JANA Partners LLC follows a value-oriented, event driven investment strategy focusing on companies considering or implementing strategic change. Every investment must be fundamentally undervalued on the long side or overvalued on the short side and be involved in an extraordinary corporate transaction which acts as a catalyst to drive the price toward a valuation target. In select circumstances, where the team perceives significant underlying value and where management is unwilling to act to realize that value for shareholders, it may pursue a corporate activist strategy to bring about such action.
FIGURES ARE FOR JANA NIRVANA FUND, LP. (EFFECTIVE JANUARY 2013 THIS REPORT WAS REVISED TO REFLECT PERFORMANCE OF THE ONSHORE FUND)PERFORMANCE IS QUOTED NET OF ALL CLASS A FEES AND EXPENSES. 2014 PERFORMANCE NUMBERS ARE ESTIMATED. 2009 PERFORMANCE REFLECTS A
REDUCED INCENTIVE ALLOCATION/FEE. INDIVIDUAL INVESTORS' EXPERIENCE MAY VARY DEPENDING ON, AMONG OTHER THINGS, THE FOLLOWING FACTORS: THE TIMING OF SUBSCRIPTIONS AND REDEMPTIONS; DIFFERING FEE STRUCTURES; AND DIFFERING TAX TREATMENT.