TI1.L Regulatory News (TI1)

2 December 2020

TRIAN INVESTORS 1 LIMITED

(the "Company")

Company Share Repurchase

Announcement of Ferguson Dividend

On 29 September 2020, after taking into account Ferguson plc's ("Ferguson's") prospects and financial position, the Ferguson board of directors announced a final dividend of 208.2 US cents per share, to be paid on 11 December 2020 to all shareholders of record at 13 November 2020. The dividend effectively reinstates the Ferguson interim dividend that was previously withdrawn in April 2020 and is in line with the total dividends paid by Ferguson to its shareholders in 2019. Ferguson stated that dividend payments in 2021 will revert back to the normal one third/two thirds split between an interim and final dividend.

The payment of the dividend is expected to result in Trian Investors 1, L.P. (the "Investment Partnership") receiving approximately $9.8 million (or approximately £7.3 million) in the aggregate.

Company Share Repurchase

In anticipation of the Ferguson dividend payment, the Investment Partnership recently informed the Company's board of directors (the "Board") that it intends to distribute approximately £4 million in excess cash reserves to the Company.

After considering the prevailing discount to net asset value at which the Company's shares currently trade and feedback provided by shareholders to Trian Investors Management, LLC (the "Investment Manager") and the Company's corporate brokers, the Board believes that using excess cash reserves to fund a share repurchase, as opposed to a dividend, would provide the greater benefit to the Company's shareholders.

As such, the Board today announces that the Company intends to use the £4 million in excess cash reserves it expects to receive from the Investment Partnership to repurchase ordinary shares of the Company (the "Share Repurchase"), 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 Repurchase, subject to the conditions set out in the authority to make market purchases conferred at the Company's 2020 Annual General Meeting, and there should be no presumption that the Share Repurchase will form part of an ongoing programme. The Company intends that any shares bought back through the Share Repurchase will be held in treasury.