ValueAct Capital Activist Presentation Deck
Additional Disclaimer
Funds and accounts managed by ValueAct Capital (the "Funds") have a beneficial ownership interest, and/or an economic interest, in the securities
discussed herein. Nothing in this document should be taken as any indication of ValueAct Capital's current or future trading or voting intentions
which may change from time-to-time. ValueAct Capital intends to review the Funds' investments in the Company on a continuing basis and depending
on various factors, including without limitation, the Company's financial position, strategic direction, the outcome of any discussions with the
Company, overall market conditions, and the pricing of securities, transact in the securities of the Company and reserves the right to take any actions
with respect to the Funds' investments in the Company as it may deem appropriate. ValueAct Capital expressly disclaims any obligation to notify
others of any such changes.
Except for the historical information contained herein, the information and opinions contained in this document constitute forward-looking statements,
including estimates, projections and other forward-looking statements, some of which can be identified by the use of forward-looking terminology
such as "may," "will," "should," "anticipate,” “expect,” “project,” “intend," "believe," or variations thereon or comparable terminology. Forward-looking
statements are inherently unreliable as they are based on estimates and assumptions about exit and valuation multiples, and events and conditions
that have not yet occurred, any and all of which may prove to be incorrect. Forward-looking statements are subject to uncertainties and changes
(including changes in market valuation multiples, earnings assumptions, economic, operational, political or other circumstances or the management of
the particular portfolio company), all of which are beyond ValueAct Capital's control and that may cause the relevant actual results to be materially
different from the results expressed or implied by the forward-looking statements. No assurance, representation or warranty is made by any person
that any of the forward-looking statements will be achieved, that the Company will be able to avoid losses or that any company will be able to
implement its intended activities. Neither ValueAct Capital nor any of its officers, employees, partners, shareholders, affiliates, advisers and agents
makes any assurance, representation or warranty as to the accuracy or reasonableness of the forward-looking statements nor have any of them
independently verified the forward-looking eme ts. Due to various risks and uncertainties, actual e nts or results or the actual performance of
ValueAct Capital may differ materially from those reflected or contemplated in such forward-looking statements.
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