TRIAN FUND MANAGEMENT, L.P.

The Adviser offers advisory services and engages in investment strategies, making investments that it considers appropriate, subject to each client's investment objectives and guidelines. The descriptions in the Brochure of specific advisory services, investment strategies, and investments should not be understood to limit the Adviser's investment activities. The Adviser may offer any advisory services, engage in any investment strategy, and make any investment, including any not described in the Brochure. The Adviser typically invests in public companies with attractive business models that it believes trade significantly below intrinsic value primarily due to operating underperformance and/or under-management. The Adviser looks to work constructively with management and boards of directors to execute the Adviser’s strategic and operational initiatives which are designed to drive long-term sustainable earnings growth for the benefit of all shareholders. The investment strategies the Adviser pursues are speculative and entail substantial risks, and there can be no assurance that the investment objectives of any client will be achieved.

The Adviser typically invests in public companies with attractive business models that it believes trade significantly below intrinsic value primarily due to operating underperformance and/or under-management. The Adviser looks to work constructively with management and boards of directors to execute the Adviser’s strategic and operational initiatives which are designed to drive long-term sustainable earnings growth for the benefit of all shareholders. Generally, the Adviser does not invest in companies that have a controlling shareholder, or in those companies that it believes are more susceptible to exogenous risk factors, such as technological obsolescence. The success of a Fund’s investment strategy may require, among other things, that: (i) the Adviser properly identify companies whose securities prices can be improved through the Adviser’s active influence on, and involvement in, the operations of such companies or through other corporate and/or strategic actions; (ii) the Fund acquire sufficient securities or other instruments of or relating to such companies at a sufficiently attractive price; (iii) the Fund avoid triggering anti-takeover and regulatory obstacles while aggregating its position; (iv) management of such companies and other security holders respond positively to the Adviser’s proposals; and (v) the market price of such companies’ securities increases in response to any actions taken by such companies.

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