PDF《JANUARY 2019》

1 2

3 4

5 6

1 139

172 188

168 188

226 166

197 205

187 212

247 -10

40 90

140 190

240 290

100 200

300 2013

2014 2015

2016 2017

2018 # of Campaigns Initiated # of Companies Targeted

65 36

52 34

70 40

53 49

69 73

43 62 1Q

2016 2Q

2016 3Q

2016 4Q

2016 1Q

2017 2Q

2017 3Q

2017 4Q

2017 1Q

2018 2Q

2018 3Q

2018 4Q

2018 2

0 1

8 R E V I E W O F S H A R E H O L D E R A C T I V I S M Source: Activist Insight, FactSet and public filings. Note: All data is for campaigns conducted globally by activists at companies with market capitalizations greater than $500 million at time of campaign announcement.

1 Companies spun off as part of campaign process counted separately.

2 Calculated as of campaign announcement date. Does not include derivative positions.

3 Three-year average based on aggregate value of activist positions. Quarterly Campaign Activity # of Campaigns Initiated1 Mean:

53 Annual Campaign Activity

1 Companies Targeted Mean:

171 $15.4 $13.2 $17.6 $11.4 $5.5 $6.0 $12.8 $6.0 $16.5 $20.9 $17.3 $7.8 $25.3 $18.9 $8.7 $12.1 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Capital Deployment in New Campaigns Aggregate Value of New Activist Positions2

2015 2016

2017 $57.7 Annual Aggregated Capital Deployed $30.3 $62.4

2018 $65.0 Aggregate Value of New Activist Positions2 17% 2015C17 Avg.3 21% 15% 6% 11% 8% 3% 10% 1% 8%

27 51

27 25

30 9

22 9

16 10 Technology Industrials Consumer Financial Institutions Power, Energy &

Infra. Media Healthcare Telecom Real Estate Retail $17.9 $10.7 $9.8 $8.1 $5.9 $4.0 $2.9 $2.9 $2.1 $0.6 28% 17% 15% 12% 9% 6% 4% 4% 3% 1% 0% 10% 20% 30% 40% 50% 60%

0 2

4 6

8 10

12 14

16 18

20 Technology Industrials Consumer Fin. Insts. Power, Energy &

Infra. Media Healthcare Telecom Real Estate Retail Companies Targeted in

2018 1 Campaign Activity and Capital Deployment ($ in billions) Capital Deployment by Sector in

2018 Record number of campaigns and companies targeted

2018 capital deployed 30% above 2015-17 average of $50.1bn Most active 4Q on record;

activists undeterred by market volatility TCI'

s campaign at Altaba alone accounted for $7.2bn of capital deployed

2 Launch Date Company / Market Cap1 Activist Highlights 3/18 ? Icahn intervened in one of Starboard'

s most aggressive proxy contests, gaining four Board seats and nominating two more as Starboard withdrew a majority of its slate ? Starboard settled with Newell, gaining three Board seats, replacing two Icahn-affiliated Directors in the process 3/18 ? Pershing Square and Third Point both urged United Technologies to break itself into three businesses ? After receiving clearance for a merger with Rockwell Collins in November, United Technologies announced that it would separately spin off its Carrier and Otis businesses 1/18 ? D.E. Shaw believed that Lowe'

s could improve operations to match the margins and revenue of Home Depot and reached a settlement to add three independent Directors to the Board ? Lowe'

s has since planned over

50 store closures, divested its Mexican operations, and announced a $10bn buyback plan 12/17 Darwin Deason ? After significant public attacks, Xerox called off its merger with Fujifilm ? Darwin Deason and Icahn took control of the Board and appointed John Visentin as CEO ? Fujifilm has sued Xerox for more than $1bn for abandoning the planned merger 5/17 ? Following agitation from Elliott to sell the Company, athenahealth reached a deal with Veritas Capital and Elliott'