Elliott Letter to Arconic Board

Elliott Management

Elliott Mgmt.

Feb 07, 2017

Elliott Letter to Arconic Board

Appendix: Analyst Reports

“At the risk of beating a dead horse, we'll mention Kleinfeld has typically answered this question by saying there are no sacred cows in the portfolio but AA's integrated model is synergistic and there are no plans to break things apart. The only reason why we see that answer changing anytime soon is the stock is no longer where it was six months ago and Kleinfeld has less room to argue on behalf of integration.” – Gordon Haskett, June 18, 2015

“The big question now is what the company decides to do with its confidence. Does it stick with its current integrated strategy? Or does it finally start listening to those who think the company should spin off its "downstream" Engineered Products & Solutions segment? Kleinfeld has never given much hope to those who think the company should break itself up.” – Gordon Haskett, April 9, 2014