JANA Partners, LLC
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Contact Information
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JANA PARTNERS
767 Fifth Avenue, 8th Floor
New York, NY 10153
212-455-0900
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Description
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Founded in 2001 by Barry Rosenstein and Kevin Lynch, JANA Partners,
LLC looks for companies that are trading at a discount to their after-tax free cash flow and have potential catalysts such
as spin-offs, restructurings and share buy-backs present that can unlock unrealized value. JANA invests in both small-cap
companies and established, high profile large-cap companies. In its investments, the firm looks to satisfy two criteria,
value and event driven. For the value side, JANA looks for companies that are intrinsically cheap, but are generating significant
cash flow compared to their market cap and are in a business that is sustainable. For the event driven side, the firm must
see a catalyst. The firm invests in the United States and Europe. The firm does not utilize pairs trading, but will at times
make short investments. The firm typically takes large long positions. Conversely, the firm's short positions tend to be
smaller. As a shareholder activist, the firm looks to influence company management in order to turn a company's fortunes
around. JANA uses internally generated research and will participate in conference calls.
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Management
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Barry S. Rosenstein, partner, CEO and portfolio
manager: prior to co-founding the firm in 2001, Mr. Rosenstein founded and was the head of the investment-banking and merchant
banking divisions at Genesis Merchant Group. Previously, he was a managing partner at Reatta Partners. Mr. Rosenstein is
a CPA and also serves as the co-founder and co-CIO at Sagaponack Partners. Mr. Rosenstein obtained an M.B.A. from the Wharton
School of the University of Pennsylvania and a B.S. from the Lehigh University.
Kevin Lynch, partner and portfolio manager: Prior to co-founding the firm in 2001, Mr. Lynch was employed at Sagaponack
Partners, L.P. Previously, he was an associate at Cornerstone Equity Investors and its predecessor Prudential Equity Investors.
Earlier, Mr. Lynch worked at Prudential Investment Corporation. He is a Chartered Financial Analyst. Mr. Lynch obtained
an M.B.A. from Columbia Business College and a B.S. from the Pennsylvania State University.
Gary Claar, portfolio manager: Prior to joining the firm, Mr. Claar was with Marathon Advisors, which was acquired by JANA
Partners, L.L.C. in November 2001. Previously, he worked at Lindemann Capital Partners. Earlier, Mr. Claar was employed
at Perry Partners and Schulte, Roth & Zabel, L.L.P. Mr. Claar received a J.D. from the New York University and a B.S.
in Economics from the Wharton School of the University of Pennsylvania.
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Potential Allies
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Sandell Asset Management
Carl Icahn
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Commentary
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