From: Richard Kahn
Subject: BNY Mellon
Sent Wednesday, December 3, 2014 10:05:53 PM
To: "Jeffrey E." <jeevacation@gmail.com>
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 spinoffof the investment-management division. Peitz had no success with
moving the spinoffplan 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
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