Lazard's Shareholder Advisory Group

CONFIDENTIAL

NOVEMBER 2018

13F FILING ANALYSIS (3Q 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

1

CONFIDENTIAL

LAZARD'S SHAREHOLDER ADVISORY GROUP

I Executive Summary

LAZARD'S SHAREHOLDER ADVISORY GROUP

I EXECUTIVE SUMMARY

Lazard's 13F Filing Analysis3Q 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 September 30, 2018 were due on November 14, 2018

? Lazard's Shareholder Advisory Group has identified 16 core activists, 28 additional activists and 32 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 76 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 December 31, 2018 will be February 14, 2019

2

LAZARD'S SHAREHOLDER ADVISORY GROUP

List of Activist and Other Notable Investors3Q 2018

I EXECUTIVE SUMMARY

CORE ACTIVISTS (16)

Investor

13F Holdings1

#

$bn Investor

Blue Harbour

14 $2.2 Ancora2

Cevian

2

0.8 Atlantic

Corvex

30 2.2 Barington

Elliott

76 22.8 Basswood2

Glenview Capital

58 15.7 Bulldog2

Greenlight Capital

63 2.4 Clover

Icahn Associates3

41 25.2 D.E. Shaw2

JANA Partners

53 3.3 Eminence

Land & Buildings

14 0.5 Engaged

Marcato Capital

28 0.9 Fir Tree

Pershing Square

7

5.2 FrontFour

Starboard Value

16

3.9 GAMCO2

TCI

14 19.1 Hudson Executive

Third Point

31 14.3 Legion

Trian

9 10.3

ValueAct

19 10.2

ADDITIONAL ACTIVISTS (28)

13F Holdings1

#

$bn Investor

1,992 $2.6 Mantle Ridge

20 0.6 Oasis

16 0.1 PL Capital

134 2.2 Red Mountain

122 0.3 Sachem Head

28 0.1 SailingStone

4,883 83.2 Sandell

40 6.1 Sarissa

16 0.7 Scopia

72

1.9 Senator3

27 0.3 Southeastern

832 14.8 SpringOwl

7

1.2 Seidman

13 0.5 Voce

13F Holdings1

#

$bn Investor

1 $3.2 40 North

OTHER NOTABLE INVESTORS (32)

13F Holdings1

#

$bn Investor

6 $0.9 New Mountain

12 0.1 Abrams

22

3.8 Orbis2,4

38 0.4 Avenue

8

0.5 Owl Creek

6

0.2 Appaloosa

37 5.7 P2 Capital

11

2.2 Berkshire Hathaway2 168 221.0 Paulson

17 3.1 Camber

26 2.3 Praesidium

42

1.3 Carlson2

264 8.0 Schoenfeld

9

0.5 Discovery

50 1.7 Raging

38 5.2 H Partners

2

0.9 RWC2

40 7.8 HG Vora

18 1.6 Soroban

57 8.3 Kimmeridge

1

0.1 SRS

31

0.1 Lansdowne2

124 9.5 Stelliam

30 0.1 Lion Point

35 1.1 Stilwell

10 0.1 Luxor

50 4.0 VIEX

Maverick2

238 8.0 West Face

Moab

31 0.5 Wintergreen

13F Holdings1

#

$bn

$28 1.4

105 $17.1

74 2.1

16 1.1

58 5.3

14 1.4

34 1.1

26 0.6

104 2.1

25 6.5

22 4.9

39 1.9

38 0.1

24 0.1

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