Trian Partners Activist Presentation Deck

We Believe Ferguson Has a More Attractive Market Structure and Growth Profile than Home Depot and Lowe's RMI-Oriented Business Residential / Commercial End Markets Stable Gross Margins Primarily Trade Oriented Customer Fragmented Market #FERGUSON Meaningful Organic and Inorganic Share Gain Opportunity I I 1 I Ferguson has an advantaged market structure & growth profile (1) Weights Home Depot revenue at 55% consumer and Lowe's revenue at 75-80% consumer per public disclosure HOMI DEPOL LOWE'S x x X ~2/3rd of revenue from consumer(1) 15

View entire presentation