Corvex Management – 2014 Robin Hood Conference [SLIDES]

Corvex Management Background

• Concentrated, value?based investing strategy across the capital structure
• Focus on investing in high quality, North American businesses undergoing change in industries with positive secular tailwinds
• Engage regularly with management teams with goal of developing close long-term relationships underpinned by constructive two?way dialogue
• Long?term investment horizon and concentrated portfolio enable us to conduct heavy diligence and focus our full energy on each investment
• Knowledge?based and experienced approach to partnering with management and other constituents to create shareholder value
• Approximately $7 billion of assets under management

Corvex Management Investment Themes

• Secular growth in a no?growth / low?growth world
  • Shale gas revolution, mobile data growth, enterprise data growth, proliferation of “screens”
• “Infrastructure assets” of the 21st century
  • Recurring revenue businesses critical to modern economies, with high barriers to entry and attractive returns on invested capital
• Capitalizing on the disconnect between cost of debt and cost of equity
  • M&A
  • “Equity shrink” and dividends
• Consolidating industries
  • Extraordinary growth through synergies and pricing power