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Positive organic sales growth every quarter; annual revenue growth of +3.8%", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:25:30.137+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1080fb9d-72dc-4e34-9d55-d2ce105475e2", "parentComponentId": null }, { "bbox": { "h": 0.3, "w": 0.4, "x": 0.1, "y": 0.25 }, "kind": "list", "text": "Despite world-class assets and strong cash flow, total shareholder returns at Heinz had underperformed peers. After purchasing a stake, Trian filed a 13D recommending focus on key brands, reducing deals/allowances, and cutting costs.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:25:30.137+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ab90a712-d26c-4167-a1e0-d45dc319d095", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.4, "x": 0.1, "y": 0.2 }, "kind": "paragraph", "text": "Situation Overview (Feb. 2006 – Feb. 2013)", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:25:30.137+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1f6e487b-0a2a-4547-9252-7175d3aed029", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.4, "x": 0.52, "y": 0.2 }, "kind": "paragraph", "text": "Excerpts From Trian White Paper: May 23, 2006", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:25:30.137+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5fe25e1a-66e2-4ecf-ae29-3239e435a072", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.4, "x": 0.52, "y": 0.25 }, "kind": "quote", "text": "Great brands define markets... Trian believes Heinz should reduce the amount that it currently spends on deals and allowances (20% of gross revenue) and reinvest those funds in creative consumer advertising...", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:25:30.137+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8f86c7f8-133e-4706-988d-1e13215b007f", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.8, "x": 0.1, "y": 0.85 }, "kind": "source-note", "text": "Source: SEC filings. (1) Cost of goods sold. (2) Selling general and administrative costs. (3) From 2006-2012 as only time frame available for which marketing information is available.", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:25:30.137+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "daff21fe-166a-4195-98d4-994879c6b16d", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.3, "x": 0.1, "y": 0.12 }, "kind": "title", "text": "H.J. Heinz Company", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:25:30.137+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "03fe2dec-956e-4433-9039-b0fd6d160a93", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "181d340d-36b7-43ef-9f1a-54c522be5213", "evidence": "Contrasts the 2006 situation with the 2006-2013 results.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 14:25:30.137+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 4, "frameworkName": "before-after-framing" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 5, "type": "setup", "title": "The slide uses a table to contrast strategic pillars with specific quantitative outcomes.", "function": "summarize", "rawType": "kpi_overview", "block": null, "metadata": { "slideType": "kpi_overview", "slideTypeCanon": { "name": "KPI overview (contrarian)", "slug": "kpi_overview", "status": "active", "canonId": "019de52d-11d5-7328-b1d1-5368a03e7796", "version": 1, "description": null }, "function": "summarize", "functionCanon": { "name": "Summarize", "slug": "summarize", "status": "active", "canonId": "019de52d-1541-704f-b86f-bf7b75056373", "version": 1, "description": null }, "density": "balanced", "densityScore": 30, "componentCount": 5, "textChars": 374, "nDataPoints": 18, "notes": "The slide uses a table to contrast strategic pillars with specific quantitative outcomes.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 14:25:28.985+00", "seconds": 2.577, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de06f-5ca5-768f-8f21-2c3fe3b2bd14/5", "deck": "/decks/019de06f-5ca5-768f-8f21-2c3fe3b2bd14", "deckAnchor": "/decks/019de06f-5ca5-768f-8f21-2c3fe3b2bd14#slide-5", "deckJson": "/decks/019de06f-5ca5-768f-8f21-2c3fe3b2bd14.json" }, "components": [ { "bbox": { "h": 0.085, "w": 0.804, "x": 0.098, "y": 0.00858 }, "kind": "disclaimer", "text": "Source: SEC filings. Uses 2012 as end date for all financial data unless otherwise specified... (1) Performance since investment... (2) Excludes cash for productivity initiatives. Note: While Nelson Peltz is a former director...", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:25:28.985+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "94b4b1c6-9cb5-4add-9cbf-cac2d442291c", "parentComponentId": null }, { "bbox": { "h": 0.028, "w": 0.081, "x": 0.815, "y": 0.12 }, "kind": "image", "text": "Heinz logo", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Logo", "slug": "logo", "status": "active", "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302", "version": 1, "description": null }, "framework": null }, "subkind": "logo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:25:28.985+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0b4a319b-42cc-477d-928b-e8fd15fc34ce", "parentComponentId": null }, { "bbox": { "h": 0.645, "w": 0.804, "x": 0.098, "y": 0.0022299999999999998 }, "kind": "table", "text": "Table showing 6 strategic pillars and their corresponding performance metrics.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", 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"6ccf8f86-e18d-44e0-b324-3504d2229853", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "6ccfc61c-15da-4efd-bc98-ddae6a71a42b", "evidence": "The slide uses a structured table to present key performance indicators.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 14:25:28.985+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 5, "frameworkName": "list-presentation" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 6, "type": "analysis", "title": "Includes detailed footnotes regarding the activist timeline (Trian) and data sources.", "function": "analyze_data", "rawType": "kpi_overview", "block": null, "metadata": { "slideType": "kpi_overview", "slideTypeCanon": { "name": "KPI overview (contrarian)", "slug": "kpi_overview", "status": "active", "canonId": "019de52d-11d5-7328-b1d1-5368a03e7796", "version": 1, "description": null }, "function": "analyze_data", "functionCanon": { "name": "Analyze data", "slug": "analyze_data", "status": "active", "canonId": "019de52d-1590-7413-8c82-cc218cff40b4", "version": 1, "description": null }, "density": "dense", "densityScore": 50, "componentCount": 4, "textChars": 1410, "nDataPoints": 24, "notes": "Includes detailed footnotes regarding the activist timeline (Trian) and data sources.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 14:25:29.956+00", "seconds": 3.391, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de06f-5ca5-768f-8f21-2c3fe3b2bd14/6", "deck": "/decks/019de06f-5ca5-768f-8f21-2c3fe3b2bd14", "deckAnchor": "/decks/019de06f-5ca5-768f-8f21-2c3fe3b2bd14#slide-6", "deckJson": "/decks/019de06f-5ca5-768f-8f21-2c3fe3b2bd14.json" }, "components": [ { "bbox": { "h": 0.25, "w": 0.45, "x": 0.33, "y": 0.53 }, "kind": "chart", "text": "Heinz Shareholder Returns Led the S&P 500", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Grouped bar chart", "slug": "bar-grouped", "status": "active", "canonId": "019de52c-ff3b-751e-a8ff-f21ff11097b1", "version": 1, "description": null }, "framework": null }, "subkind": "bar-grouped", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 14:25:29.956+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5302e9e3-f4cd-4bf8-a021-41da2f571a23", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.9, "x": 0.06, "y": 0.74 }, "kind": "disclaimer", "text": "Source: Financials based on Company filings, press releases and investor presentations. Source: SEC filings. (1) Earnings before interest, taxes, depreciation and amortization. (2) Selling, general and administrative expenses. (3) Earnings per share. (4) Return on invested capital per the 2012 proxy. (5) Shareholder returns from Bloomberg include dividends. Note: February 6, 2006 represents the date when published reports first surfaced on CNBC of activist involvement. While Trian may believe that the rise in share price during the period of Trian's active involvement was attributable to Trian's efforts during this period and what was attributable to the overall rise in the markets or other factors. Note: February 14, 2013 was the day the Heinz acquisition by Berkshire Hathaway and 3G Capital was announced. Note: Market conditions at the time of the events reflected above may differ materially from current and future market conditions. The performance of this example should therefore not be construed as an indication of the Issuer's performance. Past performance is not an indication of future results. Note: While Nelson Peltz is a former director of H.J. Heinz Company, none of the information set forth herein is based on non-public information of H.J. 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