HD Supply Holdings Inc (HDS): JANA Partners Cuts Position By 40%

Page 4 of 5 – SEC Filing

(d) No person (other than the Reporting Person) is known
to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the Shares.

(e) January 10, 2017.

Item 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT TO SECURITIES OF THE ISSUER.

Item 6 of the Schedule 13D is hereby amended
and supplemented as follows:

The Reporting Person beneficially
owns 20,000 call options with a strike price of $62.50 for 2,000,000 Shares. The call options expire on January 19, 2018.

Except as otherwise set forth herein,
the Reporting Person does not have any contract, arrangement, understanding or relationship with any person with respect to the
securities of the Issuer.

Item 7. MATERIAL TO BE FILED AS EXHIBITS.
Exhibit A: Transactions in the Shares During the Last 60 Days

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