TI1.L Regulatory News (TI1)

24 March 2020

TRIAN INVESTORS 1 LIMITED(the "Company")

In light of COVID-19, on 22 March 2020, the Financial Conduct Authority ("FCA") strongly requested that all listed companies observe a moratorium on the publication of preliminary financial statements for at least two weeks. Accordingly, the Company intends to release its 2019 Annual Report and Financial Statements following the moratorium. The Company expects to continue to periodically announce its net asset value in the ordinary course, and is now providing the following update on its hedging activities:

Company Hedging Activities

As the Company has previously noted in its financial reports, Ferguson plc ("Ferguson") receives the vast majority of its revenues and profits in U.S. Dollars and therefore, from the perspective of a Pound Sterling investor, the Company's Ferguson investment may be adversely affected by the appreciation of Pounds Sterling against the U.S. Dollar. In order to mitigate this risk, the Company through Trian Investors 1, L.P. (the "Investment Partnership") entered into a currency hedge in June 2019, in the form of an option to purchase £125,000,000 Pounds Sterling for US$165,875,000, to offset a portion of the Company's U.S. Dollar exposure resulting from its investment in Ferguson. This option expires in June 2020.

The Company through the Investment Partnership recently took advantage of attractive pricing of option premiums following a sharp decline of Pounds Sterling in March 2020, and entered into a second option to purchase £125,000,000 Pounds Sterling for US$165,875,000, expiring in March 2021. Trian believes that Ferguson will continue to have significant U.S. Dollar exposure for the foreseeable future, and the second option is designed to extend the existing hedge of a portion of Ferguson's U.S. Dollar exposure for an additional nine months. However, there is no assurance that either option will be effective at managing the Company's currency exposure.

For further information, please contact:

Numis Securities Limited

(Joint corporate broker) 

+44 (0)20 7260 1000

David Benda

Jefferies International Limited

(Joint corporate broker)

+44 (0)20 7029 8000

Stuart Klein

Estera International Fund Managers (Guernsey) Limited(Administrator and Company Secretary)+44 (0)1481 742 742Mariana Enevoldsen

Cautionary note regarding forward-looking statements

This announcement contains 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 Company's expectations about declaring future dividends. 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.