2. Webcast Guidelines The audience is in listen-only mode. Please e-mail questions via the Q&A panel box. Select audience questions will be answered during the last five minutes of the program. WebEx customer support: 866-229-3239

3. Moderator Ron Orol Senior Editor The Deal

4. Expert Panel Glenn W. Welling Founder and CIO Engaged Capital

5. Expert Panel Eduardo Gallardo Partner Gibson, Dunn & Crutcher

6. Expert Panel Gregg Feinstein Managing Director and Head of M&A Houlihan Lokey

7. Expert Panel Steve Wolosky Equity Investment & Activist Practice Chair Olshan Frome Wolosky LLP

8. Expert Panel J. Daniel Plants Founder and Managing Partner Voce Capital

9. YearAUM ($MM) Net Asset Flows ($MM) 2003 $11,821$921 2004 $19,465$3,686 2005 $29,180$3,432 2006 $47,548$6,468 2007 $54,830$3,507 2008 $32,268($4,315) 2009 $36,214($12,252) 2010 $46,802$1,660 2011 $50,860$3,776 2012 $65,509$2,913 2013 $93,113$5,276 YTD Q2 2014 $111,166$9,425 Activist Assets and Flows Source: HFR

15. AUDIENCE Q&A

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