ADVISORY BUSINESS Starboard Value LP, a Delaware limited partnership (the “Adviser”), provides discretionary investment management services to private investment funds and offshore investment funds that are offered to investors on a private placement basis (each a “Fund” and collectively, the “Funds”). In addition, the Adviser serves as the investment adviser with discretionary trading authority and also provides discretionary investment advisory services to separately managed accounts (the “Managed Accounts”). As used herein, the term “client” generally refers to each Fund and each beneficial owner of a Managed Account. The business of the Adviser is controlled by its principals Jeffrey Smith and Peter Feld (collectively, the “Principals”). The Funds include (1) Starboard Value and Opportunity Fund LP, a Delaware limited partnership (the “Value and Opportunity Domestic Fund”), (2) Starboard Value and Opportunity Fund Ltd, a Cayman Islands exempted company (the “Value and Opportunity Offshore Fund”, together with the Value and Opportunity Domestic Fund, the “Value and Opportunity Feeder Funds”), (3) Starboard X Fund LP, a Delaware limited partnership (“X Domestic Fund”), (4) Starboard X Offshore Fund Ltd, a Cayman Islands exempted company (the “X Offshore Fund”), (5) Starboard X Cayman Fund LP, a Cayman Islands exempted limited partnership (the “X Cayman Fund”), together with the X Offshore Fund and the X Domestic Fund, the “X Feeder Funds”), (6) Starboard Leaders Fund LP, a Delaware limited partnership (the “Leaders Domestic Fund”), (7) Starboard Leaders Offshore Fund LP, a Cayman Islands exempted limited partnership (the “Leaders Offshore Fund”, collectively with the Leaders Domestic Fund, the “Leaders Funds”), (8) Starboard Leaders Select Fund LP (the “Select Domestic Fund”), and (9) Starboard Leaders Select Offshore Fund LP (the “Select Offshore Fund”, together with the Select Domestic Fund, the “Select Funds”). The Value and Opportunity Domestic Fund directly invests substantially all of its assets through a “master feeder” structure in Starboard Value and Opportunity Master Fund Ltd, a Cayman Islands exempted company (the “Value and Opportunity Master Fund”). The Value and Opportunity Offshore Fund indirectly invests substantially all of its assets through Starboard Intermediate Fund, L.P., a Cayman Islands exempted limited partnership (the “Value and Opportunity Intermediate Fund”, collectively with the Value and Opportunity Feeder Funds and the Value and Opportunity Master Fund, the “Value and Opportunity Funds”), into the Value and Opportunity Master Fund. Generally, the Value and Opportunity Feeder Funds expect to pursue their investment programs through the Value and Opportunity Master Fund, although they occasionally pursue them indirectly by investing in other funds (the “Portfolio Funds”), the managers of which (the “Portfolio Managers”) may be affiliates of the Investment Manager (any such affiliated Portfolio Managers, the “Affiliated Portfolio Managers,” and any Portfolio Funds managed by such Affiliated Portfolio Managers, the “Affiliated Portfolio Funds”). The X Domestic Fund invests substantially all of its assets through a “master feeder” structure in Starboard X Master Fund Ltd, a Cayman Islands exempted company (the “X Master Fund”). The X Offshore Fund and X Cayman Fund indirectly invest all of their assets through Starboard X Intermediate Fund LP, a Cayman Islands exempted limited partnership (the “X Intermediate Fund”, collectively with the X Feeder Funds and the X Master Fund, the “X Funds”), into the X Master Fund. Generally, the X Feeder Funds expect to pursue their investment programs through the X Master Fund, although they occasionally pursue them indirectly by investing in other Portfolio Funds or Affiliated Portfolio Funds. The Leaders Offshore Fund invests substantially all of its assets through the Leaders Domestic Fund, which in turn makes portfolio investments directly or through special purpose vehicles (“SPVs”). The Select Offshore Fund invests substantially all of its assets through the Select Domestic Fund, which in turn makes portfolio investments directly or through SPVs. The Adviser serves as the investment manager with discretionary trading authority to the Funds. Starboard Value A LP, a Delaware limited partnership affiliated with the Adviser (the “Fund General Partner”), serves as the general partner of the Value and Opportunity Domestic Fund, the Value and Opportunity Intermediate Fund, the Leaders Domestic Fund and the Select Domestic Fund. The Fund General Partner is also a special limited partner of the X Domestic Fund, X Cayman Fund and the X Intermediate Fund, and assists the X Fund General Partner (as defined below) in evaluating the investment program and investment strategies of the X Domestic Fund, X Cayman Fund and the X Intermediate Fund. Starboard Value A GP LLC serves as general partner of the Leaders Offshore Fund and the Select Offshore Fund (the “Offshore GP”, and together with the Fund General Partner and the Adviser, the “Firm”). Starboard Value R LP, a Delaware limited partnership affiliated with the Adviser (the “X Fund General Partner”) serves as the general partner of the X Domestic Fund, X Cayman Fund and the X Intermediate Fund. The X Fund General Partner is also a special limited partner of the Value and Opportunity Domestic Fund and the Value and Opportunity Intermediate Fund, and assists the Fund General Partner in evaluating the investment program and investment strategies of the Value and Opportunity Domestic Fund and the Value and Opportunity Intermediate Fund. Starboard Principal Co R LP, a Delaware limited partnership, is owned by the Principals

and owns a majority equity interest in Starboard Value R LP, and Ramius Holdings holds a significant minority equity interest in Starboard Value R LP. Interests in the Funds are not registered under the Securities Act of 1933 (the “Securities Act”), as amended, and the Funds are not registered under the Investment Company Act of 1940 (the “Company Act”). Accordingly, interests in the Funds are offered exclusively to investors satisfying the applicable eligibility and suitability requirements either in private placement transactions within the United States or in offshore transactions. The general partner of the Adviser is Starboard Value GP LLC, a Delaware limited liability company (the “Adviser General Partner”). The principal owner of the Adviser is Starboard Principal Co LP, a Delaware limited partnership (the “Principal Co”). Ramius V&O Holdings LLC, a Delaware limited liability company (“Ramius Holdings”) owns a minority interest in the Adviser and the Adviser General Partner; Ramius Holdings’ ownership of the Adviser (and Ramius Holdings’ parent companies) is detailed in Schedules A and B of Part 1A. The Principal Co owns a majority equity interest in the Adviser and the Adviser General Partner. The owners of the Principal Co are the Principals. The Principals comprise the Management Committee and hold a majority of the voting interests of the Operating Committee of the Adviser General Partner. Mr. Smith serves as Chief Executive Officer and Chief Investment Officer of the Adviser and Adviser General Partner and Mr. Feld serves as Portfolio Manager of the Adviser and Adviser General Partner. The day-to-day business decisions for the Advisory Business (as defined below) are made by the Principals and investment decisions are made by the Investment Committee, which is comprised of the Principals and Gavin Molinelli. Mr. Molinelli serves as Partner and Portfolio Manager of the Adviser. The Advisory Business is run independently from and is not integrated or coordinated with the business of Ramius Holdings’ parent companies or affiliates. This Brochure generally includes information about the Adviser and its relationships with its clients and affiliates. While much of this Brochure applies to all such clients and affiliates, certain information included herein applies to specific clients or affiliates only. This Brochure does not constitute an offer to sell or solicitation of an offer to buy any securities. The descriptions set forth in this Brochure of specific advisory services that the Adviser offers to clients, and investment strategies pursued and investments made by the Adviser on behalf of its clients, should not be understood to limit in any way the Adviser’s investment activities. The Adviser may offer any advisory services, engage in any investment strategy and make any investment, including any not described in this Brochure, that the Adviser considers appropriate, subject to each client’s investment objectives and guidelines. The investment strategies the Adviser pursues are speculative and entail substantial risks. Clients should be prepared to bear a substantial loss of capital. There can be no assurance that the investment objectives of any client will be achieved. The Adviser’s investment decisions and advice with respect to each Fund are subject to each Fund’s investment objectives and guidelines, as set forth in its offering documents. Similarly, the Adviser’s investment decisions and advice with respect to each Managed Account are subject to each client’s investment objectives and guidelines, as set forth in the client’s investment management agreement or operating agreement, as applicable, as well as any written instructions provided by the client to the Adviser. The Adviser has full discretionary authority with respect to investment decisions and its advice with respect to the Funds and Managed Accounts is made in accordance with the investment objectives and guidelines as set forth in the Funds’ respective offering memoranda or client’s investment management agreement or operating agreement, as applicable. The clients will invest primarily, although not exclusively, in the public and private securities of U.S. public companies that the Adviser believes are deeply undervalued by the marketplace and likely to experience a significant appreciation in value as a result of operational improvements, a change in ownership, corporate direction or management, or improved corporate governance. (Also see Item 8 for a further description of the investment strategies of the clients.) The Adviser, from time to time, enters into agreements, such as side letters, with certain underlying investors of the Funds that, in each case, provide for terms of investment that are more favorable than the terms provided to other underlying investors of the Funds. Such special or more favorable rights may include (i) different or more favorable redemption rights (which generally will be no more frequent than quarterly); (ii) greater information than may be provided to other investors; (iii) different fee or incentive compensation terms; (iv) more favorable transfer rights; (v) certain other rights that a particular investor may require due to the laws, rules, regulations or policies applicable to such investor; (vi) confidentiality and investor-specific disclosure requirements; and (vii) various other rights. As of December 31, 2022, the Adviser’s net assets under management were approximately $7.46 billion, including the net asset value of existing investments, binding capital commitments, and non-binding capital commitments subject to opt-out.