Table of Contents Stock Performance Graph The following graph compares the most recent five-year performance of the Company’s common stock with (1) the Standard & Poor’s (S&P) 500 ® Index, (2) the S&P 500$^{®}$ Materials Index, a group of 25 companies categorized by Standard & Poor’s as active in the “materials” market sector, (3) the S&P Aerospace & Defense Select Industry Index, a group of 33 companies categorized by Standard & Poor’s as active in the “aerospace & defense” industry and (4) the S&P 500$^{®}$ Industrials Index, a group of 69 companies categorized by Standard & Poor’s as active in the “industrials” market sector. The graph assumes, in each case, an initial investment of $100 on December 31, 2013, and the reinvestment of dividends. Historical prices prior to the separation of Alcoa Corporation from the Company on November 1, 2016, have been adjusted to reflect the value of the Separation transaction. The graph, table and related information shall not be deemed to be “filed” with the SEC, nor shall such information be incorporated by reference into future filings under the Securities Act of 1933 or Securities Exchange Act of 1934, each as amended, except to the extent that the Company specifically incorporates it by reference into such filing. Please note that the Company intends to replace the S&P 500® Materials Index with the S&P Aerospace & Defense Select Industry Index and the S&P 500® Industrials Index in subsequent stock performance graphs. We believe that the companies and industries represented in the S&P Aerospace & Defense Select Industry Index and the S&P 500® Industrials Index better reflect the markets in which the Company currently participates. All three indices are represented in the graph below. 33 As of December 31, 2013 2014 2015 2016 2017 2018 Arconic Inc. $ 100 $ 149.83 $ 94.62 $ 80.22 $ 119.02 $ 74.47 S&P 500$^{®}$ Index 100 113.69 115.26 129.05 157.22 150.33 S&P 500$^{®}$ Materials Index 100 106.91 97.95 114.30 141.55 120.74 S&P Aerospace & Defense Select Industry Index 100 111.43 117.49 139.70 197.50 181.56 S&P 500$^{®}$ Industrials Index 100 109.83 107.04 127.23 153.99 133.53 Copyright© 2019 Standard & Poor's, a division of S&P Global. All rights reserved.