Trian Partners Activist Presentation Deck
DuPont: Best-in-Class Operations = Best-in-Class Returns
Management
change
announcement
$110
$100
$90
$80
(1%) (2%)
(7%)
Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17
$70
$60
$50
$40
Strong Volume Growth
2013
Acceleration of growth
Day before i
Trian
purchased
first share
2% 3%
(1%)
4%
2014
DuPont Stock Price
6%
(1)
I
Empmany
Management
change
announcement
and guidance
reduction
2015
Strong Operating Margin Expansion
(Margin improvement in basis points)
DuPont's Share Price Since a Day Before Trian's Initial Investment
Proxy
Meeting
Management
change
announcement
90
343 405 439
DuPont and Dow!
announce merger
I and 3-way split
2016
(218)
Significant margin expansion
(376)
Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17
280
6 consecutive earnings
beats between
management change
and Trian's exit
S&P 500 (Rebased to DuPont Price)
2017
QU PONT
131
Trian sells
last share
Sources: Bloomberg, DuPont press releases and transcripts, DuPont SEC filings.
(1) Adjusted to include Chemours post the spin-off on 7/8/15. DowDuPont share price converted back into legacy DuPont share price at a rate of 1.282:1 post the merger close on 9/1/17.
Note: This case study is an example of a discrete investment, which is presented solely to illustrate the benefits of certain operational improvements and Trian's investment process and strategies and not to imply that any future investment by
Trian will be successful. Market conditions at the times of the events reflected in this case study may differ materially from current and future market conditions. The total shareholder return figures shown above should not be construed as an
indication of the performance of any funds or vehicles managed by Trian and it should not be assumed that any or all of the investments made by Trian in the company shown above were profitable.
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