Trian is a multi-billion dollar Asset Management firm founded in 2005 by Nelson Peltz, Peter W. May and Edward P. Garden (collectively, the “Principals”) with the objective of generating significant capital appreciation for investors by utilizing Trian’s “operations-centric” investment strategy. Trian’s strategy involves investing in public companies with attractive business models that Trian believes trade significantly below intrinsic value due to operating underperformance. Trian believes that its core competency is its ability to optimize the profitability of the companies in which it invests by working constructively with management and the board of directors to execute Trian’s operational and strategic initiatives designed to increase the company’s overall value. This operations-centric investment strategy has been deployed by the Firm’s Principals over a variety of market cycles for nearly four decades. Trian’s Principals have a long track record of implementing operational improvements through the exercise of influence at a company, often as a result of becoming one of its largest shareholders. Trian believes that its “reputational capital,” achieved by successfully building and improving companies, has translated into strong and established credibility with large, institutional public equity investors who generally support Trian’s operational and strategic initiatives. These relationships are an important component of Trian’s ability to operate with influence without necessarily having control. Trian Partners, headquartered in New York, NY, has approximately 50 employees, the majority of whom have been with the Firm since its inception.