Trian Partners Activist Presentation Deck

Ferguson's Management and Board Have Begun to Address The Problem Ferguson's September 3, 2019 Announcement 1) Ferguson intends to demerge its UK operations (1) 2) Kevin Murphy, Ferguson's US CEO, will become Group CEO on November 19, 2019 3) Board considering most appropriate listing structure for Ferguson going forward We believe Ferguson can be one of the leading US RMI-oriented specialty distributors publicly traded in the United States Source: Company press release. (1) Subject to shareholder approval. 20

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