Jeffrey Ubben & ValueAct Capital Go Activist On Alliance Data Systems (ADS)

Page 10 of 13 – SEC Filing

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CUSIP NO. 018581108 Page 10 of 14
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ValueAct Holdings GP also, directly or indirectly, may own interests in one
or more than one of the partnerships from time to time. Unless otherwise
indicated below, by reason of such relationship ValueAct Master Fund is
reported as having shared power to vote or to direct the vote, and shared
power to dispose or direct the disposition of, such shares of Common Stock,
with VA Partners I (only with respect to ValueAct Master Fund), ValueAct
Management L.P., ValueAct Management LLC, ValueAct Holdings and ValueAct
Holdings GP.

As of the date hereof, ValueAct Master Fund is the beneficial owner
of 4,000,000 shares of Common Stock, representing approximately 6.8% of the
Issuer’s outstanding Common Stock (which shares may also be deemed to be
beneficially owned by VA Partners I).

ValueAct Management L.P., ValueAct Management LLC, ValueAct Holdings
and ValueAct Holdings GP may each be deemed the beneficial owner of an
aggregate of 4,000,000 shares of Common Stock, representing approximately
6.8% of the Issuer’s outstanding Common Stock.

All percentages set forth in this Schedule 13D are based upon the
Issuer’s reported 58,939,771 outstanding shares of Common Stock as reported
on the Issuer?s Current Report on Form 10-Q for the quarterly period ended
March 31, 2016.

(c) In the 60 days prior to this filing, the Reporting Persons
purchased the following shares of Common Stock in the open market:

Reporting Person Trade Date Shares Price/Share
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ValueAct Master Fund 06/15/2016 35,300 $200.99
06/15/2016 137,000 $200.87
06/15/2016 210,000 $200.12
06/15/2016 63,000 $200.80
06/15/2016 15,580 $200.70
06/15/2016 75,000 $200.89
06/21/2016 80,000 $197.78
06/21/2016 120,000 $198.26
06/22/2016 125,000 $200.07
06/23/2016 63,000 $200.94
06/24/2016 100,000 $194.92
06/24/2016 112,000 $195.43
06/27/2016 150,000 $188.36
06/27/2016 150,000 $187.25
06/27/2016 112,560 $186.66
06/28/2016 50,000 $187.18
06/28/2016 50,000 $188.24
06/28/2016 100,000 $187.55
06/29/2016 50,000 $190.11
06/29/2016 155,000 $192.59
06/30/2016 75,000 $192.51
06/30/2016 16,000 $194.22
07/01/2016 100,000 $195.63
07/01/2016 50,000 $195.31
07/05/2016 150,000 $193.40
07/05/2016 100,000 $193.30