Pershing Square Activist Presentation Deck

Valuing the Wendy's / Arby's Combination - Assuming $160mm of cost savings and a valuation multiple of 10x - 10.5x EBITDA, Wendy's would be worth $49 - $52 per share, a return of 75% - 85% percent from current levels Share price assuming various EV/ EBITDA multiples and cost saving levels 9.0x 9.5x $40 $43 $42 $44 $43 $46 $45 $48 Cost Savings ($ in mm) $120 140 160 180 Cost Savings ($ in mm) $120 140 160 180 Stock price returns assuming various EV/ EBITDA multiples and cost saving levels 10.5x 71.7% 78.5% 85.2% 92.0% 9.0x 42.9% 48.7% 54.6% 60.4% 9.5x 52.5% 58.6% 64.8% 70.9% 10.0x $45 $47 28 $49 $51 10.0x 10.5x $48 $50 $52 $54 62.1% 68.5% 75.0% 81.5%

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