Howmet Aerospace Inc. — Director's Dealing 2018

May 16, 2018

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Arconic Inc. (ARNC)
CIK: 0000004281
Period of Report: 2018-05-15

Reporting Person: ELLIOTT ASSOCIATES, L.P. (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2018-05-15	Common Stock, $1.00 par value	P	256000	$17.9610	Acquired	16608683	Direct
2018-05-15	Common Stock, $1.00 par value	X	256000	—	Acquired	16864683	Indirect
2018-05-15	Common Stock, $1.00 par value	J	256000	$17.9260	Disposed	16608683	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2018-05-15	Notional Principal Amount Derivative Agreements	$	J	1	Disposed		Common Stock (256000)	Indirect

Footnotes

F1: This Form 4 is filed by Elliott Associates, L.P. ("Reporting Person"). The Reporting Person disclaims beneficial ownership of the securities reported herein except to the extent of its pecuniary interest therein.

F2: The Reporting Persons settled a portion of certain notional principal amount derivative agreements (the "Derivative Agreements") in the form of cash settled swaps with strike prices ranging from $18.5877 to $21.1014 pursuant to their terms. The Derivative Agreements provide the Reporting Persons with economic results that are comparable to the economic results of ownership but do not provide it with the power to vote or direct the voting or dispose of or direct the disposition of the shares that are referenced in the Derivative Agreements (such shares, the "Subject Shares"). The Reporting Persons disclaims beneficial ownership in the Subject Shares. The settlement of the Derivative Agreements and the reported purchase of the common stock in connection therewith are exempt from Section 16(b) of the Securities Exchange Act of 1934, as amended pursuant to Rule 16b-6(b) thereunder.

F3: Reflects a transaction effected by Liverpool, a wholly-owned subsidiary of Elliott.