AA Alcoa Corporation

On February 20, 2017, the Compensation and Benefits Committee (the “Committee”) of the Board of Directors of Alcoa Corporation (the “Company”) considered and approved the following executive compensation arrangements for the Company’s Chief Executive Officer, Chief Financial Officer and the other named executive officers noted below (collectively, the “NEOs”) which should be reviewed in conjunction with the compensation information disclosed in the Company’s Registration Statement on Form S-1 originally filed on January 18, 2017 and amended on February 8, 2017.

Base Salary Increase

The Committee approved an increase to the base salary of the Company’s Chief Financial Officer from $550,000 to $605,000, effective March 1, 2017. Base salary amounts for the Company’s other NEOs remain unchanged. Base salaries are used to calculate the incentive award opportunities described below.

Approval of 2017 Annual Incentive Compensation Awards

The Committee approved the performance measures and targets for the Company’s 2017 annual incentive compensation (“IC”) awards, under which officers and employees of the Company, including the NEOs, are provided the opportunity to earn cash awards to the extent that annual performance goals are met. The 2017 IC awards are based on (i) financial targets (80% of total) and (ii) non-financial targets (20% of total), as follows (collectively, the “2017 IC Performance Metrics”).

After reviewing prior year performance and consideration of the Company’s business plan, the Committee considered the targets for the 2017 IC Performance Metrics, which are confidential, to be challenging but attainable.

2

The following are target award values for each NEO, expressed as a percentage of base salary (with a payout range of 0–200% of target, based on the results of the 2017 IC Performance Metrics relative to target):

The 2017 IC awards contain the same termination, death, disability, retirement, and change in control provisions as previous awards granted to the NEOs.

Approval of 2017 Long-Term Incentive Awards

The Committee previously approved the long-term incentive (“LTI”) mix of awards to be granted to the NEOs in 2017 under the Company’s 2016 Stock Incentive Plan, as follows: 60% performance restricted share units (“PRSUs”), 20% restricted share units (“RSUs”), and 20% stock options (collectively, the “2017 LTI Awards”). RSUs generally vest on the third anniversary of the grant date, and stock options generally vest ratably over a three-year period.

On February 20, 2017, the Committee approved the performance measures and targets applicable to the NEOs’ 2017 PRSU awards. The 2017 PRSU awards have a performance period of January 1, 2017 through December 31, 2019 (the “LTI Performance Period”). If and to the extent determined by the Committee to be earned, the 2017 PRSUs will be paid out in shares of the Company’s common stock on a one-unit to one-share basis. The amount of the 2017 PRSUs earned, if any, will be based on the Company’s performance against goals relating to the following metrics (the “2017 LTI Performance Metrics”), with payout ranging from 0 to 200% of each NEO’s 2017 PRSU award (at target).

After reviewing prior year performance and consideration of the Company’s business plan, the Committee considered the targets for the 2017 LTI Performance Metrics, which are confidential, to be challenging but attainable.

3

The Company’s NEOs were granted the following 2017 LTI Awards:

The 2017 LTI Awards contain the same termination, death, disability, retirement, and change in control provisions as previous awards granted to the NEOs.

4