Callouts & quotes from 485+ activist slides

"Best-in-class margin target is still below levels Southwest historically achieved"

"CN is the only railroad that remains below pre-pandemic levels on all key metrics"

"Best-in-class margin target is still below levels Southwest historically achieved"

"Best-in-class margin target is still below levels Southwest historically achieved"

"According to Google, interest in "Canadian Tire" is below typical November highs"

"Agilent's net leverage of <1x is significantly below average peer levels of ~3x"

"We estimate continuing EPS approx. -47% below the street “adjusted” estimates"

"We estimate continuing EPS approx. -36% below the street “adjusted” estimates"

"We estimate continuing EPS approx. -47% below the street “adjusted” estimates"

"Recent same-store sales growth has been below BWLD's 10-year average of 5.3%"

"PepsiCo EBIT margin before advertising expense is well below the peer group"

"A peer analysis below shows AMR is an outlier at almost 3x the industry."

"Prices can't stay below the cost of the lowest cost producers for long."

"Cumulative free cash flow was ~11% BELOW the 2018 Investor Day target"

"Cumulative free cash flow was ~11% BELOW the 2018 Investor Day target"

"The table below sets forth the Income Statements for the two entities"

"This is significantly below TFS's price assumptions of US$4,500/kg."

"We excerpt some questions below – the subjectivity is self-evident."

"The table below sets forth the Balance Sheets for the two entities"

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

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

"2020 compensation Adj. EBITDA target 29% BELOW Investor Day goal!"

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

"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"