TRIAN INVESTORS 1 LIMITED
(the "Company")

Compulsory Share Redemption Update

9 January 2023

Further to the Company's announcement on 2 September 2022, Trian Investors Management, LLC (the "Investment Manager") has notified the Board that Trian Investors 1, L.P. (the "Investment Partnership") has distributed all of the Ferguson plc ("Ferguson") shares which it holds to its partners, effective as of the close of business on 6 January 2023. This distribution resulted in Trian Investors 1 SLP, L.P. (the "Trian Special Limited Partner") receiving an Incentive Allocation with respect to the Ferguson investment, which it elected to receive in the form of Ferguson shares. 

The Board anticipates completing a partial share redemption and in specie distribution of the Ferguson shares which it received from the Investment Partnership to shareholders, representing approximately 90 per cent. of the Company's net asset value, as soon as practicable. Further details of the redemption will be announced shortly.

The Investment Manager communicated to the Board that it elected to distribute the Ferguson shares in light of the upcoming 30 June 2023 redemption deadline ("Redemption Deadline") and the recent improvement in Ferguson's trading volumes, as Ferguson has gained increased attention from investors and analysts following the completion of its U.S. relisting in May 2022.  By effecting the distribution, the Investment Manager anticipates each shareholder will be able to determine the most opportune time to realize its exposure, or to remain invested, in Ferguson after receiving Ferguson shares from the Company. The Board has been advised by Trian Subscriber (which is the Company's largest shareholder) and the Trian Special Limited Partner that they currently expect to retain, together with their respective partners and affiliates, the substantial majority of the Ferguson shares that they have received or will receive as a result of the foregoing distributions, subject to market conditions and obligations to satisfy tax liabilities.

The Board remains on track to announce the share redemption and in-specie distribution of the Unilever Plc shares by no later than 30 June 2023.[1]

LEI: 213800UQPHIQI5SPNG39

Terms not defined in this announcement shall have the meaning defined in the Company's prospectus dated 21 September 2018.

For further information, please contact:

Numis Securities Limited

(Corporate Broker) 

+44 (0)20 7260 1000

David Benda

Nathan Brown

Vicki Paine

Greenbrook

(Communications Adviser)

+44 (0)20 7952 2000

Andrew Honnor

Rob White

Bree Taylor

Ocorian Administration (Guernsey) Limited
(Administrator and Company Secretary)
+44 (0)1481 742 742
Chezi Hanford