PDF《JULY 2018》

2016 4Q

2016 1Q

2017 2Q

2017 3Q

2017 4Q

2017 1Q

2018 2Q

2018 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 -

1 H

2 0

1 8 Source: Activist Insight, FactSet and public filings as of 06/30/2018. Note: All data is for campaigns conducted globally 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 3-year average based on aggregate value of activist positions. Annual Campaign Activity Quarterly Campaign Activity # of Campaigns Initiated1 Mean:

50 Capital Deployment by Sector in 1H

2018 Aggregate Value of New Activist Positions2 20% 2015C17 Avg.3 11% 19% 12% 1% 5% 8% 27% 18% 8% 14% 4% 6% 10% Capital Deployment in New Campaigns 2% 3% 9% Aggregate Value of New Activist Positions2

2015 2016

2017 $57.3 Annual Aggregated Capital Deployed $30.9 $62.0 1H

2018 $40.1 Campaign Activity and Capital Deployment ($ in billions) 3% 13%

1 106

93 94

136 176

194 162

169 136

165 201

211 183

193 145 -90 -65 -40 -15

10 35

60 85

110 135

160 185

210 100

200 2013

2014 2015

2016 2017 1H

2018 # of Campaigns Initiated # of Companies Targeted 1H Companies Targeted Mean:

167 8%

1 Two most active quarters on record in terms of new campaign volume

2 A new record for number of companies targeted Activist 1H

2018 Activist Capital Deployed1 New Campaigns 1H

2018 2018 Target Countries2 Selected 1H

2018 Targets TCI

2 Elliott3

17 ValueAct

6 Icahn

3 Starboard

6 Third Point4

2 JANA

4 Cevian

1 Blue Harbour

1 Trian Partners

1 Marcato

1 $9.8 $5.3 $2.4 $1.2 $1.0 $0.9 $0.9 $0.9 $0.4 $0.4 $11.9 $12.5 $4.5 $9.2 $1.9 $12.1 $1.7 $10.0 $0.3 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 -

1 H

2 0

1 8 Source: Activist Insight, FactSet and public filings as of 06/30/2018. Note: All data is for campaigns conducted globally at companies with market capitalizations greater than $500 million at time of campaign announcement.

1 1H

2018 positions counted as of campaign announcement date. Activist positions launched prior to

2018 counted as of latest filing date.

2 Based on country of incorporation.

3 Includes Bluescape's joint stake with Elliott in Sempra Energy. Elliott and Bluescape jointly own 4.9% economic interest.

4 Position in United Technologies counted as of 1Q

2018 13F filing. New Public Activity by Select Activists in 1H

2018 ($ in billions)

1 Elliott's level of new campaign initiation in 1H

2018 has been unprecedented $21.0 $14.3 1H

2018 Activist Positions Current Activist Positions Launched Prior to

2018