Trian Partners Activist Presentation Deck

Disclosure Statement and Disclaimers CERTAIN CONSIDERATIONS This presentation is directed only at persons in the United Kingdom who are (i) authorised or exempt persons within in the meaning of the Financial Services and Markets Act 2000, (ii) persons who have professional experience in matters relating to investments falling within the definition of "investments professionals" in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order"), (iii) high net worth bodies corporate, unincorporated associations and partners and trustees of high value trusts falling within Article 49(2) of the Order and (iv) other persons to whom it may lawfully be communicated (all such persons together being referred to as "Relevant Persons"). Any person residing in the United Kingdom who is not a Relevant Person should not act on or rely upon this presentation or any information contained herein. Any investment or investment activity to which this presentation relates is only available to persons residing in the United Kingdom who are Relevant Persons. This presentation is for general informational purposes only, is not complete, and does not constitute any advice or recommendation to enter into or conclude any transaction or confirmation thereof (whether on the terms shown herein or otherwise). This presentation should not be construed as legal, tax, investment, financial or other advice. It does not have regard to the specific investment objective, financial situation, suitability, or the particular need of any specific person who may receive this presentation, and should not be taken as advice on the merits of any investment decision. The views expressed in this presentation represent the opinions of Trian Fund Management, L.P. and certain of its affiliates (collectively, "Trian") and are based on publicly available information with respect to Ferguson plc (the "Company") and the other companies referred to herein. Trian recognizes that there may be confidential information in the possession of the Company and the other companies discussed in this presentation that could lead such companies to disagree with Trian's conclusions. Trian does not endorse third-party estimates or research which are used in this presentation solely for illustrative purposes. Select figures presented in this presentation, including investment values, have not been calculated using generally accepted accounting principles ("GAAP") or International Financing Reporting Standards ("IFRS”) and have not been audited by independent accountants. Such figures may vary from GAAP or IFRS accounting in material respects and there can be no assurance that the unrealized values reflected in this presentation will be realized. Nothing in this presentation is intended to be a prediction of the future trading price or market value of securities of the Company. There is no assurance or guarantee with respect to the prices at which any securities of the Company will trade, and such securities may not trade at prices that may be implied herein. The estimates, projections, pro forma information and potential impact of Trian's analyses set forth herein are based on assumptions that Trian believes to be reasonable as of the date of this presentation, but there can be no assurance or guarantee that actual results or performance of the Company will not differ, and such differences may be material. This presentation does not recommend the purchase or sale of any security. This presentation is based upon information reasonably available to Trian as of the date noted herein. Furthermore, the information, which includes information and data used and derived or obtained from filings made with regulatory authorities and from other public filings and third party reports, has been obtained from sources that Trian believes to be reliable; however, these sources cannot be guaranteed as to their accuracy or completeness. No representation, warranty or undertaking, express or implied, is given as to the accuracy or completeness of the information contained herein, by Trian, its principals, partners or employees, and no liability is accepted by such persons for the accuracy or completeness of any such information. Trian reserves the right to change any of its opinions expressed herein at any time as it deems appropriate. Trian disclaims any obligation to update the data, information or opinions contained in this presentation.

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