<SEC-DOCUMENT>0001104659-25-056867.txt : 20250605
<SEC-HEADER>0001104659-25-056867.hdr.sgml : 20250605
<ACCEPTANCE-DATETIME>20250605163035
ACCESSION NUMBER:		0001104659-25-056867
CONFORMED SUBMISSION TYPE:	SCHEDULE 13D/A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20250605
DATE AS OF CHANGE:		20250605

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Lamb Weston Holdings, Inc.
		CENTRAL INDEX KEY:			0001679273
		STANDARD INDUSTRIAL CLASSIFICATION:	CANNED, FROZEN & PRESERVED FRUIT, VEG & FOOD SPECIALTIES [2030]
		ORGANIZATION NAME:           	04 Manufacturing
		EIN:				611797411
		FISCAL YEAR END:			0525

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13D/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-89775
		FILM NUMBER:		251027532

	BUSINESS ADDRESS:	
		STREET 1:		599 S. RIVERSHORE LANE
		CITY:			EAGLE
		STATE:			ID
		ZIP:			83616
		BUSINESS PHONE:		208.938.1047

	MAIL ADDRESS:	
		STREET 1:		599 S. RIVERSHORE LANE
		CITY:			EAGLE
		STATE:			ID
		ZIP:			83616

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CONTINENTAL GRAIN CO
		CENTRAL INDEX KEY:			0000929607
		ORGANIZATION NAME:           	
		EIN:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13D/A

	BUSINESS ADDRESS:	
		STREET 1:		767 FIFTH AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10153
		BUSINESS PHONE:		2122072898

	MAIL ADDRESS:	
		STREET 1:		767 FIFTH AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10153

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CONTIGROUP COMPANIES, INC.
		DATE OF NAME CHANGE:	20050609

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CONTINENTAL GRAIN CO
		DATE OF NAME CHANGE:	19940906
</SEC-HEADER>
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<SEQUENCE>1
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    <submissionType>SCHEDULE 13D/A</submissionType>
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          <cik>0000929607</cik>
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    <coverPageHeader>
      <amendmentNo>7</amendmentNo>
      <securitiesClassTitle>Common Stock, $1.00 par value</securitiesClassTitle>
      <dateOfEvent>06/03/2025</dateOfEvent>
      <previouslyFiledFlag>false</previouslyFiledFlag>
      <issuerInfo>
        <issuerCIK>0001679273</issuerCIK>
        <issuerCUSIP>513272104</issuerCUSIP>
        <issuerName>Lamb Weston Holdings, Inc.</issuerName>
        <address>
          <com:street1>599 S. Rivershore Lane</com:street1>
          <com:city>Eagle</com:city>
          <com:stateOrCountry>ID</com:stateOrCountry>
          <com:zipCode>83616</com:zipCode>
        </address>
      </issuerInfo>
      <authorizedPersons>
        <notificationInfo>
          <personName>Michael Mayberry, General Coun</personName>
          <personPhoneNum>212-207-2898</personPhoneNum>
          <personAddress>
            <com:street1>Continental Grain Company</com:street1>
            <com:street2>767 Fifth Avenue</com:street2>
            <com:city>New York</com:city>
            <com:stateOrCountry>NY</com:stateOrCountry>
            <com:zipCode>10153</com:zipCode>
          </personAddress>
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      <reportingPersonInfo>
        <reportingPersonCIK>0000929607</reportingPersonCIK>
        <reportingPersonNoCIK>N</reportingPersonNoCIK>
        <reportingPersonName>CONTINENTAL GRAIN CO</reportingPersonName>
        <memberOfGroup>a</memberOfGroup>
        <fundType>WC</fundType>
        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>DE</citizenshipOrOrganization>
        <soleVotingPower>2134080.00</soleVotingPower>
        <sharedVotingPower>0.00</sharedVotingPower>
        <soleDispositivePower>2134080.00</soleDispositivePower>
        <sharedDispositivePower>0.00</sharedDispositivePower>
        <aggregateAmountOwned>2134080.00</aggregateAmountOwned>
        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>1.5</percentOfClass>
        <typeOfReportingPerson>CO</typeOfReportingPerson>
        <commentContent>Box 13 - The percentages used herein are calculated based on 141,115,615 shares of common stock, $1.00 par value per share (the "Shares") outstanding as of March 27, 2025, as disclosed in the Issuer's quarterly report on Form 10-Q filed with the U.S. Securities and Exchange Commission on April 3, 2025 (the "Quarterly Report").</commentContent>
      </reportingPersonInfo>
      <reportingPersonInfo>
        <reportingPersonNoCIK>Y</reportingPersonNoCIK>
        <reportingPersonName>FRIBOURG PAUL J</reportingPersonName>
        <memberOfGroup>a</memberOfGroup>
        <fundType>AF</fundType>
        <fundType>OO</fundType>
        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>X1</citizenshipOrOrganization>
        <soleVotingPower>2134080.00</soleVotingPower>
        <sharedVotingPower>0.00</sharedVotingPower>
        <soleDispositivePower>2134080.00</soleDispositivePower>
        <sharedDispositivePower>0.00</sharedDispositivePower>
        <aggregateAmountOwned>2134080.00</aggregateAmountOwned>
        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>1.5</percentOfClass>
        <typeOfReportingPerson>IN</typeOfReportingPerson>
        <commentContent>Box 11 - Does not include 15 Shares over which Mr. Paul Fribourg does not have direct or indirect beneficial ownership. Such shares are held in a trust for members of Mr. Paul Fribourg's extended family in which Mr. Paul Fribourg is one of three voting trustees.

Box 13 - The percentages used herein are calculated based on 141,115,615 Shares outstanding as of March 27, 2025, as disclosed in the Quarterly Report.</commentContent>
      </reportingPersonInfo>
      <reportingPersonInfo>
        <reportingPersonNoCIK>Y</reportingPersonNoCIK>
        <reportingPersonName>GENDASON ARI DAVID</reportingPersonName>
        <memberOfGroup>a</memberOfGroup>
        <fundType>PF</fundType>
        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>X1</citizenshipOrOrganization>
        <soleVotingPower>2340.00</soleVotingPower>
        <sharedVotingPower>0.00</sharedVotingPower>
        <soleDispositivePower>2340.00</soleDispositivePower>
        <sharedDispositivePower>0.00</sharedDispositivePower>
        <aggregateAmountOwned>2340.00</aggregateAmountOwned>
        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>0.0</percentOfClass>
        <typeOfReportingPerson>IN</typeOfReportingPerson>
        <commentContent>Box 11 - Ari D. Gendason is the Chief Investment Officer ("CIO") of Continental Grain Company. In his capacity as CIO, Mr. Gendason possesses neither shared nor sole voting or dispositional control over the 2,134,080 Shares beneficially owned by Continental Grain Company. However, as the CIO of Continental Grain Company, there may be certain unforeseen circumstances affecting Continental Grain Company that could result in Mr. Gendason potentially influencing the sale and voting of the 2,134,080 Shares owned by Continental Grain Company. The Reporting Persons do not believe the occurrence of any such unforeseen circumstance to be probable. Mr. Gendason expressly disclaims any beneficial ownership of the 2,134,080 Shares beneficially owned by Continental Grain Company.

Box 13 -The percentages used herein are calculated based on 141,115,615 Shares outstanding as of March 27, 2025, as disclosed in the Quarterly Report.

Represents less than 0.01 percent.</commentContent>
      </reportingPersonInfo>
      <reportingPersonInfo>
        <reportingPersonNoCIK>Y</reportingPersonNoCIK>
        <reportingPersonName>ZIMMERMAN MICHAEL J</reportingPersonName>
        <memberOfGroup>a</memberOfGroup>
        <fundType>PF</fundType>
        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>X1</citizenshipOrOrganization>
        <soleVotingPower>5000.00</soleVotingPower>
        <sharedVotingPower>0.00</sharedVotingPower>
        <soleDispositivePower>5000.00</soleDispositivePower>
        <sharedDispositivePower>0.00</sharedDispositivePower>
        <aggregateAmountOwned>5000.00</aggregateAmountOwned>
        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>0.0</percentOfClass>
        <typeOfReportingPerson>IN</typeOfReportingPerson>
        <commentContent>Box 11 - Michael J. Zimmerman is a member of the Board of Directors and the Vice Chairman of Continental Grain Company. In his capacity as Vice Chairman, Mr. Zimmerman possesses neither shared nor sole voting or dispositional control over the 2,134,080 Shares beneficially owned by Continental Grain Company. However, as disclosed in Item 4 of Amendment No. 2, the Reporting Persons now anticipate that Mr. Zimmerman may become more actively involved in the strategy and purpose of the investment in the Issuer by Continental Grain Company. Further, as the Vice Chairman of Continental Grain Company, there may be certain unforeseen circumstances affecting Continental Grain Company that could result in Mr. Zimmerman potentially influencing the sale and voting of the 2,134,080 Shares owned by Continental Grain Company. The Reporting Persons do not believe the occurrence of any such unforeseen circumstance to be probable. Mr. Zimmerman expressly disclaims any beneficial ownership of the 2,134,080 Shares beneficially owned by Continental Grain Company.

Box 13 - The percentages used herein are calculated based on 141,115,615 Shares outstanding as of March 27, 2025, as disclosed in the Quarterly Report.

Represents less than 0.01 percent.</commentContent>
      </reportingPersonInfo>
      <reportingPersonInfo>
        <reportingPersonNoCIK>Y</reportingPersonNoCIK>
        <reportingPersonName>FRIBOURG CHARLES</reportingPersonName>
        <memberOfGroup>a</memberOfGroup>
        <fundType>PF</fundType>
        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>X1</citizenshipOrOrganization>
        <soleVotingPower>9300.00</soleVotingPower>
        <sharedVotingPower>0.00</sharedVotingPower>
        <soleDispositivePower>9300.00</soleDispositivePower>
        <sharedDispositivePower>0.00</sharedDispositivePower>
        <aggregateAmountOwned>9300.00</aggregateAmountOwned>
        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>0.0</percentOfClass>
        <typeOfReportingPerson>IN</typeOfReportingPerson>
        <commentContent>Box 11 - This amount does not include 15 Shares over which Mr. Charles Fribourg does not have direct or indirect beneficial ownership. Such Shares are held in a trust for members of Mr. Charles Fribourg's extended family in which Mr. Charles Fribourg is one of three voting trustees. Mr. Charles Fribourg is a member of the Board of Directors and the Vice Chairman of Continental Grain Company. In his capacity as Vice Chairman, Mr. Charles Fribourg possesses neither shared nor sole voting or dispositional control over the 2,134,080 Shares beneficially owned by Continental Grain Company. However, as disclosed in Item 4 of Amendment No. 2, the Reporting Persons now anticipate that Mr. Charles Fribourg may become more actively involved in the strategy and purpose of the investment in the Issuer by Continental Grain Company. Further, as the Vice Chairman of Continental Grain Company, there may be certain unforeseen circumstances affecting Continental Grain Company that could result in Mr. Charles Fribourg potentially influencing the sale and voting of the 2,134,080 Shares owned by Continental Grain Company. The Reporting Persons do not believe the occurrence of any such unforeseen circumstance to be probable. Mr. Charles Fribourg expressly disclaims any beneficial ownership of the 2,134,080 Shares beneficially owned by Continental Grain Company.

Box 13 - The percentages used herein are calculated based on 141,115,615 Shares outstanding as of March 27, 2025, as disclosed in the Quarterly Report.

Represents less than 0.01 percent.</commentContent>
      </reportingPersonInfo>
    </reportingPersons>
    <items1To7>
      <item1>
        <securityTitle>Common Stock, $1.00 par value</securityTitle>
        <issuerName>Lamb Weston Holdings, Inc.</issuerName>
        <issuerPrincipalAddress>
          <com:street1>599 S. Rivershore Lane</com:street1>
          <com:city>Eagle</com:city>
          <com:stateOrCountry>ID</com:stateOrCountry>
          <com:zipCode>83616</com:zipCode>
        </issuerPrincipalAddress>
        <commentText>This Amendment No. 7 to the Schedule 13D ("Amendment No. 6"), amends and supplements the Schedule 13D originally filed by the undersigned with the U.S. Securities and Exchange Commission (the "SEC") on October 18, 2024, as amended by Amendment No. 1 to the Schedule 13D filed with the SEC on December 18, 2024, and as further amended by Amendment No. 2 to the Schedule 13D filed with the SEC on December 20, 2024, as further amended by Amendment No. 3 to the Schedule 13D filed with the SEC on December 27, 2024, as further amended by Amendment No. 4 to the Schedule 13D filed with the SEC on January 29, 2025, as further amended by Amendment No. 5 to the Schedule 13D filed with the SEC on March 7, 2025 and as further amended by Amendment No. 6 to the Schedule 13D filed with the SEC on April 1, 2025 (as amended and supplemented, the "Schedule 13D"). Unless otherwise indicated, all capitalized terms used but not defined herein shall have the meanings ascribed to them in the Schedule 13D. This Amendment No. 7 is being filed to make amendments to the Schedule 13D as follows:</commentText>
      </item1>
      <item4>
        <transactionPurpose>Item 4 is hereby amended and supplemented by the addition of the following:

On June 3, 2025, JANA issued a public letter to the Issuer's Board of Directors (the "June 3, 2025 Letter"), which is attached hereto as Exhibit 99.5 and incorporated by reference herein.</transactionPurpose>
      </item4>
      <item6>
        <contractDescription>Item 6 is hereby amended and supplemented as follows:

The Reporting Persons may be deemed to constitute a group for purposes of Rule 13d-3 under the Exchange Act, collectively with (i) JANA, (ii) Bradley Alford, (iii) Jeffery DeLapp, (iv) Diane Dietz (whose legal name is Diane Dietz Suciu), (v) John Gainor, (vi) Ruth Kimmelshue, (vii) James Lillie, (viii) Timothy McLevish and (ix) Joseph Scalzo ((ii) through (ix) being collectively referred to as the "Jana Individuals"). JANA and the Jana Individuals are separately filing on Schedule 13D with respect to their beneficial ownership of Shares. Based on information and belief, JANA and the Jana Individuals may be deemed to beneficially own an aggregate of 7,725,483 Shares. Accordingly, in the aggregate, the Reporting Persons, JANA and the Jana Individuals may be deemed to beneficially own an aggregate of 9,876,203 Shares, representing approximately 7.0% of Shares outstanding. Each of the Reporting Persons expressly disclaims beneficial ownership of the Shares beneficially owned by the other Reporting Persons, JANA and the Jana Individuals. The Reporting Persons and JANA may act together with respect to the voting of the securities held by such entities.</contractDescription>
      </item6>
      <item7>
        <filedExhibits>Item 7 is hereby amended and supplemented by the addition of the following:

Exhibit 99.5:   June 3, 2025 Letter</filedExhibits>
      </item7>
    </items1To7>
    <signatureInfo>
      <signaturePerson>
        <signatureReportingPerson>CONTINENTAL GRAIN CO</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Ari D. Gendason</signature>
          <title>Ari D. Gendason, Chief Investment Officer</title>
          <date>06/05/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>FRIBOURG PAUL J</signatureReportingPerson>
        <signatureDetails>
          <signature>By: Jonathan Jacobs, as Attorney-In-Fact, /s/ Paul J. Fribourg</signature>
          <title>Paul J. Fribourg</title>
          <date>06/05/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>GENDASON ARI DAVID</signatureReportingPerson>
        <signatureDetails>
          <signature>By: Jonathan Jacobs, as Attorney-In-Fact, /s/ Ari D. Gendason</signature>
          <title>Ari D. Gendason</title>
          <date>06/05/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>ZIMMERMAN MICHAEL J</signatureReportingPerson>
        <signatureDetails>
          <signature>By: Jonathan Jacobs, as Attorney-In-Fact, /s/ Michael J. Zimmerman</signature>
          <title>Michael J. Zimmerman</title>
          <date>06/05/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>FRIBOURG CHARLES</signatureReportingPerson>
        <signatureDetails>
          <signature>By: Jonathan Jacobs, as Attorney-In-Fact, /s/ Charles Fribourg</signature>
          <title>Charles Fribourg</title>
          <date>06/05/2025</date>
        </signatureDetails>
      </signaturePerson>
    </signatureInfo>
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<DOCUMENT>
<TYPE>EX-99.5
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<FILENAME>tm2517209d1_ex99-5.htm
<DESCRIPTION>EXHIBIT 99.5
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B><U>Exhibit 99.5</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>JANA Partners Sends Open Letter to Shareholders
Reporting Overwhelming Support for Significant Board Change at Lamb Weston</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>Recent Third-Party Shareholder Study Found Over
80% of Surveyed Shareholders Support a Significant Overhaul of the Board</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>Majority of Shareholders Surveyed Support a
Complete Board Overhaul</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NEW YORK--(BUSINESS WIRE)--JANA Partners (&ldquo;JANA&rdquo;), which
together with its strategic and operating partners owns approximately 7% of Lamb Weston Holdings, Inc. (NYSE: LW) (&ldquo;Lamb Weston&rdquo;
or the &ldquo;Company&rdquo;) and is one of the Company&rsquo;s largest shareholders, today sent the following open letter to the Company&rsquo;s
shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The full text of the letter is as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">June 3, 2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Fellow Lamb Weston Shareholders,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">JANA Partners (&ldquo;JANA,&rdquo; &ldquo;we&rdquo; or &ldquo;us&rdquo;),
together with its strategic and operating partners, beneficially owns approximately 7% of Lamb Weston (the &ldquo;Company&rdquo;). We
are writing to report the overwhelming shareholder support for significant boardroom change at the Company. The urgent need for change
to Lamb Weston&rsquo;s Board of Directors (&ldquo;Board&rdquo;) is glaringly obvious given its failures to adequately oversee operations,
capital allocation, management, CEO succession and executive compensation and the resulting destruction of billions of dollars of shareholder
value and erosion of investor confidence.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>More than 80% of Lamb Weston shareholders support a <I>significant
overhaul</I>&nbsp;of the Board, while a majority support a&nbsp;<I>complete overhaul</I>&nbsp;of the
Board</U></B>,<B>&nbsp;</B>according to a May 2025 third-party shareholder perception study of approximately 80% of the top 70 Lamb
Weston shareholders (excluding JANA and its partners).<B>&nbsp;</B>Shareholder<B>&nbsp;</B>confidence in the Board was non-existent,
with an average score of 1.3 on a scale of 1 (no confidence) to 10 (significant confidence). Confidence in leadership was equally
poor. Surveyed shareholders also heavily criticized the Board&rsquo;s haphazard and superficial CEO succession.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Lamb Weston&rsquo;s Board cannot magically erase years of systematic
failures and the destruction of billions of dollars of shareholder value through a perfunctory CEO change, nor by belatedly hiring a consultant
to rectify festering challenges of its own creation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We encourage shareholders to convey their feedback directly to the
Company so it can better appreciate the urgency for Board change to restore investor confidence and position the Company for success.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sincerely,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Scott Ostfeld</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Managing Partner &amp; Portfolio Manager</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>About JANA Partners</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">JANA Partners was founded in 2001 by Barry Rosenstein. JANA invests
in undervalued public companies and engages with management teams and boards to unlock value for shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Disclaimer</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">JANA has not sought or obtained consent from any third party to use
any statements or information indicated herein. Any such statements or information should not be viewed as indicating the support of such
third party for the views expressed herein. JANA does not necessarily endorse third-party estimates or research, which are used in this
letter solely for illustrative purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Contacts</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Media</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Jonathan Gasthalter/Nathaniel Garnick</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">JANA@gasthalter.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Investors</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">IR@janapartners.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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