Callouts & quotes from 117+ activist slides

"Agrium for years ignored basic, shareholder-friendly changes until pressured to do so. An enhanced board can unlock even more value."

"Starbucks is the leading packaged coffee brand in the U.S., with significant white space overseas unlocked by the recent Nestle deal"

"The turnaround at P&G is a case study on how Trian's involvement at the board level can help a company unlock its full potential."

"The turnaround at P&G is a case study on how Trian’s involvement at the board level can help a company unlock its full potential."

"With over 300 years of collective experience, IEP’s investment and legal team is capable of unlocking a target’s hidden value"

"Sotheby's can unlock at least an additional >$1,000M of capital in the next 12 months, even after the $300M special dividend"

"iPrefs are a creative way to unlock significant value for shareholders in publicly traded cash rich technology companies."

"The financial crisis drove all of Elliott's quoted -69% TSR... Elliott gives no credit for value unlocked by separation."

"SCT’s 63% discount to NAV is extreme, but is highly resolvable with the potential to unlock up to $25bn of latent value."

"Redefining the Fuji Xerox relationship based on these realities will allow Xerox to potentially unlock tremendous value"

"We believe that separating News Corp’s Digital Real Estate businesses would help unlock significant shareholder value."

"We have a long history of unlocking shareholder value at companies such as Marathon Petroleum, Hess, NRG and Suncor."

"A separation could unlock between 15%-40%(2) of incremental value based on PPG’s current share price of ~$98.50(3)"

"Longer tenured Yahoo shareholders would be better served with a plan to unlock $30/share in value and not $3/share"

"This is designed to unlock Capricorn's intrinsic value in the near term and over US$300 million in the medium term"

"Modernized PSC terms could unlock material value through accelerated investment and expanded resource potential"

"Bob Evans should take steps to unlock the substantial value inherent in these 482 owned restaurant properties."

"Investors are overwhelmingly supportive of exploring a spin of midstream and/or chemicals to unlock value"

"Investors are overwhelmingly supportive of exploring a spin of midstream and/or chemicals to unlock value"

"VOTE FOR THE GOLD CARD NOW. YOUR LAST DAY TO VOTE IS MAY 21ST. TRANSFORM PHILLIPS 66, UNLOCK 75%+ UPSIDE."

"Elliott is committed to unlocking the substantial upside at Phillips 66 for the benefit of shareholders"

"Elliott is committed to unlocking the substantial upside at Phillips 66 for the benefit of shareholders"

"Elliott is committed to unlocking the substantial upside at Phillips 66 for the benefit of shareholders"

"VOTE THE GOLD CARD TODAY YOUR LAST DAY TO VOTE IS MAY 21ST. TRANSFORM PHILLIPS 66, UNLOCK 75%+ UPSIDE"

"Why a Separation of Timken’s Bearings and Steel Businesses Can Unlock Significant Shareholder Value"

"We believe separating the Digital Real Estate Assets will unlock substantial value at News Corp."

"We believe separating the Digital Real Estate Assets will unlock substantial value at News Corp."

"We believe separating the Digital Real Estate Assets will unlock substantial value at News Corp."

"We believe separating the Digital Real Estate Assets will unlock substantial value at News Corp."

"Breaking up large energy companies is not only possible, but it also unlocks significant value."

"Marathon must initiate a public and transparent process to unlock the value of its businesses."

"Trian believes it already has had a significant impact, but there is more value to be unlocked"

"The first step to unlocking shareholder value is to introduce transparent segment financials."

"We have structured the unification aspects of the Value Unlock Plan to deal with key concerns"

"More effective working capital management could unlock almost $2 bn to return to shareholders"

"Starboard's Plan Sells Yahoo At The Lows; Our Plan Unlocks Meaningful Upside for Shareholders"

"Significant value can be unlocked when large companies separate businesses to create focus."

"At $600 of total value, iPrefs unlock $61 per share more than the second best alternative."

"~60 – 80+% Increase in Marathon Stock Price Expected, $14 – 19 Billion of Value Unlocked"

"There are several ways through which management can attempt to unlock value in ACMR."

"Future growth unlocked via structural simplification and enhanced strategic options"

"Separating Retail will immediately unlock value and allow the business to thrive"

"Urgent change is needed in the boardroom to unlock the Company's full potential."

"Monetizing stake could unlock value and drive mid-single digit % EPS accretion"

"Our #Streamline66 plan could unlock that value, boosting PSX stock to $200+."

"Remaking Marathon unlocks value and improves sustainability of each company"

"This is the right time and the right management team to unlock Sony’s value"

"We recommend the following initiatives to unlock Goodyear's full potential"

"We believe there is a significant opportunity to unlock value at Darden."

"Dollar for Dollar, iPrefs Unlock Much More Value than Common Dividends"

"Steps Will Unlock Intrinsic Value for TRP Shareholders To $75/Share"

"Unlocking Value at One of the World's Leading Automotive Brands"

"Unlock hidden asset value. Solve issues with Govt. De-lever"

"In this scenario, Apple unlocks up to $89 a share in value."

"Unlocking the Full Value of Marathon Petroleum"

"Value unlocked: Up to $89 per share"

"US$3bn intrinsic value unlocked"