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We urge you to address this by immediately terminating negotiations with Atos over the purchase of a minority stake in Evidian.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 20:02:09.546+00", "model": "google/gemini-3.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "15d16d7b-ff25-4cd5-9e2b-33eef210b54b", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.59, "x": 0.11, "y": 0.39 }, "kind": "paragraph", "text": "We look forward to discussing this matter with you at the earliest opportunity.\n\nYours sincerely,", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 20:02:09.546+00", "model": "google/gemini-3.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "473681ca-6713-474d-a63d-368a210b7f01", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.77, "x": 0.11, "y": 0.21 }, "kind": "paragraph", "text": "If such a transaction with Evidian is consummated and there is evidence that it is, in part, a politically motivated and justified transaction, then all directors may be in breach of their fiduciary duty and we reserve our rights to litigate for shareholder damages and hold the directors personally liable for these damages.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 20:02:09.546+00", "model": "google/gemini-3.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4a75e290-0351-4b9a-bfe5-1e5b40e41d08", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.77, "x": 0.11, "y": 0.3 }, "kind": "paragraph", "text": "In light of our numerous and significant concerns about this transaction, on 17 February 2023 TCI filed a motion to be added to the agenda of Airbus' AGM in April requesting the disclosure and discussion of certain important issues regarding the potential purchase of the stake in Evidian. We have attached the AGM motion to this letter.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 20:02:09.546+00", "model": "google/gemini-3.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a923b853-0e71-4e91-962b-1d47dfcbf53c", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.42, "x": 0.11, "y": 0.57 }, "kind": "paragraph", "text": "Christopher Hohn\n\nTCI Fund Management Limited\nFor an on behalf of The Children's Investment Master Fund", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 20:02:09.546+00", "model": "google/gemini-3.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b31328f6-d863-44c4-a1cc-f21ee89cd666", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Storytelling: the closing ask", "slug": "closing-ask", "status": "active", "bestFor": null, "canonId": "019df269-24e0-70ab-8dd9-983832c1c665", "version": 1, "bodyDocId": "019df269-24bc-7554-b88d-245127606b8d", "description": "The single most important slide in the deck — after the cover. 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How did the board of Airbus and its executives conclude that it was in Airbus' best interest to enter into a long-term strategic and technological agreement with Evidian?\n2. Why is this transaction necessary and relevant to Airbus' existing business?\n3. Why is it also necessary to acquire a minority stake of 29.9% in Evidian and what is the economic rationale?", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Numbered list", "slug": "numbered", "status": "active", "canonId": "019de52c-fcc0-7718-a284-a4250c805df2", "version": 1, "description": null }, "framework": null }, "subkind": "numbered", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 20:02:09.402+00", "model": "google/gemini-3.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "facab7bf-eadf-4c40-a64f-e35ec206733c", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.77, "x": 0.11, "y": 0.48 }, "kind": "paragraph", "text": "As of today, 17 February 2023, TCI Fund holds more than 3% of the shares in Airbus. As such, TCI Fund is able to propose topics to add to the agenda of the Annual General Meeting (\"AGM\"). We would like to use this opportunity to give all of Airbus' shareholders the chance to discuss at the AGM the announcement on 16 February 2023 that Airbus has made an indicative offer to Atos to enter into a long-term strategic and technological agreement and to acquire a minority stake of 29.9% in Evidian.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 20:02:09.402+00", "model": "google/gemini-3.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "11e19184-c14a-4874-a22c-029be7379792", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.77, "x": 0.11, "y": 0.61 }, "kind": "paragraph", "text": "To that end TCI Fund would like to propose adding the following topics to the agenda of the AGM, scheduled to be held on 19 April 2023, as discussion points:", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 20:02:09.402+00", "model": "google/gemini-3.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "50ea9b71-bc28-410e-b3cc-f6ff79393dd3", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.77, "x": 0.11, "y": 0.41 }, "kind": "paragraph", "text": "TCI Fund Management Limited (\"TCI\") is the discretionary investment manager of The Children's Investment Master Fund (\"TCI Fund\"). TCI Fund is one of Airbus' largest private investors. TCI manages over USD 40 billion across a range of asset classes.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 20:02:09.402+00", "model": "google/gemini-3.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8f18ec46-20f3-400a-bb01-36d8036c9eb4", "parentComponentId": null }, { "bbox": { "h": 0.21, "w": 0.23, "x": 0.11, "y": 0.14 }, "kind": "paragraph", "text": "By registered mail\nAirbus SE N.V.\nBoard of Directors / CEO\nMendelweg 30\n2333CS Leiden\n\nAlso by e-mail: ir@airbus.com\n\n17 February 2023\n\nDear Sir/Madam,", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 20:02:09.402+00", "model": "google/gemini-3.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cf6acd39-ff66-4d64-bade-9cf7612b47a7", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.54, "x": 0.11, "y": 0.37 }, "kind": "title", "text": "Strategic partnership with and acquisition of minority stake in Evidian", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 20:02:09.402+00", "model": "google/gemini-3.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0eb53db1-4cab-4391-809e-017ef99095fa", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Thesis: Activist defense (for management)", "slug": "activist-defense", "status": "active", "bestFor": null, "canonId": "019df269-16e3-7099-83d1-53afcc747cc6", "version": 1, "bodyDocId": "019df269-16b4-709a-9f8d-19d4cab4bea7", "description": "The mirror-image thesis. 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What valuation metrics were used to establish the value for the minority stake in Evidian? What were the peer companies used as comparisons to value Evidian?\n5. Why is Evidian the best partner with whom to enter into a long-term strategic and technological agreement?\n6. Did Airbus consider, approach and have discussions with any other companies for such a technological partnership?\n7. Explain the comment “ensuring technological sovereignty in France” in the Atos press release of 16 February 2022? How important was this factor to Airbus in negotiating the agreement with Atos?\n8. Why are considerations of French technological sovereignty in the best interests of Airbus and its shareholders?\n9. Disclose whether there have been any discussions with the French government, it’s representatives or advisors regarding this transaction.\n10. Disclose which Airbus board members and executives have been involved in any discussions with the French government, it’s representatives or advisors.\n11. Provide full details of all conversations that Airbus board members, executives and advisors have had with the French government its representatives or advisors.\n12. If this transaction has been partly motivated by political considerations, explain and justify why it is in the best interests of Airbus and its shareholders?\n13. If this transaction has been partly motivated by political considerations, explain why the Airbus board directors are not in breach of their fiduciary duty to act in the best interests of Airbus and it’s shareholders.\n14. If the Airbus board directors are in breach of their fiduciary duty, should the board members be held personally liable for any losses suffered in the future as a result of this transaction?", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Numbered list", "slug": "numbered", "status": "active", "canonId": "019de52c-fcc0-7718-a284-a4250c805df2", "version": 1, "description": null }, "framework": null }, "subkind": "numbered", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:04:20.891+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1ac18e6f-6462-4f78-a356-74a95d114ae2", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.76, "x": 0.12, "y": 0.88 }, "kind": "paragraph", "text": "7 Clifford Street, London, W1S 2FT Telephone: +44 (0) 20 7440 2330\nTCI Fund Management Limited is a private limited company incorporated and existing under the laws of England and Wales with registered number 08898250\nAuthorised and regulated by the Financial Conduct Authority", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:04:20.891+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c3bfa6bf-7e3e-4560-88d0-7573dea65c95", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 6, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 4, "name": "Impact & Next Steps", "beatId": "d4bdf4d1-e2c1-43e5-b814-08ebea09194e", "matchId": "9fca3953-0735-4d68-b329-42727f2e1fdf", "beatType": { "name": "Impact & Next Steps", "slug": "consultants-gambit-impact-next-steps", "status": "active", "canonId": "019dd9b8-0849-7728-9ee9-fd1609c4c655", "version": 1, "description": null }, "evidence": "The fourth to sixth slides discuss a strategic partnership and acquisition, and provide disclosure information, implying next steps and impact.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. 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Why should this transaction not be interpreted as a bail out of Atos, a company that is burdened by unsustainable levels of debt and other liabilities?\n16. Will any of the money invested by Airbus in Evidian be used to pay off the debts...", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Numbered list", "slug": "numbered", "status": "active", "canonId": "019de52c-fcc0-7718-a284-a4250c805df2", "version": 1, "description": null }, "framework": null }, "subkind": "numbered", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 20:02:11.401+00", "model": "google/gemini-3.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9956a0f0-bede-49b1-b15f-7df429a0ef52", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.45, "x": 0.12, "y": 0.43 }, "kind": "paragraph", "text": "Christopher Hohn\n\nTCI Fund Management Limited\nFor an on behalf of The Children's Investment Master Fund", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 20:02:11.401+00", "model": "google/gemini-3.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "69eb7967-351e-4405-a8e1-ae7072a8e8eb", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.76, "x": 0.12, "y": 0.27 }, "kind": "paragraph", "text": "We look forward to discussing these points with the Board of Directors as well as the other shareholders at the next AGM.\n\nSincerely yours,", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 20:02:11.401+00", "model": "google/gemini-3.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "890f22cc-6489-4738-bdae-fd3a5e413292", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 6, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 4, "name": "Impact & Next Steps", "beatId": "d4bdf4d1-e2c1-43e5-b814-08ebea09194e", "matchId": "9fca3953-0735-4d68-b329-42727f2e1fdf", "beatType": { "name": "Impact & Next Steps", "slug": "consultants-gambit-impact-next-steps", "status": "active", "canonId": "019dd9b8-0849-7728-9ee9-fd1609c4c655", "version": 1, "description": null }, "evidence": "The fourth to sixth slides discuss a strategic partnership and acquisition, and provide disclosure information, implying next steps and impact.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. 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