Trian Investors 1 Limited: Statement Regarding Investment in Ferguson plc

LONDON–(BUSINESS WIRE)–The board of Trian Investors 1 Limited (the “Company”; LSE: TI1) today
announces that funds managed by Trian Fund Management, L.P. and Trian
Investors Management, LLC (collectively, “Trian”), including a fund
managed by Trian in which the Company is the principal investor (the
“Partnership”), have acquired in aggregate a 5.98% interest in the
shares of Ferguson plc (LSE: FERG.L) as of June 12, 2019, valued at
approximately GBP 736 million (U.S. $935 million). Trian believes that
Ferguson is an attractive business that trades at a discount to
comparable U.S. peers. Trian has contacted members of Ferguson’s
management team and looks forward to working with them to explore and
implement initiatives that it believes can create long-term shareholder
value.

The Company’s board notes that it previously approved Trian’s
recommendation of a potential investment in Ferguson, and as of June 12,
2019, the Company has invested approximately GBP 250 million (U.S. $317
million) in Ferguson through the Partnership, at an average cost basis
of GBP 52.85 per share. Trian has advised the Company that it may
increase or decrease its investment in Ferguson from time to time in the
future based on various factors, including market conditions and Trian’s
evaluation of the investment prospects of Ferguson. In addition, because
Ferguson receives the vast majority of its revenue in U.S. Dollars,
Trian has advised the Company that it currently expects to utilize a
currency hedge to offset a portion of the Company’s U.S. Dollar exposure
as a result of its investment in Ferguson, although there is no
assurance that such hedging transaction will be entered into, or will be
effective at managing currency exposure if entered into.

The Company’s board notes that Trian submitted a TR-1 notification to
Ferguson that disclosed that as of June 10, 2019, funds managed by
Trian, including the Partnership, had acquired in the aggregate a 5.14%
interest in the shares of Ferguson.

This announcement includes inside information for the purposes of
Article 7 of the Market Abuse Regulation (EU) No. 596/2014 (“MAR”).
Estera International Fund Managers (Guernsey) Limited, the Company’s
Administrator and Corporate Secretary, is responsible for arranging for
the release of this announcement on behalf of the Company.

About Trian Investors 1 Limited

The Company is a Guernsey domiciled limited company with ordinary shares
admitted for trading on the Specialist Fund Segment of the London Stock
Exchange. Its investment manager is Trian Investors Management, LLC,
whose parent is Trian Fund Management, L.P. The Company’s investment
objective is to generate significant capital appreciation through
Trian’s operational and strategic perspectives as a highly engaged
shareowner.

Cautionary note regarding forward-looking statements

This announcement contain statements which are, or may be deemed to be,
“forward-looking statements” or “forward-looking information” under
applicable securities laws (collectively referred to as “forward-looking
statements”). Forward-looking statements are prospective in nature and
are not based on historical facts, but rather on current expectations
and projections of future events, and are therefore subject to risks and
uncertainties which could cause actual results to differ materially from
the future results expressed or implied by the forward-looking
statements.

The forward-looking statements contained in this announcement include
statements relating to the creation of long-term shareholder value in
Ferguson and Trian’s decision to increase or decrease the Company’s
investment in Ferguson. Often, but not always, forward-looking
statements can be identified by the use of forward-looking words such as
“plans”, “expects” or “does not expect”, “is expected”, “is subject to”,
“intends”, “anticipates” or “does not anticipate”, or “believes”, or
variations of such words and phrases or statements that certain actions,
events or results “may”, “could”, “should”, “would”, “might” or “will”
be taken, occur or be achieved. Although the Company believes that the
expectations reflected in such forward-looking statements are
reasonable, the Company can give no assurance that such expectations
will prove to be correct. By their nature, forward-looking statements
involve risk and uncertainty because they relate to events and depend on
circumstances that will occur in the future. There are a number of
factors that could cause actual results and developments to differ
materially from those expressed or implied by such forward-looking
statements.

The Company is under no obligation, and expressly disclaims any
intention or obligation, to update or revise any forward-looking
statements, whether as a result of new information, future events or
otherwise.

Contacts

Enquiries:
Greenbrook Communications Limited
Andrew Honnor,
Andrew Dowler, Rob White
+44 20 7952 2000

Trian Investors Management, LLC
Anne A. Tarbell
(212) 451-3030
[email protected]

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