Billionaire Jeffrey Ubben, ValueAct Capital Disclose Latest Activist Play

Jeffrey Ubben‘s ValueAct Capital has revealed its latest equity bet: Trinity Industries Inc (NYSE:TRN). According to a filing with the Securities and Exchange Commission, the fund has acquired approximately 10.4 million shares, the equivalent of 6.8% of the company’s common stock. ValueAct also states its intention to hold talks with the company’s management to “discuss ways to enhance shareholder value”, a sign that this stake is activist by nature.

Investors have reacted positively to ValueAct’s move, sending Trinity Industries Inc (NYSE:TRN) shares higher by 5.5% in pre-market trading. The industrial giant has seen its stock wobble around without a clear trend following the January selloff, having ended Thursday’s trading session at $20.97 per share, down 11% for the year.

The recently released second quarter financial report provided the stock with a slight boost, as the company’s earnings exceeded expectations. Trinity Industries posted $1.18 billion in revenue, which was inline with analysts’ expectations, and earnings of $0.62 per share, easily beating forecasts of $0.48 per share. “The current level of uncertainty in the industrial economy is continuing to impact the pace of new order volumes in some of our businesses. We remain highly focused on repositioning, streamlining, and aligning our manufacturing operations with current demand levels,” commented Timothy Wallace, CEO of Trinity.

Trinity Industries Inc (NYSE:TRN) is not very popular among the hedge funds tracked by Insider Monkey, as only 22 out of 770 funds reported a long position at the end of the first quarter, up from 20 at the end of December. Cliff Asness‘ AQR Capital Management boosted its stake by 38% during the quarter, to amass a little over 1.8 million shares, while Peter Rathjens, Bruce Clarke and John Campbell’s Arrowstreet Capital reported a fresh stake that amounted to 1.01 million shares.

You can access the original SEC filing by clicking here.

Ownership Summary Table

Page 1 of 14 – SEC Filing

Page 2 of 14 – SEC Filing

ValueAct Capital Master Fund, L.P.
—————————————————————————–
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
—————————————————————————–
3. SEC USE ONLY

—————————————————————————–
4. SOURCE OF FUNDS (See Instructions)*

WC*
—————————————————————————–
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
—————————————————————————–
6. CITIZENSHIP OR PLACE OF ORGANIZATION

British Virgin Islands
—————————————————————————–
7. SOLE VOTING POWER
0
NUMBER OF ———————————————————-
SHARES 8. SHARED VOTING POWER
BENEFICIALLY 10,396,000**
OWNED BY EACH ———————————————————-
PERSON WITH 9. SOLE DISPOSITIVE POWER
0
———————————————————-
10. SHARED DISPOSITIVE POWER
10,396,000**
—————————————————————————–
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

10,396,000**
—————————————————————————–
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
—————————————————————————–
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

6.8%
—————————————————————————–
14. TYPE OF REPORTING PERSON

PN
—————————————————————————–
*See Item 3
**See Item 2 and 5

Page 3 of 14 – SEC Filing

VA Partners I, LLC
—————————————————————————–
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
—————————————————————————–
3. SEC USE ONLY

—————————————————————————–
4. SOURCE OF FUNDS*

00*
—————————————————————————–
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
—————————————————————————–
6. CITIZENSHIP OR PLACE OF ORGANIZATION

Delaware
—————————————————————————–
7. SOLE VOTING POWER
0
NUMBER OF ———————————————————-
SHARES 8. SHARED VOTING POWER
BENEFICIALLY 10,396,000**
OWNED BY EACH ———————————————————-
PERSON WITH 9. SOLE DISPOSITIVE POWER
0
———————————————————-
10. SHARED DISPOSITIVE POWER
10,396,000**
—————————————————————————–
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

10,396,000**
—————————————————————————–
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
—————————————————————————–
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

6.8%
—————————————————————————–
14. TYPE OF REPORTING PERSON

00 (LLC)
—————————————————————————–
*See Item 3
**See Item 2 and 5

Page 4 of 14 – SEC Filing

ValueAct Capital Management, L.P.
—————————————————————————–
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
—————————————————————————–
3. SEC USE ONLY

—————————————————————————–
4. SOURCE OF FUNDS*

00*
—————————————————————————–
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
—————————————————————————–
6. CITIZENSHIP OR PLACE OF ORGANIZATION

Delaware
—————————————————————————–
7. SOLE VOTING POWER
0
NUMBER OF ———————————————————-
SHARES 8. SHARED VOTING POWER
BENEFICIALLY 10,396,000**
OWNED BY EACH ———————————————————-
PERSON WITH 9. SOLE DISPOSITIVE POWER
0
———————————————————-
10. SHARED DISPOSITIVE POWER
10,396,000**
—————————————————————————–
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

10,396,000**
—————————————————————————–
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
—————————————————————————–
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

6.8%
—————————————————————————–
14. TYPE OF REPORTING PERSON

PN
—————————————————————————–
*See Item 3
**See Item 2 and 5

Page 5 of 14 – SEC Filing

ValueAct Capital Management, LLC
—————————————————————————–
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
—————————————————————————–
3. SEC USE ONLY

—————————————————————————–
4. SOURCE OF FUNDS*

00*
—————————————————————————–
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
—————————————————————————–
6. CITIZENSHIP OR PLACE OF ORGANIZATION

Delaware
—————————————————————————–
7. SOLE VOTING POWER
0
NUMBER OF ———————————————————-
SHARES 8. SHARED VOTING POWER
BENEFICIALLY 10,396,000**
OWNED BY EACH ———————————————————-
PERSON WITH 9. SOLE DISPOSITIVE POWER
0
———————————————————-
10. SHARED DISPOSITIVE POWER
10,396,000**
—————————————————————————–
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

10,396,000**
—————————————————————————–
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
—————————————————————————–
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

6.8%
—————————————————————————–
14. TYPE OF REPORTING PERSON

00 (LLC)
—————————————————————————–
*See Item 3
**See Item 2 and 5

Page 6 of 14 – SEC Filing

ValueAct Holdings, L.P.
—————————————————————————
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
—————————————————————————–
3. SEC USE ONLY

—————————————————————————
4. SOURCE OF FUNDS*

00*
—————————————————————————–
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
—————————————————————————–
6. CITIZENSHIP OR PLACE OF ORGANIZATION

Delaware
—————————————————————————–
7. SOLE VOTING POWER
0
NUMBER OF ———————————————————-
SHARES 8. SHARED VOTING POWER
BENEFICIALLY 10,396,000**
OWNED BY EACH ———————————————————-
PERSON WITH 9. SOLE DISPOSITIVE POWER
0
———————————————————-
10. SHARED DISPOSITIVE POWER
10,396,000**
—————————————————————————–
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

10,396,000**
—————————————————————————–
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
—————————————————————————–
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

6.8%
—————————————————————————–
14. TYPE OF REPORTING PERSON

PN
—————————————————————————–
*See Item 3
**See Items 2 and 5

Page 7 of 14 – SEC Filing

ValueAct Holdings GP, LLC
—————————————————————————
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(b) [ ]
—————————————————————————–
3. SEC USE ONLY

—————————————————————————–
4. SOURCE OF FUNDS*

00*
—————————————————————————–
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
—————————————————————————–
6. CITIZENSHIP OR PLACE OF ORGANIZATION

Delaware
—————————————————————————–
7. SOLE VOTING POWER
0
NUMBER OF ———————————————————-
SHARES 8. SHARED VOTING POWER
BENEFICIALLY 10,396,000**
OWNED BY EACH ———————————————————-
PERSON WITH 9. SOLE DISPOSITIVE POWER
0
———————————————————-
10. SHARED DISPOSITIVE POWER
10,396,000**
—————————————————————————–
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

10,396,000**
—————————————————————————–
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
—————————————————————————–
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

6.8%
—————————————————————————–
14. TYPE OF REPORTING PERSON

00 (LLC)
—————————————————————————–
*See Item 3
**See Items 2 and 5

Page 8 of 14 – SEC Filing

Item 1. Security and Issuer

This Schedule 13D relates to the Common Stock (the “Common Stock”) of
Trinity Industries, Inc., a Delaware Corporation (the “Issuer”). The address
of the principal executive offices of the Issuer is 2525 N. Stemmons Freeway,
Dallas, Texas 75207.

Item 2. Identity and Background

This statement is filed jointly by (a) ValueAct Capital Master Fund,
L.P. (“ValueAct Master Fund”), (b) VA Partners I, LLC (“VA Partners I”), (c)
ValueAct Capital Management, L.P. (“ValueAct Management L.P.”), (d) ValueAct
Capital Management, LLC (“ValueAct Management LLC”), (e) ValueAct Holdings,
L.P. (“ValueAct Holdings”) and (f) ValueAct Holdings GP, LLC (“ValueAct
Holdings GP”) (collectively, the “Reporting Persons”).

ValueAct Master Fund is a limited partnership organized under the laws
of the British Virgin Islands. It has a principal business address of One
Letterman Drive, Building D, Fourth Floor, San Francisco, CA 94129.

VA Partners I is a Delaware limited liability company, the principal
business of which is to serve as the General Partner to ValueAct Master Fund.
It has a principal business address of One Letterman Drive, Building D,
Fourth Floor, San Francisco, CA 94129.

ValueAct Management L.P. is a Delaware limited partnership which
renders management services to ValueAct Master Fund. ValueAct Management LLC
is a Delaware limited liability company, the principal business of which is
to serve as the General Partner to ValueAct Management L.P. Each has a
principal business address of One Letterman Drive, Building D, Fourth Floor,
San Francisco, CA 94129.

ValueAct Holdings is a Delaware limited partnership and is the sole owner
of the limited partnership interests of ValueAct Management L.P. and the
membership interests of ValueAct Management LLC and is the majority owner of
the membership interests of VA Partners I. ValueAct Holdings GP is a
Delaware limited liability company, the principal business of which is to
serve as the General Partner to ValueAct Holdings. Each has a principal
business address of One Letterman Drive, Building D, Fourth Floor, San
Francisco, CA 94129.

(d) and (e). None of the entities or persons identified in this Item 2
has during the past five years been convicted of any criminal proceeding
(excluding traffic violations or similar misdemeanors), nor been a party to a
civil proceeding of a judicial or administrative body of competent judgment,
decree or final order enjoining future violations of, or prohibiting or
mandating activities subject to, federal or state securities laws or finding
any violation with respect to such laws.

Item 3. Source and Amount of Funds or Other Consideration

The source of funds used for the purchase of the Issuer?s securities and
the Number of Forward Shares was the working capital of ValueAct Master Fund.
The aggregate funds used by these Reporting Persons to make such purchases
were $201,280,721.89.

Page 9 of 14 – SEC Filing

Item 4. Purpose of Transaction

The Reporting Persons purchased the securities of the Issuer reported
herein based on their belief that the securities were undervalued and
represented an attractive investment opportunity.

The Reporting Persons intend to have conversations with members of the
Issuer’s management and board of directors to discuss ways to enhance
shareholder value. The topics of these conversations will cover a range of
issues, including those relating to the business of the Issuer, management,
board composition (which may include whether it makes sense for a ValueAct
Capital employee to be on the Issuer’s board of directors), operations,
capital allocation, asset allocation, capitalization, dividend policy,
financial condition, mergers and acquisitions strategy, overall business
strategy, executive compensation, and corporate governance. The Reporting
Persons may also have similar conversations with other stockholders of the
Issuer and other interested parties, such as industry analysts, existing or
potential strategic partners or competitors, investment professionals, and
other investors. The Reporting Persons may at any time reconsider and change
their intentions relating to the foregoing.

The Reporting Persons may also take one or more of the actions
described in subsections (a) through (j) of Item 4 of Schedule 13D and may
discuss such actions with the Issuer’s management and the board of directors,
other stockholders of the Issuer, and other interested parties, such as those
set out above.

The Reporting Persons intend to review their investments in the Issuer
on a continuing basis. Depending on various factors, including, without
limitation, the Issuer’s financial position and strategic direction, the
outcome of the discussions and actions referenced above, actions taken by the
Issuer’s board of directors, price levels of the Common Stock, other
investment opportunities available to the Reporting Persons, conditions in
the securities market and general economic and industry conditions, the
Reporting Persons may in the future take actions with respect to its
investment position in the Issuer as it deems appropriate, including, without
limitation, purchasing additional Common Stock or selling some of all of its
Common Stock, and/or engaging in hedging or similar transactions with respect
to the Common Stock.

Item 5. Interest in Securities of the Issuer

(a) and (b). Set forth below is the beneficial ownership of shares of
Common Stock of the Issuer for each person named in Item 2. Shares reported
as beneficially owned by ValueAct Master Fund are also reported as
beneficially owned by (i) ValueAct Management L.P. as the manager of each
such investment partnership, (ii) ValueAct Management LLC, as General Partner
of ValueAct Management L.P., (iii) ValueAct Holdings, as the sole owner of
the limited partnership interests of ValueAct Management L.P. and the
membership interests of ValueAct Management LLC and as the majority owner of
the membership interests of VA Partners I and (iv) ValueAct Holdings GP, as
General Partner of ValueAct Holdings. Shares reported as beneficially owned
by ValueAct Master Fund are also reported as beneficially owned by VA
Partners I, as General Partner of ValueAct Master Fund. VA Partners I,
ValueAct Management L.P., ValueAct Management LLC, ValueAct Holdings and

Page 10 of 14 – SEC Filing

ValueAct Holdings GP also, directly or indirectly, may own interests in one
or more than one of the partnerships from time to time. Unless otherwise
indicated below, by reason of such relationship ValueAct Master Fund is
reported as having shared power to vote or to direct the vote, and shared
power to dispose or direct the disposition of, such shares of Common Stock,
with VA Partners I (only with respect to ValueAct Master Fund), ValueAct
Management L.P., ValueAct Management LLC, ValueAct Holdings and ValueAct
Holdings GP.

As of the date hereof, ValueAct Master Fund is the beneficial owner
of 10,396,000 shares of Common Stock, representing approximately 6.8% of the
Issuer’s outstanding Common Stock (which shares may also be deemed to be
beneficially owned by VA Partners I).

ValueAct Management L.P., ValueAct Management LLC, ValueAct Holdings
and ValueAct Holdings GP may each be deemed the beneficial owner of an
aggregate of 10,396,000 shares of Common Stock, representing approximately
6.8% of the Issuer’s outstanding Common Stock.

All percentages set forth in this Schedule 13D are based upon the
Issuer’s reported 152,392,470 outstanding shares of Common Stock as reported
on the Issuer’s Current Report on Form 10-Q for the quarterly period ended
June 30, 2016.

(c) In the 60 days prior to this filing, the Reporting Persons
purchased the following shares of Common Stock in the open market.

Reporting Person Trade Date Shares Price/Share
—————- ———- ——— ———–
ValueAct Master Fund 07/01/2016 70,000 $18.96
07/05/2016 200,000 $18.87
07/05/2016 150,000 $18.79
07/06/2016 169,505 $18.69
07/06/2016 100,000 $18.71
07/07/2016 25,000 $18.99
07/12/2016 100,000 $20.91
07/13/2016 200,000 $20.59
07/14/2016 300,000 $20.85
07/15/2016 75,495 $20.69
07/18/2016 25,000 $20.70
07/18/2016 150,000 $20.74
07/18/2016 100,000 $20.78
07/18/2016 150,000 $20.89
07/19/2016 200,000 $20.86
07/19/2016 200,000 $20.87
07/19/2016 250,000 $20.85
07/20/2016 225,000 $20.96
07/20/2016 200,000 $20.99
07/20/2016 50,000 $20.89
07/21/2016 250,000 $20.90
07/21/2016 100,000 $20.76
07/21/2016 210,000 $20.85
07/22/2016 10,000 $21.50
07/22/2016 125,000 $21.48
07/22/2016 25,000 $21.49

Page 11 of 14 – SEC Filing

Reporting Person Trade Date Shares Price/Share
—————- ———- ——— ———–
ValueAct Master Fund 07/25/2016 90,000 $20.85
(cont.) 07/25/2016 50,000 $21.02
07/25/2016 200,000 $21.30
07/26/2016 300,000 $21.31

Additionally, ValueAct Master Fund, one of the Reporting Persons, has
entered into a Master Confirmation in respect of Equity Forward Transactions
(the “Master Confirmation”) with Societe Generale (the “Counterparty”)
relating to shares of the Common Stock of the Issuer and entered into forward
transactions thereunder (the “Forward Transactions”) on the dates and in the
notional share amounts (the “Number of Forward Shares”) as set forth in the
table below, all as more fully described in Item 6 below. The Master
Confirmation is subject to the terms of an ISDA Master Agreement, Schedule
and Credit Support Annex already in place between ValueAct Master Fund and
the Counterparty.

Number of
Forward Forward
Reporting Person Trade Date Shares Price
—————- ———- ——— ——-
ValueAct Master Fund 06/03/2016 100,000 $17.88
06/06/2016 45,000 $18.44
06/07/2016 809,000 $18.67
06/09/2016 127,000 $18.79
06/10/2016 419,000 $18.42
06/13/2016 500,000 $18.24
06/14/2016 650,000 $18.00
06/15/2016 500,000 $18.43
06/16/2016 300,000 $17.91
06/17/2016 400,000 $18.80
06/20/2016 500,000 $18.79
06/21/2016 400,000 $18.86
06/22/2016 250,000 $19.00
06/24/2016 250,000 $18.64
06/27/2016 250,000 $17.51
06/28/2016 250,000 $17.69
06/29/2016 250,000 $18.33
07/28/2016 96,000 $20.99

(d) and (e) Not applicable.

Item 6. Contracts, Arrangements, Understandings or Relationships with
Respect to Securities of the Issuer

ValueAct Master Fund entered into the Master Confirmation and the
Forward Transactions in accordance with the trade details set forth in Item 5
(c) hereto.

Pursuant to each Forward Transaction, ValueAct Master Fund will be
obligated either to (i) purchase from the Counterparty, on the Settlement
Date of July 7, 2017 (or earlier if such Forward Transaction is terminated
early in accordance with its terms), the Number of Forward Shares with
respect to such Forward Transaction (or the applicable portion thereof to

Page 12 of 14 – SEC Filing

which any such early termination applies) at a price equal to the Forward
Price, as set forth in Item 5 (c) (“Physical Settlement”), or (ii) pay to
the Counterparty the product of (x) the Number of Forward Shares multiplied
by (y) the Forward Price minus the arithmetic mean of the volume-weighted
average price per share for each trading day during a period (the length of
which period shall be the number of trading days over which one-fifth of the
average daily trading volume for the 30 consecutive calendar days immediately
preceding the Valuation Date would aggregate to the Number of Forward Shares)
following the Valuation Date of July 3, 2017 (or earlier if such Forward
Transaction is terminated early in accordance with its terms), if such amount
is positive, or receive from the Counterparty the absolute value of such
amount if such amount is negative (“Cash Settlement”).

A financing charge based on a spread over LIBOR will be added to the
amount, if any, owing by ValueAct Master Fund to the Counterparty pursuant to
Cash Settlement or Physical Settlement or subtracted from the amount, if any,
owing by the Counterparty to ValueAct Master Fund pursuant to Cash
Settlement, and an amount equal to the value of any dividends paid in respect
of the Number of Forward Shares for which the record date occurs during the
term of the applicable Forward Transaction will be subtracted from the
amount, if any, owing by ValueAct Master Fund to the Counterparty pursuant to
Cash Settlement or Physical Settlement or added to the amount, if any, owing
by the Counterparty to ValueAct Master Fund pursuant to Cash Settlement.

Under the terms of the Master Confirmation, ValueAct Master Fund shall
have the option to elect Physical Settlement or Cash Settlement for the
Forward Transactions, but Physical Settlement, which is the default
settlement method, shall only be available if the receipt of such shares by
ValueAct Master Fund would not violate the Hart-Scott-Rodino Antitrust
Improvements Act of 1976, as amended (the “HSR Condition”). If, on the
Settlement Date, the HSR Condition is not satisfied and ValueAct Master Fund
has not elected Cash Settlement, the Settlement Date automatically will be
postponed until the HSR Condition is satisfied.

ValueAct Master Fund has the right to elect early termination of the
Forward Transactions, in whole or in part, at any time, and the Counterparty
has the right to elect early termination of the Forward Transactions, in
whole or in part, upon 90 calendar days’ prior written notice to ValueAct
Master Fund.

The Forward Transactions do not give the Reporting Persons direct or
indirect voting, investment or dispositive control over any securities of the
Issuer and do not require the Counterparty to acquire, hold, vote or dispose
of any securities of the Issuer. Accordingly, the Reporting Persons disclaim
any beneficial ownership of any shares of Common Stock that may be referenced
in such contracts and of any shares of Common Stock or other securities or
financial instruments that may be held from time to time by the Counterparty.

The Reporting Persons may, from time to time, enter into and dispose
of swaps, options or other derivative transactions with one or more
counterparties that are based upon the value of shares of the Common Stock,
which transactions may be significant in amount. The profit, loss and/or
return on such contracts may be wholly or partially dependent on the market
value of the shares of the Common Stock.

Page 13 of 14 – SEC Filing

Other than as described in this Report and as previously reported, the
Reporting Persons have no understandings, arrangements, relationships or
contracts relating to the Issuer’s Common Stock which are required to be
described hereunder.

Item 7. Material to Be Filed as Exhibits

(1) Joint Filing Agreement.

————————– ————————-
CUSIP NO. 896522109 Page 14 of 16
—————————————————————————–
SIGNATURE
After reasonable inquiry and to the best of his knowledge and
belief, the undersigned certifies that the information set forth in this
statement is true, complete and correct.

POWER OF ATTORNEY

KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears
below on this Schedule 13D hereby constitutes and appoints Jeffrey W. Ubben,
Bradley E. Singer, G. Mason Morfit and Allison Bennington, and each of
them, with full power to act without the other, his or its true and lawful
attorney-in-fact and agent, with full power of substitution and
resubstitution, for him or it and in his or its name, place and stead, in any
and all capacities (until revoked in writing) to sign any and all amendments
to this Schedule 13D, and to file the same, with all exhibits thereto and
other documents in connection therewith, with the Securities and Exchange
Commission, granting unto said attorneys-in-fact and agents, and each of
them, full power and authority to do and perform each and every act and thing
requisite and necessary fully to all intents and purposes as he or it might
or could do in person, thereby ratifying and confirming all that said
attorneys-in-fact and agents or any of them, or their or his substitute or
substitutes, may lawfully do or cause to be done by virtue hereof.

ValueAct Capital Master Fund L.P., by
VA Partners I, LLC, its General Partner

By: /s/ Bradley E. Singer
————————————–
Dated: July 28, 2016 Bradley E. Singer, Chief Operating Officer

VA Partners I, LLC

By: /s/ Bradley E. Singer
————————————–
Dated: July 28, 2016 Bradley E. Singer, Chief Operating Officer

ValueAct Capital Management, L.P., by
ValueAct Capital Management, LLC its
General Partner

By: /s/ Bradley E. Singer
————————————–
Dated: July 28, 2016 Bradley E. Singer, Chief Operating Officer

ValueAct Capital Management, LLC

By: /s/ Bradley E. Singer
————————————–
Dated: July 28, 2016 Bradley E. Singer, Chief Operating Officer

Page 14 of 14 – SEC Filing

JOINT FILING UNDERTAKING

The undersigned parties hereby agree that the Schedule 13D filed herewith
(and any amendments thereto) relating to the Common Stock of Agrium Inc., is
being filed jointly on behalf of each of them with the Securities and
Exchange Commission pursuant to Section 13(d) of the Securities Exchange Act
of 1934, as amended.

ValueAct Capital Master Fund L.P., by
VA Partners I, LLC, its General Partner

By: /s/ Bradley E. Singer
————————————–
Dated: July 28, 2016 Bradley E. Singer, Chief Operating Officer

VA Partners I, LLC

By: /s/ Bradley E. Singer
————————————–
Dated: July 28, 2016 Bradley E. Singer, Chief Operating Officer

ValueAct Capital Management, L.P., by
ValueAct Capital Management, LLC its
General Partner

By: /s/ Bradley E. Singer
————————————–
Dated: July 28, 2016 Bradley E. Singer, Chief Operating Officer

ValueAct Capital Management, LLC

By: /s/ Bradley E. Singer
————————————–
Dated: July 28, 2016 Bradley E. Singer, Chief Operating Officer

ValueAct Holdings, L.P., by
ValueAct Holdings GP, LLC, its
General Partner

By: /s/ Bradley E. Singer
————————————–
Dated: July 28, 2016 Bradley E. Singer, Chief Operating Officer

ValueAct Holdings GP, LLC

By: /s/ Bradley E. Singer
————————————–
July 28, 2016 Bradley E. Singer, Chief Operating Officer