JANA PARTNERS MANAGEMENT, LP

The advisory business functions as an investment adviser, offering comprehensive Investment Advisory Services. These services include sourcing, researching, conducting due diligence on, structuring, and monitoring investments for Clients, as well as providing or arranging administrative services. All advisory fees are derived from these services. Client assets are managed on a discretionary basis, with the firm holding the authority to formulate investment strategies, including deciding which securities to buy and sell, when, and in what amounts, in accordance with Client objectives. The firm does not limit the types of Investment Advisory Services offered and has no material limitations on the types of securities it may invest in or advise on, allowing for investment in any security or market sector. It also has the flexibility to utilize special purpose subsidiaries, investment vehicles, swaps, derivatives, or structured products. While the firm does not recommend any particular type of security, its broad discretion in investment choices is subject to the provisions of relevant Offering Documents. Neither the firm nor its management personnel are registered as broker-dealers.

The investment adviser formulates investment strategies for clients on a discretionary basis, determining which securities to buy and sell, when, and in what amounts, aligned with each client's stated investment objectives and policies. Their process involves sourcing, researching, and conducting due diligence on potential investments, structuring them, and monitoring them. This includes fundamental market research, drawing on diverse sources such as company reports, third-party research, press releases, SEC filings, financial and trade publications, government and trade association data, scholarly journals, market data, online quotation services, and databases, as well as meetings with management, suppliers, competitors, and industry consultants. A key investment strategy employed is "Long-Only, Not Market-Neutral," where clients' largest positions are typically long positions. The success of these investments depends on the adviser's ability to identify and purchase undervalued securities and to effect value-creating change. The strategy involves investments in equity securities, corporate debt, and other instruments, carrying inherent risks. Identifying and successfully acquiring these long-only investment opportunities is a challenging task, and there are no assurances of success.

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