Arconic Announces Debt-For-Equity Exchange for Alcoa Corporation Common Stock

April 26, 2017

Arconic Inc. (NYSE: ARNC) (“Arconic”) today announced that it agreed to
exchange 12,958,767 shares of common stock of Alcoa Corporation
(“Alcoa”) it owns for indebtedness of Arconic currently held by
Citigroup Global Markets Inc. and Credit Suisse Securities (USA) LLC
(the “Selling Stockholders”). Completion of the exchange will result in
Arconic’s complete exit of its ownership stake in Alcoa.

The Selling Stockholders will sell the shares of Alcoa in a secondary
public offering. No shares are being sold by Alcoa, and the total number
of shares of Alcoa common stock outstanding will not change as a result
of this offering. The Selling Stockholders will receive all net proceeds
from this offering.

Citigroup and Credit Suisse Securities (USA) LLC are acting as the
underwriters for the offering. The underwriters propose to offer the
shares of common stock from time to time for sale in one or more
transactions on the NYSE, in the over-the-counter market, through
negotiated transactions or otherwise at market prices prevailing at the
time of sale, at prices related to prevailing market prices or at
negotiated prices.

A registration statement on Form S-1 (including a prospectus) relating
to the common stock of Alcoa has been filed with the U.S. Securities and
Exchange Commission (the “SEC”) and is effective.

Before you invest, you should read the prospectus and prospectus
supplement in that registration statement and other documents Alcoa has
filed with the SEC for more complete information about Alcoa and this
offering. You may get these documents for free by visiting EDGAR on the
SEC web site at
Alternatively, copies of the prospectus and accompanying prospectus
supplement related to this offering, when available, may be obtained
from Citigroup, c/o Broadridge Financial Solutions, 1155 Long Island
Avenue, Edgewood, NY 11717 (Tel: 800-831-9146) or Credit Suisse
Securities (USA) LLC, Attn: Prospectus Department, One Madison Avenue,
New York, NY 10010, Telephone: 1-800-221-1037, Email:

This press release does not constitute an offer to sell or a
solicitation of an offer to buy any securities, nor shall there be any
sale of these securities in any state or jurisdiction in which such an
offer, solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or

Cautionary Note Regarding 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,”
“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.

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