1. How do I vote?
  2. What is the Clinton Group?
  3. Why is Clinton Group doing all of this?
  4. Is it true that Clinton Group does not have mining expertise?
  5. Is it true that Clinton Group is just interested in short-term stock price movements?
  6. Is Clinton Group seeking to control the Company?

How do I vote?

If you wish to support our campaign, please use the GREEN proxy card you have or will receive in the mail. You can vote using that card either by returning it physically or by voting online following the instructions on the card. If you have any questions about how to vote, please contact Okapi Partners, which is our proxy solicitor. They can be reached at info@okapipartners.com, (212) 297-0720 or toll-free at (855) 305-0857.

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What is the Clinton Group?

Clinton Group is a Registered Investment Advisor that was founded in 1991. We manage money across a range of strategies and geographies. We own our Stillwater stock in our value investing portfolios because we believe the Company’s stock is priced at a level that does not fully reflect its opportunity set. We own stocks in a number of companies that meet this criteria and regularly attempt to help such companies perform better.

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Why is Clinton Group doing all of this?

Clinton Group is an investor in Stillwater. We have owned the stock on-and-off for many years. We believe the Company is not being managed well by its directors and executives and want to help the Company create value for all stockholders. We have taken the time and expended the effort to recruit a world-class set of independent directors in whom we have confidence. We believe they can help lead the Company in a better direction and one that will be better for all stockholders.

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Is it true that Clinton Group does not have mining expertise?

Clinton Group invests in companies across industries and geographies. Our analysts have experience in many industries, including in metals and mining. We certainly are not miners or mine operators. Our expertise is in evaluating companies and identifying investment opportunities. The Clinton Group is not proposing to run or control the Company of course. We believe the Company is a good investment opportunity and that it is being mismanaged. Our role is to offer up a group of qualified, independent professionals who we believe can oversee the Company well. If elected, they are the independent people who will make decisions about the future direction of the Company, not us. Our nominees have significant expertise in mining, including PGM mining, underground mining, capital allocation in mining companies, mining operations, safety and health programs for mines and so forth. The question for stockholders is not whether Clinton Group has expertise in mining but rather whether the incumbent board or our proposed nominees will do a better job of setting strategy for the Company and overseeing its operations.

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Is it true that Clinton Group is just interested in short-term stock price movements?

Absolutely not true. Clinton Group has invested in Stillwater because we believe the Company is undervalued and that the Company can be better managed. With a different strategy and board, we believe the Company can create significant value for its stockholders and out-perform its peers and the market going forward. Nothing about the path we recommend for the Company is short-term in nature and, certainly, nothing about our proposed plan in our view dampens the value of the Company over any time period. All that being said, we are asking you to support the independent professionals we have nominated to the Board. Except for Greg Taxin, these nominees are not affiliated in any way with the Clinton Group. All of the nominees, if elected, will owe fiduciary duties to all of the stockholders, just like any other board of directors. The nominees will be charged with managing the business for the benefit of stockholders and each of the nominees has taken a pledge to do exactly that.

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Is Clinton Group seeking to control the Company?

Absolutely not. Clinton Group has recruited a group of independent professionals that we believe will be better able to set strategy and oversee management of the Company. Only one of the nominees is affiliated with Clinton; the rest are entirely independent, having never worked for or been paid by Clinton Group. The nominees, if elected, will constitute the board of directors. They will operate like every other board of directors and will owe duties to all stockholders, just like every other board of directors. The Clinton Group expects to have no more influence on the board than any other stockholder. The new Board would control the Company in the sense that any board of directors controls a public company. The strategy they adopt and the judgment they exercise will be their best independent assessment of the way to create value for stockholders of the Company. Clinton Group has and seeks no special treatment, no fees, no inside information, no influence and no input other than that accorded to other public market investors.

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Our Views on the Proposals

Anyone who knows us knows we have some strong views. Find out what we think of the proposals at this year's annual meeting.
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Why Change is Needed

We believe the Stillwater Board has made significant errors in guiding the Company since the majority owner sold its stake in 2010.
The Case for Change

The Path Forward

The Company can create more value for its stockholders by taking these steps
Read More

Materials For Stockholders

April 15, 2013
Clinton Group second letter to Stockholders Read More >

April 9, 2013
Presentation to Stockholders Read More >