Callouts & quotes from 26,677+ activist slides

"APD stock increased 61% from our average cost at announcement date to April 21, 2016*"

"ZTS stock increased 33% from our average cost at announcement date to April 21, 2016*"

"CP stock increased 251% from our average cost at announcement date to April 21, 2016*"

"The Company was first to market with a COVID-19 vaccine and oral antiviral treatment."

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

"We believe the new administration will successfully reform Fannie and Freddie (cont.)"

"While distracted with bad deals, Campbell missed key trends in its core soup business"

"Achieving Snyder’s-Lance savings target of $295 million will create significant value"

"CP’s share price increased 384% including dividends since inception of our investment"

"Spruce Point observes significant challenges in WTRG's ability to close recent deals."

"In fact, "warranty" complaints are the second most frequently cited customer concern."

"The CTO and Founder Have Nothing At Risk Other Than SGD 40 Dollars of Nominal Capital"

"We believe there is opportunity to bridge the valuation gap between Box and its peers"

"We believe there is opportunity to bridge the valuation gap between Box and its peers"

"Box traded at a discount to peers due to a weak combination of growth + profitability"

"Despite constant promises of revenue growth reacceleration, Box has failed to deliver"

"Despite constant promises of revenue growth reacceleration, Box has failed to deliver"

"The Preferred Financing was unnecessary and likely without any valid business purpose"

"NortonLifeLock created significant shareholder value once the Board was reconstituted"

"We do not believe AMT's international business is compatible with its REIT structure."

"Thus, we believe Procept's vision of treating “all prostates” is highly questionable."

"One of the best positioned food companies for increasingly health-conscious consumers"

"This is a case study in ineffective licensing strategy and included several mistakes."

"The following bank letter appears to be written on behalf of Sino-Wood Partners, Ltd."

"These factors support our case that Dycom should trade at a lower valuation to peers."

"PLEASE SEE THE NEXT PAGE FOR AN APPENDIX LISTING ALL INSIDER OPEN MARKET TRANSACTIONS"

"CMG’s share price increased 26% in 2021 and has decreased 16% year-to-date in 2022(1)"

"We believe the Board misled shareholders in order to justify their own poor decisions"

"Brinker’s transformation plan has driven approximately 400% outperformance vs. Darden"

"Olive Garden's signature salad and breadsticks should be executed properly every time"

"Olive Garden must bring back the quality and consistency of its signature breadsticks"

"Reducing SG&A in line with peers would result in 43% upside to Goodyear's stock price"

"Index buyers may not be completely attuned to the underlying issues we've identified."

"Despite Disney’s share price peaking in 2021, it currently trades near its 8-Year low"

"It is in investors’ best interests for the independent committee to accept our offer."

"we estimate that the Bubny Landbank's value is overstated by ~€138 million, or ~100%."

"143K remaining U.S. patients for Dexcom at prevailing incremental market share levels"

"Hess's cumulative realized hedging losses since 2002 equivalent to 9% of E&P Revenues"

"Several large portfolios of durable OTC products have been sold in the last ten years"

"Val-gan would only have to acquire ~$20bn of assets to justify a 26% platform premium"

"We believe Fluor has a diversified end-market mix spanning several attractive sectors"

"We believe Fluor has a diversified end-market mix spanning several attractive sectors"

"We believe Fluor has a diversified end-market mix spanning several attractive sectors"

"We believe demand for nuclear energy will continue to rise for the foreseeable future"

"JOE agreed to backstop Southwest Airlines’ operating losses for 3 years, if necessary"

"In other words, there is an additional 17.5% of the building available for sub-lease."

"Match's cumulative incremental adjusted EBITDA margin from 2019-2024E was only 33.5%!"

"We believe the Board misled shareholders in order to justify their own poor decisions"

"Brinker’s transformation plan has driven approximately 400% outperformance vs. Darden"

"Olive Garden's signature salad and breadsticks should be executed properly every time"

"Olive Garden must bring back the quality and consistency of its signature breadsticks"

"So unless Amazon decides to go into the gas business, gas prices are likely to go up."

"SEC is right to demand disclosure of the material agreement between the two companies"

"Each of Brand Tripadvisor, Viator, and TheFork is a leader in its respective category"

"We believe Viator has the potential to reach OTA-like margins over the next few years"

"Management either has not done its homework or does not understand the credit markets"

"Muddy Waters hereby offers to pay for one series of straight debt to be rated by S&P."

"PCC outperformed Alcoa by 164%, but Dr. Kleinfeld was paid 25% more than Mark Donegan"

"And EPS is growing slower than the industry supplier... How can there be share gains?"

"It’s just volume leverage; Days Improvement (DI) system and gross productivity = talk"