Shareholders (Updated April 20, 2017)

“Rather than recognizing these actions as the breaches of shareholder trust that they are, Arconic’s independent directors have instead chosen to ignore, defend, and even participate in these activities. Shareholders deserve better. Consequently, Orbis reiterates its intent to vote the Blue Card for Elliott’s slate of independent nominees.”

– Orbis Investment Management, April 17, 2017

“Under the leadership of Patricia Russo, the Board of Arconic has demonstrated a pattern of poor judgement and intolerable behavior that can’t be redeemed by their reluctant decision to finally remove Klaus Kleinfeld. Given Ms. Russo’s extraordinarily poor track record as both an executive and board leader, and the severe breaches of shareholder trust that have occurred at Arconic under her watch, it’s clear to us that the Board should seek new leadership.” – Adam R. Karr, Orbis Investment Management, April 17, 2017

“We don’t have confidence in this board’s ability to choose the next management or act as stewards for the business. We hope to see the Elliott nominees elected and Larry Lawson appointed CEO.”

– Brian Selmo, First Pacific Advisors, April 17, 2017

“It looks like the incident cited was the straw that broke the camel’s back. Most investors probably thought that it was time for Klaus to begin to think about handing over the reins.” – Justin Bergner, Gabelli & Co., April 17, 2017

“We, therefore, encourage you to support the changes sought by our fellow shareholders at Elliott Management. We intend to support Elliott’s proposed proxy slate because it serves the long-term interests of the Company and its owners.”

– First Pacific Advisors, February 6, 2017

“Independent members of this board, who own less than 0.1% of outstanding shares, continue to disregard the overwhelming publicly expressed desire for leadership change from the company’s largest long-term owners, including Orbis.” – Adam Karr, Orbis Investment Management, March 3, 2017

It’s a CEO problem—there has been no value created.

– Sarat Sethi, Douglas Lane & Associates, January 30, 2017

“Lion Point believes that Elliott’s plan for value creation can reverse the past and set new Arconic on a better path to creating shareholder value.” – Lion Point Capital, February 16, 2017