Callouts & quotes from 621+ activist slides

""High marks for management. CEO Mark Donegan has a manufacturing background and graduated from the GE manufacturing management program in 1979, two years prior to Jack Welch becoming CEO. His chief success prior to taking the reins at [PCC] was at the helm of Wyman-Gordon, a [PCC] subsidiary where he led the business to historically high operating margins and growth. We think the most notable aspect of Mark Donegan’s career was his ability to manage a manufacturing concern profitably through the aerospace decline in the 1990’s." — Goldman Sachs, October 10, 2007; "From there, we want to take that baseline cost structure and we want to go back into the market where we want to drive for market share. We'll also take and add to that the ability we have on vertical integration... So market share is key and then we take that and drive that back across the assets that we created more capacity... We're not looking for just sales growth. We're looking for key assets that give us an expanding portfolio, attack our costs, long-term market share gain and growth." — Mark Donegan, December 3, 2014; "[PCC] generally leverages superb execution for market share gains through pricing strategies and long-term contracts. We believe [PCC] is one of the best operators in our space, as operating margins are generally above peer companies." — Bank of America, June 4, 2014"

"I believe it has been inflated. In order to get a stock up, you need to show that a market is at a certain growth level. That's my belief. It's my solid, firm belief, and it's because I've been dealing with these same patients and doctors for 25 years. The market for the number of new implants is not growing as fast as what investors are being told. That's my belief. — Former Nevro territory manager; Umm...probably to a degree, right? I don't...you know... I think some of the data sources weren't always the full picture that they needed to be. I wouldn't say picking and choosing perhaps but there was, which I'm sure happens in all kinds of angles sort of leaning more heavily on data that maybe people thought supported a narrative and then, to some degree, sure. So, I think, again, it was a triangulation of different data sources, right? The payer data. I mean, I would say the payer data, Wall Street and analysts and other physician market research, and you know, I think...I don't know how would I characterize it. I think it was—I don't know. I think at a specific point that you were referring to, I think—I don't know. I think there were different times where different data sources were weighed more heavily and I think that weighing of different data sources was at times skewed. — Former Nevro employee involved in calculating market growth figures"

"The guys that you would consider key opinion leaders in the field like [3 names redacted] - if they weren't going to get paid, you're not working with them. A KOL is a marketer in disguise as a physician, They pit companies against each other to get more out of each. They'll say, “I don't need to meet with your regional manager or VP. I want to meet with your CEO because to get me working with you, I need to have high-level communications on how much I’m getting paid.” ... If they don't get paid, they're not in the game. That's almost what it has become like with the big KOLs, not just with the number of implants that they do, but the clout that they have in the pain management community. ... I was privy to conversations like, you've got to make sure he does X volume over this period of time or we can't have him as a KOL. But I don't believe it would have ever been anything in writing. If the doc didn't ante up over that period of time, they would have cut him off. The verbal conversations would never have been with the territory managers. It would have been the area vice president's, with a couple of people in the room. ... I hoped that all of this was going to go away with clinical evidence. That's what my stupid belief was. I truly believe money trumps the evidence every day of the week, unfortunately. — Former Nevro district sales manager"

"[...] we believe a change in management and refreshment of the board at NSC are warranted and could stimulate improved operations and thus equity performance. For these reasons, we intend to support the election of dissident nominees Betsy Atkins, James Barber, Jr., William Clyburn, Jr., Sameh Fahmy, John Kasich, Gilbert Lamphere, and Allison Landry. — Neuberger Berman; We see value in potential management change with Jim Barber as CEO and Jamie Boychuk as COO as proposed by the activist investor Ancora... especially given the historical margin underperformance of Norfolk Southern. — Barclays; We believe the status quo at NSC will lead to continued underperformance of the railroad. We also believe that Board refreshment and Jim Barber's and Jamie Boychuk's leadership are essential for enhancing safety and for ensuring outstanding long-term achievements for the benefit of all NSC's shareholders and other stakeholders. — EdgePoint Investment Group; It appears NSC is making the case that changing the Board and management would pose significant risk to service and safety. But in reality, NSC has already endured the most service and safety challenges in recent years, including the unfortunate events of East Palestine last year, and defective chassis across its network that impacted service and posed safety risks in 2021. — Deutsche Bank"

""PFE best positioned for top-line growth among large cap pharma with the pipeline capable of replenishing 41% of the FY17 revenue base by FY25 (vs. peers 7%), well in excess of the 16% of sales exposed to generic/biosimilar headwinds (vs. peers 42%). While near-term growth will be depressed by the loss of Lyrica, we believe investors will look through this to a period of renewed growth. Post-Lyrica LOE, we model revenue CAGR rising to 7.7% (FY20-25) from 2.7% (FY17-20)." — Atlantic Equities, November 27, 2018; "Perhaps the greatest legacy of outgoing CEO Ian Read is a reinvigorated R&D pipeline that should sustain top-line growth beyond key patent expirations. We expect new CEO Bourla to leverage this significant boost in late-stage R&D assets to a level that could preclude the need for M&A or financial engineering" — Oppenheimer, December 11, 2018; "Pfizer has had pipeline success in 2018 with surprisingly good data from Tafamidis, Tanezumab meeting efficacy endpoints in smaller duration phase-3 trials but with questions on safety remaining, early encouraging data from next-gen JAK's for Inflammation and advancement of 20-valent pneumococcal vaccine into phase-3. We believe these events have a played a key role in changing the narrative on Pfizer from an M&A/Split story to a pipeline/growth story." — UBS, January 22, 2019"

""PFE best positioned for top-line growth among large cap pharma with the pipeline capable of replenishing 41% of the FY17 revenue base by FY25 (vs. peers 7%), well in excess of the 16% of sales exposed to generic/biosimilar headwinds (vs. peers 42%). While near-term growth will be depressed by the loss of Lyrica, we believe investors will look through this to a period of renewed growth. Post-Lyrica LOE, we model revenue CAGR rising to 7.7% (FY20-25) from 2.7% (FY17-20)." — Atlantic Equities, November 27, 2018; "Perhaps the greatest legacy of outgoing CEO Ian Read is a reinvigorated R&D pipeline that should sustain top-line growth beyond key patent expirations. We expect new CEO Bourla to leverage this significant boost in late-stage R&D assets to a level that could preclude the need for M&A or financial engineering" — Oppenheimer, December 11, 2018; "Pfizer has had pipeline success in 2018 with surprisingly good data from Tafamidis, Tanezumab meeting efficacy endpoints in smaller duration phase-3 trials but with questions on safety remaining, early encouraging data from next-gen JAK's for Inflammation and advancement of 20-valent pneumococcal vaccine into phase-3. We believe these events have a played a key role in changing the narrative on Pfizer from an M&A/Split story to a pipeline/growth story." — UBS, January 22, 2019"

""We cannot believe that CEO Andrew Mackenzie will be considering any medium to large-scale M&A... which management has been questioned on at previous conference calls and have said they look at, is to collapse the DLC structure." — Barclays, August 19, 2013; "By combining portfolio simplification (asset sales) with structural change (dismantle the DLC), we believe BHP can kill two birds with one event stone, providing modest structural upside (10%+) while also enhancing long term strategic flexibility." — Credit Suisse, June 17, 2014; "DLC Structures are not permanent. Based on our analysis we have seen that DLC structures are not intended to be permanent structures and nor are they beneficial for shareholders forever. We believe that now is an appropriate time for BHP to consider unifying the DLC structure." — UBS, July 14, 2014; "New proposal will lead to wastage of future franking credits... We believe certain Australian shareholders may consider the leakage of franking credits to plc shareholders, which they are unable to monitise, as disadvantaging Ltd shareholders." — JP Morgan, September 22, 2015; "Given it no longer supports itself and it has lost it strategic purpose, sure then the time has come to think very seriously, and with firm purpose, about consolidation." — Australian Financial Review, January 26, 2016"

""As a reminder, we've been working on a number of finance alternatives to eliminate the need for new restricted cash or PPA deals where Plug Power finances the assets directly. In some, or likely all, of the new financing scenarios the cat profile of the transaction will be much better. The accounting rules dictate we cannot recognize revenues up front as we've done with traditional sale-leaseback arrangements. The presentation of adjusted numbers is intended to show our performance as if we finance a transaction as we have in the past. Again, we believe it provides a clearer picture of the sales and implementation progress of the Company and a consistent comparison to past performance." — Andrew Marsh - CEO, Plug Power; "Before I get started, I want to highlight that beginning this quarter, Plug Power's quarterly financial results will no longer include the non-GAAP measures of adjusted revenue, adjusted gross margin, adjusted EBITDAS, or adjusted EPS to reflect the impact of deployed Power Purchase Agreement transactions under alternative financing arrangements. However, we will continue to provide supplemental information to all external stakeholders as we believe it's important we convey the company's overall progress in growth and cost-downs and to maintain complete transparency." — Andrew Marsh - CEO, Plug Power"

"“Doctors have been using spinal cord stimulation for PDN for a while, but notoriously it’s very bad for the foot. It doesn’t get to the foot. You can’t get spinal stimulation into the foot without having to stimulate everything along the way, Stimulation doesn’t change the plumbing. Diabetic neuropathy causes pain because there’s shitty blood flow which affects the nerves, which get rewired and interpret it as pain. What’s going to happen with Nevro is what happens with every other spinal cord stimulator for the foot. You can’t get to the foot, so you have to jack up the current, and then you get tolerance and [any pain relief] goes away.” — KOL and high volume implanter; “For diabetic neuropathy, DRG is 100 times better than any other neuromodulation system. Without question. Nevro has one size fits all. It’s not even a question – DRG is the answer, at least anything neuromodulation-related for neuropathy. At least with DRG you are going to have increased blood flow because it’s a real system.” — KOL and former high volume Nevro implanter; “The other thing is that a lot of patients with diabetic neuropathy have pain in their feet, the actual feet themselves, and I personally don’t believe Nevro is the best for the feet as the Abbott DRG is better.” — KOL and high volume implanter, who still uses Nevro moderately"

""While Box was once one of the fastest-growing companies in software (70% growth at $225M+ in ARR at IPO), growth has dramatically decelerated, even prior to COVID. Growth did improve in the most recent quarter (with some COVID headwinds fading), but we do not believe Box will be able to sustain double-digit growth and find its FY24 12%-16% revenue growth target difficult to underwrite... Part of the reason we struggle to underwrite Box's story of accelerating growth and expanding margins is the fact that Box has discussed initiatives to accelerate growth in the past, but not delivered on it, and has had several different target models, consistently needing to walk them back... Based on our due diligence, we do believe that Box has competitively differentiated technology for content management at the enterprise end of the market and like the company's vision but take the view that a mixture of competitive pressures (namely OneDrive) and an underperforming GTM motion are the primary contributors to the company's underwhelming execution. Additionally, considering the nature of Box's solutions, if the rise of remote work and digital transformation trends haven't yet translated into an improved environment for the company we are not sure what Box needs to see to start executing." — RBC Capital Markets, July 2021"

"“The real problem for me, to make anything practical, to make quantum computing practical, you need 500 qubits; you need thousands of qubits with really high fidelities. How do you get there - any quantum computing company will get to the 500 or thousands of [qubits with] decent fidelities? I didn’t find any solid answer. If we went back to how classical computers were in the ‘60s, big chunks of silicon. I believe that’s what’s truly lacking in the quantum computing world. Someone needs to come up with a way to scale things up to the point that it’s going to be practical. The way I see it right now, I don’t see a really good way to do so.” — Former IonQ employee, senior member of technical staff; “It is a scientific toy. In terms of its computational capacity, it’s worse than your cell phone. When I say worse than your cell phone, a cell phone is at least 15 to 20 years old because you just don’t compare it with modern cell phones that are very powerful computational machines. If you compare the computational capacity of IonQ’s best available trapped ion quantum computer to a classical machine, then yes, it would be worse than a 20-year-old phone. It would probably be equivalent to a computer from 1950 to 1960.” — Leading quantum computing researcher who has published papers with IonQ’s founders"

"“Saving Klaus from Paul Singer is top priority for its management. Drain the swamp. Let Elliott Management’s recommendations prevail. Too many good people are getting hurt throughout this Company.” — Glass Door, 3/17/17; “Arconic managers are being told not to pay their vendors. Several have not been paid since last July...and MANY have not been paid since October 1st.” — Email sent to Elliott, 3/27/17; “Your company might want to somehow request financials in regard to payments to vendors, etc. Arconic is either trying to make itself look good for a sale or the inflated stock price.” — Email sent to Elliott, 3/16/17; “I have been a supplier [redacted] to Arconic. Payable terms have been 60 days for the life of the company’s supply agreement with Arconic. However, it seems in conjunction with the announcement of the proxy fight, Arconic unilaterally changed payable terms to 120 days. I believe the change was made to goose up reported results for the first quarter, and that the company might also be hiding vendor invoices.” — Unsolicited Phone Call to Elliott, 3/8/17; “In a last-ditch effort to save his job, [Siemens CEO] Kleinfeld released quarterly earnings figures late Tuesday, two days earlier than planned, to underscore the company’s financial health.” — The New York Times, April 25, 2007"

""We are making changes to the business model that will not only improve our way of doing business but also improve our results. This period of transition for the company is an important chapter in our history and one that will make us stronger. Some of these changes, however, take time to be digested and implemented by our members and as a result, this has affected our performance for the short term, yet we manage for the long term, and we firmly believe that the changes we are making are all the right ones for the healthy growth of our company, and they give us tremendous confidence for our future" — Michael Johnson, 11/4/2014; "We've implemented a number of build-it-better initiatives. We haven't had a build-it-better program for many years but recently, we've accelerated that partially in response to some of the outside noise. So when you got things like the nomenclature change, and then you follow that with the simplified pricing, and then you follow that with a greater level of claims training and enforcement, and then you roll in these marketing plan changes, I think it's the accumulation of efforts that's just causing a temporary reset as we have -- as our members out there just get used to the new situation and just a new game plan." — Des Walsh, 11/4/2014"

""We find it odd management believes value can be created by separating the business into two mature companies." — KeyBanc, December 20, 2013; "...But we continue to believe [management's] plan doesn't address RL problems for investors... We believe the most favorable outcome for investors under the current plan is a sale of RL, but short of that we see risk to the downside if investors inherit RL shares." — UBS, March 3, 2014; "We believe Red Lobster has a valuable asset base that makes Darden's overall real estate portfolio materially more attractive than it would be without it. We fear management's current plan to spinoff Red Lobster is reactionary and lacking integrity." — Hedgeye, March 12, 2014; "Moving forward with Red Lobster sale or spin. Unless the separation helps drive a significant improvement in operating results, we don't envision this being very accretive to valuation." — Oppenheimer, March 3, 2014; "It remains unclear to us why the combined valuation of the separate companies would exceed current DRI valuation." — Bank of America, March 3, 2014; "Despite Opposition, Management is Moving Forward in Divesting Red Lobster: Overall, we believe the Street is disappointed by the divestiture of Red Lobster on its own." — Sterne Agee, March 21, 2014"

"“We find it odd management believes value can be created by separating the business into two mature companies.” — KeyBanc, December 20, 2013; “...But we continue to believe [management’s] plan doesn’t address RL problems for investors... We believe the most favorable outcome for investors under the current plan is a sale of RL, but short of that we see risk to the downside if investors inherit RL shares.” — UBS, March 3, 2014; “We believe Red Lobster has a valuable asset base that makes Darden’s overall real estate portfolio materially more attractive than it would be without it. We fear management’s current plan to spinoff Red Lobster is reactionary and lacking integrity.” — Hedgeye, March 12, 2014; “Moving forward with Red Lobster sale or spin. Unless the separation helps drive a significant improvement in operating results, we don’t envision this being very accretive to valuation.” — Oppenheimer, March 3, 2014; “It remains unclear to us why the combined valuation of the separate companies would exceed current DRI valuation.” — Bank of America, March 3, 2014; “Despite Opposition, Management is Moving Forward in Divesting Red Lobster: Overall, we believe the Street is disappointed by the divestiture of Red Lobster on its own.” — Sterne Agee, March 21, 2014"

""About a year ago, at our Investor Day, we introduced to the market our near-term EBITDA target of $2 billion. We believed that we could achieve this number in the next two to three years...we continue to target a $2 billion run rate in 2017. With present industry trends, we think we will continue to see stronger specialty and differentiated growth than we had expected and softer commodity TiO2 in our recovery." — Peter Huntsman, President & CEO; "We continued to emphasize our goal that we gave out about -- it's been about a year and a half now of a $2 billion EBITDA. Obviously, in the last 18 months, the world's economy and so forth is between the price of crude oil. We made that forecast as, what, about $110 a barrel, and what we were seeing growth in China and so forth. And a lot of that's been turned around from what we saw 18 months ago." — Peter Huntsman, President & CEO; "...of the $2 billion [EBITDA], there was roughly $425 billion of the pigment's EBITDA in there, so if you exclude that and you use the FX headwind, that Peter mentioned, of about $140 million. That's a number, I think, that this company can hit in the next couple of years. Is $1.5 billion a number that we're capable of? Yes, I think that that's realistic." — Kimo Esplin, CFO"

""Now, the integration value [of Speedway] is, I would say, proprietary. I can't give out a number from a competitive reason of that integration value, but I can say it is very significant..." — Gary Heminger, July 28, 2016; "So we look at the integration value [of Speedway]. We look at kind of the dis-synergy if we were to do something different with Speedway, and we still believe that it has a very strong fit in our system." — Gary Heminger, October 27, 2016; "There have been some questions about a sale of Speedway and we have such a low tax basis in Speedway. We would find that hurdle hard to overcome..." — Gary Heminger, February 14, 2017; "The bottom line is that there is no compelling valuation opportunity in separating our retail business, and that any potential separation will cause loss of integration synergies, additional cash needed to maintain appropriate balance sheet strength, increase volatility in the remaining business, and, we believe, result in long term value disruption." — Gary Heminger, September 5, 2017; "...we completed the very comprehensive review of Speedway and the conclusion, the unanimous conclusion by the board was that Speedway would remain in the vertical integration of MPC." — Gary Heminger, February 13, 2018"

""Although we think the company's underlying asset value is worth significantly higher than our near-term price target, we now believe the shares will likely continue to struggle throughout this year and will trade substantially below our estimate of its fair asset value due to the lack of visible catalysts as well increased investor skepticism over management's execution record..." — Barclays (April 26, 2012); "The 7% pullback in the stock was severe, and in our view, is indicative of a loss of investor confidence in HES's execution capabilities, following a string of production misses and a lack of notable exploration success, in addition to a growing deficit between capex and cash flow. Entering 1Q'12, HES had missed its production guidance for four of the preceding 5 quarters, meaning execution was at a premium." — Simmons (April 26, 2012); "We think the market will largely adopt a wait and see approach and not give any free passes to management until clear path towards their cash flow targets and execution capability is evidenced...From a valuation perspective, we think the stock is relatively cheap as a result of the company's less-than-stellar historical performance record and perceived execution risk." — Barclays (July 26, 2012)"

""We believe the management team at ADP has done an admirable job in proactively transforming ADP from a legacy payroll processor to a top HCM provider without sacrificing short-term results." — J.P. Morgan Research, August 16, 2017*; "Under an optimistic assumption, Ackman’s plan would take at least three years of depressed margins, but probably several more. We doubt management or its investors, including Pershing Square (despite claiming the opposite), would have the stomach for this... if Pershing Square is only looking at ADP through a spreadsheet, this plan makes perfect sense. However, companies don't exist on spreadsheets, and even the best laid plans often can't overcome an unhappy workforce worried about losing their jobs." — Morningstar Research, August 17, 2017*; "We do believe there are structural differences between ADP and PAYX margins, stemming from ADP's large presence in the national accounts and mid-market payroll services industry." — Evercore Research, August 17, 2017*; "ADP's Corporate Governance is a model for other companies... We doubt that many long-term shareholders would be anxious for a management change following the last six years of outperformance by ADP." — Baird Research, August 18, 2017*"

""In terms of exploration and production, we are different than the other independents. We are the most global." — John Hess, Chairman & CEO Hess, June 2010. "We want to maintain our global presence and our global reach because we believe that the globe provides many opportunities now and will also in the future. So we want to maintain that global scale and capability." — Gregory Hill, EVP Worldwide E&P Hess, November 2012. "We are skeptical that Hess's current global growth strategy will yield superior returns or growth, as its organization appears to be spread thin and we think it is unlikely that Hess can have a competitive advantage in all the areas it is pursuing." — Goldman Sachs, June 11, 2012. "On the upstream side, we question whether the company has the bandwidth to operate in over 20 countries...We do not believe a company of Hess's size will get credit in the market for a shotgun approach to investing across the world...Running such a diverse, global operation is challenging and given the size of the company it is not apparent that HES gains any incremental value from its integration and diversity. We believe this level of diversity has diminishing margins of return for investors." — Citigroup, June 20, 2012."

""First more than 90% of HomeTeam's business is Pest Control... When we acquired HomeTeam their margins were 7% on a trailing 12 month basis. But we believe that we can double those margins in the next four years." — Rollins On HomeTeam Acquisition, July 23, 2008. "The HomeTeam acquisition was a meaningful acquisition. So we've bought some nice platforms through the years, and we'll continue to buy good platforms." — CFO Krause, Baird Conference, Nov 9, 2022. "There are multiple benefits to tying Fox closely with HomeTeam, who have also been utilizing door-to-door campaigns to activate Taexx customers in their predominantly residential business for over 20 years." — CEO Gahlhoff, Q1 2023, April 27, 2023. "And when we look at the Fox pest control, it's a door-to-door business, the thing that we get excited about when we think about this business is teaming Fox with HomeTeam. HomeTeam is our business where we've got tubes and walls and there are legacy tubes that unfortunately, customers aren't using because they moved away from the home that they originally built and the new owner doesn't even realize that these tubes are in the house..." — Rollins on HomeTeam, William Blair Conf, Jun 8, 2023."

""Let me make one comment on the Speedway deal relative to that is we still believe we're going to get the benefit of integration. That's not lost because of the supply agreement that we have and the fact that we'll continue to be using our logistics assets." — Mike Hennigan, CEO of Marathon Petroleum, August 3, 2020. "I mentioned Speedway sale is a win-win, I think at the end of the day 7-Eleven is getting a quality team and a group of assets that enhance their portfolio, at the same time MPC is monetizing the retail margin, but keeping the fuel supply chain." — Mike Hennigan, CEO of Marathon Petroleum, November 2, 2020. "On the portfolio we completed the Speedway sale receiving $17.2 billion of proceeds from that transaction and securing the 15-year fuel supply agreement with 7-Eleven." — Mike Hennigan, CEO of Marathon Petroleum, February 2, 2022. "If you think about the history of the Speedway portfolio literally growing up over decades in and around the infrastructure. So it's important to us to preserve the integration value operationally associated with that, which we've done so in the contract." — Brian Partee, Senior Vice President, Marketing of Marathon Petroleum, August 3, 2020."

"“Let me make one comment on the Speedway deal relative to that is we still believe we're going to get the benefit of integration. That's not lost because of the supply agreement that we have and the fact that we'll continue to be using our logistics assets.” — Mike Hennigan, CEO of Marathon Petroleum, August 3, 2020; “I mentioned Speedway sale is a win-win, I think at the end of the day 7-Eleven is getting a quality team and a group of assets that enhance their portfolio, at the same time MPC is monetizing the retail margin, but keeping the fuel supply chain.” — Mike Hennigan, CEO of Marathon Petroleum, November 2, 2020; “On the portfolio we completed the Speedway sale receiving $17.2 billion of proceeds from that transaction and securing the 15-year fuel supply agreement with 7-Eleven.” — Mike Hennigan, CEO of Marathon Petroleum, February 2, 2022; “If you think about the history of the Speedway portfolio literally growing up over decades in and around the infrastructure. So it's important to us to preserve the integration value operationally associated with that, which we've done so in the contract.” — Brian Partee, Senior Vice President, Marketing of Marathon Petroleum, August 3, 2020"

""I hear what you're saying about the acquisition and the history, but really it's been six, seven years since we've made an acquisition more than $100 million. So we've moved past that. Really the financial priority for the Company as set out by the Board and the senior management team is continue to improve the credit profile." — Steve Heskett, Vice President - Treasurer, September 2011; "Smaller bolt-on acquisitions, particularly in fast-growing, developing markets that have a very strong synergistic, a post-synergistic sort of a payback for us, $10 million-$20 million sort of acquisitions -- I don't believe this is the time to kind of bet the farm and go out and leverage up the balance sheet. I don't think that we've -- I think reducing our debt right now is more important than expanding our debt." — Peter Huntsman, President & CEO, May 2012; "But I don't see in today's -- where the market, I think, is putting a premium on risk reduction. I don't see a scenario today, at least not one that sits readily before me, where we are going to take our balance sheet and load it up with debt. So, M&A, large M&A I don't think is a high priority." — Peter Huntsman, President & CEO, November 2012"

""It’s come down to which group of independent directors shareholders want to oversee the company: Darden’s or Starboard’s? We believe Starboard’s slate is better qualified." — Hedgeye, September 3, 2014; "Investment Thesis: We remain constructive on Darden based on the thesis that multiple near to intermediate term catalysts are in play including the potential spin-off of SRG, increasingly aggressive cost control efforts and the potential sale of a portion of the company’s 600 remaining owned pieces of real estate." — Wells Fargo, September 2, 2014; "Development of propco/opco could be an intriguing possibility to maximize value in remaining real estate ... Based on discussions with J.P. Morgan’s REITs equity research team we believe a 14-15x pretax multiple could be applied to rental income. ...[This] yields approximately $7-8 of additional stock value." — JP Morgan, June 5, 2014; "We are lowering our rating on DRI shares from Neutral to Underperform and cutting our price objective from $55 to $40. Olive Garden (OG) has undertaken a brand relaunch to drive sales but we have concerns that the efforts are failing to gain significant traction." — Bank of America, August 28, 2014"

""As relates to [direct-to-consumer], this is an area I think it's important that we frame. first of all, direct to consumer sales in our product categories globally currently represents 0.3% of sales. I'm not saying that to indicate that it's not a potentially important tool for us. I believe it is... Again I do not want this to be taken the wrong way but I don't see a mass move." — P&G Conference Call, 10/25/16; "And we've talked often about the endless shelf. If anything, online consumers look at less brands than more brands, walk a store and a big mass merchandiser and some big categories like Hair Care, you may say 30, 40, 50 brands. When you go to any one of the online opportunity sources, you'll probably look at Page 1, maybe Page 2. And as I mentioned, strong brands often occupy the majority of Page 1 and Page 2." — P&G Conference Call, 7/27/17; "We are testing and have tested and will continue to test a number of models...But certainly, I believe so far is that most consumers do not want to have a lot more accounts for narrow parts of their daily or monthly needs, and so an aggregator probably is better positioned to serve the consumer." — P&G Conference Call, 7/27/17"

"“We are paying for that. And if you’re a transplant center in Northern California, and you want normothermic perfusion, you can pick TransMedics and pay $100,000-plus, plus you’ll pay for my liver acquisition charge. Or you could choose OrganOX normothermic perfusion, and it costs you nothing, only the standard acquisition charge. That’s it…that’s all we charge. But we have three machine operators. We have purchased vehicles to move the machine around in. We’re launching our program. I don’t see why you, as UCSF or any of the transplant centers, would choose to use TransMedics over the OrganOX machine for any of the Bay Area donors. There’s another OPO based out of Sacramento; it’s a small group. They received their machine on the [redacted], and they’ll be live on [redacted] The group out of LA, the largest OPO in the country, they just received their machine, and I believe they’re arranging for their training sometime next month and that’s going live. The OPO in Nevada has received their OrganOX machine. So, all of these are going to be owned by the OPO and there is zero additional charge to the transplant center.” — Executive at a West Coast OPO, longtime industry veteran"

"“It’s come down to which group of independent directors shareholders want to oversee the company: Darden’s or Starboard’s? We believe Starboard’s slate is better qualified.” — Hedgeye, September 3, 2014; “Investment Thesis: We remain constructive on Darden based on the thesis that multiple near to intermediate term catalysts are in play including the potential spin-off of SRG, increasingly aggressive cost control efforts and the potential sale of a portion of the company’s 600 remaining owned pieces of real estate.” — Wells Fargo, September 2, 2014; “Development of propco/opco could be an intriguing possibility to maximize value in remaining real estate … Based on discussions with J.P. Morgan’s REITs equity research team we believe a 14-15x pretax multiple could be applied to rental income. …[This] yields approximately $7-8 of additional stock value.” — JP Morgan, June 5, 2014; “We are lowering our rating on DRI shares from Neutral to Underperform and cutting our price objective from $55 to $40. Olive Garden (OG) has undertaken a brand relaunch to drive sales but we have concerns that the efforts are failing to gain significant traction.” — Bank of America, August 28, 2014"

"“We analyze proposals for the separation of Chair/CEO on a case-by-case basis taking into consideration numerous factors, including the appointment of and role played by a lead director, a company's performance, and the overall governance structure of the company.” — State Street. “The funds also support independent leadership in the boardroom. That may take the form of an independent chair or a lead independent director. Regardless of title, the role's responsibilities should be robust and clearly defined through company disclosure” — Vanguard. “In general, Fidelity believes that boards should have a process and criteria for selecting the board chair, and will oppose shareholder proposals calling for, or recommending the appointment of, a non-executive or independent chairperson. If, however, based on particular facts and circumstances, Fidelity believes that appointment of a non-executive or independent chairperson appears likely to further the interests of shareholders and promote effective oversight of management by the board of directors, Fidelity will consider voting to support a proposal for an independent chairperson under such circumstance” — Fidelity."

""Actually, back when I was with the company, they could not get the operating temperatures down to let's say, 75-degrees Celsius." — Former employee; "The thing is, they could not have brought down the temperature because a lithium metal anode and a ceramic separator, both of them work best when elevated [to high temperatures]...That's definitely something that they could not have achieved...This claim of the battery being happy at even negative temperatures, that's a tall claim, especially when they're starting to use solid-state electrolytes. I don't believe that's possible." — Former employee; "I've been looking at the data. If you have their presentation that they gave out in front of you, I think it's slide number 21. They have this data out for carbon and silicon anode, that's for a conventional lithium-ion battery in the dotted line. And then they have different colors corresponding to 0°C, -10°C, and -20°C and -30°C as well. Purely from a materials perspective, because you have lithium metal, just a billet of lithium on the other side, which is going to be deposited - the numbers that they show, it just defeats common knowledge." — Former employee"

"We analyze proposals for the separation of Chair/CEO on a case-by-case basis taking into consideration numerous factors, including the appointment of and role played by a lead director, a company's performance, and the overall governance structure of the company. — State Street. The funds also support independent leadership in the boardroom. That may take the form of an independent chair or a lead independent director. Regardless of title, the role's responsibilities should be robust and clearly defined through company disclosure — Vanguard. In general, Fidelity believes that boards should have a process and criteria for selecting the board chair, and will oppose shareholder proposals calling for, or recommending the appointment of, a non-executive or independent chairperson. If, however, based on particular facts and circumstances, Fidelity believes that appointment of a non-executive or independent chairperson appears likely to further the interests of shareholders and promote effective oversight of management by the board of directors, Fidelity will consider voting to support a proposal for an independent chairperson under such circumstance — Fidelity."

""UNP operates undoubtedly one of the best rail franchises on the continent..." — Evercore ISI; "...the inherent structural advantages of UNP's network that has made UNP our top pick in Rails for a long time." — Deutsche Bank; "...we continue to think that UNP has a structurally advantaged network with its very long length of haul and diversified biz mix." — Credit Suisse; "...stellar franchise..." — Raymond James; "A well-diversified asset base... we recognize the competitive dynamics of UNP's network– unparalleled access to Mexico and the chemicals sector in the U.S. Gulf Coast – and diversified revenue stream..." — RBC; "The most diversified franchise with a higher level of return, UNP is in a very good position..." — Bernstein; "Bottom line, we believe UNP should generate near the high end of rail OR improvement... based on UNP's premium rail franchise..." — Goldman Sachs; "...a franchise advantage over other rails..." — UBS; "Union Pacific has a desirable long-haul network with a more lucrative mix of business..." — BMO; "...consider upgrading the stock... based on the very high quality of the company's network franchise." — TD Securities"

""...we announced the acquisition of Ciba's textile effects business. This was an acquisition of roughly $255 million with an $88 million LTM EBITDA. It is our objective over the course of the next two years to invest about $100 million into that textile effects business, and we believe we can get that EBITDA up to about 15%, 16% of sales; increase that EBITDA from its present rate of about $90 million run rate, upwards of about $150 million run rate." — Peter Huntsman, President & CEO, September 2006; "We are doing the very same thing in textile effects where over the next two years, we're going to spend $150 million and take an EBITDA that is roughly $80 million and we're going to take it to $150 million of EBITDA." — Kimo Esplin, CFO, March 2007; "...our textile effects business continues to make good progress on the restructuring program that we kicked off this last year. Our goal is to capture $75 million in cost savings and drive EBITDA margins to the mid-teens. In fact SG&A and R&D costs in the textile effects declined by almost $9 million or 17% as compared to second quarter levels." — Peter Huntsman, President & CEO, July 2007"

""Before I ever served on a Board with Jim, I knew about the instrumental role he played in building and running the world's best networks at UPS for decades... Any public company in the transportation sector would be lucky to have him at the helm." — Scott Ferguson, Managing Partner of Sachem Head Capital Management, Apr. 4, 2024; "Barber is highly regarded as a logistics operator who helped turnaround U.S. peak season problems at UPS during his tenure as COO... If Barber were confirmed in [the C.H. Robinson CEO] role, we believe it would be a positive development for Robinson..." — JPMorgan Chase & Co. analyst report, Jan. 9, 2023; "Jim has a very rare combination of extraordinary leadership gifts including personal authenticity and integrity..." — Dr. Ed Frazelle, President and CEO, RightChain Incorporated, Founder, The Supply Chain Logistics Institute at Georgia Tech, Apr. 7, 2024; "Working with Jim Barber on the U.S. Foods board has been a great experience. He is an executive who understands the importance of communication, feedback and operational rigor." — Robert Dutkowsky, Board Chairman of US Foods Holding Corp., Apr. 13, 2024"

""Let me make one comment on the Speedway deal relative to that is we still believe we're going to get the benefit of integration. That's not lost because of the supply agreement that we have and the fact that we'll continue to be using our logistics assets." — Mike Hennigan, CEO of Marathon Petroleum, August 3, 2020; "I mentioned Speedway sale is a win-win, I think at the end of the day 7-Eleven is getting a quality team and a group of assets that enhance their portfolio, at the same time MPC is monetizing the retail margin, but keeping the fuel supply chain." — Mike Hennigan, November 2, 2020; "On the portfolio we completed the Speedway sale receiving $17.2 billion of proceeds from that transaction and securing the 15-year fuel supply agreement with 7-Eleven." — Mike Hennigan, February 2, 2022; "If you think about the history of the Speedway portfolio literally growing up over decades in and around the infrastructure. So it's important to us to preserve the integration value operationally associated with that, which we've done so in the contract." — Brian Partee, Senior Vice President, Marketing of Marathon Petroleum, August 3, 2020"

""We've got to bring more milk into the platform. Right now, if I look at the WCB platform, we're running close to 97%, 98% capacity utilization. On the MG side, we're running somewhere around maybe 58% capacity utilization. So one of the easiest ways to drive synergies and drive profitability is getting more milk through the plant, but of course, it's got to go into profitable products that we can sell either domestically or internationally?" — CEO on Australia (August 2018). "But our projections in terms of the respectable levels of profitability for the combined Australian platform, we believe that we will be there within year 3." — CEO on Australia (August 2018). "Leanne, it just seems that Australia has been problematic for a number of years now because of the inadequate supply of milk coming off the farm..." — BMO Analyst (June 2022). "And I believe that there is a way with the amount of milk that we're processing or we expect to process, this still drives very healthy profitability... So it doesn't mean that we have to reduce our expectation for EBITDA generation because we have less milk." — CEO on Australia (June 2022)."

""In terms of exploration and production, we are different than the other independents. We are the most global." — John Hess, Chairman & CEO Hess, June 2010. "We want to maintain our global presence and our global reach because we believe that the globe provides many opportunities now and will also in the future. So we want to maintain that global scale and capability." — Gregory Hill, EVP Worldwide E&P Hess, November 2012. "We are skeptical that Hess's current global growth strategy will yield superior returns or growth, as its organization appears to be spread thin and we think it is unlikely that Hess can have a competitive advantage in all the areas it is pursuing." — Goldman Sachs, June 11, 2012. "On the upstream side, we question whether the company has the bandwidth to operate in over 20 countries... We do not believe a company of Hess's size will get credit in the market for a shotgun approach to investing across the world..." — Citigroup, July 20, 2012. "In multiple client conversations throughout the day we found literally no one that defended the shape, nor global strategy of Hess." — Deutsche Bank, January 30, 2013."

"“The CEO is a headwind to a turnaround. Firing him is the tailwind.” — Top 10 Active Shareholder; “I would rate them as the worst-performing management team in the airlines... They need to go.” — Top 10 Active Shareholder; “They need a new look across the board and you are only going to get that with [a CEO] who is not from Southwest...” — Top 10 Active Shareholder; “I have zero confidence this team can get this right...” — Top 10 Active Shareholder; “Having the current CEO drive the process for a new strategy is not a good idea.” — Top 10 Active Shareholder; “Would you ever see anyone issue a press release that says ‘35 year veteran of the company to drive significant strategic, operational and financial turnaround,’ which is what you would have to believe is possible if you think that Bob Jordan is the right CEO.” — Top 10 Active Shareholder; “I don’t think this is the right CEO to lead the company and I would view his removal positively...” — Top 10 Active Shareholder; “So it is really [the CEO] has not done a good job running the company... The Street would be widely supportive of a change.” — Top 10 Active Shareholder"

"“Let me make one comment on the Speedway deal relative to that is we still believe we're going to get the benefit of integration. That's not lost because of the supply agreement that we have and the fact that we'll continue to be using our logistics assets.” — Mike Hennigan, CEO of Marathon Petroleum. “I mentioned Speedway sale is a win-win, I think at the end of the day 7-Eleven is getting a quality team and a group of assets that enhance their portfolio, at the same time MPC is monetizing the retail margin, but keeping the fuel supply chain.” — Mike Hennigan, CEO of Marathon Petroleum. “On the portfolio we completed the Speedway sale receiving $17.2 billion of proceeds from that transaction and securing the 15-year fuel supply agreement with 7-Eleven.” — Mike Hennigan, CEO of Marathon Petroleum. “If you think about the history of the Speedway portfolio literally growing up over decades in and around the infrastructure. So it's important to us to preserve the integration value operationally associated with that, which we've done so in the contract.” — Brian Partee, Senior Vice President, Marketing of Marathon Petroleum."

""We remain intent on excellence in execution, being disciplined in allocating our capital, and our firm belief that free cash flow per share is the best long-term indicator of shareholder value." — January 2015; "If your competitive advantages are truly working, your free cash flow per share should outgrow your best competitors over the long term." — November 2016; "As we have said, our capital management objective is to maximize long-term growth of free cash flow per share, which I believe is the best metrics to judge our financial performance and to drive higher intrinsic value for the owners of the company." — February 2017; "As we have said, our objective is to maximize long-term growth of free cash flow per share, which we believe is the best metric to judge our financial performance and to drive higher intrinsic value for the owners of the company." — February 2018; "It's been a key mantra for us for many, many years. Our focus is on free cash flow, and we think that is the way we increase the value to the owners of the company. In fact, free cash flow per share is the key component on that." — February 2019"

"With the Flex model, Premier Agent partners are provided with validated leads at no initial cost and pay a performance advertising fee only when a real estate transaction is closed with one of the leads, generally within two years. With this pricing model, the transaction price represents variable consideration, as the amount to which we expect to be entitled varies based on the number of validated leads that convert into real estate transactions and the value of those transactions. We estimate variable consideration and record revenue as performance obligations, or validated leads, are transferred. We do not believe that a significant reversal in the amount of cumulative revenue recognized will occur once the uncertainty related to the number of transactions closed is subsequently resolved. We record a contract asset for our estimate of the consideration to which we will be entitled when the right to the consideration is conditional. When the right to consideration becomes unconditional, upon the close of a real estate transaction, we reclassify amounts to accounts receivable. — Zillow Group 2023 10-K"

""Waste Industries strongly complements GFL’s brand with an over 47-year history of providing excellent customer service to its local communities and has a management team with a proven track record of harnessing technology, processes and systems to drive operating efficiencies. We are excited to welcome the management team and the more than 2,850 employees of Waste Industries to the GFL family." — GFL Press Release. "We do not believe Decatur County’s allegations are supported or accurate. The Waste Industries Parties are vigorously disputing the merits of Decatur County’s claims, but we cannot predict the final outcome of this dispute." — F-1 Filed Nov 1st, 2019. "In the normal course of business activities, the Company is subject to a number of claims and legal actions that are made by customers, suppliers or others. Though the final outcome of actions outstanding or pending at the end of the period is not determinable, management believes the resolutions will not have a material effect on the financial position, statement of operations or cash flow of the Company." — F-1 Filed Nov 1st, 2019."

""Many of these deals were significantly back-end loaded because nobody wanted to pay an upfront payment for a technology that they didn't really understand or believe in." — Former Ginkgo executive; "Many of these companies weren't out much, if anything, when it came to money. We signed these collaborations to get the name on the marquee so that Jason could use that for the next round of funding." — Former Ginkgo executive; "The first thing is that they don't have any unique technology that other companies don't have. The second is that they don't have any product. The products that they do have or what they call their products are strains that they've delivered to customers that generate revenue. But because there aren't many of those successful strains, I believe that their actual revenue coming from those strains is something like $500,000 a year. Customers, if they're using their strains, are using them in a very limited capacity because they're not happy with them. And they're not using them for the original purposes. So, lack of platform uniqueness, lack of product." — Former employee"

"The revised performance goals were set at aggressive levels that reflected our realistic expectations at the height of the COVID-19 pandemic. Achievement levels between threshold and target result in payouts from 0% to 100% of target awards. Achievement levels between target and maximum result in payouts from 100% to 200% of target awards. If we achieve corporate adjusted EBITDA of less than 85% of target, the payout for all other components may be capped at target. If corporate adjusted EBITDA is less than 75% of target, the threshold goal, then payment of any other component of the award would be at the discretion of our CEO and the Compensation Committee. The Compensation Committee believes that requiring a minimum adjusted EBITDA threshold be met to receive any payment with respect to the annual cash performance awards both aligns executives' interests with those of stockholders and prevents excessive annual cash performance award payments in times when our financial performance fails to meet our expectations. — Board's Annual Cash Bonus Compensation Philosophy (2021 Proxy Statement)"

"“We embarrassed the legacy competition but over time that forced them to create new platforms, software, better technology, better interfaces, quicker trial times. They’ve done a lot more for their customers. Nevro still feels like a boutique company. They’re not really as sophisticated as they say they are. When you go to North American Neuromodulation Society meeting every January, you’re seeing an amazing amount of new technology. All the other companies create different types of platforms for different patients. They have optionality, which is a superior sales tactic with the patient saying, ‘Hey, this didn’t work, but I have other frequencies and waveforms for you and I have this and this and this.’” — Senior Nevro ex-executive; “Nevro disrupted the industry with high frequency. Then everyone developed sub-threshold paresthesia-free waveforms. Now companies who don’t even have high frequency have these waveforms. There are lots of competitor pipelines. They’re a one-trick pony. They’re not versatile. That I truly believe. It’s hard to tell a difference clinically.” — High volume KOL"

"“That’s basically the nutshell of the reason why I think the market is limited for Berkeley Lights specifically because I believe that there will be technologies that come through the pipe that are able to have the same functionality as their system but at a much, much higher throughput.” — Former BLI executive; “it’s not something that you can apply to a manufacturing process because you can get out in the order of thousands of cells, but obviously, you cannot get enough of those out for a therapy product. Even the application of growing the cells and expanding them will always be something but then used for an R&D need; it’s not compatible with manufacturing.” — Former BLI scientist; “the problem is that with the work that Berkeley Lights is doing, I mean, an immune system has billions and billions of unique cells, and so you want to screen as many of them as possible to figure out what they do and what their genotype is, but the technology is limiting to screening a few hundred to a few thousand cells, and to capturing out maybe a couple of hundred of those.” — Former BLI executive"

""In the event such sale-leaseback transaction were to occur, the Company would realize substantial proceeds from such sale, which would further enhance its liquidity." — Press Release, November 7, 2014; "So we have, since the beginning, believed that we have very undervalued real estate assets locked up inside the Hudson's Bay Company, and our job is to be able to show our shareholders the value of the substantial real estate assets that the Hudson's Bay company owns." — Richard Baker, CEO, September 12, 2014; "This strategic initiative positions Loblaw's core businesses well for the future. We expect the REIT to not only unlock value for our shareholders, but also increase our financial capacity to pay-down debt, buy back shares, and create a long-term source of capital to invest and grow." — Galen Weston, CEO, December 6, 2012; "Today's announcement regarding a REIT would increase CTC's financial flexibility, providing us with the ability to access funds at an attractive cost of capital as we continue to invest in and grow our business." — Stephen Wetmore, CEO, May 9, 2013"

""While we had greater than normal backlog during certain periods of fiscal year 2022, historically, our net sales are difficult to forecast because we do not have sufficient backlog of unfilled orders or sufficient recurring revenue to meet our quarterly net sales targets at the beginning of a quarter. Rather, a majority of our net sales in any quarter depend upon customer orders that we receive and fulfill in that quarter." — SMC Risk Factor. "This emerging segment represents a vast long-term opportunity for us, and our design win momentum and backlog continues to grow, but short-term quarter-to-quarter results can fluctuate depending on the timing of new customer adoptions and qualification cycles." — CFO Weigand. "Looking ahead, I anticipate fiscal year '24 revenue may reach the range of $8 billion to $10 billion, considering the current economic headwind may be lasting for many quarters. As we continue to gain IT market share with the best rack scale plug-and-play IT total solutions, I believe we will soon become a $20 billion revenue company." — CEO Charles Liang."

""Well, listen, I think you're going to see our valuations and a rerating of our multiple move up without this volatility. I think actually, in a funny way, you're going to see rerating of multiples for TiO2. We're concentrating at 1 or 2 turns higher than Huntsman is. And Huntsman pure play comps like Celanese, Eastman, Dow are 1.5 turns higher than we are. I think you're going to see multiple expansion on both sides." — Kimo Esplin, Former CFO, May 2017; "We think we look at it and awful lot like a Dow and Eastman and the Celanese and I'd encourage you to look at the quality of the business as you heard today relative to their portfolio." — Kimo Esplin, Former CFO, March 2016; "I think if anything, perhaps we've been looked at as a large TiO2 company with a bunch of other chemicals off to the side. I think that when you look at the quality of our business, particularly in those non-TiO2, we believe that we deserve a multiple that would be akin to a Celanese, an Eastman, a Dow Chemical, some of our traditional peers." — Peter Huntsman, President & CEO, December 2013"

""Agrium is attractive because JANA looks likely to win board seats" — Credit Agricole / CLSA, 12/14/12; "JANA's interest in Agrium has certainly been a boon for investors" — Financial Post, 12/21/12; "After speaking with four of the five directors that JANA Partners is nominating for Agrium's board, we came away impressed with the group's clear industrial distribution experience and competence and their ability to articulate the kinds of operational improvements they would seek to implement at Agrium Retail" — Barclays, 12/13/12; "While activist shareholder JANA Partners' proposals have been met with stiff resistance from Agrium management, we believe that significant shareholder value creation may come from surfacing some of the issues raised by JANA" — Piper Jaffray, 12/2/12; "JANA's proposed board members possess solid retail distribution experience and could help unlock value" — CIBC, 1/15/13; "JANA is nominating a retail ‘dream team’ to Agrium's board, which currently does not have one independent member with retail distribution experience" — Barron's, 11/26/12"

""Well, listen, I think you're going to see our valuations and a rerating of our multiple move up without this volatility. I think actually, in a funny way, you're going to see rerating of multiples for TiO2. We're concentrating at 1 or 2 turns higher than Huntsman is. And Huntsman pure play comps like Celanese, Eastman, Dow are 1.5 turns higher than we are. I think you're going to see multiple expansion on both sides." — Kimo Esplin, Former CFO, May 2017; "We think we look at it and awful lot like a Dow and Eastman and the Celanese and I'd encourage you to look at the quality of the business as you heard today relative to their portfolio." — Kimo Esplin, Former CFO, March 2016; "I think if anything, perhaps we've been looked at as a large TiO2 company with a bunch of other chemicals off to the side. I think that when you look at the quality of our business, particularly in those non-TiO2, we believe that we deserve a multiple that would be akin to a Celanese, an Eastman, a Dow Chemical, some of our traditional peers." — Peter Huntsman, President & CEO, December 2013"

""...we are skeptical that management will be able to deliver on the promise of a "higher growth, higher value" DuPont and achieve the promised 7% top line and 12% EPS...[and] we are concerned that management will continue to miss promised performance targets as "new DuPont" remains an inherently complex collection of disparate businesses with a high-cost corporate overhead structure and that it will trade at a conglomerate discount as it will be neither a growth play, nor a recovery play." — Trian Fund Management (February 2014 letter to DuPont's Lead Director). "To clarify our discussion that day [Trian's meeting with Sandy and management in December 2013] relative to our five year, long-term rolling growth targets of 7 percent revenue growth and 12 percent operating earnings growth, which were announced publically on December 9, 2010 at our Investor Day, we continue to believe these goals are both appropriate and achievable. We fully endorse management's plan and are encouraged by the progress against them." — DuPont's Lead Director (March 2014 letter to Trian)."

""Our LTM is about $1.4 billion. We have an objective to go to $2 billion of EBITDA. Many of our businesses are sort of at that level...But really, on track we think near term to get to that $2 billion of EBITDA." — Kimo Esplin, CFO; "I would say that we should quite soundly beat the projections that we gave for the $2 billion. Again, we still have a great deal of confidence in the $2 billion number...I think that when we look at the overall composite, we still feel very confident about that." — Peter Huntsman, President & CEO; "About a year ago, at our Investor Day, we introduced to the market our near-term EBITDA target of $2 billion. We believed that we could achieve this number in the next two to three years...we continue to target a $2 billion run rate in 2017." — Peter Huntsman, President & CEO; "If we look at our business without our existing Ti02 division, we would be looking at 2016 as a record year for...EBITDA margins, a materially different and stronger company than we what we have today." — Peter Huntsman, President & CEO"

"The point is with .97 to .98 fidelity of the gate that is available right now in the cloud, they are at the same level in terms of the gate fidelity as they were almost five years ago. — Leading quantum computing researcher who has published papers with IonQ's founders; I fully expected that by now, they would have three or more nines of gate fidelity. In my discussions with Chris Monroe three years ago, it followed that that would be the case. And, in fact, they started preparing for it...I am quite surprised, to be honest, that this didn't happen. I am surprised that the gate fidelity stayed so low — Leading quantum computing researcher who has published papers with IonQ's founders; I'm surprised by the lack of progress because of my conversations with Chris Monroe and Jungsang Kim...they were seriously planning on running more complex quantum computations back in the day...They believed it themselves. It's just that...they were not able to accomplish that. — Another leading researcher who has published papers with IonQ founders"

"“I cannot stand working with them. It feels like I’m talking to a used car salesman...We had a recent situation, where we had some A/R...they declined a heart transplant for one of our patients in the ICU because of this credit hold. They refused to go out and get the heart for us. I could not believe it...I had to spend probably eight hours of my week on the phone with their rep, trying to beg and plead with them to release the hold because we didn’t want to miss an opportunity to get an organ for one of our patients...I felt like I was groveling...these heart patients, this isn’t like a kidney transplant. This person is in the ICU. They’re going to die. They’re status one. They’re getting this organ offer because they’re the sickest patient in need of one, and TransMedics made that call. It was their COO [sic], Tamer Khayal, who is not a clinician...[Magdy Attia] was part of the people threatening us.” — Administrator at a pre-eminent academic transplant center, which expects to eliminate TransMedics usage staring in early 2025"

"The Alcohol and Tobacco Tax Trade Bureau ("TTB") performed a federal excise tax audit of the Company's subsidiaries, MGPI of Indiana, LLC and MGPI Processing, Inc., for the periods January 1, 2012 through July 31, 2015 and January 1, 2013 through July 31, 2015, respectively. The Company is in the process of addressing the preliminary findings of the TTB audit regarding clerical errors and support for storage losses. The Company is unable to determine the probability that additional excise tax and penalties will be owed and cannot reasonably estimate the amount thereof. However, the Company believes it is probable that a penalty may be imposed by the TTB as a result of certain TTB audit findings but it is unable to reasonably estimate the amount thereof. Management expects that the aggregate liabilities, if any, arising from such legal and regulatory proceedings, including the TTB audit, would have a material adverse effect on the consolidated financial position or results of operations of the Company. — 10-K, Mar 10, 2016"

"In the third quarter of 2018, the Company changed its policy related to the cash flow presentation of foreign currency option contracts as the Company believes cash receipts and payments related to economic hedges should be classified based on the nature and purpose for which those derivatives were acquired and, given that the company did not elect to apply hedge accounting to these derivatives, we believe it is preferable to reflect these cash flows as Investing activities. Previously, these cash flows were reflected within Operating activities. Net cash used by investing activities for the nine months ended September 30, 2018 includes a reclassification of $13 million of cash usage that had been reflected within Operating activities for the six months ended June 30, 2018. Prior years' impact were not material. With this change in presentation, all cash flows related to the foreign currency contracts are included in Investing activities on the Condensed Consolidated Statements of Cash Flows. — XPO Q3 10-Q"

""Our energy marketing and retail marketing businesses remain a long-term strategic part of our portfolio that generate attractive returns..." — John Hess, CEO, Hess Corp, 11/2/12; "The Board believes that Arconic has the right strategy and is executing well on that strategy." — Pat Russo, Fmr Chair, Arconic, 4/17/17; "I would say for the long term, I'd rather be invested in a company that has that type of a portfolio balance." — Gary Heminger, Fmr CEO/Chair, Marathon Petroleum 5/8/19; "[H]aving that small cell business, we believe, is a differentiator and unique to our strategy and think that it should generate significant shareholder value" — Dan Schlanger, Fmr CFO, Crown Castle, 6/6/23; "A separation of the businesses, if it were to be pursued, may not be easy, w/ mgmt. highlighting shared digital infrastructure, investment grade credit rating and a very efficient tax rate as risk factors that must be considered." — Morgan Stanley, referencing Honeywell management meetings, 11/25/24"

""Our energy marketing and retail marketing businesses remain a long-term strategic part of our portfolio that generate attractive returns..." — John Hess, CEO, Hess Corp, 11/2/12; "The Board believes that Arconic has the right strategy and is executing well on that strategy." — Pat Russo, Fmr Chair, Arconic, 4/17/17; "I would say for the long term, I'd rather be invested in a company that has that type of a portfolio balance." — Gary Heminger, Fmr CEO/Chair, Marathon Petroleum 5/8/19; "[H]aving that small cell business, we believe, is a differentiator and unique to our strategy and think that it should generate significant shareholder value" — Dan Schlanger, Fmr CFO, Crown Castle, 6/6/23; "A separation of the businesses, if it were to be pursued, may not be easy, w/ mgmt. highlighting shared digital infrastructure, investment grade credit rating and a very efficient tax rate as risk factors that must be considered." — Morgan Stanley, referencing Honeywell management meetings, 11/25/24"

""We think like private equity people because Nelson forces us to think like private equity.. I said to another CEO that if I were to form a board today, Nelson [Peltz] would be one of the first directors I’d ask to serve... [Trian's] team had good questions and good suggestions." — Former CEO, Bill Johnson, CEO Magazine (3/08); "We have come to truly respect and highly value your impressive approach to sales and marketing, which has led to long-term shareholder value... and economic security for our members... If more companies I interacted with were able to follow the Heinz model, I believe we would have...fewer wasted resources." — Bill Dempsey, Director of UFCW Capital Stewardship, in letters to Trian dated 10/07/08 and 10/23/08; "Having activist investor Nelson Peltz on the Board of Directors has turned out to be a valuable asset. He is an operator at heart, so he asks the right questions in meetings and pushes managers to share and learn from each other." — Credit Suisse, 3/26/08"