Lazard's Shareholder Advisory Group

[Pages:86]CONFIDENTIAL

MAY 2018

13F FILING ANALYSIS (1Q 2018)

Lazard's Shareholder Advisory Group

Lazard has prepared the information herein based upon publicly available information and for general informational purposes only. The information is not intended to be, and should not be construed as, financial, legal or other advice, and Lazard shall have no duties or obligations to you in respect of the information.

CONFIDENTIAL

Table of Contents

I

EXECUTIVE SUMMARY

II

CONSUMER

III

FIG

IV

HEALTHCARE

V

INDUSTRIALS

VI

MEDIA/TELECOM

VII

PEI

VIII REAL ESTATE

IX

RETAIL

X

TECHNOLOGY

LAZARD'S SHAREHOLDER ADVISORY GROUP

1 8 13 23 30 44 50 55 60 65

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CONFIDENTIAL

LAZARD'S SHAREHOLDER ADVISORY GROUP

I Executive Summary

LAZARD'S SHAREHOLDER ADVISORY GROUP

I EXECUTIVE SUMMARY

Lazard's 13F Filing Analysis1Q 2018

Rule 13F-1 of the Securities Exchange Act of 1934 requires institutional investors with discretionary authority over more than $100m of public equity securities to make quarterly filings on Schedule 13F

Schedule 13F filings disclose an investor's holdings as of the end of the quarter, but generally do not disclose short positions or holdings of certain debt, derivative and foreign listed securities

Filing deadline is 45 days after the end of each quarter; filings for the quarter ended March 31, 2018 were due on May 15, 2018

Lazard's Shareholder Advisory Group has identified 16 core activists, 29 additional activists and 34 other notable investors (listed on the following page) and analyzed the holdings they disclosed in their most recent 13F filings and subsequent 13D and 13G filings, other regulatory filings and press reports

For all 79 investors, the focus of Lazard's analysis was on holdings in companies with market capitalizations in excess of $500 million

Lazard's analysis, broken down by sector and by company, is enclosed. The nine sector categories are:

Consumer

PEI

FIG

Real Estate

Healthcare

Retail

Industrials

Technology

Media/Telecom

Within each of these sectors, Lazard's analysis is comprised of:

A one-page summary of notable new, exited, increased and decreased positions in the sector

A list of companies in the sector with activist holders and other notable investors

Companies are listed in descending order of market capitalization

Lazard will continue to conduct this analysis and produce these summaries for future 13F filings

The 13F filing deadline for the quarter ending June 30, 2018 will be August 15, 2018

2

LAZARD'S SHAREHOLDER ADVISORY GROUP

List of Activist and Other Notable Investors1Q 2018

I EXECUTIVE SUMMARY

CORE ACTIVISTS (16)

13F Holdings1

Investor Blue Harbour

# $bn Investor 16 $2.9 Ancora2

Cevian

1

0.7 Atlantic

Corvex

29 2.2 Barington

Elliott

70 17.8 Basswood2

Greenlight Capital

110 4.0 Bulldog2

Glenview Capital

54 17.1 Clover

Icahn Associates3

33 20.1 D.E. Shaw2

JANA Partners

43 3.4 Eminence

Land & Buildings

18 0.5 Engaged

Marcato Capital

22 0.6 Engine

Pershing Square

7

4.8 Fir Tree

Starboard Value

16 4.6 FrontFour

TCI

15 18.0 GAMCO2

Third Point

40 13.3 Hudson Executive

Trian

7

9.9 Legion

ValueAct

12 10.0

ADDITIONAL ACTIVISTS (29)

13F Holdings1

# $bn Investor 1,226 $2.2 Mantle Ridge

18 0.7 Oasis

21 0.1 PL Capital

173 2.3 Red Mountain

118 0.4 Sachem Head

25 0.1 SailingStone

4,541 73.5 Sandell

40 6.7 Sarissa

15 0.7 Scopia

45 0.2 Senator

69 2.4 Southeastern

40 0.5 SpringOwl

833 14.8 Seidman

7

0.3 Voce

13 0.3

OTHER NOTABLE INVESTORS (34)

13F Holdings1

13F Holdings1

# $bn Investor 1 $2.4 40 North

# $bn Investor 8 $0.5 Moab

17 0.3 Abrams

20 3.2 New Mountain

32 0.4 Avenue

21 0.6 Orbis2

6

0.2 Appaloosa

53 9.7 Owl Creek

14 3.0 Berkshire Hathaway2 150 188.9 P2 Capital

19 3.4 Camber

32 2.0 Paulson

42 0.9 Carlson2

235 6.6 Praesidium

11 0.4 Chapter IV

6

0.1 Schoenfeld

32 5.0 Discovery

48 130.6 Raging

45 8.4 H Partners

2

0.8 RWC2

57 8.2 HealthCor

46 2.9 Soroban

25 0.2 HG Vora

21 1.5 SRS

30 0.1 Highfields

60 11.0 Stilwell

9

0.1 Lansdowne2

123 9.6 Tourbillon

Lion Point

28 1.1 VIEX

Luxor

40 2.9 West Face

Maverick2

218 7.7 Wintergreen

13F Holdings1

# $bn

32 $0.5

34 1.2

109 17.6

56 2.5

15 1.0

51 4.6

14 1.2

38 1.7

37 0.7

121 1.9

29 17.5

19 5.1

35 0.1

58 2.5

19 0.2

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