Trian Fund Management

Trian Fund Management as of March 31, 2012

Portfolio Holdings for Trian Fund Management

Trian Fund Management holds 0 positions in its portfolio as reported in the March 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
--------------            --------------   -----     --------     -------   ---  ----  ----------   --------   ----  ------   ----

Lazard Ltd                   SHS A        G54050102   159,907     5,598,980  SH        Defined      1,2,3,4        5,598,980