Howmet Aerospace Inc. — Director's Dealing 2019

Aug 29, 2019

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Arconic Inc. (ARNC)
CIK: 0000004281
Period of Report: 2019-08-26

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2019-08-26	Common Stock, $1.00 par value	S	1805903	$24.94	Disposed	32306412	Direct
2019-08-27	Common Stock, $1.00 par value	S	1894208	$25.17	Disposed	30412204	Direct
2019-08-28	Common Stock, $1.00 par value	S	508407	$25.05	Disposed	29903797	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2019-08-26	Notional Principal Amount Derivative Agreements	$	J	1	Acquired		Common Stock (1978403)	Direct
2019-08-27	Notional Principal Amount Derivative Agreements	$	J	1	Acquired		Common Stock (2066708)	Direct
2019-08-28	Notional Principal Amount Derivative Agreements	$	J	1	Acquired		Common Stock (508.407)	Direct

Footnotes

F1: This Form 4 is filed jointly by Elliott International, L.P. ("Elliott International") and Elliott International Capital Advisors Inc. ("EICA" and, together with Elliott International, the "Reporting Persons"). EICA, as the investment manager of Elliott International, may be deemed to beneficially own the securities owned by directly by Elliott International. Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein except to the extent of its pecuniary interest therein.

F2: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $24.87 to $25.05, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth herein.

F3: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $25.17 to $25.18, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth herein.

F4: The Reporting Persons increased its position in notional principal amount derivative agreements (the "Derivative Agreements") in the form of cash settled swaps. The strike prices of the Derivative Agreements reported herein range from $24.89 to $25.05. The Derivative Agreements provide the Reporting Persons with economic results that are comparable to the economic results of ownership but do not provide them 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 disclaim beneficial ownership in the Subject Shares. The Derivative Agreements shall continue until terminated as elected by the parties, and have an initial reference expiration date of December 18, 2020.

F5: The Reporting Persons increased its position in the Derivative Agreements in the form of cash settled swaps. The strike price of the Derivative Agreements reported herein is $25.18. The Derivative Agreements provide the Reporting Persons with economic results that are comparable to the economic results of ownership but do not provide them with the power to vote or direct the voting or dispose of or direct the disposition of the Subject Shares. The Reporting Persons disclaim beneficial ownership in the Subject Shares. The Derivative Agreements shall continue until terminated as elected by the parties, and have an initial reference expiration date of December 18, 2020.

F6: The Reporting Persons increased its position in the Derivative Agreements in the form of cash settled swaps. The strike price of the Derivative Agreements reported herein is $25.08. The Derivative Agreements provide the Reporting Persons with economic results that are comparable to the economic results of ownership but do not provide them with the power to vote or direct the voting or dispose of or direct the disposition of the Subject Shares. The Reporting Persons disclaim beneficial ownership in the Subject Shares. The Derivative Agreements shall continue until terminated as elected by the parties, and have an initial reference expiration date of December 18, 2020.