Listed below are selected funds with a recent history of US shareholder activism that we expect will continue those activities in connection with the 2016 proxy season. Companies should note that these activists may not clearly identify themselves when contacting the company and that investments may be made by affiliated funds under other names; further, initial calls likely will not be made by the listed key individuals. Of course, any investor can adopt an activist strategy at any time in the future; this list does not purport to be all-inclusive.

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