Alcoa Inc. Board Approves Quarterly Dividends

September 29, 2016

The Board of Directors (the “Board”) of Alcoa Inc. (NYSE:AA) today
declared dividends on its $3.75 cumulative preferred stock (“Class A
Stock”) and on its common stock.

The dividend declared on the Class A Stock is 93.75 cents per share of
Class A Stock, payable January 1, 2017, to holders of record of the
Class A Stock at the close of business on December 9, 2016.

Earlier this year, Alcoa announced plans to undertake a reverse stock
split of Alcoa common stock at a ratio of 1 for 3 and a proportionate
reduction in the number of authorized shares of its common stock. Alcoa
will hold a special shareholder meeting on October 5, 2016 to seek
approval of this reverse stock split and authorized share count

The Board has declared (a) a quarterly common stock dividend of 9 cents
per share, payable November 25, 2016, to holders of record of the common
stock at the close of business on November 4, 2016, if the reverse stock
split is approved or (b) a quarterly common stock dividend of 3 cents
per share, payable November 25, 2016, to holders of record of the common
stock at the close of business on November 4, 2016, if the reverse stock
split is not approved.

Alcoa Inc. also announced today that its Board has approved the
completion of the Company’s separation into two independent,
publicly-traded companies. The separation is scheduled to become
effective before the opening of the market on November 1, 2016. At the
time of separation, shareholders of Alcoa Inc. will retain their shares
of Alcoa Inc. Due to the name change of Alcoa Inc. to Arconic Inc. upon
separation, these shares will become Arconic Inc. shares.

Following the completion of the separation, the board of directors of
each company will review and determine the dividend policy of each

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) 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, and in the Form
10 registration statement filed by Alcoa Upstream Corporation. 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.

Matthew Garth
Monica Orbe