Trian Partners Activist Presentation Deck

Under Bunch's Leadership, EPS Compounded at ~10% Annually for a Decade, Including the Great Recession Adjusted EPS (as Reported) $2.27 Bunch's Tenure: -10% CAGR $1.47 $3.44 $2.59 $3.97 $4.14 $2.67 $2.52 $2.30 ÏÏ™ 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 (¹) $4.88 Source: Company SEC filings. Note: EPS figures are adjusted for stock splits and non-recurring items. (1) Represents 2018 estimate based on revised guidance provided in company press release dated October 8, 2018. Management change $5.69 $5.82 $5.86 $5.80 - 18 -

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