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 is Trian’s most recently published white paper.