September 2014
FIRM OVERVIEW
 History
−
Trian Fund Management, L.P. (the “Firm” or “Trian”), an established alternative investment
management firm, was founded in 2005 by Nelson Peltz, Peter May and Edward Garden (the
“Principals”). From 1983 – October 2005, the Principals (and/or entities controlled by the Principals)
participated in more than a dozen investments including several landmark deals.

Leadership
− Our three Principals combined have over 100 years of business and investing experience with a long
track record of direct operating and corporate turnaround experience.

Approach
− Research intensive collaborative activist strategy focused on buying large stakes in high quality yet
undervalued or underperforming public companies and working with management to improve
operating performance and drive earnings growth.

Investor Base
− Multi-billion dollar assets under management (AUM) with a global network of investors across Pension
Plans, Sovereign Wealth Funds, Endowments/Foundations, Family Offices, Funds-of-Funds and
Insurance Groups.
STRATEGY OVERVIEW

The operational turnaround strategy employed by Trian has been developed and refined by the Principals over
several decades, during which time they have built a track record of investing in a broad range of industries
including consumer, financial services and general industrial.

Trian seeks to invest opportunistically in companies that have not optimized profitability. We seek to work
closely and constructively with the management and boards of our portfolio companies, aiming to significantly
enhance their long-term earnings power, and thus increase shareholder value, through:

−
Improved operational execution
−
Strategic redirection / stronger focus / more efficient capital allocation
−
Acquisitions / growth financings / recaps / restructurings
The majority of Trian’s equity long portfolio (90-100%) generally consists of 7-10 “core” holdings where Trian
seeks to work with management to significantly improve operations and increase shareholder value. The
balance of Trian’s long book is typically comprised of smaller “non-core” value equity positions.
SELECTED TRIAN PARTNERS PORTFOLIO COMPANIES*
* The companies shown on this page reflect all of the investments made by Trian since Trian’s inception in November 2005 through
August 2014: (i) for which Trian has filed a Schedule 13D, 13G or similar non-U.S. filing or provided other notification with respect to its
investment in the company or (ii) that were or are a (publicly disclosed) core activist position in which funds managed by Trian invested at
least $700 million of capital (the representative size of Trian’s current core activist investments). The companies shown on this page do not
represent all of the investments purchased or sold for Trian’s clients and it should not be assumed that any or all of these investments were
or will be profitable. While Trian expects to maintain concentrated portfolios and take an active role with respect to its core investments,
Trian expects to own, and in the past has owned, a number of other investments including passive investments.
Page 1
September 2014
TRIAN PARTNERS “CONSTRUCTIVIST” MODEL VS. TRADITIONAL PRIVATE EQUITY
Traditional Private Equity
Opportunity
Set:



Thousands of public companies
Buy opportunistically
Target “best in class” companies;
market leaders; high barriers to
entry



No auction related control
premiums
Take advantage of market
inefficiencies


Significant control premiums
Incentivized to deploy capital; tendency
to overpay
Portfolio companies generally
investment grade
Focus on attractive risk-rewards
Little or no leverage utilized


Employ significant leverage
Depend on capital markets
Encourage greater investment in
brands / businesses
Expected to result in healthy capital
spending cycle; growth capex


Cut capex to service high debt load
Decrease / defer investments in the
businesses, sacrificing long-term health
for short-term profits

Operationally focused:
“Sales up… Expenses down”

Returns generally driven by financial
engineering


Highly liquid investments
Flexibility in exiting investments


Limited liquidity; subjective marks
Exits generally dependent on capital
markets being open

Record of gaining board
representation and attaining
influence over operational and
strategic direction without having
control

Full control and board representation


Extensive due diligence
Detailed / differentiated operational
analysis prior to investing


Extensive due diligence
Access to inside information

Limited or no deal, structuring or
monitoring fees

Deal fees, structuring fees and
monitoring fees
Misalignment of incentives

Valuation:
Risk
Management/
Leverage:





Brand Building
& Capex:
Path to Value
Creation:
Liquidity:

Control:
Due Diligence:
Fees:


Need a willing seller
Auction process / “winner’s curse”
Tend to target third rate companies;
otherwise strategics would buy them
LP capital competing against itself
Page 2
September 2014
KEY DIFFERENTIATORS

History
Our Principals have decades of experience through changing market environments and business cycles

Continuity
No personnel turnover among senior investment professionals since inception in 2005

Influence
Differentiated operations-centric “constructivist” strategy designed to “control our destiny” in core investments

Liquidity
Relatively high liquidity of underlying portfolio companies affords flexibility in portfolio management

Consistency
Since inception, our investment strategy has been focused on world-class, mid-to-large cap, public equities

Transparency
Trian offers access to our Principals and senior investment professionals as well as monthly transparency at both
the portfolio and position level (position level reporting is subject to execution of confidentiality agreement and
appropriate trading restrictions)
BIOGRAPHIES OF PRINCIPALS
Nelson Peltz






Peter W. May
Chief Executive Officer and
Founding Partner of Trian
Partners
Non-Executive Chairman of
The Wendy’s Company
Director of Legg Mason, Inc.
and Mondelēz International,
Inc.
Former Director, H. J. Heinz
Company and Ingersoll-Rand
plc
In September 2012,
recognized by National
Association of Corporate
Directors (NACD) for the third
consecutive year as among
the most influential people in
the global corporate
governance arena
Attended The Wharton
School of the University of
Pennsylvania




President and Founding
Partner of Trian Partners
Non-Executive Vice Chairman
of The Wendy’s Company
Director of Tiffany & Co.
Graduate of The University
of Chicago, A.B., and
The University of Chicago
School of Business, M.B.A.,
and a Certified Public
Accountant (inactive).
Also holds an Honorary
Doctorate in Humane Letters
from The Mount Sinai School
of Medicine of New York
University
Edward P. Garden





Chief Investment Officer and
Founding Partner of Trian
Partners
Director of The Wendy’s
Company
Director of Family Dollar Stores,
Inc.
Former Managing Director of
Credit Suisse First Boston, where
he served as a senior investment
banker in the Financial Sponsors
Group
Graduated from Harvard College
with a B.A. in Economics
Please see the accompanying Disclaimers beginning on page 4.
Page 3
September 2014
DISCLAIMERS:
GENERAL CONSIDERATIONS
PAST PERFORMANCE IS NOT AN INDICATION OF FUTURE RESULTS. TRIAN FUND MANAGEMENT, L.P. (“TRIAN”) BELIEVES THE INFORMATION
CONTAINED IN THIS MATERIAL TO BE RELIABLE BUT DOES NOT WARRANT ITS ACCURACY OR COMPLETENESS.
THIS MATERIAL DOES NOT HAVE REGARD TO THE SPECIFIC INVESTMENT OBJECTIVE, FINANCIAL SITUATION, SUITABILITY, OR THE PARTICULAR
NEED OF ANY SPECIFIC PERSON WHO MAY RECEIVE THIS MATERIAL, AND SHOULD NOT BE TAKEN AS ADVICE ON THE MERITS OF ANY
INVESTMENT DECISION. TRIAN RESERVES THE RIGHT TO CHANGE ANY OF ITS OPINIONS EXPRESSED HEREIN AT ANY TIME AS IT DEEMS
APPROPRIATE. TRIAN DISCLAIMS ANY OBLIGATION TO UPDATE THE INFORMATION CONTAINED HEREIN OR OTHERWISE PROVIDED TO YOU.
THIS MATERIAL AND THE INFORMATION OTHERWISE PROVIDED TO YOU HAS NOT BEEN REGISTERED OR FILED WITH, OR REVIEWED BY, ANY
FEDERAL, REGIONAL, LOCAL OR FOREIGN REGULATORY AUTHORITY. ACCORDINGLY, THE FOREGOING AUTHORITIES HAVE NOT RECOMMENDED
OR APPROVED THIS PRESENTATION OR INFORMATION OTHERWISE PROVIDED TO YOU OR CONFIRMED ITS ADEQUACY OR ACCURACY.
NOT AN OFFER TO SELL
THIS IS NEITHER AN OFFER TO SELL NOR A SOLICITATION OF ANY OFFER TO BUY ANY SECURITIES IN ANY FUND MANAGED BY TRIAN NOR SHALL
THERE BE ANY SALE OF A SECURITY IN ANY JURISDICTION WHERE SUCH SOLICITATION OR SALE WOULD BE UNLAWFUL. THE INFORMATION
CONTAINED IN THIS MATERIAL OR OTHERWISE PROVIDED TO YOU DOES NOT RECOMMEND THE PURCHASE OR SALE OF ANY SECURITY, IS NOT
COMPLETE AND DOES NOT CONTAIN CERTAIN MATERIAL INFORMATION ABOUT ANY FUND MANAGED BY TRIAN, INCLUDING IMPORTANT
DISCLOSURES AND RISK FACTORS ASSOCIATED WITH AN INVESTMENT IN SUCH FUNDS, AND IS SUBJECT TO CHANGE WITHOUT NOTICE. ANY
OFFERING IS MADE ONLY PURSUANT TO THE RELEVANT OFFERING MEMORANDUM, TOGETHER WITH THE CURRENT FINANCIAL STATEMENTS OF
THE RELEVANT FUND, IF AVAILABLE, AND THE RELEVANT SUBSCRIPTION DOCUMENTS, ALL OF WHICH MUST BE READ IN THEIR ENTIRETY. NO
OFFER TO PURCHASE SECURITIES WILL BE MADE OR ACCEPTED PRIOR TO RECEIPT BY THE OFFEREE OF THESE DOCUMENTS AND THE
COMPLETION OF ALL APPROPRIATE DOCUMENTATION. TO THE EXTENT OF ANY INCONSISTENCY OR DISCREPANCY BETWEEN THE RELEVANT
OFFERING MEMORANDUM AND THIS MATERIAL, THE OFFERING MEMORANDUM SHALL CONTROL. THIS MATERIAL AND THE INFORMATION
OTHERWISE PROVIDED TO YOU IS PROVIDED MERELY AS INFORMATION AND IS NOT INTENDED AS AN INVITATION OR INDUCEMENT TO
PURCHASE OR SELL ANY SECURITIES OR INVESTMENT AND IS THEREFORE NOT FINANCIAL MATERIALS AS CONTEMPLATED BY SECTION 21 OF THE
UK FINANCIAL SERVICES ACT, NOR IS THIS MATERIAL AND SUCH OTHER INFORMATION ANY FORM OF INVESTMENT ADVICE TO THE RECIPIENTS.
CONCERNING INTELLECTUAL PROPERTY
ALL REGISTERED OR UNREGISTERED SERVICE MARKS, TRADEMARKS AND TRADE NAMES REFERRED TO IN THIS PRESENTATION ARE THE
PROPERTY OF THEIR RESPECTIVE OWNERS AND TRIAN’S USE HEREOF DOES NOT IMPLY AN AFFILIATION WITH, OR ENDORSEMENT BY, THE
OWNERS OF THESE SERVICE MARKS, TRADEMARKS AND TRADE NAMES.
Page 4
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September 2014 Page 1 History − Trian Fund Management, L.P.