FY 2020GLOBAL ACTIVISM ADVISORY RANKINGSCONTENTS1. Cover2. Introduction3. Global Activism Review4. Financial Adviser League Tables6. Legal Adviser League Tables9. IR/PR League Tables12. Proxy Solicitor League Tables15. MethodologyThe Bloomberg Activism Advisory League Tables are the definitive publication of Activism advisoryrankings. The tables represent the top financial, legal, IR/PR and proxy solicitor advisers in the globalshareholder activism market.Bloomberg Activism's latest league tables are available at BI ACTLEAG GO and are updated in real-timebased on the information available at Bloomberg's activism product, BI ACT GO .To review Bloomberg's full range of league table products, visit {NI LEAG CRL GO }. On the web, ct/league-tables/.Due to the dynamic nature of the Professional Service product, league table rankings may vary between this release and datafound on the Bloomberg Professional Service.DATA SUBMISSIONS AND QUERIESNorth America: Adam Kommel / [email protected] / 1-646-324-4861EMEA: Bassel Mahmoud / [email protected] / 44-20-3525-1803Asia Pacific: Kesaun Austin / [email protected] / 1-212-324-6089General Activism queries may be submitted to [email protected] 2021 Bloomberg Finance L.P. All rights reserved.2

FY 2020 Global Activism Review 587 new activist campaigns were launched in 2020, involving activist stakes worth 86 billion, versus 601campaigns in 2019 involving 80 billion, representing a 2.3% decrease in the number of campaigns but 7%increase in value of activist stakes involved. The increase in stake value was due solely to TCI FundManagement's environmental-related proposals at eight companies where it owned stakes worth 21 billion. The coronavirus pandemic most clearly manifested itself in the drop-off of large-cap campaigns, but small-capactivity remained strong. 1b campaigns were down 15% from 226 to 192 in 2020, while 1b campaignswere up 5% from 375 to 395. Activism has returned to normal volume after the spring and summer lull, and Q4showed 8% year-on-year growth in total campaigns, and 21% growth in 1b campaigns (from 52 to 63). There were 108 proxy fights in 2020, down 12% from 2019. Fewer fights went to a vote: 29 in 2020 vs 42 lastyear; and 36% of fights this year were settled, up from 26%.New Campaigns by CountryCountry20202019 % YoY Δ323327(1%)Japan5973(19%)Canada524321%United 12771%610(40%)United StatesSwitzerlandStatisticsTop New Campaigns in 2020 by Market CapFY 2020 FY 2019 % YoY ΔNew Campaigns by SectorNew Campaigns587601(2.3%)DateTargetStake Value ( b) 86 806.7%2020-11-24Alphabet Inc 1b market cap192226(15.0%)2020-10-07Walt Disney Co 219 Third Point LLCConsumer Discretionary76104(27%)2020-09-21Comcast Corp 207 Trian Fund ManagementIndustrials7380(9%)2020-12-29Intel Corp 193 Third Point LLCFinancials724271%2020-12-06Exxon Mobil 176 Engine No 1, DE Shaw, cations534810%#Health Care5063(21%)Investment Fund413421%Real Estate362171%Top Company AdvisersFinancialGoldman SachsLegalBy Campaign CountInnisfree M&AActivist (by Count)#Elliott Management16 8.0Bulldog Investors15 0.01Saba Capital MgmtTop Activist AdvisersFinancialSpotlight AdvisorsLegalOlshanIR/PRGasthalter & CoProxy Solicitor 1,171 TCI Fund Management (AGM proposal)Sidley AustinJoele FrankIR/PRProxy SolicitorMarket Cap b Activist(s)Okapi PartnersTop Activists of 2020Stake bBy Stake ValueActivist (by Stake)TCI Fund MgmtStake b 22.09Elliott Management 8.016Sector14 0.4Third Point LLC 3.33Energy3545(22%)9 22.0ValueAct Capital 2.84Consumer Staples1821(14%)Starboard Value LP6 1.2Effissimo Capital 1.92UtilitiesList includes only campaigns by investors for whom activism is a core or secondary strategyTotal Campaigns2020 # Campaigns (l)2019 Stake Value b (r)2020 Stake Value b (r)Activist Win 35.6 26.2 21.7 18.6171161147154 20b 17.9 12.450 11.5140118 10b143 0bQ2Q3850%601(2.3%)Q4202020192020 % 2019 %162214.8%17.9%Management %Withdrawn112710.2%22.0%No Follow Up211019.4%8.1%231.9%2.4%36.1%26.0%26.9%34.1%Sold Before MeetingSettled1540Q1OutcomeActivist Stake Value# New Campaigns2019 # Campaigns (l) 30b 22.012587FY 2020 Proxy Fight Outcomes 40b1501002019 % YoY ΔTCI Fund Management2020 Activist Campaign Volume by Quarter vs 2019200Source: BI ACT GO 2020Global Activism Review FY 2020Contact:[email protected] Proxy FightsTotal Went Distance393210812329423

Contact:[email protected] Company AdvisersGlobal Financial Advisers - ActivistRegionBy # EngagementsGlobalGoldman Sachs51By Activist Stake Value bGoldman Sachs 27.451#AdviserFY 2020USGoldman Sachs28Goldman Sachs 8.428Spotlight AdvisorsCanadaRBC Capital Markets4Morgan Stanley 1.02ZMH AdvisorsEuropeAsia PacificGoldman Sachs14Goldman Sachs 12.114Credit SuisseGoldman Sachs7Goldman Sachs 6.77CitiFY 2019# Engagements Stake bRankRank#12 0.84 0.211182p-3- 3.83p1013 0.84p61*Activist-side engagements include bidders in contested M&AGlobal Financial Advisers - CompanyTop New Activist-Side Engagements in 2020FY 2020AdviserFY 2019TargetActivistMkt Cap bActivist Adviser# Engagements Stake bRankRank#HP IncXerox Holdings Corp 32Citi, MoelisGoldman Sachs51 27.41148Suez SAEngie SA 11BNP, CS, Lazard, D'AngelinMorgan Stanley28 7.62234Unione di Banche CAR Group/FBML 5Societe Generale (FBML)BofA Securities27 6.33 p424CoreLogic IncSenator/Cannae 4Trasimene (Cannae)Lazard23 6.24 p716Stericycle IncSaddle Point Group 4Spotlight AdvisorsEvercore Partners20 5.55 q332Spotlight Advisors17 0.86 p1110Top New Company-Side Engagements in 2020JP Morgan16 2.27 q524TargetActivistUBS12 1.88812SoftbankElliott / Asset Value 90Goldman SachsCredit Suisse11 8.59 p128Crown CastleElliott Mgmt 71Morgan StanleyCiti11 4.110 q617Moody'sTCI Fund Mgmt 51Centerview Partners10 4.911 p166Prudential PLCThird Point LLC 48EvercoreGS, Moelis, Rothschild, CenterviewBarclays9 0.512 p147ExelonCorvex 38Goldman SachsRBC Capital Markets8 0.313 p157Engagements privately submitted to Bloomberg (not publicly sourced) are italicizedMoelis & Co7 3.214 p214Rothschild & Co6 3.615 q1010Houlihan Lokey6 1.016 p234Sector2020 Top Adviser2019 Top AdviserPerella Weinberg Partners5 0.717 p273CommunicationsGoldman SachsGoldman SachsJefferies5 0.318 q912Consumer DiscretionaryGoldman SachsGoldman SachsBNP Paribas4 3.119 p431Consumer StaplesBofA SecuritiesJP MorganStifel4 0.320 q138EnergyCitiGoldman SachsPJT Partners4 0.221 p253FinancialsBofA SecuritiesSandler O'Neill & PartnersGuggenheim Capital3 0.722 q204Health CareGoldman SachsMorgan StanleyWells Fargo3 0.323 p302IndustrialsGoldman SachsEvercore PartnersTD Securities3 0.324 q185MaterialsLazardGoldman SachsCanaccord Genuity3 0.125 p641Real EstateMorgan StanleyMorgan StanleyNomura3 0.126 p--TechnologyGoldman SachsGoldman SachsPwC3 0.027 p283UtilitiesGoldman SachsMorgan StanleyCIBC2 0.428 p441Mkt Cap bCompany AdviserGlobal Activism Review FY 2020Financial AdvisersTop Company-Side Adviser by Sector*By # engagements. Ties are broken by value of activist stakes4

Company Side - By Region & CountryCompany Side - By SizeUnited States 1b Targets OnlyFY 2020AdviserContact:[email protected], Country and SizeFY 2019FY 2020AdviserFY 2019# Engagements Stake bRankRank## Engagements Stake bRankRank#Goldman Sachs28 8.41135Goldman Sachs45 27.11139Morgan Stanley18 5.12 p322BofA Securities20 6.12p517BofA Securities18 4.23 p513Morgan Stanley19 6.93q227Evercore Partners17 5.44 q226Lazard15 6.04p714Spotlight Advisors16 0.65 p79JP Morgan13 1.95q419Lazard11 1.16 p88Evercore Partners10 5.36q322JP Morgan9 1.57 q416Centerview Partners9 4.97p133Centerview Partners8 2.38 p115Citi9 4.08q614UBS8 1.79q89CanadaFY 2020Adviser# Engagements Stake bBy Value of Activist StakeFY 2019Rank#RBC Capital Markets4 0.2Rank1 p24AdviserTD Securities3 0.32 q15Goldman SachsMorgan Stanley2 1.03 p--Credit SuisseCIBC2 0.4T-4 p101Scotiabank2 0.4T-4 q33EuropeFY 2020Adviser# Engagements Stake bFY 2019Rank#Goldman Sachs14 12.1Rank1 p310Lazard10 3.72 p77Morgan Stanley7 1.43 q110Rothschild & Co6 3.64 q210BofA Securities6 0.65 q47Asia PacificFY 2020Adviser# Engagements Stake bFY 2019RankFY 2020FY 2019Stake b#RankRankStk b 27.4511 8.5112p101 22.9 3.3Morgan Stanley 7.6283q2 19.9BofA Securities 6.32744 9.9Lazard 6.2235p9 4.6Evercore Partners 5.5206q3 18.2Centerview Partners 4.9107p8 4.7Citi 4.1118q6 7.3Rothschild & Co 3.669p11 3.2Global Activism Review FY 2020Financial AdvisersBy Aggregate Market CapFY 2020AdviserFY 2019Mkt Cap b#Goldman Sachs 53651Citi 25011Morgan Stanley 20628Rank1Rank MktC b1 7482p4 30633 416Rank#BofA Securities 190274p6 255Goldman Sachs7 6.71 p23Lazard 162235p8 143UBS6 1.42 q14Evercore Partners 95206q2 483Lazard2 1.33 p61Credit Suisse 94117p9 135BofA Securities2 1.34 q32JP Morgan 85168q7 223Nomura2 0.15 p--Centerview Partners 80109q5 2855

Contact:[email protected] Company AdvisersTop Activist AdvisersRegionBy # Engagements#RegionBy # EngagementsGlobalSidley Austin33By Activist Stake Value bWachtell Lipton 10.431GlobalOlshan119Olshan 14.8119USSidley Austin33Wachtell Lipton 10.130USOlshan111Olshan 10.4111CanadaBlake Cassels & Graydon5Paul Weiss 1.23CanadaNorton Rose Fulbright6Schulte 0.71EuropeAsia PacificWhite & Case5White & Case 0.85White & Case6Weil/BDGS 3.41Minter Ellison2Cleary Gottlieb 1.31EuropeAsia PacificWhite & Case7Khaitan & Co 3.21Global Legal Advisers - Company#Global Legal Advisers - ActivistFY 2020AdviserBy Activist Stake Value b# Engagements Stake bFY 2019FY 2019Rank#Adviser# Engagements Stake bRankRank#1 p322Olshan119 14.8111392222Schulte Roth & Zabel42 9.12245 1.13 q127White & Case16 5.03p153 2.44 p614Akin Gump Strauss Hauer & Feld15 0.74p6719 1.15 q421Kleinberg Kaplan Wolff & Cohen13 0.35q31618 2.76 q519Cadwalader Wickersham & Taft10 4.46q58Gibson Dunn & Crutcher13 0.57 p98Willkie Farr & Gallagher8 1.57q49Cravath Swaine & Moore9 4.38 p106Norton Rose Fulbright7 0.28p95Paul Weiss Rifkind Wharton & Garrison9 1.89 q89Simpson Thacher & Bartlett6 0.49p222Wilson Sonsini Goodrich & Rosati9 1.410 q711Davies Ward Phillips & Vineberg5 1.710 p114White & Case9 0.911 p621Vinson & Elkins5 0.311 q86Morgan Lewis & Bockius6 1.212 p136Davis Polk & Wardwell6 0.413 p492Top New Activist-Side Engagements in 2020DLA Piper6 0.414 p462TargetActivistBlake Cassels & Graydon5 0.815 p402Crown CastleElliott Mgmt 71OlshanLinklaters5 0.616 p253NintendoValueAct 56White & CaseRopes & Gray5 0.417 p313PrudentialThird Point 48White & CaseCleary Gottlieb Steen & Hamilton4 1.618 p761Public StorageElliott Mgmt 38OlshanCooley4 0.919 q116Credit SuisseEminence 33Schulte Roth & ZabelClifford Chance4 0.820 p273Davies Ward Phillips & Vineberg4 0.821 p412Top New Company-Side Engagements in 2020Sullivan & Cromwell4 0.622 q155TargetActivistHogan Lovells US4 0.323 p244Crown CastleElliott Mgmt 71Company AdviserCravath, Sidley AustinWeil Gotshal & Manges4 0.324 q204Public StorageElliott Mgmt 38Wachtell LiptonWillkie Farr & Gallagher4 0.225 q234ExelonCorvex 38Kirkland, Sidley AustinNorton Rose Fulbright4 0.026 q146EngieAmber Capital 32Herbert Smith Freehills3 0.427 p293HP IncXerox 32BDGS Associes, Weil GotshalWachtell, Gibson Dunn, Sidley AustinGoodmans3 0.228 q214Engagements privately submitted to Bloomberg (not publicly sourced) are italicizedSidley Austin33 4.1Wachtell Lipton Rosen & Katz31 10.4Vinson & Elkins27Kirkland & Ellis19Latham & WatkinsSkadden Arps Slate Meagher & FlomRankFY 2020Mkt Cap bMkt Cap bGlobal Activism Review FY 2020Legal AdvisersActivist Adviser6

Company SideActivist SideUnited StatesUnited StatesFY 2020AdviserContact:[email protected] and Country# Engagements Stake bFY 2019FY 2019Rank#Adviser# Engagements Stake bRankRank#1 p322Olshan111 10.4111262222Schulte Roth & Zabel37 6.12243 1.03 q127Akin Gump Strauss Hauer & Feld15 0.73p67 2.44 p614Kleinberg Kaplan Wolff & Cohen13 0.34q31418 1.15 q418Cadwalader Wickersham & Taft10 4.45q4816 2.66 q516Willkie Farr & Gallagher7 0.26q58Gibson Dunn & Crutcher12 0.47 p87Simpson Thacher & Bartlett5 0.47p182Cravath Swaine & Moore9 4.38 p96Vinson & Elkins5 0.38q76Sidley Austin33 4.1Wachtell Lipton Rosen & Katz30 10.1Vinson & Elkins26Kirkland & Ellis19Latham & WatkinsSkadden Arps Slate Meagher & FlomRankFY 2020CanadaCanadaFY 2020Adviser# Engagements Stake bFY 2019RankFY 2020Rank#AdviserRank#Blake Cassels & Graydon5 0.81 p52Norton Rose Fulbright6 0.21p24Davies Ward Phillips & Vineberg4 0.82 p62Goodmans3 0.22p52Paul Weiss Rifkind Wharton & Garrison3 1.23 q23Olshan3 0.13q14Goodmans3 0.24 q33Davies Ward Phillips & Vineberg3 0.04q32Fasken Martineau DuMoulin3 0.15 p122Bennett Jones2 0.05p--EuropeRankEuropeFY 2020Adviser# Engagements Stake bFY 2019# Engagements Stake bFY 2019RankFY 2020Rank#AdviserRank#White & Case5 0.81 p--White & Case6 2.71p22Linklaters4 0.3223Schulte Roth & Zabel4 2.32p31Allen & Overy3 0.13 p72Olshan2 2.73q15Slaughter and May2 0.04 q14BDGS Associes1 3.4T-4 p--Hengeler Mueller1 0.35 p82Weil Gotshal & Manges1 3.4T-4 p--Asia PacificRankAsia PacificFY 2020Adviser# Engagements Stake bFY 2019Global Activism Review FY 2020Legal Advisers# Engagements Stake bFY 2019RankRankFY 2020#Adviser# Engagements Stake bFY 2019RankRank#Minter Ellison2 0.51 p--White & Case7 2.21p--Herbert Smith Freehills2 0.32 p32Hibiya-Nakata4 0.02p--Nishimura & Asahi2 0.13 q23Olshan3 1.63q14Mori Hamada & Matsumoto2 0.14 p--Atsumi & Sakai3 0.14p--White & Case2 0.05 p--Ashurst2 0.25p-7

Contact:[email protected] and SizeCompany SideActivist SideTop Adviser by SectorTop Adviser by SectorSectorCommunications2020 Top AdviserKirkland & Ellis2019 Top AdviserSkaddenSectorCommunications2020 Top AdviserOlshan2019 Top AdviserOlshanConsumer DiscretionaryWachtell Lipton Rosen & KatzLatham & WatkinsConsumer DiscretionaryOlshanOlshanConsumer StaplesLatham & WatkinsWachtell Lipton Rosen & KatzConsumer StaplesOlshanOlshanEnergySidley AustinWachtell Lipton Rosen & KatzEnergyOlshanOlshanFinancialsVinson & ElkinsVinson & ElkinsFinancialsOlshanOlshanHealth CareIndustrialsSidley AustinSkaddenOlshanWachtell Lipton Rosen & KatzHealth CareIndustrialsOlshanLatham & WatkinsOlshanOlshanInvestment FundRopes & GrayGoodwin ProcterInvestment FundOlshanSchulte Roth & ZabelMaterialsWachtell Lipton Rosen & KatzWachtell Lipton Rosen & KatzMaterialsOlshanDavies Ward Phillips & VinebergReal EstateWachtell Lipton Rosen & KatzMorgan Lewis & BockiusReal EstateOlshanOlshanTechnologyWilson SonsiniWilson SonsiniTechnologyOlshanOlshanUtilitiesCravath Swaine & MooreCravath Swaine & MooreUtilitiesBDGS AssociesCleary Gottlieb Steen & Hamilton*By # engagements. Ties are broken by value of activist stakes 1b Targets OnlyFY 2020Adviser*By # engagements. Ties are broken by value of activist stakes 1b Targets OnlyFY 2019# Engagements Stake bRankWachtell Lipton Rosen & Katz26 10.0Sidley AustinFY 2020Rank#1119FY 2019Adviser# Engagements Stake bRankOlshan44 12.71Schulte Roth & Zabel22 8.22White & Case13 5.03pRank#15722511212 3.52 p47Skadden Arps Slate Meagher & Flom9 2.63 q211Kirkland & Ellis8 2.14 p74Cadwalader Wickersham & Taft7 4.34q36Cravath Swaine & Moore7 4.1555Willkie Farr & Gallagher3 1.35p72By Value of Activist StakeBy Value of Activist StakeFY 2020AdviserWachtell Lipton Rosen & KatzFY 2019Stake b# 10.431RankFY 2020FY 2019RankStk bAdviserStake b11 11.9Olshan 14.8119#Rank1Cravath Swaine & Moore 4.392 p5 4.6Schulte Roth & Zabel 9.1422Sidley Austin 4.13333 6.9White & Case 5.0163pSkadden Arps Slate Meagher & Flom 2.71844 5.8Cadwalader Wickersham & Taft 4.4104By Aggregate Market CapRankStk b1 18.32 16.817 0.34 3.1By Aggregate Market CapFY 2020AdviserGlobal Activism Review FY 2020Legal AdvisersFY 2019Mkt Cap b#RankWachtell Lipton Rosen & Katz 2673111 345Sidley Austin 1973322 314Cravath Swaine & Moore 160911 643 pRank MktC bFY 2020AdviserFY 2019Mkt Cap b#RankRank MktC bOlshan 43611911 1,022Schulte Roth & Zabel 1854222 276White & Case 135163p12 98

Contact:[email protected] Company AdvisersTop Activist AdvisersRegionBy # Engagements#RegionBy # EngagementsGlobalJoele Frank74By Activist Stake Value bJoele Frank 13.174GlobalGasthalter & Co29Greenbrook 5.618USJoele Frank73Joele Frank 13.073USGasthalter & Co2727CanadaLongview9Longview 1.09CanadaGagnier CommunicationsEuropeAsia PacificBrunswick Group9Gladstone Place 3.81GreenbrookEdelman2Sard Verbinnen 1.81EuropeAsia PacificGlobal IR/PR Advisers - CompanyProsek Partners#Gasthalter & Co 4.14ASC Advisors 4.4213Greenbrook 2.913Prosek Partners 2.933Global IR/PR Advisers - ActivistFY 2020AdviserBy Activist Stake Value b# Engagements Stake bFY 2019RankFY 2020Rank#Rank#Joele Frank Wilkinson Brimmer Katcher74 13.11166Gasthalter & Co29 4.31p414ICR34 2.02229Sloane & Co25 3.82q133Edelman16 1.73 p512Profile Advisors19 4.73p58Sard Verbinnen & Co13 4.14 q317Greenbrook Communications18 5.64p73Kekst CNC9 2.85 p612Prosek Partners16 5.45q217Sloane & Co9 1.56 q413Gagnier Communications13 2.76q316Longview Communications & Public Affairs9 1.0778Kekst CNC8 0.47q66Brunswick Group9 0.9888ASC Advisors5 4.68p181Reevemark7 0.59 p124Kepler Communications5 0.79p211Prosek Partners6 0.210 p291Longview Communications & Public Affairs3 1.610 q83FTI Consulting5 0.311 q98Gladstone Place Partners4 5.112 p143Gagnier Communications4 1.413 q106Blueshirt Group4 0.214 p153AdviserTotalComp.ActivistEquity Group4 0.015 p--Joele Frank7474-1166Alpha IR Group3 0.016 p--Sloane & Co349252246Finsbury Glover Hering2 3.017 p--ICR3434-3330Abernathy Macgregor Group2 0.318 q116Gasthalter & Co312294 p818Gasthalter & Co2 0.119 q134Prosek Partners226165 p618Top New Company-Side Engagements in 2020TargetActivistCrown CastleElliott ManagementExelonCredit SuisseAdviserFY 2019# Engagements Stake bRankGlobal IR/PR Advisers - CombinedFY 2020FY 2019RankRankGlobal Activism Review FY 2020IR/PR AdvisersTotalTop New Activist-Side Engagements in 2020Mkt Cap bCompany IR/PRTargetActivist 71Joele FrankIntel CorpThird Point LLC 193Profile AdvisorsCorvex Management 38Joele FrankExxon MobilDE Shaw 179Sloane & CoEminence, Harris, Silchester 33Exxon MobilEngine No 1 176GasthalterHP IncXerox Holdings Corp 32Gladstone Place PartnersJoele Frank, Gladstone PlaceSoftbankElliott Management 90ProsekTwitter IncElliott Management 26Joele FrankCanadian NationalTCI Fund Mgmt 78ASC Advisors LLCEngagements privately submitted to Bloomberg (not publicly sourced) are italicizedMkt Cap bActivist IR/PREngagements privately submitted to Bloomberg (not publicly sourced) are italicized9

Company SideActivist SideUnited StatesUnited StatesFY 2020AdviserContact:[email protected] and Country# Engagements Stake bFY 2019RankFY 2020Rank#Rank#Joele Frank Wilkinson Brimmer Katcher73 13.01166Gasthalter & Co27 4.11p310ICR32 2.02229Sloane & Co23 3.52q128Edelman13 1.33 p58Profile Advisors14 1.13p54Sard Verbinnen & Co11 2.04 q315Prosek Partners10 2.14q213Sloane & Co9 1.55 q413Kekst CNC7 0.45p63Kekst CNC7 2.5668Gagnier Communications6 0.26q49Reevemark6 0.37 p84Greenbrook Communications4 1.67p91Prosek Partners6 0.28 p191Reevemark3 0.98q73Canada# Engagements Stake bRankCanadaFY 2020AdviserAdviserFY 2019# Engagements Stake bFY 2019RankFY 2020Rank#AdviserLongview Communications & Public Affairs9 1.0118Gagnier Communications4 0.61ICR2 0.02 p--ASC Advisors2 4.42p--Reevemark1 0.23 p--Longview Communications & Public Affairs2 0.0332Sard Verbinnen & Co1 0.24 q31Sloane & Co1 0.14q23Joele Frank Wilkinson Brimmer Katcher1 0.25 p--Profile Advisors1 0.05p61Europe# Engagements Stake bFY 2019RankFY 2020Rank#AdviserBrunswick Group9 0.9118Greenbrook CommunicationsFinsbury Glover Hering2 3.02 p--Camarco2 0.03 p8FTI Consulting2 0.04 q2Gladstone Place Partners1 3.85 p-Rank#16# Engagements Stake bFY 2019Rank#13 2.91p32Kepler Communications5 0.72p1011Prosek Partners3 0.53q228Gasthalter & Co2 0.1442-Montfort Communications2 0.15p--Asia PacificRankAsia PacificFY 2020AdviserRankEuropeFY 2020Adviser# Engagements Stake bFY 2019Global Activism Review FY 2020IR/PR Advisers# Engagements Stake bFY 2019RankFY 2020Rank#Adviser# Engagements Stake bFY 2019RankRank#Edelman2 0.4112Prosek Partners3 2.91p42Sard Verbinnen & Co1 1.82 p31Profile Advisors3 1.32q12Gagnier Communications1 1.33 q21Gagnier Communications2 1.83p--Honner Media Pty1 0.54 p--Ashton Consulting2 0.34p71Kekst CNC1 0.05 q41VOX Global Japan KK1 1.85p-10

Contact:[email protected] and SizeCompany SideActivist SideTop Adviser by SectorTop Adviser by SectorSectorCommunications2020 Top AdviserSard Verbinnen & Co2019 Top AdviserJoele FrankSectorCommunications2020 Top AdviserProsek Partners2019 Top AdviserGasthalter & CoConsumer DiscretionaryJoele FrankICRConsumer DiscretionarySloane & CoSloane & CoConsumer StaplesICRICRConsumer StaplesInternational Financial ConsultingSloane & CoEnergyJoele FrankJoele FrankEnergySloane & CoSloane & CoFinancialsJoele FrankJoele FrankFinancialsGreenbrook CommunicationsProsek PartnersHealth CareIndustrialsJoele FrankJoele FrankSard Verbinnen & CoHealth CareIndustrialsSloane & CoASC AdvisorsProsek PartnersJoele FrankInvestment FundProsek PartnersJoele FrankInvestment FundGasthalter & CoGasthalter & CoMaterialsJoele FrankJoele FrankMaterialsProsek PartnersSloane & CoReal EstateTechnologyJoele FrankJoele FrankGagnier CommunicationsSloane & CoJoele FrankJoele FrankReal EstateTechnologyProfile AdvisorsGagnier CommunicationsUtilitiesJoele FrankLongview CommunicationsUtilitiesGasthalter & CoBrunswick Group*By # engagements. Ties are broken by value of activist stakes 1b Targets Only*By # engagements. Ties are broken by value of activist stakes 1b Targets OnlyFY 2020AdviserSloane & CoFY 2019# Engagements Stake bJoele Frank Wilkinson Brimmer KatcherRank45 11.91Sard Verbinnen & Co9 3.82ICR9 1.33 pEdelman7 1.3Brunswick Group7 0.9FY 2020Rank#136RankRankSloane & Co15 3.6#1127212Prosek Partners14 5.322142Gasthalter & Co12 3.33313448Greenbrook Communications11 5.44p735 p64Gagnier Communications10 2.65q47By Value of Activist StakeFY 2020Joele Frank Wilkinson Brimmer KatcherFY 2019# Engagements Stake b12By Value of Activist StakeAdviserAdviserFY 2019Stake b# 13.174RankFY 2020Stake bFY 2019RankStk bAdviserRankStk b11 17.1Greenbrook Communications 5.618#Rank1p6 2.4Gladstone Place Partners 5.142 p4 5.1Prosek Partners 5.4162q1 11.5Sard Verbinnen & Co 4.1133 q2 10.1Profile Advisors 4.7193p7 2.0Finsbury Glover Hering 3.024 p- 0.0ASC Advisors 4.654p14 0.3By Aggregate Market CapBy Aggregate Market CapFY 2020AdviserFY 2019RankRank MktC bFY 2020Mkt Cap b#Joele Frank Wilkinson Brimmer Katcher 399741 p2 331Gladstone Place Partners 24242 q1 447 711333 222Gasthalter & CoSard Verbinnen & CoGlobal Activism Review FY 2020IR/PR AdvisersAdviserFY 2019Mkt Cap b#RankRank MktC bGreenbrook Communications 329181p3 195Profile Advisors 317192p5 103 287293p4 11311

Contact:[email protected] Company AdvisersTop Activist AdvisersRegionBy # Engagements#RegionBy # EngagementsGlobalInnisfree M&A48By Activist Stake Value bInnisfree M&A 13.848GlobalOkapi Partners47Okapi PartnersUSInnisfree M&A45Innisfree M&A 9.645USOkapi Partners42Okapi PartnersCanadaKingsdale Advisors17Kingsdale Advisors 4.317CanadaGryphon AdvisorsEuropeAsia PacificGeorgeson13Morrow Sodali 8.39Georgeson12Georgeson10Georgeson 5.910EuropeAsia PacificGeorgeson3Global Proxy Solicitors - Company6# 8.447 7.8Laurel Hill Advisory Group 0.342Georgeson 5.612Morrow Sodali 1.823Global Proxy Solicitors - ActivistFY 2020AdviserBy Activist Stake Value bFY 2019FY 2020AdviserFY 2019# Engagements Stake bRankRank## Engagements Stake bRankRank#Innisfree M&A48 13.81157Okapi Partners47 8.41154DF King41 8.52 p331Saratoga Proxy Consulting18 0.52p513Morrow Sodali39 11.03 p431Georgeson15 6.13p415MacKenzie Partners33 5.54 q233Investorcom12 0.74q316Georgeson31 8.25529DF King10 2.85q216Kingsdale Advisors21 4.46617Harkins Kovler10 2.26p102Okapi Partners15 2.17716Innisfree M&A10 1.87q67Laurel Hill Advisory Group9 0.3887Morrow Sodali6 1.9884Alliance Advisors5 0.29 p103Gryphon Advisors6 0.19p122Harkins Kovler3 0.110 p151Kingsdale Advisors6 0.010 q75Top New Company-Side Engagements in 2020TargetWalt Disney CoActivistThird Point LLCComcast CorpTrian Fund ManagementSoftbank GroupElliott, Asset Value InvestorsCrown CastleTakeda PharmaTop New Activist-Side Engagements in 2020Mkt Cap b 219Company SolicitorDF KingTargetExxon MobilActivistEngine No 1 207DF KingCrown CastleElliott Management 71Okapi Partners 90GeorgesonPrudential PLCThird Point LLC 48GeorgesonElliott Management 71Innisfree M&APublic StorageElliott Management 38Okapi PartnersConcerned Shareholders 59GeorgesonHP IncXerox Holdings Corp 32DF King, Harkins KovlerEngagements privately submitted to Bloomberg (not publicly sourced) are italicizedActivistMkt Cap bApartment Inv.Land & BuildingsCoreLogicTegna IncGlobal Proxy Solicitors - CombinedCompany SolicitorActivist Solicitor 5MacKenzieInnisfree M&AAdviserSenator & Cannae 4Innisfree M&ADF KingStandard General 3Innisfree M&AOkapi PartnersMack-Cali Realty Bow Street 2MacKenzieGCP Applied 2DF KingStarboard Value*Activist proxy statement filed. Market cap as of campaign announcement dateActivist SolicitorInnisfree M&AEngagements privately submitted to Bloomberg (not publicly sourced) are italicizedProxy Solicitors in Top 5 Largest Advanced-Stage Proxy Fights in 2020*TargetMkt Cap b 176Global Activism Review FY 2020Proxy SolicitorsFY 2020FY 2019TotalComp.ActivistRankRankTotalOkapi Partners6215471170Innisfree M&A5848102264Innisfree M&ADF King5141103347Okapi PartnersGeorgeson4631154444Morrow Sodali453965 p63512

Company SideActivist SideUnited StatesUnited StatesFY 2020AdviserContact:[email protected] and CountryFY 2019FY 2020AdviserFY 2019# Engagements Stake bRankRank## Engagements Stake bRankRank#Innisfree M&A45 9.61155Okapi Partners42 7.81142MacKenzie Partners32 5.42233Saratoga Proxy Consulting18 0.52p413DF King29 3.63325Investorcom12 0.73q216Morrow Sodali26 2.14 p515Harkins Kovler10 2.24p62Okapi Partners15 2.15 q416Innisfree M&A9 1.5555Georgeson8 0.5668DF King7 2.66q314Harkins Kovler3 0.17 p121Morrow Sodali4 0.17p91Kingsdale Advisors3 0.18 q74MacKenzie Partners2 0.08q72Saratoga Proxy Consulting3 0.09 p--Equiniti Group1 0.09p--CanadaCanadaFY 2020AdviserFY 2019# Engagements Stake bRankFY 2020Rank#Adviser# Engagements Stake bFY 2019RankRank#17 4.31113Gryphon Advisors6 0.11p32Laurel Hill Advisory Group8 0.2226Kingsdale Advisors6 0.02q15DF King2 0.2333Laurel Hill Advisory Group3 0.33q23Gryphon Advisors2 0.04 p71MacKenzie Partners2 0.24p--Innisfree M&A1 0.2551Carson Proxy Advisors2 0.25p--MacKenzie Partners1 0.16 p--Shorecrest Group2 0.16q42Kingsdale AdvisorsEuropeEuropeFY 2020Adviser# Engagements Stake bFY 2019RankFY 2020Rank#Georgeson13 1.81 p210DF King10 4.72 p33Morrow Sodali9 8.33 q112Innisfree M&A1 3.84 p--Asia PacificGeorgesonFY 2019# Engagements Stake bRankRank#12 5.61113Okapi Partners4 0.62210DF King2 0.23p41Equiniti Group1 0.14p--FY 2019FY 2020# Engagements Stake bRank10 5.91Alliance Advisors5 0.22 p-Morrow Sodali3 0.53 q2Innisfree M&A1 0.14 q31GeorgesonAdviserAsia PacificFY 2020AdviserGlobal Activism Review FY 2020Proxy SolicitorsRank#111Adviser# Engagements Stake bFY 2019Rank#Georgeson3 0.5Rank1p32-Morrow Sodali2 1.82223Innisfree M&A1 0.33q12Okapi Partners1 0.144213

Contact:[email protected] and SizeCompany SideActivist SideTop Adviser by SectorTop Adviser by SectorSectorCommunications2020 Top AdviserDF King2019 Top AdviserInnisfree M&ASectorCommunications2020 Top AdviserOkapi Partners2019 Top AdviserOkapi PartnersConsumer DiscretionaryInnisfree M&AInnisfree M&AConsumer DiscretionaryOkapi PartnersOkapi PartnersConsumer StaplesMacKenzie PartnersGeorgesonConsumer StaplesSaratoga Proxy ConsultingOkapi PartnersEnergyMacKenzie PartnersInnisfree M&AEnergyInnisfree M&ADF KingFinancialsInnisfree M&ADF KingFinancialsOkapi PartnersOkapi PartnersHealth CareIndustrialsInnisfree M&AMacKenzie PartnersOkapi PartnersMacKenzie PartnersHealth CareIndustrialsOkapi PartnersInnisfree M&AGeorgesonOkapi PartnersInvestment FundDF KingDF KingInvestment FundInvestorcomInvestorcomMaterialsKingsdale AdvisorsInnisfree M&AMaterialsOkapi PartnersOkapi PartnersReal EstateInnisfree M&AInnisfree M&AReal EstateOkapi PartnersGeorgesonTechnologyInnisfree M&AInnisfree M&ATechnologyOkapi PartnersOkapi PartnersUtilitiesInnisfree M&AInnisfree M&AUtilitiesOkapi PartnersOkapi Partners*By # engagements. Ties are broken by value of activist stakes 1b Targets OnlyFY 2020AdviserFY 2019# Engagements Stake bRankInnisfree M&A31 12.8DF King21MacKenzie Partners17Morrow SodaliGeorgesonFY 2020Rank#1139 7.72 p3 4.93 q216 10.44 p16 8.05 qAdviserFY 2019# Engagements Stake bRankOkapi Partners31 8.216Georgeson1217DF King8510Innisfree M&A412Saratoga Proxy ConsultingBy Value of Activist StakeRank#1140 6.02p39 2.83q2128 1.74454 0.2553By Value of Activist StakeFY 2020Adviser*By # engagements. Ties are broken by value of activist stakes 1b Targets OnlyFY 2019RankFY 2020Stake bFY 2019Stake b#RankStk bAdviserRankStk bInnisfree M&A 13.8481 p2 17.8Okapi Partners 8.44711 16.3Morrow Sodali#Rank 11.0392 p5 5.7Georgeson 6.11522 5.2DF King 8.54133 8.1DF King 2.81033 4.1Georgeson 8.23144 5.8Harkins Kovler 2.2104p6 1.6By Aggregate Market CapBy Aggregate Market CapFY 2020AdviserMkt Cap bFY 2019#RankRank MktC bFY 2020AdviserMkt Cap bFY 2019#RankRank MktC b 572411 p3 349Okapi Partners 3214711 800Innisfree M&A 305.14822 574Innisfree M&A 200102p3 68Georgeson 304.8313 p5 171Georgeson 144153q2 114DF KingGlobal Activism Review FY 2020Proxy Solicitors14

MethodologyBloomberg League CriteriaGeneral Database CriteriaEligible Advisers:Included Campaigns:- All financial advisers, legal advisers, investor relations/public relations advisers andproxy solicitors that advise the company or activist on act

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