STARBOARD VALUE


	Overview Starboard Value was founded in March 2011. Starboard Value was created through a spin-off transaction from Ramius LLC, the investment management subsidiary of the Cowen Group (NASDAQ: COWN). Prior to founding Starboard Value, the Starboard Value investment team managed the Ramius small cap value and opportunity investment platform. The investment strategy and performance track record was developed and initiated in 2002 by Jeff Smith and Mark Mitchell with Peter Feld joining them in February 2005. The remaining members of the Ramius small cap value and opportunity investment team joined Starboard's Managing Members to establish the firm in March of 2011. Starboard Value LP is a New York-based investment adviser with a focused and differentiated fundamental approach to investing in publicly traded U.S. small cap companies. Starboard invests in deeply undervalued small cap companies and actively engages with management teams and boards of directors to identify and execute on opportunities to unlock value for the benefit of all shareholders.