EFTA01748203

From: Richard Kahn Subject: BNY Mellon Sent Wednesday, December 3, 2014 10:05:53 PM To: "Jeffrey E." <[email protected]> Peitz has decent record with financial stocks • 4:34 PM Stephen Alpher, SA News Editor • Nelson Peitz and his Trian Fund may be most well-known for forays into consumer names, but what - following Trian's winning of a seat on the BNY Mellon (NYSE:BK) board - what about the track record with financial names. • Lazard: Trian took a stake in 2012 calling the stock undervalued and pushing for expense cuts. Since, the shares are higher by 137% vs. the S&P 500' 54% gain. • State Street: Trian disclosed a 3.3% stake late in 2011, calling for expense cuts, share buybacks, and a spinoff of the investment-management division. Peitz had no success with moving the spinoff plan forward, but the cuts and buyback went ahead. State Street is up 144% vs. the S&P up 69%. • Legg Mason: Peitz landed a seat on the board in 2009. The stock's up 85% since vs. the S&P 500's 94% gain. Richard Kahn HBRK Associates Inc. 575 Lexington Avenue 4th Floor New York. NY 10022 EFTA_R1_00043164 EFTA01748203