Trian Fund Management

Trian Fund Management as of Dec. 31, 2012

Portfolio Holdings for Trian Fund Management

Trian Fund Management holds 0 positions in its portfolio as reported in the December 2012 quarterly 13F filing

                {S}                         {C}           {C}         {C}               {C}             {C}         {C}             {C}
COLUMN 1                    COLUMN 2      COLUMN 3    COLUMN 4          COLUMN 5        COLUMN 6    COLUMN 7        COLUMN 8
--------                    --------      --------    --------          --------        --------    --------        --------
                                                       VALUE      SHARES/OR  SH/  PUT/ INVESTMENT    OTHER      VOTING AUTHORITY
                                                                                                                ----------------
NAME OF ISSUER            TITLE OF CLASS   CUSIP     (x$1000)     PRN AMT   PRN  CALL  DISCRETION   MANAGERS   SOLE  SHARED   NONE
--------------            --------------   -----     --------     -------   ---  ----  ----------   --------   ----  ------   ----

Wendys Co.                     COM        95058W100   390,101   83,000,245   SH         Defined      1,2,3,4       83,000,245

Heinz HJ Co.                   COM        423074103     6,143      106,500   SH         Defined      1,2,3,4          106,500

Tiffany & Co. NEW              COM        886547108    57,578    1,004,151   SH         Defined      1,2,3,4        1,004,151

Family Dlr Stores Inc.         COM        307000109   568,633    8,967,564   SH         Defined      1,2,3,4        8,967,564

Legg Mason Inc.                COM        524901105   331,385   12,884,337   SH         Defined      1,2,3,4       12,884,337

State Str Corp.                COM        857477103   148,193    3,152,374   SH         Defined      1,2,3,4        3,152,374

Ingersoll-Rand PLC             SHS        G47791101   589,530   12,292,118   SH         Defined      1,2,3,4       12,292,118

Ingersoll-Rand PLC             SHS        G47791101    56,523    1,178,550   SH         Other        1,2,3,4,5      1,178,550

Lazard Ltd                     SHS A      G54050102   167,074    5,598,980   SH         Defined      1,2,3,4        5,598,980

MeadWestvaco Corp.             COM        583334107    50,837    1,595,125   SH         Defined      1,2,3,4        1,595,125