A key aspect of Trian’s investment strategy is to effect operational and strategic change at the portfolio companies in which we invest. To accomplish this, Trian develops detailed operational and strategic analyses (referred to as “white papers”) when assessing the potential value of a portfolio company and identifying an entry point for investment. Generally, Trian will discuss its white paper privately with the management team of a portfolio company. However, at times, Trian has publicly issued a white paper or other materials. The following are Trian’s publicly disclosed white papers since inception.

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GE

Trian White Paper – October 5, 2015

DuPont

Trian White Paper – February 17, 2015

PepsiCo

Trian White Paper – July 17, 2013

Danone

Trian White Paper – November 7, 2012

Lazard

Trian White Paper – June 18, 2012

State Street

Trian White Paper – October 16, 2011

Heinz

Trian White Paper – May 23, 2006

Wendy’s

Trian White Paper – December 12, 2005