Trian Partners Activist Presentation Deck

Why is Ferguson Mispriced? We Believe Equity Markets Under- Appreciate the Magnitude of Ferguson's Evolution Ferguson EBITA Contribution by Segment □US Building Materials Distribution European Distribution North American Specialty 41% North American Specialty $1,085 $182 $461 $442 2004a Source: Company filings, press releases. (1) Pro forma for de-merger of UK business. 100% North American Specialty $1,537 2019 Pro Forma (1) Notable Divestitures: ***Ferguson exited 25 countries and 31 business units since 2008 ■ ■ I ■ UK (Announced 2019) Netherlands (2019) Nordics (2018) Switzerland (2017) France (2016) US Building Material Distribution (2011) Italy (2011) ∞o

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