AS OF JUNE 2011

1. AS OF JUNE 2011 Palestra Capital Management Our Investable Universe includes over 3,000 public companies in our targeted industries and regions with market capitalizations over $750 million. We are constantly refining this universe based on 1) theme development, 2) special situations and news flow, and 3) screening, into an ever evolving “Farm Team” of ~100 potential investments on which we institute our Investment Research process. We take a private equity approach to our research and develop a fundamental view of the industry and company. This includes a view of cyclical and secular trends, competitive challenges and customer/supplier issues. We consistently engage with management teams and execute rigorous primary data collection and analysis. We utilize our research to develop a proprietary model and fundamental view on valuation. We use traditional valuation analyses (e.g., discounted cash flow and comparables), and non-traditional approaches such as assessing strategic value or restructuring potential. We evaluate at a micro level where we are different from consensus and why. Every position in the portfolio is ranked based on risk, reward and conviction. Conviction is a function of our edge in a given situation, timeliness and the path to value.