Callouts & quotes from 676+ activist slides

"Stub NTM EV/EBITDA Discount vs. Peers¹ Increased over 3 times since Vivendi nominees joined TIM Board..."

"Sony Financial is distinguished from peers by its “growth culture” driven by unique “Life Planner” model"

"FIGS trades at a material premium to DTC and retail/apparel peers at approximately 4.0x 2022E revenues."

"GCP is among the smallest of its peers based on revenue, number of employees, and market capitalization"

"Huntsman should provide greater disclosure on human capital management, in-line with its Primary Peers."

"Huntsman has received significantly less support for its executive compensation plan versus Proxy Peers"

"Huntsman should provide greater disclosure on human capital management, in line with its Primary Peers."

"Marathon’s refineries exhibit no higher utilization than merchant refiner peers who do not own retail."

"Xylem’s Valuation Is Extreme Relative To Water And Industrial Peers With Higher Margins, Less Leverage"

"GCP has said it's now targeting smaller projects in SBM, after peers have already made strategic moves"

"Not only has Goodyear failed to close the margin gap vs. peers, the margin gap has continued to widen"

"By normalizing MAXR’s results to peers, we estimate $50m of annual overcapitalization of intangibles."

"Rio risks trailing industry peers due to practical DLC restrictions on issuing stock as M&A currency"

"Huntsman is focused on downstream systems, yet seems to have the lowest average margins among peers."

"Board size and inside vs. outside director balance consistent with peers and TPX companies' average"

"As a result of a worsening growth + profitability profile, GoDaddy has underperformed peers by 37%."

"Poor performance is even more remarkable given broader industry tailwinds that have benefited peers"

"Out of the 18 indicated peers, BlackRock was in the bottom 50% group on a 1 year and 3 year horizon"

"Since embarking on this plan, Amgen has significantly outperformed both Bristol-Myers and its peers"

"Peers have seen improvements of greater than 20% in cost of goods sold with minimal supplementation"

"In this presentation, Starboard uses Proxy Peers to benchmark the Company's executive compensation."

"As a result of a worsening growth + profitability profile, GoDaddy has underperformed peers by 37%."

"Out of the 18 indicated peers, BlackRock was in the bottom 50% group on a 1 year and 3 year horizon"

"Thus, we believe its peers do not exploit this accounting trick to materially boost EBITDA margins."

"To date, this growth potential has not been capitalized on, and Kao has fallen behind global peers."

"Leading Kao brands are limited in their global reach compared to competing brands from Kao's peers."

"As a result of a worsening growth + profitability profile, GoDaddy has underperformed peers by 37%."

"We believe that ADP’s retention is better than peers in SMB, but is well below peers in Enterprise"

"Materially underperform peers then go on to deny by pointing to last 6 months of stock performance"

"Huntsman continues to be perceived by investors as a lower-quality business relative to its peers."

"Over any relevant time frame, BMC's stock has consistently underperformed the market and its peers"

"Norfolk Southern and its peers have the same mission, but Norfolk Southern’s strategy must change."

"Recent revenue, same store sales, and operating margins continue to be the worst among OSS peers."

"Even peers that already had a strong alcohol mix have been successful in increasing alcohol sales"

"Despite ~60% Increase in Stable Earnings... ...0% Increase in Multiple vs. Merchant Refiner Peers"

"Even peers that already had a strong alcohol mix have been successful in increasing alcohol sales"

"Disney’s Media business ("Entertainment" and "Sports") significantly under-earns its media peers."

"Disney’s Media business (“Entertainment” and “Sports”) significantly under-earns its media peers."

"Southwest has substantially underperformed peers and the S&P 500 over all relevant time periods."

"Under the incumbent Board, McDonald's is a laggard – not a leader – on ESG compared to its peers"

"Southwest has substantially underperformed peers and the S&P 500 over all relevant time periods."

"Southwest has substantially underperformed peers and the S&P 500 over all relevant time periods."

"Huntsman’s Advanced Materials business has one of the lowest Adjusted EBITDA margins among peers"

"We believe this explains the significant difference in EBITDA margin between FTAI and its peers."

"Southwest has substantially underperformed peers and the S&P 500 over all relevant time periods."

"Three-Year Outlook from January 2024 Explicitly Indicated the Margin Gap to Peers Will Not Close"

"Southwest has substantially underperformed peers and the S&P 500 over all relevant time periods."

"Huntsman CEO receives a disproportionately large annual pension benefit compared to Proxy Peers"

"When we adjust for these factors, we see that Leidos is trading at 24x 2021E OCF vs. 16x peers."

"Val-gan’s durable business would have few peers among publicly traded pharmaceutical companies"

"We believe Autodesk should target ~55% incremental margins, in-line with design software peers"

"GCP's struggles seem to be unique as peers have benefitted from a favorable industry backdrop."

"Brook Mine has the lowest concentration of critical battery metals amongst its clay REE peers."

"GCP's struggles seem to be unique as peers have benefitted from a favorable industry backdrop."

"Salesforce trades at a discount to its peers and has an outsized margin expansion opportunity."

"We believe Autodesk should target ~55% incremental margins, in-line with design software peers"

"CEO Hsing is paid handsomely for running a small company a fraction of the size of his peers."

"... But dramatically UNDERPERFORMS its Direct Peers on using its R&D to drive organic growth."

"Huntsman's EBITDA margins are ~400bps BELOW the average for 2021 and 2022 performance peers!"

"The stock is trading at such a discount to peers because of management – no one trusts Matt."