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Arconic Completes Debt-For-Equity Exchange of Alcoa Corporation Common Stock; Reduces $800 Million of Debt Year to Date

NEW YORK–(BUSINESS WIRE)–Arconic Inc. (NYSE: ARNC) (“Arconic” or the “Company”) today announced the completion on May 4, 2017 of the exchange of its remaining 12,958,767 shares of common stock of Alcoa Corporation (“Alcoa”) for $428,635,000 aggregate principal amount of Arconic debt held by Citigroup Global Markets Inc. (“Citigroup”) and Credit Suisse Securities (USA) LLC (“Credit Suisse”). The debt-for-equity exchange is intended to qualify as generally tax-free to Arconic for U.S. federal i