Callouts & quotes from 176+ activist slides

"Since the spinoff from GGP in November 2010, The Howard Hughes Corporation’s share price has increased 219%"

"The purpose of the spin was to further improve performance – not take a major and prolonged step backwards."

"Since the spinoff from GGP in November 2010, The Howard Hughes Corporation’s share price has increased 219%"

"CHD has two of its "Power Brands" – Spinbrush and Waterpik – are sourced from China and exposed to tariffs."

"Since the spinoff from GGP in November 2010, The Howard Hughes Corporation’s share price has increased 219%"

"Management's plan to spin off Red Lobster is the wrong spin-off, at the wrong time, for the wrong reasons."

"Management's plan to spin off Red Lobster is the wrong spin-off, at the wrong time, for the wrong reasons."

"As of April 18, 2017, HHC’s share price increased 234% (3.34x) since the spinoff from GGP in November 2010"

"As of April 18, 2017, HHC’s share price increased 234% (3.34x) since the spinoff from GGP in November 2010"

"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"

"Unfortunately for shareholders, Solventum's performance since the spin has not lived up to its promise."

"Combined with the $350 million portfolio sale, a REIT spinoff would improve Darden's key credit metrics"

"Combined with the $350 million portfolio sale, a REIT spinoff would improve Darden's key credit metrics"

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

"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"

"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"

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

"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"