TRIAN FUND MANAGEMENT, L.P.

Trian Fund Management, L.P. (the "Adviser" or "Trian" or the "Firm") is an alternative investment management firm founded in 2005 by Nelson Peltz and Peter May. The Adviser has offices in New York, New York and Palm Beach, Florida. Trian provides discretionary investment advisory services to a variety of domestic and offshore private investment partnerships and other investment vehicles (collectively, the "Funds" or each a "Fund"). Trian also provides non-discretionary investment advisory services for several clients that are separately managed accounts (collectively, the "Accounts" or each an "Account"). The Adviser may offer any advisory services, engage in any investment strategy and make any investment, including any not described in this Brochure, that the Adviser considers appropriate, subject to each client’s investment objectives and guidelines. The investment strategies the Adviser pursues are speculative and entail substantial risks. Clients should be prepared to bear a substantial loss of capital. There can be no assurance that the investment objectives of any client will be achieved.

The investment strategies involve identifying companies whose securities prices can be improved through active influence and involvement in their operations. This includes acquiring sufficient securities at attractive prices, avoiding anti-takeover and regulatory obstacles, and securing positive responses from company management and other security holders. The goal is to increase the market price of the company's securities. However, there are significant risks associated with these strategies. Other security holders may have conflicting interests, and the market may not value the securities as anticipated, even with successful implementation. Additionally, opposition from company management or investors could lead to litigation and other challenges, rendering the strategy ineffective.

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