Callouts & quotes from 285+ activist slides

"HHC’s share price has increased 250% (3.5x) from the November 2010 spinoff from GGP to January 19, 2018"

"The Company's bond covenants do not prohibit a spin-off of the nature contemplated under the Proposals"

"Pershing Square has owned HHC since its spin-off from GGP in November 2010 and has never sold a share"

"Tax-free spin of Target Inflation Protected REIT (or “TIP REIT”) as Groundlessor and Facility Manager"

"Tax-free spin of Target Inflation Protected REIT (or “TIP REIT”) as Groundlessor and Facility Manager"

"The total share repurchases by TWX and the SpinCos is proposed to be $20.0 billion as follows:"

"We therefore call on the Board to immediately put the proposed spin-off to a shareholder vote."

"We fear management's current plan to spinoff Red Lobster is reactionary and lacking integrity."

"We would expect to complete an SRG spinoff 12 – 18 months after the Annual Meeting, or sooner"

"We would expect to complete an SRG spinoff 12 – 18 months after the Annual Meeting, or sooner"

"It is a hodgepodge of specialty chemicals that did not go to Syensqo as part of the spin-off."

"Post Conduent spin, Xerox's stock has regressed to underperforming the market and its peers"

"We Believe TRP Conglomerate Discount Will Only Be Eliminated With Energy Segment Spin-Off"

"Operating expense has INCREASED since spinoff despite multiple restructuring initiatives"

"Tax-free spin-off of an active business that ground leases the land back to the Retailer"

"EXPEDIA TO SPIN OFF TRIPADVISOR — By Scott Morrison, Updated April 8, 2011 12:01 am ET"

"“Japan eyes tax break for spinoffs.” — Nikkei Asian Review, Nikkei. 19, November 2016."

"APD’s share price including dividends and the spinoff of Versum increased 24% in 2016"

"APD's share price including dividends and the spinoff of Versum increased 24% in 2016"

"APD’s share price including dividends and the spinoff of Versum increased 24% in 2016"

"GCP had enviable products and was well positioned to succeed at the time of spinoff."

"GCP stock price has significantly underperformed since spinning off from W.R. Grace."

"In fact, we estimate that cash flow has collapsed by -37% since the 2018 spin-off."

"Management’s Spin-Out Proposal will PERMANENTLY IMPAIR the Value of the Business"

"The first Darden spin-off of restaurant concepts should be SRG, not Red Lobster."

"Post Spin-off, Target Corp will maintain an “A” category credit ratings profile"

"Expedia to Spin Off TripAdvisor — Scott Morrison, Wall Street Journal (implied)"

"Valero has outperformed Marathon by 131% since the completion of the CST spin"

"This one goes to eleven. — Christopher Guest (referencing This Is Spinal Tap)"

"Publicly traded spin-offs have outperformed the S&P 500 by 223% since 2003."

"Since the spinoff from GGP in November 2010, HHC stock has increased 182%"

"The Transaction satisfies all of the requirements for a tax-free spin-off"

"Since the spinoff from GGP in November 2010, HHC stock has increased 182%"

"Beware When Companies Start Spinning Increased Competition As A Positive"

"Directly responsible for NiSource's spin of Columbia Pipeline Group"

"Directly responsible for NiSource's spin of Columbia Pipeline Group"

"GCP has lagged peers every year since spinning off from W.R. Grace"

"Spin-Offs Have Outperformed the S&P 500 Over Long Time Horizons"

"Spine moved to a segment where it has a smaller overall impact"

"Post spin-off, Target maintains its “A” category credit rating"

"We believe spinning off SRG would create shareholder value"

"We believe spinning off SRG would create shareholder value"

"A spin-off would accelerate Sony Technologies' growth"

"Vote “AGAINST” Management’s Spin-Out Proposal"

"Spin-Out Proposal Permanently Impairs Value"