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  "documentTitle": "E.I. du Pont de Nemours and Company (DuPont) (DD)",
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  "authorName": "Nelson Peltz",
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  "notes": "Includes a callout box highlighting potential upside from excess cost reduction.",
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      "text": "Trian believes the implied value calculation could have additional upside based on our view of $2-4bn of excess costs",
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      "text": "Note: For more detail regarding this analysis, see \"Trian Implied Target Value Analysis For DuPont Stock\", filed with the Securities and Exchange Commission (SEC) on April 17, 2015.",
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      "text": "The Key Assumptions for Trian's Analysis in its Summary White Paper were as follows: Valuation: 9.9x blended next twelve months (NTM) Enterprise Value (EV)/EBITDA multiple(2); Best-in-class operating performance; Prudent Leverage; Focus on Returns; Tax Rate",
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      "text": "When Trian issued its Summary White Paper (September 2014), Trian arrived at an implied target value per share in excess of $120(1) by the end of 2017, a 21% internal rate of return (IRR) for shareholders holding DuPont stock during this period",
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