Orbis Expresses Concerns Regarding Arconic Board Leadership Following Abrupt Resignation of Klaus Kleinfeld

SAN FRANCISCO–(BUSINESS WIRE)– Orbis Investment Management Limited (“Orbis”), a global investment firm, today issued a statement expressing its concerns regarding the demonstrated lack of good judgment by the leadership of the company’s Board. Orbis reiterated its intent to vote the Blue Card for Elliott Management Corporation’s slate of independent nominees.

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Through the Orbis family of funds, Orbis has been a shareholder in Arconic and its predecessor company, Alcoa Inc., since 2013, and currently owns more than 17.2 million shares of Arconic, or 3.9% of shares outstanding.

“Under the leadership of Patricia Russo, the Board of Arconic has demonstrated a pattern of poor judgement and intolerable behaviour that can’t be redeemed by their reluctant decision to finally remove Klaus Kleinfeld,” said Adam R. Karr, partner at Orbis. “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.”

Notes to Editors:

Orbis was founded in 1989 and manages over $30 billion across a range of long-only equity and absolute return strategies using a fundamental, long-term and contrarian investment philosophy. Its flagship Global Equity strategy has outperformed its benchmark by approximately 5% per annum net of fees over more than 25 years. All fee structures are performance-based and the firm’s employees, management and owners are significant investors in the Orbis Funds. Headquartered in Bermuda, Orbis employs over 300 professionals in nine global locations. www.orbis.com

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Source: Orbis Investment Management Limited