Accomplished Directors to Bring Diverse Leadership Experience, Reflecting New Companies’ Distinct Opportunities and Strategies

In preparation for its previously-announced separation into two
industry-leading companies, Alcoa Inc. (NYSE:AA) has named the members
of the Boards of Directors for the future Arconic Inc. and Alcoa
Corporation.

To ensure continuity and retention of valuable Alcoa Inc. experience,
each new company’s board will include members of the current Alcoa Inc.
board, who will serve alongside new directors appointed after a
comprehensive search. The new boards will assume their responsibilities
upon completion of the Company’s separation, which remains on track for
the second half of 2016.

“We have established two world-class, diverse boards for Arconic and
Alcoa Corporation to accelerate value for the shareholders of each
company,” said Alcoa Chairman and CEO Klaus Kleinfeld. “The new
directors – like the directors they join – are high-caliber executives
who bring to the table track records of success in relevant industrial
and leadership roles. Arconic and Alcoa Corporation will draw on the
valuable experience of its directors as each company sets course for a
promising future.”

Arconic Inc.

Arconic will be a leading global provider of high performance materials
and engineered products to the aerospace, automotive, commercial
transportation and other growth industries, with a portfolio and
strategy positioned to achieve consistent profitable growth. As
previously announced, upon separation, Klaus Kleinfeld will serve as
Arconic Chairman and CEO.

The Arconic Board of Directors will comprise the following:

• Amy Alving, former Senior Vice President and Chief Technology
  Officer, Leidos Holdings, Inc.
• Arthur Collins, Jr., former Chairman and CEO, Medtronic, Inc.
• Rajiv Gupta, Chairman, Delphi Automotive PLC and Chairman and
  Senior Advisor, New Mountain Capital, LLC.
• Klaus Kleinfeld, Chairman and CEO, Arconic Inc.
• Sean Mahoney, private investor and former Partner and head of
  the Financial Sponsors Group, Goldman, Sachs & Co.
• E. Stanley O’Neal, former Chairman and CEO, Merrill Lynch &
  Co., Inc.
• John Plant, former Chairman, President and CEO, TRW Automotive
• L. Rafael Reif, President, Massachusetts Institute of Technology
• Julie Richardson, former Partner and the head of the New York
  office, Providence Equity Partners LLC
• Patricia Russo, Chairman, Hewlett Packard Enterprise and former
  CEO, Alcatel Lucent
• Ulrich Schmidt, former Executive Vice President and CFO, Spirit
  Aerosystems Holdings, Inc.
• Martin Sorrell, founder and CEO, WPP plc
• Ratan Tata, former Chairman, Tata Sons Limited

Alving, Gupta and Richardson are newly appointed to the Arconic Board of
Directors; the other directors serve on the Alcoa Inc. board.

For biographies of each member of the future Arconic Board of Directors,
please click
here or visit www.alcoa.com.

Alcoa Corporation

Alcoa Corporation will be a globally-competitive industry leader in
bauxite, alumina and aluminum products, positioned to succeed throughout
the market cycle. As previously announced, Roy Harvey, current Group
President of the Alcoa Global Primary Products business, will be CEO of
Alcoa Corporation. The Chairman will be announced prior to the
separation.

The full Alcoa Corporation Board of Directors will comprise the
following:

• Mary Anne Citrino, Senior Advisor, The Blackstone Group L.P.
• Timothy Flynn, former CEO, KPMG
• Kathryn Fuller, Chair, the Smithsonian’s National Museum of
  Natural History
• Roy Harvey, CEO, Alcoa Corporation
• James Hughes, former CEO of First Solar, Inc.
• Michael Morris, former Chairman and CEO, American Electric
  Power Company, Inc.
• James Nevels, founder and Chairman, The Swarthmore Group
• James Owens, former Chairman and CEO, Caterpillar Inc.
• Carol Roberts, Senior Vice President and CFO, International
  Paper Company
• Suzanne Sitherwood, President and CEO, Spire Inc.
• Steve Williams, President and CEO, Suncor Energy Inc
• Ernesto Zedillo, former President of Mexico and current
  Director, Yale Center for the Study of Globalization

Citrino, Flynn, Harvey, Hughes, Nevels, Sitherwood and Williams are
newly appointed to the Alcoa Corporation Board of Directors; the other
directors serve on the Alcoa Inc. board.

For biographies of each member of the future Alcoa Corporation Board of
Directors, please click
here or visit www.alcoa.com.

Dissemination of Company Information

Alcoa intends to make future announcements regarding Company
developments and financial performance through its website at www.alcoa.com.

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 www.alcoa.com,
follow @Alcoa on Twitter at www.twitter.com/Alcoa
and follow us on Facebook at www.facebook.com/Alcoa.

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.

Alcoa
Investor Contact:
Matt Garth, 212-836-2674
Matthew.Garth@alcoa.com
or
Media Contact:
Monica Orbe, 212-836-2632
Monica.Orbe@alcoa.com