The purpose of this section of the website is to provide access to certain analyses or “white papers” prepared by Trian Fund Management, L.P. (“Trian Partners”) with respect to certain companies (“Issuers”) in which Trian Partners and certain of the funds and accounts it manages (collectively, the “Trian Funds”) are or were shareholders. The white papers represent the opinions of Trian Partners as to how the Issuers can improve their operating performance and increase value for all shareholders. These opinions are current opinions as of the date appearing in the relevant material and are subject to change without notice. The information contained in the white papers is based on publicly available information with respect to the Issuers as of the date of such white papers and has not been updated since such date. Trian Partners has not sought or obtained consent from any third party to use any statements or information, which are described in the white papers as having been obtained or derived from statements made or published by third parties. Any such statements or information should not be viewed as indicating the support of such third party for the views expressed in the white papers. No warranty is made that data or information, whether derived or obtained from filings made with the Securities and Exchange Commission or any other regulatory agency or from any third party, are accurate.

This website is not intended to be, nor should it be construed as, an offer to sell or a solicitation of an offer to buy any security. The information provided on this website is not intended as investment advice or recommendation to buy or sell any type of investment, or as an opinion on, or a suggestion of, the merits of any particular investment strategy.

This website is not intended to be, nor should it be construed as, a marketing or solicitation vehicle for Trian Partners or the Trian Funds. The information herein does not provide a complete presentation of the investment strategies or portfolio holdings of the Trian Funds and should not be relied upon for purposes of making an investment or divestment decision with respect to the Trian Funds. Those who are considering an investment in the Trian Funds should carefully review the relevant Trian Fund’s offering memorandum and the information concerning Trian Partners, including its SEC Form ADV Brochure which is available at: www.adviserinfo.sec.gov.

Funds and accounts managed by Trian Partners currently beneficially own, and/or have an economic interest in, shares of certain of the Issuers. These funds and accounts are in the business of trading – buying and selling – securities, and intend to continue trading in the securities of the Issuers. You should assume that such funds or accounts will from time to time sell all or a portion of their holdings of one or more of the Issuers in open market transactions or otherwise (including via short sales), buy additional shares (in open market or privately negotiated transactions or otherwise), or trade in options, puts, calls, swaps or other derivative instruments relating to some or all of such shares, regardless of the views expressed on this website.