TI1.L Regulatory News (TI1)

30 November 2021

TRIAN INVESTORS 1 LIMITED

(the "Company")

Net Asset Value as at 31 October 2021 and Announcement of Company Share Repurchases

Net Asset Value as at 31 October 2021

The Company is pleased to announce its Net Asset Value as at 31 October 2021 was £469.81 million, or 185.39 pence per Ordinary Share (each, a "Share").

Company Share Repurchases

On 10 December 2021, Trian Investors 1, L.P. (the "Investment Partnership") expects to receive a dividend from Ferguson plc ("Ferguson") of 123.78 pence per Ferguson ordinary share. In connection with the foregoing, the Board today announces that the Company intends to use £3.7 million ($5 million) in excess cash reserves expected to be distributed by the Investment Partnership, to repurchase Shares of the Company (the "Share Repurchases"), as and when the Board deems it to be in the best interests of the Company, with a view to, among other things, managing imbalances between the supply and demand for Company Shares. The Board retains absolute discretion as to the execution, pricing and time of the Share Repurchases, subject to the conditions set out in the authority to make market purchases conferred at the Company's 2021 annual general meeting (the "2021 AGM"), and there should be no presumption that the Share Repurchases will form part of an ongoing programme. The Company intends that any Shares bought back through the Share Repurchases will be held in treasury.

After considering the prevailing discount to Net Asset Value at which the Company's Shares currently trade, the Board believes that using excess cash reserves resulting from the Ferguson dividend to fund share repurchases, as opposed to a dividend, would provide the greater benefit to continuing Company shareholders, and is consistent with the Board's intention as set forth in the Interim Report for the period from 1 January 2021 to 30 June 2021 and the feedback received from shareholders following the Company's 2021 AGM.