Trian Partners Activist Presentation Deck

Management & Board Testimonials: Heinz Investment: 2006 - 2013 DR PEPPER SNAPPLE Investment: 2008 - 2010 GROUP Mondelēz. International Investment: 2012 - Today THE Wendy's COMPANY Investment: 2005 - Today Cadbury Investment: 2006 - 2010 QU PONT Investment: 2013 - Today Bill Johnson (CEO from 1998-2013, Trian Advisory Partner Since 2015): "I said to another CEO...who had called me and inquired about Nelson, that if I were to form the board today, Nelson would be one of the first Directors I'd ask to serve because he is an insightful, communicative, enthusiastic, energetic and available Director."- CEO Magazine, March 2008 Dennis Reilley (Director of HJ Heinz from 2005-2013, Former CEO of Praxair): "Nelson Peltz seeks to understand other points of view as much as he seeks to be heard. He is an active listener. Having been a CEO, Nelson also has a healthy respect for the difficulties and challenges of leading large public companies... When he joined the Heinz board, for example, he felt the company was not spending enough money on brand positioning, which he believed would hurt the company long term... Nelson is collaborative by nature - he is always searching for the best ideas. That makes him a great change agent." Larry Young (CEO from 2008-Today): "I deeply admire Nelson's energy, not to mention his smarts and candor. He helped us strengthen our board and provided valuable insights into Snapple and several of our carbonated soft drinks, which he once owned. Nelson and I share a lot of the same business principles, like "cash is king." I think more shareholders and board members should be like Nelson Peltz and Trian - engaged, innovative and working towards improving a company's operations." Irene Rosenfeld (CEO from 2007-Today): "Nelson is a valued and very constructive Director who has made significant contributions to our board processes and business decisions. He has a sharp eye for changing consumer trends and willingly shares his ideas and best practices from his deep knowledge and extensive operating experience in the consumer goods industry." Emil Brolick (CEO from 2011-2016): "Nelson Peltz and Trian have played an important role in Wendy's brand transformation and financial improvement. I greatly value the thought leadership and strategic insight that Nelson and the Trian team provide. Nelson and Trian are passionate advocates for the brand's growth and success. We work collaboratively on key strategic decisions and our company benefits from Trian's insight on financial and global opportunities." Todd Stitzer (CEO from 2003-2010): "I have known Nelson for approximately 15 years. He is focused on one thing creating shareholder value. While he can sometimes seem impatient, he is willing to roll up his sleeves and get involved in support of management teams. He is focused on helping to develop creativity and innovation within organizations and is a proponent of revenue growth with financial discipline. He and the team at Trian have created a lot of value over the years at a number of large cap companies." Ed Breen (CEO from 2015-Today): "I have the highest regard for Nelson Peltz and Ed Garden. Since becoming CEO of DuPont, I have talked many times with the Trian team and appreciate their insights on strategy and operations, as well as the collaborative and productive manner in which they have engaged with us. Their ability to rigorously analyze opportunities for long-term value maximization has been consistently demonstrated over the years." - 93 -

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