Pershing Square Activist Presentation Deck

What is Wendy's? Brand Wendy's QUALITY IS Roc WENDY'S Franchise Approximately 6,645 ► Owns over $1bn of restaurants where Wendy's receives -4% of unit sales real estate assets (approximately 40% of Wendy's current Enterprise Value) Real Estate 13 QUR RECIRE OLD FASHIONED HAMBURGERS. Company Operated Restaurant Operations Over 1,400 company operated restaurants

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