality or safety; (j) Arconic’s
inability to realize expected benefits, in each case as planned and by
targeted completion dates, from acquisitions, divestitures, facility
closures, curtailments, expansions, or joint ventures; (k) the impact of
potential cyber attacks and information technology or data security
breaches; (l) the loss of significant customers or adverse changes in
customers’ business or financial conditions; (m) changes in discount
rates or investment returns on pension assets; (n) the impact of changes
in aluminum prices and foreign currency exchange rates on costs and
results; (o) the outcome of contingencies, including legal proceedings,
government or regulatory investigations, and environmental remediation,
which can expose Arconic to substantial costs and liabilities; and (p)
the other risk factors summarized in Arconic’s Form 10-K for the year
ended December 31, 2018 and other reports filed with the U.S. Securities
and Exchange Commission. Market projections are subject to the risks
discussed above and other risks in the market. The statements in this
release are made as of the date of this release, even if subsequently
made available by Arconic on its website or otherwise. Arconic disclaims
any intention or obligation to update publicly any forward-looking
statements, whether in response to new information, future events, or
otherwise, except as required by applicable law.

Paul T. Luther
(212) 836-2758

Esra Ozer
(412) 553-2666