Trian Partners Activist Presentation Deck

Separations Have Generated Outsized Shareholder Returns Total Shareholder Return: S&P 500 vs. Bloomberg U.S. Spin-Off Index 1-Year 3-Year 9% U.S. Spin-Off Index 128% Source: Bloomberg as of 10/9/18. 5-Year U.S. Spin-Off Index 15% S&P 500 93% S&P 500 80% U.S. Spin-Off Index 514% 10-Year U.S. Spin-Off Index 52% S&P 500 Spin-Offs Have Outperformed the S&P 500 Over Long Time Horizons 292% S&P 500 - 41 -

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