Alcoa Corporation Amends Revolving Credit Agreement with Improved Terms and Greater Flexibility

November 16, 2017

PITTSBURGH–(BUSINESS WIRE)–Alcoa Corporation (NYSE:AA), a global leader in bauxite, alumina and
aluminum products, today announced that it has successfully amended its
$1.5 billion revolving credit agreement with improved terms for the
Company.

The amendment on the revolving credit agreement eases certain financial
covenants to provide greater flexibility for the Company in a range of
areas, including expanded options for permitted debt and investments.

“In our first year as an independent company, we’ve realized solid
financial performance supported by favorable market conditions,” said
William Oplinger, Executive Vice President and Chief Financial Officer.
“The amendment to the revolving credit agreement is a recognition of our
strengthened financial position, and the improved terms provide greater
latitude to deliver on our strategic priorities to reduce complexity,
drive returns and strengthen the balance sheet.”

The amended revolving credit agreement also provides more flexibility
for Alcoa to execute its capital allocation strategy.

“As a commodity company, we will maintain a conservative strategy for
capital allocation that places a priority on maintaining a healthy cash
balance, sustaining current operations and then investing in return
seeking projects,” Oplinger said. “After meeting those objectives and
our obligations, we aim to return cash to our stockholders in a
sustainable way.”

Alcoa Corporation, Alcoa Nederland Holding B.V. and 24 participating
financial institutions finalized the amended revolving credit agreement
on November 14, 2017. The agreement extends the maturity date from
November 1, 2021 to November 14, 2022. JPMorgan Chase Bank serves as the
administrative agent.

About Alcoa

Alcoa (NYSE: AA) is a global industry leader in bauxite, alumina and
aluminum products, with a strong portfolio of value-added cast and
rolled products and substantial energy assets. Alcoa is built on a
foundation of strong values and operating excellence dating back nearly
130 years to the world-changing discovery that made aluminum an
affordable and vital part of modern life. Since inventing the aluminum
industry, and throughout our history, our talented Alcoans have followed
on with breakthrough innovations and best practices that have led to
efficiency, safety, sustainability and stronger communities wherever we
operate. Visit us online on www.alcoa.com,
follow @Alcoa on Twitter and on Facebook at www.facebook.com/Alcoa.

Dissemination of Company Information

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

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in any forward-looking statements are based on reasonable assumptions,
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is possible that actual results may differ materially from those
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