Third Point Management Activist Presentation Deck
RETURN ON INVESTED CAPITAL
Poor capital allocation and declines in the core business have combined to weigh on returns
26.8%
FY10
Shareholders have endured substantial declines in ROIC under the incumbent Board
THIRD POINT
23.6%
FY11
20.6%
FY12
18.3%
FY13
Return on Invested Capital, %
20.1%
19.2%
.....
11.8%
FY16
FY17
15.6%
FY14
16.2%
FY15
FY18
8.5%
FY19e
Note: Return on Invested Capital defined as Adj. EBIT (per Company) less 25% tax rate (per Company FY19 guidance), divided by average invested capital (per Bloomberg); same tax rate used across all periods for "apples-
to-apples" comparison; FY19e based on mid-point of management guidance pre divestitures ($1.37-1.41b) and year-end FY18 invested capital (per Bloomberg)
Source: Third Point LLC; Bloomberg
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