18.06.2008 01:41:00
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RiskMetrics Group - ISS Governance Services (ISS) Recommends CSX Shareholders Elect Four TCI/3G Board Nominees
The Children’s Investment Fund Management (UK)
LLP ("TCI”) and 3G
Capital Partners, Ltd. ("3G”)
today announced that RiskMetrics Group – ISS
Governance Services ("ISS”),
the leading independent proxy voting advisory and corporate governance
services firm, has recommended that shareholders of CSX Corp. (NYSE:
CSX) vote on TCI/3G’s BLUE proxy card to
elect four of the Group’s nominees –
Alex Behring, Christopher Hohn, Gil Lamphere and Tim O’Toole
– to the Board of Directors of CSX at its
2008 Annual Meeting of Shareholders on June 25.
In its analysis, ISS noted: "Based on the
company’s lagging operational performance and
the troubling corporate governance implications of the company’s
aggressive proxy fight defense, and the dissident nominees’
track record, skill sets and experience (as well as the numerous
additional factors detailed at length herein), on balance we recommend
that CSX shareholders support four dissident nominees: Hohn, Behring,
Lamphere and O’Toole."
TCI and 3G said: "We are very pleased that
ISS has recognized the need to strengthen the CSX Board and recommended
that shareholders elect our superior candidates. As shareholders with an
approximately $5 billion investment, we remain concerned that CSX will
not reach its full potential to create shareholder value unless all five
of our highly qualified director nominees, with their significant
railroad experience, are added to the CSX Board to hold management
accountable for its performance. Each of our proposed directors is
firmly committed to working with other CSX board members and management
to effect positive change at CSX and improve operations for the benefit
of all CSX’s stakeholders.”
TCI/3G strongly encourages CSX shareholders to sign, date, and return
the BLUE proxy card and vote FOR Alex Behring, Christopher Hohn,
Gil Lamphere, Tim O’Toole and Gary Wilson.
Shareholders who have questions, or need assistance voting their shares,
should call TCI and 3G’s proxy solicitor,
D.F. King, toll-free at 800-967-7635. For more information on how to
vote, as well as other proxy materials, please visit www.StrongerCSX.com.
About TCI
TCI is a London-based asset manager founded in 2003 which manages The
Children’s Investment Master Fund. TCI makes
long-term investments in companies globally. The management company is
authorized and regulated in the United Kingdom by the Financial Services
Authority. The majority of TCI’s profits go
to The Children’s Investment Fund Foundation,
a non-profit organization focused on improving the lives of children
living in poverty in developing countries.
About 3G
3G manages a private investment fund that invests in global equities and
special situations. 3G Fund L.P. leverages its deep industry and
operating expertise in different sectors to identify attractive,
long-duration investment opportunities.
THIS PRESS RELEASE IS FOR GENERAL INFORMATIONAL PURPOSES ONLY. IT DOES
NOT HAVE REGARD TO THE SPECIFIC INVESTMENT OBJECTIVE, FINANCIAL
SITUATION, SUITABILITY, OR THE PARTICULAR NEED OF ANY SPECIFIC PERSON
WHO MAY RECEIVE THIS PRESS RELEASE, AND SHOULD NOT BE TAKEN AS ADVICE ON
THE MERITS OF ANY INVESTMENT DECISION. THE VIEWS EXPRESSED HEREIN
REPRESENT THE OPINIONS OF THE CHILDREN'S INVESTMENT FUND MANAGEMENT (UK)
LLP, THE CHILDREN'S INVESTMENT FUND MANAGEMENT (CAYMAN) LTD., THE
CHILDREN'S INVESTMENT MASTER FUND, 3G CAPITAL PARTNERS LTD., 3G CAPITAL
PARTNERS, L.P., 3G FUND L.P., CHRISTOPHER HOHN, ALEXANDRE BEHRING,
GILBERT LAMPHERE, TIMOTHY O'TOOLE AND GARY WILSON (COLLECTIVELY, THE
"PARTICIPANTS"), AND ARE BASED ON PUBLICLY AVAILABLE INFORMATION WITH
RESPECT TO CSX CORPORATION.
EXCEPT FOR THE HISTORICAL INFORMATION CONTAINED HEREIN, THE MATTERS
ADDRESSED
IN THIS PRESS RELEASE ARE FORWARD-LOOKING STATEMENTS THAT INVOLVE
CERTAIN RISKS AND UNCERTAINTIES. YOU SHOULD BE AWARE THAT ACTUAL RESULTS
COULD DIFFER MATERIALLY FROM THOSE CONTAINED IN THE FORWARD-LOOKING
STATEMENTS.
THE PARTICIPANTS ASSUME NO OBLIGATION TO UPDATE THE FORWARD-LOOKING
INFORMATION. THE PARTICIPANTS RESERVE THE RIGHT TO CHANGE ANY OF THEIR
OPINIONS EXPRESSED HEREIN AT ANY TIME AS THEY DEEM APPROPRIATE. THE
PARTICIPANTS DISCLAIM ANY OBLIGATION TO UPDATE THE INFORMATION CONTAINED
HEREIN.
THIS PRESS RELEASE DOES NOT RECOMMEND THE PURCHASE OR SALE OF ANY
SECURITY. THE PARTICIPANTS INCLUDE FUNDS AND ACCOUNTS THAT ARE IN THE
BUSINESS OF TRADING
– BUYING AND SELLING - PUBLIC SECURITIES. IT
IS POSSIBLE THAT THERE WILL BE DEVELOPMENTS IN THE FUTURE THAT CAUSE ONE
OR MORE OF THE PARTICIPANTS FROM TIME TO TIME TO SELL ALL OR A PORTION
OF THEIR SHARES IN OPEN MARKET TRANSACTIONS OR OTHERWISE (INCLUDING VIA
SHORT SALES), BUY ADDITIONAL SHARES (IN OPEN MARKET OR PRIVATELY
NEGOTIATED TRANSACTIONS OR OTHERWISE), OR TRADE IN OPTIONS, PUTS, CALLS
OR OTHER DERIVATIVE INSTRUMENTS RELATING TO SUCH SHARES.
ALL CSX STOCKHOLDERS ARE ADVISED TO READ THE DEFINITIVE PROXY STATEMENT
AND OTHER DOCUMENTS RELATED TO THE SOLICITATION OF PROXIES BY THE
PARTICIPANTS FROM THE STOCKHOLDERS OF THE ISSUER FOR USE AT THE 2008
ANNUAL MEETING OF STOCKHOLDERS OF THE ISSUER BECAUSE THEY CONTAIN
IMPORTANT INFORMATION. THE DEFINITIVE PROXY STATEMENT AND FORM OF PROXY
HAVE BEEN MAILED TO STOCKHOLDERS OF THE ISSUER AND ARE, ALONG WITH OTHER
RELEVANT DOCUMENTS, AVAILABLE AT NO CHARGE ON THE SEC'S WEB SITE AT HTTP://WWW.SEC.GOV.
IN ADDITION, THE PARTICIPANTS IN THE PROXY SOLICITATION WILL PROVIDE
COPIES OF THE DEFINITIVE PROXY STATEMENT WITHOUT CHARGE UPON REQUEST.
INFORMATION RELATING TO THE PARTICIPANTS IS CONTAINED IN THE DEFINITIVE
SCHEDULE 14A FILED BY THE PARTICIPANTS WITH THE SEC ON APRIL 28, 2008.
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