|We believe the Related/Corvex effort to remove the entire Board without cause is a disruptive and value destructive exercise. The Board and the Company’s management team are focused on delivering value to all shareholders. We believe that Related/Corvex are pursuing their own agenda and will not act in your best interests.|
|Under the current Board and management team, the Company continues to make significant progress in the implementation of its business plan to reposition the Company’s portfolio towards higher quality central business district office properties in order to increase shareholder value.|
- improved the Company’s balance sheet;
- continued to implement the Company’s business plan to reposition our portfolio into higher value office properties in central business district (“CBD”) locations and sell non-core industrial and suburban properties, which we believe will increase value for all shareholders in the future;
- implemented changes to our business management agreement to further align management’s financial incentives with returns realized by shareholders; and
- announced many governance enhancements.
|Related/Corvex claim to be champions of good governance, yet they failed to disclose to CommonWealth shareholders that their claims regarding the financial benefits of removing the Board are based on unrealistic financial projections.|
|The Board recently announced the restructuring of our business management agreement with our manager and significant governance changes that directly address shareholder feedback.|
- adding additional Independent Trustees;
- appointing a Lead Independent Trustee;
- declassifying the Board; and
- streamlining the shareholder Trustee nomination and proposal process for our annual meetings, including our meeting this June.
|Related/Corvex are asking you to remove experienced Trustees who are acting in the best interest of the Company and its shareholders.|