Net Asset Value as at 30 September 2022

25 October2022

TRIAN INVESTORS 1 LIMITED(the "Company")

Net Asset Value as at 30 September 2022

Trian Investors 1 Limited is pleased to announce its Net Asset Value as at 30 September 2022 was £398.50 million, or 158.75 pence per Ordinary Share.

Following the Company's announcement on 2 September 2022 ("Compulsory Share Redemption By 30 June 2023") the Board of the Company, in consultation with the Company's advisors and Trian Investors Management, LLC, have made provisions for estimated redemption and wind-up expenses. The Company has provided for an aggregate of approximately £695,000 of redemption and wind-up expenses. In addition, Trian Investors 1, L.P. has made a provision consisting of an accrual for the 6 months of management fees relating to the post-liquidation period through 31 December 2023. The provision is accrued for on a monthly basis over the ten-month period ending 30 June 2023. As of 30 September 2023, the aggregate post-liquidation management fee provision is ~£219,000, of which ~£219,000 was recorded in September 2023.

LEI: 213800UQPHIQI5SPNG39

For further information, please contact:

Numis Securities Limited

+44 (0)20 7260 1000

David Benda

Ocorian Administration (Guernsey) Limited(Administrator and Company Secretary) +44 (0)1481 742 742Patrick Ogier