Callouts & quotes from 17+ activist slides

""longer works because FD is now a detriment to the combined entity's valuation, 3) management seems unwilling to acknowledge the asset is destroying value, so 4) while the only hope is activism at this point - given management's ongoing hope that FD can rebound - the potential for activism seems low...." — Barclays – August 30, 2018; "Finally, we have also begun to field questions from investors about management's ability to successfully turnaround Family Dollar and whether DLTR would consider other strategic options...we are growing concerned that such a heavy focus of time, capital, and opex is being spent on Family Dollar with little to no fundamental improvement and that it may be better spent on the core Dollar Tree segment." — Goldman Sachs – August 30, 2018; "The market's interest in sum-of-the-parts (SOTP) and a potential break-up clearly indicates that the wheels have come off the Family Dollar bull thesis. This turnaround has stalled much too early and the core business, while producing good top-line, is experiencing margin pressure...Family Dollar a Clear Disappointment: Three years after closing on this turnaround project, comps are weak, the productivity gap to DG is as large as ever, and margins are back-tracking after initial progress. We estimate the value destruction of this deal at $7 billion...We were not fans of this transaction from the start, and it's now clear that DLTR would have been much better off today if they had not done this deal." — Wells Fargo – July 11, 2018; "While very low likelihood, in our view, DLTR could go down the path of multiple price points at Dollar Tree or simply raising the single price point. This could be done with or without the divestiture of Family Dollar stores. While, on paper, we understand the attractiveness of such a move (better comps and profit dollar growth, temporarily) we don't see the current Board or management team as amenable." — Credit Suisse – June 12, 2018; "Family Dollar's performance has disappointed investors – We have been disappointed/frustrated with Family Dollar's progression.... A 10% premium to the market for Dollar Tree implies investors are essentially getting Family Dollar for FREE...In this case, investors have essentially attributed ZERO value to Family Dollar's 8,000 stores, $10 billion of sales and $512mmE of EBIT." — RBC – June 8, 2018; "The Dollar Tree concept has been highly successful, but there remains significant opportunity to unlock value by expanding price points and we see three reasons this catalyst could arrive sooner than expected...Lastly, we believe the moment of truth is here for Family Dollar, and failure to drive a more meaningful comp improvement could leave management searching for another source of growth." — Wells Fargo – May 18, 2018"

"“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; “As part of this exploration process, MPC and Speedway negotiated a potential post-spin supply agreement. Our analysis indicates any supply agreement structured in pursuit of a tax-free spin would be market-based and arm's length. Such a conventional supply agreement would be limited in term and in volume. As a result, the supply agreement only temporarily and partially mitigates the loss of integration synergy, and the synergy value lost beyond the term of an initial supply agreement is substantial. In short, such a transaction, even with the supply agreement, would destroy significant value.” — 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"

"“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; “As part of this exploration process, MPC and Speedway negotiated a potential post-spin supply agreement. Our analysis indicates any supply agreement structured in pursuit of a tax-free spin would be market-based and arm's length. Such a conventional supply agreement would be limited in term and in volume. As a result, the supply agreement only temporarily and partially mitigates the loss of integration synergy, and the synergy value lost beyond the term of an initial supply agreement is substantial. In short, such a transaction, even with the supply agreement, would destroy significant value.” — 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"

""The company’s ‘string of pearls’ acquisition and partnering strategy are part of what has gained it a more favourable valuation than most of its peers." — Jefferies, January 2012; "We view BMY as the leader in immuno-oncology..." — Goldman Sachs, February 2014; "We believe BMY’s investments in therapeutic areas with significant unmet need position it to become a leader in these areas and to deliver strong growth." — Deutsche Bank, August 2014; "Our DCF-based PO of $58 indicates BMY can trade at roughly 34x our 2015E EPS of $1.73, higher than BMY’s current 2014 multiple and at a significant premium to the US major pharma group average on 2014E, which we believe is warranted due to the potentially higher quality of BMY’s R&D pipeline relative to its peers." — Bank of America, October 2014; "Overall, we continue to see Bristol as a leader in the PD-1 and broader I-O space both in terms of time-to-market and breadth of clinical program." — JP Morgan, December 2014; "We remain bullish on BMY ahead of these upcoming data releases as we see the overall opportunity for immuno-oncology (I-O) in general still being underappreciated by investors while the depth and breadth of BMY’s I-O portfolio leaves them as the clear leader in the space." — Credit Suisse, October 2014; "The portfolio could give upside to another solid growth outlook for BMY and generate much news flow. A management team that has a solid track record of reshaping the business provides additional appeal to this powerful product story." — Cowen, December 2014"

""I gave dozens of... presentations to fleet managers, generated out of XL Link, the onboard telematics system in each vehicle with XL technology. What this report indicates, is either no improvement in MPG, slight improvement in MPG, or a loss of overall MPG. Keep in mind these kits are $25,000 each, add 750 lbs of curb weight, and take up very valuable bed space, and advertise up to 50% improvement. I would highlight their drivers' errors, such as idle time, driving over the ideal speed, and aggressive acceleration habits, just to assign blame elsewhere for no improvement in MPG. I would also falsify their fuel cost per gallon, behind what's visible to the customer, to try and prove some ROI." — XL Former Employee A; "My customers that had the system wanted access to XL Link. But... salespeople had to give them presentations because they tried to pretty it up to avoid, "Hey, you're only getting another mile per gallon and it's not what we promised." They would never let the customer have access to the raw data on that: we had to put it into a presentation to give to them." — Former XL Employee B"

"The prime rate as of today is 5.75%. This rate, therefore, will be the applicable base rate. The risk premium, per Till, will normally fluctuate between 1% and 3%. The appropriate size of the adjustment, per Till, will depend on factors such as the circumstances of the estate, the nature of the security and the duration and feasibility of the reorganization plan. The creditor bears the burden of proof on this issue. In this instance, [the Creditor] has raised certain legitimate questions as to the feasibility of the Debtor's plan; however it has done little to overcome the evidence which indicates both that the Debtor's operations are improving apace, and that the value of Fremont's collateral is appreciating steadily. The Court thus views the risks attendant to the proposed loan as neither negligible nor extreme. Based upon this, the Court will require the addition of a 1.5% risk premium to the aforesaid prime rate for the recast [Creditor] loan. — Opinion of Judge Raslavich, United States Bankruptcy Court, E.D. Pennsylvania, In re Prussia Associates, April 5, 2005"

"No. We should look at the assumptions that go into the DCF valuation on an objective basis. If the assumptions are valid and the DCF indicates that the bulk of the value is coming from Terminal Value, that's just the result of an objective analysis. We shouldn't alter an otherwise objective analysis to satisfy a preconceived notion that Terminal Value should or shouldn't make up more than a certain percentage of the value. — Financial Modeling Course References"

""ISS' quantitative analysis indicates that CEO pay significantly outranked peer companies within similar sector and size ranges, while 1- and 3-year TSRs were at or near the bottom ranking of the same peer group. Specifically, relative TSR performance has been at the lower end of the bottom quartile of peers while CEO pay has been in the top quartile." — ISS Proxy Advisory Services, Hess Core Report 2012"

"According to ISS, “Governance QualityScore uses a numeric, decile-based score that indicates a company’s governance risk relative to their index or region. A score in the 1st decile (QS:1) indicates relatively higher quality governance practices and relatively lower governance risk, and, conversely, a score in the 10th decile (QS:10) indicates relatively higher governance risk.” — ISS"

""The Authority's examination into Frontier's construction of its fiberoptic network, particularly with respect to underground installations in the public right-of-way, indicates that Frontier and its contractors have systematically failed to comply with applicable laws and, in doing so, have jeopardized the public safety." — CT Public Utilities Regulatory Authority"

"Harmony 1 trial paper, published 2013 in The Lancet – pitolisant was inferior to modafinil on the primary endpoint of excessive daytime sleepiness as measured by Epworth Sleepiness Scale; final ESS score in pitolisant arm still indicates excessive sleepiness; also inferior on cataplexy reduction — The Lancet"

"Shareholders question operating controls as recent executive compensation leaves more questions than answers: [R]ecent disclosure indicates the CEO was erroneously overpaid and the error led to a $10MM cash bonus in 2014. — Jonathan Bock, Wells Fargo Research 11/5/2015"

"Muddy Waters’s proprietary (engineered in-house) stochastic probability-based China dynamic matrix decision making application indicates that, within the 95% confidence interval, such request would have been met with a response of “F—k you.” — Footnote 27"

"“The FTC settlement announced today, coming after a two-year investigation also concluded that Herbalife is not a pyramid scheme – a conclusion that obviously vindicates our research and conviction.” — Carl Icahn"

"The FTC settlement announced today, coming after a two-year investigation also concluded that Herbalife is not a pyramid scheme – a conclusion that obviously vindicates our research and conviction. — Carl Icahn"

"Our interview with Mr. C indicates Mr. Lin is also the cousin (表弟) of the Chairman and head of ANTA’s Yunnan branch."

"PharmaCann spokesman Jeremy Unruh indicates that the property would be up and running in the second quarter of 2020."