Starboard Value Trims Stake In Four Corners Property Trust, Inc. (FCPT)

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Page 22 of 26 SEC Filing
CUSIP NO. 35086T109
L.            Principal Co
 
(a)
Principal Co, as a member of Starboard Value GP, may be deemed the beneficial owner of the (i) 887,734 Shares owned by Starboard V&O Fund, (ii) 214,832 Shares owned by Starboard S LLC, (iii) 117,757 Shares owned by Starboard C LP, (iv) 1,280,353 Shares owned by Starboard Delta LLC and (v) 307,138 Shares held in the Starboard Value LP Account.
 
Percentage: Approximately 4.7%
 
(b)

1. Sole power to vote or direct vote:  2,807,814

2. Shared power to vote or direct vote: 0

3. Sole power to dispose or direct the disposition: 2,807,814

4. Shared power to dispose or direct the disposition: 0
 
(c)
Principal Co has not entered into any transactions in the Shares during the past sixty days.  The transactions in the Shares on behalf of each of Starboard V&O Fund, Starboard S LLC, Starboard C LP and Starboard Delta LLC and through the Starboard Value LP Account during the past sixty days are set forth in Schedule A and are incorporated herein by reference.
M.          Principal GP
 
(a)
Principal GP, as the general partner of Principal Co, may be deemed the beneficial owner of the (i) 887,734 Shares owned by Starboard V&O Fund, (ii) 214,832 Shares owned by Starboard S LLC, (iii) 117,757 Shares owned by Starboard C LP, (iv) 1,280,353 Shares owned by Starboard Delta LLC and (v) 307,138 Shares held in the Starboard Value LP Account.
 
Percentage: Approximately 4.7%
 
(b)

1. Sole power to vote or direct vote:  2,807,814

2. Shared power to vote or direct vote: 0

3. Sole power to dispose or direct the disposition: 2,807,814

4. Shared power to dispose or direct the disposition: 0
 
(c)
Principal GP has not entered into any transactions in the Shares during the past sixty days.  The transactions in the Shares on behalf of each of Starboard V&O Fund, Starboard S LLC, Starboard C LP and Starboard Delta LLC and through the Starboard Value LP Account during the past sixty days are set forth in Schedule A and are incorporated herein by reference.
N.           Messrs. Smith and Mitchell
 
(a)
Each of Messrs. Smith and Mitchell, as a member of Principal GP and as a member of each of the Management Committee of Starboard Value GP and the Management Committee of Principal GP, may be deemed the beneficial owner of the (i) 887,734 Shares owned by Starboard V&O Fund, (ii) 214,832 Shares owned by Starboard S LLC, (iii) 117,757 Shares owned by Starboard C LP, (iv) 1,280,353 Shares owned by Starboard Delta LLC and (v) 307,138 Shares held in the Starboard Value LP Account.
 
Percentage: Approximately 4.7%
 
(b)

1. Sole power to vote or direct vote: 0

2. Shared power to vote or direct vote: 2,807,814

3. Sole power to dispose or direct the disposition: 0

4. Shared power to dispose or direct the disposition: 2,807,814
 
(c)
None of Messrs. Smith or Mitchell has entered into any transactions in the Shares during the past sixty days.  The transactions in the Shares on behalf of each of Starboard V&O Fund, Starboard S LLC, Starboard C LP and Starboard Delta LLC and through the Starboard Value LP Account during the past sixty days are set forth in Schedule A and are incorporated herein by reference.

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