EX-99.1 4 tm2010854d1_ex99-1.htm EXHIBIT 99.1

Exhibit 99.1

Howmet Aerospace A Differentiated Aerospace Supplier February 25, 2020

Forward – Looking Statements This presentation contains statements that relate to future events and expectations and as such constitute forward - looking state ments within the meaning of the Private Securities Litigation Reform Act of 1995. Forward - looking statements include those containing such words as "anticipates," "believes," "could," "estim ates," "expects," "forecasts," "goal," "guidance," "intends," "may," "outlook," "plans," "projects," "seeks," "sees," "should," "targets," "will," "would," or other words of similar meani ng. All statements that reflect Howmet Aerospace’s expectations, assumptions or projections about the future, other than statements of historical fact, are forward - looking statements, including , without limitation, forecasts and expectations relating to the growth of the aerospace, defense, automotive, industrials, commercial transportation and other end markets; statements and gu ida nce regarding future financial results or operating performance; statements regarding future strategic actions; and statements about Howmet Aerospace's strategies, outlook, busi nes s and financial prospects. These statements reflect beliefs and assumptions that are based on Howmet Aerospace’s perception of historical trends, current conditions and expected future dev elopments, as well as other factors Howmet Aerospace believes are appropriate in the circumstances. Forward - looking statements are not guarantees of future performance and are subje ct to risks, uncertainties and changes in circumstances that are difficult to predict, which could cause actual results to differ materially from those indicated by these statements. Suc h r isks and uncertainties include, but are not limited to: (a) uncertainties regarding the planned separation, including whether it will be completed pursuant to the targeted timing, asset pe rimeters, and other anticipated terms, if at all; (b) the impact of the separation on the businesses of Howmet Aerospace; (c) the risk that the businesses will not be separated successfully or such separation may be more difficult, time - consuming or costly than expected, which could result in additional demands on Howmet Aerospace’s resources, systems, procedures and contr ols , disruption of its ongoing business, and diversion of management’s attention from other business concerns; (d) deterioration in global economic and financial market conditions gen era lly; (e) unfavorable changes in the markets served by Howmet Aerospace; (f) the inability to achieve the level of revenue growth, cash generation, cost savings, improvement in pro fit ability and margins, fiscal discipline, or strengthening of competitiveness and operations anticipated or targeted; (g) competition from new product offerings, disruptive technologies o r o ther developments; (h) political, economic, and regulatory risks relating to Howmet Aerospace’s global operations, including compliance with U.S. and foreign trade and tax laws, sancti ons , embargoes and other regulations; (i) manufacturing difficulties or other issues that impact product performance, quality or safety; (j) Howmet Aerospace’s inability to realize exp ected benefits, in each case as planned and by targeted completion dates, from acquisitions, divestitures, facility closures, curtailments, expansions, or joint ventures; (k) the im pac t of potential cyber attacks and information technology or data security breaches; (l) the loss of significant customers or adverse changes in customers’ business or financial conditions; ( m) adverse changes in discount rates or investment returns on pension assets; (n) the impact of changes in aluminum prices and foreign currency exchange rates on costs and results; (o) th e o utcome of contingencies, including legal proceedings, government or regulatory investigations, and environmental remediation, which can expose Howmet Aerospace to substantial cost s a nd liabilities; and (p) the other risk factors summarized in Howmet Aerospace’s Form 10 - K for the year ended December 31, 2018 and other reports filed with the U.S. Securities and Exchan ge Commission (SEC). Market projections are subject to the risks discussed above and other risks in the market. The statements in this presentation are made as of the date of this pre sentation, even if subsequently made available by Howmet Aerospace on its website or otherwise. Howmet Aerospace disclaims any intention or obligation to update publicly any forward - loo king statements, whether in response to new information, future events, or otherwise, except as required by applicable law. Important Information 2

Important Information (continued) 3 References herein to Howmet Aerospace refer to Arconic Inc., which will be renamed “Howmet Aerospace Inc.” upon its separation from Arconic Rolled Products Corporation (to be renamed “Arconic Corporation” upon the separation). Non - GAAP Financial Measures Some of the information included in this presentation is derived from Howmet Aerospace’s consolidated financial information b ut is not presented in Howmet Aerospace’s financial statements prepared in accordance with accounting principles generally accepted in the United States of America (GA AP) . Certain of these data are considered “non - GAAP financial measures” under SEC rules. These non - GAAP financial measures supplement our GAAP disclosures and should not be co nsidered an alternative to the GAAP measure. Reconciliations to the most directly comparable GAAP financial measures and management’s rationale for the use of th e n on - GAAP financial measures can be found in the Appendix to this presentation. Howmet Aerospace has not provided reconciliations of any forward - looking non - GAAP financial m easures, such as organic revenue, earnings per share excluding special items, adjusted free cash flow, and free cash flow conversion, to the most directly comparable GA AP financial measures because such reconciliations are not available without unreasonable efforts due to the variability and complexity with respect to the charges and other compon ent s excluded from the non - GAAP measures, such as the effects of foreign currency movements, equity income, gains or losses on sales of assets, taxes, and any future restructu rin g or impairment charges. These reconciling items are in addition to the inherent variability already included in the GAAP measures, which includes, but is not limited to, price/m ix and volume. Howmet Aerospace believes such reconciliations would imply a degree of precision that would be confusing or misleading to investors. “Organic revenue” is GAAP revenue adjusted for Tennessee Packaging (which completed its phase - down as of year - end 2018), divesti tures, and changes in aluminum prices and foreign currency exchange rates relative to prior year period. “Adjusted free cash flow” is cash provided from (used for) ope rat ions, less capital expenditures, plus cash receipts from sold receivables. Any reference to historical EBITDA means adjusted EBITDA for which we have provided calculations and rec onciliations in the Appendix. Other Information In the third quarter of 2019, Howmet Aerospace realigned its operations by eliminating its Transportation and Construction So lut ions (TCS) segment and transferring the Forged Wheels business to the Engineered Products and Forgings (EP&F) segment (formerly named the Engineered Products and Solutions seg ment) and the Building and Construction Systems (BCS) business to the Global Rolled Products (GRP) segment. The Latin American extrusions business, formerly part of the TCS segment prior to its sale in April of 2018, was moved to Corporate. In the first quarter of 2019, Howmet Aerospace transferred its Aluminum Extrusions operations from th e E P&F segment to the GRP segment. Prior period financial information has been recast to conform to current year presentation.

Today’s Presenters 4 John Plant Executive Chairman & Co - Chief Executive Officer Howmet Aerospace Ken Giacobbe EVP & Chief Financial Officer Howmet Aerospace Current Chairman & Chief Executive Officer Arconic Inc. Current EVP & Chief Financial Officer Arconic Inc.

Howmet Aerospace: Unique Assets with Iconic, Trusted Brand & Differentiated Technologies 5 Mission - Critical Supplier in Growing Markets Differentiated Technologies with Rich IP Portfolio and Process Know - How Iconic, Trusted Brand 80 + year history – major presence in jet engines Leading market position with high barriers to entry Collaborative relationships across a blue - chip customer base Deep customer relationships allow company to lead the technology curve Strategic global footprint with state - of - the - art facilities Nearly 1,300 granted and pending patents for designs and production processes drive competitive advantage Able to supply over 90% of structural / rotating aero - engine parts Stability underpinned by ~70% of aerospace revenue under long - term agreement, with strong engine spares demand Increased content on next - generation platforms

Howmet Aerospace: Key Takeaways Note: Adj. Free Cash Flow conversion defined as Adj. Free Cash Flow ( ÷ ) Net Income excluding special items. 6 • Aerospace Revenue growth above aircraft build rates • EBIT/EBITDA margins in top quartile of Aerospace peer set • Greater than 90% Adjusted Free Cash Flow conversion • Disciplined capital allocation strategy

7 Aerospace Market

2,882 3,751 5,269 7,085 9,623 2008 2013 2018 2023 2028 Secular Tailwinds Drive Sustained Aerospace Market Growth 1) Airline Monitor June 2019 World Airline Traffic 8 Global Revenue Passenger Miles, In Billions 1 1.8x 1.8x 6% CAGR Passenger miles projected to grow at a ~ 6.0% CAGR 1 between 2018 and 2028 Passenger Miles Projected to Grow 1.8x in the Next Decade

1,792 1,856 1,936 2,017 2,104 2,075 1,917 1,847 1,801 1,813 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 20 23 28 35 44 2008 2013 2018 2023 2028 Airlines Continue Expanding Their Fleets 1) Airline Monitor June 2019 World Airline Passenger Fleet and Cargo Aircraft. 2) Teal Group World Aircraft Forecast (Jan - 2020). 9 Commercial Aircraft Fleet, In Thousands 1 1.6x 1.4x 5% CAGR Larger fleet with higher utilization rates drive airfoil spares growth Airlines Fleets Expected to Grow 1.6x in the Next Decade Long - Term Build Rates Are Expected to Remain Robust Commercial Jetliner and Regional Aircraft Builds 2 Over ~17,000 commercial jetliners and regional aircraft are expected to be delivered from 2020 - 2028

New Engines Drive Improved Fuel Consumption and Lower Environmental Footprint The LEAP and GTF are substantially more fuel efficient than their predecessor engines. Howmet Aerospace has the know - how and proprietary intellectual property to deliver critical sub - components necessary to achieve these improvements Source: CFM, Pratt & Whitney 10 Fuel Efficiency Higher Temperatures/Pressures • Next generation jet engines increase efficiency by operating at higher temperatures • Higher temperatures/pressures put greater stress on key parts such as the blades, vanes, and casings • Howmet Aerospace’s material science expertise and process know - how enable the creation of parts that can withstand the higher temperatures/pressures of the new engines Fuel Consumption V2500 GTF (PW1100G) CFM56 LEAP - 16% - 15% Next Generation vs. Previous Generation Engines

Key Aerospace Industry Trends Driving Howmet Aerospace Growth 11 ▪ Large commercial aircraft order book currently at ~8 years 1 ▪ Commercial air traffic projected to grow at ~6% CAGR over the next decade ▪ New engines deliver improved fuel efficiency and lower environmental footprint ▪ Commercial aircraft installed base projected to grow ~57% over the next decade ▪ Legacy - generation engine spares demand projected to peak ~2025 1) Source: Boeing, Airbus.

12 Howmet Aerospace

Four Segments with Over 70% of Revenue from Aerospace End Market 1) Includes 2019 revenue associated with Savannah Disks facility previously classified in Engine Products 13 Fastening Systems Forged Wheels Other Industrial & Packaging Select Customers Select Customers Select Customers #2 Aerospace Investment Casting Market Position Engine Products ~$3.3B 2019 Revenue ~$1.5B 2019 Revenue ~$1.0B 2019 Revenue Global leader in jet engine components and seamless rolled rings Global leader in fasteners Global leader in forged aluminum commercial vehicle wheels #1 Seamless Rolled Rings Market Position #1 Aerospace Fasteners Market Position #1 North America Truck & Trailer Industrial Fasteners Market Position #1 Global Forged Aluminum Wheels Engineered Structures Select Customers ~$1.3B 1 2019 Revenue Global leader in aerospace US defense structures #1 Aerospace US Defense Structures #1 Aerospace Airfoils Market Position Leading Global Provider of Advanced Engineered Solutions

Market Leader in Investment Castings, Fasteners, Rings, and Forgings Howmet Aerospace is a multi - material business with the vast majority of its products made from Superalloys and Titanium 14 2019 Revenue by Segment 2019 Material Type Engine Products 46% Fastening Systems 21% Engineered Structures 19% Forged Wheels 14% Superalloys 57% Titanium 23% Aluminum 20% 1 1) Includes 2019 revenue associated with Savannah Disks facility previously classified in Engine Products

Anatomy of a Turbofan Engine Alcoa Confidential Differentiated Technology Driving Best - in - Class Capabilities in Jet Engines 15 Front Frame ( Ti ), Variable Bleed Valve Door (Al) Inner Diffuser, TOBI (Ni Superalloy) High - Pressure / Intermediate - Pressure Turbine Airfoils (Ni Superalloy), Single Crystal (SC) Low - Pressure Turbine Airfoils (Ni Superalloy), Directionally Solidified (DS) / Equiax (EQ) Mid Turbine Frame (Ni Superalloy) Turbine Rear Frame (Ni Superalloy) 1 2 3 4 5 6 1 2 4 3 5 6 Key Howmet Aerospace Engine Content

Howmet Aerospace is the Sole Provider for Highest Temperature Engines in JSF 16 1) American Society of Engineers. 2) Fundamentals of Jet Propulsion with Applications , Cambridge Aerospace Series. Ronald D. Flack. FUTURE TECHNOLOGY FLOW Joint Strike Fighter’s F135 Turbine Inlet Temperature ~3,600 ° F 1 Modern Commercial Jet Turbine Inlet Temperature ~2,500 ° F 2

Engine Products: Technology to Support Growth on Next - Generation Engine Programs ▪ Multi - wall cooling directs air to critical areas ▪ Thin trailing edge exits reduce cooling air ▪ Wall contouring enhances performance ▪ Core chemistry and processes optimized for complex airfoils ▪ Nickel compressor blades for higher temperature / pressure ▪ Thin trailing edge nickel low - pressure blades ▪ Low platinum, high temperature bond c oats ▪ Multi - chemistry thermal barrier coatings for higher temperatures ▪ Additive manufacturing for prototyping ▪ Rapid tooling for cores and patterns ▪ Process modeling to reduce development cycle ▪ All digital systems 17 Innovative Cooling Advanced Casting and Coatings Rapid New Product Introduction Multi - wall Cooling Airfoil Design Cross Section Patent Drawing Advanced designs and techniques in conjunction with high rate production and high yields drive significant competitive advant age

Fasteners: Move to Composite Aircraft Driving Higher Value Capture 18 Carbon Fiber Content on Aircraft Increasing 1 1) Composites World. 3x 2x 767 vs. 787 A330 vs A350 Fastener revenue and profit is significantly higher on composite aircraft Howmet Aerospace Fasteners are Industry Leading Revenue per Shipset – Metallic Plane vs. Composite Plane Patented and proprietary aerospace products to solve customer and industry challenges • Advanced materials (composites) • Automated assembly • Delamination • Multi - material joining ~ 80 % of Fasteners used in Aerospace applications Lighter airframes result in lower fuel consumption and lower carbon emissions

Proprietary Designs Offer Safety and Efficiency Gains 19 Flite - Tite ® sleeve expands into composite to create a tight fit and conduct current through the structure protecting the plane from lightning strikes Flite - Tite ® Fasteners Help Make Composite Aircraft Possible Automation From LABOR INTENSIVE two - sided assembly To AUTOMATED one - sided assembly Integrated Ergo - Tech ® - 2 Installation Tool Sensor – based installation tool with data acquisition enables installation process monitoring With composite materials, come technological challenges: Lightning strike Delamination during installation

Engineered Structures: Global leader in Aerospace and US Defense Structures 20 JSF Titanium and Aluminum Bulkheads Howmet Aerospace Sole - Source Product

ESG: Proprietary Technologies Drive Efficiency; Reduce Growing Air Traffic Environmental Impacts Growing global air passenger miles continue to drive an increase in jet fuel consumption and carbon emissions 21 Advanced technologies: • Patented airfoils with advanced cooling for extreme temperature applications • Specially - designed fasteners for lightweight composite airframe construction • Titanium structural parts Aircraft manufacturers and airlines are able to serve growing demand while mitigating environmental impact Smaller Carbon Footprint Improved Emissions Lower Fuel Use

 Differentiated technology provides strength and weight savings • 5x stronger than steel and 47% lighter with patented alloy • Up to 1,400 lbs of weight savings from retrofitting an 18 - wheeler from steel to aluminum. • 10x better corrosion resistance reduces maintenance costs • Vehicle owner/operator payback ~2 years • Higher truck resale value  Continue to penetrate steel wheel market base • Aluminum wheels represent less than 20% of global heavy duty truck market Forged Wheels: Differentiated Products Providing Fuel and Weight Savings 22 Strongest and Lightest Portfolio with Premium Finishes Proprietary Technology & Leading Brands Diversified Customer Base Ultra ONE® with MagnaForce ® alloy Aircraft Wheel Forgings Proprietary alloys

February 2020 Launch of Lightest Heavy Duty Truck Wheel 23  Industry - leading lightweight wheel portfolio enhanced by new Alcoa® Ultra ONE® 39 lbs. aluminum heavy duty truck wheel  Available at all major truck OEMs  Improved functionality with new patent - pending Alcoa Wheels Hub Bore Technology New Wheel Brings Efficiency to New Levels Weight reduced to 39 lbs. Alcoa® Ultra ONE® New Hub Bore Technology Reduces Corrosion and Total Costs  Reduces the hub - to - wheel contact area by up to 64% versus other aluminum wheels on the market  Leaves less surface area for corrosion to form  Less corrosion means: • Faster, easier and safer wheel removal encouraging time savings and enhanced technician work environments • Increased productivity and overall job efficiency • Lowered total cost of ownership

24 Increasing Aircraft Fleet & Spares Demand

Aircraft Installed Base 1 Expected to Grow Rapidly Over Next Decade 25 ~28,000 Aircraft installed base 2018 ~44,000 Aircraft installed base 2028 ~57% increase 1) Airline Monitor June 2019 World Airline Passenger Fleet and Cargo Aircraft.

Substantial Aerospace Engines Spares Opportunity on Legacy Platforms Source: Safran, October 2019. 26 Large Percentages of the CFM Fleet Yet to be Serviced Spares Trends ▪ Widely installed engines expected to have significant ongoing spares potential ▪ Wave of next gen platform introductions expected to drive significant increase in maintenance / servicing needs ▪ Predictable engine and aircraft maintenance schedules / requirements expected to drive stable spares growth Many of Howmet Aerospace’s products are Limited Life Parts (LLPs) that require replacement after a certain number of flight h our s 3,000 2,000 1,000 0 2015 2020e 2025e In 2018, 60% of CFM56 - 5B/ - 7B engines had no shop visits completed, implying a significant number of shop visits to occur in the near future Projected CFM56 shop visits annually

62 65 68 70 73 76 80 84 87 91 95 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 ~ 95K Commercial Engines In Service Within Next 10 Years … ... Leading to Strong OEM Spare Part Outlook Alcoa Confidential Growth and Utilization of Commercial Aircraft Engine Fleet Will Drive Spares Commercial Aircraft Engines In Service, In Thousands 1 27 ▪ Fleet OEM’s shop visit forecast ~5% - 7% CAGR ▪ Increased utilization in harsh environments ▪ Service cycle accelerating as fleet matures 1) Airline Monitor Feb 2019 forecast of engines in service (including retirements). 2) ROM estimate based on major OEM program drivers. 1.5X ~4% ~60% Zero Shop Visits Fleet Service Cycle 2 Design and Test Parts and Services Spare Market Potential Leap 1B Trent XWB V2500 CFM56 - 5 CFM56 - 7 New Engines Leap 1A Trent 7000 GE9X Howmet Aerospace Engine Participation Howmet Aerospace is present on engine platforms across all stages of the market lifecycle ~5% Source: Fairmont Consulting Group

1 Market Dynamics Favor Howmet Aerospace Alcoa Confidential Airfoil Spares, Favorable Pricing and Strategic Investments Will Drive Growth in 2020 Total Airfoils Revenue ~$2.0B Airfoil Spares Revenue ~$0.8B ▪ Performance requires increasing engine temperatures o Designs increasing in complexity o Operating in harsh environments o Higher temperatures/pressures ▪ Drives additional demand and buffering o Spare engines and retrofits o Increased shop visits with early replacement o MRO spending rising in air traffic and load factors, coupled with older fleets continuing to fly 1 ▪ Howmet Aerospace invested o Technology for next generation engines o Production capacity ▪ Opportunity to capture share ▪ Favorable conditions for pricing 28 ~$2.0B ~$0.8B Spares Business Critical to Howmet Aerospace Spares represent ~40% of the ~$2.0B airfoils business

Revenue Shipset Growth on Next - Generation Engine Platforms up 80% - 100% 29 Legacy Engine Platforms ▪ B737NG ▪ B767 ▪ B777 ▪ A320 ▪ A330 Next Generation Engine Platforms  B737MAX  B787  B777X  A320neo  A330neo  A350 Revenue Shipset Growth 80% - 100% B737NG (1997) B777 (1995) B767 (1982) Note: Year represents date of first delivery, based on Airline Monitor June 2019 Aircraft Forecast. A320 (1988) A330 (1993) A350 (2014) A330neo (2018) A320neo (2016) B777X (2020) B737MAX (2017) B787 (2011) 1980 1990 2000 2010 2020

30 Financial

Howmet Aerospace 1 Year - over - Year Progression 31 FY 2018 FY 2019 (YoY) Total Revenue $6,798M $7,105M , up 5% (up 6% organically) Segment Operating Profit $1,105M $1,390M , up 26% Segment Operating Profit Margin 16.3% 19.6% , up 330 bps Capital Expenditures $407M $344M , down 15% Capital Expenditures as a % of Revenue 6% 5% 1 All metrics exclude Howmet Aerospace Corporate Costs 2019 estimated annual Howmet Aerospace Corporate Costs of ~$100M See appendix for reconciliations

Howmet Aerospace 1 2019 vs 2018 Year - over - Year Progression 32 1Q19 vs 1Q18 2Q19 vs 2Q18 3Q19 vs 3Q18 4Q19 vs 4Q18 Up 20% Up 23% Up 28% Up 32% +210 bps +300 bps +330 bps +480 bps Segment Operating Profit Segment Operating Profit Margin 1 All metrics exclude Howmet Aerospace Corporate Costs 2019 estimated annual Howmet Aerospace Corporate Costs of ~$100M See appendix for reconciliations

Operating Model Focused Growth Price Increase and Cost Reduction Asset Utilization ▪ Leading positions in growing markets with material science, process technology and quality ▪ Aero Engines: Increased need for higher engine temperatures and pressures to improve fuel economy and reduce emissions ▪ Aero Fasteners and Structures: Increased adoption of carbon fiber airframes increases demand for our Fasteners and lightweight Titanium Structures ▪ Forged Wheels: Opportunity to penetrate global commercial transportation steel wheels market (~80% Share) with Aluminum wheels, which improve fuel economy and increase payload capacity ▪ Improvement in critical asset utilization with minimal capital investment ▪ Baseline: 168 hours of weekly available machine time ▪ Analysis: historical trends and forecast mapped by month ▪ Latent capacity results in reduced demand for capital investment Price Increases ▪ Long term agreements (LTAs) reviewed by CEO ▪ Price increase driven by differentiated products ▪ 2019 price increases of ~$78M ▪ 2020 - 2023 LTAs under review Cost Reduction ▪ Disciplined approach to manufacturing ▪ Strict focus on cost reduction ▪ Maximize revert utilization ▪ Benchmark corporate costs by function ▪ Cost Reduction ~$110M in 2019; Run Rate reduction of ~$160M 33 Focused and Template - driven Quarterly Review Process

$407 M $344 M $275M - $325M 2018 Actual 2019 Actual 2020 Guidance Capital Expenditures: Targeting~25% Reduction from 2018 to ~4% of Revenue in 2020 34 ▪ Asset Review prior to Capital request • Equipment & plant - level asset utilization must be near peak before new capital expenditures are considered • 2019 emphasis on Overall Equipment Effectiveness (OEE) revealed untapped capacity to grow volume without significant capital spend ▪ Investment Case • Target IRR well in excess of cost of capital • Emphasis placed on payback period to avoid projects with returns driven by hard to predict terminal value ▪ CEO Review • Capital allocation is a core responsibility of the CEO and CFO • All capital spending above $0.5M is reviewed by the CEO and CFO Targeting ~25% Reduction in Capex from 2018 to 2020 Note: 2019 capex excludes ~$10M of separation capex. 2020 capex excludes ~$10M of separation capex

Expanded Capacity for Aerospace Airfoils, Rings and Forged Wheels 35 Future capital requirements expected to decline to ~4% of revenue Major Capital S pending TOTAL SPEND Engine Products Whitehall, Dover, Dives casting furnaces ~$300M Whitehall & Morristown airfoil capacity Rancho Cucamonga rings press Forged Wheels Hungary wheels expansion ~$130M TOTAL ~$430M

90 %+ 88 % 88 % 88 % 85 % 78 % 68 % 60 % 33 % Howmet 2020E Peer #1 2019 Peer #2 2019 Peer #3 2019 Peer #4 2019 Peer #5 2019 Peer #6 2019 Peer #7 2019 Peer #8 2019 Mean = 73 % Strong Operational Performance Compared to Peers Howmet Aerospace compares favorably vs. peers across growth, profitability, and FCF generation metrics Source: Company, IBES median estimates, Bloomberg; market data as of 14 - Feb - 2020; Peer figures per Wall Street Research median estimates excluding acquisitions Note: Adj. EBITDA excludes special items and includes an allocation of corporate costs; Peers include Allegheny Technologies Inc., Hexcel Corporation, Meggitt PLC, MTU Aero Engines AG, RBC Bearings Incorporated, Roll - Royce Holdings plc, Safran SA, Woodward, Inc. 1) Howmet Aerospace net leverage defined as 2019 pro forma net debt / 2019 Adj. EBITDA including estimated Howmet Aerospace c orp orate costs of ~$100M. Peer leverage defined as unadj . net debt / LTM Adj. EBITDA per latest qtrly filings 2) Includes estimated Howmet Aerospace corporate costs of ~$100M 3) Represents Howmet Aerospace 202 0E Adj. Free Cash Flow / Net Income excluding special items Conversion. 36 Historical Sales Growth (2016 – 2018) Free Cash Flow / Net Income Conversion 3 2019 Adj. EBITDA Margins 2 Net Debt / LTM Adj. EBITDA 1 22 % 26 % 25 % 22 % 20 % 20 % 18 % 11 % 9 % Howmet Peer #1 Peer #2 Peer #3 Peer #4 Peer #5 Peer #6 Peer #7 Peer #8 Mean = 19 % 2.2 x 2.6 x 1.9 x 1.8 x 1.5 x 1.1 x 0.8 x (0.1)x (0.2)x Howmet 2019E Peer #1 Peer #2 Peer #3 Peer #4 Peer #5 Peer #6 Peer #7 Peer #8 Mean = 1.2 x 7 % 14 % 7 % 7 % 7 % 6 % 5 % 2 % (2)% Howmet Peer #1 Peer #2 Peer #3 Peer #4 Peer #5 Peer #6 Peer #7 Peer #8 Mean = 6 % See appendix for reconciliations

Howmet Aerospace: Pro Forma Capital Structure as of 12/31/2019 37 1) Includes restricted cash of $55M 2) Excluding special items; Last twelve month (LTM) Arconic Inc EBITDA excluding special items 3) Assumes ~$100M of Arconic Inc corporate costs  Capital investment in business largely complete  Focused on improving operational efficiency (OEE) to drive organic growth  Minimal legacy environmental liabilities  Reduce debt by ~$1.3B in 2020 Financial Position  2020 Free Cash Flow Conversion greater than 90%  Ample liquidity with $1.5B Five - Year Revolver  Active management of pension plan exposure  Separation does not trigger incremental cash contribution to pension plans Financial Stewardship $M Arconic Inc Arconic Corp Howmet Aerospace Cash 1 $1,703 $400 $1,303 Gross Debt $5,940 $1,200 $4,740 Net Debt $4,237 $800 $3,437 Net - Debt - to - LTM EBITDA 2 1.8x N/A ~2.2x 3 See appendix for reconciliations

2020 Guidance Assumptions 38 2Q – 4Q 2020 Assumptions FY 2020 Assumptions Comments Capex $200M - $250M $275M - $325M • Excludes separation capex of ~$10M expected in 2020 Pension Cash Contributions & OPEB Payments $135M - $165M $180M - $220M • Separation does not trigger incremental pension cash contributions Pension / OPEB - related Expense ~$35M Total (~$30M Non - Service) ~$45M Total (~$35M Non - Service) Post - Tax Unfunded Pension / OPEB - related Liability ~$820M Pension Liability ~$170M OPEB Liability • As of 12/31/2019 • Applied U.S. federal corporate tax rate of 21% to figures Tax Rate Operational tax %= 28.0% - 30.0% Cash tax %= ~10% Depreciation & Amortization $200M - $230M $265M - $305M Diluted Share Count ~440M • Excludes the impact of potential share repurchases

Bolt - on acquisitions Share repurchases Reduce leverage and gross pension liabilities Capital Allocation Priorities and Guidance 1) Defined as Adj. Free Cash Flow ( · ) Net Income excluding special items. 39 2020 Guidance Revenue EPS ex. Special Items Adj. Free Cash Flow $5.2B – 5.4B $1.20 – $1.28 $775M – $825M Targeting ~$0.02 per share quarterly dividend FY20 Adj. FCF conversion greater than 90% 1 2Q – 4Q 2020 $6.8B – 7.0B $1.54 – $1.64 $675M – $725M Organic Revenue Growth: 1% - 3% Full Year 2020

Howmet Aerospace Management Team 40 John Plant , Executive Chairman & Co - Chief Executive Officer, Howmet Aerospace; Current Chairman & Chief Executive Officer Arconic Inc.  Held his role as CEO since February 2019  Mr. Plant has served as a director since 2016 and Chairman of the Board since 2017  Mr. Plant is the former Chairman of the Board, President and Chief Executive Officer of TRW Automotive, which was acquired by ZF Friedrichshafen AG in May 2015  Mr. Plant also serves as a director of Jabil Circuit Corporation and Masco Corporation Ken Giacobbe , EVP & Chief Financial Officer  Held his role since the company’s separation from Alcoa in 2016  Prior to separation, Mr. Giacobbe served as CFO of Alcoa’s Engineered Products and Solutions division  Joined Alcoa in 2004 as Vice President of Finance for Global Extruded Products  M.B.A. from the University of South Florida and B.S. in Economics from State University of New York at Oneonta Kate Ramundo , EVP, Chief Legal Officer and Corporate Secretary  Held her role since November 2016  Prior to joining Arconic, Ms. Ramundo was EVP, General Counsel and Secretary of ANN, Inc. and VP, Deputy General Counsel / Assistant Secretary of Colgate - Palmolive  J.D. from Columbia University School of Law and B.A. from Georgetown University Neil Marchuk , EVP, Human Resources  Held his role since February 2019  Prior to joining Arconic, Mr. Marchuk had been Executive Vice President and Chief Human Resources Officer at Adient  Mr. Marchuk previously served as EVP of Human Resources at TRW from 2004 to 2015  M.A. from the University of the West of Scotland and B.A. in Commerce from University of Windsor Michael Chanatry , VP, Chief Commercial Officer  Mr. Chanatry joined Arconic in 2018 as Chief Commercial Offer  Prior to joining Arconic, Mr. Chanatry served in commercial and military market roles at General Electric and Lockheed Martin  B.A. from Niagara University

Howmet Aerospace Management Team (continued) 41 Tolga Oal , Co - Chief Executive Officer - Designate, Howmet Aerospace; Acting President, Engineered Structures  Held his role since 2019  Previously held leadership roles in operations and purchasing for American Axle & Manufacturing  Prior to American Axle & Manufacturing, Mr. Oal held key finance and operations positions in TRW Automotive’s Electronics business and at Siemens VDO Automotive  M.B.A. in International Finance from the University of Florida and B.S. in Chemical Engineering / Process Engineering from Bosphorus University in Istanbul, Turkey Dirk Bauer , President, Engine Products  Held his role since 2016  Joined Alcoa in 2013 as Vice President and General Manager, Europe Aerospace Structural Castings and Airfoils  Prior to joining Alcoa, held roles at Siemens including President Director General for Flender Graffenstaden S.A.S. and various roles at Siemens Management Consulting  German Diploma Engineering Degree in Mechanical Engineering from Technical University Darmstadt with a focus on Rotating Equi pme nt Gas Turbines, Aero Engines and Combustion Vitaliy V. Rusakov , President, Fastening Systems  Held his role since 2010  Previously, Mr. Rusakov served as Chief Operating Officer for Arconic Engineered Products and Solutions  Mr. Ruskov began his career in the fastening business in 1998  M.B.A. from Georgetown University and INSEAD, B.A. in International Economics from Kiev University of Economics and B.A. in L ing uistics and Education from Kiev University of Linguistics Merrick Murphy , President, Forged Wheels  Held his role since 2016  Prior to this appointment, Mr. Murphy was Vice President and General Manager for Alcoa’s Commercial Vehicle Wheel business in th e Asia Pacific region  Mr. Murphy joined Alcoa in 1997  B.A. in Business Administration from Loyola University, in Chicago

Howmet Aerospace: Key Takeaways Note: Adj. Free Cash Flow conversion defined as Adj. Free Cash Flow ( ÷ ) Net Income excluding special items. 42 ▪ Aerospace Revenue growth above aircraft build rates ▪ EBIT/EBITDA margins in top quartile of Aerospace peer set ▪ Greater than 90% Adjusted Free Cash Flow conversion ▪ Disciplined capital allocation strategy

43 Appendix

Reconciliation of Arconic Inc Engineered Products & Forgings Segment Organic Revenue 44 ($ in millions) Year ended December 31, 2018 2019 Arconic Inc Engineered Products and Forgings Segment Third - party s ales $6,798 $7,105 Less: Sales – Eger forgings 32 — Sales – UK forgings 131 116 Aluminum price impact n/a (19) Foreign currency impact n/a (53) Arconic Inc Engineered Products and Forgings Segment Organic revenue $6,635 $7,061 Arconic Inc Engineered Products and Forgings Segment Information Our audited consolidated financial statements as of and for the year ended December 31, 2019 are not yet complete and are not av ailable as of the date of this presentation. On January 27, 2020, Arconic Inc. reported unaudited financial results for the year ended December 31, 2019 for its Engineered Products and Forgin gs (“EP&F”) segment. Our historical consolidated financial information was prepared from Arconic Inc’s historical accounting records, including the underlying financial data derived fr om the operations that comprise Arconic Inc’s EP&F segment. Certain financial information of Arconic Inc’s EP&F segment included in this presentation is the information of Arconic Inc’s EP&F se gme nt as a reportable segment of Arconic Inc. Our final audited consolidated financial statements as of and for the year ended December 31, 2019 may differ from Arconic Inc’s EP&F segment’s un audited financial results included in this presentation, and the unaudited financial results for Arconic Inc’s EP&F segment for the year ended December 31, 2019 are not necessarily indicativ e o f our future results for any subsequent periods. Arconic Inc Engineered Products and Forgings Segment Organic revenue is a non - GAAP financial measure . Management believes this measure is meaningful to investors as it presents revenue on a comparable basis for all periods presented due to the impact of the sale of the forgings businesses in Eger, Hungary (divested in December 2018 ) and the United Kingdom (divested in December 2019 ), and the impact of changes in aluminum prices and foreign currency fluctuations relative to the prior year periods . The revenue from a small manufacturing facility that was divested in the second quarter of 2019 and the small energy business that was divested in the third quarter of 2019 was not material and therefore is included in Organic revenue .

Arconic Inc Calculation of Total Segment Operating Profit Margin 45 Arconic Inc Engineered Products and Forgings Segment Information Our audited consolidated financial statements as of and for the year ended December 31, 2019 are not yet complete and are not av ailable as of the date of this presentation. On January 27, 2020, Arconic Inc. reported unaudited financial results for the year ended December 31, 2019 for its Engineered Products and Forgin gs (“EP&F”) segment. Our historical consolidated financial information was prepared from Arconic Inc’s historical accounting records, including the underlying financial data derived fr om the operations that comprise Arconic Inc’s EP&F segment. Certain financial information of Arconic Inc’s EP&F segment included in this presentation is the information of Arconic Inc’s EP&F se gme nt as a reportable segment of Arconic Inc. Our final audited consolidated financial statements as of and for the year ended December 31, 2019 may differ from Arconic Inc’s EP&F segment’s un audited financial results included in this presentation, and the unaudited financial results for Arconic Inc’s EP&F segment for the year ended December 31, 2019 are not necessarily indicativ e o f our future results for any subsequent periods. Segment performance is evaluated based on a number of factors ; however, the primary measure of performance is Segment operating profit . Arconic Inc’s definition of Segment operating profit is Operating income excluding Special items . Special items include Restructuring and other charges . Segment operating profit includes the impact of LIFO inventory accounting, metal price lag, intersegment profit eliminations, and derivative activities . ( 1 ) See Arconic Inc’s Reconciliation of Total segment operating profit to Consolidated income before income taxes . ( 2 ) For 2 Q 18 , Segment operating profit for the Global Rolled Product segment included the impact of a $ 23 charge related to a physical inventory adjustment at one plant . ($ in millions) 1Q18 2Q18 3Q18 4Q18 2018 1Q19 2Q19 3Q19 4Q19 2019 Arconic Inc Third Party Sales – Engineered Products & Forgings $1,666 $1,734 $1,683 $1,715 $6,798 $1,756 $1,822 $1,794 $1,733 $7,105 Arconic Inc Third Party Sales – Global Rolled Products 1,754 1,875 1,839 1,755 7,223 1,784 1,868 1,763 1,667 7,082 Total Arconic Inc segment sales $3,420 $3,609 $3,522 $3,470 $14,021 $3,540 $3,690 $3,557 $3,400 $14,187 Total Arconic Inc segment operating profit (1)(2) $401 $433 $391 $361 $1,586 $448 $539 $524 $504 $2,015 Total Arconic Inc segment operating profit margin 11.7% 12.0% 11.1% 10.4% 11.3% 12.7% 14.6% 14.7% 14.8% 14.2%

Reconciliation of Arconic Inc Total segment operating profit to Consolidated income before income taxes 46 Arconic Inc Engineered Products and Forgings Segment Information Our audited consolidated financial statements as of and for the year ended December 31, 2019 are not yet complete and are not av ailable as of the date of this presentation. On January 27, 2020, Arconic Inc. reported unaudited financial results for the year ended December 31, 2019 for its Engineered Products and Forgin gs (“EP&F”) segment. Our historical consolidated financial information was prepared from Arconic Inc’s historical accounting records, including the underlying financial data derived fr om the operations that comprise Arconic Inc’s EP&F segment. Certain financial information of Arconic Inc’s EP&F segment included in this presentation is the information of Arconic Inc’s EP&F se gme nt as a reportable segment of Arconic Inc. Our final audited consolidated financial statements as of and for the year ended December 31, 2019 may differ from Arconic Inc’s EP&F segment’s un audited financial results included in this presentation, and the unaudited financial results for Arconic Inc’s EP&F segment for the year ended December 31, 2019 are not necessarily indicativ e o f our future results for any subsequent periods. Segment performance is evaluated based on a number of factors ; however, the primary measure of performance is Segment operating profit . Arconic Inc’s definition of Segment operating profit is Operating income excluding Special items . Special items include Restructuring and other charges . Segment operating profit includes the impact of LIFO inventory accounting, metal price lag, intersegment profit eliminations, and derivative activities . ($ in millions) 1Q18 2Q18 3Q18 4Q18 2018 1Q19 2Q19 3Q19 4Q19 2019 Arconic Inc Total segment operating profit $401 $433 $391 $361 $1,586 $448 $539 $524 $504 $2,015 Unallocated amounts: Restructuring and other charges (7) (15) 2 11 (9) (12) (499) (119) 10 (620) Corporate expense (61) (94) (48) (49) (252) (62) (121) (79) (98) (360) Arconic Inc Consolidated operating income (loss) 333 324 345 323 1,325 374 (81) 326 416 1,035 Interest expense (114) (89) (88) (87) (378) (85) (85) (86) (82) (338) Other expense, net (20) (41) (8) (10) (79) (32) (29) (31) (30) (122) Arconic Inc Consolidated income (loss) before income taxes $199 $194 $249 $226 $868 $257 $(195) $209 $304 $575

Reconciliation of Arconic Inc Corporate Expense Excluding Special Items 47 Arconic Inc Corporate expense excluding Special items is a non - GAAP financial measure. Management believes that this measure is meaningful to investors because management reviews the operating results of Arconic Inc excluding the impacts of Special items. There can be no assurances that additional Special items will not occur in future periods. To compensate for this limitation, management believes that it is appropriate to consider both Arconic Inc Corporate expense determined under GAAP as well as Arconic Inc Corporate exp ense excluding Special items. ($ in millions) 4Q18 2018 1Q19 2Q19 3Q19 4Q19 2019 Arconic Inc Corporate expense $49 $252 $62 $121 $79 $98 $360 Special items: Costs associated with planned separation — — 3 16 25 34 78 Legal and other advisory costs related to Grenfell Tower 4 18 2 3 1 2 8 Strategy and portfolio review costs 7 7 6 — — — 6 Fasteners plant fire costs — — — 4 4 1 9 Collective bargaining agreement negotiation — — — 9 — — 9 Impairment of energy business assets — — — 9 — 1 10 Environmental remediation — — — 25 — — 25 Settlements of certain customer claims primarily related to product introductions — 38 — — — — — Arconic Inc Corporate expense excluding Special items $38 $189 $51 $55 $49 $60 $215

Calculation of Arconic Inc Engineered Products and Forgings Segment Operating Profit Margin and Capital Expenditures as a Percent of Third Party Sales 48 Arconic Inc Engineered Products and Forgings Segment Information Our audited consolidated financial statements as of and for the year ended December 31, 2019 are not yet complete and are not av ailable as of the date of this presentation. On January 27, 2020, Arconic Inc. reported unaudited financial results for the year ended December 31, 2019 for its Engineered Products and Forgin gs (“EP&F”) segment. Our historical consolidated financial information was prepared from Arconic Inc’s historical accounting records, including the underlying financial data derived fr om the operations that comprise Arconic Inc’s EP&F segment. Certain financial information of Arconic Inc’s EP&F segment included in this presentation is the information of Arconic Inc’s EP&F se gme nt as a reportable segment of Arconic Inc. Our final audited consolidated financial statements as of and for the year ended December 31, 2019 may differ from Arconic Inc’s EP&F segment’s un audited financial results included in this presentation, and the unaudited financial results for Arconic Inc’s EP&F segment for the year ended December 31, 2019 are not necessarily indicativ e o f our future results for any subsequent periods. Segment performance is evaluated based on a number of factors ; however, the primary measure of performance is Segment operating profit . Arconic Inc’s definition of Segment operating profit is Operating income excluding Special items . Special items include Restructuring and other charges . Segment operating profit includes the impact of LIFO inventory accounting, metal price lag, intersegment profit eliminations, and derivative activities . ($ in millions) 1Q18 2Q18 3Q18 4Q18 2018 1Q19 2Q19 3Q19 4Q19 2019 Segment operating profit $261 $292 $284 $268 $1,105 $313 $360 $363 $354 $1,390 Third - party sales $1,666 $1,734 $1,683 $1,715 $6,798 $1,756 $1,822 $1,794 $1,733 $7,105 Segment operating profit margin 15.7% 16.8% 16.9% 15.6% 16.3% 17.8% 19.8% 20.2% 20.4% 19.6% Capital expenditures $407 $344 Capital Expenditures as percent of Third Party Sales 6% 5%

Calculation of Arconic Inc Engineered Products and Forgings Segment Historical Sales Growth 49 Arconic Inc Engineered Products and Forgings Segment Information Our audited consolidated financial statements as of and for the year ended December 31, 2019 are not yet complete and are not av ailable as of the date of this presentation. On January 27, 2020, Arconic Inc. reported unaudited financial results for the year ended December 31, 2019 for its Engineered Products and Forgin gs (“EP&F”) segment. Our historical consolidated financial information was prepared from Arconic Inc’s historical accounting records, including the underlying financial data derived fr om the operations that comprise Arconic Inc’s EP&F segment. Certain financial information of Arconic Inc’s EP&F segment included in this presentation is the information of Arconic Inc’s EP&F se gme nt as a reportable segment of Arconic Inc. Our final audited consolidated financial statements as of and for the year ended December 31, 2019 may differ from Arconic Inc’s EP&F segment’s un audited financial results included in this presentation, and the unaudited financial results for Arconic Inc’s EP&F segment for the year ended December 31, 2019 are not necessarily indicativ e o f our future results for any subsequent periods. Year ended December 31, ($ in millions) 201 6 201 7 2018 Third - party sales $ 5,890 $ 6,300 $ 6,798 Compound Annual Growth Rate 7%

Reconciliation of Arconic Inc Net Debt 50 Net debt is a non - GAAP financial measure . Management believes that this measure is meaningful to investors because management assesses Arconic Inc’s leverage position after factoring in cash that could be used to repay outstanding debt . ($ in millions) December 31, 2017 March 31, 2018 June 30, 2018 September 30, 2018 December 31, 2018 March 31, 2019 June 30, 2019 September 30, 2019 December 31, 2019 Short - term debt $38 $45 $45 $42 $434 $435 $434 $1,434 $1,034 Long - term debt, less amount due within one year 6,806 6,309 6,312 6,315 5,896 5,899 5,901 4,905 4,906 Total debt 6,844 6,354 6,357 6,357 6,330 6,334 6,335 6,339 5,940 Less: Cash, cash equivalents, and restricted cash 2,154 1,208 1,460 1,542 2,283 1,326 1,360 1,324 1,703 Net debt $4,690 $5,146 $4,897 $4,815 $4,047 $5,008 $4,975 $5,015 $4,237

Reconciliation of Arconic Inc Net debt to Adjusted EBITDA Excluding Special Items 51 Arconic Inc’s definition of Adjusted EBITDA (Earnings before interest, taxes, depreciation, and amortization) is net margin plus an add - back for depreciation and amortization . Net margin is equivalent to Sales minus the following items : Cost of goods sold ; Selling, general administrative, and other expenses ; Research and development expenses ; and Provision for depreciation and amortization . Management believes that this measure is meaningful to investors because it provides additional information with respect to Arconic Inc’s operating performance and the Company’s ability to meet its financial obligations . The Adjusted EBITDA presented may not be comparable to similarly titled measures of other companies . Net debt is a non - GAAP financial measure . Management believes that this measure is meaningful to investors because management assesses Arconic Inc’s leverage position after factoring in cash that could be used to repay outstanding debt . ($ in millions) Trailing - 12 months ended December 31, 2017 March 31, 2018 June 30, 2018 September 30, 2018 December 31, 2018 March 31, 2019 June 30, 2019 September 30, 2019 December 31, 2019 Net (loss) income $ (74 ) $ (253 ) $ (345 ) $ (303 ) $ 642 $ 686 $ 445 $ 379 $ 470 Add: Provision for income taxes 544 438 455 490 226 240 92 118 105 Other (income) expense, net (486 ) (150 ) 23 (7 ) 79 91 79 102 122 Interest expense 496 495 401 389 378 349 345 343 338 Restructuring and other charges 165 99 88 67 9 14 498 619 620 Impairment of goodwill 719 719 719 719 — — — — — Provision for depreciation and amortization 551 560 567 568 576 571 566 556 536 Adjusted EBITDA $ 1,915 $ 1,908 $ 1,908 $ 1,923 $ 1,910 $ 1,951 $ 2,025 $ 2,117 $ 2,191 Add: Costs associated with planned separation $ 18 $ — $ — $ — $ — $ 3 $ 19 $ 44 $ 78 Environmental remediation — — — — — — 25 25 25 Collective bargaining agreement negotiation — — — — — — 9 9 9 Impairment of energy business assets — — — — — — 9 9 10 Fasteners plant fire costs — — — — — — 4 8 9 Proxy, advisory and governance - related costs 58 42 — — — — — — — Legal and other advisory costs related to Grenfell Tower 14 19 23 21 18 15 14 10 8 Settlements of certain customer claims primarily related to product introductions — — 38 38 38 38 — — — Strategy and portfolio review costs — — — — 7 13 13 13 6 Delaware reincorporation costs 3 3 3 3 — — — — — Adjusted EBITDA excluding Special items $ 2,008 $ 1,972 $ 1,972 $ 1,985 $ 1,973 $ 2,020 $ 2,118 $ 2,235 $ 2,336 Net debt $ 4,690 $ 5,146 $ 4,897 $ 4,815 $ 4,047 $ 5,008 $ 4,975 $ 5,015 $ 4,237 Net debt to Adjusted EBITDA excluding Special items 2.34 2.61 2.48 2.43 2.05 2.48 2.35 2.24 1.81

Reconciliation of Howmet Aerospace Pro Forma Adjusted EBITDA Margin and Net Debt to Adjusted EBITDA 52 Adjusted EBITDA is a non - GAAP financial measure . Management believes that this measure is meaningful to investors because this measure provides additional information with respect to historical operating performance and the company’s ability to meet its current and future obligations . Net debt is a non - GAAP financial measure . Management believes that this measure is meaningful to investors because management assesses Arconic Inc’s leverage position after factoring in cash that could be used to repay outstanding debt . ($ in millions) 2019 Arconic Inc Engineered Products & Forgings – Segment operating profit $1,390 Arconic Inc Engineered Products & Forgings – Provision for depreciation and amortization 269 Allocation of Arconic Inc Corporate expenses (100) Adjusted EBITDA $1, 5 59 Third - party sales $7,105 Adjusted EBITDA margin 2 2 % Allocation of Arconic Inc Net Debt $3,437 Net Debt to Adjusted EBITDA 2.2x

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