<SEC-DOCUMENT>0001193125-23-023838.txt : 20230203
<SEC-HEADER>0001193125-23-023838.hdr.sgml : 20230203
<ACCEPTANCE-DATETIME>20230203132000
ACCESSION NUMBER:		0001193125-23-023838
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20230203
DATE AS OF CHANGE:		20230203
EFFECTIVENESS DATE:		20230203

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			RITCHIE BROS AUCTIONEERS INC
		CENTRAL INDEX KEY:			0001046102
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-BUSINESS SERVICES, NEC [7389]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A6
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PX14A6G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13425
		FILM NUMBER:		23585034

	BUSINESS ADDRESS:	
		STREET 1:		9500 GLENLYON PARKWAY
		CITY:			BURNABY
		STATE:			A1
		ZIP:			V5J 0C6
		BUSINESS PHONE:		7783315500

	MAIL ADDRESS:	
		STREET 1:		9500 GLENLYON PARKWAY
		CITY:			BURNABY
		STATE:			A1
		ZIP:			V5J 0C6

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Deep Field Asset Management LLC
		CENTRAL INDEX KEY:			0001675187
		IRS NUMBER:				471751026
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PX14A6G

	BUSINESS ADDRESS:	
		STREET 1:		9355 WILSHIRE BOULEVARD
		STREET 2:		SUITE 350
		CITY:			BEVERLY HILLS
		STATE:			CA
		ZIP:			90210
		BUSINESS PHONE:		3104561000

	MAIL ADDRESS:	
		STREET 1:		9355 WILSHIRE BOULEVARD
		STREET 2:		SUITE 350
		CITY:			BEVERLY HILLS
		STATE:			CA
		ZIP:			90210
</SEC-HEADER>
<DOCUMENT>
<TYPE>PX14A6G
<SEQUENCE>1
<FILENAME>d427851dpx14a6g.htm
<DESCRIPTION>PX14A6G
<TEXT>
<HTML><HEAD>
<TITLE>PX14A6G</TITLE>
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 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>NOTICE OF
EXEMPT SOLICITATION </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Submitted Pursuant to Rule <FONT STYLE="white-space:nowrap">14a-6(g)</FONT> </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Name of the Registrant:</B> Ritchie Bros. Auctioneers Incorporated </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Name of Person Relying on Exemption:</B> Deep Field Asset Management LLC </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Address of Person Relying on the Exemption:</B> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">9355 Wilshire Boulevard </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Suite
350 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Beverly Hills, CA 90210 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">4.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Written Materials:</B> Attached hereto as an exhibit is a press release and statement issued by Deep Field
Asset Management LLC to the shareholders of Ritchie Bros. Auctioneers Incorporated, dated February&nbsp;3, 2023. This material is being submitted pursuant to Rule <FONT STYLE="white-space:nowrap">14a-6(g)(1)</FONT> promulgated under the Securities
Exchange Act of 1934, as amended. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>PLEASE NOTE: Neither Deep Field Asset Management LLC nor any fund advised by Deep Field Asset
Management LLC is asking for your proxy card and cannot accept your proxy card. Please DO NOT send us your proxy card. </B></P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>

<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Deep Field Asset Management LLC Intends to Vote AGAINST Ritchie Bros. Merger with IAA </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>Transaction Destroys Shareholder Value; RBA Shareholders Better Served by RBA&#146;s Standalone Strategy </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>Starboard Investment is Opportunistic, Extremely Costly and Not a Real Endorsement of the Transaction </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>Revised Merger Did Not Improve Terms for RBA Shareholders; &#147;Revenue Opportunities&#148; are Unrealistic </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>Issues Letter Calling on RBA Shareholders to Send This Deal to the Scrapyard by Voting AGAINST the Transaction </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>LOS ANGELES, CA &#150; February</B><B></B><B>&nbsp;3, 2023 &#150;</B> Deep Field Asset Management, LLC (&#147;DFAM&#148;), a California-based investment
adviser of funds that beneficially own 200,000 shares of Ritchie Bros. Auctioneers (&#147;RBA&#148;, or the &#147;Company&#148;), today issued a letter urging RBA shareholders to reject RBA&#146;s
<FONT STYLE="white-space:nowrap">ill-conceived</FONT> merger with IAA Inc. (&#147;IAA&#148;). The letter details DFAM&#146;s analysis of why there is nothing here to salvage; the contemplated transaction destroys shareholder value and should be sent
to the scrapyard by RBA shareholders with a vote AGAINST. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The full text of the letter is below: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">February&nbsp;3, 2023 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear RBA Shareholders, </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As long-term shareholders of RBA, <B>we believe the proposed acquisition of IAA by RBA (the &#147;Transaction&#148;) will destroy significant value for RBA
shareholders and is impossible to justify</B>, <B>especially in light of the extremely costly terms of the investment by Starboard Value LP </B>(&#147;Starboard&#148; and the &#147;Starboard Financing&#148;) that was required to move the Transaction
forward. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">RBA has an excellent strategy in place that is only just beginning to take root. Given RBA has yet to achieve the average annual growth promised
in its Evergreen Financial Model, <B>DFAM believes it is far too early for RBA management to take on the substantial execution risk</B> that comes with integrating an acquisition of this size and attempting to turn around a perennially
underperforming number two player in a completely unrelated industry. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Luxor Capital Group and Janus Henderson Investors already have articulated an
airtight case</B> that the Transaction lacks strategic or financial merit and permanently destroys enormous value for RBA shareholders. <B>We fully endorse their arguments and agree with their conclusions. </B>Our letter provides additional reasons
why RBA shareholders should vote against the transaction. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>RBA Paid an Extraordinary Price to Buy Starboard&#146;s Support </B></P>

<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">When the Starboard Financing is compared with two similar recent convertible notes priced in transparent and
legitimately underwritten offerings, <B>the only logical conclusion is that RBA management used shareholder money to buy Starboard&#146;s support for an unpopular transaction</B>. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="24%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="24%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="23%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Issuer</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Axon Enterprise</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Live Nation</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Entertainment</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Ritchie Bros.</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Auctioneers</P></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Date Announced</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>12/6/2022</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>1/9/2023</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>1/23/2023</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Size</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>$690&nbsp;million</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>$1&nbsp;billion</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>$485&nbsp;million</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Conversion Price</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>35% above last close</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>50% above last close</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>21% above last close</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Coupon</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>0.500%</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>3.125%</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>At Least 6.979%<SUP STYLE="font-size:75%; vertical-align:top">1</SUP></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">Non-Call</FONT> Term</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>3 Years</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>3 Years</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>9 Years</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Dilution Protection<SUP STYLE="font-size:75%; vertical-align:top">2</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>No</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Yes</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>No</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>The terms of the Starboard Financing are outrageous, clearly <FONT STYLE="white-space:nowrap">off-market,</FONT> and
damaging to RBA shareholders. Starboard is getting a far higher coupon for paper with a conversion price much closer to the money, and all this with three times the typical <FONT STYLE="white-space:nowrap">non-call</FONT> protection. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Unlike RBA common shareholders, who are exposed to all of the Transaction&#146;s downside, <B>Starboard&#146;s preferred equity has virtually no downside,
nearly all the upside, and receives guaranteed annual distributions roughly four times larger than those common shareholders currently receive per dollar invested even if the Transaction is terrible for RBA&#146;s results</B>. Indeed, even if the
Transaction were to become a complete disaster that drains capital and drives RBA common shareholders&#146; dividends to zero, Starboard continues to receive their full annual distributions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Lastly, we turn to the ways the Starboard Financing is designed to protect RBA&#146;s management and directors from the considered input of its long-term
shareholders. For one, far from being an advocate for shareholders, Starboard has promised via a standstill agreement to support the Board of Directors during the entire tenure of its Managing Member&#146;s service as a director, which further
entrenches the existing directors. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Perhaps ugliest of all, through the Starboard Financing, RBA management <B>manufactured a de facto <FONT
STYLE="white-space:nowrap">break-up</FONT> fee of approximately $10</B><B></B><B>&nbsp;million where none existed before</B>. To be clear, DFAM strongly believes the preservation of shareholder value from killing this Transaction overwhelms the cost
of paying this fee by multiple orders of magnitude. However, it is an unfortunate moment in the history of corporate governance that RBA management sought to bully its shareholder vote by introducing this unnecessary
<FONT STYLE="white-space:nowrap">break-up</FONT> fee to the Transaction even after receiving vocal shareholder pushback. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In our view, there are two
possible reasons for why RBA management accepted this terrible financing. <B>Either they were so out of touch that they accepted unconscionable terms, or they knew it was a usurious price and paid it anyway, carelessly using shareholder money to
insulate themselves from the harsh criticism of their shareholders, today and in the future.</B> </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">1</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Per Luxor calculation in their letter dated January&nbsp;24, 2023. </P></TD></TR></TABLE>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">2</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The Live Nation Entertainment notes contain &#147;capped call&#148; hedging transactions which limit dilution.
</P></TD></TR></TABLE>

<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Starboard&#146;s Investment is Self-Enriching Opportunism, Not a True Endorsement </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Starboard&#146;s own quotes when opposing the $500&nbsp;million convertible preferred raised by Box, Inc. (&#147;Box&#148;) in May 2021 are fitting here.
Then, Starboard said KKR&#146;s deal with Box &#147;was transparently done to insulate management and the Board ahead of a potential [vote],&#148; and that &#147;[t]he only viable explanation for this financing is a shameless and utterly transparent
attempt to &#145;buy the vote&#146; and shows complete disregard for proper corporate governance and fiscal discipline.&#148; Similar behavior is transparently evident in the Starboard Financing. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Starboard appears to have sidelined its mission statement to &#147;unlock value for the benefit of all shareholders&#148; in favor of a guaranteed return for
itself, seemingly learning from its past that when it comes to &#147;complete disregard for proper corporate governance and fiscal discipline,&#148; it is profitable to side with the &#147;shameless.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">To be clear, the blame for this precarious situation falls on the RBA Board of Directors and management team. <B>We urge RBA common shareholders to ignore the
supposed Starboard &#147;endorsement&#148; and see the Starboard Financing for what it is &#150; an opportunistic investment by a fund being paid an exorbitant fee to help RBA management save face and ram through an empire-building transaction which
is unpopular with its shareholders</B>. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>The Revised Merger Agreement Did Not Improve the Transaction for RBA Shareholders </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">DFAM is completely unpersuaded by the revised terms of the Transaction. Despite the rosy statements used by RBA when the revised merger agreement was
announced, <B>the revised Transaction appears to be </B><B><I>less favorable</I></B><B> to RBA common shareholders and </B><B><I>more favorable</I></B><B> to IAA</B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We know this is true for a number of reasons. For one, <B>more cash benefits the target company&#146;s shareholders</B> by offering greater certainty of value
and reducing exposure to execution risk. For another, RBA shareholders who wished for less dilution should be aware that <B>nearly</B> <B>all of the value from fewer shares issued to IAA benefits Starboard, not existing RBA shareholders. </B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">However, the clearest proof that the deal revision benefits IAA and further impairs RBA is that as of today, <B>the only investors other than Starboard to
express public support for the Transaction have been recent IAA investors</B>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">An activist shareholder in IAA who had formerly opposed the Transaction
was won over when the deal was sweetened to favor IAA at the expense of RBA. Meanwhile, the only two shareholders of RBA who have publicly stated support for the Transaction may be conflicted, having both appeared as top twenty shareholders in IAA
as of the last reporting date, according to data compiled by Bloomberg. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>RBA has Justified the Transaction with Extremely Unrealistic &#147;Revenue Opportunities&#148;
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">RBA has tried to win support by identifying &#147;revenue opportunities&#148; which it places alongside &#147;cost synergies&#148; to confuse
investors about the combined business opportunity. Indeed, Management deliberately conflates the two in its &#147;Illustrative Pro Forma Synergy Value per Share&#148; table on Slide 21 of its January
23<SUP STYLE="font-size:75%; vertical-align:top">rd</SUP> Presentation. <B>But most of these &#147;revenue opportunities&#148; are entirely speculative and involve completely reimagining one or both of the businesses.</B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For example, RBA sees $25&nbsp;million in incremental EBITDA from &#147;closing finance attach rate gap to RBA by 25%&#148; and $100&nbsp;million in
incremental EBITDA from achieving &#147;financing attach rate in line with RBA.&#148; If closing 25% of the gap creates $25mm in new EBITDA, and closing 100% of the gap creates $100mm in new EBITDA, simple math suggests that IAA is doing almost no
financing work today. Even Copart, the much better managed company in the salvage auction industry, does not appear to do much financing of the kind RBA is suggesting here. <B>This is not so much &#147;closing a gap&#148; as it is a na&iuml;ve
assumption that the introduction of a completely new and novel business line at IAA will be an instant success.</B> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Nearly every other &#147;revenue
opportunity&#148; called out is the result of similarly na&iuml;ve assumptions</B>. To examine just one more, consider the suggestion that RBA&#146;s small handful of owned auction sites in Europe are supposedly enough to help IAA close the
international volume gap with Copart. This is comical considering that RBA recently tried to complete a different acquisition, saying on September&nbsp;8, 2021, that RBA&#146;s acquisition of Euro Auctions &#147;gives us a platform for growth in
Europe and other international markets.&#148; Magically, in less than 18 months, RBA went from needing a platform to being a platform for international growth. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Naturally, we agree that if anyone executes a dramatic and rapid turnaround of the very weak core IAA business, while successfully introducing wholly new
lines of business and driving breakneck growth in <FONT STYLE="white-space:nowrap">non-core</FONT> markets, its earnings will grow. <B><I>However, RBA has yet to consistently achieve financial results in line with its own Evergreen Model, causing
reason to doubt its extremely optimistic assumptions for an acquisition. </I></B>On the contrary, it seems obvious to us that a <B>complicated integration of a mismatched and underperforming asset will only further hamper performance </B>at a time
when RBA management should be focused delivering on expected average annual growth targets laid out in its Evergreen Model. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>RBA
Shareholders Should Vote to Scrap this Dilutive and Value-Destroying Deal </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If this were a good deal for RBA shareholders, IAA shareholders would have
been happy with more stock in the combined company; instead they demanded less. If this were a good deal for RBA shareholders, Starboard might have invested in common equity; instead, it insisted on a preferred security, which confers a windfall
profit to Starboard regardless of the results for common shareholders. If this were a good deal for RBA shareholders, RBA management could explain the real benefits clearly and succinctly; instead, RBA management relies on <FONT
STYLE="white-space:nowrap">eye-popping</FONT> assumptions to distract from questionable underlying business logic. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">But RBA shareholders clearly doubt
this is a good deal for RBA. A sensible shareholder wishing to maximize the value of the Company and RBA shares must vote AGAINST this deal and send RBA management back to work on executing its strong standalone strategy. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sincerely, </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Jordan
Moelis, Managing Partner, Deep Field Asset Management LLC </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>About Deep Field Asset Management LLC </B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Deep Field Asset Management LLC (&#147;DFAM&#148;) is a privately-held, independent investment adviser with $160&nbsp;million in assets under management as of
January&nbsp;31, 2023. DFAM manages a global concentrated investment fund that invests primarily in the small- and <FONT STYLE="white-space:nowrap">mid-cap</FONT> space. The Fund&#146;s objective is to back superior management teams pursuing
idiosyncratic, <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">difficult-to-replicate</FONT></FONT> strategies wherein a market position or asset is leveraged to expand share and compound cash flow over a multi-year period.
Specifically, the Fund seeks to own &#147;category-defining&#148; assets with definitive advantages which we believe are characterized by features such as extraordinary brands, overwhelming market share, data supremacy and easily accessible adjacent
opportunities. The Fund was launched in 2015 by Jordan Moelis, the Fund&#146;s Portfolio Manager. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>IMPORTANT NOTICE:</B> This material is for general
informational purposes only and is not intended to be relied upon as investment advice. The opinions expressed are those of DFAM of February 3, 2023 and are subject to change at any time due to changes in market or economic conditions. The
information contained herein has been prepared from sources believed reliable but is not guaranteed by us as to its timeliness or accuracy, and is not a complete summary or statement of all available data. There is no guarantee that any forecasts
made will come to pass. Reliance upon information in this material is at the sole discretion of the reader. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">DFAM is the investment adviser for funds that
beneficially own 200,000 shares of RBA as of February 3, 2022. Holdings are subject to change, and DFAM may buy shares of RBA or sell, including sell short, shares of RBA at any time. This communication is for informational purposes only and should
not be construed as a research report, investment advice or as a recommendation to buy, sell or hold any particular security. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">DFAM is not soliciting
proxies relating to the RBA shareholder meeting and does not have the authority to vote your proxy. DFAM urges RBA shareholders to vote against the Transaction. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The foregoing information also may be disseminated to shareholders via telephone, U.S. mail, <FONT STYLE="white-space:nowrap">e-mail,</FONT> certain websites,
and certain social media venues. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Contacts </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Hugh
Burns / Paul Caminiti / Nicholas Leasure </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Reevemark </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">deepfieldteam@reevemark.com </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">212-433-4600</FONT></FONT> </P>
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