STARBOARD VALUE LP

This brochure provides information about the Adviser and its relationships with clients and affiliates. While much of the information applies to all clients and affiliates, some information applies only to specific clients or affiliates. This brochure does not constitute an offer to sell or solicitation of an offer to buy any securities. The Adviser may offer any advisory services, engage in any investment strategy, and make any investment, including those not described in this brochure, that the Adviser considers appropriate, subject to each client's investment objectives and guidelines. The investment strategies the Adviser pursues are speculative and entail substantial risks. Clients should be prepared to bear a substantial loss of capital. There can be no assurance that the investment objectives of any client will be achieved.

The investment strategy aims to create value by identifying portfolio companies whose securities prices can be improved through corporate and/or strategic action. This involves acquiring sufficient securities at an attractive price, avoiding anti-takeover and regulatory obstacles while aggregating positions, and securing positive responses from management and other security holders to the firm's proposals. The goal is to increase the market price of the portfolio company's securities. The firm's preferred approach is to work constructively with the issuer's management and board of directors to design and execute an alternate strategic plan. However, if constructive dialogue is not possible, the firm may take more forceful actions, such as securing the appointment of their chosen individuals to the company's management team or board of directors. They may also initiate shareholder actions to maximize value. The firm continuously evaluates each element of the investment to ensure its effectiveness.

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