August 1, 2019 was the Ex-Dividend Date for a $0.02 (two cent) cash dividend (the “Cash Dividend”) to all holders of the Common Stock, which will be paid on August 25, 2019 . 

As a result of the Cash Dividend, an adjustment to the Conversion Rate has been made pursuant to Section 8.04(d) of the Third Supplemental Indenture.

After giving effect to the adjustment, as of the date hereof, the Conversion Rate was  36.0925 shares of Common Stock per $1,000 principal amount of Notes.

If all of the outstanding aggregate principal amount of $402,451,000 RTI 2019 Notes convert at the prevailing conversion rate of 36.0925, the shares to be issued upon conversion would be approximately 14.5 million shares.

The foregoing description is subject to and is qualified by reference to all the provisions of the RTI 2019 Notes and the related indenture, including the definitions of certain terms used in the indenture.

As of the separation on November 1, 2016, Alcoa Inc. was renamed Arconic Inc., and any shares of Alcoa Inc. were automatically renamed as Arconic shares.

Following the separation, a shareholder who held Alcoa Inc. shares as of the close of business on October 20, 2016, which was the record date for the separation distribution, (i) retained his/her shares (now called Arconic shares), and (ii) in addition, automatically received shares of the new upstream company, Alcoa Corporation. Alcoa Inc. shareholders received one share of Alcoa Corporation common stock for every three shares of Alcoa Inc. common stock held as of the record date for the separation distribution. Shareholders received cash in lieu of any fractional shares.

For additional information about the separation distribution, please see our separation-related filings, which can be found on the SEC’s website at www.sec.gov and Arconic’s website.