Notice of AGM

18 August 2020 

TRIAN INVESTORS 1 LIMITED

(the "Company")

Notice of Annual General Meeting

The Company announces that its Annual General Meeting is to be held at Floor 2, Trafalgar Court, Les Banques, St Peter Port, Guernsey on 1 September 2020 at 2.00 pm.

The Notice of Annual General Meeting, together with the Form of Proxy, have been submitted to the National Storage Mechanism and will shortly be available for inspection at www.morningstar.co.uk/uk/NSM and will also shortly be available to download from the Company's website at www.trianinvestors1.com. The Annual Report and Financial Statements for the period from 1 January 2019 to 31 December 2019 are available to download from the Company's website.

The Board of Directors is mindful of the impact of the COVID-19 pandemic on the Annual General Meeting and the current restrictions on travel to Guernsey which require a mandatory 14 day quarantine period upon arrival (reducing to 7 days in certain circumstances from 17 August 2020). Therefore, shareholders not already in Guernsey and contemplating attendance in person are urged instead to submit Forms of Proxy appointing the Chair of the meeting as their proxy as they, or any non-Guernsey based third party proxies, may not be able to attend the Annual General Meeting and cast a vote on the shareholder's behalf. Should circumstances change and restrictions be further eased prior to the date of the Meeting, permitting a wider attendance, the Company will announce, via a RNS release, any change in the arrangements which it feels would be reasonable and practical to implement.

For further information, please contact:

Ocorian Administration (Guernsey) Limited(Administrator and Company Secretary)+44 (0)1481 742 742Mariana Enevoldsen