Pershing Square Activist Presentation Deck

Arby's M Arby's TRIARC Implied stock price: $6.59(¹) EV: $1.2bn Equity Value: $0.6mm Net Debt: $0.6bn Ticker: TRY (1) Based on a fixed exchange ratio of 4.25x and $28 share price for Wendy's (2) Triarc EBITDA excludes one-time and non- recurring expenses and is based on the recent Triarc/ Wendy's investor presentation. ▸ Second largest sandwich chain in the US ■ Approximately 3,700 restaurants ■ Approximately 70% of system wide restaurants are franchised ■ Estimated $3.5bn in system wide sales ► Track record of turning around underperforming company-operated restaurants and improving margins Estimated $160mm of EBITDA in FY'08E (²) 23

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