Trian Partners Activist Presentation Deck

Why is Ferguson Mispriced? We Believe Its UK Listing Impacts Trading Volumes ▪ Investors in Ferguson's U.S.-listed peers benefit from higher trading volumes and increased liquidity as compared with Ferguson's shareholders 1.3% Share Turnover (90-Day Avg. Daily Volume / Total Shares Outstanding) 1.0% 0.9% MSC FASTENAL GRAINGER Source: FactSet. Data as of November 5, 2019. 0.8% HOD SUPPLY 0.7% 0.7% SiteOne Watsco LANDSCAPE SUPPLY COOLING THE AMERICAS Stronger Together 0.6% 0.5% [i Beacon Peer Average: 0.7% 0.4% 0.4% L I p.3% POOL FERGUSON LOWE'S CORP! THE «ПИОН DEPOT 12

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