Trian Partners Activist Presentation Deck

Why is Ferguson Mispriced? We Believe It is Compared to the Wrong Peers UK-Based Analyst Goldman Sachs UBS citi CREDIT SUISSE Deutsche Bank Jefferies Bank of America Merrill Lynch BARCLAYS RBC RBC Royal Bank UK / European Building Materials x x x x x US Broadline Distribution (1) Source: Wall Street research. (1) Fastenal, WW Grainger, HD Supply, MSC Industrial. (2) Home Depot, Lowe's. (3) Pool Corp., Watsco, SiteOne Landscape Supply, Beacon Roofing Supply. ✓ ✓ x US Home Improvement Retail (2) x I US Specialty I Distribution (³) X I I I I I I I I I I I I x * x x x x * I 13

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