Trian Partners Activist Presentation Deck

We Believe Ferguson Is an Exceptional Business... Ferguson's US business has organically outgrown the market by an average of 300-400bps while delivering improving operating margins and increasing ROIC to ~23% Ferguson US Business: Historical Performance ■ Revenue ($bn's) ~9.5% CAGR (7.5% Organic; 2.0% M&A) $11.6 2014 Source: Company filings, investor presentations. $18.4 2019 EBITA ($bn's) ~11.0% CAGR (EBITA Margins +50bps) $0.9 2014 $1.5 2019

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