Alcoa Inc. Announces Filing of Initial Form 10 Registration Statement for Separation of Upstream Business, Alcoa Corporation

June 29, 2016

Separation will create a globally cost-competitive Upstream company and an innovation and technology-driven Value-Add company

Separation on track to be completed in the second half of 2016

Alcoa to host conference call today at 8:30 AM Eastern Daylight Time to discuss Form 10

Lightweight metals leader Alcoa (NYSE:AA) today announced a major
milestone in connection with its pending separation into two strong
standalone, publicly-traded companies. Alcoa Upstream Corporation (to be
renamed Alcoa Corporation prior to separation) has filed an initial
Registration Statement on Form 10 with the Securities and Exchange
Commission (SEC). Alcoa Corporation will hold the Upstream and North
American packaging businesses. The Value-Add businesses will remain in
the existing company, which will be named Arconic Inc. The separation is
on track to be completed in the second half of 2016.

“The filing of the Form 10 is an important milestone as we prepare to
launch two businesses that are well-positioned for success,” said Klaus
Kleinfeld, Alcoa Chairman and Chief Executive Officer. “Alcoa
Corporation has a low-cost base that will enable resilience and
value-creation at all stages of the commodity cycle. Arconic is a
technology-driven company producing performance materials and highly
engineered products for growth markets, poised to deliver consistent
profitable growth. Through our multi-year transformation, we have
substantially re-positioned each business and laid the foundation for
future long-term success. The separation will allow each new company to
pursue its own distinct corporate strategy and unlock the full value of
each business.”

Alcoa Corporation will be a globally competitive Upstream company. Its
businesses will include Bauxite, Alumina, Aluminum, Cast Products and
Energy and rolling mill operations that will serve the North American
packaging market. Arconic will be a global leader in precision
engineering and advanced manufacturing, providing a wide range of
multi-material solutions to growth markets including aerospace
structures, jet engines, automotive and commercial transportation. Its
businesses will include the Engineered Products and Solutions, Global
Rolled Products, and Transportation and Construction Solutions segments.

The initial Form 10 includes preliminary detailed information about
Alcoa Corporation as a standalone company, such as historical financial
information, as well as a description of Alcoa Corporation’s business
and strategy and other legal and financial disclosures. The initial Form
10 is subject to change prior to completion of the separation.

The separation remains subject to the satisfaction of certain
conditions, including obtaining final approval from the Alcoa Board of
Directors, receipt of a favorable IRS ruling and opinions of Alcoa’s tax
advisors regarding certain U.S. federal income tax matters and the
effectiveness of the Form 10.

A copy of the initial Form 10 is available on the SEC website at
and can also be viewed on
Supplemental information about Arconic can also be viewed on Alcoa’s

Conference Call

Alcoa will host a conference call at 8:30 AM Eastern Daylight Time to
review the initial Form 10 and answer questions. The meeting will be
webcast via Call information and related details are
available at


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 58,000 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) uncertainties as to the timing of the separation and
whether it will be completed; (b) the possibility that various closing
conditions for the separation may not be satisfied; (c) the outcome of
contingencies, including legal proceedings; (d) the impact of the
separation on the businesses of Alcoa; (e) 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 (f) 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.

Matt Garth, 212-836-2674
Monica Orbe, 212-836-2632