Callouts & quotes from 582+ activist slides

"Fortrea’s adjusted EBITDA margins are well below the peer median."

"A ratio consistently below 1 indicates that earnings are suspect."

"BOOT no longer shows the slide below or reports customer growth."

"Below: CPI PG 2023 Cash Flows show only €3m in interest received"

"Shrinking operating profits and margin well below WSP's margins"

"By our estimate, Bunge's 2025 Adj. EBITDA fell -24% below plan."

"This is well below the ~$52/kg needed to plug the import gap."

"The charts below illustrate QTT's disastrous business model:"

"Organic Revenue Growth Has Been Below Target and Weakening"

"Organic Revenue Growth Has Been Below Target and Weakening"

"Leasing Equipment capex is a significant cost (see below)."

"Organic Revenue Growth Has Been Below Target and Weakening"

"Over $700mm BELOW “Blockbuster” threshold of $1 billion"

"Over $400mm BELOW “Blockbuster” threshold of $1 billion"

"Over $300mm BELOW “Blockbuster” threshold of $1 billion"

"Over $700mm BELOW “Blockbuster” threshold of $1 billion"

"Over $400mm BELOW “Blockbuster” threshold of $1 billion"

"Over $300mm BELOW “Blockbuster” threshold of $1 billion"

"Substantially below Company's stated ROE target of 20%"

"~7-9% below management's organic growth target"

"A search for ZJK comes up empty, shown below."

"...despite below average growth and margins"

"SIX EBITDA Remains Below Pre-COVID Levels"

"BELOW peer median driven by LOWER MARGINS"

"U.S. GDP is still below the Q4 '07 peak"

"For 2023, Kao's ROE fell below 5%."

"Falling below 1x a bearish sign"

"12pts below peer average"

"12pts below peer average"

"12pts below peer average"

"~2x BELOW Proxy Peers!"

"~123pts BELOW"

"~123pts BELOW"

"~42pts BELOW"

"~21pts BELOW"

"~60pts BELOW"

"~97pts BELOW"

"~60pts BELOW"

"~21pts BELOW"

"~42pts BELOW"

"~97pts BELOW"

"33% below"